Document:

Exhibit 10.20

 

LEASE

 

by and between

 

EASTLAND REGENCY, L.C.,

 

a Utah limited liability company,

 

as Landlord

 

and

 

SERA PROGNOSTICS, INC.,

 

a Delaware corporation,

 

as Tenant

 

REGENCY OFFICE BUILDING

 

2749 EAST PARLEYS WAY, SUITES 200, 210, 320,
330 & 340

 

SALT LAKE CITY, UTAH 84109

 

     

     

    

  

REGENCY OFFICE BUILDING - 2749 EAST PARLEYS
WAY

SALT LAKE CITY, UTAH

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I.  BASIC LEASE PROVISIONS; ENUMERATION OF EXHIBITS	5
	SECTION 1.01.  BASIC LEASE PROVISIONS	5
	SECTION 1.02.  SIGNIFICANCE OF A BASIC LEASE PROVISION	10
	SECTION 1.03.  ENUMERATION OF EXHIBITS	10
	 	 
	ARTICLE II.  GRANT AND LEASED PREMISES	10
	SECTION 2.01.  LEASED PREMISES	10
	SECTION 2.02.  EXCUSE OF LANDLORD’S PERFORMANCE	11
	SECTION 2.03.  REVISION OF SITE PLAN	11
	 	 
	ARTICLE III.  RENT	11
	SECTION 3.01.  BASE MONTHLY RENT	11
	SECTION 3.02.  ESCALATIONS IN BASE MONTHLY RENT	11
	SECTION 3.03.  TENANT’S PRO-RATA SHARE OF OPERATING EXPENSES	11
	SECTION 3.04.  OPERATING EXPENSE AUDIT	14
	SECTION 3.05.  TAXES	15
	SECTION 3.06.  PAYMENTS	15
	SECTION 3.07.  ADDITIONAL RENT	15
	 	 
	ARTICLE IV.  RENTAL TERM, COMMENCEMENT DATE	16
	SECTION 4.01.  RENTAL TERM	16
	SECTION 4.02.  DEFINITION OF LEASE YEAR	16
	SECTION 4.03.  RENTAL TERM COMMENCEMENT DATE AND TERMINATION DATE	16
	SECTION 4.04.  Intentionally Omitted	16
	SECTION 4.05.  END OF RENTAL TERM	16
	 	 
	ARTICLE V.  CONSTRUCTION OF LEASED PREMISES	16
	SECTION 5.01.  CONSTRUCTION OF LEASED PREMISES BY LANDLORD	16
	SECTION 5.02.  DELIVERY OF POSSESSION FOR TENANT’S WORK	17
	SECTION 5.03.  CHANGES AND ADDITIONS BY LANDLORD	17
	 	 
	ARTICLE VI.  TENANT’S WORK	17
	SECTION 6.01.  REMODEL OF LEASED PREMISES BY TENANT	17
	SECTION 6.02.  SETTLEMENT OF DISPUTES	18
	SECTION 6.03.  PROJECT CLOSE-OUT	18
	 	 
	ARTICLE VII.  PERMITTED USE	20
	SECTION 7.01.  PERMITTED USE OF LEASED PREMISES	20
	SECTION 7.02.  HAZARDOUS SUBSTANCES	20
	 	 
	ARTICLE VIII.  OPERATION AND MAINTENANCE OF COMMON AREAS	21
	SECTION 8.01.  CONSTRUCTION AND CONTROL OF COMMON AREAS	21

  

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	SECTION 8.02.  LICENSE	22
	 	 
	ARTICLE IX.  ALTERATIONS, SIGNS, LOCKS & KEYS	22
	SECTION 9.01.  ALTERATIONS	22
	SECTION 9.02.  REMOVAL BY TENANT	22
	SECTION 9.03.  SIGNS	23
	SECTION 9.04.  REMOVAL OF TENANT SIGNS	23
	SECTION 9.05.  COMPUTERIZED ELECTRONIC SIGNS	23
	SECTION 9.06.  LOCKS AND KEYS	23
	 	 
	ARTICLE X.  MAINTENANCE AND REPAIRS; ALTERATIONS; ACCESS	24
	SECTION 10.01.  LANDLORD’S OBLIGATION FOR MAINTENANCE	24
	SECTION 10.02.  TENANT’S OBLIGATION FOR MAINTENANCE	25
	SECTION 10.03.  SURRENDER OF LEASED PREMISES AND RIGHTS UPON TERMINATION	25
	 	 
	ARTICLE XI.  INSURANCE AND INDEMNITY	26
	SECTION 11.01.  TENANT’S LIABILITY INSURANCE AND INDEMNITY	26
	SECTION 11.02.  FIRE AND CASUALTY INSURANCE	27
	SECTION 11.03.  WAIVER OF SUBROGATION	27
	SECTION 11.04.  INDEMNIFICATION	28
	 	 
	ARTICLE XII.  UTILITY CHARGES	28
	SECTION 12.01.  OBLIGATION OF LANDLORD	28
	SECTION 12.02.  OBLIGATIONS OF TENANT	29
	SECTION 12.03.  Intentionally Omitted	30
	SECTION 12.04.  LIMITATIONS ON LANDLORD’S LIABILITY	30
	 	 
	ARTICLE XIII.  ESTOPPEL AND OFF-SET STATEMENT, ATTORNMENT AND SUBORDINATION	30
	SECTION 13.01.  ESTOPPEL OR OFF-SET STATEMENT	30
	SECTION 13.02.  ATTORNMENT	30
	SECTION 13.03.  SUBORDINATION	31
	SECTION 13.04.  MORTGAGEE SUBORDINATION	31
	 	 
	ARTICLE XIV.  ASSIGNMENT	31
	SECTION 14.01.  ASSIGNMENT	31
	SECTION 14.02.  Intentionally Omitted	31
	SECTION 14.03.  CONDITIONS OF CONSENT	31
	SECTION 14.04.  STANDARDS OF REASONABLENESS IN WITHHOLDING CONSENT	32
	SECTION 14.05.  DOCUMENTATION OF ASSIGNMENT	32
	SECTION 14.06.  CONTINUING LIABILITY OF TENANT	32
	SECTION 14.07.  VOIDABLE ASSIGNMENT	32
	 	 
	ARTICLE XV.  WASTE OR NUISANCE	33
	SECTION 15.01.  WASTE OR NUISANCE	33
	 	 
	ARTICLE XVI.  NOTICES	33
	SECTION 16.01.  NOTICES	33
	 	 
	ARTICLE XVII.  DESTRUCTION OF THE LEASED PREMISES	33

  

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	SECTION 17.01.  DESTRUCTION	33
	 	 
	ARTICLE XVIII.  CONDEMNATION	34
	SECTION 18.01.  CONDEMNATION	34
	 	 
	ARTICLE XIX.  DEFAULT OF TENANT	35
	SECTION 19.01.  DEFAULT - RIGHT TO RE-ENTER	35
	SECTION 19.02.  DEFAULT - RIGHT TO RE-LET	36
	SECTION 19.03.  LEGAL EXPENSES	36
	 	 
	ARTICLE XX.  BANKRUPTCY, INSOLVENCY OR RECEIVERSHIP	36
	SECTION 20.01.  ACT OF INSOLVENCY, GUARDIANSHIP, ETC	36
	SECTION 20.02.  BANKRUPTCY	37
	 	 
	ARTICLE XXI.  LANDLORD ACCESS	37
	SECTION 21.01.  LANDLORD ACCESS	37
	 	 
	ARTICLE XXII.  TENANT’S PROPERTY AND LANDLORD’S LIEN	38
	SECTION 22.01.  TAXES ON LEASEHOLD	38
	SECTION 22.02.  Intentionally Omitted	38
	SECTION 22.03.  Intentionally Omitted	38
	SECTION 22.04.  LANDLORD’S LIEN	38
	SECTION 22.05.  LANDLORD’S SUBORDINATION	38
	 	 
	ARTICLE XXIII.  HOLDING OVER	38
	SECTION 23.01.  HOLDING OVER	38
	SECTION 23.02.  SUCCESSORS	38
	 	 
	ARTICLE XXIV.  RULES AND REGULATIONS	39
	SECTION 24.01.  RULES AND REGULATIONS	39
	 	 
	ARTICLE XXV.  QUIET ENJOYMENT	39
	SECTION 25.01.  QUIET ENJOYMENT	39
	 	 
	ARTICLE XXVI.  SECURITY DEPOSIT	39
	SECTION 26.01.  SECURITY DEPOSIT	39
	SECTION 26.02.  TRANSFER OF LANDLORD’S INTEREST IN THE SECURITY DEPOSIT	40
	 	 
	ARTICLE XXVII.  MISCELLANEOUS	40
	SECTION 27.01.  WAIVER	40
	SECTION 27.02.  ENTIRE LEASE AGREEMENT	40
	SECTION 27.03.  INTERPRETATION, USE OF PRONOUNS	40
	SECTION 27.04.  FORCE MAJEURE	41
	SECTION 27.05.  LOSS AND DAMAGE	41
	SECTION 27.06.  CAPTIONS AND SECTION NUMBERS	41
	SECTION 27.07.  BROKER’S COMMISSION	41
	SECTION 27.08.  RECORDING	41
	SECTION 27.09.  CONSENT NOT UNREASONABLY WITHHELD	42
	SECTION 27.10.  Intentionally Omitted	42
	SECTION 27.11.  TIME OF ESSENCE	42
	SECTION 27.12.  ACCORD AND SATISFACTION	42

 

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	SECTION 27.13.  NO OPTION	42
	SECTION 27.14.  ANTI-DISCRIMINATION	42
	SECTION 27.15.  SEVERABILITY	42
	SECTION 27.16.  SURVIVAL OF OBLIGATIONS	42
	SECTION 27.17.  WARRANTY OF AUTHORITY	43
	SECTION 27.18.  TENANT’S LIABILITY	43
	SECTION 27.19.  LANDLORD’S LIABILITY	43
	SECTION 27.20.  COUNTERCLAIM AND JURY TRIAL	43
	SECTION 27.21.  TRANSFER OF LANDLORD’S INTEREST IN THE LEASED PREMISES	43
	SECTION 27.22.  TENANT SELECTION BY LANDLORD	43
	SECTION 27.23.  DISCLOSURE OF PARTIES	43
	SECTION 27.24.  Intentionally Omitted	43
	SECTION 27.25.  EXECUTIVE ORDER CERTIFICATION	44
	 	 
	ARTICLE XXVIII.  ADDITIONAL PROVISIONS	44
	SECTION 28.01.  OPTION TO RENEW	44
	SECTION 28.02.  PRIOR LEASES	44
	SECTION 28.03.  FIRST RIGHT OF OFFER TO LEASE CONTIGUOUS SPACE	45
	SECTION 28.04.  RIGHT TO TERMINATE	46
	 	 
	EXHIBIT A  SITE PLAN	48
	 	 
	EXHIBIT A-1  LEASE PLAN	49
	 	 
	EXHIBIT B  LEGAL DESCRIPTION	51
	 	 
	EXHIBIT C  SIGN CRITERIA	53

  

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LEASE AGREEMENT

(hereinafter “Lease”)

 

ARTICLE
I. BASIC LEASE PROVISIONS; ENUMERATION OF EXHIBITS

 

SECTION 1.01. BASIC LEASE PROVISIONS

 

		(A)	EFFECTIVE DATE: August 1, 2017 (“Effective Date”)

 

		(B)	LANDLORD: EASTLAND REGENCY, L.C., a Utah limited liability company (“Landlord”)

 

		(C)	ADDRESS OF LANDLORD FOR NOTICES (Section 16.01):

 

	 	 	Eastland Regency, L.C.
	 	 	do Woodbury Corporation
	 	 	Attn: Lease Administration
	 	 	2733 East Parleys Way, Suite 300
	 	 	Salt Lake City, Utah 84109
	 	 	Ref: 1603 - Sera Prognostics - Suite 200
	 	 	 
	 	With a copy to:	Eastland Regency, L.C.
	 	 	c/o Woodbury Corporation
	 	 	Attn: Legal Department
	 	 	2733 East Parleys Way, Suite 300
	 	 	Salt Lake City, Utah 84109
	 	 	Ref: 1603 - Sera Prognostics Suite 200

 

		(D)	TENANT: Sera Prognostics, Inc., a Delaware corporation (“Tenant”) (Tax ID: 26-1911522)

 

		(E)	ADDRESS OF TENANT FOR NOTICES (Section 16.01):

 

	 	 	Sera Prognostics, Inc.
	 	 	Attn: Andy Sauter
	 	 	2749 East Parleys Way, Suite 200
	 	 	Salt Lake City, Utah 84109
	 	 	 
	 	With a copy to:	Ballard Spahr LLP
	 	 	One Utah Center, Suite 800
	 	 	201 South Main Street
	 	 	Salt Lake City, Utah 84111

 

		(F)	PERMITTED USE (Section 7.01): General office and laboratory use, including light assembly for manufacturing of general medical
devices, and research and development (“Permitted Use”), and for no other use without the prior written consent of
Landlord.

 

		(G)	TENANT’S TRADE NAME: Sera Prognostics, Inc.

 

     

     

    

 

		(H)	BUILDING (Section 2.01): REGENCY OFFICE BUILDING situated at 2749 East Parleys Way, in the City of Salt Lake, County of Salt
Lake, State of Utah (“Building”), as substantially depicted on Exhibit “A.”

 

		(I)	LEASED PREMISES (Section 2.01): 2749 East Parleys Way, Suites 200, 210, 320, 330 & 340, Salt Lake City, Utah 84109 (“Leased
Premises”), consisting of approximately 21,798 square feet of gross rentable area, as substantially depicted on Exhibit “A-1”.

 

		(J)	DELIVERY OF POSSESSION (Section 5.02): Tenant is currently in possession of Suites 200, 320 & 330 pursuant to the Prior
Leases as defined in Section 28.02(a). Suite 340 and Suite 210 shall be delivered to Tenant upon substantial completion of Landlord’s
Work (as defined in Section 5.01). As used herein, the term “Delivery of Possession” (as defined in Section 5.01) shall refer
to the date on which Landlord’s Work is substantially completed, and confirmed at a walk-thru attended by Landlord and Tenant (“Delivery
of Possession”), as certified by a notice of Delivery of Possession.

 

		(K)	RENTAL TERM, COMMENCEMENT AND EXPIRATION DATE (Sections 4.01 and 4.02): The term of this Lease shall retroactively commence
on August 1, 2017 (“Rental Term Commencement Date”), and shall be for a period of five (5) full Lease Years (as defined
in Section 4.02) and five (5) months ending December 31, 2022 (“Rental Term”), as certified by a notice of Rental Term
Commencement Date.

 

		(L)	BASE MONTHLY RENT (Section 3.01): Retroactively commencing on August 1, 2017, Tenant shall pay monthly rent in the amount of
Twenty-Nine Thousand Two Hundred Nineteen and 31/100 Dollars ($29,219.31) per month (“Base Monthly Rent”). In addition,
commencing on the date Landlord commences Landlord’s Work in Suite 210 with all required permits in place, Tenant shall pay to Landlord
a fee of Two Thousand Four Hundred Fifty-Five and 42/100 ($2,455.42) Dollars (“210 Fee”) per calendar month, or partial
month until Delivery of Possession of Suite 210. Landlord shall provide Tenant with written notice of the date on which it commences Landlord’s
Work in Suite 210 with all required permits in place. The 210 Fee shall be Additional Rent under this Lease.

 

		(M)	ESCALATIONS IN BASE MONTHLY RENT (Section 3.02):

 

	Escalation Date	 	Base Monthly Rent	 
	Commencing upon Delivery of Possession of Suite 210	 	$	41,034.77	 
	August 1, 2018	 	$	42,265.82	 
	August 1, 2019	 	$	43,533.79	 
	August 1, 2020	 	$	44,839.80	 
	August 1, 2021	 	$	46,185.00	 

  

		(N)	LANDLORD’S SHARE OF OPERATING EXPENSES (Section 3.03): Subject to Tenant’s reimbursement obligation, Landlord shall
pay all Operating Expenses (as defined in Section 3.03) for the calendar year 2017 (hereinafter “Base Year”) and an
amount equal to the Operating Expenses in the Base Year for each year thereafter, escalating three percent (3%) thereafter on a cumulative
basis (“Landlord’s Share of Operating Expenses”).

 

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		(O)	TENANT’S PRO-RATA SHARE OF OPERATING EXPENSES (Section 3.03): Sixty and nine thousand eight hundred ninety-three percent
(60.9893%) of all Operating Expenses in excess of Landlord’s Share of Operating Expenses.
	 	 	 

		(P)	RESPONSIBILITY FOR UTILITIES AND SERVICES: Subject to the provisions of Section 3.03, this Lease provides that the utilities
and services shall be paid by the party shown below:

 

	Heat:	Landlord	Building Insurance:	Landlord
	Water:	Landlord	Real Property Taxes:	Landlord
	Electricity:	Landlord	Common Area Maintenance:	Landlord
	Telephone:	Tenant	Personal Property Taxes:	Tenant
	Janitorial (Inside Leased Premises):	Tenant	Personal Property Insurance:	Tenant
	Trash dumpster pickup	Landlord	 	 

 

None of the utilities are separately metered except that
telephone and data services shall be contracted for directly by Tenant.

 

		(Q)	EXCESS HOUR UTILITY CHARGES AND HOURS OF OPERATION (Section 12.03): Tenant shall have access to the Leased Premises twenty-four
(24) hours a day, seven (7) days per week. Standard operating hours for the Building shall be 7:00 a.m. to 6:30 p.m., Monday through Friday,
and 8:00 a.m. to 12:00 Noon on Saturday, excluding holidays (“Standard Operating Hours”). To the extent Tenant operates
during any time in excess of Standard Operating Hours, and Tenant’s consumption of utilities increases by thirty percent (30%) or
more, then Landlord reserves the right to charge Tenant an additional charge for such after hours and/or disproportionate utility usage.
Such additional charges shall be determined and assessed by Landlord using its commercially reasonable judgement.

 

		(R)	Intentionally Omitted.

 

		(S)	SECURITY DEPOSIT (Section 26.01):  A total of Seventy-Two Thousand Two Hundred and 00/100 Dollars ($72,200.00) (“Security
Deposit”), Fifty-Seven Thousand Seven Hundred and 00/100 Dollars ($57,700.00) of which is currently held by Landlord pursuant
to the Prior Leases (as defined in Section 28.02(a)) and shall now be retained as a portion of the Security Deposit for this Lease. Further,
an additional amount of Fourteen Thousand Five Hundred and 00/100 Dollars ($14,500.00), is to be delivered to Landlord upon Tenant’s
execution of this Lease, which amount shall be held by Landlord as a portion of the Security Deposit.

 

		(T)	Intentionally Omitted.

 

		(U)	Intentionally Omitted.

 

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		(V)	LANDLORD’S WORK: Landlord shall deliver Suite 210 and Suite 340 of the Leased Premises to Tenant in “Turn-Key”
condition in accordance with the final construction set documents approved by Landlord with plans and specifications agreed to by Landlord
and Tenant. In addition, prior to Delivery of Possession, Landlord shall replace the windows in Suite 210 at Landlord’s sole cost
and expense. Landlord shall contribute an amount up to Four Hundred Seventy-One Thousand Two Hundred Forty-Five and 62/100 Dollars ($471,245.62)
(“Landlord’s Construction Cost Cap”) towards Landlord’s construction of the Leased Premises. Tenant shall
pay all costs in excess of Landlord’s Construction Cost Cap within thirty (30) days of invoice from Landlord.

 

		(W)	TENANT’S WORK (Section 6.01): In the event Tenant wishes to remodel the Leased Premises in the future, then Tenant shall
finish the Leased Premises in accordance with plans and specifications approved by Landlord. Prior to commencement of construction, Tenant
shall submit an electronic copy of all plans to Landlord for review and approval as set forth in Section 6.01.

 

		(X)	Intentionally Omitted.

 

		(Y)	OPTION TO RENEW (Section 28.01): Provided Tenant is not, and has not been, in default beyond any applicable cure period under
any of the terms and conditions contained herein, Tenant shall have one (1) additional consecutive five (5) year option to renew and extend
the Rental Term (“Option”) as provided herein. The Option shall only be exercised by Tenant delivering written notice
thereof to Landlord not less than one hundred eighty (180) days prior to the expiration of the Rental Term. Base Monthly Rent for the
Option period shall be as follows:

 

	Option Period	 	Base Monthly Rent	 
	January 1, 2023 - December 31, 2023	 	$	47,570.55	 
	January 1, 2024 - December 31, 2024	 	$	48,997.66	 
	January 1, 2025 - December 31, 2025	 	$	50,467.59	 
	January 1, 2026 - December 31, 2026	 	$	51,981.62	 
	January 1, 2027 - December 31, 2027	 	$	53,541.07	 

 

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		(Z)	RIGHT OF FIRST OFFER (Section 28.03): From the Effective Date of this Lease until the end of the Rental Term, Tenant shall
have an ongoing right of first offer to lease space adjacent and contiguous to the Leased Premises on the second and third floors when
such applicable space becomes available for lease as provided herein (hereinafter “First Offer Space”). For purposes
hereof, the First Offer Space (or any applicable portion thereof) shall become available for lease by Tenant immediately prior to the
first time after the Effective Date that Landlord intends to submit to a third party a bona fide proposal or letter of intent to lease
such First Offer Space (or such applicable portion thereof). Landlord shall give Tenant written notice that the First Offer Space (or
such applicable portion thereof) will or has become available for lease by Tenant and the terms (the “Offer”) upon
which Landlord is willing to rent out the First Offer Space. Tenant shall have ten (10) business days to accept the Offer by delivering
to Landlord written notice of its intent to do so. Failure of Tenant to timely deliver written notice shall be deemed a refusal by Tenant.
Should Landlord thereafter intend to offer the First Offer Space to a third party of better terms than the Offer, then Tenant shall once
again have a right of first offer and the process set forth in this Section 28.03 shall be repeated. Furthermore, if Tenant declines to
exercise its right of first offer with regard to any First Offer Space, Landlord shall have a continuing obligation to provide Tenant
with a new offer with regard to any other adjacent and continuous space during the Rental Term and with regard to the same First Offer
Space if the terms of the Offer change or more than one calendar year passes since Tenant’s prior decline.

 

In the event Tenant exercises its option to lease the First
Offer Space, Landlord and Tenant shall endeavor to execute within thirty (30) days thereafter an amendment to this Lease for such First
Offer Space upon the terms and conditions set forth in the Offer.

 

		(AA)	RIGHT TO TERMINATE (Section 28.04): Provided Tenant is not, and has not been, in default beyond any applicable cure period
under any of the terms and provisions contained herein, Tenant shall have the one (1) time right to terminate this Lease as of December
31, 2020. To exercise such right, on or before July 1, 2020, Tenant shall provide Landlord with written notice of its intent to exercise
this right to terminate. In the event Tenant exercises this right, Tenant shall reimburse Landlord in full of any unamortized portion
of Landlord’s Construction Cost Cap and unamortized commission payments within ten (10) days of receiving an invoice therefore from
Landlord.

 

[Remainder of Page Intentionally Left Blank]

 

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SECTION 1.02. SIGNIFICANCE OF A BASIC LEASE
PROVISION. The foregoing provisions of Section 1.01 summarize for convenience only certain fundamental terms of this Lease delineated
more fully in the articles and sections referenced therein. In the event of a conflict between the provisions of Section 1.01 and the
balance of this Lease, the latter shall control.

 

SECTION 1.03. ENUMERATION OF EXHIBITS. The
exhibits enumerated in this Section 1.03 and attached to this Lease are incorporated in this Lease by this reference and are to be construed
as a part of this Lease. In the event of a conflict between the body of this Lease and the exhibits, the body of this Lease shall control.

 

	EXHIBIT “A”	- SITE PLAN
	EXHIBIT “A-1”	- LEASE PLAN
	EXHIBIT “B”	- LEGAL DESCRIPTION
	EXHIBIT “C”	- SIGN CRITERIA

 

ARTICLE
II. GRANT AND LEASED PREMISES

 

SECTION 2.01. LEASED PREMISES. In consideration
for the rent to be paid and covenants to be performed by Tenant, Landlord hereby leases to Tenant, and Tenant leases from Landlord, for
the Rental Term, and upon the terms and conditions herein set forth, the Leased Premises described in Section 1.01(1), located in the
Building referred to in Section 1.01(H). The legal description for the property on which the Building is located is attached hereto as
Exhibit “B”. Gross rentable area measurements herein specified are from the exterior of the perimeter walls of the Building
to the center of the interior walls.

 

The exterior walls and roof of the Leased Premises
and the areas beneath the Leased Premises are not demised hereunder and the use thereof, together with the right to install, maintain,
use, repair, and replace pipes, ducts, conduits, and wires leading through the Leased Premises in locations which do not materially and
adversely interfere with Tenant’s use thereof and serving other parts of the Building or buildings, are hereby reserved to Landlord.
Landlord reserves (a) such access rights through the Leased Premises as may be reasonably necessary to enable access by Landlord to the
balance of the Building and reserved areas and elements as set forth above; and (b) the right to install or maintain meters on the Leased
Premises to monitor use of utilities. In exercising such rights, Landlord shall give Tenant forty-eight (48) hours prior notice (except
in the case of an emergency) and shall use reasonable efforts so as to not commit waste upon the Leased Premises and as far as practicable
shall not materially and adversely interfere with Tenant’s use of the Leased Premises and shall minimize annoyance, interference
or damage to Tenant and the Leased Premises when making modifications, additions or repairs. Landlord shall not be responsible for any
damages incurred by Tenant and/or to Tenant’s property occur during the required forty-eight (48) hour notice period.

 

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Subject to the provisions of Article VIII, Tenant
and its employees, contractors, customers, agents and invitees have the right to the non-exclusive use, in common with existing tenants
of such unreserved automobile parking spaces, driveways, footways, and other facilities designated for common use within the Building,
except that with respect to non-exclusive areas, Tenant shall cause its employees to park their cars only in areas specifically designated
from time to time by Landlord for that purpose.

 

SECTION 2.02. EXCUSE OF LANDLORD’S PERFORMANCE.
Anything in this Lease to the contrary notwithstanding, providing such cause is not due to the willful act or neglect of Landlord, Landlord
shall not be deemed in default with respect to the performance of any of the terms, covenants and conditions of this Lease, if the same
shall he due to any strike, lockout, civil commotion, war-like operation, invasion, rebellion, hostilities, military or usurped power,
sabotage, governmental regulations or controls, inability to obtain any material, service or financing, act of God or other cause beyond
the control of Landlord.

 

SECTION 2.03. REVISION OF SITE PLAN. It
is expressly agreed that the depiction of the Leased Premises, the Building and the Common Areas on Exhibit “A” and Exhibit
 “A-1” does not constitute a representation, covenant, or warranty of any kind by Landlord, and Landlord reserves the right
to change the size, location, type and number of buildings within the project, and the location, type, design and dimensions of the Common
Areas; provided, however, that no such change shall materially alter the Leased Premises or access or visibility thereto.

 

ARTICLE
III. RENT

 

SECTION 3.01. BASE MONTHLY RENT. Tenant
agrees to pay to Landlord Base Monthly Rent in the amounts set forth in Sections 1.01(L) and 1.01(M), and 1.01(Y), if applicable, at such
place as Landlord may designate, without prior demand therefor, without offset or deduction and in advance on or before the first day
of each calendar month during the Rental Term, including any Rental Term extension or renewal thereof, commencing on the Rental Term Commencement
Date. In the event the Rental Term Commencement Date (or Delivery of Possession date for Suite 210) occurs on a day other than the first
day of a calendar month, then Base Monthly Rent to be paid on the Rental Term Commencement Date (or Delivery of Possession, as applicable)
shall include both Base Monthly Rent for the first full calendar month occurring after the Rental Term Commencement Date (or Delivery
of Possession, as applicable), plus Base Monthly Rent for the initial fractional calendar month pro-rated on a per-diem basis (based upon
a thirty (30) day month).

 

SECTION 3.02. ESCALATIONS IN BASE MONTHLY RENT.
As set forth in Section 1.01(M).

 

SECTION 3.03. TENANT’S PRO-RATA SHARE
OF OPERATING EXPENSES. Tenant shall pay to Landlord as further Additional Rent (as defined in Section 3.07) the amount by which Tenant’s
pro rata share of Landlord’s expenses for utilities, interior and exterior Common Area (as defined in Section 8.01) maintenance,
insurance, property taxes and assessments on land and the Building, repairs, security, and Building management fees and costs (“Operating
Expense(s)”) exceed Landlord’s Share of Operating Expenses set forth in Section 1.01(N) for the previous calendar year
 “Tenant’s Pro-Rata Share”. For avoidance of doubt: (i) Tenant shall not incur any charges for Operating Expenses
for calendar year 2017; (ii) starting in January 2018 and continuing through the Rental Term, Tenant’s Pro-Rata Share of Operating
Expenses shall be calculated by multiplying Tenant’s Pro-Rata Share by the difference of Operating Expenses for the given calendar
year minus Landlord’s Share of Operating Expenses.

 

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Landlord shall bill Tenant for Tenant’s Pro-Rata
Share of Operating Expenses, if any, by April 1 of each calendar year of the Rental Term, commencing with 2019. The bill shall identify
the total Operating Expenses of the immediately prior calendar year, Landlord’s Share of Operating Expenses and Tenant’s Pro-Rata
Share of Operating Expenses thereof. Tenant shall pay Tenant’s Pro-Rata Share of Operating expenses annually within thirty (30)
days following receipt of Landlord’s invoice therefore.

 

Notwithstanding anything to the contrary herein,
Operating Expenses shall not include the following:

 

(a)              
costs of capital repairs, capital alterations or capital replacements (except as specifically permitted herein or as amortized
in accordance with GAAP), capital improvements and equipment; except those: (i) required by laws enacted on or after the date of this
Lease, with the cost of any such improvements and equipment depreciated on a straight line basis over the useful life of the improvement
and/or equipment, or (ii) installed at the Building to reduce Operating Expenses and/or conserve energy, with the cost of any such improvements
and equipment depreciated at an annual rate reasonably calculated to equal the amount of Operating Expenses to be saved in each calendar
year throughout the Rental Term;

 

(b)              costs
incurred in connection with the original construction or design of the Building or in connection with any major change in the Building,
such as adding or deleting floors or common areas, costs for the replacement of any roofs in the Building or to the correction of inherent
structural defects in the Building or to the initial malfunction of operating equipment;

 

(c)              
costs of the design and construction of Tenant improvements to the Leased Premises or the premises of other tenants;

 

(d)              depreciation,
interest and principal payments on mortgages and other debt costs, if any and amounts paid as ground rental or as rental for the Building
by the Landlord;

 

(e)              
marketing costs, legal fees, space planners’ fees and advertising and promotional expenses, and brokerage fees incurred in
connection with the original development, subsequent improvement, or original or future leasing of the Building;

 

(f)               costs
for which any tenant directly contracts with local providers, costs for which the Landlord is reimbursed by any tenant or occupant of
the Building or by insurance by its carrier or any tenant’s carrier or by anyone else and expenses in connection with services
or other benefits which are not offered to the Tenant or for which the Tenant is charged directly but which are provided to another tenant
or occupant of the Building without a separate charge;

 

(g)              any
bad debt loss, rent loss, or reserves for bad debts or rent loss; and reserves for capital or future operating expenses;

 

    12

    

    

 

(h)              Landlord’s general corporate overhead and general and administrative expenses and other costs associated with the operation
of the business of the entity which constitutes the Landlord, as the same are distinguished from the costs of operation of the Building,
including partnership or corporate accounting and legal matters, costs of defending any lawsuits with any mortgagee (except as the actions
of the Tenant may be in issue), costs of selling, syndicating, financing, mortgaging or hypothecating any of the Landlord’s interest
in the Building, and costs incurred in connection with any disputes or proceedings, including but not limited to any disputes or proceedings
between Landlord and its employees, between Landlord and Building management, or between Landlord and other tenants or occupants;

 

(i)                the wages and benefits of any employee who does not devote substantially all of his or her employed time to the Building unless
such wages and benefits are prorated to reflect time spent on operating and managing the Building vis-à-vis time spent on matters
unrelated to operating and managing the Building; provided, that in no event shall Operating Expenses include wages and/or benefits attributable
to personnel above the level of on-site Building manager or on-site Building engineer or any compensation paid to clerks, attendants or
other persons in commercial concessions operated by the Landlord;

 

(j)                costs, including permit, license and inspection costs, incurred with respect to the installation of tenant improvements made for
new tenants in the Building or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants
or other occupants of the Building (excluding, however, such costs relating to any common areas of the Building or parking facilities);

 

(k)              
overhead and profit increment paid to the Landlord or to subsidiaries or affiliates of the Landlord for services in the Building
to the extent the same unreasonably exceeds the costs of such services rendered by qualified, first-class unaffiliated third parties on
a competitive basis, which parties render services in comparable buildings;

 

(l)                costs,
other than those incurred in ordinary maintenance and repair, for sculpture, paintings, fountains or other objects of art;

 

(m)             
costs to repair or rebuild after casualty loss (excluding deductibles under insurance policies carried by Landlord, which deductibles
shall be included in Operating Expenses and which deductibles shall not exceed Ten Thousand Dollars ($10,000.00) in any one Lease Year);

 

(n)              
any costs expressly excluded from Operating Expenses elsewhere in the Lease;

 

(o)              
rent for any office space occupied by Building management personnel to the extent the size or rental rate of such office space
exceeds the size or fair market rental value of office space occupied by management personnel of comparable buildings in the vicinity
of the Building, with adjustment where appropriate for the size of the applicable building;

 

    13

    

    

 

(p)              
costs arising from the negligence or willful misconduct of Landlord or its agents, employees, vendors, contractors, or providers
of materials or services;

 

(q)              
costs incurred to comply with federal, state, county or local laws or regulations in effect as of the date of this Lease, including
but not limited to laws, regulations and building codes relating to handicap access, energy efficiency or conservation, or the removal
of hazardous material (as defined under applicable law, and defined as such as of the date of this Lease), which hazardous material is
in existence in the Building or on the Building prior to date of this Lease or is brought into the Building or onto the Building after
the date hereof by Landlord or any other tenant of the Building (excluding Tenant), and is of such a nature that a federal, state or municipal
government governmental authority, if it had knowledge of the presence of such hazardous material in the state and under the conditions
that it then exists in the Building or on the Building, would require the removal of such hazardous material or would require other remedial
or containment action with respect thereto pursuant to laws in effect as of the date of this Lease (in the event that such costs of compliance
are not paid by Landlord and are instead charged to Tenant or directly by a governmental authority, Landlord agrees that it will reimburse
Tenant for such charges);

 

(r)               
costs arising from Landlord’s charitable or political contributions;

 

(s)               costs
relating to the Building which are in a category of expense which was not included in Operating Expenses during the first year of the
Rental Term or any portion thereof; and

 

(t)                interest,
fines, late fees, collection costs, legal fees or penalties assessed as a result of Landlord’s failure to make payments in a timely
manner or to comply with applicable laws, including regarding the payment of taxes, or to comply with the terms of any lease, mortgage,
deed of trust, ground lease, private restriction or other agreement.

 

SECTION 3.04. OPERATING EXPENSE AUDIT. Tenant
shall have the right, not more frequently than once every two (2) calendar years, to audit Landlord’s general ledgers pertaining
to Operating Expenses for the prior two (2) Lease Years (the “Operating Expense Audit”). Tenant shall not be permitted
to utilize a so-called “contingent fee” Operating Expense auditor. Accordingly, any representative of Tenant conducting, assisting,
or having any involvement with the Operating Expense Audit shall not be permitted to have a financial stake in the outcome of the Operating
Expense Audit and Landlord shall be entitled to receive credible evidence of the same and Landlord may refuse to allow such Operating
Expense Audit in the absence of such evidence. Additionally, any representative of Tenant conducting an Operating Expense Audit shall
first sign a confidentiality agreement that provides that it shall not disclose the Operating Expense Audit, its conclusions or any information
obtained in the course of conducting the Operating Expense Audit to anyone other than Tenant and Landlord.

 

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Landlord shall retain its general ledgers regarding
Operating Expenses for a period of at least two (2) years following the final billing for each calendar year during the Rental Term. At
any time during such two (2) year period, upon forty-five (45) days’ advance written notice to Landlord, Tenant may conduct an Operating
Expense Audit. The Operating Expense Audit shall commence on a date of which Tenant has notified Landlord not less than thirty (30) days
in advance. Tenant shall in all cases share with Landlord the conclusions of the Operating Expense Audit and any Operating Expense Audit
report. If the Operating Expense Audit discloses an overbilling, Landlord may, by written notice to Tenant within forty-five (45: days
of Landlord’s receipt of a copy of the Operating Expense Audit, object to the conclusions or process of the Operating Expense Audit,
stating its conclusions as to whether or not there was any overbilling (and if so, the amount thereof). If Tenant disputes Landlord’s
conclusions, Tenant shall notify Landlord and the parties shall use good faith efforts to resolve the dispute. If Landlord agrees with
the Operating Expense Audit, Landlord shall pay to Tenant the amount of the overbilling within forty-five (45) days of Landlord’s
receipt of a copy of the Operating Expense Audit. If the Operating Expense Audit discloses an underbilling, Tenant shall pay to Landlord
the amount of the underbilling within forty-five (45) days of Tenant’s receipt of a copy of the Operating Expense Audit or its conclusions.

 

SECTION 3.05. TAXES.

 

(a)              
Landlord shall pay all real property taxes and assessments which are levied against or which apply to the Building with respect
to the Leased Premises, which taxes and assessments are part of the Operating Expenses set forth in Section 3.03.

 

(b)              Tenant
shall pay, prior to delinquency, all taxes, assessments, charges, and fees which during the Rental Term, or any Rental Term extension
or renewal thereof, may be imposed, assessed, or levied by any governmental or public authority against or upon Tenant’s use of
the Leased Premises or any inventory, personal property, fixtures or equipment kept or installed, or permitted to be located therein
by Tenant.

 

SECTION 3.06. PAYMENTS. All payments of
Base Monthly Rent, Additional Rent and other payments to be made to Landlord shall be made on a timely basis and shall be payable to Landlord
or as Landlord may otherwise designate. All such payments shall be mailed or delivered to Landlord’s principal office set forth
in Section 1.01(C), or at such other place as Landlord may designate from time to time in writing. If mailed, all payments shall be mailed
in sufficient time and with adequate postage thereon to be received in Landlord’s account by no later than the due date for such
payment. If Tenant fails to pay any Base Monthly Rent, Additional Rent or any other amounts or charges within ten (10) days of the date
when due, Tenant shall pay interest from the due date of such past due amounts to the date of payment, both before and after judgment
at a rate equal to the greater of twelve percent (12%) per annum or two percent (2%) over the prime rate or base rate charged by Citibank
of New York at the due date of such payment; provided however, that in any case the maximum amount or rate of interest to be charged shall
not exceed the maximum non-usurious rate in accordance with applicable law. In addition, Tenant shall pay a late fee equal to four percent
(4%) of such past due amount to compensate Landlord for extra administrative, collection, processing, accounting and other costs incurred
through Tenant’s nonpayment.

 

SECTION 3.07. ADDITIONAL RENT. Tenant shall
pay as “Additional Rent” (in addition to the aforementioned property taxes and Operating Expenses) any and all sums
of money or charges required to be paid by Tenant under this Lease whether or not the same be designated as Additional Rent. If such amounts
or charges are not paid at the time provided for in this Lease, they shall nevertheless, if not paid when due, be collectible as Additional
Rent with the next installment of Base Monthly Rent thereafter falling due hereunder, hut nothing herein contained shall be deemed to
suspend or delay the payment of any amount of money or charge at the time the same becomes due and payable hereunder, or limit any interest,
late fee or other remedy of Landlord.

 

    15

    

    

 

ARTICLE
IV. RENTAL TERM, COMMENCEMENT DATE

 

SECTION 4.01. RENTAL TERM. The initial term
of this Lease shall be for the period defined as the Rental Term in Section 1.01(K), plus the partial calendar month, if any, occurring
after the Rental Term Commencement Date if the Rental Term Commencement Date occurs other than on the first day of a calendar month.

 

SECTION 4.02. DEFINITION OF LEASE YEAR.
The “Lease Year” shall include twelve (12) full calendar months of the Rental Term; except that the first Lease Year
shall include such twelve (12) full calendar months after the Rental Term Commencement Date.

 

SECTION 4.03. RENTAL TERM COMMENCEMENT DATE
AND TERMINATION DATE. The Rental Term shall commence and continue for the term set forth in Section 1.01(K). Each of the parties hereto
agrees, upon demand of the other, to execute a Rental Term Commencement Date notice expressing the commencement, termination, and Delivery
of Possession dates of the Rental Term as soon as such dates have been determined.

 

SECTION 4.04. Intentionally Omitted.

 

SECTION 4.05. END OF RENTAL TERM. This Lease,
and the tenancy hereby created, shall terminate at the end of the Rental Term, or any Rental Term extension or renewal thereof, without
the necessity of any notice from either Landlord or Tenant to terminate the same, and Tenant hereby waives notice to vacate the Leased
Premises and agrees that I and lord shall he entitled to the benefit of all provisions of law respecting the summary recovery of possession
of the Leased Premises from Tenant holding over to the same extent as if statutory notice has been given.

 

ARTICLE
V. CONSTRUCTION OF LEASED PREMISES

 

SECTION 5.01. CONSTRUCTION OF LEASED PREMISES
BY LANDLORD. Landlord has constructed the Building in which the Leased Premises is located and shall deliver Suite 210 and Suite 340
of the Leased Premises and convert the freezer room in Suite 200 to a conference room, all in accordance with the final construction set
documents approved by Landlord (“Landlord’s Work”). It is understood and agreed by Tenant that no minor changes
from any plans or from Landlord’s outline specifications made necessary during construction of the Leased Premises or the Building
shall affect or change this Lease or invalidate same. Tenant is leasing the remainder of Leased Premises in “as is” condition.
In addition, prior to the Delivery of Possession, Landlord shall replace the windows in Suite 210 at Landlord’s sole cost and expense.

 

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SECTION 5.02. DELIVERY OF POSSESSION FOR TENANT’S
WORK. Except as expressly stated otherwise, Landlord covenants that actual possession of Suite 210 and Suite 340 of the Leased Premises
shall be delivered to Tenant, ready for Tenant’s Work, if any, (as defined in Section 6.01) and as set forth in Section 1.01(J).
The Leased Premises shall be deemed as ready for Tenant’s Work when Landlord’s Work is completed in accordance with the final
construction set documents approved by Landlord and Tenant. It is agreed that by taking possession of the Leased Premises as a tenant,
Tenant formally accepts that portion to which it has taken possession and acknowledges that such portion of the Leased Premises is in
the condition called for hereunder, except for items specifically excepted in writing at the date of occupancy as “incomplete”.
Except as expressly stated in this Section 5.02 and Section 5.01, Landlord covenants that actual possession of the remainder of the Leased
Premises has been delivered to Tenant in “as is” condition.

 

SECTION 5.03. CHANGES AND ADDITIONS BY LANDLORD.
Landlord hereby reserves the right at any time, and from time to time, to make alterations or additions to, and to build additional stories
on the Building in which the Leased Premises is contained and to build adjoining the same and to modify the existing parking or other
Common Areas to accommodate additional buildings. Landlord also reserves the right to construct other buildings or improvements on the
property from time to time, on condition that if the property is expanded so as to include any additional buildings, Landlord agrees to
create or maintain a parking ratio adequate to meet local laws and ordinances, including the right to add land to the property or to erect
parking structures thereon.

 

ARTICLE
VI. TENANT’S WORK

 

SECTION 6.01. REMODEL OF LEASED PREMISES BY
TENANT. In the event tenant desires to remodel the Leased Premises, Tenant agrees, prior to the commencement of construction, at Tenant’s
sole cost and expense, to provide all work of whatsoever nature in accordance with its plans and specifications, subject to Landlord’s
prior written approval (“Tenant’s Work”). Empty conduit extending to the Leased Premises for telephone and data
lines, from central locations in the building, shall be provided by Landlord. All terminations, crossovers, and distribution wiring from
panels to the various equipment and receptacles shall be provided by Tenant at Tenant’s sole cost and expense. Tenant agrees to
furnish Landlord, within the time periods designated by Landlord and prior to Delivery of Possession, with a complete and detailed set
of plans and specifications drawn by a registered architect (or by some other qualified person acceptable to Landlord) setting forth and
describing Tenant’s Work in such detail as Landlord may require and in compliance with the initial permit set drawings and the final
construction set documents approved by Landlord. If such plans and specifications are not so furnished by Tenant within the required time
periods required by Landlord, then Landlord may, at its option, in addition to other remedies Landlord may enjoy, cancel this Lease at
any time thereafter while such plans and specifications have not been so furnished. Tenant shall remit one (1) electronic copy of any
and all plans and specifications to Landlord at the following email address:

 

drawings@woodburycorp.com.

 

In order for such plans and specifications to be
deemed received by Landlord for Landlord’s approval, the email transmittal must include the following information in the subject
line: 1603 - Sera Prognostics - 2749 East Parleys Way, Suites 200, 210, 320, 330 & 340, Salt Lake City, Utah.

 

    17

    

    

 

Additional physical copies can be sent to:

 

Woodbury Corporation

Attn: Architecture

2733 Parleys Way, Suite 300

Salt Lake City, Utah 84109-1662

Ref: 1603 - Sera Prognostics

 

With a copy to:

 

Woodbury Corporation

Attn: Lease Administration

2733 Parleys Way, Suite 300

Salt Lake City, Utah 84109-1662

Ref: 1603 - Sera Prognostics

 

No material deviation from the final set of plans
and specifications, once submitted to and approved by Landlord, shall be made by Tenant without Landlord’s prior written consent.
Landlord shall have the right to approve or disapprove Tenant’s architect and contractor to be used in performing Tenant’s
Work, and the right to require and approve insurance or bonds to be provided by Tenant or such contractors. In due course, after completion
of Tenant’s Work, Tenant shall certify to Landlord the itemized cost of Tenant improvements and fixtures located upon the Leased
Premises. Any design costs incurred by Landlord, including space planning, preliminary and final design and engineering costs, as well
as construction permit fees, shall be part of Tenant’s Work and shall be applied to Landlord’s construction cost cap and/or
any additional allowance, if any. This includes any costs incurred due to Tenant requested changes, which shall include change orders
requiring extraordinary design or engineering applications. To the extent that Landlord elects to perform certain Tenant’s Work,
Tenant shall pay Landlord for such work within ten (10) days of invoice by Landlord.

 

SECTION 6.02. SETTLEMENT OF DISPUTES. It
is understood and agreed that any disagreement or dispute which may arise between Landlord and Tenant with reference to the work to be
performed by Landlord shall be resolved by Landlord’s architect, whose good faith decision shall be final and binding on both Landlord
and Tenant.

 

SECTION 6.03. PROJECT CLOSE-OUT. Where Tenant’s
Work is performed in accordance with Section 6.01, the following procedures shall apply:

 

(a)              
Preconstruction. Prior to the commencement of construction, Tenant and Tenant’s contractor shall participate in a
preconstruction meeting and provide all documentation requested by Landlord.

 

(b)              
Field Inspection. On completion of construction, Landlord and Tenant shall conduct an inspection of the improvements to
identify whether there are any incomplete items or other deficiencies. A punch list of such deficiencies shall be prepared. Tenant shall
make all corrections within no more than fifteen (15) days thereafter.

 

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(c)              
Required Project Closeout Information. Tenant shall provide an electronic copy of items (i) through (iii) below to Landlord at
the following email address:

 

leaseadmin@woodburycorp.com.

 

In order for such plans and specifications to be
deemed received by Landlord for Landlord’s approval, the email transmittal must include the following information in the subject
line: 1603 - Sera Prognostics - 2749 East Parleys Way, Suites 200, 210, 320, 330 & 340, Salt Lake City, Utah.

 

Additional, physical copies can be sent to:

 

Woodbury Corporation

Attn: Architecture

2733 Parleys Way, Suite 300

Salt Lake City, Utah 84109-1662

Ref: 1603 - Sera Prognostics

 

With a copy to:

 

Woodbury Corporation

Attn: Lease Administration

2733 Parleys Way, Suite 300

Salt Lake City, Utah 84109-1662

Ref: 1603 - Sera Prognostics

 

(i)       As-built
drawings depicting changes to the construction documents that occurred during construction, organized according to the original construction
documents.

 

(ii)       A
list of all subcontractors and major material and equipment supplies having contracts greater than Five Thousand Dollars ($5,000.00).
The list shall include the actual final contract value of the contractor’s and each subcontractors’ work. Also, include a
copy of contractor’s final application for payment with a cost breakdown of the various categories of work.

 

(iii)       Copies
of final unconditional lien waivers from Tenant’s general contractor, each subcontractor and material supplier who have provided
materials, labor and/or services during the construction of Tenant’s Work, and any person who has filed a preliminary lien notice
with the State’s registry. Tenant shall include a copy of the State registry of preliminary lien notices demonstrating that all
rights to claim have been removed. In the event of disputes, reasonable evidence shall be required showing that any lien rights have been
bonded over and that the Tenant is contesting such matters in good faith and by appropriate proceedings, or upon evidence of expiration
of statute of limitation for filing mechanics liens.

 

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ARTICLE
VII. PERMITTED USE

 

SECTION 7.01. PERMITTED USE OF LEASED PREMISES.
Tenant shall use and occupy the Leased Premises during the continuance of this Lease solely for the Permitted Use set forth in Section
1.01(F) and shall not use, permit or suffer the use of the Leased Premises for any other business or purpose without the prior written
consent of Landlord. Tenant shall promptly comply with all present or future laws, ordinances, lawful orders and regulations affecting
the Leased Premises and the cleanliness, safety, occupancy and use of the Leased Premises. Tenant shall not make any use of the Leased
Premises which shall cause cancellation or an increase in the cost of any insurance policy covering the Leased Premises. Tenant shall
not keep or use on the Leased Premises any article, item, or thing which is prohibited by the standard form of fire insurance policy.
Tenant shall not commit any waste upon the Leased Premises and shall not conduct or allow any business, activity, or thing on the Leased
Premises which is an annoyance or causes damage to Landlord, to other subtenants, occupants, or users of the improvements, or to occupants
of the vicinity. Tenant shall comply with and abide by all laws, ordinances, and regulations of all municipal, county, state, and federal
authorities which are now in force or which may hereafter become effective with respect to use and occupancy of the Leased Premises. Landlord
represents that to the best of its knowledge and understanding, that upon Delivery of Possession, the Building shall comply with all currently
applicable laws, ordinances and regulations of municipal, county, state and federal authorities.

 

SECTION 7.02. HAZARDOUS SUBSTANCES. Tenant
shall not use, produce, store, release, dispose or handle in or about the Leased Premises or transfer to or from the Leased Premises (or
permit any other party to do such acts) any Hazardous Substance (as defined herein) except in compliance with all applicable Environmental
Laws (as defined herein). Tenant shall not construct or use any improvements, fixtures or equipment or engage in any act on or about the
Leased Premises that would require the procurement of any license or permit pursuant to any Environmental Law. Tenant shall immediately
notify Landlord of (i) the existence of any Hazardous Substance on or about the Leased Premises that may be in violation of any Environmental
Law (regardless of whether Tenant is responsible for the existence of such Hazardous Substance), (ii) any proceeding or investigation
by any governmental authority regarding the presence of any Hazardous Substance on the Leased Premises or the migration thereof to or
from any other property, (iii) all claims made or threatened by any third party against Tenant relating to any loss or injury resulting
from any Hazardous Substance, or (iv) Tenant’s notification of the National Response Center of any release of a reportable quantity
of a Hazardous Substance in or about the Leased Premises. “Environmental Law(s)” shall mean any federal, state or local
statute, ordinance, rule, regulation or guideline pertaining to health, industrial hygiene, or the environment, including without limitation,
the federal Comprehensive Environmental Response, Compensation, and Liability Act. “Hazardous Substance(s)” shall mean
all substances, materials and wastes that are or become regulated, or classified as hazardous or toxic, under any Environmental Law. If
it is determined that any Hazardous Substance that is not legally used in the ordinary course of Tenant’s business exists on the
Leased Premises resulting from any act of Tenant or its employees, agents, contractors, licensees, subtenants or customers, then Tenant
shall immediately take necessary action to cause the removal of such substance and shall remove such within ten (10) days after discovery.
Notwithstanding the above, if the Hazardous Substance that is not legally used in the ordinary course of Tenant’s business is of
a nature that cannot be reasonably removed within ten (10) days Tenant shall not be in default if Tenant has commenced to cause such removal
and proceeds diligently thereafter to complete removal, except that in all cases, any Hazardous Substance must be removed within sixty
(60) days after discovery thereof. Furthermore, notwithstanding the above, if in the good faith judgment of Landlord, the existence of
such Hazardous Substance creates an emergency or is of a nature which may result in immediate physical danger to persons at the property
or the Building, Landlord may enter upon the Leased Premises and remove such Hazardous Substances and charge the cost thereof to Tenant
as Additional Rent.

 

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ARTICLE
VIII. OPERATION AND MAINTENANCE OF COMMON AREAS

 

SECTION 8.01. CONSTRUCTION AND CONTROL OF COMMON
AREAS. All automobile parking areas, driveways, entrances and exits thereto, and other facilities furnished by Landlord in or near
the Building, including if any, employee parking areas, truck ways, loading docks, mail rooms or mail pickup areas, pedestrian sidewalks
and hallways, landscaped areas, retaining walls, stairways, elevators, utility rooms, restrooms and other areas and improvements provided
by Landlord for the general use in common with all tenants, their officers, agents, employees and customers (“Common Area(s)”),
shall at all times be subject to the exclusive control and management of Landlord, which Landlord shall have the right from time to time
to establish, modify and enforce reasonable rules and regulations with respect to all facilities and areas mentioned in this Section 8.01.
Landlord shall have the right to construct, maintain and operate lighting and drainage facilities on or in all such areas and improvements;
to police the same, from time to time to change the area, level, location and arrangement of parking areas and other facilities hereinabove
referred to; to restrict parking by tenants, their officers, agents and employees to employee parking areas; to close temporarily all
or any portion of such areas or facilities to such extent as may, in the opinion of counsel, be legally sufficient to prevent a dedication
thereof or the accrual of any rights to any person or the public therein; to assign “reserved” parking spaces for exclusive
use of certain tenants or for customer parking, to discourage non-employee and non-customer parking; and to do and perform such other
acts in and to such areas and improvements as, in the exercise of good business judgment, Landlord shall determine to be advisable with
a view toward maintaining of appropriate convenience uses, amenities, and for permitted uses by tenants, their officers, agents, employees
and customers. Landlord shall operate and maintain the Common Areas and Common Facilities (as defined herein) referred to above in such
a manner as it, in its sole discretion, shall determine from time to time to be reasonable. Without limiting the scope of such discretion,
Landlord shall have the full right and authority to employ all personnel and to make all rules and regulations pertaining to and necessary
for the proper operation, security and maintenance of the Common Areas and Common Facilities. The Building and/or property signs, traffic
control signs and other signs determined by Landlord to be in best interest of the Building shall be considered part of the Common Areas
and Common Facilities.

 

For purposes of this Article VIII, “Common
Facilities” shall mean all areas, space, equipment and special services available for the common or joint use and/or benefit
of any of the occupants of the Building or their employees, agents, servants, customers and other invitees, including without limitation,
parking areas, access roads, driveways, retaining walls, landscaped areas, truck serviceways or tunnels, loading docks, pedestrian lanes,
courts, stairs, ramps and sidewalks, comfort and first-aid stations, washrooms, restrooms, janitorial rooms, transformer vaults, electrical
rooms, sprinkler riser rooms, common equipment storage rooms, information booths, canopies, utility systems, energy management systems,
roof drains, sumps and gutters, walls and fences, and elevators and air-walkways, if any.

 

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SECTION 8.02. LICENSE. All Common Areas
and Common Facilities not within the Leased Premises, which Tenant may be permitted to use and occupy, are to be used and occupied under
a revocable license, and if the amount of such areas be diminished, Landlord shall not be subject to any liabilities nor shall Tenant
be entitled to any compensation or diminution or abatement of rent, nor shall such diminution of such areas be deemed constructive or
actual eviction, so long as such revocations or diminutions are deemed by Landlord to serve the best interests of the Building. The term
of such revocable license shall be coterminous with this Lease and shall not be revoked or terminated during the Rental Term of this Lease.
Notwithstanding the foregoing, Landlord acknowledges that Tenant has the right, at no additional cost, to the exclusive use of four (4)
covered parking spaces. In the event that additional parking spaces in the Common Areas become available during the Rental Term, Landlord
shall offer up to two (2) additional spaces to Tenant at no additional cost before offering the parking spaces to a third (3rd)
party.

 

ARTICLE
IX. ALTERATIONS, SIGNS, LOCKS & KEYS

 

SECTION 9.01. ALTERATIONS. Tenant shall
not make or suffer to be made any alterations or additions to the Leased Premises or any part thereof in excess of Ten Thousand Dollars
($10,000.00) per Lease Year without the prior written consent of Landlord, in Landlord’s reasonable discretion. Any additions to,
or alterations of the Leased Premises, except movable furniture, equipment and trade fixtures, shall become a part of the realty and belong
to Landlord upon the expiration of the Rental Term, or any Rental Term extension or renewal thereof, or other termination or surrender
of the Leased Premises to Landlord. Tenant shall promptly pay all contractors and materialmen so as to minimize the possibility of a lien
attaching to the Leased Premises, and should any such lien be made or filed, Tenant shall bond against or discharge the same within ten
(10) days after written request by Landlord. Landlord reserves the right to enter the Leased Premises to post, and keep posted, notices
of non-responsibility for any such liens.

 

SECTION 9.02. REMOVAL BY TENANT. In the
event of any Landlord-approved remodeling by Tenant, Landlord reserves title to all removed materials, building components, plumbing and
HVAC equipment, except that Tenant shall remove from the Leased Premises those items which Landlord chooses not to salvage. All new alterations,
decorations, additions and improvements paid by Tenant, if any, shall be deemed to belong to Tenant although attached to the Leased Premises.
However, none of such items (excluding personal property) may be removed from the Leased Premises and shall become the property of Landlord
upon the expiration of the Rental Term, or any Rental Term renewal or extension thereof, or other termination or surrender of the Leased
Premises to Landlord. Tenant shall not remove any of such alterations, decorations, additions and improvements, although trade fixtures
installed by Tenant may be removed if all rents due herein are paid in full and Tenant is in full compliance with all other terms and
conditions in this Lease. Furthermore, Tenant shall have no obligation to remove any Landlord’s Work or other alterations to the
Leased Premises at the end of the Rental Term.

 

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SECTION 9.03. SIGNS. Tenant shall not place
or suffer to be placed or maintained on any exterior door, wall or window of the Leased Premises, or elsewhere in the Building, any sign,
awning, marquee, decoration, lettering, attachment, canopy, advertising matter or other thing of any kind, and shall not place or maintain
any decoration, lettering or advertising matter on the glass of any window or door of the Leased Premises without first obtaining Landlord’s
prior written approval and in Landlord’s sole and absolute discretion, provided, however, that any Tenant signage existing in or
about the Building as of the date this Lease is executed is deemed approved by Landlord, and that Landlord shall permit Tenant to install
signage at the entrance of Suites 210 and 340 consistent with the existing signage at the exterior of Suites 200, 320 and 330. Tenant
shall maintain any such sign, awning, canopy, decoration, lettering, advertising matter or other things as may be approved in good condition
and repair at all times. Landlord may, at Tenant’s cost, and without liability to Tenant, enter the Leased Premises and remove any
item erected in violation of this Section 9.03. Landlord has established rules and regulations governing the size, type and design of
all signs, decorations, etc., which are specifically set forth in Exhibit D.

 

SECTION 9.04. REMOVAL OF TENANT SIGNS. At
the end of the Rental Term, or any Rental Term extension or renewal thereof, or in the event Landlord or Tenant terminates this Lease,
Tenant shall remove all signage on or within the Leased Premises within thirty (30) days of the expiration or earlier termination of this
Lease. In the event Tenant fails to remove its signage within thirty (30) days of the expiration or earlier termination of this Lease,
Tenant shall pay to Landlord a fee of Fifty Dollars ($50.00) per day for each day Tenant fails to remove its signage from the Leased Premises.
Tenant shall, at Tenant’s sole cost and expense, repair any and all damage from the removal of any Tenant signage.

 

SECTION 9.05. COMPUTERIZED ELECTRONIC SIGNS.
Subject to the approval of the city and any other governmental agency or body having jurisdiction thereover, Landlord may revise, reconstruct
or replace any computerized electronic identification sign for the Building and/or Project (the “ID Sign”), if any,
containing an electronic message panel that permits the pre-programmed display of trade name, product and service identification, advertising,
messages and announcements (“Messages”) on a periodic and rotational basis. The ID Sign can display Messages in such
time increments as Landlord shall elect from time to time in its sole discretion. The use and operation of the ID Sign shall remain under
the exclusive control of Landlord, and shall further be subject to all applicable governmental ordinances, regulations and requirements,
including, without limitation, any restrictions deemed appropriate by the zoning administrator for the city. Notwithstanding the foregoing,
if Landlord installs an ID Sign and any Building tenants are listed thereon, Tenant shall be listed in a manner no less prominent that
other tenants.

 

SECTION 9.06. LOCKS AND KEYS. Landlord shall
have the right, but not the obligation, to install a card key system for access to the Building and covered parking area and shall issue
appropriate card keys to Tenant and Tenant’s authorized employees. Landlord shall initially provide keys or key cards for entry
doors to the Leased Premises. From time to time, Tenant may change locks or install other locks on doors, but if Tenant does, Tenant must
provide Landlord with duplicate keys or key cards, if any, within twenty-four (24) hours after such change or installation. Tenant shall,
upon termination of this Lease, deliver to Landlord all the keys and/or key cards to the Building and the Leased Premises including any
interior offices, toilet rooms, combinations to built-in safes, etc. which shall have been furnished to or by Tenant or are in the possession
of Tenant.

 

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ARTICLE
X. MAINTENANCE AND REPAIRS; ALTERATIONS; ACCESS

 

SECTION 10.01. LANDLORD’S OBLIGATION FOR
MAINTENANCE.

 

(a)              
Subject to the exception and limitations set forth in paragraph 10.02(d) herein below, Landlord shall maintain and repair: (1)
the areas outside the Leased Premises including hallways, stairways, elevators, public restrooms, if any, general landscaping, Landlord
owned parking areas, driveways and walkways; (2) the Building structure including the roof, exterior walls and foundation; and (3) all
plumbing, electrical, heating, and air conditioning systems in accordance with standards for comparable office buildings in the Salt Lake
metropolitan region. However, if the need for such repairs or maintenance results from any careless, wrongful or negligent act or omission
of Tenant, Tenant shall pay the entire cost of any such repair or maintenance including a reasonable charge to cover Landlord’s
supervisory overhead. Landlord shall not be obligated to repair any damage or defect until Landlord has actual notice of the need for
such repair or maintenance or Landlord is in receipt of written notice from Tenant of the need of such repair and Landlord shall have
a reasonable time after receipt of such notice in which to make such repairs. Tenant shall give immediate notice to Landlord in case of
fire or accidents in the Leased Premises or in the Building of which the Leased Premises is a part or of defects therein or in any fixtures
or equipment provided by Landlord. Costs of Landlord-provided maintenance for item (2) herein shall be included as Operating Expenses.

 

(b)              Generator
Equipment: Throughout the Rental Term, Landlord shall maintain, repair and replace an emergency generator and a fuel tank and connecting
equipment at the Building (but outside of the Leased Premises) to provide emergency generation to the Building, including the Leased
Premises and Tenant’s equipment located therein (collectively, the “Generator Equipment”). Within thirty (30)
days following the Effective Date, Landlord shall deliver to Tenant documentation of the Generator Equipment’s load relative to
the Building’s electrical load as determined by the Landlord’s engineer, and in the event that Landlord has actual knowledge
of any material change in such load capacity during the Rental Term, Landlord shall notify Tenant of the same. Landlord shall be responsible,
at Landlord’s sole cost and expense, for the operation, maintenance, repair and replacement of the Generator Equipment, which shall
include maintenance testing once every six (6) calendar months. Within ten (10) days Landlord’s receipt, Landlord shall provide
Tenant with copies of all maintenance reports and test results regarding the Generator Equipment, including without limitation, submissions
to and correspondence with any governmental agency regarding such tests. In addition, throughout the Rental Term, Landlord shall maintain,
repair and replace the uninterruptable power supply for the Building (“UPS System”), which shall include maintenance
as recommended by the manufacturer thereof and replacement of batteries as needed or at least every four (4) years. If Landlord fails
to provide such reports within the aforesaid ten (10) day period or if Tenant reasonably believes that the Generator Equipment or UPS
System is not properly maintained or adequate to provide emergency generation or power supply for the Leased Premises and Landlord fails
to remedy such matters within ten (10) days following notice from Tenant, then Tenant shall have the right to exercise self-help to effectuate
any maintenance, repairs, or replacements that Tenant finds reasonably necessary, which shall include Tenant’s right to access
the Generator Equipment and UPS System, as applicable; provided, however, that Tenant shall be responsible for any damage or loss caused
by Tenant’s exercise of such self-help rights and shall indemnify Landlord in connection with any third party claims related thereto.
Landlord shall reimburse Tenant for the reasonable costs incurred by Tenant in connection with such self-help exercise. Except as for
Landlord’s obligation to reimburse Tenant for any costs Tenant incurs exercising its self-help rights in accordance with this Section
10.01(b), Landlord shall not be liable for any damages arising from or related to Landlord’s failure to operate, maintain, repair
or replace the Generator Equipment or UPS System, including any and all damages incurred by Tenant. Landlord shall ensure that the placement
and operation of the Generator Equipment and UPS System comply with all applicable laws.

 

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SECTION 10.02. TENANT’S OBLIGATION FOR
MAINTENANCE.

 

(a)              
Tenant shall provide its own janitorial service and keep and maintain the Leased Premises, including the interior wall surfaces
and windows, floors, floor coverings and ceilings, in a clean, sanitary and safe condition in accordance with applicable laws of the State
and in accordance with all directions, rules and regulations of the health officer, fire marshal, insurance underwriter or rating bureau
designated by Landlord, building inspector, or other proper officials of the governmental agencies having jurisdiction, at the sole cost
and expense of Tenant, and Tenant shall comply with all requirements of law, ordinance and otherwise, affecting the Leased Premises.

 

(b)              
Tenant shall pay, when due, all claims for labor or material furnished, for work under Sections 9.01, 9.02 and 10.02(a) hereof,
to or for Tenant at or for use in the Leased Premises, and shall bond such work to prevent assertion of claims against Landlord unless
Landlord waives such requirement in writing.

 

(c)              
Tenant agrees to be responsible for all furnishings, fixtures and equipment located upon the Leased Premises from time to time
and shall replace carpeting within the Leased Premises if same shall be damaged by tearing, burning, or stains resulting from spilling
anything on such carpet, reasonable wear and tear excepted.

 

(d)              Tenant
shall be responsible for the maintenance, repair and replacement of any HVAC mini split systems for server rooms and/or any other specialty
HVAC equipment exclusively serving any lab or lab equipment of the Leased Premises.

 

SECTION 10.03. SURRENDER OF LEASED PREMISES
AND RIGHTS UPON TERMINATION.

 

(a)              
This Lease, and the tenancy hereby created, shall cease and terminate at the end of the Rental Term hereof, or any Rental Term
extension or renewal thereof, without the necessity of any notice from either Landlord or Tenant to terminate the same, and Tenant hereby
waives notice to vacate the Leased Premises and agrees that Landlord shall be entitled to the benefit of all provisions of law respecting
summary recovery of possession of the Leased Premises from Tenant holding over to the same extent as if statutory notice has been given.

 

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(b)              Upon
termination of this Lease at any time and for any reason whatsoever, Tenant shall surrender and deliver up the Leased Premises to Landlord
in the same condition as existed upon Delivery of Possession (as to Suite 210 and 340) and as of the Effective Date for the balance of
the Leased Premises, or as altered as provided in Section 9.01, ordinary wear and tear excepted. At the end of the Rental Term, Tenant
shall promptly remove all personal property from the Leased Premises and repair any damage caused by such removal. Subject to the terms
of this Lease, upon termination of the Rental Term, Tenant shall deliver the Leased Premises to Landlord broom clean, with no obligation
of Tenant to clean any ventilation systems or components within the interior walls of the Leased Premises. Obligations under this Lease
relating to events occurring or circumstances existing prior to the date of termination shall survive the expiration or other termination
of the Rental Term of this Lease. Liabilities accruing after the date of termination are defined in Sections 13.05, 19.01 and 19.02.

 

ARTICLE
XI. INSURANCE AND INDEMNITY

 

SECTION 11.01. TENANT’S LIABILITY INSURANCE
AND INDEMNITY. Tenant shall, during the entire Rental Term, and any Rental Term extension or renewal thereof, keep in full force and
effect a policy of commercial general liability insurance with respect to the Leased Premises, with a combined single limit of not less
than Two Million Dollars ($2,000,000.00) per occurrence. The policy shall name Landlord, property manager (i.e., Woodbury Corporation)
and any other persons, firms or corporations designated by Landlord and Tenant as named “Additional Insured(s)”, and
shall contain a clause that the insurer shall not cancel or change the insurance without first giving Landlord ten (10) days prior written
notice. Such insurance shall include an endorsement permitting Landlord and property manager to recover damage suffered due to act or
omission of Tenant, notwithstanding being named as an Additional Insured party in such policies. Such insurance may be furnished by Tenant
under any blanket policy carried by it or under a separate policy therefor. The insurance shall be with an insurance company approved
by Landlord and a copy of the paid-up policy evidencing such insurance or a certificate of insurer certifying to the issuance of such
policy, and providing copies of all endorsements, shall be delivered to Landlord. If Tenant fails to provide such insurance proof of insurance
within three (3) business days of request by Landlord, Landlord may do so and charge the same to Tenant.

 

Tenant shall indemnify, defend and hold Landlord
harmless from and against any and all claims, actions, damages, liability and expense in connection with loss of life, personal injury
and/or damage to property arising from or out of any occurrence in, upon or at the Leased Premises or from the occupancy or use by Tenant
of the Leased Premises or any part thereof, or occasioned wholly or in part by any act or omission of Tenant, its agents, contractors,
employees, servants, sublessees, concessionaires or business invitees unless caused by the negligence of Landlord and to the extent not
covered by its casualty or liability insurance. In case Landlord shall, without fault of its part, be made a party to any litigation commenced
by or against Tenant, then Tenant shall protect and hold Landlord harmless and shall pay all costs, expenses and reasonable attorneys’
fees incurred or paid by either in defending itself or enforcing the covenants and agreements of this Lease.

 

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SECTION 11.02. FIRE AND CASUALTY INSURANCE.

 

(a)           Subject
to the provisions of this Section 11.02, Landlord shall secure, pay for, and at all times during the Rental Term, and any Rental Term
extension or renewal thereof, maintain fire and casualty extended coverage insurance providing coverage upon the Building improvements
in an amount equal to the full insurable replacement value thereof (as determined by Landlord). Such insurance shall include twelve (12)
months rental income coverage as well as such additional endorsements as may be required by Landlord’s lender or Landlord. All
insurance required hereunder shall be written by reputable, responsible companies licensed in the State of Utah. Tenant shall have the
right, at its request at any reasonable time, to be furnished with copies of the insurance policies then in force pursuant to this Section
11.02, together with. evidence that the premiums therefor have been paid.

 

(b)           Tenant
agrees to maintain, at its own expense, such fire and casualty insurance coverage as Tenant may desire or require in respect to Tenant’s
personal property, equipment, furniture, fixtures or inventory and Landlord shall have no obligation in, respect to such insurance or
losses. All property kept or stored on the Leased Premises by Tenant or with Tenant’s permission shall be so done at Tenant’s
sole risk and Tenant shall indemnify Landlord against and hold it harmless from any claims arising out of loss or damage to same.

 

(c)           Tenant shall not permit the Leased Premises to be used for any purpose which would render the insurance thereon void or cause cancellation
thereof or increase the insurance risk or increase the insurance premiums in effect just prior to the Rental Term Commencement Date of
this Lease. Tenant agrees to pay as Additional Rent the total amount of any increase in the insurance premium of Landlord over that in
effect prior to the Rental Term Commencement Date of this Lease resulting from Tenant’s use of the Leased Premises. If Tenant installs
any electrical or other equipment which overloads the lines in the Leased Premises, Tenant shall at its own expense make whatever changes
are necessary to comply with the requirements of Landlord’s insurance.

 

(d)           Tenant
shall be responsible for all glass breakage in and about the Leased Premises, unless caused by Landlord, its employees or agents, and
agrees to immediately replace all glass broken or damaged during the Rental Term, and any Rental Term extension or renewal thereof, with
glass of the same quality as that broken or damaged. Landlord may replace, at Tenant’s expense, any broken or damaged glass if
not replaced by Tenant within five (5) days after such damage.

 

SECTION 11.03. WAIVER OF SUBROGATION. Each
party hereto does hereby remise, release and discharge the other party hereto and any officer, agent, employee or representative of such
party, of and from any liability whatsoever hereafter arising from any insurable loss, damage or injury caused by fire or other casualty
for which insurance (permitting waiver of liability and containing a waiver of subrogation) is required to be carried by the injured party
pursuant to the terms of this Lease.

 

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SECTION 11.04. INDEMNIFICATION.

 

(a)           Subject
to the terms and conditions set forth in Section 11.03, Tenant shall indemnify Landlord and save it harmless from and against any and
all claims, actions, damages, liability and expense in connection with loss of life, personal injury and/or damage to property arising
from or out of any occurrence in, upon or at the Leased Premises or from the occupancy or use by Tenant of the Leased Premises or any
part thereof, or occasioned wholly or in part by any act or omission of Tenant, its agents, contractors, employees, servants, sublessees,
concessionaires or business invitees to extent not covered by insurance required by Article XI. In case Landlord is, without fault on
its part, made a party to any litigation commenced by or against Tenant, then Tenant shall protect and hold Landlord harmless and shall
pay all costs, expenses and reasonable attorneys’ fees incurred or paid by Landlord in defending itself or enforcing the covenants
and agreements of this Lease.

 

(b)           Subject
to the terms and conditions set forth in Section 11.03, to the extent not covered by the insurance required to be maintained by Tenant,
or that would not have been covered by insurance had Tenant maintained such insurance, Landlord agrees to indemnify and save harmless
Tenant in regard to third parties for damages occurring on the Common Area proximately caused by the wrongful acts or negligence of Landlord,
its contractors, agents or employees in scope of their employment, including costs of defense and reasonable attorneys’ fees incurred
in such defense. In case Tenant is, without fault on its part, made a party to litigation against Landlord as a result of such acts or
negligence which Tenant’s insurer is not required to defend, then Landlord shall indemnify Tenant against costs of such defense
including reasonable attorneys’ fees.

 

ARTICLE
XII. UTILITY CHARGES

 

SECTION 12.01. OBLIGATION OF LANDLORD. Unless
otherwise agreed in writing by the parties, during the Rental Term of this Lease Landlord shall cause to be furnished to the Leased Premises
at all times, but subject to Section 1.01 (Q) the following utilities and services, the cost and expense of which shall be included in
Operating Expenses:

 

(a)           Electricity,
water, gas and sewer service;

 

(b)           Telephone connection, but not including telephone stations and equipment (it being expressly understood and agreed that Tenant
shall be responsible for the ordering and installation of telephone lines and equipment which pertain to the Leased Premises);

 

(c)           Heat
and air-conditioning to such extent and to such levels as, in Landlord’s judgment, is reasonably required for the comfortable use
and occupancy of the Leased Premises subject however to any limitations imposed by any government agency. The parties agree and understand
that the above heat and air-conditioning shall be provided to the Leased Premises at all times during the Rental Term, but subject to
Section 1.01 (Q);

 

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(d)           Snow
removal and parking lot sweeping services for parking areas that are Common Areas of the Building;

 

(e)           Elevator
service;

 

(f)            Building
systems maintenance services.

 

SECTION 12.02. OBLIGATIONS OF TENANT. Tenant
shall arrange for and shall pay the entire cost and expense of all telephone and data installation and services, equipment and monthly
use charges, electric light bulbs (but not fluorescent bulbs used in fixtures originally installed in the Leased Premises) and all other
materials and services not expressly required to be provided and paid for pursuant to the provisions of Section 12.01. Tenant covenants
to use good faith efforts to reasonably conserve utilities by turning off lights and equipment when not in use and taking such other reasonable
actions in accordance with sound standards for energy conservation. Notwithstanding the foregoing, it is the nature of Tenant’s
business that certain equipment remain in operation at all times, but Tenant shall be subject to the excess costs set forth Section 1.01
(Q). Additional limitations of Tenant are as follows:

 

(a)           Tenant
shall not, without the written consent of Landlord, which consent shall not be unreasonably withheld, use any apparatus or device on
the Leased Premises using current in excess of 208 volts which shall in any way or to any extent increase the amount of electricity or
water usually furnished or supplied for use on the Leased Premises for the Permitted Use designated in Section 1.01(F), nor connect with
electrical current, except through existing electrical outlets in the Leased Premises, or water pipes, any apparatus or device, for the
purposes of using electric current or water;

 

(b)           If
Tenant shall require water or electric current in excess of that usually furnished or supplied for use of the Leased Premises, or for
purposes other than those designated in Section 1.01(F), Tenant shall first procure the written consent of Landlord for the use thereof,
which consent Landlord may refuse and/or Landlord may cause a water meter or electric current meter to be installed in the Leased Premises,
so as to measure the amount of water and/or electric current consumed for any such use. The cost of such meters and of installation maintenance,
and repair thereof shall be paid for by Tenant and Tenant agrees to pay Landlord promptly upon demand by Landlord for all such water
and electric current consumed as shown by such meters, to the extent in excess of Tenant’s Pro-Rata share of such Operating Expenses,
at the rates charged for such service by the city in which the Building is located or the local public utility, as the case may be, furnishing
the same, plus any additional expense incurred in keeping account of the water and electric current so consumed; and

 

(c)            If
and where heat generating devices are used in the Leased Premises which affect the temperature otherwise maintained by the air conditioning
system, Landlord reserves the right, after thirty (30) day notice and cure period, to install additional or supplementary air conditioning
units for the Leased Premises, and the entire cost of installing, operating, maintaining and repairing the same shall be paid by Tenant
to Landlord promptly after demand by Landlord.

 

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SECTION 12.03. Intentionally Omitted.

 

SECTION 12.04. LIMITATIONS ON LANDLORD’S
LIABILITY. Landlord shall not be liable for and Tenant shall not be entitled to terminate this Lease or to effectuate any abatement
or reduction of Base Monthly Rent by reason of Landlord’s failure to provide or furnish any of the foregoing utilities or services
if such failure was reasonably beyond the control of Landlord. In no event shall Landlord be liable for loss or injury to persons or property,
however, arising or occurring in connection with or attributable to any failure to furnish such utilities or services even if within the
control of Landlord. Notwithstanding anything in this Section 12.04, to the contrary, if an interruption or cessation of a utility service
to the Leased Premises from a cause within the reasonable control of Landlord results in the Leased Premises being unusable by Tenant
for the conduct of Tenant’s business, then Base Monthly Rent shall be abated commencing on that date which is seven (7) consecutive
business days following the date Tenant delivers written notice to Landlord of such interruption and continuing until either such utility
service to the Leased Premises is restored or the Leased Premises is again usable for the conduct of Tenant’s business.

 

ARTICLE
XIII. ESTOPPEL AND OFF-SET STATEMENT, ATTORNMENT

AND SUBORDINATION

 

SECTION 13.01. ESTOPPEL OR OFF-SET STATEMENT.
Tenant agrees, within ten (10) days after request therefor by Landlord, to execute in recordable form and deliver to Landlord a statement
in writing, certifying:

 

(a)           that
this Lease is unmodified and in full force and effect, or if there have been modifications, stating the modifications;

 

(b)           the
Rental Term Commencement Date;

 

(c)            that
rent is paid currently without any off-set or defense thereto;

 

(d)           the
amount of rent, if any, paid in advance; and

 

(e)           that there are no uncured defaults by Landlord or stating those claimed by Tenant.

 

SECTION 13.02. ATTORNMENT. In the event
any proceedings are brought for the foreclosure of, or in the event of exercise of the power of sale under any mortgage or deed of trust
made by Landlord covering the Leased Premises, or in the event Landlord conveys in a sale all of its rights and duties in and to this
Lease and the Leased Premises, Tenant shall attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as
Landlord under this Lease.

 

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SECTION 13.03. SUBORDINATION. Tenant agrees
that this Lease shall, at the request of Landlord, be subordinate to any first mortgages or deeds of trust that may hereafter be placed
upon the Leased Premises and to any and all advances to be made thereunder; and to the interest thereon, and any Rental Term renewals,
replacements and extensions thereof, provided the mortgagees or trustees named in such mortgages or deeds of trust shall agree to recognize
this Lease in the event of foreclosure, if Tenant is not in default.

 

SECTION 13.04. MORTGAGEE SUBORDINATION.
Tenant hereby agrees that this Lease shall, if at any time requested by Landlord or any lender in respect to Landlord’s financing
of the Building or the property in which the Leased Premises is located or any portion hereof, be made superior to any mortgage or deed
of trust that may have preceded this Lease.

 

ARTICLE
XIV. ASSIGNMENT

 

SECTION 14.01. ASSIGNMENT. Tenant shall
not assign this Lease or sublet the Leased Premises, or any part thereof, without first obtaining the written consent of Landlord, which
consent shall not be unreasonably withheld. The consent of Landlord shall not relieve Tenant from continuing liability for all obligations
under this Lease. Any Assignment (as defined herein) by operation of law or if Tenant is a corporation, unincorporated association or
partnership, the transfer, assignment or hypothecation of any stock or interest in such corporation, association or partnership in the
aggregate in excess of fifty percent (50%) shall be deemed an “Assignment” within the meaning of this Section 14.01.
An Assignment consummated in violation of the provisions of this Article XIV shall be null and void and of no force or effect.

 

SECTION 14.02. Intentionally Omitted.

 

SECTION 14.03. CONDITIONS OF CONSENT.

 

(a)            Should
consent be granted, such consent shall be subject to Tenant causing the Assignee to execute an agreement directly with Landlord undertaking
to be bound by all the terms, covenants and conditions contained in this Lease as though Assignee had originally executed this Lease
as Tenant.

 

(b)           Tenant
shall pay to Landlord any and all consideration received by Tenant for such Assignment to the extent such consideration exceeds the remaining
book value of Tenant’s leasehold improvements paid for by Tenant, whether paid in lump sum or in rent exceeding Base Monthly Rent
required under this Lease.

 

(c)           At
no time when Tenant is in default in the performance of any covenant of this Lease or in payment of Base Monthly Rent or any other matured
sums payable hereunder shall any Assignment be approved or permitted, nor shall the notice provision of Section 14.02 limit the right
to declare default and pursue other remedies provided for in this Lease or under the laws of the State of Utah.

 

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SECTION 14.04. STANDARDS OF REASONABLENESS IN
WITHHOLDING CONSENT. In determining whether to grant consent, Landlord may consider any statutory or common law tests including, but
not limited to, the following tests, each of which if applicable in Landlord’s sole business judgment, shall be deemed a reasonable
ground for rejection:

 

(a)           Any
Assignment disapproved by Landlord’s lender;

 

(b)           Any
Assignment resulting in a change of Permitted Use from that specified in Section 1.01(F);

 

(c)           Any
Assignment to an Assignee who lacks good reputation, successful business experience in Tenant’s type of business and substantial
means and financial capacity adequate to conduct such a business;

 

(d)           Any
Assignment which would breach any covenant of Landlord respecting use or exclusivity in any other lease, financing agreement or other
agreement relating to the Building:

 

However, any Assignment to a parent corporation,
or to a successor corporation acquiring substantially all the assets of Tenant, and intending to operate Tenant’s business under
the same trade name, shall be deemed reasonable.

 

Consent by Landlord to one (1) or more Assignments
shall not constitute a waiver or consent to any subsequent Assignment nor exhaust Landlord’s rights under this Article XIV; nor
shall acceptance of Base Monthly Rent, Additional Rent or any other payment from Assignee be deemed a waiver or consent by Landlord or
an acceptance of such Assignment. Any Assignment without such Landlord’s consent shall be void and of no force and effect and shall
confer no estate or benefit on anyone, nor shall Landlord be required to terminate this Lease in order to invalidate such Assignment.

 

SECTION 14.05. DOCUMENTATION OF ASSIGNMENT.
Whether the documentation of any such Assignment shall be prepared by Tenant or by Landlord or its attorneys, all costs and reasonable
attorneys’ fees related to considering such Assignment shall be paid by Tenant, which fees payable to Landlord shall in no case
be more than One Thousand Dollars ($1,000.00) per Assignment considered, payable by Tenant upon demand as Additional Rent.

 

SECTION 14.06. CONTINUING LIABILITY OF TENANT.
Neither the consent of Landlord nor any otherwise permitted Assignment or subletting shall relieve Tenant from continuing liability under
this Lease, including liability for Base Monthly Rent as provided in Section 1.01(L) and 1.01(M) and any Additional Rent for which Tenant
shall remain obligated.

 

SECTION 14.07. VOIDABLE ASSIGNMENT. Any
assignment, subletting, occupancy or use without the prior written consent of Landlord shall be voidable in Landlord’s sole and
absolute discretion and shall constitute a default under this Lease. Tenant specifically understands and agrees that at any time Tenant
is in default under the provisions of this Article XIV, Tenant shall have no right to assign or sublet Tenant’s interest in this
Lease and Landlord shall have no obligation to give approval or disapproval under this Article XIV should Tenant attempt an assignment
or subletting while in default.

 

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ARTICLE
XV. WASTE OR NUISANCE

 

SECTION 15.01. WASTE OR NUISANCE. Tenant
shall not commit or suffer to be committed any waste upon the Leased Premises, or any nuisance or other act or thing which may disturb
the quiet enjoyment of any other tenant in the Building in which the Leased Premises may be located, or elsewhere within the Building
or the Common Areas.

 

ARTICLE
XVI. NOTICES

 

SECTION 16.01. NOTICES. Except as provided
in Section 19.01, any notice, demand, request or other instrument which may be or is required to be given under this Lease shall be personally
delivered or mailed by United States certified mail, return receipt requested, postage prepaid, or via a nationally recognized overnight
courier or expedited mail service, and shall be addressed (a) if to Landlord at the address set forth in Section 1.01(C), Section 6.01
and Section 6.03, or at such other address as Landlord may designate by written notice and (b) if to Tenant at the address set forth in
Section 1.01(E) or at such other address as Tenant shall designate by written notice. Notice shall be effective on delivery unless delivery
is refused or cannot be made, in which event notice shall be effective on mailing. In order for notices to be deemed received by Landlord,
Tenant must include the details as outlined in Section 1.01(C), Section 6.01 and Section 6.03.

 

Notwithstanding the foregoing, any notices Landlord
is required or authorized to deliver to Tenant in order to advise Tenant of alleged violations of Tenant’s covenants relating to
advertising, signs, parking of automobiles, hours of operation, failure of Tenant to properly maintain or repair the Leased Premises,
all as provided in, but not limited to, Articles VII, IX and X and Sections 8.01, 15.01 and 16.02, must be in writing but may be served
upon Tenant by delivering a copy of such notice to Tenant as above specified and delivering a copy of such notice to one (1) of Tenant’s
managing employees at the Leased Premises

 

ARTICLE
XVII. DESTRUCTION OF THE LEASED PREMISES

 

SECTION 17.01. DESTRUCTION.

 

(a)           If
the Leased Premises is partially or totally destroyed by fire or other casualty insurable under standard fire insurance policies with
extended coverage endorsement so as to become partially or totally untenantable, the same shall be repaired or rebuilt as speedily as
practical under the circumstances at the expense of Landlord, unless Landlord elects not to repair or rebuild as provided in subsection
(b) of this Section 17.01. During the period required for restoration, a just and proportionate part of Base Monthly Rent, Additional
Rent and other charges payable by Tenant hereunder shall be abated until the Leased Premises is repaired or rebuilt. If Landlord does
not commence to repair or rebuild for a period equaling one hundred eighty (180) days from the date of the insurance settlement, Tenant
may terminate this Lease upon thirty (30) days’ prior written notice to Landlord.

 

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(b)           If
the Leased Premises is (i) rendered totally untenantable by reason of an occurrence described in subsection 17.01(a), or (ii) damaged
or destroyed as a result of a risk which is not insured under Landlord’s fire insurance policies, or (iii) at least twenty percent
(20%) damaged or destroyed during the last year of the Rental Term, or (iv) if the Building is damaged in whole or in part (whether or
not the Leased Premises is damaged), to such an extent that Tenant cannot practically use the Leased Premises for its intended purpose,
then and in any such events Landlord may at its option terminate this Lease by notice in writing to Tenant within sixty (60) days after
the date of such occurrence. Unless Landlord gives such notice, this Lease shall remain in full force and effect and Landlord shall repair
such damage at its expense as expeditiously as possible under the circumstances.

 

(c)           If
Landlord should elect or be obligated, pursuant to subsection 17.01(a), to repair or rebuild because of any damage or destruction, Landlord’s
obligation shall be limited to the original Building and any other work or improvements which may have been originally performed or installed
at Landlord’s expense. If the cost of performing Landlord’s obligation exceeds the actual proceeds of insurance paid or payable
to Landlord on account of such casualty, Landlord may terminate this Lease unless Tenant, within fifteen (15) days after demand therefor,
deposits with Landlord a sum of money sufficient to pay the difference between the cost of repair and the proceeds of the insurance available
for such purpose. Tenant shall replace all work and improvements not originally installed or performed by Landlord at its expense.

 

(d)           Except
as stated in this Article XVII, Landlord shall not be liable for any loss or damage sustained by Tenant by reason of casualties mentioned
hereinabove or any other accidental casualty.

 

ARTICLE
XVIII. CONDEMNATION

 

SECTION 18.01. CONDEMNATION. As used in
this Section 18.01, the term “Condemnation Proceeding(s)” means any action or proceeding in which any interest in the
Leased Premises or the Building is taken for any public or quasi-public purpose by any lawful authority through exercise of the power
of eminent domain or right of condemnation or by purchase or otherwise in lieu thereof. If the whole of the Leased Premises is taken through
Condemnation Proceedings, this Lease shall automatically terminate as of the date possession is taken by the condemning authority. If
in excess of twenty-five percent (25%) of the Leased Premises is taken, either party hereto shall have the option to terminate this Lease
by giving the other written notice of such election at any time within thirty (30) days after the date of taking. If less than twenty-five
percent (25%) of the space is taken and Landlord determines, in Landlord’s sole discretion, that a reasonable amount of reconstruction
thereof shall not result in the Leased Premises or the Building becoming a practical improvement reasonably suitable for use for the purpose
for which it is designed, then Landlord may elect to terminate this Lease by giving thirty (30) days written notice as provided hereinabove.
If Landlord does not commence to repair or rebuild for a period equaling one hundred eighty (180) days from the date of the insurance
settlement, Tenant may terminate this Lease upon thirty (30) days’ prior written notice to Landlord. In all other cases, or if neither
party exercises its option to terminate, this Lease shall remain in effect and the rent payable hereunder from and after the date of taking
shall be proportionately reduced in proportion to the ratio of: (i) the area contained in the Leased Premises which is capable of occupancy
after the taking; to (ii) the total area contained in the Leased Premises which was capable of occupancy prior to the taking. In the event
of any termination or rental reduction provided for in this Section 18.01, there shall be a proration of the rent payable under this Lease
and Landlord shall refund any excess theretofore paid by Tenant. Whether or not this Lease is terminated as a consequence of Condemnation
Proceedings, all damages or compensation awarded for a partial or total taking, including any sums compensating Tenant for diminution
in the value of or deprivation of its leasehold estate, shall be the sole and exclusive property of Landlord, except that Tenant shall
be entitled to any awards intended to compensate Tenant for expenses of locating and moving Tenant’s operations to a new space.

 

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ARTICLE
XIX. DEFAULT OF TENANT

 

SECTION 19.01. DEFAULT - RIGHT TO RE-ENTER.
In the event of any failure of Tenant to pay any Base Monthly Rent, Additional Rent and other charges due hereunder within ten (10) days
after the same shall be due, or any failure by Tenant to perform any other of the terms, conditions or covenants required of Tenant by
this Lease within thirty (30) days after written notice of such default shall have been mailed to Tenant by registered mail to Tenant’s
address as listed in Section 1.01(E) or to such address as Tenant has specified in writing, or if Tenant shall permit this Lease to be
taken under any writ of execution, then Landlord, besides other rights or remedies it may have, shall have the right to declare this Lease
terminated and the Rental Term ended and shall have the immediate right of re-entry and may remove all persons and property from the Leased
Premises. Such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant, without
evidence of notice or resort to legal process and without being deemed guilty of trespass, or becoming liable for any loss or damage which
may be occasioned thereby. Tenant hereby waives all compensation for the forfeiture of the Rental Term or its loss of possession of the
Leased Premises in the event of the forfeiture of this Lease as provided for above. Any notice that Landlord may desire or is required
to give Tenant with reference to the foregoing provision may, in lieu of mailing, at the option of Landlord, be conspicuously posted for
ten (10) consecutive days at the main entrance to or in front of the Leased Premises, and such notice shall constitute a good, sufficient,
and lawful notice for the purpose of declaring a forfeiture of this Lease and for terminating all of the rights of Tenant hereunder.

 

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SECTION 19.02. DEFAULT - RIGHT TO RE-LET.
Should Landlord elect to re-enter, as provided herein, or should it take possession pursuant to legal proceedings or pursuant to any notice
provided for by law, it may either terminate this Lease or it may from time to time, without terminating this Lease, make such alterations
and repairs as may be necessary in order to re-let the Leased Premises and may re-let the Leased Premises, or any part thereof, for such
term or terms (which may be for a term extending beyond the Rental Term of this Lease) and at such rent or rental income and upon such
other terms and conditions as Landlord in its sole discretion may deem advisable. Upon each re-letting, all rental income received by
Landlord from such re-letting shall be applied, first, to the payment of any indebtedness other than rents due hereunder from Tenant to
Landlord; second, to the payment of any costs and expenses of such re-letting, including brokerage fees and attorneys’ fees and
costs of such alterations and repairs; third, to the payment of rents due and unpaid hereunder; and fourth, the residue, if any, shall
be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If such rental income received
from such re-letting during any month is less than those payable during that month by Tenant hereunder, Tenant shall pay any such deficiency
immediately to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of the Leased Premises
by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention is given to
Tenant or unless the termination thereof is decreed by a court of competent jurisdiction. Notwithstanding any such re-letting without
termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate
this Lease for any breach, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason
of such breach, including the cost of recovering the Leased Premises, reasonable attorneys’ fees, and including the worth at the
time of such termination of the excess, if any, of the amount of rents and other charges equivalent to rents reserved in this Lease for
the remainder of the stated Rental Term over the then reasonable rental value of the Leased Premises for the remainder of the Rental Term,
all of which amounts shall be immediately due and payable from Tenant to Landlord. In determining the rents which would be payable by
Tenant hereunder, subsequent to default, Base Monthly Rent for each year of the unexpired Rental Term shall be equal to the average Base
Monthly Rent and Additional Rent payable by Tenant from the Rental Term Commencement Date to the time of default, or during the preceding
three (3) full calendar years, whichever is the greater amount. Notwithstanding anything to the contrary in this Lease, Landlord’s
remedies as set forth in the Lease shall be subject to the legal doctrines of mitigation and offset. In exercising its remedies following
an event of default by Tenant, Landlord shall use commercially reasonable efforts to mitigate its damages and shall use reasonable efforts
to re-let the Leased Premises on favorable market terms

 

SECTION 19.03. LEGAL EXPENSES. In case of
default by either party in the performance and obligations under this Lease, the non-prevailing party shall pay all costs incurred in
enforcing this Lease, or any right arising out of the breach thereof, whether by suit or otherwise, including reasonable attorneys’
fees.

 

ARTICLE
XX. BANKRUPTCY, INSOLVENCY OR RECEIVERSHIP

 

SECTION 20.01. ACT OF INSOLVENCY, GUARDIANSHIP,
ETC. The following shall constitute a default of this Lease by Tenant for which Landlord, at Landlord’s option, may immediately
terminate this Lease.

 

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

 

(b)           A
general assignment by Tenant of its assets for the benefit of creditors;

 

(c)           Any
action taken or suffered by or against Tenant under any federal or state insolvency or bankruptcy act; and

 

(d)           The
appointment of a guardian, conservator, trustee, or other similar officer to take charge of all or any substantial part of Tenant’s
property.

 

Neither this Lease, nor any interest therein nor
any estate thereby created shall pass to any trustee, guardian, receiver or assignee for the benefit of creditors or otherwise by operation
of law.

 

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SECTION 20.02. BANKRUPTCY. If Landlord shall
not be permitted to terminate this Lease as hereinabove provided because of the provisions of the United States Code relating to Bankruptcy
(“Bankruptcy Code”), then Tenant as a debtor-in-possession or any trustee for Tenant agrees promptly, within no more
than fifteen (15) days upon request by Landlord to the “Bankruptcy Court”, to assume or reject this Lease and Tenant
on behalf of itself, and any trustee agrees not to seek or request any extension or adjournment of any application to assume or reject
this Lease by Landlord with such Bankruptcy Court. In such event, Tenant or any trustee for Tenant may only assume this Lease if (a) it
cures or provides adequate assurance that the trustees shall promptly cure any default hereunder, (b) compensates or provides adequate
assurance that Tenant shall promptly compensate Landlord for any actual pecuniary loss to Landlord resulting from Tenant’s defaults,
and (c) provides adequate assurance of performance during the fully stated Rental Term hereof of all the terms, covenants, and provisions
of this Lease to be performed by Tenant. In no event after the assumption of this Lease shall any then-existing default remain uncured
for a period in excess of the earlier of ten (10) days or the time period set forth herein. Adequate assurance of performance of this
Lease, as set forth hereinabove, shall include, without limitation, adequate assurance (1) of the source of rent reserved hereunder, (2)
that the assumption of this Lease shall not breach any provision hereunder, and (3) that business operated shall comply with the Permitted
Use covenants set forth in Sections 1.01(F) and 7.01. In the event of a filing of a petition under the Bankruptcy Code, Landlord shall
have no obligation to provide Tenant with any services or utilities as herein required, unless Tenant shall have paid and be current in
all payments of Operating Expenses, utilities or other charges therefor. Tenant shall pay all of Landlord’s costs incurred as a
result of Tenant’s insolvency and/or bankruptcy proceedings including, but not limited to, reasonable attorneys’ fees incurred
as a result of Landlord’s participation in and/or monitoring of Tenant’s insolvency proceeding.

 

ARTICLE
XXI. LANDLORD ACCESS

 

SECTION 21.01. LANDLORD ACCESS. Except in
the case of emergency and subject to the foregoing, Landlord or Landlord’s agent shall have the right to enter the Leased Premises
upon forty-eight (48) hours prior notice at all reasonable times to examine the same, or to show the Leased Premises to prospective purchasers
or lessees of the Building, or to make all reasonable repairs, alterations, improvements or additions as Landlord may deem necessary or
desirable, to the extent such is necessary to the structure or utility functions of the Building and does not materially adversely affect
the Leased Premises, and Landlord shall be allowed to take all material into and upon the Leased Premises that may be required therefor
without the same constituting an eviction of tenant in whole or in part, and the rents reserved shall not abate while such repairs, alterations,
improvements, or additions are being made, by reason of loss or interruption of business of Tenant, or otherwise. Landlord shall have
no liability to Tenant for any damages suffered by Tenant and/or to Tenant’s property occur during the required forty-eight (48)
hour notice period. During the ninety (90) days prior to the expiration of the Rental Term, or any Rental Term extension or renewal thereof,
Landlord may exhibit the Leased Premises to prospective tenants and place upon the Leased Premises the usual notices “To Let”
or “For Rent” which notices Tenant shall permit to remain thereon without molestation. Notwithstanding anything to the contrary
herein, in the event that at any time during the Rental Term, Tenant notifies Landlord that any portion of the Leased Premises has been
designated for restricted entry, then Landlord agrees to abide by the restricted entry requirements as Tenant may provide. Notwithstanding
the foregoing or anything to the contrary in this Lease, neither Landlord nor any of its agents, lenders or purchasers (actual or prospective)
shall at any time during the Rental Term (i) enter any of the laboratory portions of the Leased Premises unless accompanied by a representative
of Tenant and in compliance with any reasonable gowning or other protocols required by Tenant to protect the sterile environment, or (ii)
cause any laboratory equipment to be powered down without Tenant’s consent; provided, however, that the foregoing requirements shall
not apply in an emergency or in the event that Tenant fails to make a representative available to accompany Landlord or its agents, lenders
or purchasers (actual or prospective) upon at least forty-eight (48) hours’ notice.

 

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ARTICLE
XXII. TENANT’S PROPERTY AND LANDLORD’S LIEN

 

SECTION 22.01. TAXES ON LEASEHOLD. Tenant
shall be responsible for and shall pay before delinquency all municipal, county and state taxes assessed during the Rental Term of this
Lease against any leasehold interest, improvements, trade fixtures or personal property of any kind, owned by or placed in, upon or about
the Leased Premises by Tenant, and taxes, levies or fees assessed on the basis of Tenant’s occupancy thereof, including, but not
limited to, taxes measured by Base Monthly Rent and Additional Rent due from Tenant hereunder. Landlord shall have no liability to Tenant
for any damages suffered by Tenant and/or to Tenant’s property occurring during the required forty-eight (48) hour notice period.

 

SECTION 22.02. Intentionally Omitted.

 

SECTION 22.03. Intentionally Omitted.

 

SECTION 22.04. LANDLORD’S LIEN. Tenant
is advised that Utah Code Section 38-3-1 and following grants Landlord (Lessor) a lien in regard to unpaid rent.

 

SECTION 22.05. LANDLORD’S SUBORDINATION.
Provided that Tenant is not in default hereunder, Landlord agrees to subordinate its lien on Tenant’s personal property to that
of any bona-fide third party lender providing financing which directly benefits Tenant’s operations in the Leased Premises. However,
Landlord shall refuse and shall otherwise not be required to subordinate its lien or priority as to Tenant’s equipment or trade
fixtures, and Landlord shall be entitled to refuse subordination if loans are not directly related to the Leased Premises.

 

ARTICLE
XXIII. HOLDING OVER

 

SECTION 23.01. HOLDING OVER. Any holding
over after the expiration of the Rental Term, or any Rental Term extension thereof, without landlord’s approval, shall be construed
to be a tenancy-at-will and all provisions of this Lease shall be and remain in effect except that Base Monthly Rent shall be double the
amount of Base Monthly Rent (including any adjustments as provided herein) payable for the last full calendar month of the Rental Term,
including any Rental Term extension or renewal thereof, or tenancy on a month-to-month basis.

 

SECTION 23.02. SUCCESSORS. All rights and
liabilities herein given to, or imposed upon, the respective parties hereto shall extend to and bind the several respective heirs, executors,
administrators, successors and assigns of such parties; and if there shall be more than one (1) tenant, they shall all be bound jointly
and severally by the terms, covenants and agreements herein. No rights, however, shall inure to the benefit of any assignee of Tenant
unless the assignment to such assignee has been approved by Landlord in writing.

 

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ARTICLE
XXIV. RULES AND REGULATIONS

 

SECTION 24.01. RULES AND REGULATIONS. Tenant
agrees to comply with and observe all rules and regulations as established by Landlord and which are now, or which may be hereafter, prescribed
by Landlord from time to time, provided, in Landlord’s commercially reasonable discretion, and posted in or about the Leased Premises
or otherwise brought to the notice of Tenant, both with regard to the Building as a whole and to the Leased Premises, including Common
Areas and Common Facilities. Tenant’s failure to keep and observe such rules and regulations shall constitute a breach of the terms
of this Lease in the manner as if such rules and regulations were contained herein as covenants.

 

ARTICLE
XXV. QUIET ENJOYMENT

 

SECTION 25.01. QUIET ENJOYMENT. Upon payment
by Tenant of the rents herein provided, and upon the observance and performance of all the covenants, terms and conditions on Tenant’s
part to be observed and performed, Tenant shall peaceably and quietly hold and enjoy the Leased Premises for the Rental Term, or any Rental
Term extension or renewal thereof, without hindrance or interruption by Landlord or any other person or persons lawfully or equitably
claiming by, through or under Landlord, subject, nevertheless, to the terms and conditions of this Lease and actions resulting from future
eminent domain proceedings and casualty losses.

 

ARTICLE
XXVI. SECURITY DEPOSIT

 

SECTION 26.01. SECURITY DEPOSIT. Landlord
herewith acknowledges receipt of the Security Deposit in the amount set forth in Section 1.01(S), which is to be retained as security
for the faithful performance of all the covenants, conditions and agreements of this Lease, but in no event shall Landlord be obliged
to apply the same upon rents or other charges in arrears or upon damages for Tenant’s failure to perform such covenants, conditions
and agreements; Landlord may so apply the Security Deposit, at its option; and Landlord’s right to the possession of the Leased
Premises for non-payment of rents or for other reasons shall not in any event be affected by reason of the fact that Landlord holds the
Security Deposit. Such sum, if not applied toward the payment of rents in arrears or toward the payment of damages suffered by Landlord
by reason of Tenant’s breach of the covenants, conditions and agreements of this Lease, is to be returned to Tenant within thirty
(30) days following termination of the Rental Term without interest when this Lease is terminated or expired, according to these terms,
and in no event is the Security Deposit to be returned until Tenant has vacated the Leased Premises and delivered possession to Landlord.

 

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In the event that Landlord repossesses the Leased
Premises because of Tenant’s default or because of Tenant’s failure to carry out the covenants, conditions and agreements
of this Lease, Landlord may apply the Security Deposit toward damages as may be suffered or shall accrue thereafter by reason of Tenant’s
default or breach. In the event of bankruptcy or other debtor-creditor proceedings against Tenant as set forth in Article XX, the Security
Deposit shall be deemed to be applied first to the payment of Base Monthly Rent, Additional Rent and other charges due to Landlord for
the earliest possible periods prior to the filing of such proceedings. Landlord shall not be obliged to keep the Security Deposit as a
separate fund, but may mix the same with its own funds.

 

SECTION 26.02. TRANSFER OF LANDLORD’S
INTEREST IN THE SECURITY DEPOSIT. Landlord may deliver the Security Deposit to the purchaser or assignee of Landlord’s interest
in the Leased Premises and thereupon Landlord shall be discharged from any further liability with respect to the Security Deposit. Landlord
shall provide Tenant with written notice of any such transfer. This Section 26.02 shall also apply to any subsequent transfers of Landlord’s
interest in the Leased Premises.

 

ARTICLE
XXVII. MISCELLANEOUS

 

SECTION 27.01. WAIVER. One (1) or more waivers
of any covenant or condition by Landlord shall not be construed as a waiver of a subsequent breach of the same covenant or condition and
the consent or approval to or of any subsequent or similar act by Tenant. The subsequent acceptance of rents hereunder by Landlord shall
not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, other than the failure
of Tenant to pay the particular rents so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of acceptance
of such rents. No breach of a covenant or condition of this Lease shall be deemed to have been waived by Landlord, unless such waiver
is in writing signed by Landlord.

 

SECTION 27.02. ENTIRE LEASE AGREEMENT. This
Lease, the Prior Leases (as defined in Section 28.02) and the exhibits and riders, if any attached hereto or thereto and forming a part
hereof or thereof, set forth all the covenants, promises, agreements, conditions, and understandings between Landlord and Tenant concerning
the Leased Premises, and there are no covenants, promises, agreements, conditions, representations or understandings, either oral or written,
between them other than are herein set forth. No subsequent alteration, amendment, change or addition to this Lease shall be binding upon
Landlord or Tenant unless reduced to writing and signed by each party.

 

SECTION 27.03. INTERPRETATION, USE OF PRONOUNS.
Nothing contained herein shall be deemed or construed by the parties hereto, nor by any third party, as creating the relationship of principal
and agent or of partnership or of joint venture between the parties hereto, it being understood and agreed that neither the method of
computation of rent, nor any other provision contained herein, nor any acts of the parties herein, shall be deemed to create any relationship
between the parties hereto other than the relationship of Landlord and Tenant. Whenever herein the singular number is used, the same shall
include the plural, and the masculine gender shall include the feminine and neuter genders.

 

The laws of the state where the Building is situated
shall govern the validity, performance and enforcement of this Lease. Although the printed provisions of this Lease were drawn by Landlord,
this Lease shall not be construed either for or against Landlord or Tenant, but this Lease shall be interpreted in accordance with the
general tenor of the language in an effort to reach an equitable result.

 

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The parties agree that any deletion of language
from this Lease prior to mutual execution by Landlord and Tenant shall not be construed to have any particular meaning or to raise any
presumption or implication, including without limitation, any implication that the parties intended thereby to state the converse or opposite
of the deleted language. It is the intention of the parties hereto that, if any provision of this Lease is capable of two (2) constructions,
one (1) of which would render the provision void and one (1) of which would render the provision valid, then the provision shall have
the meaning which renders it valid.

 

SECTION 27.04. FORCE MAJEURE. In the event
that either party hereto shall be delayed or hindered in or prevented from the performance of any act required hereunder by reason of
strikes, lockouts, labor troubles, inability to procure materials, failure of power, restrictive governmental laws or regulations, riots,
insurrection, war or other reason of a like nature not the fault of the party delayed in performing work or doing acts required under
the terms of this Lease, then performance of such act shall be excused for the period of the delay and the period for the performance
of any such act shall be extended for a period equivalent to the period of such delay. The provisions of this Section 27.04 shall not
operate to excuse Tenant from prompt payment of Base Monthly Rent, Additional Rent or any other payments required by the terms of this
Lease.

 

SECTION 27.05. LOSS AND DAMAGE. Landlord
shall not be responsible or liable to Tenant for any loss or damage that may be occasioned by or through the acts or omissions of persons
occupying all or any part of the Leased Premises adjacent to or connected with the Leased Premises or any part of the Building of which
the Leased Premises is a part, or for any loss or damage resulting to Tenant or its property from bursting, stoppage or leaking of water,
gas sewer or steam pipes or for any damage or loss of property within the Leased Premises from any cause whatsoever.

 

SECTION 27.06. CAPTIONS AND SECTION NUMBERS.
The captions, section numbers, article numbers and index appearing in this Lease are inserted only as a matter of convenience and in no
way define, limit, construe, or describe the scope or intent of such sections or articles of this Lease nor in any way affect this Lease.

 

SECTION 27.07. BROKER’S COMMISSION.
Each of the parties represents and warrants that there are no claims for brokerage commissions or finder’s fees in connection with
the execution of this Lease, except as listed below, and each of the parties agrees to indemnify the other against, and hold it harmless
from, all liabilities arising from any such claim (including, without limitation, the cost of reasonable attorneys’ fees in connection
therewith) except as follows: Landlord has commission obligation to Woodbury Corporation. This provision in no way creates any third-party
beneficiary rights in any party, nor does it create any liability on the part of Tenant to pay any or all of the commission due Tenant’s
broker or Landlord’s broker.

 

SECTION 27.08. RECORDING. Tenant shall not
record this Lease without the written consent of Landlord; however, upon the request of either party hereto, the other party shall join
in the execution of a memorandum or so-called “short form” of this Lease for the purposes of recordation. Such memorandum
nr short form of this Lease shall describe the parties, the Leased Premises, the Rental Term, and any Rental Term extension or renewal
thereof, any special provisions, and shall incorporate this Lease by reference.

 

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SECTION 27.09. CONSENT NOT UNREASONABLY WITHHELD.
Landlord agrees that whenever under this Lease a provision is made for Tenant to secure the written consent of Landlord, such written
consent shall not be unreasonably withheld, except as provided in Article XIV.

 

SECTION 27.10. Intentionally Omitted.

 

SECTION 27.11. TIME OF ESSENCE. Time is
of the essence in the performance of all covenants and conditions in this Lease for which time is a factor.

 

SECTION 27.12. ACCORD AND SATISFACTION.
No payment by Tenant or receipt by Landlord of a lesser amount than the amount owing hereunder shall be deemed to be other than on account
of the earliest stipulated amount receivable from Tenant, nor shall any endorsement or statement on any check or any letter accompanying
any check or payment as rent be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to
Landlord’s right to recover the balance of such rent or receivable or pursue any other remedy available under this Lease or the
law of the state wherein the Leased Premises is located.

 

SECTION 27.13. NO OPTION. The submission
of this Lease for examination does not constitute a reservation of, or option for, the Leased Premises. This Lease becomes effective as
a lease only upon full execution and delivery thereof by Landlord and Tenant.

 

SECTION 27.14. ANTI-DISCRIMINATION. Tenant
herein covenants by and for itself, its heirs, executors, administrators and assigns and all persons claiming under or through it, and
this Lease is made and accepted upon and subject to the following conditions: That there shall be no discrimination against or segregation
of any person or group of persons on account of race, sex, marital status, color, creed, national origin or ancestry, in the leasing,
subleasing, assigning, use, occupancy, tenure or enjoyment of the Leased Premises, nor shall Tenant itself, or any person claiming under
or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location,
number, use or occupancy of tenants, lessees, sublessees, or subtenants in the Leased Premises.

 

SECTION 27.15. SEVERABILITY. If any term,
covenant or condition of this Lease or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable,
the remainder of this Lease, or the application of such term, covenant or condition to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Lease shall be valid
and be enforced to the fullest extent permitted by law.

 

SECTION 27.16. SURVIVAL OF OBLIGATIONS.
The provisions of this Lease, with respect to any obligation of Tenant to pay any sum owing in order to perform any act after the expiration
or early termination of this Lease, shall survive the expiration or early termination of this Lease.

 

    42

    

    

 

SECTION 27.17. WARRANTY OF AUTHORITY. The
person(s) executing this Lease on behalf of Tenant hereby covenant(s) and warrant(s) as of the Effective Date that (a) Tenant is a duly
constituted entity, qualified to do business in the state where the Leased Premises is located, and (b) Tenant has paid all applicable
franchise fees and taxes, and (c) Tenant shall file when due all future forms, reports, fees, and other documents necessary to comply
with applicable laws. If Tenant is a corporation, Tenant shall furnish Landlord with such evidence as Landlord reasonably requires to
evidence the binding effect on Tenant of the execution of this Lease. The person(s) executing this Lease on behalf of Landlord hereby
covenant(s) and warrant(s) as of the Effective Date that (a) Landlord is a duly constituted entity, qualified to do business in the state
where the Leased Premises is located, and (b) Landlord has paid all applicable franchise fees and taxes, and (c) Landlord shall file when
due all future forms, reports, fees, and other documents necessary to comply with applicable laws.

 

SECTION 27.18. TENANT’S LIABILITY.
In the event there is more than one (1) Tenant hereunder, the liability of each shall be joint and several.

 

SECTION 27.19. LANDLORD’S LIABILITY.
Landlord’s liability hereunder shall be limited solely to Landlord’s interest in the Building.

 

SECTION 27.20. COUNTERCLAIM AND JURY TRIAL.
In the event that Landlord commences any summary proceedings or action for non-payment of Base Monthly Rent, Additional Rent or other
charges provided for in this Lease, Tenant shall not interpose any non-compulsory counterclaim of any nature or description in any such
proceeding or action. Tenant and Landlord both waive a trial by jury of any or all issues arising in any action or proceeding between
the parties hereto or their successors, under or relating to this Lease, or any of its provisions. Notwithstanding the foregoing, this
provision shall not prohibit Tenant from bringing any claim it may have against Landlord in a separate and distinct proceeding.

 

SECTION 27.21. TRANSFER OF LANDLORD’S
INTEREST IN THE LEASED PREMISES. In the event of any transfer or transfers of Landlord’s interest in the Leased Premises, the
transferor shall be automatically relieved of any and all obligations and liabilities on the part of Landlord accruing from and after
the date of such transfer, provided the transferee assumes such obligations and liabilities.

 

SECTION 27.22. TENANT SELECTION BY LANDLORD.
Landlord reserves the absolute right to effect such other tenancies in the Building as Landlord, in the exercise of its sole business
judgment, shall determine to best promote the interests of the Building. Tenant does not rely on the fact, nor does Landlord represent,
that any specific tenant or number of tenants shall, during the Rental Term of this Lease, occupy any space in the Building.

 

SECTION 27.23. DISCLOSURE OF PARTIES. Landlord
is a limited liability company, one (1) or more Managers of which is a licensed real estate broker or agent.

 

SECTION 27.24. Intentionally Omitted.

 

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SECTION 27.25. EXECUTIVE ORDER CERTIFICATION.
For purposes of compliance with Executive Order 13224 and related regulations, Landlord and Tenant each represent and warrant that:

 

(i)             it
is not acting, directly or indirectly, for or on behalf of any person, group, entity, or nation named by any Executive Order, the United
States Department of Justice, or the United States Treasury department as a terrorist, “Specially Designated National or Blocked
Person,” or other banned or blocked person, entity, nation, or transaction (“SDN”) pursuant to any law, order,
rule or regulation that is enforced or administered by the Office of Foreign Assets Control (“OFAC”);

 

(ii)            it
is not engaged in this transaction, directly or indirectly on behalf of, any such person, group, entity or nation; and

 

(iii)           it
is not in violation of Presidential Executive order 13224, the USA Patriot Act, the Bank Secrecy Act, the Money Laundering Control Act
or an regulations promulgated pursuant thereto.

 

Landlord agrees to defend, indemnify, and hold
harmless Tenant from and against any and all claims, damages, losses, risks, liabilities and expenses (including attorney’s fees
and costs) arising from or related to any breach of the foregoing certification. Should Landlord, during the Rental Term of this Lease,
be designated an SDN, Tenant may, at its sole option, terminate this Lease.

 

Tenant agrees to defend, indemnify, and hold harmless
Landlord from and against any and all claims, damages, losses, risks, liabilities and expenses (including attorney’s fees and costs)
arising from or related to any breach of the foregoing certification. Should Tenant, during the Rental Term of this Lease, be designated
an SDN, Landlord may, at its sole option, terminate this Lease.

 

ARTICLE
XXVIII. ADDITIONAL PROVISIONS

 

SECTION 28.01. OPTION TO RENEW. Provided
Tenant is not, and has not been, in default beyond any applicable cure period under any of the terms and conditions contained herein,
Tenant shall have one (1) additional consecutive five (5) year option to renew and extend the Rental Term (“Option’) as provided
herein. The Option shall only be exercised by Tenant delivering written notice thereof to Landlord not less than one hundred eighty (180)
days prior to the expiration of the Rental Term. Base Monthly Rent for the Option period shall be as follows:

 

	Option Period	 	Base Monthly Rent	 
	January 1, 2023 - December 31, 2023	 	$	47,570.55	 
	January 1, 2024 - December 31, 2024	 	$	48,997.66	 
	January 1, 2025 - December 31, 2025	 	$	50,467.59	 
	January 1, 2026 - December 31, 2026	 	$	51,981.62	 
	January 1, 2027 - December 31, 2027	 	$	53,541.07	 

 

SECTION 28.02. PRIOR LEASES.

 

(a)           Landlord and Tenant previously entered into a lease for Suite 330 dated August 31, 2015; a lease for Suite 320 dated October 31,
2013; and, a lease for Suite 200 dated March 5, 2012 (collectively the “Prior Leases”).

 

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(b)           From
and after the Effective Date of this Lease, the Prior Leases are hereby fully amended and superseded by this Lease notwithstanding anything
to the contrary in this Lease or the Prior Leases, Landlord and Tenant acknowledge and agree as follows:

 

		(i)	The parties hereby acknowledge and agree that there are no known outstanding obligations under the Prior Leases with regard to Tenant’s
obligation to pay Base Monthly Rent or Additional Rent under the Prior Leases.

		(ii)	All improvements to the premises that are the subject of the Prior Leases are the property of Tenant throughout the Rental Term of
this Lease.

		(iii)	The full amount of the security deposits held by Landlord under the Prior Leases is Fifty-Seven Thousand Seven Hundred Dollars ($57,700.00),
which amount is hereby credited to the Security Deposit required under this Lease.

		(iv)	Tenant has no obligation under this Lease or the Prior Leases to contribute to any Operating Expenses incurred in calendar year 2017.

		(v)	The Prior Leases are in effect until effectively terminated and replaced by this Lease and such Prior Leases shall be of no further
force or effect and the parties shall have no further obligations thereunder.

 

SECTION 28.03. FIRST RIGHT OF OFFER TO LEASE
CONTIGUOUS SPACE. From the Effective Date of this Lease until the end of the Rental Term, Tenant shall have an ongoing right of first
offer to lease space adjacent and contiguous to the Leased Premises on the second and third floors when such applicable space becomes
available for lease as provided herein (hereinafter “First Offer Space”). For purposes hereof, the First Offer Space
(or any applicable portion thereof) shall become available for lease by Tenant immediately prior to the first time after the Effective
Date that Landlord intends to submit to a third party a bona fide proposal or letter of intent to lease such First Offer Space (or such
applicable portion thereof. Landlord shall give Tenant written notice that the First Offer Space (or such applicable portion thereof)
will or has become available for lease by Tenant and the terms (the “Offer”) upon which Landlord is willing to rent
out the First Offer Space. Tenant shall have ten (10) business days to accept the Offer by delivering to Landlord written notice of its
intent to do so. Failure of Tenant to timely deliver written notice shall be deemed a refusal by Tenant. Should Landlord thereafter intend
to offer the First Offer Space to a third party of better terms than the Offer, then Tenant shall once again have a right of first offer
and the process set forth in this Section 28.03 shall be repeated. Furthermore, if Tenant declines to exercise its right of first offer
with regard to any First Offer Space, Landlord shall have a continuing obligation to provide Tenant with a new offer with regard to any
other adjacent and continuous space during the Rental Term and with regard to the same First Offer Space if the terms of the Offer change
or more than one calendar year passes since Tenant’s prior decline.

 

    45

    

    

 

In the event Tenant exercises its option to lease
the First Offer Space, Landlord and Tenant shall endeavor to execute within thirty (30) days thereafter an amendment to this Lease for
such First Offer Space upon the terms and conditions set forth in the Offer.

 

SECTION 28.04. RIGHT TO TERMINATE. Provided
Tenant is not, and has not been, in default beyond any applicable cure period under any of the terms and provisions contained herein,
Tenant shall have the one (1) time right to terminate this Lease as of December 31, 2020. To exercise such right, on or before July 1,
2020, Tenant shall provide Landlord with written notice of its intent to exercise this right to terminate. In the event Tenant exercises
this right, Tenant shall reimburse Landlord in full of any unamortized portion of Landlord’s Construction Cost Cap and unamortized
commission payments within ten (10) days of receiving an invoice therefore from Landlord.

 

[Signature Page(s) to Follow]

 

    46

    

    

 

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

 

SIGNATURES:

 

	 	LANDLORD
	 	 	 
	 	EASTLAND REGENCY, L.C., a Utah limited liability company
	 	 	 
	 	By:	WOODBURY CORPORATION, a Utah corporation, Its Manager
	 	 	 
	 	By:	/s/ O. Randall Woodbury, President
	 	 	O. Randall Woodbury, President
	 	 	 
	 	By:	/s/ W. Richards Woodbury, Chairman
	 	 	W. Richards Woodbury, Chairman
	 	 	 
	 	TENANT
	 	 	 
	 	SERA PROGNOSTICS, Inc., a Delaware corporation
	 	 	 
	 	By:	/s/ Andrew Sauter, CFO
	 	 	Andrew Sauter, CFO

 

    47

    

    

 

EXHIBIT A

 

SITE PLAN

 

 

    48

    

    

 

EXHIBIT “A-1”

 

LEASE PLAN

 

 

    49

    

    

 

 

    50

    

    

 

EXHIBIT “B”

 

LEGAL DESCRIPTION

 

The property which is the subject of this tweed
of Trust is situated in the County of Salt Lake, State of Utah, and is legally described as

 

lot 2, EASTLAND REGENCY SUBDIVISION, according
to the official plat thereof on tile and of record in the office of the Salt Lake County Recorder.

 

Parcel 2:

Non-Exclusive Easement rights to Parcel 1. under the following:

Restrictions and Declaration of Easements:

		Declarant:	Woodbury-Morris Co., a limited partnership

		Dated:	December 23, 1968

		Recorded:	December 27, 1968

		Entry	No.: 2271792

		Book/Page:	2718/270

 

First Amendment to Restrictions and Declaration of Easements.

		Recorded:	May 13, 1997

		Entry	No.:6643123

		Book/Page:	7665/1682

 

Over and across the following described Parcel:

 

Beginning at a point South 0’ 01 West 2000.0 feet along the Section
line and East 193.084 feet from Northwest corner of Section 21 Township 1 South, Range 1 Fast, Salt Lake Base and Meridian and running
thence Last 20.0 feet; thence North 0°01 East 40.0 feet; thence last 52.8.816 feet; thence North 60 35’ 40” Fast 40.0
feet; thence South 29° 24’ 20” Last 60.0 feet; thence South 60° 35’ 40” West 13.303 feet said point being
North 29’’ 24’ 20” West 735.8 feet and South 60’ 35’ 40” West 277.97 feet from et Salt Lake
City monument; thence South 257.46 feet; thence East 45.0 feet, thence South 599.137 feet: thence North 59’ 51’ 20”
West 140.057 feel; thence North 67’ 29° 30” West 242.38 feet; thence South 38” 58’ West 14.6 feet to the Northerly
line of Parley’s Way; thence North 51’ 02’ West 205.185 feet (said being North 38” 59’ Fast 50.0 tees from
the Salt Lake City monument at the intersection of Parley’s Way and Wilshire Drive); thence North 31’ West 170.865 feet; thence
North 467.624; feet to the point of beginning.

 

Parcel 3:

Easement:

		Grantor:	Eastland Regency Co., a Utah general partnership

		Dated:	January 25, 1999

		Recorded:	January 26, 1999

		Entry	No.:7234315

		Book/Page:	82390/0138

 

Over and across the following described parcel:

 

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1 of 1, EASTLAND REGENCY SUBDIVISION, according
to the official plat thereof on file and of record in the office of the Salt Lake County Recorder.

 

The following is shown for information purposes
only: 16-23-301-004

 

This lease is subject to and together with certain
easements, rights of way, and restrictions as more particularly set forth in that certain agreement designated as RESTRICTIONS AND DECLARATION
OF EASEMENTS, dated December 23, 1968 and recorded on December 27, 1968 in Book 2718 at pages 270 - 277 inclusive as entry #2271792 which
agreement is incorporated in this Lease by reference.

 

Subject to utility and other existing easements.

 

    52

    

    

 

EXHIBIT “C”

 

SIGN CRITERIA

 

	A.	FREESTANDING PYLONS

 

None provided.

 

	B.	EXTERIOR SIGNAGE

 

		1.	Tenants occupying a gross leasable of over 6,000 sq. ft. may install in a location approved by Landlord signage on the exterior of
the Building. All such signage shall be of the same type, letter style, construction, and design as described herein.

 

		2.	Prior to proceeding with the fabrication and installation of any exterior signage, Tenant shall submit to Landlord a sign fabrication
drawing showing the dimensions, construction details, method of attachment, location of lighting, and other pertinent information. All
sign fabrication drawings must be approved by Landlord in writing.

 

		2.	The wording of Tenant’s exterior signage shall be as set forth in Section 1.01(G) of this Lease. Use of corporate logos, shields,
or crests shall be permitted.

 

		3.	The location of Tenant’s sign shall be where shown on elevation page attached hereto. Multiple signs may only be provided where
specifically indicated thereon.

 

		4.	All signs shall be individual letter type signs constructed from sheet metal with 4” deep painted returns matching the color
used in the exterior aluminum framing system (Duranar - Commerce Brown). No exposed fasteners shall be permitted. Signs may be illuminated
or non-illuminated at Tenant’s option.

 

		a.	If sign is illuminated, face shall be constructed of black/white plastic. This plastic appears black at daytime, but when illuminated
appears white. Illumination is by way of white neon concealed within each letter. Backs shall be solid sheet metal or metal-ply construction.
Letter shall be set off from the face of the wall by 1”.

 

		b.	If sign is non-illuminated, construction shall be the same as for illuminated signs except that no neon shall be installed.

 

		5.	Maximum letter size shall be 18” high.

 

		6.	Letter style shall be selected by Landlord. Where Tenant’s logo or trade mark utilizes a different letter style, such style
may be used only when specifically approved by Landlord.

 

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	C.	DIRECTORY SIGNAGE

 

		1.	A directory of uniform design and style shall be located at the main entry identifying each suite and business therein.

 

		2.	Landlord shall initially design and install all directories and identifications in accordance with established criteria for the overall
project. Each business shall be identified with a uniformly sized letter and letter style.

 

		3.	Any subsequent changes necessary from time-to-time shall be made by Landlord at Tenant’s expense. Such changes shall be of the
same type and quality as initially installed.

 

		4.	An exterior monument type directory of a design and style selected by Landlord shall be installed on the exterior of the building
near the front entry. Sign and lettering thereon shall be of sufficient size to be read by a person in a car traveling in the drive directly
in front of building. Such directory shall identify the name of each business only. Cost of lettering associated therewith shall be paid
by Tenant.

 

	D.	UNIT IDENTIFICATION SIGNAGE

 

		1.	Each unit shall be identified by signage of a uniform style and character for the project as determined by Landlord’s architect.

 

		2.	All such signage shall be located on a wall directly adjacent to the main customer entry or on the door of the Leased Premises as
determined by Landlord’s architect. Signs shall identify the suite number and business therein.

 

		3.	All signs shall be provided and installed by Landlord with Tenant paying the cost of the lettering.

 

		4.	Sign lettering shall utilize vinyl cut-outs applied to a fiberglass or plexi-glass background. Standard size shall be approximately
7” high by 15’ wide. Additional sign area is permitted with Tenant paying the entire cost of the sign. Listing of sub-departments,
individual professionals, or other associated entities is permitted subject to Landlord’s architect’s approval of the arrangement
of names, letter heights, etc.

 

		5.	Any changes required after initial installation shall be made by Landlord at Tenant’s expense.

 

	E.	PARKING STALL IDENTIFICATION

 

		1.	Reserved parking spaces may be designated. Reserved parking spaces shall be identified by painting “Reserved,” “Business
Name Only,” or such other mutually approved designation.

 

		2.	Other parking spaces may be designated for visitor or customer use only in a similar manner.

 

		3.	Tenant shall not permit its employees to park in spaces that are reserved or designated for specific tenants, visitors, or customers.

 

    54EX-10.23

 Exhibit 10.23 

CONFIDENTIAL 

COLLABORATION AGREEMENT 

This COLLABORATION AGREEMENT (this “Agreement”), effective as of
January 11, 2021 (the “Effective Date”), is entered into by and between Joby Aero, Inc., a Delaware corporation located at 340 Woodpecker Ridge, Santa Cruz, CA 95060 (“Joby”) and Uber Technologies, Inc., a
Delaware corporation located at 1515 3rd St., San Francisco, CA 94518 (“Uber”). 
 RECITALS 

WHEREAS, Joby is developing electric vertical takeoff and landing aircraft (“eVTOLs”) with the intent of using such
eVTOLs to provide passenger transportation and logistics services; 
 WHEREAS, Uber, itself and through its Affiliates, offers a
technology service that enables on-demand transportation and logistics services currently in over 60 countries worldwide; 

WHEREAS, pursuant to the Share Purchase Agreement, dated December 8, 2020, by and among Joby Uber, and Uber Elevate, Inc., a
Delaware corporation (“Uber Elevate”) (the “Purchase Agreement”), Joby is acquiring Uber Elevate, which is a business, consisting of various assets and liabilities relating to the design, development, testing,
commercialization, deployment, operation, and support activities relating to urban air mobility services and vehicles and associated networks, software platforms, tools, and infrastructure (“Uber Elevate Business”); 

WHEREAS, pursuant to the Note Purchase Agreement, dated January 11, 2021, by and between Joby and Uber, Uber has agreed to
purchase an aggregate principal amount of $75,000,000 in convertible notes from Joby to support the continued development of the Uber Elevate Business; 

WHEREAS, pursuant to the Purchase Agreement, Joby and Uber desire to enter into this Agreement to form a new, long-term strategic
relationship to develop safe, reliable, efficient, clean and affordable air mobility services for the benefit of people across the world; and 

WHEREAS, the parties desire for this Agreement to supersede and replace in their entirety the Umbrella Agreement, dated as of
June 18, 2019 (“Previous Umbrella Agreement”), as well as that certain Collaboration Agreement, dated as of June 18, 2019 (“Previous Collaboration Agreement”), and the associated Statement of Work
No. 1, each by and between Joby and Uber Elevate (together, the “Previous Commercial Agreements”). 
 NOW,
THEREFORE, in consideration of the mutual promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

AGREEMENT 
  

	1.	 DEFINITIONS. Capitalized terms will have the meanings set forth in this Section 1 or
as otherwise set forth in this Agreement. 

 1.1 “Affiliate” means, with respect to Joby or Uber, any
Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common 

 CONFIDENTIAL 

 

 
control with such Person, in each case from time to time. The term “control” (including its correlative meanings “controlled by” and “under common control with”)
means the possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). “Controlled
Affiliate” means any Person that is directly or indirectly controlled by a party or another Person. 
 1.2 “App”
means the Joby App or Uber App, as applicable. 
 1.3 “Background IP” means all Technology and Intellectual Property
Rights owned or Licensable by a party or its Affiliates, which rights are: (a) developed, conceived, obtained or acquired prior to the Effective Date; or (b) developed, conceived or acquired independently of this Agreement and without
reference to or use of the other party’s Confidential Information. 
 1.4 “Business Day” means any day other than a
Saturday, Sunday or day on which banks are closed in San Francisco, California, USA. 
 1.5 “Change of Control” means
(a) a sale of all or substantially all the assets of a party or any of its Affiliates material to this Agreement; (b) the purchase of all or substantially all of the assets, stock or equity of a Person; (c) any merger, consolidation
or acquisition of a party or any of its Affiliates with, by or into another Person; or (d) any change in the ownership or control of more than 50% of (i) the voting capital stock of, (ii) the then-outstanding shares of common stock,
or (iii) the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors of, a party or any of its Affiliates, in each case in one or more related transactions. 

1.6 “Confidential Information” means any and all technical and non-technical
information a party or its Affiliates provides to the other party or its Affiliates hereunder that is marked or otherwise identified at the time of disclosure as confidential or proprietary, or that would reasonably be expected to be confidential or
proprietary based on the nature of the information or the context of its disclosure, including confidential or proprietary information pertaining to Intellectual Property Rights, Technology, or any other information relating to any current, future,
or proposed products, technologies, or services, research projects, works in process, future development, scientific, engineering, manufacturing, marketing or business plans or financial or personnel matters relating to either party or its
Affiliates or their present or future products, sales, suppliers, customers, employees, investors or business, whether in written, oral, graphic or electronic form. 

1.7 “Contribution” means any Technology of a party that is shared with the other party for the purpose of including such
Technology in the Joby Field, in the case of Joby as the receiving party, and the Uber Field, in the case of Uber as the receiving party, to the extent such Technology (a) is related to subject matter that is the subject matter of development
under a SOW (other than Technology that is designated in writing at or before the time it is shared as “Not a Contribution,” “Confidential,” “Proprietary,” or with other similarly clear and conspicuous marking, and the
sharing party does not later withdraw the designation or unambiguously authorize use of such Technology for the foregoing purpose); or (b) is identified as a “Contribution” in a SOW. 

  
 2 

 CONFIDENTIAL 

 

 1.8 “eVTOL Air Cargo Services” means the general commercial deployment of
(a) [*****], (b) [*****], or (c) [*****]. For clarity, “eVTOL Air Cargo Services” does not include [*****]. 
 1.9 “eVTOL
Air Mobility Services” means the commercial deployment of eVTOLs to provide passenger transportation as well as associated logistics services. For clarity, “eVTOL Air Mobility Services” does not include eVTOL Air Cargo Services.

 1.10 “Force Majeure” means events or circumstances such as Acts of God, pandemics, epidemics, war, fire, uprising,
insurrection, strikes, or other labor / industrial disputes (if directly impairing performance of this Agreement) excluding with respect to a party’s or its Affiliates’ own workforce, riot, change of Law, or orders by a public authority or
other similar events; provided that the party affected by such events or circumstances proves that such event has been beyond its reasonable control and unavoidable by reasonable means. 

1.11 “Foreground IP” means any Technology and Intellectual Property Rights that are developed by or on behalf of a party or
its Affiliates in performing their obligations under this Agreement. 
 1.12 “Governmental Authority” means any entity or
body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to federal, state, tribal, provincial, local or foreign, international, multinational or other governmental or political subdivision thereof,
including any department, commission, board, agency, bureau, official or other instrumentality or other regulatory, administrative or judicial authority thereof, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental authority, or any arbitrator, court or tribunal of competent jurisdiction. 

1.13 “Improvement” means, with respect to Technology or Intellectual Property Rights, any modification, derivative work,
enhancement, or improvement to such Technology or Intellectual Property Rights. 
 1.14 “Integrations” means the Uber App
Integration and the Joby App Integration. 
 1.15 “Intellectual Property Rights” means all rights of the following types
under the Laws of any jurisdiction worldwide: (a) rights associated with works of authorship, including exclusive exploitation rights, copyrights, mask work rights, design rights, and moral rights, and any and all related registrations and
applications for registration; (b) copyrights and rights in information, data, databases and data collections; (c) rights in Trade Secrets; and (d) Patents; except “Intellectual Property Rights” excludes Marks.
“Patents” means any patent or patent application worldwide of any kind or nature (including industrial designs and utility models that are subject to statutory protection), and any renewals, reissues, reexaminations, extensions,
continuations, continuations in part, divisions and substitutions relating to any such patent or patent application, as well as all related counterparts to any such patent and patent application, wheresoever issued or pending anywhere in the world,
as well as any patents or patent applications in the same priority chain (i.e., any patent or patent application that claims priority to the same non-provisional patent or patent applications, and all patents
from which priority is claimed by the identified patent), and all patents that are subject to a terminal disclaimer that disclaims the term 

  
 3 

 CONFIDENTIAL 

 

 
of any such patent beyond the term of any member of the patent family. “Trade Secrets” means confidential or proprietary trade secrets meeting the definition of a trade secret
under the Uniform Trade Secrets Act or other similar legislation or common laws governing protection of trade secrets or confidential information anywhere in the world, including information, know-how, data
and databases. 
 1.16 “Joby App” means any application [*****] Joby or its Affiliates makes available or operates during
the Term that Joby deems most relevant and appropriate for the intended Integration. 
 1.17 “Joby Customer” means a Person
who is an account holder or other third party user of a Joby App. 
 1.18 “Joby Direct Competitor” means any Person that
is, or controls any Person that is, (a) [*****] or (b) [*****]. For purposes of the foregoing, “control” will mean [*****]. 

1.19 “Joby eVTOL” means any all-electric vertical takeoff and landing aircraft
designed, developed, manufactured, operated, offered for sale or sold by or on behalf of Joby for the purposes of serving the eVTOL Air Mobility Services market. 

1.20 “Joby eVTOL Air Mobility Services” means Joby’s provision of eVTOL Air Mobility Services. 

1.21 “Joby Field” means (a) eVTOLs, and other aircraft including aircraft components and technology; (b) the
operation of eVTOLs and other aircraft, including [*****]; and (c) Joby’s proprietary and its licensors’ (other than Uber’s) ride-sharing, delivery and logistics services through the use in whole or in part of eVTOLs and/or other
aircraft, and the services of dispatching and routing customers and operators and the mobile and backend applications to enable the foregoing. For clarity, for purposes of this Agreement, the Joby Field excludes the Uber Field, including [*****].

 1.22 “Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment,
decree, other requirement, or rule of law of any Governmental Authority. 
 1.23 “Liabilities” means losses, demands,
damages, claims, liabilities, interest, awards, actions or causes of action, suits, penalties, judgments, assessments, fines, settlements, and compromises relating thereto, and all reasonable attorneys’ fees and other fees and expenses in
connection therewith. 
 1.24 “Licensable” means the right and ability of a party to grant a license to Technology or
Intellectual Property Rights consistent with the scope of the licenses granted by such party in the grant of rights, without the grant of such license or the exercise of such rights requiring the consent of any third party or resulting in (a) a
breach of any contractual obligation of such party or its Affiliate to any third party or restriction by such party or (b) a payment or other financial obligation by such party to any third party under an agreement, other than payments or
financial obligations owed to (i) Affiliates of such party or (ii) employees or consultants of such party. 

  
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 1.25 “Major Airlines” means Group III air carriers as defined by the United
States Department of Transportation in 14 CFR §241.04. 
 1.26 “Marks” means trademarks, service marks, trade names,
trade dress, business and corporate names, logos, trade styles, brand names, product names, domain names, slogans and any other source identifiers of any kind or nature, including any common law rights therein, and any applications (including intent
to use applications), registrations and renewals for any of the foregoing and the goodwill associated with the foregoing. 
 1.27
“Person” means an individual, a corporation, a partnership, a limited liability company, a Governmental Authority, an unincorporated organization, a trust, an association, or any other entity. 

1.28 “Personnel” means, with respect to a Person, the employees, directors, officers, representatives, agents, and
contractors of such Person, or any of the foregoing. 
 1.29 “Publicly Available Supply” means all trips made available to
the general public on Joby eVTOLs on an on-demand basis. For clarity, “Publicly Available Supply” will exclude (a) [*****]; (b) [*****]; or (c) [*****]. 

1.30 “Technology” means algorithms, apparatus, diagrams, inventions (whether or not patentable), invention disclosures,
confidential or proprietary trade secrets, know-how, methods, network configurations and architectures, designs, methods, processes, bills of material, proprietary information, protocols, schematics,
specifications, technical data, software, subroutines, techniques, web sites, works of authorship, documentation (including instruction manuals, samples, studies, and summaries), information, data, databases and data collections, any other forms of
technology, in each case, whether or not embodied in any tangible form and including all tangible embodiments of any of the foregoing. 

1.31 “Territory” means [*****], and other territories as may be mutually agreed upon by the parties from time to time in
accordance with this Agreement. 
 1.32 “Uber App” means any application (including customer-facing applications and back-end application interfaces, where applicable) Uber or its Affiliates makes available or operates during the Term that Uber deems most relevant and appropriate for the intended Integration. 

1.33 “Uber Customer” means a Person who is an account holder or other third party user of an Uber App. 

1.34 “Uber Direct Competitor” means any Person that is, or controls any Person that is, primarily engaged in the business of
(a) [*****], (b) [*****], (c) [*****], or (d) [*****]. For clarity, a Person primarily engaged in the business of [*****]will not be considered an Uber Direct Competitor. For purposes of the foregoing, [*****]. 

1.35 “Uber Field” means the field of providing mobile and back-end applications and
related services that enable Uber Customers to request, arrange or schedule transportation, delivery and logistics services, including the Uber Apps, Uber Platform, and Uber Services. For clarity, 

  
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for purposes of this Agreement, the Uber Field excludes (a) [*****] (b) [*****]; and (c) Joby’s proprietary and its licensors’ (other than Uber’s) ride-sharing, delivery and
logistics services through the use in whole or in part of eVTOLs and/or other aircraft, and the services of dispatching and routing customers and operators and the mobile and backend applications to enable the foregoing. 

1.36 “Uber Platform” means Uber’s and its licensors’ (other than Joby’s) proprietary technology platform and
set of resources, including servers, client devices, server software, client software, software user interfaces (for rider or operations), application programming interfaces (APIs) (including the Uber Services APIs), software development kits
(SDKs), and developer tools, that enable service providers to integrate with and operate on the technology platform or facilitate the Uber Services, and that enable end-users of the Uber Apps to receive the
Uber Services. 
 1.37 “Uber Services” means Uber’s and its Affiliates’ provision of ride-sharing services and non-passenger based delivery and/or logistics services (e.g., for freight, food, or packages), but excluding, for clarity, eVTOLs used on, with or for the foregoing. 

1.38 “Uber Services APIs” means the API(s) and related developer tools (including any webhooks) made available by Uber to
interface with Uber Apps, including any underlying data or data structures therein, accompanying documentation, and any updates or revisions to the foregoing, that allows an end user to select a particular Uber Service available in the Territory,
specify pickup and drop-off locations, view pricing information and time estimates, and request a ride. 
  

	2.	 COLLABORATION 

2.1 Scope. Uber and Joby will collaborate on the commercial deployment of Joby eVTOLs to provide eVTOL Air Mobility Services, including
via the Uber Apps and the Uber Services (including the Uber App Integration), as well as deploying Uber Services via the Joby Apps (including the Joby App Integration) in the Territory in which Joby makes available Publicly Available Supply in
accordance with the terms and conditions set forth in this Agreement (the “Collaboration”). Joby does not currently provide, and this Collaboration does not include, [*****]. If Joby decides to provide [*****], Joby will notify
Uber, and the parties will engage in good faith discussions to explore opportunities for the parties to potentially collaborate on [*****]. However, neither party is required to reach agreement for such collaboration. 

2.2 Joby General Roles and Responsibilities. 

(a) Joby will continue to invest in developing capabilities to either directly or through partnerships deliver the eVTOL Air Mobility
Services, including the design, development, manufacture, and certification of eVTOLs capable of transporting at least four passengers and the development of
go-to-market capabilities, including multimodal integration, airspace management capabilities and eVTOL operational capabilities. 

(b) Joby will use commercially reasonable efforts to ensure that all or substantially all of Joby’s Publicly Available Supply will be
made available in the applicable Uber Apps in all markets in the Territory in which Joby operates eVTOL Air Mobility Services to allow for booking by Uber Customers within the applicable Uber Apps. 

  
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 (c) Joby will use commercially reasonable efforts to work with Uber to integrate first/last
mile Uber Services connecting to the Joby eVTOL Air Mobility Services through the Uber Platform and Joby Apps. 
 2.3 Uber General Roles
and Responsibilities. Uber will support Joby’s success as an eVTOL Air Mobility Services provider. Uber will use commercially reasonable efforts to: (a) integrate ordering capability for the Joby eVTOL Air Mobility Services with the
Uber Platform and any other mobility platform services made available by Uber or its applicable Affiliates as set forth in Section 3 below; (b) [*****]; (c) generate customer demand for Joby eVTOL Air Mobility Services and fulfillment thereof;
and (d) work with Joby to integrate first/last mile Uber Services connecting to the Joby eVTOL Air Mobility Services through the Uber Platform and Joby Apps. 

2.4 Regulatory Responsibilities. Each party will be responsible for obtaining all necessary licenses, permits, and government approvals
necessary to perform its roles and responsibilities under the Collaboration, and be able to comply with all applicable regulations that are necessary for each party to fulfill its roles and responsibilities. Upon request of the other party, each
party agrees to use commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things reasonably necessary or proper to assist the other party in obtaining such regulatory approvals necessary for
the requesting party to fulfill its roles and responsibilities under this Agreement. 
 2.5 Costs and Expenses. Unless separately
agreed in writing, each party agrees that it will be solely responsible for its own costs in carrying out its respective roles and responsibilities under this Agreement. 
  

	3.	 INTEGRATIONS 

3.1 Uber App Integration.  

(a) Uber will integrate access to and ordering capability for Joby eVTOL Air Mobility Services into the Uber Apps in all markets in the
Territory in which Joby operates Publicly Available Supply (the integrated offering through the Uber Apps, the “Uber App Integration”). Joby will provide Uber with written notice at least [*****] in advance of Joby’s intended
launch date of its initial Publicly Available Supply in the Territory (the “Proposed Commercial Launch Date,” and the actual date of such launch, the “Commercial Launch Date”). The parties will work in good faith
and use commercially reasonable efforts to complete all work necessary to launch the Uber App Integration prior to or simultaneously with the Commercial Launch Date. For Joby, such good faith efforts will include [*****]. Technical specifications will be agreed upon in advance by the parties in accordance with Section 3.3. In the event the parties disagree about which applications of Uber are relevant and appropriate for the Integrations, they will follow the dispute resolution process in accordance with Section 14.2. Notwithstanding the foregoing, the parties acknowledge and
agree that the parties intend for the Uber App Integration to include Uber’s primary rider-facing ridesharing application in each applicable Territory. 

  
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 (b) Without limiting subsection (a) above, the parties intend that Uber will
(i) make it readily apparent that Joby’s Publicly Available Supply is available to Uber Customers, and (ii) make the Uber App Integration easily accessible to Uber Customers in the markets in the Territory in which Joby offers
Publicly Available Supply. Uber may in no event unilaterally turn off the Uber App Integration or refuse to launch the Uber App Integration in a particular market in the Territory, except as otherwise set forth in Sections 6.6 and 10 or in any SOW.
The foregoing will not apply to A/B testing, fraud control, new market ramp up, and/or similar such activities as specified in the implementation details and technical specifications agreed upon in writing by the parties pursuant to
Section 3.3. 
 3.2 Joby App Integration. Joby will integrate access to and ordering capability for the Uber Services into the
Joby Apps in all markets in the Territory in which Joby operates Publicly Available Supply to facilitate the provision of ground-based mobility and logistics services connecting to the Joby eVTOL Air Mobility Services (the integrated offering
through the Joby Apps, the “Joby App Integration”). The parties will work together in good faith and use commercially reasonable efforts to complete all work necessary to launch the Joby App Integration prior to or simultaneously
with the Commercial Launch Date. For Uber, such good faith efforts will include [*****]. In the event the parties disagree about which applications of Joby are relevant and appropriate for the Integrations, they will follow the dispute resolution
process in accordance with Section 14.2. Notwithstanding the foregoing, the parties acknowledge and agree that the parties intend for the Joby App Integration to include Joby’s primary customer-facing ridesharing application in each
applicable Territory. 
 3.3 Future Agreements to Implement the Integrations. 

(a) Upon Uber’s receipt of Joby’s notice of the Proposed Commercial Launch Date pursuant to Section 3.1, the parties will
commence good-faith negotiations to complete one or more written agreements (such agreements not to be unreasonably withheld, conditioned, or delayed) setting forth the outstanding implementation details needed for the launch of the Integrations.
Such negotiations will be substantially concluded within [*****] after Uber has received Joby’s written notice of such Proposed Commercial Launch Date, and in any case no later than [*****] prior to the sooner of the Proposed Commercial Launch
Date or the Commercial Launch Date. 
 (b) Subject to Section 3.3(a), such written agreement(s) between the parties will include the
following: 
  

	 	(i)	 Integration responsibilities and core functionality; 

 

	 	(ii)	 Integration data handling terms; 

 

	 	(iii)	 Integration service level agreements, including minimum API service levels and engineering support services
(the “SLAs”); 

  

	 	(iv)	 Integration payment terms; 

 

	 	(v)	 [*****]; 

  

	 	(vi)	 any additional API licenses terms; 

 

	 	(vii)	 any licenses of and access to additional Background IP or Foreground IP that the parties identify and agree is
necessary to develop, refine, and test the Integrations and any Contributions; and 

  
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	 	(viii)	 marketing and commercialization plans regarding the promotion of the availability of the Joby eVTOL Air
Mobility Services in the agreed markets. 

 Once the parties agree on the terms and conditions for each written agreement as set forth in
Section 3.3(b), such written agreement will be deemed a statement of work (“SOW”) upon execution thereof by both parties, and such SOW will be subject to the terms and conditions of this Agreement. For clarity, the parties may
agree to additional SOWs for other subject matter related to the Collaboration from time to time. 
 (c) Uber has proposed non-binding, illustrative examples of certain of the terms described in Section 3.3(b), as such terms are attached as Exhibits to this Agreement per this Section 3.3(c) (the “Example
Terms”). Neither party has agreed to the Example Terms and the Example Terms may not be used as a basis for resolving disputes in accordance with Section 14.2. 
  

	 	(i)	 Integration responsibilities and core functionality - exemplified in Exhibit A for the Uber App Integration and
Exhibit E for the Joby App Integration; 

  

	 	(ii)	 Integration data handling terms - exemplified in Exhibit B for the Uber App Integration and Exhibit E for the
Joby App Integration; 

  

	 	(iii)	 Integration SLAs - API minimum service levels and Engineering support services - exemplified in Exhibit C for
the Uber App Integration; 

  

	 	(iv)	 Integration payment terms - exemplified in Exhibit D for the Uber App Integration and Exhibit E for the Joby
App Integration; 

  

	 	(v)	 service models (e.g., SaaS/DaaS models) for Joby to provide to Uber access to certain services and data for
planning purposes to feed Uber’s multimodal trip planning tools and product selection - exemplified in Exhibit B; and 

  

	 	(vi)	 any additional API licenses terms - exemplified in Exhibit E for the Joby App Integration.

 3.4 Pilot Offering. To test, refine, and further develop the Integrations prior to the Proposed Commercial
Launch Date, the parties agree to explore one or more pilot offering(s) at least [*****] prior to the Proposed Commercial Launch Date, which may include [*****]. 

3.5 APIs. Upon the commencement of the development of Integrations, the parties will each provide and maintain application programming
interfaces (“APIs”) which will enable the Integrations. Each party will license its APIs to the other party for integration purposes in accordance with Sections 3.3 and 8.6. 

 

	4.	 MARKETING, PLACEMENT AND PUBLICITY 

4.1 Marketing Activities. Joby and Uber will engage in joint promotion and marketing activities regarding the Integration. This includes
alignment and coordination on planning and implementation of marketing and promoting Joby eVTOL Air Mobility Services to generate demand for the parties’ integrated offerings and featuring each other as partners during the Term to generate
use of Joby eVTOL Air Mobility Services by Uber Customers and use of Uber Services 

  
 9 

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by Joby Customers. This may also include setting mutually agreed sales objectives for the Integrations and joint planning of promotions and other tactical marketing activities as may be agreed by
the parties. The parties will establish a quarterly meeting cadence beginning [*****] prior to the Proposed Commercial Launch Date to plan and coordinate on marketing and promotion activities. 

4.2 Placement of Marks in the Apps. 

(a) Joby Apps. In any markets in the Territory in which Uber is operating Uber Services and Joby is operating Joby eVTOL Air Mobility
Services, Joby will make it apparent within the Joby App that Uber is a provider of the Uber Services. In markets where Uber is not the sole provider of similar services within the Joby App, Joby agrees to display Uber’s Marks in the Joby App
[*****] and will provide Joby Customers access to the Uber Services [*****]. Joby’s use of the Uber Marks in the aforementioned circumstances will conform to the terms of Section 8.7. 

(b) Uber Apps. In any markets in the Territory in which Uber is operating the Uber Services and Joby is operating Joby eVTOL Air
Mobility Services, Uber will make it apparent within the Uber App that Joby is providing eVTOL Air Mobility Services. In markets where Joby is not the sole provider of eVTOL Air Mobility Services within the Uber App, Uber agrees to display
Joby’s Marks in the Uber App [*****] and will provide Uber Customers access to the Joby eVTOL Air Mobility Services [*****]. Uber’s use of the Joby Marks in the aforementioned circumstances will conform to the terms of Section 8.7.

 4.3 Publicity. The parties will agree on a joint communication strategy with regard to all aspects of the Collaboration. Neither
party will issue any press release, advertisement, publicity or other promotional material in relation to the Collaboration or this Agreement, or issue any joint branding or marketing materials, either formally or otherwise, without the other
party’s prior written consent. 
 4.4 User Communication. 

(a) Notwithstanding anything to the contrary, the parties agree that users who exclusively use the Joby eVTOL Air Mobility Services via the
Uber App are Uber Customers and, as between the parties, only Uber will communicate and market to those Uber Customers, except as reasonably necessary for Joby to provide customer support as specified in applicable SOWs, or as otherwise agreed by
the parties in writing from time to time. 
 (b) Notwithstanding anything to the contrary, the parties agree that users who, in addition to
downloading the Uber App Integration, have also downloaded the Joby App and set up an account (independent of any shadow account that may need to be created by Joby in order to enable Joby eVTOL Air Mobility Services via the Uber App) may also be
considered Joby Customers and Section 4.4(a) does not apply to such Joby Customers. 

  
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	5.	 MANAGEMENT AND ESCALATION; FURTHER DEVELOPMENT OF BUSINESS MODEL 

5.1 Program Managers. 

(a) Uber and Joby will each appoint a program manager, with
day-to-day responsibility for the cooperation of the parties as contemplated under this Agreement. Such program managers will be the primary interface of each respective
party for all matters regarding this Agreement (each, a “Program Manager”). 
 (b) The Program Manager for each party will
be responsible for creating and managing integration, operational, marketing, and technical teams to define marketing and operational responsibilities and minimum technical requirements for the Program. The integration, operational, marketing, and
technical teams will meet in person, telephonically or via other means as may be agreed upon by the parties on a mutually-agreed upon basis (but no less than quarterly) and the Program Managers will provide regular status updates on project status
to the Steering Committee. 
 (c) The Program Managers will not be authorized to represent either party with respect to the delivery and
receipt of any legally binding declaration by any party. The decisions of the Program Managers will not be legally binding upon the parties unless such decision has been confirmed in writing (email confirmation is acceptable) by Uber’s and
Joby’s authorized representatives. 
 (d) Escalation of Disputes. The Program Managers will use good faith efforts to resolve
all issues that arise in connection with this Agreement. Either Program Manager will be entitled to refer any such issues to the Steering Committee (as defined below) for further resolution in accordance with Section 14.2. 

5.2 Steering Committee. 

(a) The parties will form a committee to provide strategic guidance regarding the Program (the “Steering Committee”). The
Steering Committee will prepare joint recommendations to the parties on relevant aspects of the Collaboration. 
 (b) The Steering Committee
will consist of four members. Uber and Joby will each appoint two members. The initial members of the Steering Committee will be nominated by the parties within 90 days following the Effective Date. Each party will be entitled, in its sole
discretion, to remove any of its members and appoint replacements members (made effective by written notice to the other party). 
 (c) The
Steering Committee will convene: (i) for regular meetings on a quarterly basis; (ii) ad hoc meetings from time to time upon request by either (with at least two weeks prior written notice, except in exigent circumstances where shorter
notice is necessary); and (iii) in the event one party notifies the other party of any material breach of or default under this Agreement. 

(d) If the Steering Committee fails to agree on any material matter, either party will be entitled to refer such matter to their senior
executives for further consideration in accordance with Section 14.2. 
 (e) Decisions of the Steering Committee will be taken by way
of resolutions. Each resolution will require a unanimous vote. Each member of the Steering Committee will have one vote. The passing of any resolution requires a quorum of at least one member of the Steering Committee appointed by each of the
parties. 

  
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 (f) The Steering Committee will not be authorized to represent either party with respect to
the delivery and receipt of any legally binding declaration by any party. The decisions of the Steering Committee will not be legally binding upon the parties unless such decision has been confirmed in writing (email confirmation is acceptable) by
Uber’s and Joby’s authorized representatives, except that the terms and conditions of this Agreement may not be modified except by written amendment executed by authorized signatories of both parties. 

5.3 Further Development of Business Model. 

(a) The parties acknowledge that the regulatory framework governing the design, deployment and/or use of eVTOLs and the Uber Services
generally may undergo further refinement in potentially relevant jurisdictions in the Territory or around the world. 
 (b) The parties
agree that: (i) any change in the regulatory framework governing a relevant market may impact the parties’ operational plans, cooperation structure, and/or business plans for such market; and (ii) the parties will in good faith
discuss and adopt as necessary (if and as mutually agreed-upon by the parties in writing) changes to their operational plans, cooperation structure, and/or business plans based on any future development of the eVTOL or Uber Services market or
regulatory framework, taking into account, among other things, safety and quality aspects relating to the eVTOL Air Mobility Services. This includes operation requirements, performance requirements, certification, product liability, and other legal
obligations. 
  

	6.	 PRICING; COMMISSIONS; PAYMENT 

6.1 Uber App Bookings. 

(a) Joby will have the sole and exclusive right to establish pricing (and Incentives offered by Joby) for Joby eVTOL Air Mobility Services
offered and booked via an Uber App (an “Uber App Booking” and such fees less discounts and Incentives offered by Joby, the “Joby Services Fee”), except that Joby will not modify its pricing or real-time market
pricing algorithm, as applicable such that the Joby Services Fees would be greater than the fees Joby offers Joby Customers for substantially the same Joby eVTOL Air Mobility Services on the Joby App. 

(b) Uber will remit to Joby the [*****] that are legally required to be collected, less [*****]; provided, however, that Uber will be entitled
to retain the following commissions (“Commissions”), in exchange for [*****], applied to the Joby Services Fees: 
  

	 	(i)	 [*****]; 

  

	 	(ii)	 [*****]; 

  

	 	(iii)	 [*****] and; 

  

	 	(iv)	 [*****]. 

(c) Notwithstanding the foregoing, in the event the parties mutually agree to launch Publicly Available Supply on an exclusive basis in an
Uber App within a market, Uber will waive its right to any Commissions with respect to Uber App Bookings in such market during the 

  
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period of exclusivity within such market (“Mutual Exclusivity”). For the avoidance of doubt, nothing in any agreement regarding Mutual Exclusivity or this Agreement will prevent
either party from negotiating or entering into an agreement with any Major Airline and any activities to offer available supply to a Major Airline will not determine whether a market is subject to Mutual Exclusivity. 

(d) Joby will be ultimately responsible for determining, collecting, and remitting all applicable transaction taxes for Uber App Bookings.
When communicating the pricing for Uber App Bookings, Joby will inform Uber of the applicable transaction taxes for Uber to collect on Joby’s behalf. Uber may determine that it is legally obligated to collect different transaction taxes than
what Joby has communicated, or that Uber is legally obligated to collect and remit applicable transaction taxes directly to the taxing authority under “Marketplace Facilitator Laws” or other similar regimes. Uber will inform Joby of any
such determination and the parties will cooperate in good faith regarding such determinations. Joby will provide information as reasonably requested by Uber to assist with making appropriate determinations regarding transactions taxes applicable to
Uber App Bookings. 
 6.2 Joby App Bookings. 

(a) Uber will have the sole and exclusive right to establish pricing as determined by Uber’s real time market pricing algorithms (and
Incentives offered by Uber) for Uber Services offered and booked via a Joby App (a “Joby App Booking” and such fees less discounts and Incentives, the “Uber Services Revenue”), except that Uber will not modify its
real-time pricing algorithms such that the Uber Services Revenue would be greater than the fees Uber offers Uber Customers for substantially the same Uber Services on the Uber App. 

(b) Joby will remit to Uber, the [*****], [*****] that are legally required to be collected, but [*****] offered by Joby for each Joby App
Booking. 
 (c) Uber will be ultimately responsible for determining, collecting, and remitting all applicable transaction taxes for Joby App
Bookings. When communicating the pricing for Joby App Bookings, Uber will inform Joby of the applicable transaction taxes for Joby to collect on Uber’s behalf. Joby may determine that it is legally obligated to collect different transaction
taxes than what Uber has communicated, or that Joby is legally obligated to collect and remit applicable transaction taxes directly to the taxing authority under “Marketplace Facilitator Laws” or other similar regimes. Joby will inform
Uber of any such determination and the parties will cooperate in good faith regarding such determinations. Uber will provide information as reasonably requested by Joby to assist with making appropriate determinations regarding transactions taxes
applicable to Joby App Bookings. 
 6.3 Rewards and Incentives. 

(a) Uber may offer credits, rewards, subscriptions, promotions and discounts (“Incentives”) for Uber App Bookings at
Uber’s sole discretion and sole cost. For clarity, such Incentives will not reduce the amount of Joby Services Fees. 
 (b) Joby may
offer Incentives for Joby App Bookings at Joby’s sole discretion and cost. For clarity, such Incentives will not reduce the amount of the Uber Services Revenue. 

  
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 (c) [*****]. 

(d) To the extent commercially reasonable, Joby will enable Joby Customers to (i) link their Joby App account to their Uber Rewards or
related Uber loyalty programs and (ii) enable Uber Rewards or related Uber loyalty program functionality and redemption within the Joby App. 

6.4 Payment Terms; Taxes. 

(a) The parties will agree to payment terms in accordance with Section 3.3. 

(b) Each party will be entitled to deduct and withhold from any amounts payable under this Agreement such taxes as are required to be deducted
or withheld therefrom under any provision of applicable Law. The party that is required by applicable Law to make such deduction or withholding will deduct such amounts from such payment, promptly pay such amount on behalf of the other party to the
proper governmental authority, and promptly furnish the other party with proof of payment on a timely basis following such payment. 
 (a)
Notwithstanding the foregoing, if any party (or its assignee pursuant to Section 14.3) required to make payments (the “Paying Party”) to the other party (the “Payee Party”) redomiciles or assigns or delegates
its rights or obligations under this Agreement pursuant to Section 14.3 (a “Tax Action”) and such Tax Action leads to the imposition of withholding tax liability on the Payee Party that would not have been imposed in the
absence of such Tax Action or in an increase in such liability above the liability that would have been imposed in the absence of such Tax Action, the Paying Party will indemnify and hold harmless the Payee Party from any such additional or
increased withholding tax liability (including any withholding on additional payments). 
 (b) Each party will provide the other with a duly
completed and executed IRS Form W-9 or an appropriate IRS Form W-8, as applicable, prior to any payment made under this Agreement. 

(c) Each party agrees to reasonably assist the other party in claiming refunds or exemption from such deductions or withholdings under double
taxation or similar agreement or treaty from time to time in force and in minimizing the amount required to be so withheld or deducted. 

6.5 Payment Audits. During the Term and for no more than one year after termination or expiration of this Agreement, upon at least 15
days prior written request of a party (as the “Auditing Party”), no more than once in any 12-month period, and only once after the termination or expiration of this Agreement, the other party
(as the “Audited Party”) will permit an independent public accountant, selected by the Auditing Party and acceptable to the Audited Party, which acceptance will not be unreasonably withheld, to have access to those records of the
Audited Party as may be reasonably necessary to verify the accuracy of the Joby Services Fees or Uber Services Revenue, as applicable, and other information in the Audited Party’s books and records hereunder or reasonably necessary for
compliance with payment processing obligations under this Agreement, in respect of any calendar year ending not more than 12 months prior to the date of such request. Such independent public accountant will sign the Audited party’s standard

  
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confidentiality agreement prior to accessing the Audited Party’s books and records subject to this Section. If such independent public account’s report shows any misreporting or other
errors of more than 5% for the audit period, the Audited Party will reimburse Auditing Party for its reasonable expenses for the audit in addition to any loss or expense incurred by the Auditing Party attributable to such material breach or
misreporting or other errors, upon submission of supporting documentation. 
 6.6 Suspension. If a party reasonably suspects that
bookings for which it processes transactions are based on fraud, are likely to cause high chargeback volumes, or are illegal, such party will immediately notify the other party and may suspend settlement of the applicable transactions and/or suspend
the operation of the Integrations (solely to the extent necessary to limit the concerning activity) until the other party has given the first party assurances to the first party’s reasonable satisfaction that the relevant bookings can actually
be delivered in accordance with applicable Law and orders can actually be placed by customers. If the suspended party disputes the suspension, such dispute will be immediately escalated to the parties’ senior executives for resolution in
accordance with Section 14.2(c).  
  

	7.	 DATA ACCESS AND LICENSING 

7.1 Integration Data. The parties will agree to terms for the handling of data in connection with Integrations in accordance with
Section 3.3. 
 7.2 System Simulation Data. The parties acknowledge that they are entering into a separate [*****] agreement of
even date herewith, [*****] in connection with the System Simulation Tools (as such terms are defined and used thereunder) (the “SSDA”). For clarity, the terms and conditions in the SSDA control with respect to [*****] and the terms
and conditions in this Agreement control with respect to the Integration data relating to the parties’ Integrations activities hereunder. 
  

	8.	 INTELLECTUAL PROPERTY AND MARKS 

8.1 Ownership. 
 (a)
Joby Ownership. Except as specifically provided herein or in an SOW, Joby will retain all right, title and interest in and to (i) Joby’s Background IP, (ii) any Foreground IP created or developed solely by Joby or its
Affiliates (“Joby-Owned Sole IP”) and (iii) any Foreground IP created or developed jointly (with joint development to be determined by standards under U.S. intellectual property law) by the parties in connection with this
Agreement that is within the Joby Field but not in the Uber Field (“Joby-Owned Joint IP”); except that the foregoing will not be deemed to limit Uber’s ability to independently develop any Technology and Intellectual Property
Rights without the use of Joby’s Confidential Information or Joby-Owned Sole IP that would require a license for such use which has not been granted. Uber hereby assigns to Joby all right, title, and interest in and to any Joby-Owned Joint IP.

 (b) Uber Ownership. Except as specifically provided herein or in an SOW, Uber will retain all right, title and interest in and to
(i) Uber’s Background IP, (ii) any Foreground IP created or developed solely by Uber or its Affiliates (“Uber-Owned Sole IP,” and together with the Joby-Owned Sole IP, the “Solely-Owned IP”) and
(iii) any Foreground IP created or developed 

  
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jointly (with joint development to be determined by standards under U.S. intellectual property law) by the parties in connection with this Agreement that is within the Uber Field but not in the
Joby Field (“Uber-Owned Joint IP”); except that the foregoing will not be deemed to limit Joby’s ability to independently develop any Technology and Intellectual Property Rights without the use of Uber’s Confidential
Information or Uber-Owned Sole IP that would require a license for such use which has not been granted. Joby hereby assigns to Uber all right, title, and interest in and to any Uber-Owned Joint IP. 

(c) Common Joint IP Ownership. While the parties do not anticipate that any Foreground IP will be jointly created or developed by the
parties, in the event any joint Foreground IP is created and not owned by either party pursuant to Sections 8.1(a) or 8.1(b), the parties agree that the Steering Committee or other designated committee jointly formed by the parties will determine
which party or parties will own that Foreground IP that is jointly developed (with joint development to be determined by standards under U.S. intellectual property law) by the parties (“Common Joint IP”). Otherwise, each
party’s rights under such Common Joint IP will be held [*****]. 
 (d) Allocation of Rights in Jointly-Developed IP. The
Steering Committee or other designated committee formed by the parties will review any jointly developed Technology and Intellectual Property Rights to determine whether it is Joby-Owned Joint IP, Uber-Owned Joint IP, or Common Joint IP in
accordance with the allocation of rights set forth above. To the extent the applicable committee does not agree on the ownership of any jointly-developed Technology and Intellectual Property Rights, such disagreement will be resolved in accordance
with the procedures set forth in Section 14.2. 
 (e) General Cooperation. Each party agrees to execute all papers, including
patent applications, invention assignments and copyright assignments, and otherwise agrees to assist the other party, as reasonably required and at such other party’s reasonable expense, to perfect in such other party the rights, title and
other interests in their respective inventions or creations. 
 (f) Marks. Except as specifically provided herein, each party will
retain all right, title, and interest in and to their respective Marks, and no licenses or rights granted by a party to Foreground IP will include licenses under its or its Affiliates’ Marks unless expressly agreed in writing. 

8.2 Licenses to Improvements.  

(a) License to Improvements to Uber’s Background IP. Joby will grant and hereby grants to Uber and its Affiliates, under all of
Joby’s and its Controlled Affiliates’ rights in and to Joby’s Foreground IP that is an Improvement to Uber’s or its Affiliate’s Background IP disclosed or made available to Joby or its Affiliates in connection with this
Agreement, a [*****] license to [*****] exploit such Joby’s Foreground IP.  
 (b) License to Improvements to Joby’s
Background IP. Uber will grant and hereby grants to Joby and its Affiliates, under all of Uber’s and its Controlled Affiliates’ rights in 

  
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and to Uber’s Foreground IP that is an Improvement to Joby’s or its Affiliates’ Background IP disclosed or made available to Uber or its Affiliates in connection with this
Agreement, [*****] license to [*****] exploit such Uber’s Foreground IP. 
 8.3 In-Field
Contribution Licenses.  
 (a) License to the Uber Field. Joby will grant and hereby grants, or will cause to be granted, to Uber
and its Affiliates, under all of Joby’s and its Controlled Affiliates’ rights in and to Joby’s Foreground IP that is embodied in a Contribution, [*****] license [*****] exploit such Joby’s Foreground IP in such Contributions
solely in connection with Uber’s and its Affiliates’ products and services, except to the extent expressly shared by Joby for use solely in connection with the Integrations, solely in connection with the Integrations. 

(b) License to the Joby Field. Uber will grant and hereby grants, or will cause to be granted, to Joby and its Affiliates, under all of
Uber’s and its Controlled Affiliates’ rights in and to Uber’s Foreground IP that is embodied in a Contribution, [*****] license to [*****] exploit such Uber’s Foreground IP in such Contributions solely in connection with
Joby’s and its Affiliates’ products and services except to the extent expressly shared by Uber for use solely in connection with the Integrations, solely in connection with the Integrations. 

8.4 Licenses to Jointly-Developed Foreground IP.  

(a) License to Joby-Owned Joint IP. Joby will grant and hereby grants to Uber and its Affiliates, under all of Joby’s and its
Controlled Affiliates’ rights in and to such Joby-Owned Joint IP, [*****] license to [*****] exploit such Joby-Owned Joint IP solely for purposes [*****]. For the avoidance of doubt, the foregoing license will not grant Uber or any of its
Affiliates any right in or to any Joby-Owned Sole IP, even if such Joby-Owned Sole IP is practiced or infringed (whether necessarily, directly, indirectly, or otherwise) by the practice of any Joby-Owned Joint IP. 

(b) License to Uber-Owned Joint IP. Uber will grant and hereby grants to Joby and its Affiliates, under all of Uber’s and its
Controlled Affiliates’ rights in and to such Uber-Owned Joint IP, [*****] license to [*****] exploit such Uber-Owned Joint IP solely for purposes of [*****]. For the avoidance of doubt, the foregoing license will not grant Joby or any of its
Affiliates any right in or to any Uber-Owned Sole IP, even if such Uber-Owned Sole IP is practiced or infringed (whether necessarily, directly, indirectly, or otherwise) by the practice of any Uber-Owned Joint IP. 

(c) License to Common Joint IP. Regardless of the determination of ownership of Common Joint IP pursuant to Section 8.1(c), each
party will grant and hereby grants, or will cause to be granted, to the other party, under all of such party’s rights in and to such Common Joint IP, [*****] license to [*****] exploit such Common Joint IP for any and all purposes without
limitation. Each party’s rights under the Common Joint IP will be held by such party without any obligation [*****]. For the avoidance of doubt, the foregoing license will not grant either party (or any of its Affiliates) any right in or to any
Solely-Owned IP, even if any Solely-Owned IP is practiced or infringed (whether necessarily, directly, indirectly, or otherwise) by the practice of any Common Joint IP. 

  
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 8.5 Prosecution and Enforcement of Jointly-Owned IP. With respect to any Common Joint
IP that is jointly owned (“Jointly-Owned IP”) that comprises patentable subject matter, the following additional provisions will apply: 

(a) Patent Prosecution. The Steering Committee will determine which party will have the first right to prepare, file, prosecute and
maintain, at its own expense and in consultation with the other party, patent applications and patents, and to conduct any interferences, re-examinations, reissues, oppositions or requests for patent term
extension or governmental equivalents thereto, unless the Steering Committee selects a party to have such a right for a particular matter. In the event that a party designated by the Steering Committee does not, with respect to an invention, patent
application or patent assigned to it, file, prosecute or maintain any such patent or patent application, or undertake such other activities described above, then the other party will have the right to assume such activities at its own expense but
without affecting the ownership and license provisions set forth in this Section 8. 
 (b) Patent Cooperation. The parties will
both use reasonable efforts to keep the other fully informed as to the status of patent matters with respect to any Jointly-Owned IP, including by providing the other the opportunity to review and comment on complete copies of any documents a
reasonable time in advance of applicable filing dates and prosecution deadlines, and upon request, providing to the other party copies of any substantive documents that a party receives from the United States Patent and Trademark Office and any
foreign patent offices, promptly after receipt, including notice of all official actions, interferences, reissues, re-examinations, oppositions, or requests for patent term extensions. The parties will each
reasonably cooperate with and assist the other at their own expense in connection with such activities, at the other party’s reasonable request. 

(c) Enforcement. 
 (i)
Initial Right of Enforcement. During the Term, if a party wants to enforce Intellectual Property Rights in the Jointly-Owned IP against commercially material infringements that involve the manufacture, use, sale, offer for sale or import of
products or services infringing such Intellectual Property Rights, it will raise the potential enforcement action with the Steering Committee. The Steering Committee will discuss such potential enforcement action and if following such discussion the
other party does not object to such enforcement action, such objection not to be unreasonably conditioned, delayed or withheld, the requesting party may undertake such action at its own expense, and during the pendency of such action, except for non-exclusive licenses in connection with making available the other party’s products and services, such party agrees not to grant a license to the affected Jointly-Owned IP to the counterparty to such action
(such requesting party, the “Original Enforcing Party”). If following the commencement of any such pending action, the Original Enforcing Party does not take action reasonably sufficient to halt such infringement within three
months, the other party (the “New Enforcing Party”) may undertake such action at its own expense and, except for non-exclusive licenses in connection with making available the Original
Enforcing Party’s products and services to such pending action, the New Enforcing Party agrees not to grant a license to the affected Jointly-Owned IP to the counterparty to such action. For the avoidance of doubt, neither party has an
obligation to join an action to enforce such Intellectual Property Rights. 

  
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 (ii) Cooperation; Costs. Each party may, but is not obligated to, render reasonable
assistance in connection with enforcement activities described in this Section 8.5(c) as the enforcing party may request. Costs of maintaining any such action and assistance will be paid by and belong to the party or parties bringing the
action. 
 (iii) Recoveries. Unless the parties agree at the Steering Committee to jointly undertake an action, any damages or
settlement recovered from any action under this Section 8.5(c) (after the deduction of the costs and fees of the action for each party) will be allocated to the party bringing the action. 

8.6 API License for Integrations. 

(a) License to Joby APIs. Subject to the terms and conditions under this Agreement, Joby hereby grants and agrees to grant to Uber,
under any Intellectual Property Rights owned or Licensable by Joby, a [*****] license to access and use the Joby APIs as necessary to enable the Integrations during the Term (and any Wind-Down Period) in the Territory solely in connection with the
Integrations. 
 (b) License to Uber APIs. Subject to the terms and conditions under this Agreement, Uber hereby grants and agrees to
grant to Joby, under any Intellectual Property Rights owned or Licensable by Uber, a [*****] license to access and use the Uber APIs necessary to enable the Integrations during the Term (and any Wind-Down Period) in the Territory solely in
connection with the Integrations. 
 (c) For clarity, the API licenses granted under Sections 8.6(a) and 8.6(b) are subject to any future
agreements between the parties containing additional or alternative API licensing terms to be negotiated in accordance with Section 3.3. Each party may make modifications to its APIs, including bug fixes, performance improvements, and feature
enhancements, from time to time at its sole discretion, provided that (i) it provides notice to the other party and uses commercially reasonable efforts to detail any foreseeable material impact to the applicable Integration, and (ii) such
updates are in accordance with the API update policy set forth in the plan for the applicable Integration. If a party modifies its APIs to resolve a security or legal liability concern, the other party will update its implementation of the
applicable APIs as soon as practicable. 
 8.7 Mark License. 

(a) Subject to the terms and conditions of this Agreement, including Section 8.7(b), each party hereby grants to the other party a
[*****] right and license during the Term, to use the party’s Marks in connection with the other party’s exercise of its rights or performance of its obligations under this Agreement. The parties acknowledge and agree that any Mark rights
and any goodwill derived from a party’s use of the other party’s Marks will inure solely to the benefit of the licensing party. 

(b) Each party (as the licensee) will use and display the Marks of the other party (as the licensor) only in the form, color, dimension and
manner as expressly approved by the licensor, and such use will also be consistent with any specifications, standards, guidelines and other instructions provided by the licensor. Prior to the first use of a kind of the licensor’s Marks,

  
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the licensee will furnish samples of all proposed advertising, marketing and promotional materials, brochures, documentation and other materials, which make use of the licensor’s Marks
(“Materials”), to the licensor and will not commence use of the Materials without first receiving the prior written consent from the licensor. All such requests for approval must be sent by the licensee in writing to an individual
designated by the licensor to provide such approvals (by email is sufficient) and will include information on the proposed use and territory for which the licensee is seeking approval. The licensor will consider any such request on a case-by-case basis and may accept or reject any such request in its sole discretion. A failure by the licensor to respond will be deemed a disapproval of the Materials. If the
licensor has approved a specific execution of the Materials for a given territory, the licensee may not make any changes to such Materials without further approval from the licensor and must limit use of the Materials to such territory. 

(c) Each party acknowledges the importance of providing high-quality goods and services under the licensor’s Marks, and will not take any
action that may materially impair or tarnish the goodwill associated with the licensed Marks. Each licensee will also comply with the licensor’s requirements with respect to the quality of goods and services promoted and sold under the licensed
Marks for purposes of protecting the licensed Marks. 
 8.8 Reservation of Rights. All rights that are not specifically granted under
this Agreement are expressly reserved. No rights or licenses are granted to any party or its Affiliates under this Agreement, by implication, estoppel, statute, or otherwise, except as expressly provided in this Agreement. The rights and licenses
granted by each party or its Affiliates will not include or result in any license, release, covenant not to sue, or other rights being provided to any other party, Affiliate, or third party by implication, estoppel, statute, or otherwise, with
respect to any additional Intellectual Property Rights of the granting party, even if such additional Intellectual Property Rights are necessary to exercise the rights expressly granted in this Agreement.

8.9 No Delivery Obligations. For the avoidance of doubt, nothing in this Agreement, including Section 8.2, is intended to obligate
either party or its Affiliates to deliver to the other party or its Affiliates any Technology, Improvements, equipment, or any other embodiments of any Intellectual Property Rights, except as expressly identified in an SOW as a
“deliverable.” 
 8.10 Variations under Exhibits or Statements of Work. The parties may mutually agree on additional or
different provisions with respect to Technology and Intellectual Property Rights licensing and/or ownership in the applicable SOWs or other ancillary agreements, which provisions will govern in the event of a conflict with this Section 8. 

 

	9.	 CONFIDENTIALITY 

9.1 Obligations. Each party and its Affiliates (each, a “Receiving Party”) will maintain in confidence all
Confidential Information disclosed to it by the other party, its Affiliates or its or their Personnel (the “Disclosing Party”) in connection with this Agreement. Each Receiving Party agrees not to use, disclose or grant use of such
Confidential Information except for purposes expressly specified in this Agreement. Each Receiving Party agrees to disclose the Confidential Information of the Disclosing Party only to its Personnel who have a need to know such Confidential
Information specifically for purposes of performing under this Agreement or for any other purposes expressly permitted by this Agreement and who have agreed to be bound by written 

  
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confidentiality and non-use obligations substantially similar to the terms of this Section 9. Each Receiving Party agrees to use at least the
same standard of care as it uses to protect its own confidential information of a similar nature to protect such Confidential Information from unauthorized use or disclosure and to ensure that such Personnel do not disclose or make any unauthorized
use of such Confidential Information, but in no event less than reasonable care. The Receiving Party will promptly notify the Disclosing Party upon discovery of any unauthorized use or disclosure of the Disclosing Party’s Confidential
Information. 
 9.2 Exceptions. The obligations set forth in Section 9.1 will not apply to the extent that such information:
(a) was already known to the Receiving Party, other than under an obligation of confidentiality, at the time of disclosure by the Disclosing Party, as established by documentary evidence of the Receiving Party; (b) was generally available
to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party; (c) became generally available to the public or otherwise part of the public domain after its disclosure to the Receiving Party other
than through any act or omission of the Receiving Party in breach of this Agreement; (d) was disclosed to the Receiving Party, other than under an obligation of confidentiality, by a third party who was not known or should have been known by
the Receiving Party to be under a direct or indirect (e.g., as a sublicensee of such information) obligation to the Disclosing Party not to disclose such information to others; or (e) was developed independently by the Receiving Party
without any use of or reference to the Confidential Information of the Disclosing Party, as established by documentary evidence of the Receiving Party. 

9.3 Required Disclosures. Notwithstanding Section 9.1, the Receiving Party may disclose Confidential Information of the Disclosing
Party to the extent that it is required to be disclosed by applicable Law or a valid order of a court or other governmental authority, provided that the Receiving Party: (a) gives the Disclosing Party prompt prior written notice to the extent
legally permissible so that the Disclosing Party has a reasonable opportunity to contest or limit such disclosure, and reasonably cooperates with the Disclosing Party in any such efforts; or (b) uses commercially reasonable efforts to seek to
obtain a protective order or other confidential treatment for such Confidential Information if timely notice cannot be given. 
 9.4
Return of Confidential Information. Upon a Disclosing Party’s written request, and in any event upon termination or expiration of this Agreement, the Receiving Party will promptly return or destroy the Disclosing Party’s
Confidential Information, and, at the Disclosing Party’s request, an officer of the Receiving Party will certify in writing to the Disclosing Party that the Receiving Party has done the same. 

9.5 Feedback. Either party may, but is not required to, provide suggestions, comments, ideas, or
know-how to the other party relating to the receiving party’s actual or planned products, services or Technology (“feedback”), and the disclosing party hereby grants and agrees to grant
to the receiving party a [*****] license to use and disclose such feedback for any purpose. For the avoidance of doubt, nothing in this Agreement (a) will restrict a party’s use of its own Confidential Information and (b) will be
deemed to grant a license under any of either party’s patents or copyrights. 

  
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 9.6 Pre-Existing NDA. The parties acknowledge
that Uber and Joby previously executed that certain Mutual Non-Disclosure Agreement, dated December 12, 2018, which will continue in full force and effect in accordance with its terms with respect to the
information thereunder, but this Agreement alone governs with respect to the information disclosed hereunder. 
  

	10.	 TERM AND TERMINATION 

10.1 Term. The term of this Agreement will commence on the Effective Date, and, unless terminated earlier as provided in this
Section 10, will automatically terminate on [*****], unless extended by mutual written agreement of the parties (the “Term”). 

10.2 Mutual Termination Rights. Either party may terminate this Agreement: 

(a) if the other party materially breaches or defaults in the performance of any of its obligations hereunder, and such breach or default
continues for 90 days after detailed written notice thereof was provided to the breaching party by the non-breaching party; 

(b) immediately upon written notice to the other party if such other party is the subject of a voluntary petition in bankruptcy or any similar
proceeding relating to insolvency, receivership or cessation of business; 
 (c) immediately upon written notice to the other party if
(i) after using commercially reasonable efforts and performing in accordance with this Agreement, Joby fails to obtain Federal Aviation Administration (FAA) certification for Joby eVTOLs and Joby eVTOL Air Mobility Services in the Territory by
[*****]; or (ii) an action by a Governmental Authority or change in applicable Law has a material and adverse effect on the terminating party’s ability to legally perform its obligations under this Agreement ; 

(d) immediately prior to consummation of a Change of Control of the other party that involves a Joby Direct Competitor (if Joby is the
terminating party) or an Uber Direct Competitor (if Uber is the terminating party). The party undergoing a Change of Control will notify the other party (email being sufficient) upon, but in no circumstances later than three Business Days after, a
Change of Control of the affected party is definitively agreed to with the relevant acquiring party and becomes binding on the affected party (e.g., the signature of a binding merger and/or acquisition agreement), to the extent permitted under Law.
For clarity, the foregoing notification requirement must be made prior to such Change of Control; or 
 (e) as and to the extent set forth
in the SLAs or SOWs. 
 10.3 Uber Termination Rights. Without limiting the foregoing rights in Section 10.2, Uber may suspend
this Agreement (in whole or in part) in the event (a) there are multiple incidents during a short period of time, from Uber Customers or Joby Customers reporting safety issues related to use of Joby eVTOLs, and/or (b) Uber becomes aware of
a material safety issue, including from Joby or from an allegation in writing from the Federal Aviation Administration or National Transportation Safety Board (or foreign equivalents, if applicable) that Joby eVTOLs or Joby eVTOL Air Mobility
Services pose, or seriously threaten to pose, a safety risk. In such a case, Uber may suspend its activities related to the Joby eVTOL Air Mobility Services throughout the Territory or in the impacted locations (a “Suspension”). A
Suspension will be lifted upon either 

  
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(i) an applicable determination by the Federal Aviation Administration or National Transportation Safety Board (or foreign equivalents, if applicable) that there is no safety risk or the safety
risk has been properly addressed; or (ii) a determination by Uber, in its reasonable discretion, that the safety issue does not pose, or will not continue to pose, a safety risk. During a Suspension, Joby will have an opportunity to provide
assurances to Uber that such incidents, complaints, and/or allegations do not pose, or will not continue to pose, safety risks. If the Suspension has continued for a period of more than six (6) months and, following good-faith discussions, Uber
determines in its reasonable discretion that serious safety risks remain, Uber may terminate the Agreement effective upon written notice to Joby. 

10.4 Effect of Termination; Wind Down Period. Termination or expiration of this Agreement for any reason will not release either party
from any liability or obligation that, at the time of such termination or expiration, has already accrued to the other party or that is attributable to a period prior to such termination or expiration, nor will it preclude either party from pursuing
any rights and remedies it may have hereunder or at law or in equity with respect to any breach of this Agreement. Upon the expiration or termination of this Agreement, the parties may agree to continue to offer the Integration to customers in
accordance with this Agreement for a period of up to [*****] following such termination or expiration, subject to continued payments under Section 6 (the “Wind Down Period”). During the Wind Down Period the parties will
cooperate in good faith to wind down the Integration and enable each party to continue its operations independently. Notwithstanding the foregoing, following expiration or any termination of this Agreement without a Wind Down Period or the Wind Down
Period, as applicable, each party will permit and cooperate with the other party to unwind the technical aspects of the Integration for a reasonable period of time, not to exceed [*****], so long as, for clarity, neither party will be required to
continue to offer the Integrations to customers during such period unless otherwise agreed by the parties 
 10.5 Survival.
Termination or expiration of this Agreement for any reason will be without prejudice to any rights that will have accrued to the benefit of a party prior to the effective date of such termination or expiration. Sections 1 (Definitions), 4.3
(Publicity), 6.1 (Uber App Bookings), 6.2 (Joby App Bookings), 6.4 (Payment Terms; Taxes), 6.5 (Payment Audits) (in accordance with its terms), 8 (Intellectual Property) (in accordance with its terms), excluding 8.5(c), 9 (Confidentiality), 10.4
(Effect of Termination; Wind Down Period) (in accordance with its terms), 10.5 (Survival), 11 (Representations and Warranties; Disclaimer), 12 (Indemnification), 13 (Limitation of Liability), and 14 (Miscellaneous) of this Agreement will survive the
expiration or termination of this Agreement for any reason. Sections 2.4 (Regulatory Responsibilities), 2.5 (Costs and Expenses), 3.1 (Uber App Integration), 3.2 (Joby App Integration), 3.5 (APIs), 4.2 (Placement of Marks in the Apps), 5.1 (Program
Managers), 5.2 (Steering Committee), 6.3 (Rewards and Incentives), 8.6 (API License), 8.7 (Mark License), of this Agreement will survive solely during the Wind Down Period. 
  

	11.	 REPRESENTATIONS AND WARRANTIES; DISCLAIMER 

11.1 Mutual Representations and Warranties. Each party represents and warrants that: (a) it has the power and authority to enter
into this Agreement and to carry out the obligations hereunder; (b) the execution, delivery and performance of this Agreement and the transactions and other documents contemplated hereby have been duly authorized by all necessary corporate or

  
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company action on the part of such party; (c) this Agreement has been duly executed and delivered by each party, and constitutes a legal, valid and binding obligation of such party,
enforceable against such party in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and similar laws of general applicability relating to or affecting creditors’ rights, and general
equity principles; (d) it will perform its obligations under this Agreement in compliance with all applicable Laws; (e) it has and will obtain, hold, and comply with, all permits, licenses and other governmental authorizations required
under applicable Law for conducting, carrying out and continuing its activities under this Agreement; and (f) it has all necessary rights and licenses to provide the Intellectual Property and Technology it provides as part of the Collaboration
for use in accordance with the terms this Agreement (including any applicable SOW). 
 11.2 Joby Representations and Warranties. Joby
represents and warrants that the Joby eVTOLs and Joby eVTOL Air Mobility Services will (a) [*****]; and (b) [*****]. 
 11.3 Uber
Representations and Warranties. Uber represents and warrants that the Uber Services will (a) [*****]; and (b) [*****]. 
 11.4
DISCLAIMER. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF TITLE, NON-INFRINGEMENT,
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, QUIET ENJOYMENT, QUIET POSSESSION, OR ANY WARRANTIES IMPLIED FROM ANY COURSE OF DEALING OR USAGE OF TRADE, AND EACH PARTY HEREBY DISCLAIMS THE SAME. 

 

	12.	 INDEMNIFICATION 

12.1 Indemnity by Joby. Joby hereby agrees to indemnify, defend and hold Uber and its Affiliates, harmless from and against all
Liabilities arising out of any claim asserted by any third party (including any claim or investigation by a Governmental Authority) to the extent that such Liabilities arise out of or result from: (a) Joby’s or its Affiliates’ willful
misconduct or gross negligence; (b) product liability, personal injury, death, or damage to real or tangible personal property resulting from (i) the negligent or willful acts or omissions of Joby or its Affiliates (including their
Personnel) or (ii) the use or operation of Joby eVTOL or Joby eVTOL Air Mobility Services; (c) Joby’s breach (or any claim alleged facts that, if true, would be a breach) of its representations and warranties set forth in this
Agreement; (d) Joby’s or its Affiliates’ violation of applicable Law; (e) the alleged, actual, or indirect infringement, misappropriation or violation of a third party’s Intellectual Property Rights or other rights arising
from specific actions that Joby or its Affiliates require Uber or its Affiliates to take or that Joby or its Affiliates take, in each case, to the extent in connection with any Joby eVTOL or the Joby eVTOL Air Mobility Services; or
(f) transaction taxes applicable to Uber App Bookings, except to the extent that Uber failed to collect transaction taxes that were correctly determined by Joby and communicated to Uber. Notwithstanding the foregoing, Joby will not have any
obligation to indemnify Uber and its Affiliates for any Liabilities to the extent any such Liabilities are directly caused by Uber’s or its Affiliates’ willful misconduct or breach of this Agreement. 

  
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 12.2 Indemnity by Uber. Uber hereby agrees to indemnify, defend and hold Joby and its
Affiliates, harmless from and against any Liabilities arising out of any claim asserted by any third party (including any claim or investigation by a Governmental Authority), to the extent that such Liabilities arise out of or result from:
(a) Uber’s or its Affiliates’ willful misconduct or gross negligence; (b) product liability, personal injury, death, or damage to real or tangible personal property resulting from (i) the negligent or willful acts or
omissions of Uber or its Affiliates (including their Personnel) or (ii) the use or operation of Uber Services; (c) Uber’s breach (or any claim alleged facts that, if true, would be a breach) of its representations and warranties under
this Agreement; (d) Uber’s or its Affiliates’ violation of applicable Law; (e) the alleged, actual, or indirect infringement, misappropriation or violation of a third party’s Intellectual Property Rights or other rights
arising from specific actions that Uber or its Affiliates require Joby to take or that Uber or its Affiliates take, in each case, to the extent in connection with the Uber Platform and the Uber Services; or (f) transaction taxes applicable to
the Joby App Bookings, except to the extent Joby failed to collect transaction taxes that were correctly determined by Uber and communicated to Joby. Notwithstanding the foregoing, Uber will not have any obligation to indemnify Uber and its
Affiliates for any Liabilities to the extent any such Liabilities are directly caused by Joby’s or its Affiliates’ willful misconduct or breach of this Agreement. 

12.3 Indemnification Procedures. The indemnified party will (a) provide the indemnifying party with prompt written notice
of an applicable claim; (b) at its expense, have the right to participate in the defense and settlement thereof; and (c) provide the indemnifying party with the information and assistance reasonably necessary to defend or settle such claim
as reasonably requested by the indemnifying party. The indemnifying party may settle such claim or proceeding with the prior written consent of the indemnified party, which consent will not be unreasonably withheld, conditioned or delayed; except
that the indemnified party will have the right to reject settlement or other disposition of the claim involving or requiring admission or acknowledgement of wrongdoing by or liability on the part of the indemnified party. 

 

	13.	 LIMITATION OF LIABILITY 

13.1 TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXCEPT FOR A PARTY’S BREACH OF SECTION 7 (DATA ACCESS AND LICENSING) AND SECTION 9
(CONFIDENTIALITY), A PARTY OR ITS AFFILIATES’ USE OR PRACTICE OF THE TECHNOLOGY, INTELLECTUAL PROPERTY RIGHTS, OR MARKS OWNED OR CONTROLLED BY THE OTHER PARTY OR ITS AFFILIATES OTHER THAN IN ACCORDANCE WITH THE RIGHTS GRANTED IN OR SECTION 8
(INTELLECTUAL PROPERTY), OR EITHER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AND AS MAY OTHERWISE BE AGREED UPON BY THE PARTIES AND EXPLICITLY STATED IN ANY SOW OR ANCILLARY AGREEMENT, IN NO EVENT WILL EITHER PARTY BE LIABLE UNDER THIS
AGREEMENT TO THE OTHER PARTY OR ITS AFFILIATES FOR ANY LOST PROFITS OR FOR ANY INDIRECT, INCIDENTAL, EXEMPLARY, CONSEQUENTIAL, PUNITIVE, OR SPECIAL DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT, UNDER ANY THEORY OF LIABILITY, WHETHER CONTRACT,
TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, EVEN IF SUCH PARTY HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. WITHOUT LIMITING THE FOREGOING, NOTHING IN THIS AGREEMENT LIMITS THE DAMAGES THAT A PARTY MAY SEEK FOR INFRINGEMENT OR
MISAPPROPRIATION 

  
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OF ITS TECHNOLOGY, INTELLECTUAL PROPERTY RIGHTS, OR MARKS, INCLUDING BY TAKING ACTIONS THAT ARE NOT EXPRESSLY LICENSED UNDER THIS AGREEMENT. NOTHING IN THIS SECTION 13 WILL LIMIT A PARTY’S
INDEMNIFICATION OBLIGATIONS WITH RESPECT TO THIRD PARTY CLAIMS UNDER SECTION 12. TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH PARTY’S LIABILITY WITH RESPECT TO CLAIMS BETWEEN THE PARTIES ALLEGING DAMAGE TO REAL OR TANGIBLE PERSONAL PROPERTY
RESULTING FROM JOBY EVTOLS (IN THE CASE OF JOBY) OR GROUND TRANSPORTATION VEHICLES (IN THE CASE OF UBER) WILL NOT EXCEED [*****] U.S. DOLLARS ($[*****]). 
  

	14.	 MISCELLANEOUS 

14.1 Governing Law. This Agreement and any claim arising from or relating to this Agreement, the transactions contemplated hereby, any
relief or remedies sought by any parties, and the rights and obligations of the parties hereunder, will be governed by and construed in accordance with the Laws of the State of Delaware without regard to the conflicts of Law provisions thereof that
would cause the Laws of any other jurisdiction to apply. 
 14.2 Dispute Resolution. Each party recognizes the mutual benefit of
alternative dispute resolution, and will work together in good faith to resolve disputes that may arise using the following sequence of mechanisms: 

(a) Program Manager Meetings. The Program Manager from each party will attempt to resolve any dispute as set forth in
Section 5.1(d) within 30 days. If resolution is not achieved, or a written plan of action to achieve resolution is not agreed upon by the parties, then the dispute will then be escalated to Section 14.2(b). 

(b) Steering Committee Meetings. The Steering Committee will attempt to resolve any unresolved dispute as set forth in Section 5.2
in a special meeting to be held within 30 days following escalation from the Program Managers. If resolution is not achieved, the dispute will then be escalated to Section 14.2(c). 

(c) Executive Meeting. At least one senior executive from each of the parties will attempt to resolve any unresolved dispute referred
to them pursuant to Section 14.2(b) in good faith. If resolution is not achieved, or a written plan of action to achieve resolution is not agreed upon by the parties, within 30 days from the time of the Steering Committee failing to reach an
agreement, or if any agreed-upon completion dates in a written plan of action are exceeded without extension, then the parties may submit the dispute to final and binding arbitration pursuant to Section 14.2(f). 

(d) Nonbinding Mediation. While the dispute escalation outlined above is ongoing or at any time thereafter, the parties may engage in
nonbinding mediation in an attempt to resolve a dispute, provided that any mediation would occur in parallel to the dispute escalation and arbitration processes set forth in this Section 14.2. 

(e) Confidentiality. Discussions and correspondence among the representatives for purposes of these negotiations will be treated as
Confidential Information developed for purposes of settlement, will be exempt from discovery and production, and will not be admissible in mediation, arbitration or in any lawsuit pursuant to Rule 408 of the Federal Rules of Evidence. 

  
 26 

 CONFIDENTIAL 

 

 (f) Arbitration. Should the parties fail to resolve the dispute using the mechanisms
in Sections 14.2(a)-(d), the parties will resort to settling the dispute by binding arbitration and not a court of law. The arbitration will be administered by the JAMS Mediation Process (“JAMS”) through a panel of three arbitrators
(“Arbitrators”) which will have exclusive authority to resolve any disputes relating to the interpretation, applicability, enforceability or formation of this Section 14.2(f), including any claim that all or any part of the
Agreement is void or voidable. The parties agree that the location of arbitration will be San Francisco, CA. If the JAMS rules are found to not apply to any issue that arises under the Agreement or the enforcement thereof, then that issue will be
resolved under the laws of the state of California. A party who desires to initiate arbitration must provide the other party with a written demand for arbitration. The Arbitrators will be either (i) retired judges or (ii) attorneys
specifically licensed to practice law in the state of California and will be mutually selected by the parties. If the parties are unable to agree upon Arbitrators within seven days of delivery of the demand for arbitration, then the JAMS
administrator will appoint the Arbitrators in accordance with JAMS rules. The Arbitrators’ decision will be final and binding on all parties. The Arbitrators’ decision and judgment thereon will have no precedential or collateral estoppel
effect. Each party will bear its own costs for Arbitration regardless of outcome. 
 (g) Notwithstanding any of the foregoing, each party
will have the right to seek injunctive relief in an applicable court of law or equity pending resolution of the dispute in accordance with the foregoing. 

14.3 Assignment. This Agreement will be binding upon and will inure to the benefit of the parties and their respective successors and
permitted assigns. Neither party may assign this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party, which consent will not be unreasonably withheld or delayed; provided, however, that each
party may assign this Agreement or its rights and obligations hereunder without the prior written consent of the other party to a wholly-owned Affiliate, and either party may assign this Agreement and its rights and obligations hereunder without
prior written consent in connection with a Change of Control of such party if such Change of Control does not involve an Uber Direct Competitor (in the case of a Change of Control of Joby) or a Joby Direct Competitor (in the case of a Change of
Control of Uber). In connection with a Change of Control of Joby involving an Uber Direct Competitor, Joby may only assign this Agreement by prior written consent of Uber. In connection with a Change of Control of Uber involving a Joby Direct
Competitor, Uber may only assign this Agreement by prior written consent of Joby. No assignment will relieve the assigning party of any of its obligations hereunder. Any attempted assignment in violation of this Section 14.3 will be void. For
purposes of this Agreement, a Change of Control will be deemed an assignment. 
 14.4 No Third Party Beneficiaries. This Agreement is
for the sole benefit of the parties and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or will confer upon any other Person or entity any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement. 

  
 27 

 CONFIDENTIAL 

 

 14.5 Independent Contractor. Each party agrees that its relationship with the other is
that of an independent contractor and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship. Neither party nor such party’s employees are, or will be deemed for any purpose to
be, employees of the other party. Neither party will be responsible to the other party, the other party’s employees, or any governing body for any payroll-related, unemployment insurance premiums, worker’s compensation, health care,
pension plan contributions, taxes related to the performance or other similar responsibilities. 
 14.6 Force Majeure. No party will
be in breach of this Agreement if there is a delay, failure, omission or impossibility of performance by it of any of its obligations hereunder as a direct result of an event of Force Majeure. The obligations of the party affected by Force Majeure
under this Agreement will be suspended during such period and to the extent that such party is prevented or hindered from complying therewith by an event of Force Majeure. The party affected by Force Majeure will notify the other party promptly in
writing of the commencement and cessation of such circumstances giving rise to the event of Force Majeure. As soon as possible after the commencement of any event of Force Majeure, the affected party will furnish the other party with full
particulars on the anticipated effect on its obligations and responsibilities under this Agreement, and the parties will convene the Steering Committee to discuss the situation and seek resolution pursuant to Section 14.2 above. 

14.7 Specific Performance; Remedies. The parties agree that irreparable damage, for which monetary damages (even if available) may not
be an adequate remedy, may occur if any party does not perform any provision of this Agreement in accordance with its specified terms or otherwise breaches such provisions. Accordingly, the parties agree that the parties will be entitled to seek an
injunction, specific performance or other form of equitable relief to prevent breaches of this Agreement, without the necessity of proving actual damages or posting any bond or other security, and to enforce specifically the terms and provisions
hereof, in addition to any other remedy to which the parties may be entitled hereunder or at Law or equity. 
 14.8 Interpretation.
For purposes of this Agreement, (a) the words “include,” “includes” and “including” will be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive;
(c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole; (d) all references to currency herein will be to, and all payments required
hereunder will be paid in, U.S. Dollars unless a different currency is specifically stated; (e) any singular term in this Agreement will be deemed to include the plural, and any plural term the singular; (f) unless the context of this
Agreement clearly requires otherwise, words importing the masculine gender will include the feminine and neutral gender and vice versa; (g) whenever this Agreement refers to a number of days, such number will refer to calendar days unless
Business Days are specified; and (h) references from or through any date mean, unless otherwise specified, from and including or through and including, respectively. Unless the context otherwise requires, references herein: (i) to
Articles, Sections and Exhibits mean the Articles and Sections of, and Exhibits attached to, this Agreement; (ii) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and
modified from time to time to the extent permitted by the provisions thereof and (iii) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This
Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. 

  
 28 

 CONFIDENTIAL 

 

 14.9 Headings. The headings in this Agreement are for reference only and will not
affect the interpretation of this Agreement. 
 14.10 Severability. If any term or provision of this Agreement is invalid, illegal or
unenforceable by a court of a competent jurisdiction, such invalidity, illegality or unenforceability will not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

14.11 Entire Agreement. This Agreement (including the Exhibits and statements of work hereto) constitutes the entire agreement of the
parties with respect to the subject matter contained herein and therein, and supersedes all prior representations, warranties, understandings, and agreements, both written and oral, including the Previous Commercial Agreements, with respect to such
subject matter. The Previous Commercial Agreements are hereby terminated and superseded by this Agreement, and are of no further force and effect, except that the Confidential Information disclosed under Section 3 of the Previous Umbrella
Agreement (Confidentiality) will be deemed Confidential Information under this Agreement as follows: (a) the Confidential Information of Joby and its Affiliates and the Confidential Information of Uber Elevate (or assigned to Uber Elevate in
connection with the Purchase Agreement) disclosed under Section 3 of the Previous Umbrella Agreement (Confidentiality) will be deemed the Confidential Information of Joby under this Agreement; and (b) the Confidential Information of Uber
and its other Affiliates disclosed under Section 3 of the Previous Umbrella Agreement will be deemed the Confidential Information of Uber under this Agreement. 

14.12 Amendment and Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each
party. No waiver by any party of any of the provisions hereof will be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party will operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege
arising from this Agreement will operate or be construed as a waiver thereof; nor will any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power, or privilege. 
 14.13 Notices. All notices and other communications hereunder will be in writing and will be
deemed to have been given (a) when delivered by hand; (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail (with
confirmation of transmission or no error message generated) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient or (d) on the third day after the date mailed,
by certified or registered mail, return 

  
 29 

 CONFIDENTIAL 

 

 
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as will be specified in a notice
given in accordance with this Section 14.13): 
 If to Joby: 

340 Woodpecker Ridge 
 Santa
Cruz, CA 95060 
 Attn: Legal Department 

If to Uber: 
 1455 3rd Street

 San Francisco, CA 94158 

Attn: Legal Department 
 14.14
Compliance with Law; Export; Import. 
 (a) Compliance with Law. Each party will comply with all applicable Law, including,
anti-corruption Laws, and export controls and import Laws.  
 (b) Export. Each party is responsible for its own compliance
with applicable export laws and regulations and for obtaining all necessary authorizations (including, without limitation, licenses, permits and approvals) prior to exporting or reexporting, directly or indirectly, the items, information, software
and/or services pursuant to this Agreement. Each party is required to ensure that its respective employees, agents, and contractors are appropriately authorized to receive any “deemed” exports of technology, software and/or services. The
parties will not export, reexport or transfer any product, technology or services under this Agreement to: (i) a military end-user or for a military end-use;
(ii) any country subject to an embargo by the U.S. government (currently as of the Effective Date, the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan, and Syria); and (iii) any individual or entity that is identified on a
restricted or denied parties lists administered by the U.S. government. 
 (c) Import. The parties agree to comply with all U.S. and
other applicable import regulations and support in good faith the other party’s compliance with U.S. and other applicable import regulations as applicable in this Agreement. 

14.15 Affiliates. In fulfilling its obligations under this Agreement, each party may use one or more of its wholly-owned Affiliates or
designate a particular wholly-owned Affiliate as its “contracting entity” for activities related to a Territory outside the United States and its territories. Each party will ensure such Affiliates are subject to restrictions on use and
disclosure at least as stringent as the requirements of this Agreement and will supervise the performance of such Affiliates to ensure that their performance of obligations meet the requirements of this Agreement. In performing their respective
duties hereunder, all such Affiliates will be under the direction, control, and supervision of the applicable party, which will be fully responsible and liable for such Affiliates’ compliance with the terms and conditions of this Agreement.

  
 30 

 CONFIDENTIAL 

 

 14.16 Counterparts. This Agreement may be executed in two or more counterparts, each
of which will be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and will become effective when one or more such counterparts have been signed by each party and delivered (by facsimile,
e-mail or other means of electronic transmission) by the other parties. 
 [remainder of page
blank] 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
Effective Date. 
  

									
	JOBY AERO, INC.	 		 	UBER TECHNOLOGIES, INC.
					
	By:	 	 [*****]
	 		 	By:	 	 [*****]

					
	Name:	 	 [*****]
	 		 	Name:	 	 [*****]

					
	Title:	 	 [*****]
	 		 	Title:	 	 [*****]

  

			
	UBER ELEVATE, INC.
	(solely for the purpose of Section 14.11)
		
	By:	 	 [*****]

		
	Name:	 	 [*****]

		
	Title:	 	 [*****]

 EXHIBIT A 

UBER’S EXAMPLE OF INTEGRATION RESPONSIBILITIES AND CORE FUNCTIONALITY – UBER APP INTEGRATION 

[*****] 

  
 33 

 EXHIBIT B 

UBER’S EXAMPLE OF DATA HANDLING TERMS – UBER APP INTEGRATION 

[*****] 

  
 34 

 EXHIBIT C 

UBER’S EXAMPLE INTEGRATION AND API SLAs – UBER APP INTEGRATION 

[*****] 

  
 35 

 EXHIBIT D 

UBER’S EXAMPLE PAYMENT TERMS – UBER APP BOOKINGS 

[*****] 

  
 36 

 EXHIBIT E 

UBER’S EXAMPLE PAYMENT TERMS – JOBY APP BOOKINGS 

[*****] 

  
 37 

 EXHIBIT F 

UBER’S EXAMPLE UBER SERVICES API LICENSE – JOBY APP INTEGRATION 

[*****] 

  
 38

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