Document:

Exhibit 10.5

 

EXECUTION VERSION

 

SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP.
V

317 University Ave,
Suite 200, Palo Alto CA 94301

 

	SCH Sponsor V LLC	July 16, 2020

317 University Ave, Suite 200

Palo Alto CA 94301

 

	 	RE:	Securities Subscription Agreement

 

Ladies and Gentlemen:

 

Social Capital Hedosophia Holdings Corp. V,
a Cayman Islands exempted company (the “Company”), is pleased to accept the offer SCH Sponsor V LLC, a Cayman
Islands limited liability company (the “Subscriber” or “you”), has made to subscribe for
2,875,000 of the Company’s Class B ordinary shares (the “Shares”), of US$0.0001 par value per share
(the “Class B Shares”), up to 375,000 of which are subject to forfeiture by you if the underwriters of
the Company’s initial public offering of its securities (“IPO”), if any, do not fully exercise their over-allotment
option (the “Over-allotment Option”). For the purposes of this agreement (this “Agreement”),
references to “Ordinary Shares” are to, collectively, the Class B Shares and the Company’s Class A ordinary
shares, of US$0.0001 par value per share (the “Class A Shares”). Upon certain terms and conditions, the Class
B Shares will automatically convert into Class A Shares on a one-for-one basis, subject to adjustment. Unless the context otherwise
requires, as used herein “Shares” shall be deemed to include any Class A Shares issued upon conversion of the
Class B Shares comprising the Shares. The terms on which the Company is willing to issue the Shares to the Subscriber, and the
Company and the Subscriber’s agreements regarding such Shares, are as follows:

 

1.             Subscription
of Shares.

 

For the sum of US$25,000, which the Company
acknowledges receiving in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby subscribes for
the Shares from the Company, 375,000 of which are subject to forfeiture, on the terms and subject to the conditions set forth in
this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall register the Shares in
the name of the Subscriber on the register of members of the Company. All references in this Agreement to Shares being forfeited
shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands law.

 

     

     

    

 

2.             Representations, Warranties and Agreements.

 

2.1           Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1       
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon
or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2       
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of
the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing
documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law,
statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber
is subject.

 

2.1.3       
Registration and Authority. The Subscriber is a Cayman Islands limited liability company, validly formed, registered
and in good standing under the laws of the Cayman Islands and possesses all requisite power and authority necessary to carry out
the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding
agreement of the Subscriber, enforceable against the Subscriber in accordance with its terms, except as such enforceability may
be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

2.1.4       
Experience, Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters
and is able to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of
its investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities
Act (as defined below) and therefore cannot be sold unless such transaction is registered under the Securities Act or an exemption
from such registration is available. The Subscriber is capable of evaluating the merits and risks of its investment in the Company
and has the capacity to protect its own interests. The Subscriber must bear the economic risk of this investment until the Shares
are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration
available with respect to such sale. The Subscriber is able to bear the economic risks of an investment in the Shares and to afford
a complete loss of the Subscriber’s investment in the Shares.

 

2.1.5        Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the
opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the
Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional
information to verify the accuracy of all information so obtained. In determining whether to make this investment, the
Subscriber has relied solely on the Subscriber’s own knowledge and understanding of the Company and its business based
upon the Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. The
Subscriber understands that no person has been authorized to give any information or to make any representations which were
not furnished pursuant to this Section 2 and the Subscriber has not relied on any other representations or information in
making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

    2

     

    

 

2.1.6       
Private Placement. The Subscriber represents that it is an “accredited investor”
as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”),
and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited
investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state
law.

 

2.1.7       
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502 of Regulation D under the Securities Act.

 

2.1.8       
Restrictions on Transfer; Shell Company. The Subscriber understands the Shares are being offered in a transaction
not involving a public offering within the meaning of the Securities Act. The Subscriber understands the Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act and the Subscriber understands that any certificates
or book-entries representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber
decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred
only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. The Subscriber agrees
that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer,
the Subscriber may, at the Company’s option, be required to deliver to the Company an opinion of counsel satisfactory to
the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. The Subscriber further acknowledges
that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until
at least one year following consummation of the initial business combination of the Company (which may not occur), despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9       
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required,
necessary or appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2           Company’s Representations, Warranties and Agreements. To induce the Subscriber to subscribe for the Shares,
the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1        Incorporation
and Corporate Power. The Company is a Cayman Islands exempted company and is qualified to do business in every
jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the
financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and
authority necessary to carry out the transactions contemplated by this Agreement.

 

    3

     

    

 

2.2.2       
 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Company’s Memorandum
and Articles of Association, as amended to the date hereof (the "Memorandum and Articles"), (ii) any agreement,
indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the Company
is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3       
Title to Shares. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Memorandum and
Articles, and registration in the register of members of the Company, the Shares will be duly and validly issued as fully paid
and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Memorandum and Articles,
the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind,
other than (a) transfer restrictions hereunder and under the other agreements to which the Shares may be subject, (b) transfer
restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4       
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other
relief in connection with any transactions.

 

2.2.5       
Authorization. The Class A Shares issuable upon conversion of the Class B Shares have been duly authorized
and reserved for issuance upon such conversion.

 

3.             Forfeiture of Shares.

 

3.1           Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters
of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees
of Shares) shall forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of the IPO waive their
ability to exercise such Over-allotment Option) any and all rights to such number of Shares (up to an aggregate of 375,000 Shares
and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture,
the number of Shares will equal 20% of the issued and outstanding Ordinary Shares immediately following the IPO (in each case,
not including Class A Shares issuable upon exercise of any warrants). Such forfeiture shall take effect as a surrender for
no consideration as a matter of Cayman Islands law, and shall occur upon the expiration of the Over-allotment Option.

 

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3.2           Termination of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then
after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares,
and the Company shall take such action as is appropriate to cancel such forfeited Shares.

 

4.             Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account which will be established for the benefit of the Company’s public shareholders and into which substantially all
of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company
upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the
Subscriber purchases securities in the IPO or in the aftermarket, any Class A Shares so purchased shall be eligible to receive
any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any shares of
Ordinary Shares held by it into funds held in the Trust Account upon the successful completion of an initial business combination.

 

5.             Restrictions on Transfer.

 

5.1           Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) to be dated on or prior to the closing of the IPO by and among the Subscriber,
the Company and the other parties thereto, the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose
of all or any part of the Shares unless, prior thereto (a) a registration statement on the appropriate form under the Securities
Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be effective or (b) the
Company has received, if requested by the Company, an opinion from counsel reasonably satisfactory to the Company, that such registration
is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the
Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2           Lock-up. The Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”)
contained in the Insider Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary exceptions)
not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares until the earlier to occur of:
(A) one year after the completion of the Company’s initial business combination and (B) subsequent to the business combination,
(x) if the last reported sale price of the Class A Shares equals or exceeds US$12.00 per share (as adjusted for share sub-divisions,
share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period commencing at least 150 days after the Company’s initial business combination or (y) the
date following the completion of the Company’s initial business combination on which the Company completes a liquidation,
merger, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having
the right to exchange their Class A Shares for cash, securities or other property.

 

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5.3           Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE
SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE
OPINION OF COUNSEL (IF THE COMPANY SO REQUESTS), IS AVAILABLE.” 

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF
THE LOCKUP.” 

 

5.4           Additional
Shares or Substituted Securities. In the event of the declaration of a share capitalization, the declaration of an extraordinary
dividend payable in a form other than Ordinary Shares, a spin-off, a share sub-divisionst, an adjustment in conversion ratio,
a recapitalization or a similar transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration,
any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect
to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this
Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the
number and/or class of Ordinary Shares subject to this Section 5 and Section 3.

 

5.5           Registration Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from
the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they
are registered pursuant to a registration rights agreement to be entered into with the Company prior to the closing of the IPO
(the “Registration Rights Agreement”).

 

6.             Other Agreements.

 

6.1           Further Assurances. The Subscriber agrees to execute such further instruments and to take such further action as
may reasonably be necessary to carry out the intent of this Agreement.

 

6.2           Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and
delivered (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or
electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to
such party or such other address or fax number as may be designated in writing by such party, or (iii) by electronic
mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be
designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on
the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by
facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

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6.3           Entire Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscriber
and the Company and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration
Statement on Form S-1 related to the IPO, embodies the entire agreement and understanding between the Subscriber and the Company
with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the
subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this
Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.4           Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5           Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it
was given, and shall not constitute a continuing waiver or consent.

 

6.6           Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the
prior written consent of the other party.

 

6.7           Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding
on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity
shall be regarded as a third-party beneficiary of this Agreement.

 

6.8           Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state.

 

6.9           Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10         No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power
or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any
other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy
by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to
or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to
any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party
giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

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6.11         
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution
and delivery hereof and any investigations made by or on behalf of the parties.

 

6.12         
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other
financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such
a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from
any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming
to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such
claim.

 

6.13         
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14         
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

6.15         
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any
provision of this Agreement. The words “include,” “includes,” and “including” will be deemed
to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,”
and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited.

 

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The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

6.16         Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof
has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against
any party hereto.

 

6.17         Surrender
of Class B Ordinary Share. The Subscriber hereby surrenders to the Company for cancellation and for nil consideration one
Class B ordinary share of a par value US$0.0001 standing in its name in the register of members of the Company.

 

7.             Voting and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination
that the Company negotiates and submits for approval to the Company’s shareholders and shall not seek redemption or repurchase
with respect to any of the Shares in connection with an initial business combination or any amendment to the Company’s Memorandum
and Articles of Association, as amended, prior to an initial business combination. Additionally, the Subscriber agrees not to tender
any Shares in connection with a tender offer presented to the Company’s shareholders in connection with an initial business
combination negotiated by the Company.

 

8.             Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.

 

[Signature Page Follows]

 

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If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. V

 

	 	By:	/s/ Chamath Palihapitiya

	 	Name:	Chamath Palihapitiya
	 	Title:	Chief Executive Officer

 

SCH SPONSOR V LLC

 

	 	By:	/s/ Chamath Palihapitiya	 

	 	Name:	Chamath Palihapitiya
	 	Title:	Chief Executive Officer

 

[Signature Page
to Securities Subscription Agreement]Exhibit 10.9

 

 

STANDARD INDUSTRIAL/COMMERCIAL SINGLE-TENANT
LEASE - NET

(DO NOT USE THIS FORM FOR MULTI-TENANT BUILDINGS)

 

1.
Basic Provisions (“Basic Provisions”).

 

1.1 Parties:
This Lease (“Lease”), dated for reference purposes only February 28, 2018, is made by and between REMARKABLE
VIEWS CONSULTANTS LTD. (“Lessor”) and EVELOZCITY INC., a Delaware corporation (“Lessee”),
(collectively the “Parties”, or individually a “Party”). As used herein, the term “Lease”
means this Lease, together with the Addendum attached hereto (the “Addendum”).

 

1.2 Premises:
That certain real property, including all improvements therein or to be provided by Lessor under the terms of this Lease, commonly
known as (street address, city, state, zip): 19951 Mariner Avenue, Torrance, California 90503 (“Premises”).
The Premises are located in the County of Los Angeles, and are generally described as (describe briefly the nature of the property
and, if applicable, the “Project”, if the property is located within a Project): a two (2) story office building
containing approximately 89,272 rentable square feet of space. (See also Paragraph 2)

 

1.3 Term: Approximately
180 months (“Original Term”) commencing on the Commencement Date (as defined in the Addendum) and ending on
the last day of the 180th calendar month after the Commencement Date (“Expiration Date”). (See also
Paragraph 3 and Paragraph 61 of the Addendum)

 

1.4

 

1.5 Base Rent:
$116,080.00 per month (“Base Rent”), payable on the first (1st) day of each month commencing on the
Commencement Date. (See also Paragraph 4)

 

þ
If this box is checked, there are provisions in this Lease for the Base Rent to be adjusted. See Paragraph 55.

 

1.6 Base Rent and
Other Monies Paid Upon Commencement Date:

 

(a) Base Rent:
$116, 080.00 for the first full calendar month of the term (see Addendum).

 

(b) Security Deposit:
None (“Security Deposit”). (See also Paragraph 5)

 

(d) Other: N/A
for N/A/.

 

(e) Total Due Upon
Commencement Date of this Lease: $116,080.00.

 

1.7 Agreed Use:
general office use, research and development and light manufacturing of electric vehicles. (See also Paragraph 6)

 

1.8 Insuring Party.
Lessor is the “Insuring Party” unless otherwise stated herein. (See also Paragraph 8)

 

1.9 Real Estate
Brokers

 

þ
N/A  represents Lessor exclusively (“Lessor’s Broker”);

 

þ
N/A  represents Lessee exclusively (“Lessee’s Broker”);

 

(b) Lessor and Lessee
acknowledge and agree that no Broker is entitled to any commission as a result of this Lease, but that Cresa or another broker
may be entitled to a commission in connection with the Acquisition (as defined in the Addendum), provided in no event shall Lessor
be responsible or liable for any such commission.

 

1.10 Guarantor.
The obligations of the Lessee under this Lease are to be guaranteed by N/A (“Guarantor”). (See also Paragraph
37)

 

    	 	Page 1 of 21	 
	 	Last Edited: 2/22/2018 3:08 PM	 

	©2017 AIR CRE.  All Rights Reserved.	STN-27.10 Revised 11-01-2017

     

    
 

1.11 Attachments.
Attached hereto are the following, all of which constitute a part of this Lease:

 

þ
an Addendum consisting of Paragraphs 52 through 66;

 

☐
a plot plan depicting the Premises;

 

☐ a current set of the Rules
and Regulations;

 

☐
a Work Letter;

 

þ
other (specify); Option to Extend Addendum (Paragraph 51); Environmental Questionnaire.

 

2.
Premises.

 

2.1 Letting.
Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Premises, for the term, at the rental, and upon all of
the terms, covenants and conditions set forth in this Lease. While the approximate square footage of the Premises may have been
used in the marketing of the Premises for purposes of comparison, the Base Rent stated herein is NOT tied to square footage and
is not subject to adjustment should the actual size be determined to be different. NOTE: Lessee is advised to verify the actual
size prior to executing this Lease.

 

2.2 Condition.
Subject to the terms of Paragraph 54 in the Addendum, Lessor shall deliver the Premises to Lessee on the Commencement Date (“Start
Date”), and Lessee shall accept the Premises and all parts thereof, including, without limitation, the existing electrical,
plumbing, fire sprinkler, lighting, heating, ventilating and air conditioning systems (“HVAC”), loading doors,
sump pumps, if any, and all other such Building systems and elements in the Premises, the structural elements of the roof, bearing
walls and foundation of any buildings on the Premises (the “Building”) in their as-is, where-is condition without
any representation or warranty.

 

2.3 Compliance.
Subject to the terms of Paragraph 54 in the Addendum, Lessor shall deliver, and Lessee shall accept, the Premises without any representation
or warranty by Lessor, including, without limitation, as to whether or not the improvements on the Premises comply with the building
codes, applicable laws, covenants or restrictions of record, regulations, and ordinances (“Applicable Requirements”)
that were in effect at the time that each improvement, or portion thereof, was constructed, the use to which Lessee will put the
Premises, modifications which may be required by the Americans with Disabilities Act or any similar laws as a result of Lessee’s
use (see Paragraph 49), or to any Alterations or Utility Installations (as defined in Paragraph 7.3(a)) made or to be made by Lessee.
NOTE: Lessee is responsible for determining whether or not the Applicable Requirements, and especially the zoning, are appropriate
for Lessee’s intended use, and acknowledges that past uses of the Premises may no longer be allowed. If the Applicable
Requirements are hereafter changed so as to require during the term of this Lease the construction of an addition to or an alteration
of the Premises and/or Building, the remediation of any Hazardous Substance, or the reinforcement or other physical modification
of the Unit, Premises and/or Building (“Capital Expenditure”), Lessee shall be solely responsible for the cost
of such work.

 

However, if such Capital
Expenditure is required during the last 2 years of this Lease and the cost thereof exceeds 6 months’ Base Rent, Lessee may
instead terminate this Lease unless Lessor notifies Lessee, in writing, within 10 days after receipt of Lessee’s termination
notice that Lessor has elected to pay the difference between the actual cost thereof and an amount equal to 6 months’ Base
Rent. If Lessee elects termination, Lessee shall immediately cease the use of the Premises which requires such Capital Expenditure
and deliver to Lessor written notice specifying a termination date at least 90 days thereafter. Such termination date shall, however,
in no event be earlier than the last day that Lessee could legally utilize the Premises without commencing such Capital Expenditure.

 

2.4 Acknowledgements.
Lessee acknowledges that: (a) it has been given an opportunity to inspect and measure the Premises, (b) it has been advised by
Lessor to satisfy itself with respect to the size and condition of the Premises (including but not limited to the electrical, HVAC
and fire sprinkler systems, security, environmental aspects, and compliance with Applicable Requirements and the Americans with
Disabilities Act), and their suitability for Lessee’s intended use, (c) Lessee has made such investigation as it deems necessary
with reference to such matters and assumes all responsibility therefor as the same relate f to its occupancy of the Premises, (d)
it is not relying on any representation as to the size of the Premises made by Lessor, (e) the square footage of the Premises was
not material to Lessee’s decision to lease the Premises and pay the Rent stated herein, and (f) neither Lessor, nor Lessor’s
agents have made any oral or written representations or warranties with respect to said matters other than as set forth in this
Lease. In addition, Lessor acknowledges that: (i) Brokers have made no representations, promises or warranties concerning Lessee’s
ability to honor the Lease or suitability to occupy the Premises, and (ii) it is Lessor’s sole responsibility to investigate
the financial capability and/or suitability of all proposed tenants.

 

2.5 Lessee as Prior
Owner/Occupant. The warranties made by Lessor in Paragraph 2 shall be of no force or effect if immediately prior to the Start
Date Lessee was the owner or occupant of the Premises. In such event, Lessee shall be responsible for any necessary corrective
work.

 

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3.
Term.

 

3.1 Term. The
Commencement Date, Expiration Date and Original Term of this Lease are as specified in Paragraph 1.3.

 

3.2 Intentionally
Deleted.

 

3.3 Intentionally
Deleted.

 

3.4 Lessee Compliance.
Lessor shall not be required to tender possession of the Premises to Lessee until Lessee complies with its obligation to provide
evidence of insurance (Paragraph 8.5). Pending delivery of such evidence, Lessee shall be required to perform all of its obligations
under this Lease from and after the Start Date, including the payment of Rent, notwithstanding Lessor’s election to withhold
possession pending receipt of such evidence of insurance. Further, if Lessee is required to perform any other conditions prior
to or concurrent with the Start Date, the Start Date shall occur but Lessor may elect to withhold possession until such conditions
are satisfied.

 

4.
Rent.

 

4.1 Rent Defined.
All monetary obligations of Lessee to Lessor under the terms of this Lease (except for the Security Deposit) are deemed to
be rent (“Rent”).

 

4.2 Payment. Lessee
shall cause payment of Rent to be received by Lessor in lawful money of the United States, without offset or deduction (except
as specifically permitted in this Lease), on or before the day on which it is due. All monetary amounts shall be rounded to the
nearest whole dollar. In the event that any invoice prepared by Lessor is inaccurate such inaccuracy shall not constitute a waiver
and Lessee shall be obligated to pay the amount set forth in this Lease. Rent for any period during the term hereof which is for
less than one full calendar month shall be prorated based upon the actual number of days of said month. Payment of Rent shall be
made to Lessor at its address stated herein or to such other persons or place as Lessor may from time to time designate in writing.
Acceptance of a payment which is less than the amount then due shall not be a waiver of Lessor’s rights to the balance of
such Rent, regardless of Lessor’s endorsement of any check so stating. In the event that any check, draft, or other instrument
of payment given by Lessee to Lessor is dishonored for any reason, Lessee agrees to pay to Lessor the sum of $25 in addition to
any Late Charge and Lessor, at its option, may require all future Rent be paid by cashier’s check. Payments will be applied
first to accrued late charges and attorney’s fees, second to accrued interest, then to Base Rent, Insurance and Real Property
Taxes, and any remaining amount to any other outstanding charges or costs.

 

5. Security Deposit. Security Deposit.
If applicable, Lessee shall deposit with Lessor upon execution hereof the Security Deposit as security for Lessee’s faithful
performance of its obligations under this Lease. If Lessee fails to pay Rent, or otherwise Defaults under this Lease, Lessor may
use, apply or retain all or any portion of said Security Deposit for the payment of any amount already due Lessor, and/ or to reimburse
or compensate Lessor for any liability, expense, loss or damage which Lessor actually suffers or incurs by reason thereof. If Lessor
uses or applies all or any portion of the Security Deposit, Lessee shall within 10 days after written request therefor deposit
monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. Should the Agreed Use
be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have
the right to increase the Security Deposit to the extent necessary, in Lessor’s reasonable judgment, to account for any increased
wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following
such change the financial condition of Lessee is, in Lessor’s reasonable judgment, significantly reduced, Lessee shall deposit
such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level
based on such change in financial condition. Lessor shall not be required to keep the Security Deposit separate from its general
accounts. Within 90 days after the expiration or termination of this Lease, Lessor shall return that portion of the Security Deposit
not used or applied by Lessor. Lessor shall upon written request provide Lessee with an accounting showing how that portion of
the Security Deposit that was not returned was applied. No part of the Security Deposit shall be considered to be held in trust,
to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease. THE SECURITY DEPOSIT SHALL NOT BE USED
BY LESSEE IN LIEU OF PAYMENT OF THE LAST MONTH’S RENT.

 

6.
Use.

 

6.1 Use. Lessee
shall use and occupy the Premises only for the Agreed Use, or, with Lessor’s consent, any other legal use which is reasonably
comparable thereto, and for no other purpose. Lessee shall not use or permit the use of the Premises in a manner that is unlawful,
creates damage, waste or a nuisance, or that disturbs occupants of or causes damage to neighboring premises or properties. Other
than guide, signal and seeing eye dogs, Lessee shall not keep or allow in the Premises any pets, animals, birds, fish, or reptiles.
Lessor shall not unreasonably withhold or delay its consent to any written request for a modification of the Agreed Use, so long
as the same will not impair the structural integrity of the improvements on the premises or the mechanical or electrical systems
therein, and/or is not significantly more burdensome to the Premises. If Lessor elects to withhold consent, Lessor shall within
7 days after such request give written notification of same, which notice shall include an explanation of Lessor’s objections
to the change in the Agreed Use.

 

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6.2 Hazardous Substances.

 

(a) Reportable Uses
Require Consent. The term “Hazardous Substance” as used in this Lease shall mean any product, substance,
or waste whose presence, use, manufacture, disposal, transportation, or release, either by itself or in combination with other
materials expected to be on the Premises, is either: (i) potentially injurious to the public health, safety or welfare, the environment
or the Premises, (ii) regulated or monitored by any governmental authority, or (iii) a basis for potential liability of Lessor
to any governmental agency or third party under any applicable statute or common law theory. Hazardous Substances shall include,
but not be limited to, hydrocarbons, petroleum, gasoline, and/or crude oil or any products, by-products or fractions thereof. Lessee
shall not cause or permit any Hazardous Substance to be used, stored, manufactured, generated, treated or disposed of in, on, under
or about the Premises and/or the Project in violation of Applicable Requirements. “Reportable Use” shall mean (i) the
installation or use of any above or below ground storage tank, (ii) the generation, possession, storage, use, transportation, or
disposal of a Hazardous Substance that requires a permit from, or with respect to which a report, notice, registration or business
plan is required to be filed with, any governmental authority, and/or (iii) the presence at the Premises of a Hazardous Substance
with respect to which any Applicable Requirements requires that a notice be given to persons entering or occupying the Premises
or neighboring properties. Lessee may use normal amounts of any ordinary and customary materials reasonably required to be used
in the normal course of the Agreed Use, provided that Lessee has delivered to Lessor, Lessor’s customary environmental questionnaire
and disclosure statement (provided in no event shall Lessor be responsible for any materials disclosed therein), ordinary office
supplies (copier toner, liquid paper, glue, etc.) and common household cleaning materials, so long as such use is in compliance
with all Applicable Requirements, does not involve the installation of any above or below ground storage tank and does not expose
the Premises or neighboring property to any meaningful risk of contamination or damage or expose Lessor to any liability therefor.
In addition, Lessor may require, in its reasonable judgment, protective modifications (such as concrete encasements) in connection
with Lessee’s use of Hazardous Substances.

 

(b) Duty to Inform
Lessor. If Lessee knows, or has reasonable cause to believe, that a Hazardous Substance has come to be located in, on, under
or about the Premises, other than as previously consented to by Lessor, Lessee shall immediately give written notice of such fact
to Lessor, and provide Lessor with a copy of any report, notice, claim or other documentation which it has concerning the presence
of such Hazardous Substance.

 

(c) Lessee Remediation.
Lessee shall not cause or permit any Hazardous Substance to be spilled or released in, on, under, or about the Premises (including
through the plumbing or sanitary sewer system) and shall promptly, at Lessee’s expense, comply with all Applicable Requirements
and take all investigatory and/or remedial action reasonably recommended, whether or not formally ordered or required, for the
cleanup of any contamination of, and for the maintenance, security and/or monitoring of the Premises or neighboring properties,
that was caused or materially contributed to by Lessee, or pertaining to or involving any Hazardous Substance brought onto the
Premises during the term of this Lease, by or for Lessee, or any third party.

 

(d) Lessee Indemnification.
Lessee shall indemnify, defend and hold Lessor, its agents, employees, lenders and ground lessor, if any, harmless from and
against any and all loss of rents and/or damages, liabilities, judgments, claims, expenses, penalties, and attorneys’ and
consultants’ fees arising out of or involving any Hazardous Substance brought onto the Premises by or for Lessee, or any
third party (provided, however, that Lessee shall have no liability under this Lease with respect to underground migration of any
Hazardous Substance under the Premises from adjacent properties not caused or contributed to by Lessee or any party under Lessee’s
control, which for purposes of clarity shall not include Lessor). Lessee’s obligations shall include, but not be limited
to, the effects of any contamination or injury to person, property or the environment created or suffered by Lessee, and the cost
of investigation, removal, remediation, restoration and/or abatement, and shall survive the expiration or termination of this Lease.
No termination, cancellation or release agreement entered into by Lessor and Lessee shall release Lessee from its obligations
under this Lease with respect to Hazardous Substances, unless specifically so agreed by Lessor in writing at the time of such agreement.

 

6.3 Lessee’s
Compliance with Applicable Requirements.  Except as otherwise provided in this Lease, Lessee shall, at Lessee’s sole
expense, fully, diligently and in a timely manner, materially comply with all Applicable Requirements, the requirements of any
applicable fire insurance underwriter or rating bureau, and the recommendations of Lessor’s engineers and/or consultants
which relate in any manner to the Premises, without regard to whether said Applicable Requirements are now in effect or become
effective after the Start Date. Lessee shall, within 10 days after receipt of Lessor’s written request, provide Lessor with
copies of all permits and other documents, and other information evidencing Lessee’s compliance with any Applicable Requirements
specified by Lessor, and shall immediately upon receipt, notify Lessor in writing (with copies of any documents involved) of any
threatened or actual claim, notice, citation, warning, complaint or report pertaining to or involving the failure of Lessee or
the Premises to comply with any Applicable Requirements. Likewise, Lessee shall immediately give written notice to Lessor of: (i)
any water damage to the Premises and any suspected seepage, pooling, dampness or other condition conducive to the production of
mold; or (ii) any mustiness or other odors that might indicate the presence of mold in the Premises. In addition, Lessee shall
provide copies of all relevant material safety data sheets (MSDS) to Lessor within 10 days of the receipt of a written request
therefor. In addition, Lessee shall provide Lessor with copies of its business license, certificate of occupancy and/or any similar
document within 10 days of the receipt of a written request therefor.

 

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6.4 Inspection;
Compliance. Lessor and Lessor’s “Lender” (as defined in Paragraph 30) and consultants authorized by
Lessor shall have the right to enter into Premises at any time, in the case of an emergency, and otherwise at reasonable times
after reasonable notice, for the purpose of inspecting and/or testing the condition of the Premises and/or for verifying compliance
by Lessee with this Lease, provided Lessor shall provide Lessee at least three (3) business days advance written notice and agrees
to be accompanied by an agent of Lessee. The cost of any such inspections shall be paid by Lessor, unless a violation of Applicable
Requirements or the provisions of this Lease, or a Hazardous Substance Condition (see paragraph 9.1) is found to exist or be imminent,
or the inspection is requested or ordered by a governmental authority. In such case, Lessee shall upon request reimburse Lessor
for the cost of such inspection, so long as such inspection is reasonably related to the violation or contamination. In addition,
Lessee shall provide copies of all relevant material safety data sheets (MSDS) and any updates to Lessor’s customary
environmental questionnaire and disclosure statement to Lessor within 10 days of the receipt of a written request therefor. Lessee
acknowledges that any failure on its part to allow such inspections or testing will expose Lessor to risks and potentially cause
Lessor to incur costs not contemplated by this Lease, the extent of which will be extremely difficult to ascertain. Accordingly,
should the Lessee fail to allow such inspections and/or testing in a timely fashion the Base Rent shall be automatically increased,
without any requirement for notice to Lessee, by an amount equal to 10% of the then existing Base Rent or $100, whichever is greater
until Lessee allows for same.

 

7.
Maintenance; Repairs, Utility Installations; Trade Fixtures and Alterations.

 

7.1 Lessee’s
Obligations.

 

(a) In General. 
Subject to the provisions of Paragraph 2.2 (Condition), 2.3 (Compliance), 6.3 (Lessee’s Compliance with Applicable Requirements),
9 (Damage or Destruction), and 14 (Condemnation), Lessee shall, at Lessee’s sole expense, keep the Premises, Utility Installations
(intended for Lessee’s exclusive use, no matter where located), and Alterations in good order, condition and repair (whether
or not the portion of the Premises requiring repairs, or the means of repairing the same, are reasonably or readily accessible
to Lessee, and whether or not the need for such repairs occurs as a result of Lessee’s use, any prior use, the elements or
the age of such portion of the Premises), including, but not limited to, all equipment or facilities, such as plumbing, HVAC equipment,
electrical, lighting facilities, boilers, pressure vessels, fire protection system, fixtures, walls (interior and exterior), foundations
and other structural components, ceilings, roofs, roof drainage systems, floors, windows, doors, plate glass, loading areas, docks
(including, without limitation, any bumpers, levelers/plates and roll-up doors) skylights, landscaping, driveways, parking lots,
fences, retaining walls, signs, sidewalks and parkways located in, on, or adjacent to the Premises. Lessee, in keeping the Premises
in good order, condition and repair, shall exercise and perform good maintenance practices, specifically including the procurement
and maintenance of the service contracts required by Paragraph 7.1(b) below. Lessee’s obligations shall include restorations,
replacements or renewals when necessary to keep the Premises and all improvements thereon or a part thereof in good order, condition
and state of repair. Lessee shall, during the term of this Lease, keep the exterior appearance of the Building in a first-class
condition (including, e.g. graffiti removal) consistent with the exterior appearance of other similar facilities of comparable
age and size in the vicinity, including, when necessary, the exterior repainting of the Building.

 

(b) Service Contracts.
Lessee shall, at Lessee’s sole expense, procure and maintain contracts, with copies to Lessor, in customary form and
substance for, and with contractors specializing and experienced in the maintenance of the following equipment and improvements,
if any, if and when installed on the Premises: (i) HVAC equipment, (ii) boiler, and pressure vessels, (iii) fire extinguishing
systems, including fire alarm and/or smoke detection, (iv) landscaping and irrigation systems, (v) roof covering and drains, and
(vi) clarifiers. However, Lessor reserves the right, upon notice to Lessee, to procure and maintain any or all of such service
contracts, and Lessee shall reimburse Lessor, upon demand, for the cost thereof.

 

(c) Failure to Perform.
If Lessee fails to perform Lessee’s obligations under this Paragraph 7.1, Lessor may enter upon the Premises after 10
days’ prior written notice to Lessee (except in the case of an emergency, in which case no notice shall be required), perform
such obligations on Lessee’s behalf, and put the Premises in good order, condition and repair, and Lessee shall promptly
pay to Lessor a sum equal to 115% of the cost thereof.

 

7.2 Lessor’s
Obligations. Subject to the provisions of Paragraphs 2.2 (Condition), 2.3 (Compliance), 7.1 (Lessee’s Obligations),
9 (Damage or Destruction) and 14 (Condemnation), it is intended by the Parties hereto that Lessor have no obligation, in any manner
whatsoever, to repair and maintain the Premises, or the equipment therein, all of which obligations are intended to be that of
the Lessee. It is the intention of the Parties that the terms of this Lease govern the respective obligations of the Parties as
to maintenance and repair of the Premises.

 

7.3 Utility Installations;
Trade Fixtures; Alterations.

 

(a) Definitions. The
term “Utility Installations” refers to all floor and window coverings, air and/or vacuum lines, power panels,
electrical distribution, security and fire protection systems, communication cabling, lighting fixtures, HVAC equipment, plumbing,
and fencing in or on the Premises. The term “Trade Fixtures” shall mean Lessee’s machinery and equipment
that can be removed without doing material damage to the Premises. The term “Alterations” shall mean any modification
of the improvements, other than Utility Installations or Trade Fixtures, whether by addition or deletion. “Lessee Owned
Alterations and/or Utility Installations” are defined as Alterations and/or Utility Installations made by Lessee that
are not yet owned by Lessor pursuant to Paragraph 7.4(a).

 

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(b) Consent. Lessee
shall not make any Alterations or Utility Installations to the Premises without Lessor’s prior written consent, not to be
unreasonably withheld, conditioned or delayed. Lessee may, however, make non-structural Alterations or Utility Installations to
the interior of the Premises (excluding the roof) without such consent but upon notice to Lessor, as long as they are not to the
outside, do not involve puncturing, relocating or removing the roof or any existing structural walls, will not materially and adversely
affect the electrical, plumbing, HVAC, and/or life safety systems and the cumulative cost thereof does not exceed a sum equal to
$200,000.00 per project. Notwithstanding the foregoing, Lessee shall not make or permit any roof penetrations without the prior
written approval of Lessor, not to be unreasonably withheld, conditioned or / delayed. Lessee shall utilize licensed contractors
which must comply with the insurance requirements herein, naming Lessor and Lessor’s lender as additional insureds. Any Alterations
or Utility Installations that Lessee shall desire to make and which require the consent of the Lessor shall be presented to Lessor
in written form with detailed plans. Consent shall be deemed conditioned upon Lessee’s: (i) acquiring all applicable governmental
permits, (ii) furnishing Lessor with copies of both the permits and the plans and specifications prior to commencement of the work
(and Lessee shall reimburse Lessor for any and all reasonable, actual costs incurred by Lessor in reviewing such plans), and (iii)
compliance with all conditions of said permits and other Applicable Requirements in a prompt and expeditious manner. Any Alterations
or Utility Installations shall be performed in a workmanlike manner with good and sufficient materials. Lessee shall promptly upon
completion furnish Lessor with as-built plans and specifications. 

 

(c) Liens; Bonds.
Lessee shall pay, when due, all claims for labor or materials furnished or alleged to have been furnished to or for Lessee
at or for use on the Premises, which claims are or may be secured by any mechanic’s or materialmen’s lien against the
Premises or any interest therein. Lessee shall give Lessor not less than 10 days notice prior to the commencement of any work in,
on or about the Premises, and Lessor shall have the right to post notices of non-responsibility. If Lessee shall contest the validity
of any such lien, claim or demand, then Lessee shall, at its sole expense defend and protect itself, Lessor and the Premises against
the same and shall pay and satisfy any such adverse judgment that may be rendered thereon before the enforcement thereof. If Lessor
shall require, Lessee shall furnish a surety bond in an amount equal to 150% of the amount of such contested lien, claim or demand,
indemnifying Lessor against liability for the same. If Lessor elects to participate in any such action, Lessee shall pay Lessor’s
attorneys’ fees and costs.

 

7.4 Ownership; Removal;
Surrender; and Restoration.

 

(a) Ownership. Subject
to Lessor’s right to require removal or elect ownership as hereinafter provided, all Alterations and Utility Installations
made by Lessee shall be the property of Lessee, but considered a part of the Premises. Lessor may at the time of consenting to
an Alteration elect in writing to be the owner of all or any specified part of the Lessee Owned Alterations and Utility Installations.
Unless otherwise instructed per paragraph 7.4(b) hereof, all Lessee Owned Alterations and Utility Installations shall, at the expiration
or termination of this Lease, become the property of Lessor and be surrendered by Lessee with the Premises.

 

(b) Removal. By
delivery to Lessee of written notice from Lessor at the time of consenting to an Alteration, Lessor may require that any or all
Lessee Owned Alterations or Utility Installations be removed by the expiration or termination of this Lease. Lessor may require
the removal at any time of all or any part of any Lessee Owned Alterations or Utility Installations made without the required consent.

 

(c) Surrender; Restoration.
Lessee shall surrender the Premises by the Expiration Date or any earlier termination date, with all of the improvements, parts
and surfaces thereof broom clean and free of debris, and in good operating order, condition and state of repair, ordinary wear
and tear excepted. “Ordinary wear and tear” shall not include any damage or deterioration that would have been prevented
by good maintenance practice. Notwithstanding the foregoing, if the Lessee occupies the Premises for 12 months or less, then Lessee
shall surrender the Premises in the same condition as delivered to Lessee on the Start Date with NO allowance for ordinary wear
and tear. Lessee shall repair any damage occasioned by the installation, maintenance or removal of Trade Fixtures, Lessee owned
Alterations and/or Utility Installations, furnishings, and equipment as well as the removal of any storage tank installed by or
for Lessee. Lessee shall also remove from the Premises any and all Hazardous Substances brought onto the Premises by or for Lessee,
or any third party (except Hazardous Substances which were deposited via underground migration from areas outside of the Premises)
to the level specified in Applicable Requirements. Trade Fixtures shall remain the property of Lessee and shall be removed by Lessee.
Any personal property of Lessee not removed on or before the Expiration Date or any earlier termination date shall be deemed to
have been abandoned by Lessee and may be disposed of or retained by Lessor as Lessor may desire. The failure by Lessee to timely
vacate the Premises pursuant to this Paragraph 7.4(c) without the express written consent of Lessor shall constitute a holdover
under the provisions of Paragraph 26 below.

 

8.
Insurance; Indemnity.

 

8.1 Payment For
Insurance. Lessee shall pay for all insurance required under Paragraph 8 except to the extent of the cost attributable to liability
insurance carried by Lessor under Paragraph 8.2(b) in excess of $2,000,000 per occurrence. Premiums for policy periods commencing
prior to or extending beyond the Lease term shall be prorated to correspond to the Lease term. Payment shall be made by Lessee
to Lessor within 10 days following receipt of an invoice.

 

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8.2 Liability Insurance.

 

(a) Carried by Lessee.
Lessee shall obtain and keep in force a Commercial General Liability policy of insurance protecting Lessee and Lessor as an
additional insured against claims for bodily injury, personal injury and property damage based upon or arising out of the ownership,
use, occupancy or maintenance of the Premises and all areas appurtenant thereto. Such insurance shall be on an occurrence basis
providing single limit coverage in an amount not less than $1,000,000 per occurrence with an annual aggregate of not less than
$2,000,000. Lessee shall add Lessor and Lessor’s lender as additional insureds by means of an endorsement at least as broad
as the Insurance Service Organization’s “Additional Insured-Managers or Lessors of Premises” Endorsement. The
policy shall not contain any intra-insured exclusions as between insured persons or organizations, but shall include coverage for
liability assumed under this Lease as an “insured contract” for the performance of Lessee’s indemnity obligations
under this Lease. The limits of said insurance shall not, however, limit the liability of Lessee nor relieve Lessee of any obligation
hereunder. Lessee shall provide an endorsement on its liability policy(ies) which provides that its insurance shall be primary
to and not contributory with any similar insurance carried by Lessor, whose insurance shall be considered excess insurance only.

 

(b) Carried by Lessor.
Lessor shall maintain liability insurance as described in Paragraph 8.2(a), in addition to, and not in lieu of, the insurance
required to be maintained by Lessee. Lessee shall be named as an additional insured therein, provided that Lessee’s insurance
shall be primary to any insurance carried by Lessor.

 

8.3 Property Insurance
- Building, Improvements and Rental Value.

 

(a) Building and Improvements.
Lessor shall obtain and keep in force a policy or policies in the name of Lessor insuring loss or damage to the Premises. The
amount of such insurance shall be equal to the full insurable replacement cost of the Premises, as the same shall exist from time
to time, or the amount required by any Lender, but in no event more than the commercially reasonable and available insurable value
thereof. Lessee Owned Alterations and Utility Installations, Trade Fixtures, and Lessee’s personal property shall be insured
by Lessee not by Lessor. If the coverage is available and commercially appropriate, such policy or policies shall insure on special
form for direct physical loss or damage (except the perils of flood and/or earthquake unless required by a Lender or required by
Lessor in its business judgment), including coverage for debris removal and the enforcement of any Applicable Requirements requiring
the upgrading, demolition, reconstruction or replacement of any portion of the Premises as the result of a covered loss. Said policy
or policies shall also contain an agreed valuation provision in lieu of any coinsurance clause, and waiver of subrogation. If such
insurance coverage has a deductible clause, the deductible amount shall not exceed $100,000 per occurrence, and Lessee shall be
liable for such deductible amount in the event of an Insured Loss.

 

(b) Rental Value.
Lessor shall obtain and keep in force a policy or policies in the name of Lessor insuring the loss of the full Rent for one
year with an extended period of indemnity for an additional 180 days (“Rental Value insurance”). Said insurance shall
contain an agreed valuation provision in lieu of any coinsurance clause, and the amount of coverage shall be adjusted annually
to reflect the projected Rent otherwise payable by Lessee, for the next 12 month period. Lessee shall be liable for any deductible
amount in the event of such loss.

 

8.4 Lessee’s
Property; Business Interruption Insurance; Worker’s Compensation Insurance.

 

(a) Property Damage.
Lessee shall obtain and maintain insurance coverage on all of Lessee’s personal property, Trade Fixtures, and Lessee
Owned Alterations and Utility Installations. Such insurance shall be full replacement cost coverage with a deductible of not to
exceed $1,000 per occurrence. The proceeds from any such insurance shall be used by Lessee for the replacement of personal property,
Trade Fixtures and Lessee Owned Alterations and Utility Installations.

 

(b) Business Interruption.
Lessee shall obtain and maintain loss of income and extra expense insurance in amounts as will reimburse Lessee for direct
or indirect loss of earnings attributable to all perils commonly insured against by prudent lessees in the business of Lessee or
attributable to prevention of access to the Premises as a result of such perils.

 

(c) Worker’s
Compensation Insurance.  Lessee shall obtain and maintain Worker’s Compensation Insurance in such amount as may be required
by Applicable Requirements. Such policy shall include a ‘Waiver of Subrogation’ endorsement. Lessee shall provide Lessor
with a copy of such endorsement along with the certificate of insurance or copy of the policy required by paragraph 8.5.

 

(d) Automobile Liability
Insurance. Lessee shall obtain and maintain automobile liability insurance coverage in combined policy limits of not less than
$1,000,000, including all owned, hired and non-owned automobiles used at the Premises and/or the Project.

 

(e) No Representation
of Adequate Coverage. Lessor makes no representation that the limits or forms of coverage of insurance specified herein are
adequate to cover Lessee’s property, business operations or obligations under this Lease.

 

8.5 Insurance Policies.
Insurance required herein shall be by companies maintaining during the policy term a “General Policyholders Rating”
of at least A-, VII, as set forth in the most current issue of “Best’s Insurance Guide”, or such other rating
as may be required by a Lender. Lessee shall not do or permit to be done anything which invalidates the required insurance policies.
Lessee shall, prior to the Start Date, deliver to Lessor copies of policies of such insurance or certificates with copies of the
required endorsements evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject
to modification except after 30 days prior written notice to Lessor; provided, however, the original Lessee shall not be subject
to the terms of this sentence. Lessee shall, prior to the expiration of such policies, furnish Lessor with evidence of renewals
or “insurance binders” evidencing renewal thereof, or Lessor may increase his liability insurance coverage and charge
the cost thereof to Lessee, which amount shall be payable by Lessee to Lessor upon demand. Such policies shall be for a term of
at least one year, or the length of the remaining term of this Lease, whichever is less; provided, however, the original Lessee
and any Lessee Affiliate shall be permitted to have such policies be for a term less than one year, so long as such coverages are
maintained throughout the entire Lease term. If either Party shall fail to procure and maintain the insurance required to be carried
by it, the other Party may, but shall not be required to, procure and maintain the same. Lessor shall have the right to require
additional coverages or increase coverages as is commercially reasonable, but may not increase coverages more frequently than every
five (5) years.

 

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8.6 Waiver of Subrogation.
Without affecting any other rights or remedies, Lessee and Lessor each hereby release and relieve the other, and waive their
entire right to recover damages against the other, for loss of or damage to its property arising out of or incident to the perils
required to be insured against herein. The effect of such releases and waivers is not limited by the amount of insurance carried
or required, or by any deductibles applicable hereto. The Parties agree to have their respective property damage insurance carriers
waive any right to subrogation that such companies may have against Lessor or Lessee, as the case may be, so long as the insurance
is not invalidated thereby.

 

8.7 Indemnity. Except
to the extent of Lessor’s gross negligence or willful misconduct, Lessee shall indemnify, protect, defend and hold harmless
the Premises, Lessor and its agents, Lessor’s master or ground lessor, partners and Lenders, from and against any and all
claims, loss of rents and/or damages, liens, judgments, penalties, attorneys’ and consultants’ fees, expenses and/or
liabilities arising out of, involving, or in connection with, a Breach of the Lease by Lessee and/or the use and/or occupancy of
the Premises and/or Project by Lessee and/or by Lessee’s employees, contractors or invitees or a Breach or Default hereunder.
if any action or proceeding is brought against Lessor by reason of any of the foregoing matters, Lessee shall upon notice defend
the same at Lessee’s expense by counsel reasonably satisfactory to Lessor and Lessor shall cooperate with Lessee in such
defense. Lessor need not have first paid any such claim in order to be defended or indemnified.

 

8.8 Exemption of
Lessor and its Agents from Liability. Notwithstanding the negligence or breach of this Lease by Lessor or its agents, neither
Lessor nor its agents shall be liable under any circumstances for: (i) injury or damage to the person or goods, wares, merchandise
or other property of Lessee, Lessee’s employees, contractors, invitees, customers, or any other person in or about the Premises,
whether such damage or injury is caused by or results from fire, steam, electricity, gas, water or rain, indoor air quality, the
presence of mold or from the breakage, leakage, obstruction or other defects of pipes, fire sprinklers, wires, appliances, plumbing,
HVAC or lighting fixtures, or from any other cause, whether the said injury or damage results from conditions arising upon the
Premises or upon other portions of the building of which the Premises are a part, or from other sources or places, (ii) any damages
arising from any act or neglect of any other tenant of Lessor or from the I failure of Lessor or its agents to enforce the provisions
of any other lease in the Project, or (iii) injury to Lessee’s business or for any loss of income or profit therefrom or
any consequential or punitive damages. Instead, it is intended that Lessee’s sole recourse in the event of such damages or
injury be to file a claim on the insurance policy(ies) that Lessee is required to maintain pursuant to the provisions of paragraph
8.

 

8.9 Failure to Provide
Insurance. Lessee acknowledges that any failure on its part to obtain or maintain the insurance required herein will expose
Lessor to risks and potentially cause Lessor to incur costs not contemplated by this Lease, the extent of which will be extremely
difficult to ascertain. Accordingly, for any month or portion thereof that Lessee does not maintain the required insurance and/or
does not provide Lessor with the required binders or certificates evidencing the existence of the required insurance, the Base
Rent shall be automatically increased, without any requirement for notice to Lessee, by an amount equal to 10% of the then existing
Base Rent or $100, whichever is greater. The parties agree that such increase in Base Rent represents fair and reasonable compensation
for the additional risk/costs that Lessor will incur by reason of Lessee’s failure to maintain the required insurance. Such
increase in Base Rent shall in no event constitute a waiver of Lessee’s Default or Breach with respect to the failure to
maintain such insurance, prevent the exercise of any of the other rights and remedies granted hereunder, nor relieve Lessee of
its obligation to maintain the insurance specified in this Lease.

 

9.
Damage or Destruction.

 

9.1 Definitions.

 

(a) “Premises
Partial Damage” shall mean damage or destruction to the improvements on the Premises, other than Lessee Owned Alterations
and Utility Installations, which can reasonably be repaired in 6 months or less from the date of the damage or destruction. Lessor
shall notify Lessee in writing within 30 days from the date of the damage or destruction as to whether or not the damage is Partial
or Total.

 

(b) “Premises
Total Destruction” shall mean damage or destruction to the Premises, other than Lessee Owned Alterations and Utility
Installations and Trade Fixtures, which cannot reasonably be repaired in 6 months or less from the date of the damage or destruction.
Lessor shall notify Lessee in writing within 30 days from the date of the damage or destruction as to whether or not the damage
is Partial or Total.

 

(c) “Insured
Loss” shall mean damage or destruction to improvements on the Premises, other than Lessee Owned Alterations and Utility
Installations and Trade Fixtures, which was caused by an event required to be covered by the insurance described in Paragraph 8.3(a),
irrespective of any deductible amounts or coverage limits involved.

 

(d) “Replacement
Cost” shall mean the cost to repair or rebuild the improvements owned by Lessor at the time of the occurrence to their
condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of Applicable
Requirements, and without deduction for depreciation.

 

(e) “Hazardous
Substance Condition” shall mean the occurrence or discovery of a condition involving the presence of, or a contamination
by, a Hazardous Substance, in, on, or under the Premises which requires restoration.

 

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9.2 Partial Damage
- Insured Loss. If a Premises Partial Damage that is an Insured Loss occurs, then Lessor shall, at Lessor’s expense,
repair such damage (but not Lessee’s Trade Fixtures or Lessee Owned Alterations and Utility Installations) as soon as reasonably
possible and this Lease shall continue in full force and effect; provided, however, that Lessee shall, at Lessor’s election,
make the repair of any damage or destruction the total cost to repair of which is $100,000 or less, and, in such event, Lessor
shall make any applicable insurance proceeds available to Lessee on a reasonable basis for that purpose. Notwithstanding the foregoing,
if the required insurance was not in force or the insurance proceeds are not sufficient to effect such repair, the Insuring Party
shall promptly contribute the shortage in proceeds (except as to the deductible which is Lessee’s responsibility) as and
when required to complete said repairs. In the event, however, such shortage was due to the fact that, by reason of the unique
nature of the improvements, full replacement cost insurance coverage was not commercially reasonable and available, Lessor shall
have no obligation to pay for the shortage in insurance proceeds or to fully restore the unique aspects of the Premises unless
Lessee provides Lessor with the funds to cover same, or adequate assurance thereof, within 10 days following receipt of written
notice of such shortage and request therefor. If Lessor receives said funds or adequate assurance thereof within said 10 day period,
the party responsible for making the repairs shall complete them as soon as reasonably possible and this Lease shall remain in
full force and effect. If such funds or assurance are not received, Lessor may nevertheless elect by written notice to Lessee within
10 days thereafter to: (i) make such restoration and repair as is commercially reasonable with Lessor paying any shortage in proceeds,
in which case this Lease shall remain in full force and effect, or (ii) have this Lease terminate 30 days thereafter. Lessee shall
not be entitled to reimbursement of any funds contributed by Lessee to repair any such damage or destruction. Premises Partial
Damage due to flood or earthquake shall be subject to Paragraph 9.3, notwithstanding that there may be some insurance coverage,
but the net proceeds of any such insurance shall be made available for the repairs if made by either Party.

 

9.3 Partial Damage
- Uninsured Loss. If a Premises Partial Damage that is not an Insured Loss occurs, unless caused by a negligent or willful
act of Lessee (in which event Lessee shall make the repairs at Lessee’s expense), Lessor may either: (i) repair such damage
as soon as reasonably possible at Lessor’s expense, in which event this Lease shall continue in full force and effect, or
(ii) terminate this Lease by giving written notice to Lessee within 30 days after receipt by Lessor of knowledge of the occurrence
of such damage. Such termination shall be effective 60 days following the date of such notice. In the event Lessor elects to terminate
this Lease, Lessee shall have the right within 10 days after receipt of the termination notice to give written notice to Lessor
of Lessee’s commitment to pay for the repair of such damage without reimbursement from Lessor. Lessee shall provide Lessor
with said funds or satisfactory assurance thereof within 30 days after making such commitment. In such event this Lease shall continue
in full force and effect, and Lessor shall proceed to make such repairs as soon as reasonably possible after the required funds
are available. If Lessee does not make the required commitment, this Lease shall terminate as of the date specified in the termination
notice.

 

9.4 Total Destruction.
Notwithstanding any other provision hereof, if a Premises Total Destruction occurs, this Lease shall terminate 60 days following
such Destruction. If the damage or destruction was caused by the gross negligence or willful misconduct of Lessee, Lessor shall
have the right to recover Lessor’s damages from Lessee, except as provided in Paragraph 8.6.

 

9.5 Damage Near
End of Term. If at any time during the last 6 months of this Lease there is damage for which the cost to repair exceeds one
month’s Base Rent, whether or not an Insured Loss, Lessor or Lessee may terminate this Lease effective 60 days following
the date of occurrence of such damage by giving a written termination notice to the other within 30 days after the date of occurrence
of such damage. Notwithstanding the foregoing, if Lessee at that time has an exercisable option to extend this Lease or to purchase
the Premises, then Lessee may preserve this Lease by exercising such option on or before the earlier of (i) the date which is 10
days after Lessee’s receipt of Lessor’s written notice purporting to terminate this Lease, or (H) the day prior to
the date upon which such option expires. If Lessee duly exercises such option during such period, Lessor shall, at Lessor’s
commercially reasonable expense, but subject to the limitations herein provided, repair such damage as soon as reasonably possible
and this Lease shall continue in full force and effect. If Lessee fails to exercise such option during such period, then this Lease
shall terminate on the date specified in the termination notice and Lessee’s option shall be extinguished.

 

9.6 Abatement of
Rent; Lessee’s Remedies.

 

(a) Abatement. In
the event of Premises Partial Damage or Premises Total Destruction or a Hazardous Substance Condition for which Lessee is not responsible
under this Lease, the Rent payable by Lessee for the period required for the repair, remediation or restoration of such damage
shall be abated in proportion to the degree to which Lessee’s use of the Premises is impaired, but not to exceed the proceeds
received from the Rental Value insurance. All other obligations of Lessee hereunder shall be performed by Lessee, and Lessor shall
have no liability for any such damage, destruction, remediation, repair or restoration except as provided herein.

 

(b) Remedies. If
Lessor is obligated to repair or restore the Premises and does not commence, in a substantial and meaningful way, such repair or
restoration within 90 days after such obligation shall accrue and the obtaining of a permit, Lessee may, at any time prior to the
commencement of such repair or restoration, give written notice to Lessor and to any Lenders of which Lessee has actual notice,
of Lessee’s election to terminate this Lease on a date not less than 60 days following the giving of such notice. If Lessee
gives such notice and such repair or restoration is not commenced within 30 days thereafter, this Lease shall terminate as of the
date specified in said notice. If the repair or restoration is commenced within such 30 days, this Lease shall continue in full
force and effect. “Commence” shall mean either the unconditional authorization of the preparation of the required plans,
or the beginning of the actual work on the Premises, whichever first occurs.

 

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9.7 Termination;
Advance Payments. Upon termination of this Lease pursuant to Paragraph 6.2(g) or Paragraph 9, an equitable adjustment shall
be made concerning advance Base Rent and any other advance payments made by Lessee to Lessor. Lessor shall, in addition, return
to Lessee so much of Lessee’s Security I Deposit as has not been, or is not then required to be, used by Lessor.

 

Notwithstanding anything
to the contrary contained herein, Lessor’s obligations to restore pursuant to this Paragraph 9 shall be limited bathe extent
of proceeds received by Lessor for such purposes.

 

10.
Real Property Taxes.

 

10.1 Definition.
As used herein, the term “Real Property Taxes” shall include any form of assessment; real estate, general,
special, ordinary or extraordinary, or rental levy or tax (other than inheritance, personal income or estate taxes); improvement
bond; and/or license fee imposed upon or levied against any legal or equitable interest of Lessor in the Premises or the Project,
Lessor’s right to other income therefrom, and/or Lessor’s business of leasing, by any authority having the direct or
indirect power to tax and where the funds are generated with reference to the Building address. Real Property Taxes shall also
include any tax, fee, levy, assessment or charge, or any increase therein: (i) imposed by reason of events occurring during the
term of this Lease, including but not limited to, a change in the ownership of the Premises, and (ii) levied or assessed on machinery
or equipment provided by Lessor to Lessee pursuant to this Lease.

 

10.2 Payment of
Taxes. In addition to Base Rent, Lessee shall pay to Lessor an amount equal to the Real Property Tax installment due at least
20 days prior to the applicable delinquency date. If any such installment shall cover any period of time prior to or after the
expiration or termination of this Lease, Lessee’s share of such installment shall be prorated. Lessor may require Lessee
to pay such tax bill directly prior to delinquency and provide evidence thereof or estimate the current Real Property Taxes, and
require that such taxes be paid in advance to Lessor by Lessee monthly in advance with the payment of the Base Rent. Such monthly
payments shall be an amount equal to the amount of the estimated installment of taxes divided by the number of months remaining
before the month in which said installment becomes delinquent. When the actual amount of the applicable tax bill is known, the
amount of such equal monthly advance payments shall be adjusted as required to provide the funds needed to pay the applicable taxes.
If the amount collected by Lessor is insufficient to pay such Real Property Taxes when due, Lessee shall pay Lessor, upon demand,
such additional sum as is necessary. Advance payments may be intermingled with other moneys of Lessor and shall not bear interest.
In the event of a Breach by Lessee in the performance of its obligations under this Lease, then any such advance payments may be
treated by Lessor as an additional Security Deposit.

 

10.3 Joint Assessment.
If the Premises are not separately assessed, Lessee’s liability shall be an equitable proportion of the Real Property
Taxes for all of the land and improvements included within the tax parcel assessed, such proportion to be conclusively determined
by Lessor from the respective valuations assigned in the assessor’s work sheets or such other information as may be reasonably
available.

 

10.4 Personal Property
Taxes.  Lessee shall pay, prior to delinquency, all taxes assessed against and levied upon Lessee Owned Alterations, Utility
Installations, Trade Fixtures, furnishings, equipment and all personal property of Lessee. When possible, Lessee shall cause its
Lessee Owned Alterations and Utility Installations, Trade Fixtures, furnishings, equipment and all other personal property to be
assessed and billed separately from the real property of Lessor. If any of Lessee’s said property shall be assessed with
Lessor’s real property, Lessee shall pay Lessor the taxes attributable to Lessee’s property within 10 days after receipt
of a written statement setting forth the taxes applicable to Lessee’s property.

 

11.
Utilities and Services. Lessee shall pay for all water, gas, heat, light, power, telephone, trash disposal and other utilities
and services supplied to the Premises, together with any taxes thereon, If any such services are not separately metered or billed
to Lessee, Lessee shall pay a reasonable proportion, to be determined by Lessor, of all charges jointly metered or billed. There
shall be no abatement of rent and Lessor shall not be liable in any respect whatsoever for the inadequacy, stoppage, interruption
or discontinuance of any utility or service due to riot, strike, labor dispute, breakdown, accident, repair or other cause beyond
Lessor’s reasonable control or in cooperation with governmental request or directions.

 

12.
Assignment and Subletting.

 

12.1 Lessor’s
Consent Required.

 

(a) Lessee shall not
voluntarily or by operation of law assign, transfer, mortgage or encumber (collectively, “assign or assignment”)
or sublet all or any part of Lessee’s interest in this Lease or in the Premises without Lessor’s prior written consent,
not to be unreasonably withheld.

 

(b) An assignment or
subletting without consent shall, at Lessor’s option, be a Default curable after notice per Paragraph 13.1(d), or a noncurable
Breach without the necessity of any notice and grace period. If Lessor elects to treat such unapproved assignment or subletting
as a noncurable Breach, Lessor may either: (i) terminate this Lease, or (ii) upon 30 days written notice, increase the monthly
Base Rent to 110% of the Base Rent then in effect. Further, in the event of such Breach and rental adjustment, (i) the purchase
price of any option to purchase the Premises held by Lessee shall be subject to similar adjustment to 110% of the price previously
in effect, and (ii) all fixed and non-fixed rental adjustments scheduled during the remainder of the Lease term shall be increased
to 110% of the scheduled adjusted rent.

 

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(c) Lessee’s remedy
for any breach of Paragraph 12.1 by Lessor shall be limited to injunctive relief.

 

(d) Lessor may reasonably
withhold consent to a proposed assignment or subletting if Lessee is in Default at the time consent is requested.

 

(e) Notwithstanding the
foregoing, allowing a de minimis portion of the Premises, ie. 20 square feet or less, to be used by a third party vendor in connection
with the installation of a vending machine or payphone shall not constitute a subletting.

 

12.2 Terms and Conditions
Applicable to Assignment and Subletting.

 

(a) Regardless of Lessor’s
consent, no assignment or subletting shall: (i) be effective without the express written assumption by such assignee or sublessee
of the obligations of Lessee under this Lease, (ii) release Lessee of any obligations hereunder, or (iii) alter the primary liability
of Lessee for the payment of Rent or for the performance of any other obligations to be performed by Lessee.

 

(b) Lessor may accept
Rent or performance of Lessee’s obligations from any person other than Lessee pending approval or disapproval of an assignment.
Neither a delay in the approval or disapproval of such assignment nor the acceptance of Rent or performance shall constitute a
waiver or estoppel of Lessor’s right to exercise its remedies for Lessee’s Default or Breach.

 

(c) Lessor’s consent
to any assignment or subletting shall not constitute a consent to any subsequent assignment or subletting.

 

(d) In the event of any
Default or Breach by Lessee, Lessor may proceed directly against Lessee, any Guarantors or anyone else responsible for the performance
of Lessee’s obligations under this Lease, including any assignee or sublessee, without first exhausting Lessor’s remedies
against any other person or entity responsible therefor to Lessor, or any security held by Lessor.

 

(e) Each request for
consent to an assignment or subletting shall be in writing, accompanied by information relevant to Lessor’s determination
as to the financial and operational responsibility and appropriateness of the proposed assignee or sublessee, including but not
limited to the intended use and/or required modification of the Premises, if any. Lessee agrees to provide Lessor with such other
or additional information and/or documentation as may be reasonably requested. (See also Paragraph 36)

 

(f) Any assignee of,
or sublessee under, this Lease shall, by reason of accepting such assignment, entering into such sublease, or entering into possession
of the Premises or any portion thereof, be deemed to have assumed and agreed to conform and comply with each and every term, covenant,
condition and obligation herein to be observed or performed by Lessee during the term of said assignment or sublease, other than
such obligations as are contrary to or inconsistent with provisions of an assignment or sublease to which Lessor has specifically
consented to in writing.

 

(g) Lessor’s consent
to any assignment or subletting shall not transfer to the assignee or sublessee any Option granted to the original Lessee by this
Lease unless such transfer is specifically consented to by Lessor in writing. (See Paragraph 39.2)

 

12.3 Additional
Terms and Conditions Applicable to Subletting. The following terms and conditions shall apply to any subletting by Lessee of
all or any part of the Premises and shall be deemed included in all subleases under this Lease whether or not expressly incorporated
therein:

 

(a) Lessee hereby assigns
and transfers to Lessor all of Lessee’s interest in all Rent payable on any sublease, and Lessor may collect such Rent and
apply same toward Lessee’s obligations under this Lease; provided, however, that until a Breach shall occur in the performance
of Lessee’s obligations, Lessee may collect said Rent. In the event that the amount collected by Lessor exceeds Lessee’s
then outstanding obligations any such excess shall be refunded to Lessee. Lessor shall not, by reason of the foregoing or any assignment
of such sublease, nor by reason of the collection of Rent, be deemed liable to the sublessee for any failure of Lessee to perform
and comply with any of Lessee’s obligations to such sublessee. Lessee hereby irrevocably authorizes and directs any such
sublessee, upon receipt of a written notice from Lessor stating that a Breach exists in the performance of Lessee’s obligations
under this Lease, to pay to Lessor all Rent due and to become due under the sublease. Sublessee shall rely upon any such notice
from Lessor and shall pay all Rents to Lessor without any obligation or right to inquire as to whether such Breach exists, notwithstanding
any claim from Lessee to the contrary.

 

(b) In the event of a
Breach by Lessee, Lessor may, at its option, require sublessee to attorn to Lessor, in which event Lessor shall undertake the obligations
of the sublessor under such sublease from the time of the exercise of said option to the expiration of such sublease; provided,
however, Lessor shall not be liable for any prepaid rents or security deposit paid by such sublessee to such sublessor or for any
prior Defaults or Breaches of such sublessor.

 

(c) Any matter requiring
the consent of the sublessor under a sublease shall also require the consent of Lessor.

 

(d) No sublessee shall
further assign or sublet all or any part of the Premises without Lessor’s prior written consent.

 

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13.
Default; Breach; Remedies.

 

13.1 Default; Breach.
A “Default” is defined as a failure by the Lessee to comply with or perform any of the terms, covenants,
conditions or Rules and Regulations under this Lease. A “Breach” is defined as the occurrence of one or more
of the following Defaults, and the failure of Lessee to cure such Default within any applicable grace period:

 

(a) The abandonment of
the Premises; or the vacating of the Premises without providing a commercially reasonable level of security, or where the coverage
of the property insurance described in Paragraph 8.3 is jeopardized as a result thereof, or without providing reasonable assurances
to minimize potential vandalism.

 

(b) The failure of Lessee
to make any payment of Rent or any Security Deposit required to be made by Lessee hereunder, whether to Lessor or to a third party,
when due, to provide reasonable evidence of insurance or surety bond, or to fulfill any obligation under this Lease which endangers
or threatens life or property, where such failure continues for a period of 3 business days following written notice to Lessee.
THE ACCEPTANCE BY LESSOR OF A PARTIAL PAYMENT OF RENT OR SECURITY DEPOSIT SHALL NOT CONSTITUTE A WAIVER OF ANY OF LESSOR’S
RIGHTS, INCLUDING LESSOR’S RIGHT TO RECOVER POSSESSION OF THE PREMISES.

 

(c) The failure of Lessee
to allow Lessor and/or its agents access to the Premises or the commission of waste, act or acts constituting public or private
nuisance, and/or an illegal activity on the Premises by Lessee, where such actions continue for a period of 3 business days following
written notice to Lessee. In the event that Lessee commits waste, a nuisance or an illegal activity a second time then, the Lessor
may elect to treat such conduct as a non-curable Breach rather than a Default.

 

(d) The failure by Lessee
to provide (i) reasonable written evidence of compliance with Applicable Requirements, (ii) the service contracts, (iii) the rescission
of an unauthorized assignment or subletting, (iv) an Estoppel Certificate or financial statements, (v) a requested subordination,
(vii) any document requested under Paragraph 42, (viii) material safety data sheets (MSDS), or (ix) any other documentation or
information which Lessor may reasonably require of Lessee under the terms of this Lease, where any such failure continues for a
period of 10 days following written notice to Lessee.

 

(e) A Default by Lessee
as to the terms, covenants, conditions or provisions of this Lease, or of the rules adopted under Paragraph 40 hereof, other than
those described in subparagraphs 13.1(a), (b), (c) or (d), above, where such Default continues for a period of 30 days after written
notice; provided, however, that if the nature of Lessee’s Default is such that more than 30 days are reasonably required
for its cure, then it shall not be deemed to be a Breach if Lessee commences such cure within said 30 day period and thereafter
diligently prosecutes such cure to completion, but in all events within 90 days.

 

(f) The occurrence of
any of the following events: (i) the making of any general arrangement or assignment for the benefit of creditors; (ii) becoming
a “debtor” as defined in 11 U.S.C. § 101 or any successor statute thereto (unless, in the case of a petition
filed against Lessee, the same is dismissed within 60 days); (iii) the appointment of a trustee or receiver to take possession
of substantially all of Lessee’s assets located at the Premises or of Lessee’s interest in this Lease, where possession
is not restored to Lessee within 30 days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee’s
assets located at the Premises or of Lessee’s interest in this Lease, where such seizure is not discharged within 30 days;
provided, however, in the event that any provision of this subparagraph is contrary to any applicable law, such provision shall
be of no force or effect, and not affect the validity of the remaining provisions.

 

(g) The discovery that
any financial statement of Lessee given to Lessor was materially false.

 

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13.2 Remedies. If
Lessee fails to perform any of its affirmative duties or obligations, within 10 days after written notice (or in case of an emergency,
without notice), Lessor may, at its option, perform such duty or obligation on Lessee’s behalf, including but not limited
to the obtaining of reasonably required bonds, insurance policies, or governmental licenses, permits or approvals. Lessee shall
pay to Lessor an amount equal to 115% of the costs and expenses incurred by Lessor in such performance upon receipt of an invoice
therefor. In the event of a Breach, Lessor may, with or without further notice or demand, and without limiting Lessor in the exercise
of any right or remedy which Lessor may have by reason of such Breach:

 

(a) Terminate Lessee’s
right to possession of the Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately
surrender possession to Lessor. In such event Lessor shall be entitled to recover from Lessee: (i) the unpaid Rent which had been
earned at the time of termination; (ii) the worth at the time of award of the amount by which the unpaid rent which would have
been earned after termination until the time of award exceeds the amount of such rental loss that the Lessee proves could have
been reasonably avoided; (iii) the worth at the time of award of the amount by which the unpaid rent for the balance of the term
after the time of award exceeds the amount of such rental loss that the Lessee proves could be reasonably avoided; and (iv) any
other amount necessary to compensate Lessor for all the detriment proximately caused by the Lessee’s failure to perform its
obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including but not limited
to the cost of recovering possession of the Premises, expenses of reletting, including necessary renovation and alteration of the
Premises, reasonable attorneys’ fees, and that portion of any leasing commission paid by Lessor in connection with this Lease
applicable to the unexpired term of this Lease. The worth at the time of award of the amount referred to in provision (iii) of
the immediately preceding sentence shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank
of the District within which the Premises are located at the time of award plus one percent. Efforts by Lessor to mitigate damages
caused by Lessee’s Breach of this Lease shall not waive Lessor’s right to recover any damages to which Lessor is otherwise
entitled. If termination of this Lease is obtained through the provisional remedy of unlawful detainer, Lessor shall have the right
to recover in such proceeding any unpaid Rent and damages as are recoverable therein, or Lessor may reserve the right to recover
all or any part thereof in a separate suit. If a notice and grace period required under Paragraph 13.1 was not previously given,
a notice to pay rent or quit, or to perform or quit given to Lessee under the unlawful detainer statute shall also constitute the
notice required by Paragraph 13.1. In such case, the applicable grace period required by Paragraph 13.1 and the unlawful detainer
statute shall run concurrently, and the failure of Lessee to cure the Default within the greater of the two such grace periods
shall constitute both an unlawful detainer and a Breach of this Lease entitling Lessor to the remedies provided for in this Lease
and/or by said statute.

 

(b) Continue the Lease
and Lessee’s right to possession and recover the Rent as it becomes due, in which event Lessee may sublet or assign, subject
only to reasonable limitations. Acts of maintenance, efforts to relet, and/or the appointment of a receiver to protect the Lessor’s
interests, shall not constitute a termination of the Lessee’s right to possession.

 

(c) Pursue any other
remedy now or hereafter available under the laws or judicial decisions of the state wherein the Premises are located. The expiration
or termination of this Lease and/or the termination of Lessee’s right to possession shall not relieve Lessee from liability
under any indemnity provisions of this Lease as to matters occurring or accruing during the term hereof or by reason of Lessee’s
occupancy of the Premises.

 

13.3 Inducement
Recapture. Any agreement for free or abated rent or other charges, the cost of tenant improvements for Lessee paid for or performed
by Lessor, or for the giving or paying by Lessor to or for Lessee of any cash or other bonus, inducement or consideration for Lessee’s
entering into this Lease, all of which concessions are hereinafter referred to as “Inducement Provisions,” shall be
deemed conditioned upon Lessee’s full and faithful performance of all of the terms, covenants and conditions of this Lease.
Upon Breach of this Lease by Lessee, any such Inducement Provision shall automatically be deemed deleted from this Lease and of
no further force or effect, and any rent, other charge, bonus, inducement or consideration theretofore abated, given or paid by
Lessor under such an Inducement Provision shall be immediately due and payable by Lessee to Lessor, notwithstanding any subsequent
cure of said Breach by Lessee. The acceptance by Lessor of rent or the cure of the Breach which initiated the operation of this
paragraph shall not be deemed a waiver by Lessor of the provisions of this paragraph unless specifically so stated in writing by
Lessor at the time of such acceptance.

 

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13.4 Late Charges.
Lessee hereby acknowledges that late payment by Lessee of Rent will cause Lessor to incur costs not contemplated by this Lease,
the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and
accounting charges, and late charges which may be imposed upon Lessor by any Lender. Accordingly, if any Rent shall not be received
by Lessor within 5 days after such amount shall be due, then, without any requirement for notice to Lessee, Lessee shall immediately
pay to Lessor a one-time late charge equal to 5% of each such overdue amount or $100, whichever is greater; provided, however,
no such late charge shall be due or owing in connection with the first late payment per calendar year unless and until Lessor provides
written notice of such overdue amount to Lessee and Lessee fails to pay same within 3 business days after notice thereof (and in
no event shall Lessor have to provide any subsequent notice per calendar year). The Parties hereby agree that such late charge
represents a fair and reasonable estimate of the costs Lessor will incur by reason of such late payment. Acceptance of such late
charge by Lessor shall in no event constitute a waiver of Lessee’s Default or Breach with respect to such overdue amount,
nor prevent the exercise of any of the other rights and remedies granted hereunder. In the event that a late charge is payable
hereunder, whether or not collected, for 3 consecutive installments of Base Rent, then notwithstanding any provision of this Lease
to the contrary, Base Rent shall, at Lessor’s option, become due and payable quarterly in advance.

 

13.5 Interest. Any
monetary payment due Lessor hereunder, other than late charges, not received by Lessor, when due shall bear interest from the 31st
day after it was due. The interest (“Interest”) charged shall be computed at the rate of 10% per annum but shall
not exceed the maximum rate allowed by law. Interest is payable in addition to the potential late charge provided for in Paragraph
13.4.

 

13.6 Breach by Lessor.

 

(a) Notice of Breach.
Lessor shall not be deemed in breach of this Lease unless Lessor fails within a reasonable time to perform an obligation required
to be performed by Lessor. For purposes of this Paragraph, a reasonable time shall in no event be less than 30 days after receipt
by Lessor, and any Lender whose name and address shall have been furnished to Lessee in writing for such purpose, of written notice
specifying wherein such obligation of Lessor has not been performed; provided, however, that if the nature of Lessor’s obligation
is such that more than 30 days are reasonably required for its performance, then Lessor shall not be in breach if performance is
commenced within such 30 day period and thereafter diligently pursued to completion.

 

(b) Intentionally
Deleted. 

 

14.
Condemnation. If the Premises or any portion thereof are taken under the power of eminent domain or sold under the threat of
the exercise of said power (collectively “Condemnation”), this Lease shall terminate as to the part taken as of the
date the condemning authority takes title or possession, whichever first occurs. If more than 10% of the Building is taken by Condemnation
(and same has a material, adverse impact on Lessee’s ability to operate from the Premises), Lessee may, at Lessee’s
option, to be exercised in writing within 10 days after Lessor shall have given Lessee written notice of such taking (or in the
absence of such notice, within 10 days after the condemning authority shall have taken possession) terminate this Lease as of the
date the condemning authority takes such possession. If Lessee does not terminate this Lease in accordance with the foregoing,
this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent shall be
reduced in proportion to the reduction in utility of the Premises caused by such Condemnation. Condemnation awards and/or payments
shall be the property of Lessor, whether such award shall be made as compensation for diminution in value of the leasehold, the
value of the part taken, or for severance damages; provided, however, that Lessee shall be entitled to any compensation paid by
the condemnor for Lessee’s relocation expenses, loss of business goodwill and/or Trade Fixtures, without regard to whether
or not this Lease is terminated pursuant to the provisions of this Paragraph. All Alterations and Utility Installations made to
the Premises by Lessee, for purposes of Condemnation only, shall be considered the property of the Lessee and Lessee shall be entitled
to any and all compensation which is payable therefor. In the event that this Lease is not terminated by reason of the Condemnation,
Lessor shall repair any damage to the Premises caused by such Condemnation, to the extent of proceeds received for same. Lessee
shall not be entitled to terminate this Lease in connection with any temporary Condemnation.

 

15.
Intentionally Deleted.

 

15.3 Representations
and Indemnities of Broker Relationships. Lessee and Lessor each represent and warrant to the other that it has had no dealings
with any person, firm, broker or finder in connection with this Lease, and that no one is entitled to any commission or finder’s
fee in connection herewith. Lessee and Lessor do each hereby agree to indemnify, protect, defend and hold the other harmless from
and against liability for compensation or charges which may be claimed by any such unnamed broker, finder or other similar party
by reason of any dealings or actions of the indemnifying Party, including any costs, expenses, attorneys’ fees reasonably
incurred with respect thereto.

 

16.
Estoppel Certificates.

 

(a) Each Party (as “Responding
Party”) shall within 10 days after written notice from the other Party (the “Requesting Party”) execute,
acknowledge and deliver to the Requesting Party a statement in writing in form similar to the then most current “Estoppel
Certificate” form published BY AIR CRE, plus such additional information, confirmation and/or statements as may be reasonably
requested by the Requesting Party.

  

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(b) If the Responding
Party shall fail to execute or deliver the Estoppel Certificate within such 10 day period, the Requesting Party may execute an
Estoppel Certificate stating that: (i) the Lease is in full force and effect without modification except as may be represented
by the Requesting Party, (ii) there are no uncured defaults in the Requesting Party’s performance, and (iii) if Lessor is
the Requesting Party, not more than one month’s rent has been paid in advance. Prospective purchasers and encumbrancers may
rely upon the Requesting Party’s Estoppel Certificate, and the Responding Party shall be estopped from denying the truth
of the facts contained in said Certificate. In addition, Lessee acknowledges that any failure on its part to provide such an Estoppel
Certificate will expose Lessor to risks and potentially cause Lessor to incur costs not contemplated by this Lease, the extent
of which will be extremely difficult to ascertain. Accordingly, should the Lessee fail to execute and/or deliver a requested Estoppel
Certificate in a timely fashion the monthly Base Rent shall be automatically increased, without any requirement for notice to Lessee,
by an amount equal to 10% of the then existing Base Rent or $100, whichever is greater until such Estoppel Certificate is delivered.
The Parties agree that such increase in Base Rent represents fair and reasonable compensation for the additional risk/costs that
Lessor will incur by reason of Lessee’s failure to provide the Estoppel Certificate. Such increase in Base Rent shall in
no event constitute a waiver of Lessee’s Default or Breach with respect to the failure to provide the Estoppel Certificate
nor prevent the exercise of any of the other rights and remedies granted hereunder.

 

(c) If Lessor desires
to finance, refinance, or sell the Premises, or any part thereof, Lessee shall within 10 days after written notice from Lessor
deliver to any potential lender or purchaser designated by Lessor such financial statements as may be reasonably required by such
lender or purchaser, including but not limited to Lessee’s financial statements for the past 3 years. All such financial
statements shall be received by Lessor and such lender or purchaser in confidence and shall be used only for the purposes herein
set forth.

 

17.
Definition of Lessor. The term “Lessor” as used herein shall mean the owner or owners at the time in question
of the fee title to the Premises, or, if this is a sublease, of the Lessee’s interest in the prior lease. In the event of
a transfer of Lessor’s title or interest in the Premises or this Lease, Lessor shall deliver to the transferee or assignee
(in cash or by credit) any unused Security Deposit held by Lessor. Upon such transfer or assignment and delivery of the Security
Deposit, as aforesaid, the prior Lessor shall be relieved of all liability with respect to the obligations and/or covenants under
this Lease thereafter to be performed by the Lessor. Subject to the foregoing, the obligations and/or covenants in this Lease to
be performed by the Lessor shall be binding only upon the Lessor as hereinabove defined.

 

18.
Severability. The invalidity of any provision of this Lease, as determined by a court of competent jurisdiction, shall in no
way affect the validity of any other provision hereof.

 

19.
Days. Unless otherwise specifically indicated to the contrary, the word “days” as used in this Lease shall mean
and refer to calendar days.

 

20.
Limitation on Liability. The obligations of Lessor under this Lease shall not constitute personal obligations of Lessor, or
its partners, members, directors, officers or shareholders, and Lessee shall look to the Premises, and to no other assets of Lessor,
for the satisfaction of any liability of Lessor with respect to this Lease, and shall not seek recourse against Lessor’s
partners, members, directors, officers or shareholders, or any of their personal assets for such satisfaction.

 

21.
Time of Essence. Time is of the essence with respect to the performance of all obligations to be performed or observed by the
Parties under this Lease.

 

22.
No Prior or Other Agreements. This Lease contains all agreements between the Parties with respect to any matter mentioned herein,
and no other prior or contemporaneous agreement or understanding shall be effective. Lessor and Lessee each represents and warrants
to the other that it has made, and is relying solely upon, its own investigation as to the nature, quality, character and financial
responsibility of the other Party to this Lease and as to the use, nature, quality and character of the Premises.

 

23.
Notices.

 

23.1 Notice Requirements.
All notices required or permitted by this Lease or applicable law shall be in writing and may be delivered in person (by hand
or by courier) or may be sent by regular, certified or registered mail or U.S. Postal Service Express Mail, with postage prepaid,
or by facsimile transmission or email (with a hard copy provided concurrently as provided above), and shall be deemed sufficiently
given if served in a manner specified in this Paragraph 23. The addresses noted adjacent to a Party’s signature on this Lease
shall be that Party’s address for delivery or mailing of notices. Either Party may by written notice to the other specify
a different address for notice, except that upon Lessee’s taking possession of the Premises, the Premises shall constitute
Lessee’s address for notice. A copy of all notices to Lessor shall be concurrently transmitted to such party or parties at
such addresses as Lessor may from time to time hereafter designate in writing.

 

23.2 Date of Notice.
Any notice sent by registered or certified mail, return receipt requested, shall be deemed given on the date of delivery shown
on the receipt card, or if no delivery date is shown, the postmark thereon. If sent by regular mail the notice shall be deemed
given 72 hours after the same is addressed as required herein and mailed with postage prepaid. Notices delivered by United States
Express Mail or overnight courier that guarantees next day delivery shall be deemed given 24 hours after delivery of the same to
the Postal Service or courier. Notices delivered by hand, or transmitted by facsimile transmission or by email shall be deemed
delivered upon actual receipt. If notice is received on a Saturday, Sunday or legal holiday, it shall be deemed received on the
next business day.

 

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24.
Waivers.

 

(a) No waiver by Lessor
of the Default or Breach of any term, covenant or condition hereof by Lessee, shall be deemed a waiver of any other term, covenant
or condition hereof, or of any subsequent Default or Breach by Lessee of the same or of any other term, covenant or condition hereof.
Lessor’s consent to, or approval of, any act shall not be deemed to render unnecessary the obtaining of Lessor’s consent
to, or approval of, any subsequent or similar act by Lessee, or be construed as the basis of an estoppel to enforce the provision
or provisions of this Lease requiring such consent.

 

(b) The acceptance of
Rent by Lessor shall not be a waiver of any Default or Breach by Lessee. Any payment by Lessee may be accepted by Lessor on account
of monies or damages due Lessor, notwithstanding any qualifying statements or conditions made by Lessee in connection therewith,
which such statements and/or conditions shall be of no force or effect whatsoever unless specifically agreed to in writing by Lessor
at or before the time of deposit of such payment.

 

(c) THE PARTIES AGREE
THAT THE TERMS OF THIS LEASE SHALL GOVERN WITH REGARD TO ALL MATTERS RELATED THERETO AND HEREBY WAIVE THE PROVISIONS OF ANY PRESENT
OR FUTURE STATUTE TO THE EXTENTTHAT SUCH STATUTE IS INCONSISTENT WITH THIS LEASE.

 

25.
Intentionally Deleted.

 

26.
No Right To Holdover. Lessee has no right to retain possession of the Premises or any part thereof beyond the expiration or
termination of this Lease. In the event that Lessee holds over, then the Base Rent shall be increased to 150% of the Base Rent
applicable immediately preceding the expiration or termination. Holdover Base Rent shall be calculated on monthly basis. Nothing
contained herein shall be construed as consent by Lessor to any holding over by Lessee.

 

27.
Cumulative Remedies. No remedy or election hereunder by Lessor shall be deemed exclusive but shall, wherever possible, be cumulative
with all other remedies at law or in equity.

 

28.
Covenants and Conditions; Construction of Agreement. All provisions of this Lease to be observed or performed by Lessee are
both covenants and conditions. In construing this Lease, all headings and titles are for the convenience of the Parties only and
shall not be considered a part of this Lease. Whenever required by the context, the singular shall include the plural and vice
versa. This Lease shall not be construed as if prepared by one of the Parties, but rather according to its fair meaning as a whole,
as if both Parties had prepared i.

 

29.
Binding Effect; Choice of Law. This Lease shall be binding upon the Parties, their personal representatives, successors and
assigns and be governed by the laws of the State in which the Premises are located. Any litigation between the Parties hereto concerning
this Lease shall be initiated in the county in which the Premises are located.

 

30.
Subordination; Attornment; Non-Disturbance.

 

30.1 Subordination.
This Lease and any Option granted hereby shall be subject and subordinate to any ground lease, mortgage, deed of trust, or
other hypothecation or security device (collectively, “Security Device”), now or hereafter placed upon the Premises,
to any and all advances made on the security thereof, and to all renewals, modifications, and extensions thereof. Lessee agrees
that the holders of any such Security Devices (in this Lease together referred to as “Lender”) shall have no
liability or obligation to perform any of the obligations of Lessor under this Lease. Any Lender may elect to have this Lease and/or
any Option granted hereby superior to the lien of its Security Device by giving written notice thereof to Lessee, whereupon this
Lease and such Options shall be deemed prior to such Security Device, notwithstanding the relative dates of the documentation or
recordation thereof.

 

30.2 Attornment.
In the event that Lessor transfers title to the Premises, or the Premises are acquired by another upon the foreclosure or termination
of a Security Device to which this Lease is subordinated (i) Lessee shall, subject to the non-disturbance provisions of Paragraph
30.3, attorn to such new owner, and upon request, enter into a new lease, containing all of the terms and provisions of this Lease,
with such new owner for the remainder of the term hereof, or, at the election of the new owner, this Lease will automatically become
a new lease between Lessee and such new owner, and (ii) Lessor shall thereafter be relieved of any further obligations hereunder
and such new owner shall assume all of Lessor’s obligations, except that such new owner shall not: (a) be liable for any
act or omission of any prior lessor or with respect to events occurring prior to acquisition of ownership; (b) be subject to any
offsets or defenses which Lessee might have against any prior lessor, (c) be bound by prepayment of more than one month’s
rent, or (d) be liable for the return of any security deposit paid to any prior lessor which was not paid or credited to such new
owner.

 

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30.3 Non-Disturbance.
With respect to Security Devices entered into by Lessor after the execution of this Lease, Lessee’s subordination of
this Lease shall be subject to receiving a commercially reasonable non-disturbance agreement (a “Non-Disturbance Agreement”)
from the Lender which Non-Disturbance Agreement provides that Lessee’s possession of the Premises, and this Lease, including
any options to extend the term hereof, will not be disturbed so long as Lessee is not in Breach hereof and attorns to the record
owner of the Premises.

 

30.4 Self-Executing.
The agreements contained in this Paragraph 30 shall be effective without the execution of any further documents; provided,
however, that, upon written request from Lessor or a Lender in connection with a sale, financing or refinancing of the Premises,
Lessee and Lessor shall execute and deliver to Lessor within ten (10) days after request therefor such further writings as may
be reasonably required to separately document any subordination, attornment and/or Non-Disturbance Agreement provided for herein.

 

31.
Attorneys’ Fees. If any Party brings an action or proceeding involving the Premises whether founded in tort, contract
or equity, or to declare rights hereunder, the Prevailing Party (as hereafter defined) in any such proceeding, action, or appeal
thereon, shall be entitled to reasonable attorneys’ fees. Such fees may be awarded in the same suit or recovered in a separate
suit, whether or not such action or proceeding is pursued to decision or judgment. The term, “Prevailing Party”
shall include, without limitation, a Party who substantially obtains or defeats the relief sought, as the case may be, whether
by compromise, settlement, judgment, or the abandonment by the other Party of its claim or defense. The attorneys’ fees award
shall not be computed in accordance with any court fee schedule, but shall be such as to fully reimburse all attorneys’ fees
reasonably incurred. In addition, Lessor shall be entitled to attorneys’ fees, costs and expenses incurred in the preparation
and service of notices of Default and consultations in connection therewith, whether or not a legal action is subsequently commenced
in connection with such Default or resulting Breach ($200 is a reasonable minimum per occurrence for such services and consultation).

 

32.
Lessor’s Access; Showing Premises; Repairs. Lessor and Lessor’s agents shall have the right to enter the Premises
at any time, in the case of an emergency, and otherwise at reasonable times after reasonable prior notice for the purpose of showing
the same to prospective purchasers, lenders, or tenants, and making such alterations, repairs, improvements or additions to the
Premises as Lessor may deem necessary or desirable and the erecting, using and maintaining of utilities, services, pipes and conduits
through the Premises and/or other premises as long as there is no material adverse effect on Lessee’s use of the Premises.
All such activities shall be without abatement of rent or liability to Lessee.

 

33.
Auctions. Lessee shall not conduct, nor permit to be conducted, any auction upon the Premises without Lessor’s prior
written consent. Lessor shall not be obligated to exercise any standard of reasonableness in determining whether to permit an auction.

 

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34.
Signs.  Lessor may place on the Premises ordinary “For Sale” signs at any time and ordinary “For
Lease” signs during the last 6 months of the term hereof. Except for ordinary “for sublease” signs, Lessee shall
not place any sign upon the Premises without Lessor’s prior written consent. All signs must comply with all Applicable Requirements.

 

35.
Termination; Merger. Unless specifically stated otherwise in writing by Lessor, the voluntary or other surrender of this Lease
by Lessee, the mutual termination or cancellation hereof, or a termination hereof by Lessor for Breach by Lessee, shall automatically
terminate any sublease or lesser estate in the Premises; provided, however, that Lessor may elect to continue any one or all existing
subtenancies. Lessor’s failure within 10 days following any such event to elect to the contrary by written notice to the
holder of any such lesser interest, shall constitute Lessor’s election to have such event constitute the termination of such
interest.

 

36.
Consents. All requests for consent shall be in writing. Except as otherwise provided herein, wherever in this Lease the consent
of a Party is required to an act by or for the other Party, such consent shall not be unreasonably withheld or delayed. Lessor’s
actual reasonable costs and expenses (including but not limited to architects’, attorneys’, engineers’ and other
consultants’ fees) incurred in the consideration of, or response to, a request by Lessee for any Lessor consent, including
but not limited to consents to an assignment, a subletting or the presence or use of a Hazardous Substance, shall be paid by Lessee
upon receipt of an invoice and supporting documentation therefor. Lessor’s consent to any act, assignment or subletting shall
not constitute an acknowledgment that no Default or Breach by Lessee of this Lease exists, nor shall such consent be deemed a waiver
of any then existing Default or Breach, except as may be otherwise specifically stated in writing by Lessor at the time of such
consent. The failure to specify herein any particular condition to Lessor’s consent shall not preclude the imposition by
Lessor at the time of consent of such further or other conditions as are then reasonable with reference to the particular matter
for which consent is being given. In the event that either Party disagrees with any determination made by the other hereunder and
reasonably requests the reasons for such determination, the determining party shall furnish its reasons in writing and in reasonable
detail within 10 business days following such request.

 

37.
Quiet Possession. Subject to payment by Lessee of the Rent and performance of all of the covenants, conditions and provisions
on Lessee’s part to be observed and performed under this Lease, Lessee shall have quiet possession and quiet enjoyment of
the Premises during the term hereof.

 

38.
Options. If Lessee is granted any Option, as defined below, then the following provisions shall apply.

 

38.1 Definition.
“Option” shall mean: (a) the right to extend or reduce the term of or renew this Lease or to extend or reduce
the term of or renew any lease that Lessee has on other property of Lessor; (b) the right of first refusal or first offer to lease
either the Premises or other property of Lessor; (c) the right to purchase, the right of first offer to purchase or the right of
first refusal to purchase the Premises or other property of Lessor.

 

38.2 Options Personal
To Original Lessee. Any Option granted to Lessee in this Lease is personal to the original Lessee and a Lessee Affiliate (as
defined in the Addendum), and cannot be assigned or exercised by anyone other than said original Lessee or a Lessee Affiliate and
only while the original Lessee or a Lessee Affiliate is in full possession of the Premises and, if requested by Lessor, with Lessee
certifying that Lessee has no intention of thereafter assigning or subletting.

 

38.3 Multiple Options.
In the event that Lessee has any multiple Options to extend or renew this Lease, a later Option cannot be exercised unless
the prior Options have been validly exercised.

 

38.4 Effect of Default
on Options.

 

(a) Lessee shall have
no right to exercise an Option: (i) during the period commencing with the giving of any notice of Default and continuing until
said Default is cured, (ii) during the period of time any Rent is unpaid (without regard to whether notice thereof is given Lessee),
(iii) during the time Lessee is in Breach of this Lease, or (iv) in the event that Lessee has been given 3 or more notices of separate
Default, whether or not the Defaults are cured, during the 12 month period immediately preceding the exercise of the Option.

 

(b) The period of time
within which an Option may be exercised shall not be extended or enlarged by reason of Lessee’s inability to exercise an
Option because of the provisions of Paragraph 39.4(a).

 

(c) An Option shall terminate
and be of no further force or effect, notwithstanding Lessee’s due and timely exercise of the Option, if, after such exercise
and prior to the commencement of the extended term or completion of the purchase, (i) Lessee fails to pay Rent for a period of
30 days after such Rent becomes due (without any necessity of Lessor to give notice thereof), or (ii) if Lessee commits a Breach
of this Lease.

 

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39. Multiple Buildings. If the Premises
are a part of a group of buildings controlled by Lessor, Lessee agrees that it will abide by and conform to all reasonable rules
and regulations which Lessor may make from time to time for the management, safety, and care of said properties, including the
care and cleanliness of the grounds and including the parking, loading and unloading of vehicles, and to cause its employees, suppliers,
shippers, customers, contractors and invitees to so abide and conform. Lessee also agrees to pay its fair share of common expenses
incurred in connection with such rules and regulations.

 

40.
Security Measures. Lessee hereby acknowledges that the Rent payable to Lessor hereunder does not include the cost of guard
service or other security measures, and that Lessor shall have no obligation whatsoever to provide same. Lessee assumes all responsibility
for the protection of the Premises, Lessee, its agents and invitees and their property from the acts of third parties.

 

41.
Reservations. Lessor reserves to itself the right, from time to time, to grant, without the consent or joinder of Lessee, such
easements, rights and dedications that Lessor deems necessary, and to cause the recordation of parcel maps and restrictions, so
long as such easements, rights, dedications, maps and restrictions do not unreasonably interfere with the use of the Premises by
Lessee. Lessee agrees to sign any documents reasonably requested by Lessor to effectuate any such easement rights, dedication,
map or restrictions.

 

42.
Performance Under Protest. If at any time a dispute shall arise as to any amount or sum of money to be paid by one Party to
the other under the provisions hereof, the Party against whom the obligation to pay the money is asserted shall have the right
to make payment “under protest” and such payment shall not be regarded as a voluntary payment and there shall survive
the right on the part of said Party to institute suit for recovery of such sum. If it shall be adjudged that there was no legal
obligation on the part of said Party to pay such sum or any part thereof, said Party shall be entitled to recover such sum or so
much thereof as it was not legally required to pay. A Party who does not initiate suit for the recovery of sums paid “under
protest” within 6 months shall be deemed to have waived its right to protest such payment.

 

43.
Authority; Multiple Parties; Execution.

 

(a) If either Party hereto
is a corporation, trust, limited liability company, partnership, or similar entity, each individual executing this Lease on behalf
of such entity represents and warrants that he or she is duly authorized to execute and deliver this Lease on its behalf. Each
Party shall, within 30 days after request, deliver to the other Party satisfactory evidence of such authority.

 

(b) If this Lease is
executed by more than one person or entity as “Lessee”, each such person or entity shall be jointly and severally liable
hereunder. It is agreed that any one of the named Lessees shall be empowered to execute any amendment to this Lease, or other document
ancillary thereto and bind all of the named Lessees, and Lessor may rely on the same as if all of the named Lessees had executed
such document.

 

(c) This Lease may be
executed by the Parties in counterparts, each of which shall be deemed an original and all of which together shall constitute one
and the same instrument.

 

44.
Conflict. Any conflict between the printed provisions of this Lease and the typewritten or handwritten provisions shall be
controlled by the typewritten or handwritten provisions.

 

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45.
Offer. Preparation of this Lease by either Party or their agent and submission of same to the other Party shall not
be deemed an offer to lease to the other Party. This Lease is not intended to be binding until executed and delivered by all Parties
hereto.

 

46.
Amendments. This Lease may be modified only in writing, signed by the Parties in interest at the time of the modification.
As long as they do not materially change Lessee’s obligations hereunder, Lessee agrees to make such reasonable non-monetary
modifications to this Lease as may be reasonably required by a Lender in connection with the obtaining of normal financing or refinancing
of the Premises.

 

47.
Waiver of Jury Trial. THE PARTIES HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING
INVOLVING THE PROPERTY OR ARISING OUT OF THIS AGREEMENT.

 

48.
Arbitration of Disputes. An Addendum requiring the Arbitration of all disputes between the Parties and/or Brokers
arising out of this Lease ☐  is þ
is not attached to this Lease.

 

49.
Accessibility; Americans with Disabilities Act. (See Addendum)

 

(a) The Premises:

 

þ  have
not undergone an inspection by a Certified Access Specialist (CASp). Note: A Certified Access Specialist (CASp) can inspect the
subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility
standards under state law_ Although state law does not require a CASp inspection of the subject premises, the commercial property
owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy
or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements
for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs
necessary to correct violations of construction-related accessibility standards within the premises.

 

☐  have
undergone an inspection by a Certified Access Specialist (CASp) and it was determined that the Premises met all applicable construction-related
accessibility standards pursuant to California Civil Code §55.51 et seq. Lessee acknowledges that it received a copy of the
inspection report at least 48 hours prior to executing this Lease and agrees to keep such report confidential.

 

☐  have undergone an inspection
by a Certified Access Specialist (CASp) and it was determined that the Premises did not meet all applicable construction-related
accessibility standards pursuant to California Civil Code §55.51 et seq. Lessee acknowledges that it received a copy of the
inspection report at least 48 hours prior to executing this Lease and agrees to keep such report confidential except as necessary
to complete repairs and corrections of violations of construction related accessibility standards.

 

In the event that the Premises have been
issued an inspection report by a CASp the Lessor shall provide a copy of the disability access inspection certificate to Lessee
within 7 days of the execution of this Lease.

 

(b) Since compliance
with the Americans with Disabilities Act (ADA) and other state and local accessibility statutes are dependent upon Lessee’s
specific use of the Premises, Lessor makes no warranty or representation as to whether or not the Premises comply with ADA or any
similar legislation. In the event that Lessee’s use of the Premises requires modifications or additions to the Premises in
order to be in compliance with ADA or other accessibility statutes, Lessee agrees to make any such necessary modifications and/or
additions at Lessee’s expense.

 

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LESSOR AND LESSEE HAVE CAREFULLY READ
AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND
VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY
REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE PREMISES.

 

ATTENTION: NO REPRESENTATION OR RECOMMENDATION
IS MADE BY AIR CRE OR BY ANY BROKER AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION
TO WHICH IT RELATES. THE PARTIES ARE URGED TO:

 

1. SEEK ADVICE OF COUNSEL AS TO THE
LEGAL AND TAX CONSEQUENCES OF THIS LEASE.

 

2. RETAIN APPROPRIATE CONSULTANTS TO
REVIEW AND INVESTIGATE THE CONDITION OF THE PREMISES. SAID INVESTIGATION SHOULD INCLUDE BUT NOT BE LIMITED TO: THE POSSIBLE PRESENCE
OF HAZARDOUS SUBSTANCES, THE ZONING OF THE PREMISES, THE STRUCTURAL INTEGRITY, THE CONDITION OF THE ROOF AND OPERATING SYSTEMS,
AND THE SUITABILITY OF THE PREMISES FOR LESSEE’S INTENDED USE.

 

WARNING: IF THE PREMISES ARE LOCATED
IN A STATE OTHER THAN CALIFORNIA, CERTAIN PROVISIONS OF THE LEASE MAY NEED TO BE REVISED TO COMPLY WITH THE LAWS OF THE STATE IN
WHICH THE PREMISES ARE LOCATED. 

 

The parties hereto have executed this Lease at the place and
on the dates specified above their respective signatures.

 

	Executed
    at:	 	 	Executed
    at:	 
	On:  	February
    28, 2018	 	On:
     	February
    23, 2018
	By LESSOR:	 	By LESSEE:
	REMARKABLE
    VIEWS CONSULTANTS LTD.	 	EVELOZCITY
    INC., a Delaware corporation
	By:  	/s/
    Foster Chiang	 	By:  	/s/
    Stefan Krause
	Name Printed:  	Foster
    Chiang	 	Name Printed:  	Stefan
    Krause
	Title:  	Director	 	Title: 	CEO 
	Phone:	 	 	Phone:	 
	Fax:	 	 	Fax:	 
	Email:	 	 	Email:	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name Printed:	 	 	Name Printed:	 
	Title:	 	 	Title:	 
	Phone:	 	 	Phone:	 
	Fax:	 	 	Fax:	 
	Email:	 	 	Email:	 
	Address:	c/o
    Integrity Capital Management (HK) 	 	Address:  	The
    Premises, after the Commencement Date
	 	Limited	 	 	201
    E. El Segundo Blvd.
	 	Unit
    605	 	 	El
    Segundo, CA 90245, before the
	 	Connaught
    Rd.	 	 	Commencement
    Date
	 	Central
    Hong Kong	 	 	
	Federal ID No.:		 	Federal ID No.:	 82-3375874

 

AIR CRE, 500 North Brand Blvd, Suite
900, Glendale, CA 91203, Tel 213-687-8777, Email contracts@aircre.com

NOTICE: No part of these works may be
reproduced in any form without permission in writing.

 

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OPTION(S) TO EXTEND

STANDARD LEASE ADDENDUM

 

	 	 	 
	Dated 	February 28, 2018	 
	By and Between	 	 
	(Lessor)	REMARKABLE VIEWS CONSULTANTS LTD.	 
	(Lessee)	EVELOZCITY INC., a Delaware corporation	 
	Property Address:	19951 Mariner Avenue, Torrance, California 90503	 
	 	(street address, city, state, zip)	 

 

Paragraph 51

 

A. OPTION(S) TO EXTEND:

 

Lessor hereby grants to Lessee the option
to extend the term of this Lease for two (2) additional sixty (60) month period(s) commencing when the prior term expires upon
each and all of the following terms and conditions:

 

(i) In order to exercise
an option to extend, Lessee must give written notice of such election to Lessor and Lessor must receive the same at least 12 but
not more than 15 months prior to the date that the option period would commence, time being of the essence. If proper notification
of the exercise of an option is not given and/or received, such option shall automatically expire. Options (if there are more than
one) may only be exercised consecutively.

 

(ii) The provisions
of paragraph 39, including those relating to Lessee’s Default set forth in paragraph 39.4 of this Lease, are conditions of
this Option.

 

(iii) Except for the
provisions of this Lease granting an option or options to extend the term, all of the terms and conditions of this Lease except
where specifically modified by this option shall apply.

 

(iv) This Option is
personal to the original Lessee and a Lessee Affiliate, and cannot be assigned or exercised by anyone other than said original
Lessee and only while the original Lessee or a Lessee Affiliate is in full possession of the Premises and without the intention
of thereafter assigning or subletting.

 

(v) The monthly rent
for each month of the option period shall be calculated as follows, using the method(s) indicated below:

 

(Check Method(s) to be Used and Fill in
Appropriately)

 

þ
I. Market Rental Value Adjustment(s) (MRV)

 

a. On (Fill in MRV
Adjustment Date(s)) the commencement of each Extension Term, the Base Rent shall be adjusted to an amount equal to ninety-five
percent (95%) of the “Market Rental Value” of the Premises, which shall be determined as follows:

 

1) Four months prior
to each Market Rental Value Adjustment Date described above, the Parties shall attempt to agree upon what the new MRV will be on
the adjustment date. If agreement cannot be reached, within thirty days, then:

 

(a) Lessor and Lessee
shall immediately appoint a mutually acceptable appraiser or broker to establish the new MRV within the next 30 days. Any associated
costs will be split equally between the Parties, or

 

(b) Both Lessor and
Lessee shall each immediately make a reasonable determination of the MRV and submit such determination, in writing, to arbitration
in accordance with the following provisions:

 

(i) Within 15 days
thereafter, Lessor and Lessee shall each select an independent third party ☐ appraiser or þ broker
(“Consultant” - check one) of their choice to act as an arbitrator (Note: the parties may not select either of
the Brokers that was involved in negotiating the Lease). The two arbitrators so appointed shall immediately select a third,
neutral mutually acceptable Consultant to act as a third arbitrator.

 

(ii) The 3 arbitrators
shall within 30 days of the appointment of the third arbitrator reach a decision as to what the actual MRV for the Premises is,
and whether Lessor’s or Lessee’s submitted MRV is the closest thereto. The decision of a majority of the arbitrators
shall be binding on the Parties. The submitted MRV which is determined to be the closest to the actual MRV shall thereafter be
used by the Parties.

 

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(iii) If either of the
Parties fails to appoint an arbitrator within the specified 15 days, the arbitrator timely appointed by one of them shall reach
a decision on his or her own, and said decision shall be binding on the Parties.

 

(iv) The entire cost
of such third Consultant shall be paid by the party whose submitted MRV is not selected, ie. the one that is NOT the closest to
the actual MRV, and each party shall be responsible for the cost of their own Consultant.

 

2) When determining
MRV, the Lessor, Lessee and Consultants shall consider the terms of comparable non-renewal, arms-length market transactions which
shall include, but not be limited to, rent, rental adjustments, abated rent, lease term and financial condition of tenants.

 

3) Notwithstanding
the foregoing, the new Base Rent to be paid by Lessee at the commencement of each Extension Term shall not be less than one hundred
three percent (103%) of the Base Rent payable for the month immediately preceding the commencement of the applicable Extension
Term.

 

b. Upon the establishment
of each New Market Rental Value:

 

1) an amount equal
to ninety-five percent (95%) of the new MRV will become the new “Base Rent” payable at the commencement of each Extension
Term, and

 

2) the Base Rent during
each Extension Term shall increase by three percent (3%) on each one-year anniversary of the commencement of the applicable Extension
Term.

 

AIR CRE, 500 North Brand Blvd, Suite
900, Glendale, CA 91203, Tel 213-687-8777, Email contracts@aircre.com

NOTICE: No part of these works may be
reproduced in any form without permission in writing.

 

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ADDENDUM TO STANDARD
INDUSTRIAL/COMMERCIAL SINGLE-TENANT LEASE-NET

 

THIS ADDENDUM TO STANDARD
INDUSTRIAL/COMMERCIAL SINGLE-TENANT LEASE-NET (“Addendum”) dated as of February 28, 2018, is attached to,
and made a part of, that certain Standard Industrial/Commercial Single-Tenant Lease – Net of even date herewith (the “Primary
Lease”), entered into by and between REMARKABLE VIEWS CONSULTANTS LTD. (“Lessor”), and EVELOZCITY
INC., a Delaware corporation (“Lessee”). The Primary Lease, as modified, supplemented and superseded by this
Addendum is hereinafter referred to as the “Lease”. If there is any conflict between the Primary Lease and this
Addendum, this Addendum shall control. Unless otherwise defined in this Addendum, capitalized terms shall have the meanings assigned
to them in the Primary Lease.

 

52. Acquisition
Contingency. This Lease shall be effective upon the mutual execution and delivery by Lessor and Lessee; however, Lessor, or
an affiliate of Lessor, is currently attempting to acquire the Premises from the current owner of the Premises. This Lease is expressly
contingent upon Lessor or its affiliate acquiring the Premises (the “Acquisition”). In the event Lessor or its
assignee has not consummated the Acquisition within ninety (90) days after the mutual execution and delivery of this Lease by Lessor
and Lessee (the “Outside Acquisition Date”), either Lessee or Lessor may terminate this Lease thereafter by
written notice to the other, but prior to the occurrence of the Acquisition, provided that if Lessee elects to terminate this Lease
pursuant to this Paragraph, and Lessor consummates the Acquisition within thirty (30) days after delivery of Lessee’s termination
notice, Lessee’s termination shall be deemed null and void; otherwise, in the event of a termination hereunder this Lease
shall be deemed null and void and of no further force and effect, except for those obligations which expressly survive a termination
hereof. Lessee understands and agrees that Lessor is under no obligation to consummate the Acquisition and may at any time cease
its efforts to acquire the Premises for any reason or no reason whatsoever. Therefore, if Lessor exercises any right to terminate
the potential Acquisition, Lessor shall deliver notice thereof to Lessee, and this Lease shall terminate and neither party shall
have any further obligations hereunder, except for those that expressly survive a termination hereof. Lessee shall reasonably cooperate
with Lessor in executing any and all documents reasonably required in connection with the Acquisition or the financing thereof.

 

53. Commencement
Date. The “Commencement Date” of this Lease shall be the date the deed transferring the Premises to Lessor
or its affiliate, as buyer, is recorded in the official records of Los Angeles County, California pursuant to the terms of the
Acquisition.

 

54. Condition of
Premises. Lessee shall take the Premises in its AS-IS, WHERE-IS condition, without representation or warranty of any kind from
Lessor and agrees that Lessor shall have no obligation to perform any work or construct any improvements to the Premises. Lessee
hereby accepts this Lease and the Premises subject to all applicable currently existing and future Applicable Requirements affecting
the Premises and/or the Project and/or the use thereof. Lessee agrees and acknowledges that Lessor shall have no responsibility,
and shall bear no expense, to comply with any such Applicable Requirements. Lessor shall be entitled to cooperate voluntarily in
any reasonable manner with the efforts of governmental bodies or suppliers of utilities in reducing energy or other resources consumption
and Lessee shall reasonably cooperate with same and shall not be relieved of its obligation to pay the full Rent by reason thereof.
Notwithstanding the foregoing, in the event that subsequent to the date hereof, but prior to the date of Acquisition (and provided
that the Acquisition occurs), the seller of the Premises either (a) agrees in writing, for the benefit of Lessor or its affiliate,
to repair any portion of the Premises, or (b) grants in writing Lessor or its affiliate a credit or reduction in the purchase price
from the purchase price originally set forth in the agreement between the seller and Lessor or its affiliate regarding the proposed
Acquisition, in order to repair any element of the Premises, then (i) in the event of clause (a) above, Lessor shall use commercially
reasonable efforts to enforce the seller’s obligations for the benefit of Lessee (provided that in no event shall Lessor
be obligated to initiate any lawsuit against the seller, unless Lessee agrees to reimburse Lessor for any and all costs of same),
and (ii) in the event of clause (b) above, Lessor shall at its election (1) provide Lessee an allowance equal to the actual credit
or reduction provided by the seller for the applicable element of the Premises (which allowance shall be paid within thirty (30)
days after the Commencement Date, provided that no Breach has occurred and there is no ongoing Default), (2) cause the repair to
be made for which the credit or reduction in the purchase price was provided (such repair to be made within a reasonable period
of time after the Commencement Date and in no event shall Lessor be obligated to spend any sum in excess of the credit or reduction
in the purchase price provided by the seller), or (3) provide an abatement or reduction in the monthly Base Rent, which may be
amortized over the first year of the Lease term (provided that Lessee shall not be entitled to such abatement or reduction if a
Breach has occurred or there is an ongoing Default).

 

    1

     

    

 

55. Monthly Base
Rent; Payment at Commencement Date. Lessee shall pay monthly Base Rent pursuant to the following schedule:

 

	Period	 	Monthly Base Rent	 
	Months 1-12	 	$	116,080	 
	Months 13-24	 	$	119,562	 
	Months 25-36	 	$	123,149	 
	Months 37-48	 	$	126,843	 
	Months 49-60	 	$	130,649	 
	Months 61-72	 	$	134,568	 
	Months 73-84	 	$	138,605	 
	Months 85-96	 	$	142,763	 
	Months 97-108	 	$	147,046	 
	Months 109-120	 	$	151,458	 
	Months 121-132	 	$	156,001	 
	Months 133-144	 	$	160,681	 
	Months 145-156	 	$	165,502	 
	Months 157-168	 	$	170,467	 
	Months 169-180	 	$	175,581	 

 

Pursuant to Paragraph
1.6 of the Primary Lease, on the Commencement Date of this Lease, Lessee shall pay to Lessor monthly Base Rent for one (1) full
calendar month of the Original Term, which shall be applied to the first full calendar month’s Base Rent under this Lease.
Accordingly, if the Commencement Date is not the first day of the calendar month, then on the first day of the first full calendar
month following the Commencement Date, Lessee shall pay to Lessor the pro-rated amount of monthly Base Rent attributable to the
month in which the Commencement Date occurred. Thereafter, Lessee shall pay Base Rent on the first of every month without notice,
demand, offset or abatement.

 

56. Lessee Affiliate.
Notwithstanding Paragraph 12 in the Primary Lease to the contrary, Lessee may assign its entire interest under this Lease or sublease
all or a portion of the Premises to a Lessee Affiliate (as defined below) without the consent of Lessor, provided that the following
conditions are satisfied: (a) the Lessee Affiliate is a bona fide entity engaged in a business substantially similar to Lessee,
(b) the Lessee Affiliate shall assume the obligations of Lessee under this Lease by signing a commercially reasonable assumption
agreement; provided, however, in no event shall such assumption relieve Lessee (if still in existence) from liability under this
Lease or any guarantor under any guaranty (if applicable) and Lessee shall be jointly and severally liable, (c) such assignment
or sublease shall not be a subterfuge by Lessee to avoid its obligations under this Lease, (d) Lessee shall give Lessor not less
than ten (10) days’ prior written notice (or promptly following such assignment if prohibited by law from disclosure) of
any such assignment or sublease to a Lessee Affiliate and concurrently therewith furnish Lessor with satisfactory evidence that
all of the conditions set forth herein have been satisfied, (e) such Lessee Affiliate has a tangible net worth (excluding goodwill)
that is equal to or greater than the higher of Lessee’s tangible net worth (excluding goodwill) as of the date of this Lease
or as of the date Lessee desires to transfer the Lease or the Premises to such Lessee Affiliate, and (f) no Breach has occurred
and Lessee is not in Default at the time of such assignment or sublease. For purposes of this Lease, a “Lessee Affiliate”
shall mean and refer to a corporation, partnership, limited liability company or other entity that controls, is controlled by or
is under common control with Lessee, an entity that acquires all or substantially all of Lessee’s assets and/or an entity
created by or resulting from a merger or consolidation with Lessee.

 

    2

     

    

 

57. Transfer Premium.
If Lessor consents to an assignment or sublease, as a condition thereto, Lessee shall pay to Lessor fifty percent (50%) of any
Transfer Premium (as defined below), received by Lessee from the party to whom such assignment or sublease is made (the “Transferee”);
provided, however that Lessee shall not be required to pay Lessor such Transfer Premium in connection with an assignment of this
Lease or subletting of the Premises to a Lessee Affiliate made in accordance with the terms above. “Transfer Premium”
shall mean all rent, additional rent or other consideration payable by such Transferee in excess of the Rent payable by Lessee
under this Lease on a per rentable square foot basis if less than all of the Premises is transferred, after deducting the reasonable
expenses incurred by Lessee for any reasonable changes, alterations and improvements to the Premises in connection with the assignment
or sublease (but only to the extent approved by Lessor) and any reasonable expenses (including reasonable attorneys’ fees)
and brokerage commissions in connection with the assignment or sublease. The Transfer Premium shall also include, without limitation,
key money and bonus money paid by to Lessee in connection with such assignment or sublease and any payment in excess of fair market
value for services rendered by Lessee or for assets, fixtures, inventory, equipment, or furniture transferred by Lessee in connection
with such assignment or sublease. Lessor shall have the right to audit any and all documents and records to ensure compliance with
this provision.

 

58. Lessee Signage.
Provided no Breach has occurred, Lessee is not in Default hereunder and the original Lessee or a Lessee Affiliate is occupying
at least thirty percent (30%) of the Premises (a) the original Lessee or a Lessee Affiliate shall have the right, at its sole cost
expense, to install exterior signage at the Premises containing Lessee’s name and logo, subject to obtaining any and all
approvals required by Applicable Requirements and Lessor’s prior written consent (not to be unreasonably withheld), and (b) except
as required by Applicable Requirements, Lessor shall not install or consent to the installation of any other signage at the Premises
without obtaining Lessee’s prior written consent. All such signage shall be done in accordance with all Applicable Requirements
and Lessee shall be solely responsible for (i) installing and maintaining all such signage (other than signage installed pursuant
to clause (b) above), in good and sightly condition, and (ii) removing the same upon the expiration or earlier termination of this
Lease and repairing any damage resulting therefrom (including, without limitation patching and painting the affected area to match).

 

59. Confidentiality.
Lessee shall not disclose or permit its officers, directors, employees, agents, attorneys or representatives to disclose to any
third party any information about this Lease, or about any of the transactions contemplated hereby or terms contained herein, or
about the Premises, which is not publicly known (all such information that is not publicly known is “Confidential Information”).
Notwithstanding the foregoing, Lessee shall not be prohibited from disclosing the terms of this Lease to its attorneys, brokers,
accountants, lenders, transferees, assignees, subtenants and prospective lenders, transferees, assignees and subtenants to the
extent reasonably necessary to assist in performing its obligations hereunder or to the extent reasonably related to obtaining
financing (so long as such parties are notified of such obligation to maintain the confidentiality of the Confidential Information).
Additionally, Lessee shall not be obligated to protect Confidential Information which (a) is or becomes generally known to the
public without violation of this Lease, (b) is obtained from a third party where Lessee has no actual knowledge, or reason to know,
that such third party is obligated to keep such information confidential, or (c) is independently developed by Lessee. Disclosure
of Confidential Information by Lessee or its representatives shall not be prohibited if such disclosure is ordered pursuant to
a legal, judicial or administrative proceeding, provided that Lessee provides Lessor with prompt notice when such disclosure first
is sought so that Lessor may seek a protective order or other appropriate remedy. The foregoing shall not prohibit a press release
or announcement of this Lease, provided that no material information is disclosed (including, without limitation, any Rent, concessions,
etc.).

 

    3

     

    

 

60. Real Property
Taxes. Lessor agrees that Lessee shall have the right to contest with the appropriate taxing authority any Real Property Taxes
for which Lessee is responsible to pay, so long as (a) Lessee gives Lessor at least thirty (30) days’ prior written
notice thereof, (b) Lessor does not itself initiate such contest, (c) such contest shall be at Lessee’s sole cost and expense,
(d) Lessee shall provide a bond or other reasonable security therefor and otherwise comply with all Applicable Requirements relating
to such contest, and (e) Lessee shall indemnify, defend and hold Lessor harmless from any and all liabilities (including, without
limitation, reasonable attorneys’ fees), penalties, interest and other charges that may arise from or in connection with
any such contest. In the event of any reduction or refund of any Real Property Taxes applicable to the period during the Lease
term, by way of such contest or otherwise, after reimbursing Lessor for any and all costs as provided above, Lessee shall share
in any such reduction or refund, but only to the extent such reduction or refund is applicable to the Lease term hereof (relative
to overall period of time for which such reduction or refund is granted).

 

61. Option to Terminate.
Lessee shall have a one-time right to terminate this Lease effective as of the end of the One Hundred Forty-Fourth (144th) full
calendar month of the Original Term, subject to the terms herein provided. In order to exercise such termination right, Lessee
must notify Lessor of such exercise in writing at least twelve (12), but not more than eighteen (18), months prior to the effective
date of such termination, and must pay to Lessor concurrently with the exercise of this option Seven Hundred Two Thousand Three
Hundred Twenty-Four and 00/100 Dollars ($702,324.00), which is an amount equal to the sum of the Monthly Base Rent of the last
four (4) months of the Original Term if the Lease did not terminate early. If Lessee fails to notify Lessor in writing within the
time period set forth above, Lessee shall be deemed to have permanently waived this termination option. Notwithstanding anything
to the contrary herein, this termination option is only exercisable by the original Lessee (Evelozcity Inc.) or, if this Lease
has been assigned to a Lessee Affiliate of the original Lessee, such Lessee Affiliate, and only if, at the time of the exercise
of the option and on the effective termination date, there is no Default or Breach, and there is no event or condition which, with
the giving of notice or the passage of time or both, could constitute a Default or Breach.

 

62. Waivers.
LESSEE HEREBY WAIVES ANY AND ALL RIGHTS UNDER SECTIONS 1511, 1932, 1933, 1950.7, 1951.7, 1980 THROUGH 1993.09, 1995.260 AND 1995.310
OF THE CALIFORNIA CIVIL CODE, SECTIONS 1174 AND 1265.130 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE AND ANY SIMILAR LAW OR ORDINANCE
NOW OR HEREINAFTER IN EFFECT.

 

63. Executive Order
13224. Lessee represents and warrants to Lessor that the entities or individuals constituting Lessee or which may own or control
Lessee or which may be owned or controlled by Lessee are not among the individuals or entities identified on any list compiled
pursuant to Executive Order 13224 for the purpose of identifying suspected terrorists.

 

64. CASp Disclosure.
Lessor hereby notifies Lessee that to Lessor’s knowledge, the Premises have not undergone an inspection by a Certified Access
Specialist (“CASp”). Lessor shall have no liability or responsibility to make any repairs or modifications to
the Premises or the Project in order to comply with accessibility standards. The following disclosure is hereby made pursuant to
California Civil Code Section 1938: “A CASp can inspect the subject Premises and determine whether the subject Premises comply
with all of the applicable construction-related accessibility standards under state law. Although state law does not require a
CASp inspection of the subject Premises, the commercial property owner or Lessor may not prohibit the Lessee or Lessee from obtaining
a CASp inspection of the subject Premises for the occupancy or potential occupancy of Lessee, if requested by Lessee. The parties
shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection,
and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the Premises.”
Any CASp inspection shall be conducted in compliance with reasonable rules in effect at the Project with regard to inspections
and shall be subject to Lessor’s prior written consent.

 

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65. Energy Performance
Disclosure. Lessee hereby acknowledges that Lessor and/or the utility company serving the Premises may be required to disclose
or obtain certain information concerning the energy performance of the buildings within the Project pursuant to Applicable Requirements
(collectively, the “Energy Disclosure Requirements”). Lessee hereby (a) agrees that upon request from Lessor,
Lessee shall provide Lessor with any energy usage data for the Premises, including, without limitation, copies of utility bills
for the Premises, (b) consents to any disclosures made by Lessor in connection with such Energy Disclosure Requirements, and (c)
acknowledges that Lessor shall not be required to notify Lessee of any Energy Disclosure Requirements and releases Lessor from
any and all losses, costs, damages, expenses and liabilities relating to, arising out of and/or resulting from any Energy Disclosure
Requirements. The terms of this Paragraph shall survive the expiration or earlier termination of this Lease.

 

66. Miscellaneous.
If any provision of this Lease is held to be invalid, the remainder of this Lease shall not be affected thereby. Time is of the
essence in connection with the terms of this Lease. This Lease is the product of negotiations between the parties hereto and may
be executed in counterparts (by original, facsimile or electronic PDF signatures) and, when all counterparts are executed, the
same shall constitute a single binding instrument. The parties intend to be bound by such facsimile or electronic PDF signatures
as if they were originals.

 

[END OF TEXT; SIGNATURES
ON FOLLOWING PAGE]

 

    5

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Addendum as of the date first referenced above.

 

	LESSOR:	 
	 	 
	REMARKABLE VIEWS CONSULTANTS LTD.	 
	 	 	 
	By:	/s/
    Foster Chiang	 
	Name:	 	 
	Its:	 	 
	 	 	 
	LESSEE:	 	 
	 	 	 
	EVELOZCITY INC.,	 
	a Delaware corporation	 
	 	 	 
	By:	/s/ Stefan Krause	 
	Name:	Stefan Krause	 
	Its:	CEO	 

 

    6

     

    

 

FIRST
AMENDMENT TO LEASE

 

THIS
FIRST AMENDMENT TO LEASE (this “First Amendment”), effective as of April 5, 2018, is made by and between REMARKABLE
VIEWS CONSULTANTS LTD., a British Virgin Islands corporation (“Lessor”), and EVELOZCITY INC., a Delaware corporation
(“Lessee”).

 

RECITALS

 

A.
Lessor and Lessee are parties to that certain Standard Industrial/Commercial Single – Tenant Lease – Net dated as
of February 28, 2018 (the “Original Lease”), regarding the property located at 19951 Mariner Avenue, Torrance,
California (as more particularly described in the Original Lease, the “Premises”).

 

B.
Lessor and Lessee, for their mutual benefit, wish to amend certain covenants and provisions of the Original Lease.

 

NOW,
THEREFORE, in consideration of the covenants and provisions contained herein, and other good and valuable consideration, the sufficiency
which Lessor and Lessee hereby acknowledge, Lessor and Lessee hereby agree:

 

1.
Recitals and Defined Terms. The recitals set forth above are not merely recitals, but form an integral part of this First
Amendment. All capitalized terms used and not otherwise defined in this First Amendment shall have the meanings respectively assigned
to them in the Original Lease. The Original Lease, as modified, amended, superseded, supplemented and confirmed by this First
Amendment, is hereinafter referred to as the “Lease”.

 

2.
Paragraph 1.8. Paragraph 1.8 of the Original Lease is hereby revised to make Lessee the “Insuring Party” instead
of Lessor.

 

3.
Paragraph 8.3(a). The first three (3) sentences of Paragraph 8.3(a) of the Original Lease are hereby deleted in their entirety
and replaced with the following:

 

“Lessee
shall obtain and keep in force a policy or policies in the name of Lessee insuring loss or damage to the Premises. The policy
shall add Lessor as a loss payee and Lessor’s Lender as mortgagee and loss payee pursuant to a standard non-contributory
mortgagee clause, with loss being payable to Lessor and Lessor’s Lender. The amount of such insurance shall be equal to
the full insurable replacement cost of the Premises, as the same shall exist from time to time, or the amount required by any
Lender, but in no event more than the commercially reasonable and available insurable value thereof. Lessee Owned Alterations
and Utility Installations, Trade Fixtures, and Lessee’s personal property shall also be insured by Lessee.”

 

4.
Paragraph 8.3(b). The first sentence of Paragraph 8.3(b) of the Original Lease is hereby deleted in its entirety and replaced
with the following:

 

“Lessee
shall obtain and keep in force a policy or policies, with loss payable to Lessor and Lessor’s Lender, insuring the loss
of the full Rent for one (1) year with an extended period of indemnity for an additional one hundred eighty (180) days (“Rental
Value Insurance”).”

 

    1

     

    

 

5.
Paragraph 9.2. The first sentence of Paragraph 9.2 of the Original Lease is hereby modified by (a) inserting the phrase
“subject to Lessor’s receipt of proceeds” after “at Lessor’s expense”, and (b) inserting
the phrase “and Lessee shall make any applicable insurance proceeds available to Lessor for that purpose” after “in
full force and effect”.

 

6.
Paragraph 9.6(a). Paragraph 9.6(a) of the Original Lease is hereby modified to insert the phrase “by Lessor”
after the phrase “but not to exceed the proceeds received”.

 

7.
Paragraph 9.7. Paragraph 9.7 of the Original Lease is hereby modified to insert the following at the end thereof:

 

“All
proceeds from Lessee’s insurance policies required herein (other than with respect to Lessee’s Owned Alternations,
Utility Installations, Trade Fixtures & Lessee’s personal property) shall belong to Lessor and Lessor’s Lender
and all such insurance proceeds shall promptly be delivered to Lessor and Lessor’s Lender.”

 

8.
CASp Disclosure. Lessor hereby notifies Lessee that the Premises has not undergone an inspection by a Certified Access
Specialist (“CASp”). Pursuant to California Civil Code Section 1938, Lessor hereby advises Lessee as follows:

 

A
Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all
of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection
of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection
of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant.
The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for
the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility
standards within the premises.

 

This
disclosure is intended to comply with Section 1938 of the California Civil Code. To the maximum extent permitted by applicable
law, if Lessee elects to engage a CASp to perform an inspection of the Premises, Lessee shall be solely responsible for the costs
thereof and the costs of making any alterations specified therein.

 

9.
Miscellaneous. The headings used in this First Amendment are for convenience only and shall have no effect upon the interpretation
of this First Amendment. Except as otherwise expressly provided in this First Amendment, the provisions of the Original Lease
shall be and remain unmodified and in full force and effect (such Original Lease being hereby ratified, reaffirmed and confirmed
by Lessor and Lessee), and that if any provision of this First Amendment conflicts with the Original Lease, then the provisions
of this First Amendment shall prevail. This First Amendment may be executed in one or more counterparts (by original, facsimile
or electronic PDF signatures), each of which shall be deemed to constitute an original, but all of which, when taken together,
shall constitute one and the same instrument. The parties intend to be bound by such facsimile or electronic PDF signatures.

 

[SIGNATURES
APPEAR ON THE FOLLOWING PAGE]

 

    2

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the date first set forth above.

 

LESSOR:

 

REMARKABLE
VIEWS CONSULTANTS LTD.,

a British Virgin Islands corporation

 

	By:
	/s/
    Foster Chiang	 
	Name:	Foster
    Chiang	 
	Its:	Director	 

 

LESSEE:

 

EVELOZCITY
INC.,

a Delaware corporation

 

	By:
	/s/
    Stefan Krause	 
	Name:	Stefan
    Krause	 
	Its:	Chief
    Executive Officer	 

 

 

3

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