Document:

Exhibit 10.20

 

LEASE OF IMPROVED PROPERTY

 

between

 

BAKER-PROPERTIES LIMITED PARTNERSHIP,

 

Landlord,

 

and

 

COMPOSECURE, L.L.C.,

 

Tenant

 

500 Memorial Drive

Franklin, New Jersey

 

as of December 1, 2011

 

     

     

    

  

LEASE AGREEMENT

 

Basic Lease Information

 

	1.	Date of Lease:	December 1, 2011
	 	 	 
	2.	Landlord:	Baker-Properties Limited
    Partnership,
	 	 	a Connecticut limited partnership
	 	 	One West Red Oak Lane
	 	 	White Plains, New York 10604
	 	 	Attention: Philip C. King
	 	 	Vice
    President
	 	 	 
	3.	Address for Payment of
    Rent to	One West Red Oak Lane
	 	Landlord:	White Plains, New York 10604
	 	 	Attention: Philip C. King
	 	 	Vice President
	 	 	 
	4.	Tenant:	Composecure, L.L.C.
	 	 	269 Sheffield Street, Unit
    #3
	 	 	Mountainside, New Jersey 07092
	 	 	 
	 	 	After Tenant commences occupancy
    of the Demised Premises for the conduct of its business, Tenant’s address shall be the Demised Premises.
	 	 	 
	5.	Complex:	The land known
    as Block 517.01, Lot 318 in the Town of Franklin, County of Somerset, State of New Jersey, and the building and other improvements
    thereon.
	 	 
	 	 	 
	6.	Building:	The Building located
    at and commonly known as 500 Memorial Drive in the Township of Franklin, County of Somerset, and State of New Jersey
	 	 
	 	 	 
	7.	Demised Premises:	The portion of
    the Building designated in crosshatching g on the floor plan attached hereto as Exhibit A, consisting of approximately 45,526
    rentable square feet and deemed to be 45,526 rentable square feet.
	 	 
	 	 	 
	8.	Parking	Tenant shall have the use
    Tenant’s Share of parking spaces in the Complex, open and unassigned
    on a first-come, first-served basis.
	 	 	 
	9.	Estimated Commencement
    Date:	April 1, 2012 (See Section
    3 of the Lease)
	 	 	 
	10.	Termination Date:	The last day of
    the month that is ten (10) years after the Commencement Date occurs, or such earlier date upon which the Term may expire or be terminated
    pursuant to any of the conditions of this Lease or pursuant to law.
	 	 

 

     

     

    

 

	11.	Renewal Option:	One
    (1) option to renew for five (5) years upon twelve (12) months prior written notice at greater of rental rate at the end of the initial
    term or Fair Market Value in accordance with Exhibit D of the Lease.
	 	 
	 	 	 
	12.	Rentable Area of the Building:	Approximately 148,598 rentable
    square feet and deemed to be 148,598 rentable square feet.
	 	 	 
	13.	Tenant’s Share:	For all purposes
    of this Lease, Tenant’s Share is agreed to be thirty and sixty four one hundredths percent (30.64%), which is determined by
    dividing the approximate rentable area of the Demised Premises by the aggregate Rentable Area of the Building and multiplying the
    dividend by 100. Tenant shall pay Tenant’s Share of all Real Property Taxes and Complex Operating Costs.
	 	 
	 	 	 
	14.	Guarantor:	None.

 

	15.	Basic Rent:	 	 	 	 	Annual	 	 		 	 		 
	 	 	 	Lease	 	 	Basic Rent	 	 	Monthly	 	 	Annualized	 
	 	 	 	Year	 	 	(p.s.f.)	 	 	Basic Rent	 	 	Basic Rent	 
			 	 	1	 	 	$	5.50	 	 	$	20,866.08	 	 	$	250,393.00	 
	 	 	 	 	2	 	 	$	5.67	 	 	$	21,492.07	 	 	$	257,904.79	 
	 	 	 	 	3	 	 	$	5.83	 	 	$	22,136.83	 	 	$	265,641.93	 
	 	 	 	 	4	 	 	$	6.01	 	 	$	22,800.93	 	 	$	273,611.19	 
	 	 	 	 	5	 	 	$	6.19	 	 	$	23,484.96	 	 	$	281,819.53	 
	 	 	 	 	6	 	 	$	6.38	 	 	$	24,189.51	 	 	$	290,274.11	 
	 	 	 	 	7	 	 	$	6.57	 	 	$	24,915.19	 	 	$	298,982.34	 
	 	 	 	 	8	 	 	$	6.76	 	 	$	25,662.65	 	 	$	307,951.81	 
	 	 	 	 	9	 	 	$	6.97	 	 	$	26,432.53	 	 	$	317,190.36	 
	 	 	 	 	10	 	 	$	7.18	 	 	$	27,225.51	 	 	$	326,706.07	 

 

	16.	Prepayment
    of Rent:	First month due
    upon execution. Each payment thereafter due monthly in advance of
    the first day of each month.
	 	 	 
	17.	Security Deposit:	$41,732.00 letter of credit
    in accordance with Section 4(g) of the Lease.
	 	 	 
	18.	Permitted Use:	Manufacture, distribution
    and, storage of plastic laminate and metal cards with ancillary office use, personalization of cards, and all related business projects
    and for no other use without Landlord’s prior written consent, which shall not be unreasonably withheld provided that the use
    is not in violation of any laws, municipal codes, ordinances, building rules or regulations, and provided the use is not classified
    under ISRA as a use that would trigger an IRSA review or potentially expose the Landlord to any environmental risk greater than that
    already posed by Tenant’s initial use, and provided the use does not create any excessive vibration, noise, odors, excessive
    traffic, wear and tear on the Building, the Building systems or on any improvements that serve the Building.
	 	 

 

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	19.	Work Allowance:	None.
	 	 	 
	20.	Right of First Offer:	Tenant has a right of first
    offer for the contiguous space in accordance with Article 29
    of the Lease.
	 	 	 
	21.	Brokers:	Zimmel Associates, Inc.
	 	 	 
	Exhibits:	Exhibit A – Demised
    Premises
	 	 	Exhibit B – Complex
	 	 	Exhibit C – Form
    of Commencement Date Agreement
	 	 	Exhibit D – Renewal
    Option
	 	 	Exhibit E – Rules
    and Regulations
	 	 	Exhibit F – Form
    of Letter of Credit

 

The foregoing Basic Lease Information is
hereby incorporated into and made a part of the Lease. Each reference in the Lease to any information and definitions contained in the
Basic Lease Information shall mean and refer to the information and definitions hereinabove set forth. In the event of any conflict
between any Basic Lease Information and the Lease, the Lease shall control.

 

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LEASE OF IMPROVED PROPERTY

 

This Lease (as
the same may be amended or otherwise modified from time to time, this “Lease”)
made and entered into as of the 22 day of December, 2011 between Baker-Properties Limited Partnership, a limited partnership organized
and existing under the laws of the State of Connecticut, having its office and principal place of business at One West Red Oak Lane,
White Plains, New York 10604, herein after referred to as “Landlord”
and Composecure, L.L.C., a limited liability company organized and existing under the laws of
the State of New Jersey, having an office and principal place of business in 269 Sheffield Street, Unit #3, Mountainside, New Jersey
07092, hereinafter referred to as “Tenant”.

 

WITNESSETH

 

That Tenant and Landlord do hereby agree as follows:

 

Section 1.      Definitions.

 

(a) As used in this Lease, the following terms have the
following respective meanings:

 

(i)       Additional
Rent: All amounts due and payable under this Lease other than Basic Rent.

 

(ii)       Basic
Rent: All amounts due and payable under this Section 4(a) of this Lease.

 

(iii)       Bankruptcy
Code: Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101, et seq.

 

(iv)       Business
Day: Any day other than Saturday, Sunday or Building Holiday.

 

(v)       Common
Areas: All common areas and facilities which may be furnished by Landlord in or near the Demised Premises, the Building, and the
Complex for general use in common by all tenants, their agents, employees and customers, including any common parking areas, driveways,
pedestrian sidewalks, landscaped and planted areas.

 

(vi)       Complex:
Defined in the Basic Lease Information.

 

(vii)       Default
Rate: A per annum interest rate equal to the lesser of (i) the Prime Rate then in effect plus ten (10%) percent per annum or (ii)
the maximum interest rate permitted to be collected by Landlord from Tenant pursuant to applicable law.

 

(viii)       Demised
Premises: Defined in Section 2(a).

 

(ix)       Environmental
Laws: all statutes, regulations, codes and ordinances of any governmental entity, authority, agency and/or department relating to
(i) air emissions, (ii) water discharges, (iii) noise emissions, (iv) air, water or ground pollution or (v) any other environmental or
health matter, including, but not limited to ISRA, the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
Section 9601 et seq. and the regulations promulgated thereunder; the United States Department of Transportation Hazardous Materials
Table (49 CFR 172.102); hazardous substances designated by the Environmental Protection Agency (40 CFR Part 302); the Resource Conservation
and Recovery Act (42 U.S.C. §6901 et seq., as amended by the Hazardous and Solid Waste Amendments, Pub. L. No. 98-616, 98 Stat.
3221), the Clean Air Act and the Clean Water Act.

 

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(x)       Event
of Default: Defined in Section 16(a).

 

(xi)       ISRA:
The Industrial Site Recovery Act, N.J.S.A. 13:1K-6 et seq.

 

(xii)       Legal
Requirement(s): all statutes, codes, ordinances, regulations, rules, orders, directives and requirements of any governmental entity,
authority, agency and/or department, which now or at any time hereafter may be applicable to the Building or any part thereof, including,
but not limited to, all Environmental Laws.

 

(xiii)       Net
Award: Any insurance proceeds or condemnation award payable in connection with any damage, destruction or Taking, less any expenses
incurred by Landlord or Tenant as applicable in recovering such amount.

 

(xiv)       NJDEP:
The New Jersey Department of Environmental Protection.

 

(xv)       Prime
Rate. The rate per annum from time to time established by JPMorgan Chase Bank as the Prime Rate (or another national bank selected
by Landlord if JPMorgan Chase Bank no longer publishes a Prime Rate).

 

(xvi)       Real
Property Taxes: Defined in Section 4(c).

 

(xvii)       Rent:
All Basic Rent and Additional Rent payable under this Lease.

 

(xviii)       Taking:
A taking of all or any part of the Building, or any interest therein or right accruing thereto, as the result of, in lieu of, or
in anticipation of the exercise of the right of condemnation or eminent domain pursuant to any law, general or special, or by reason
of the temporary requisition of the use or occupancy of the Building or any part thereof, by any governmental authority, civil or military.

 

(xix)       Tenant’s
Share: The percentage arrived at by dividing the square footage of the Demised Premises by
the total rentable square footage in the Building. As presently constituted, Tenant’s Share
is 30.64%.

 

(xx)       Tenant’s
Visitors: Tenant’s agents, servants, employees,
subtenants, contractors, invitees, licensees and all other persons invited by Tenant into the Demised Premises as guests or doing business
with Tenant.

 

(xxi)       Unavoidable
Delays: Any delays due to acts of God, governmental restrictions or guidelines, strikes, labor disturbances, shortages of materials
and supplies and for any other causes or events whatsoever beyond Landlord’s reasonable
control

 

(xxii)       Underlying
Encumbrance: Defined in Section 16.

 

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Section 2.         Demised
Premises.

 

(a)       Landlord
demises and lets to Tenant and Tenant leases and takes from Landlord the second- floor space shown in crosshatching on Exhibit
“A” attached hereto and
made a part hereof (called “Demised Premises”),
consisting of a 45,526 rentable square foot area, forming part of the Building located at the Complex,

 

(b)       The
location and boundaries of the Complex outlined on Exhibit “B”
set forth the general layout of the Complex, but shall not be deemed to be a representation or
agreement on the part of Landlord that the Complex will be as indicated on Exhibit “B”.
Landlord reserves the right at any time to change the size, height, layout or location of
the building, walks, parking, loading and Common Areas and/or other areas, now or at any time hereafter forming a part of the Complex;
to make alterations or additions to, and to build additional stories and to add buildings to the Complex and to designate other parcels
of land to be added to the Complex; and to combine such other parcels including all buildings and improvements thereon, with the Complex
provided same does not unreasonably interfere with Tenant’s access to or use of the Demised
Premises.

 

(c)       Tenant’s
right to use and occupy the Demised Premises during the Term shall include the right to use and occupy the loading docks leading into
the Demised Premises. Additionally, Tenant shall have the non-exclusive right to the use of Tenant’s
Share of automobile parking spaces located within the Complex, open and unassigned.

 

(d)       Tenant’s
right to use and occupy the Demised Premises during the Term shall include the right to use, in common with the other tenants of the
Complex and their customers, guests, and invitees, the Common Areas of the Complex, as more fully set forth in Section 6 hereof.

 

(e)       Nothing
herein contained shall be construed as a grant or demise by Landlord to Tenant of the roof or exterior walls of the Complex or the land
below the floor of the Demised Premises, or any part of the Complex exterior to the Demised Premises, or of the Common Areas.

 

(f)       Landlord
reserves from the Demised Premises the right of reasonable ingress and egress through the Demised Premises to part of the Complex not
hereby demised, and also reserves space for pipes, ducts and wires, leading to and from parts of the Complex not hereby demised.

 

Section 3.           Term.

 

(a)       The
Term of this Lease shall be for a period of ten (10) years, plus the number of days required to have such Term expire on the last day
of a calendar month (the “Term”),
commencing on the Commencement Date (as defined below) and ending, unless sooner terminated, on the last day of the month that is ten
(10) years after the Commencement Date (the “Expiration Date”).
The “Commencement Date” shall
be the earlier of (i) the day that a temporary or permanent certificate of occupancy is issued for the Demised Premises or (ii) April
1, 2012.

 

(b)       Within
fifteen (15) days of Commencement Date, Landlord and Tenant shall execute and deliver to each other, duplicate originals of a commencement
date statement, in the form attached hereto as Exhibit “C”,
which shall specify the commencement and expiration dates of the Term (“Commencement Date Statement”),
and upon execution the Commencement Date Statement shall be deemed a part of this Lease.

 

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Section 4.            Rent

 

(a)       Basic
Rent. Tenant shall pay Basic Rent for each Lease Year (as defined below) in the per annum amounts set forth in the table in the Basic
Lease Information Section of this Lease in equal monthly installments, in advance on the first day of each month of the Term of this
Lease. If the day on which the Term of this Lease shall commence is other than the first day of the month, then the rent for the initial
fraction of the month shall be apportioned. All rental payments shall be paid to Landlord at One West Red Oak Lane, White Plains, New
York 10604 or at such other place as Landlord may designate in writing, free of all claims, demands, or offsets of any kind or character.
“Lease Year” as used herein shall
mean a period of twelve (12) consecutive calendar months, the first of which will begin on the Commencement Date, provided that if the
Commencement Date is not the first day of a calendar month the first Lease Year will consist of the Partial Month referred to in Section
3 of this Lease and the next succeeding twelve (12) consecutive calendar months.

 

(b)       
Operating Costs. Tenant shall also pay to Landlord as Additional Rent hereunder, Tenant’s
Share of “Complex Operating Costs” (as hereinafter
defined) in equal monthly installments based upon Landlord’s reasonable estimate of such
Complex Operating Costs. By April 1st of each year, Landlord shall provide Tenant with an accounting of such “Complex
Operating Costs” for the prior year, and Tenant shall pay Landlord any balance owing within
thirty (30) days. If Landlord has collected in excess of expenses, Tenant shall receive a credit against future payments of Tenant’s
Share of Complex Operating Costs.

 

(i)       The
Basic Rent shall be net to Landlord such that all costs and expenses in connection with the Complex (other than Landlord’s
debt service) shall either be paid directly by the various tenants or paid by Landlord and allocated among the various tenants. It is
further understood that the only obligations of Landlord to effectuate operation, maintenance and repair of the Complex are those set
forth in Section 9 hereof. “Complex Operating Costs” as
used herein shall mean all costs incurred by Landlord in operating, maintaining and repairing the Complex including, without limitation;
the cost of clearing snow and ice; trash, garbage and other refuse removal; the cost and expense of gardening and landscaping; Landlord’s
insurance including bodily injury, public liability, property damage liability, fire and extended coverage or all risk insurance covering
the Complex, rent insurance; water and sewer charges; repairs to the building and building improvements and other parts of the Complex;
re-striping parking areas; repair to parking areas; painting; maintenance and repairs of traffic and directional signs and equipment;
extermination; electrical, water or other utility charges serving the Common Areas; policing and regulating traffic; structural repairs
and roof maintenance; a reserve equal to 8% of the estimated cost for resurfacing the parking area; 5% of all of the foregoing to cover
Landlord’s administrative supervision, overhead and general conditions costs; and all other
similar costs properly chargeable to such operation, maintenance and repair. Excluding therefrom only the costs and expenses required
of Landlord pursuant to Section 5(a)(ii). hereof. Landlord shall provide Tenant with an annual itemized estimate of all Complex
Operating Costs and an annual reconciliation of actual amounts of Complex Operating Costs against estimated Complex Operating Costs.

 

(c)       Taxes.

 

(i)       Tenant
shall also pay to Landlord as Additional Rent hereunder, throughout the Term, Tenant’s Share
of “Real Property Taxes” (as hereinafter defined)
in equal monthly installments based upon Landlord’s reasonable estimate of such Real Property
Taxes based upon actual Real Property Taxes paid by Landlord for the Complex for the prior tax year. By April 1st of each year, Landlord
shall provide Tenant with an accounting of such “Real Property Taxes” for
the prior year, and Tenant shall pay Landlord any balance owing within thirty (30) days. If Landlord has collected in excess of expenses,
Tenant shall receive a credit against future payments of Tenant’s Share of Real Property
Taxes.. “Real Property Taxes” shall
mean all real estate and ad valorem taxes, assessments, water and sewer charges, school taxes and other governmental impositions and
charges which shall be levied, assessed, imposed, or have become due and payable, or liens upon, or arising from the use, occupancy or
possession of the Complex or any part thereof (excluding any particular taxes assessed due to the peculiar nature of the occupancy of
any tenant). The term Real Property Taxes shall not include (i) any charge, such as a water meter charge and the sewer rent based thereon,
which is measured by consumption or (ii) any municipal, state or federal taxes based on net income or any estate, inheritance or transfer
taxes or any franchise taxes assessed against or imposed upon Landlord, except to the extent substituted for the then Real Property Taxes.
Whether or not Landlord shall take the benefit of the provisions of any statute permitting any assessment for public betterments to be
paid over a period of years, Landlord shall, nevertheless, be deemed to have taken such benefit so that the term Real Property Taxes
shall include only the current annual installment of any such assessment. Landlord hereby covenants with Tenant that Landlord shall be
responsible for paying and shall pay the Real Property Taxes and shall present receipted tax bills to Tenant.

 

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(ii)       Tenant
at all times shall be responsible for and shall pay, before delinquency, all taxes levied or assessed by any governmental authority on
any leasehold interest, any investment of Tenant in the Demised Premises, or any personal property of any kind owned, installed or used
by Tenant or on Tenant’s right to occupy the Demised Premises. In addition, Tenant shall
be responsible for all taxes attributable to any increased assessment incurred as a result of any of Tenant’s
Work (as defined in Section 5(b) hereof). In the event that Real Property Taxes are not separately assessed or attributable to
such additions, the informal decision by the Tax Assessor with respect thereto shall be binding on the parties, subject to adjustment
for any future changes in the decision by the Tax Assessor based upon a tax appeal or otherwise.

 

(iii)       If
Landlord is not challenging the amount of any assessments for Real Estate Taxes, Tenant shall have the right, at Tenant’s
sole cost and expense and upon prior written notice to Landlord, to protest the amount of any assessments provided that Tenant shall
continue to pay Tenant’s Share of Real Property Taxes. Landlord agrees to reasonably cooperate
with Tenant in such appeal at no cost or expense to Landlord. If there is a reduction attributable to any period included in the Term
and no Event of Default has occurred, Tenant shall be entitled to Tenant’s Share of the
benefit of such reduction applicable to the Demised Premises including Tenant being entitled to a credit in such amount against future
payments of Real Property Taxes for any refund of any excess Tenant’s Share of Real Estate
Taxes paid by Tenant.

 

(d)       Late
Charges. If any installment of Basic Rent or Additional Rent is not paid when due, Tenant shall pay to Landlord on demand, as Additional
Rent, a late charge equal to six percent (6%) of the amount unpaid. Such charge shall be imposed monthly for each late payment. In addition,
any installment or installments of Basic Rent or Additional Rent accruing hereunder which are not paid within ten (10) days after the
date when due, shall bear interest at the Default Rate from the due date thereof until the date of payment, which interest shall be deemed
Additional Rent hereunder and shall be payable upon demand by Landlord. Nothing herein shall be intended to violate any applicable law,
code or regulation, and in all instances all such charges shall be automatically reduced to any maximum applicable legal rate or charge.

 

(e)       Net
Lease. It is understood that this Lease is a triple-net lease and that the Tenant shall be responsible for the payment and performance
of all obligations of the Landlord with respect to the Demised Premises without setoff, counterclaim, recoupment, abatement, suspension,
deferment, diminution, deduction, reduction or defense. The Landlord shall not be required to incur any expense and shall have
no obligation under the Lease with respect to the Demised Premises except as specifically set forth in Sections 5(a) and 10(e).
The Tenant shall pay all other amounts and perform all obligations with respect to the Demised Premises during the term of this Lease.

 

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(f)       No
Offset. Tenant hereby covenants and agrees to pay to Landlord during the Term, at Landlord’s
address provided for payment of rent to Landlord in the Basic Lease Information, or such other place as Landlord may from time
to time designate, in writing without any offset, set-off, counterclaim, deduction, defense, abatement, suspension, deferment or diminution
of any kind (i) the Basic Rent, without notice or demand, (ii) Additional Rent and (iii) all other sums payable by Tenant hereunder.
Except as otherwise expressly provided herein, this Lease shall not terminate, nor shall Tenant have any right to terminate or avoid
this Lease or be entitled to the abatement of any Basic Rent, Additional Rent or other sums payable hereunder or any reduction thereof,
nor shall the obligations and liabilities of Tenant hereunder be in any way affected for any reason. The obligations of Tenant hereunder
shall be separate and independent covenants and agreements.

 

(g)       Security
Deposit. Simultaneously with the execution of this Lease, Tenant will deposit with Landlord an unconditional, irrevocable letter
of credit in the amount of the Security Deposit in the form attached hereto as Exhibit F (or another form satisfactory to Landlord)
and issued by a bank having an office in Middlesex or Somerset County, New Jersey, and otherwise reasonably satisfactory to Landlord
(the “Letter of Credit”), as
additional security for Tenant’s faithful and timely payment and performance by Tenant of
all of Tenant’s obligations, covenants, conditions and agreements under this Lease. The
Letter of Credit must expressly permit partial drawings on multiple occasions. The Letter of Credit shall provide that it is assignable
by Landlord without charge to Landlord and shall either (A) expire on the date which is sixty (60) days after the scheduled expiration
of this Lease and any extensions thereof (the “LC Date”)
or (B) be automatically self-renewing for periods of at least one (1) year until the LC Date; provided that said Letter of Credit states
that it may be drawn upon if same is not renewed at least sixty (60) days prior to the then expiration thereof. If Tenant holds over
in the Demised Premises without the consent of Landlord after the expiration or termination of this Lease, Landlord may draw upon the
Letter of Credit and hold the proceeds thereof as security for the performance of Tenant’s
obligations under this Lease or utilize such proceeds as provided herein. Landlord may also draw on the Letter of Credit (or use the
proceeds thereof) to remedy events of default by Tenant in the payment or performance of any of Tenant’s
obligations under this Lease. If Landlord shall have so drawn upon the Letter of Credit (or used the proceeds thereof), Tenant shall,
within five (5) days after demand, deposit with Landlord a replacement Letter of Credit (or an amendment to the existing Letter of Credit)
such that, at all times, Landlord is holding a Letter of Credit (or cash proceeds thereof) equal to the Security Deposit. In the event
that Tenant defaults beyond all applicable notice and cure periods in respect of any of the terms, provisions, covenants and conditions
of this Lease, including but not limited to payment of any Basic Rent or Additional Rent, Landlord may draw upon the Letter of Credit
and use, apply or retain the whole or any part of the proceeds of the Letter of Credit for the payment of any such Basic Rent or Additional
Rent in default or for any other sum which Landlord may expend or be required to expend by reason of Tenant’s
default, including any damages or deficiency in the reletting of the Premises, whether such damage or deficiency may accrue before or
after summary proceedings or other re-entry by Landlord. In the event that Tenant shall fully and faithfully comply with all the terms,
provisions, covenants and conditions of this Lease, the Letter of Credit or any unapplied proceeds thereof or other security deposit
held by Landlord hereunder, shall be returned to Tenant (or the person lawfully entitled thereto) within thirty-five (35) days after
the earlier of (x) the time fixed as the expiration of the herein Term or (y) if Tenant is not in default under this Lease and provided
Tenant has not caused the termination of this Lease (except pursuant to any termination rights expressly granted to Tenant pursuant to
this Lease), the earlier termination of this Lease. In the absence of evidence satisfactory to Landlord of any assignment of the right
to receive the Letter of Credit, or the remaining balance of the proceeds thereof or other security deposit held by Landlord hereunder,
Landlord may return the same to the original Tenant, regardless of one or more assignments of the Lease itself.

 

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Section 5.        Improvements

 

(a) Landlord’s
Work. None.

 

(b) Tenant’s
Work.

 

(i)       Tenant
accept the Demised Premises in its current “as-is, where-is” condition
with all faults and acknowledges that Landlord shall have no obligation to perform any work in the Demised Premises to ready it for Tenant’s
occupancy. Rather, Tenant shall construct the improvements in the Demised Premises necessary or desireable for Tenant’s
initial occupancy of the Demised Premises.

 

(ii)       Within
thirty (30) days following the execution and delivery of this Lease, Tenant shall submit to Landlord, for Landlord’s
written approval, which shall not be unreasonably withheld or delayed, at Tenant’s own cost
and expense, plans for the Demised Premises, prepared by architects and engineers (where applicable) and others previously approved by
Landlord, describing all work (“Tenant’s
Work”) necessary for the opening and operation of Tenant’s
business, including, without limitation, trade fixtures and equipment, lighting fixtures and appliances, and Tenant shall also deliver
to Landlord a detailed statement of the cost of Tenant’s Work. Such plans and specifications
shall be prepared in, and Tenant’s Work shall be completed in, conformity with all applicable
laws, codes, orders, rules, regulations and requirements and Landlord’s approval shall not
be a waiver of the foregoing requirement nor impose any liability or responsibility upon Landlord for the legality or adequacy of such
plans and specifications. Landlord shall promptly reply to Tenant’s written requests for
approval of plans for the Demised Premises.

 

(iii)       Tenant
shall employ in the performance of Tenant’s Work, only such labor as will not cause any
controversy with any labor organization, representing trades performing work for Landlord, its contractors and subcontractors, in and
about the Complex. All contractors performing work for Tenant shall be subject to Landlord’s
prior approval which shall not be unreasonably withheld. The foregoing is not intended to mean that Landlord requires Tenant to use only
union labor in the Demised Premises.

 

(iv)       Tenant
shall be responsible for obtaining all permits from governmental agencies having jurisdiction, prior to the commencement of any Tenant’s
Work and all certificates of occupancy and other documents reasonably required by Landlord to evidence completion of Tenant’s
Work.

 

(v)       Tenant
shall cause such contractors employed by Tenant to carry workmen’s compensation insurance
in accordance with statutory requirements and comprehensive liability insurance covering such contractors in amounts not less than $2,000,000
single combined limit, which policy shall name Landlord as an additional insured, and Tenant shall submit certificates evidencing such
insurance coverage to Landlord prior to the commencement of any work.

 

Section 6.             Use.

 

(a) Permitted
Uses. The Demised Premises shall be used by Tenant for Permitted Use (as defined in the Basic Lease Information Section of the Lease)
and for no other use without Landlord’s prior written consent. Additionally, Tenant shall
not store, stack or place any goods or merchandise outside the building. In no event may Tenant’s
use cause excessive noise or vibration or otherwise unreasonably disturb other tenant’s
use and occupancy of the remainder of the Building and Complex.

 

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(b) Prohibited
Uses. Tenant shall not use, suffer or permit the use of the Demised Premises or any part thereof in any manner or for any purpose
or do, bring or keep anything, or suffer or permit anything to be done, brought or kept, therein (i) which would violate any covenant,
agreement, term, provision or condition of this Lease or (ii) is unlawful or in contravention of the certificate of occupancy for the
Building or (iii) is in contravention of any Legal Requirement or insurance requirement or (iv) which would overload or could cause an
overload of the electrical or mechanical systems of the Building or which would exceed one hundred (100) pounds per square foot, live
load or (v) which in the reasonable judgment of the Landlord may in any way impair or interfere with the proper and economic heating,
air conditioning of the Building or (vi) suffer or permit the Building or any component thereof to be used in any manner or anything
to be done therein or anything to be brought into or kept thereon which, in the reasonable judgment of Landlord, would in any way impair
or tend to impair or exceed the design criteria, the structural integrity, character or appearance of the Building, or result in the
use of the Building or any component thereof in a manner or for a purpose not intended.

 

(c) Rules
and Regulations. Tenant shall comply with the rules and regulations set forth in Exhibit “E”,
attached hereto and made part hereof, and such additional rules and regulations as shall hereafter be promulgated by Landlord.

 

Section 7.          Common
Areas and Parking

 

(a) Subject to
the other provisions of this Lease, Tenant, its employees, agents, licensees and invitees shall have the non-exclusive right to use Common
Areas for access to and from the Demised Premises, loading and parking. Notwithstanding the foregoing, Landlord shall have no obligation
whatsoever to enforce the non-exclusive right or to patrol the Common Areas. Use of the Common Areas shall be at the sole risk of the
user; Landlord shall not be liable for any injury to person or property, or for loss or damage to any vehicle or damage to any vehicle
or its contents resulting from theft, collision, vandalism or any other cause whatsoever. Tenant shall have the right to operate its
business at the Demised Premises twenty four (24) hours a day, seven (7) days a week. Tenant shall, however, cause its personnel and
visitors to remove their vehicles from the parking area at the end of their shifts. If any vehicle owned by Tenant or by its personnel
or visitors remains in the parking area overnight and the same interferes with the cleaning or maintenance of said area (snow or otherwise),
any costs and liabilities incurred by Landlord or Landlord’s contractor in removing said
vehicle to effectuate cleaning or maintenance, or any damages resulting to said vehicle or to Landlord’s
equipment or equipment owned by others by reason of the presence or removal of said vehicle during such cleaning or maintenance shall
be paid by Tenant to Landlord, as additional rent, on the rent payment date next following the submission of a bill therefor. Tenant’s
personnel will move all of Tenant’s vehicles for snow removal in the Common Areas.

 

(b) Landlord
shall have the right on prior reasonable notice to Tenant to modify and enforce reasonable rules and regulations with respect to the
Common Areas. Landlord shall have the right in accordance with and subject to the provisions of Section 2(b) and this Section
7(b) to change the locations and arrangement of the Common Areas to enter into, modify and terminate easement and other agreements
pertaining to the use and maintenance of the Common Areas; to construct surface or elevated parking areas and facilities; to establish
and change the level of parking surfaces; to close all or any portion of the Common Areas to such extent as may, in the opinion of Landlord’s
counsel, be necessary to prevent a dedication thereof or the accrual of any rights to any person or to the public therein; to discourage
non-permitted parking; and to do and perform such other acts in and to the Common Areas as, in the exercise of good judgment,
Landlord shall determine to be advisable with a view to the improvement of the convenience and use thereof by Tenants, their officers,
agents, employees and customers. Notwithstanding anything in this Section 7(b) to the contrary, Landlord shall have no obligation
whatsoever to take any of the foregoing actions.

 

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(c) Neither Tenant
nor any of its employees, agents, licensees or invitees shall park any vehicles in, or otherwise obstruct, the Common Areas. Tenant and
its employees, agents, licensees, and invitees shall park only in parking spaces as striped in designated parking areas.

 

Section 8.           Quiet
Enjoyment.

 

Tenant, upon paying the Rent and complying with all the terms and
covenants of this Lease, and subject to the provisions of any mortgage or installment purchase agreement to which this Lease is subordinate
shall quietly have and enjoy the Demised Premises during the Term of this Lease.

 

Section 9.          Signs.

 

Subject to the provisions of this
Section 9, Tenant shall be permitted to have one sign, not more than 16 square feet in size identifying the Demised Premises. Tenant
may request a sign by giving Landlord its requirements as to size, wording and any logo requirements. The purpose of any sign shall be
solely for the identification of the Demised Premises and shall not include any advertisement or slogans of any nature. Upon receipt
of such request, Landlord shall design a sign for Tenant. All signs shall be of bronzed aluminum with white lettering of a standard type
form to be selected by Landlord. Such sign shall be mounted on the ground in close proximity to Tenant’s
entrance. Tenant shall bear all costs associated with the fabrication and installation of such sign. Tenant shall have the obligation,
at the termination of the Lease, to remove such sign and shall repair and be responsible for any damage to the Complex occasioned by
the installation or removal of such sign.

 

Section 10.      Repairs,
Maintenance and Alterations.

 

(a) Tenant shall
at Tenant’s sole cost and expense, keep and maintain all portions of the Demised Premises
in a clean, wholesome and sanitary condition and in good order and repair, including, but not limited to plumbing, electrical, heating
and air conditioning systems and the entire interior of the Demised Premises. Tenant shall obtain a standard service agreement from a
reputable mechanical systems service company for the regular service and maintenance of the heating, ventilation and air conditioning
systems in the Demised Premises. Tenant shall provide Landlord a copy of such agreement upon Landlord’s
request.

 

(b) Landlord
agrees to pass on to Tenant, if possible, the benefits of any manufacturer’s warranties
on equipment installed by Landlord.

 

(c) Tenant shall
not make any alterations or improvements to the Demised Premises without submitting a detailed cost estimate thereof and without the
prior written consent of Landlord, which consent will not be unreasonably withheld.

 

(d) Tenant shall
prevent any lien or obligation from being imposed upon the Complex and will discharge all liens or charges for services rendered or materials
furnished immediately after said liens occur or said charges become due and payable.

  

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(e) Landlord
shall (i) make structural repairs to the exterior walls, common exterior facade, roof and foundation of the building, (ii) maintain the
Common Area, and (iii) maintain utility lines, drains and related facilities, serving all tenants in the Complex, and (iv) clean the
exterior of the building, including glass. The cost of all of the foregoing shall be included as Complex Operating Costs. Notwithstanding
the foregoing, Tenant shall be required to make all repairs resulting from the misuse or neglect by Tenant or any of its employees, agents,
contractors, licensees or invitees or customers.

 

(f) Landlord
shall have no liability to Tenant by reason of any inconvenience, annoyance, interruption or injury to business arising from Landlord
or any tenant making any repairs or changes or performing maintenance services in the Demised Premises or Complex, whether or not Landlord
is required or permitted by this Lease or by law to make such repairs or changes or to perform such services. Landlord shall use its
best efforts to perform such work, except in case of emergency, at times reasonably convenient to Tenant and otherwise in such manner
and to the extent practical as will not unreasonably interfere with Tenant’s use and occupancy
of the Demised Premises.

 

(g) Landlord
reserves the right, without being in breach of any covenant of this Lease, to stop or suspend the rendition of any services which Landlord
shall perform for so long as may be necessary, by reason of accidents, emergencies, the making of repairs or changes or by reason of
difficulty in securing proper supplies or by reason of Unavoidable Delays. In each instance Landlord shall exercise reasonable diligence
to eliminate the cause of stoppage and to effect restoration of service and shall give Tenant reasonable notice, when practicable, of
the commencement and anticipated duration of such stoppage. Tenant shall not be entitled to any diminution or abatement of rent or other
compensation by reason of any interruption or stoppage.

 

(h) If Landlord’s
inspection of the Demised Premises reveals that in Landlord’s sole judgment, Tenant has
failed to maintain the Demised Premises as required by Section 10(a) and (d) or has made alterations prohibited by Section
10(c), then Landlord shall give Tenant written notice of such violations. If such violations have not been corrected within thirty
(30) days of Tenant’s receipt of such notice, Landlord shall have the right to enter the
Demised Premises, correct the violation, and charge Tenant the cost of such correction plus twenty percent (20%) for Landlord’s
overhead.

 

(i) Except for
Tenant’s movable equipment and personal property, all additions, improvements and alterations
to the Demised Premises shall, upon installation, become the property of Landlord and shall be deemed part of, and shall be surrendered
with, the Demised Premises, unless Landlord, by notice given to Tenant at least sixty (60) days after the Termination Date, elects to
relinquish Landlord’s right thereto. If Landlord elects to relinquish Landlord’s
right to any such addition, improvement or alteration, Tenant shall remove said addition, improvement or alteration, shall promptly repair
any damage to the Demised Premises caused by said removal and shall restore the Demised Premises to the condition existing prior to the
installation of said addition, improvement or alteration.

 

Section 11.          Damage
or Destruction.

 

(a) Casualty.
If there is any damage to or destruction of the Demised Premises, Tenant shall promptly give notice thereof to Landlord, describing the
nature and extent thereof

 

(b) Restoration.
If the Demised Premises are damaged by fire or other casualty, the risk of which is covered by the insurance policy described in Section
14, this Lease shall remain in full force and effect and Landlord shall repair or rebuild the Demised Premises, except for Tenant’s
leasehold improvements, to substantially the same condition as at the time of such damage. In the case of damage as a result of
a risk not covered by the aforesaid insurance, Landlord shall have the option to either rebuild the Demised Premises or terminate this
Lease.

 

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(c) Termination.
If, in the sole opinion of Landlord, (i) the Building is damaged or destroyed and the total cost of the restoration thereof shall amount
to thirty percent (30%) or more of the full insurable value of the Building, (ii) more than one hundred eighty (180) days are necessary
to complete the restoration, or (iii) if during the final year of the Term the Demised Premises are damaged or destroyed and rendered
partially or wholly untenantable, Landlord, in lieu of the restoration, may elect to terminate this Lease, provided that notice of such
termination shall be sent to Tenant within sixty (60) days after the occurrence of such casualty. If Landlord exercises its right to
terminate this Lease, this Lease shall cease, terminate and expire, and all Basic Rent and Additional Rent shall be prorated, as of the
date of such damage or destruction.

 

(d) Waiver.
Tenant waives the benefit of N.J.S.A. 46:8-6 and 46:8-7 and agrees that Tenant will not be relieved of the obligations to pay the Basic
Rent or any Additional Rent in case of damage to or destruction of the Building and/or Demised Premises except as expressly provided
in this Lease.

 

Section 12.           Eminent
Domain

 

(a)       Condemnation.
Tenant hereby irrevocably assigns to Landlord any award or payment to which Tenant becomes entitled by reason of any Taking of all or
any part of the Demised Premises, whether the same shall be paid or payable in respect of Tenant’s
leasehold interest hereunder or otherwise, except that Tenant shall be entitled to any award or payment for the Taking of Tenant’s
trade fixtures or personal property or for loss of business, relocation or moving expenses provided the amount of the Net Award payable
to Landlord with respect to the fee interest is not diminished. All amounts payable pursuant to any agreement with any condemning authority
which have been made in settlement of or under threat of any condemnation or other eminent domain proceeding shall be deemed to be an
award made in such proceeding. Tenant agrees that this Lease shall control the rights of Landlord and Tenant in any Net Award and any
contrary provision of any present or future law is hereby waived.

 

(b)       Total
Taking. In the event of a Taking of the whole of the Demised Premises, then the Term shall cease and terminate as of the date when
possession is taken by the condemning authority and all Basic Rent and Additional Rent shall be paid up to that date.

 

(c)       Partial
Taking. In the event of a Taking of thirty (30%) percent or more of the Demised Premises, then, if Tenant shall determine in good
faith and certify to Landlord that because of such Taking, continuance of its business at the Demised Premises would be uneconomical,
Tenant may, at any time either prior to or within a period of sixty (60) days after the date when possession of such Demised Premises
shall be required by the condemning authority, elect to terminate this Lease. In the event that Tenant shall fail to exercise any such
option to terminate this Lease, or in the event of a Taking of the Demised Premises under circumstances under which Tenant will have
no such option, then, and in either of such events, Landlord shall, subject to the provisions of Section 12(d), cause Restoration
to be completed as soon as reasonably practicable, but in no case later than ninety (90) days after the date the condemning authority
takes possession of such portion of the Demised Premises, subject to any Excusable Delays, and the Basic Rent and Additional Rent thereafter
payable during the Term shall be equitably prorated based upon the square foot area of the Building actually taken.

 

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(d)       Inadequacy
of Net Award. If (i) the Net Award is inadequate to complete Restoration of the Demised Premises, or (ii) in the case of a Taking
of thirty (30%) percent or more of the Demised Premises, Tenant has not elected to terminate this Lease pursuant to Section
12(c) hereof, then Landlord may elect either to complete such Restoration or terminate this Lease by giving notice to Tenant within
sixty (60) days after (x) the amount of the Net Award is ascertained or (y) the expiration of the sixty (60) day period within which
Tenant may terminate this Lease (as described in Section 12(c) hereof), whichever the case may be. In such event, all Basic Rent
and Additional Rent shall be apportioned as of the date the condemning authority actually takes possession of the Demised Premises.

 

Section 13.           Utilities.

 

(a) Tenant shall
arrange for and pay all charges of utility companies or public authorities for gas, fuel, electricity, steam, telephone, cable, heat,
air conditioning or other services or utilities furnished to the Demised Premises. Under no circumstances shall Landlord be required
to furnish any utilities or other service of any kind to the Demised Premises or any part thereof. Tenant acknowledges that the Demised
Premises are separately sub-metered for electricity and gas service. Tenant shall also pay demand or standby charges which may be charged
by such utilities. Landlord represents that to Landlord’s knowledge, electric, gas, telephone
and data services are available to the Demised Premises.

 

Section 14.          Insurance

 

(a) During the
Term of the Lease, Landlord shall carry and maintain the following types of insurance in the amounts specified and Tenant shall reimburse
Landlord, Tenant’s Share of all premiums and coverage for insurance as part of the Complex
Operating Costs:

 

(i)       Fire
and Allied Perils Insurance including extended coverage, vandalism and malicious mischief and “Special
Risk of Loss/Special Property Form” insurance covering the Demised Premises against loss
or damage by fire, extended coverage, vandalism and malicious mischief, and “special risk
of loss” insurance contracts in amounts not less than the Full Replacement Cost of the Demised
Premises as specified by Landlord.

 

Policy shall provide for an agreed amount endorsement
which shall suspend the coinsurance provision of the property policy.

 

“Full Replacement
Cost” (as herein defined) shall be construed to mean replacement cost, without regard to
depreciation. The Full Replacement Cost shall be determined periodically by Landlord or by the Mortgagee holding the mortgage on the
Demised Premises.

 

(ii)       Rent
or rental value insurance against loss of rent or rental value due to fire, extended coverage, vandalism and malicious mischief and the
“special risk of loss” insurance contracts,
and in the amount equal to Basic Rent for the Demised Premises plus the estimated amount of Real Estate Taxes and Complex Operating Costs
payable by Tenant for a period of not less than one (1) year from the date of the loss.

 

(iii)       Landlord’s
Liability Insurance including bodily injury and property damage insuring Landlord against liability for injury to persons or damage to
property occurring in or about the Demised Premises arising out of the ownership, maintenance or use thereof.

 

(iv)       A
“Difference in Conditions” insurance policy,
including flood and earthquake, shall be secured by Landlord at the option of Landlord in situations and circumstances where such insurance
is required.

 

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(b) In addition,
during the Term of this Lease, Tenant shall carry and maintain for the benefit of Landlord:

 

(i)       A
Boiler and Machinery insurance policy providing Full Replacement Cost coverage on any boilers, vessels, objects, machinery, (including
air conditioning equipment) and equipment.

 

(ii)       Commercial
General Liability Insurance, including bodily injury, contractual, personal injury, and property damage liability on an occurrence basis,
insuring Landlord and Tenant (and naming Landlord and any mortgagee as an additional insured) against liability for injury to persons
or damage to property occurring in or about the Demised Premises arising out of the ownership, maintenance, or use thereof. Such insurance
shall be primary and noncontributory with any Landlord insurance and shall provide severability of interests between or among insureds.
The liability under such insurance shall not be less than $5,000,000 for any one person injured or killed and not less than $5,000,000
for any one accident and such insurance shall not be less than $5,000,000 for any property damage per occurrence, either on an individual
or on a combined single limit basis. Such insurance shall not contain exclusions for pollution conditions, ACMs, LBPs and mold or shall
be supplemented by endorsements or separate policies insuring those risks

 

(iii)       Workers’
compensation insurance with statutory limits and employers liability with a $1,000,000 per accident limit
for bodily injury or disease.

 

(iv)       Automobile
liability insurance covering all owned, nonowned, and hired vehicles with a $1,000,000 per accident limit for bodily injury and property
damage.

 

(v)       Property
insurance against “all risks” at least as broad
as the current ISO Special Form policy, including earthquake and flood, for loss to any tenant improvements or betterments, floor and
wall coverings and personal property on a full insurable replacement cost basis with no coinsurance clause and business income insurance
covering at least twelve months of loss of income and continuing expenses and with a deductible not to exceed $5,000 per occurrence.

 

(vi)       Plate
glass insurance for all glass on the Demised Premises with a company acceptable to Landlord, or Tenant may self-insure such plate glass
insurance exposure and shall be solely responsible for the replacement of damaged plate glass and clear plastic panels at Tenant’s
expense.

 

In connection with
this Section 14, Tenant shall obtain such insurance from an insurance company or companies of recognized responsibility with a
Best’s Rating of A-VII or better and Tenant shall furnish Landlord with a Certificate of
Insurance indicating the coverage and limits of liability applicable thereto and evidencing the inclusion of Landlord as an additional
named insured under such policy, “As their interests may appear”.
Landlord reserves the right to request certified copies of the policy and all its endorsements.

 

The “Certificate
of Insurance” described above shall contain a thirty (30) day cancellation clause clearly
shown therein. In addition said Certificate of Insurance shall clearly state that Landlord will be notified in the event of any reduction
in coverage or any material change to the policy.

 

All policies of insurance (except liability insurance)
shall provide by endorsement that any loss shall be payable to Landlord, Tenant, or any mortgagee as their respective interests may appear.

 

Tenant’s
policy(s) shall be written as a primary policy not contributing with, or in excess of, insurance that Landlord or others in interest may
have.

 

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Tenant shall be
responsible for any increased premiums due to Tenant’s use which will adversely impact any
insurance policies covering the building.

 

It is recommended
that Tenant carry all risk property insurance on all of Tenant’s property including contents,
trade fixtures, and tenant improvements whether installed by the Landlord or Tenant as these items are not insured under Section 14(a)(i).

 

In the event any policy recited to this Section
14 shall contain a deductible provision, said deductible, if incurred, shall be charged to the Complex as a Complex Operating Cost
with respect to the coverages enumerated in Section 14(a). or shall be the responsibility of Tenant with regard to Section 14(b).

 

To the extent permitted by the insurance companies
furnishing any of the above coverage there shall be a mutual waiver by Landlord and Tenant of subrogation so that with respect to any
loss which is covered or required by this lease to be covered by insurance carried by Landlord or Tenant each releases the other from
any and all claims with respect to any losses occurring thereunder.

 

Section 15.     Subordination.

 

Tenant agrees that this Lease shall
be subordinate to any ground lease, mortgage, deed of trust or any other hypothecation for security which has been or may be placed on
the Demised Premises or any part thereof (each, an “Underlying Encumbrance”),
and to any and all advances made or to be made thereunder, and to all renewals, replacements and extensions thereof, requested and made
by Landlord and such subordination is hereby made effective without any further act to be done by Tenant. Provided, however, in the event
any documents including subordination agreements, lease ratification agreements and other necessary documents are required to be signed
by Tenant to effectuate the purposes of this Section or the financing or refinancing of the Demised Premises, Tenant does hereby agree
to execute all such documents upon written demand by Landlord, and to furnish such financial information as may be required.

 

Section 16.     Events
of Default; Conditional Limitations; Remedies.

 

(a) Events of
Default. Any of the following occurrences, conditions or acts shall constitute an “Event
of Default” under this Lease:

 

(i)         If
Tenant shall default in making payment when due of any Basic Rent, Additional Rent or other amount payable by Tenant hereunder, and such
default shall continue for five (5) days; or

 

(ii)        if
Tenant shall fail to maintain any insurance required hereunder in accordance with the terms of this Lease; or

 

(iii)       if
Tenant shall assign its interest in this Lease, sublet, lease or permit the Demised Premises to be occupied by someone other than Tenant,
except as permitted hereunder;

 

(iv)       if
Tenant shall fail to take actual occupancy of the Demised Premises within thirty (30) days after the Commencement Date or shall thereafter
vacate the Demised Premises for a period in excess of thirty (30) days; provided, however, in the event Tenant is required to vacate the
entire Demised Premises as a result of a casualty, an Event of Default shall not be deemed to have occurred unless Tenant fails to take
actual occupancy of the Demised Premises within thirty (30) days after the restoration thereof has been substantially completed; or

 

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(v)       Any
transfer of a substantial portion of the assets of Tenant, or any incurrence of a material obligation by Tenant, unless such transfer
or obligation is undertaken or incurred in the ordinary course of Tenant’s business, or in
good faith for equivalent consideration, or with Landlord’s consent;

 

(vi)       if
the Demised Premises shall be abandoned by Tenant for a period of ten (10) consecutive days; or

 

(vii)      if
Tenant shall default in the observance or performance of any provision of this Lease other than those provisions contemplated by clause
(i) through (x), inclusive, of this Section, and such default shall continue for thirty (30) days after Landlord shall have given
notice to Tenant specifying such default and demanding that the same be cured (unless such default cannot be cured by the payment of money
and cannot with due diligence be wholly cured within such period of thirty (30) days, in which case Tenant shall have such longer period
as shall be necessary to cure the default, so long as Tenant proceeds promptly to cure the same within such thirty (30) day period, prosecutes
the cure to completion with due diligence and advises Landlord from time to time, upon Landlord’s
request, of the actions which Tenant is taking and the progress being made).

 

(b)       Remedies.

 

(i)        Termination.
If an Event of Default occurs, then in addition to any other remedies available to Landlord at law or in equity and in this Lease, at
Landlord’s election, then or thereafter, Landlord shall have the immediate option to terminate
this Lease and all rights of Tenant in this Lease by giving notice of such intention to terminate this Lease on a date specified in such
notice, which date shall be not less than five (5) days after the giving of such notice, and upon the date so specified, this Lease and
the estate hereby granted shall expire and terminate with the same force and effect as if the date specified in such notice were the
date hereinbefore fixed for the expiration of this Lease, and all right of Tenant hereunder shall expire and terminate, and Tenant shall
be liable as hereinafter provided in this Section, If any such notice is given, Landlord shall have, on such date so specified, the right
of re-entry and possession of the Demised Premises and the right to remove all persons and property therefrom and to store such property
in a warehouse or elsewhere at the risk and expense, and for the account, of Tenant. Should Landlord elect to re-enter as herein provided
or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may from time
to time re-let the Demised Premises or any part thereof for such term or terms and at such rental or rentals and upon such terms and
conditions as Landlord may deem advisable, with the right to make alterations in and repairs to the Demised Premises. In the event of
any termination of this Lease as in this Section provided or as required or permitted by law, Tenant shall forthwith quit and surrender
the Demised Premises to Landlord, and Landlord may, without further notice, enter upon, re-enter, possess and repossess the same by summary
proceedings, ejectment or otherwise, and again have, repossess and enjoy the same as if this Lease had not been made, and in any such
event Tenant and no person claiming through or under Tenant by virtue of any law or an order of any court shall be entitled to possession
or to remain in possession of the Demised Premises but shall forthwith quit and surrender the Demised Premises, and Landlord at its option
shall forthwith, notwithstanding any other provision of this Lease, be entitled to recover from Tenant, as and for liquidated damages,
the sum of:

 

(1)       all
Basic Rent, Additional Rent and other amounts payable by Tenant hereunder then due or accrued and unpaid, and

 

(2)       for
loss of the bargain, an amount equal to the aggregate of all unpaid Basic Rent and Additional Rent which would have been payable if
this Lease had not been terminated prior to the end of the Term then in effect, discounted to its then present value in
accordance with accepted financial practice using a rate equal to four percent (4%) per annum; and

 

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(3)       any
other amount necessary to compensate Landlord for all damages proximately caused by Tenant’s
failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including,
without limitation, any costs or expenses incurred by Landlord (A) in retaking possession of the Premises; (B) in maintaining, repairing,
preserving, restoring, replacing and cleaning the Premises or any portion thereof, including such acts for reletting to a new tenant or
tenants; (C) for leasing commissions; and/or (D) for any other costs necessary or appropriate to relet the Premises; and

 

(4)       all
other damages and expenses (including attorneys’ fees and expenses), which Landlord shall
have sustained by reason of the breach of any provision of this Lease.

 

(ii)        Inducement
Recapture in Event of Default. Any agreement by Landlord for possession of the Demised Premises without the payment or with the reduced
payment of Rent or other charges or for the giving or paying by Landlord to or for Tenant of any cash or other bonus, inducement, or consideration
for Tenant’s entering into this Lease including, without limitation tenant improvement allowances
and abated Rent, all of which concessions are referred to as “Inducement Provisions,”
are conditioned upon Tenant’s full and faithful performance
of all of the provisions of this Lease to be performed or observed by Tenant during the Term. Upon the occurrence of an Event of Default,
any Rent, other charge, bonus, inducement, or consideration abated, given, or paid by Landlord under such Inducement Provision shall be
immediately due and payable by Tenant to Landlord and recoverable by Landlord as Additional Rent, notwithstanding any subsequent cure
by Tenant.

 

(iii)       Re-entry.
If an Event of Default occurs and this Lease is terminated, Landlord shall also have the right upon five (5) days prior written notice
to Tenant, in compliance with applicable law, to re-enter the Demised Premises and remove all persons and property from the Demised Premises;
such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant which cost shall
be immediately payable upon demand by Landlord.

 

(iv)       Dispossession.
If Tenant remains in possession of the Demised Premises after Tenant’s obligation to surrender
the Premises has arisen, whether by termination of the Lease or otherwise, Landlord may re-enter, possess and repossess the Premises by
summary proceedings, detainer, ejectment or other legal proceedings, and remove all occupants therefrom and any property thereon without
being liable to indictment, prosecution or damages therefor.

 

(v)        Reletting.
In the event of the abandonment of the Demised Premises by Tenant or in the event that Landlord shall elect to re-enter or shall
take possession of the Demised Premises pursuant to legal proceeding or pursuant to any notice provided by law, then if Landlord
does not elect to terminate this Lease as provided in subsection 16(b), Landlord may from time to time, without terminating this
Lease, relet the Demised Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms
and conditions as Landlord in its sole discretion may deem advisable with the right to make alterations and repairs to the Demised
Premises. In the event that Landlord shall elect to so relet, then rentals received by Landlord from such reletting shall be applied
in the following order: (i) to reasonable attorneys’ fees incurred by Landlord as a
result of an Event of Default and costs in the event suit is filed by Landlord to enforce such remedies; (ii) to the payment of any
indebtedness other than Basic Rent; (iii) to the payment of any costs of such reletting; (iv) to the payment of the costs of any
alterations, maintenance and repairs to the Demised Premises; (v) to the payment of Basic Rent due and unpaid; and (vi) the balance,
if any, shall be held by Landlord and applied in payment of future Rent as the same may become due and payable. Should that
portion of such rentals received from such reletting during any month, which is applied to the payment of Rent, be less than the
Rent payable during the month by Tenant, then Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and
paid monthly. Tenant shall also pay to Landlord, as soon as determined, any costs and expenses incurred by Landlord in such
reletting or in making such alterations, or performing any maintenance and repairs not covered by the rentals received from such
reletting.

 

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(vi)       No
Prejudice. Nothing herein contained shall limit or prejudice the right of Landlord, in any bankruptcy or insolvency proceeding, to
prove for and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any bankruptcy or insolvency
proceedings, or to prove for and obtain as liquidated damages by reason of such termination, an amount equal to the maximum allowed by
any statute or rule of law whether such amount shall be greater or less than the excess referred to above.

 

(vii)      Abandonment.
In the event that Tenant should abandon the Demised Premises, Landlord may, at its option and for so long as Landlord does not terminate
Tenant’s right to possession of the Demised Premises, enforce all of its rights and remedies
under this Lease, including the right to recover all Basic Rent, Additional Rent and other payments as they become due hereunder. Additionally,
Landlord shall be entitled to recover from Tenant all costs of maintenance and preservation of the Demised Premises, and all costs, including
attorneys’ and receiver’s fees, incurred in
connection with the appointment of or performance by a receiver to protect the Demised Premises and Landlord’s
interest under this Lease.

 

(viii)     Indemnification.
Nothing herein shall be deemed to affect the right of Landlord to indemnification pursuant to Section 22 of this Lease.

 

(ix)       Notice
to Quit. Upon the service of a Notice to Quit and Demand for Possession by Landlord after the occurrence of an Event of Default, Tenant
shall immediately quit and surrender the Demised Premises to Landlord or its agents, and Landlord may without further notice enter upon,
re-enter and repossess the Demised Premises by summary proceedings, ejectment or otherwise. The words “enter”,
“re-enter”, and “re-entry”
are not restricted to their technical legal meanings.

 

(x)        Fees
and Expenses. If either Landlord or Tenant shall be in default in the observance or performance of any provision of this Lease, and
an action shall be brought for the enforcement thereof in which it shall be determined that said party was in default, the defaulting
party shall pay to the non-defaulting party all reasonable fees, costs and other expenses incurred by the non-defaulting party in connection
therewith, including reasonable attorneys’ fees and expenses. In the event it is determined
that said party was not in default, then the party alleging said default shall pay to the other party all the aforesaid reasonable fees,
costs and expenses incurred by said party.

 

(xi)       Termination.
No re-entry or taking of possession of the Premises by Landlord as provided in this Lease shall be construed as an election to terminate
this Lease unless a notice of such intention is given to Tenant or unless the termination of this Lease is decreed by a court of competent
jurisdiction. Notwithstanding any reletting without termination by Landlord because of any Event of Default, Landlord may at any time
after such reletting elect to terminate this Lease for any such Event of Default.

 

(xii)      WAIVER.
LANDLORD AND TENANT EACH WAIVES, TO THE EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF OR RELATING
TO THIS LEASE.

 

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(xiii)     No
Surrender. No act or conduct of Landlord, whether consisting of the acceptance of the keys to the Demised Premises, or otherwise,
shall be deemed to be or constitute an acceptance of the surrender of the Demised Premises by Tenant prior to the expiration of the Term,
and such acceptance by Landlord of surrender by Tenant shall only follow from and must be evidenced by a written acknowledgment of acceptance
of surrender signed by Landlord. The surrender of this Lease by Tenant, voluntarily or otherwise, shall not be deemed a merger unless
Landlord elects in writing that such merger take place, but shall operate as an assignment to Landlord of any and all existing subleases,
or Landlord may, at its option, elect in writing to treat such surrender as a merger terminating Tenant’s
estate under this Lease, and thereupon Landlord may terminate any or all such subleases by notifying the subtenant of its election to
do so within five (5) days after such surrender.

 

(xiv)     Notice
Provisions. Any notice given by Landlord as provided in subsection 16(a) of this Lease shall satisfy the requirements for notice
under N.J.S.A. 2A:18-53 as well as all other New Jersey Rules of Court and other applicable laws, and Landlord shall not be required
to give any additional notice in order to be entitled to commence an unlawful detainer proceeding. Should Landlord prepare any notice
to Tenant for failure to pay Rent or perform any other obligation in this Lease, Tenant shall pay to Landlord, without any further notice
from Landlord, the additional sum of $150.00 which represents a fair and reasonable estimate of the costs Landlord will incur by reason
of preparing such notice.

 

(xv)      Cure
by Landlord. Upon the occurrence of an Event of Default, Landlord, without thereby waiving such default, may perform the same for
the account and at the expense of Tenant (i) immediately or at any time thereafter and without
notice, in the case of emergency or in case such default will result in a violation of any Legal Requirement or insurance requirement,
or in the event of the imposition of any Lien against all or any portion of the Building and (ii) in any other case, if such default
continues after thirty (30) days from the date of the giving by Landlord to Tenant of notice of Landlord’s
intention so to perform the same. All costs and expenses incurred by Landlord in connection with any such performance by it for the account
of Tenant and also all costs and expenses, including attorneys’ fees and disbursements incurred
by Landlord in any action or proceeding (including any summary dispossess proceeding) brought by Landlord to enforce any obligation of
Tenant under this Lease and/or right of Landlord in or to the Demised Premises, shall be paid by Tenant to Landlord upon demand.

 

(xvi)     Remedies
Not Exclusive. Except as otherwise provided in this Section, no right or remedy herein conferred upon or reserved to Landlord or
Tenant is intended to be exclusive of any other right or remedy, and every right and remedy shall be cumulative and in addition to any
other legal or equitable right or remedy given hereunder, or now or hereafter existing. No waiver by Landlord or by Tenant of any provision
of this Lease shall be deemed to have been made unless expressly so made in writing. Landlord and Tenant shall be entitled, to the extent
permitted by law, to injunctive relief in case of the violation, or attempted or threatened violation, of any provision of this Lease,
or to a decree compelling observance or performance of any provision of this Lease, or to any other legal or equitable remedy.

 

Section 17.     Termination.

 

(a)      Upon
the expiration of the Term of this Lease, or any earlier termination thereof, Tenant shall surrender the Demised Premises to Landlord
in a clean, wholesome and sanitary condition and in good condition and repair, reasonable wear and tear and insured casualties excepted.
Except for Tenant’s movable equipment and personal property, all structural alterations
and improvements which have been made or installed by Tenant and any and all built-in or replacement fixtures, including all nonportable
refrigerated air conditioning equipment, all heating equipment, all electrical fixtures and units together with all conduits and wirings
in connection with all of said fixtures, originally installed by Tenant or replaced by Tenant during the Term of this Lease, in or upon
or about the Demised Premises, shall be the property of Landlord and shall be surrendered to Landlord without any payment therefor; or,
in the alternative, at Landlord’s request, Tenant shall, prior to termination, remove any
fixture, machinery or signs that Landlord may designate and otherwise restore the premises to its original condition, reasonable wear
and tear and damage by the elements or other casualty excepted.

 

(b)   At
any time after the date that is twelve (12) months prior to expiration of the Term of this Lease, Landlord shall have the right, upon
reasonable notice to Tenant, to enter the Demised Premises for the purpose of showing same to prospective tenants or purchasers.

 

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Section 18.     Holding Over.

 

If Tenant holds over possession of the Demised Premises beyond the
Termination Date, such holding over shall not be deemed to extend the Term or renew this Lease but such holding over shall be deemed to
be a month-to-month tenancy and continue upon the terms, covenants and conditions of this Lease except that Tenant agrees that the charge
for use and occupancy of the Demised Premises for each calendar month or portion thereof that Tenant holds over (even if such part shall
be one day) shall be a liquidated sum equal to one-twelfth (l/12th) of two (2) times the Basic Rent and Additional Rent required to be
paid by Tenant during the calendar year preceding the Termination Date.

 

Section 19.    Commissions.

 

Landlord shall pay any commissions payable to Zimmel Associates, Inc.
with regard to this Lease and any provision hereunder. Tenant represents that no broker other than Zimmel Associates, Inc. participated
in the negotiations of the Lease, and Tenant represents that no other broker was a procuring cause with regard to this Lease and, accordingly,
Tenant and Landlord agree to indemnify and hold each other harmless from the claim of any other broker that dealt with the indemnifying
party with regard to this Lease.

 

Section 20.     Landlord’s
Access.

 

(a)     Access;
Reservation Of Easements. Landlord and Landlord’s agents and representatives shall have
the right to enter into or upon the Demised Premises, or any part thereof, at all reasonable hours for the following purposes: (i) cleaning
and routine maintenance; (ii) examining the Demised Premises; (iii) making such repairs or alterations therein as may be necessary in
Landlord’s sole judgment for the safety and preservation of the Demised Premises; (iv) erecting,
maintaining, repairing or replacing wires, cables, ducts, pipes, conduits, vents or plumbing equipment running in, to or through the Building;
(v) showing the Demised Premises to prospective new tenants during the last twelve (12) months of the Term; or (vi) showing the Demised
Premises during the Term to any mortgagees or prospective purchasers of the Building. Landlord shall exercise commercially reasonable
efforts to give Tenant three (3) Business Days prior written notice before commencing any non-emergency repair or alteration.

 

(b)     Entry in
Emergency. Landlord may enter upon the Demised Premises at any time in case of emergency without prior notice to Tenant.

 

(c)     No Eviction.
Landlord, in exercising any of its rights under this Section, shall not be deemed guilty of an eviction, partial eviction, constructive
eviction or disturbance of Tenant’s use or possession of the Demised Premises and shall not
be liable to Tenant for same.

 

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(d)     Inconvenience.
All work performed by or on behalf of Landlord in or on the Demised Premises pursuant to this Section shall be performed with as little
inconvenience to Tenant’s business as is reasonably possible.

 

(e)     Locks.
Tenant shall provide keys to Landlord for a KNOX box or similar box on the outside of the Building in case of a fire for the the Fire
Department to gain access to the Demised Premises. Tenant shall not change any locks or install any additional locks on doors entering
into the Demised Premises without providing Landlord with a copy of any such key or otherwise providing Landlord with a means of access.
If in an emergency Landlord is unable to gain entry to the Demised Premises by unlocking entry doors thereto, Landlord may force or otherwise
enter the Demised Premises, without liability to Tenant for any damage resulting directly or indirectly therefrom. Tenant shall be responsible
for all damages created or caused by its failure to give Landlord a copy of any key to any lock installed by Tenant controlling entry
to the Demised Premises. Landlord acknowledges the secure nature of the Tenant’s business,
and Landlord shall uses reasonable efforts to keep the Demised Premises secure and to maintain the Tenant’s
confidentiality during any access by Landlord.

 

(f)     Landlord’s
Entry. Landlord reserves the right, from time to time, to make changes, alterations, additions,
improvements, repairs or replacements in or to (i) those portions of the Demised Premises which Landlord is obligated to maintain and
repair pursuant to the provisions of Section 10(e) and (ii) to the other portions of the Demised Premises and to the fixtures and
equipment in the Building as Landlord may reasonably deem necessary to comply with any applicable Legal Requirements and/or to correct
any unsafe condition; provided, however, that there be no unreasonable obstruction of the means of access to the Demised Premises or unreasonable
interference with Tenant’s use of the Demised Premises and the usable square foot area of
the Building is not unreasonably affected thereby. Nothing contained in this Section shall be deemed to relieve Tenant of any duty, obligation
or liability of Tenant with respect to making any repair, replacement or improvement or complying with any applicable Legal Requirements.

 

Section 21.    Financial Statements.

 

Tenant shall upon the request of Landlord furnish Landlord annually
with updated unaudited but independently prepared financial statements of Tenant consisting of a balance sheet, income statement and cash
flow statement.

 

Section 22.    Indemnification.

 

(a)     Tenant agrees
that Landlord shall not be liable to Tenant or any other person or persons for or on account of any injury or damage occasioned in or
about the Demised Premises and the Complex to persons or property of any nature or sort whatsoever or for or on account of any injury
to person or property that may result by reason of any lack of repair of the Complex or improvements thereof, or by reason of the acts
of any persons on the Complex or for any other reason whatsoever; Tenant agrees to indemnify and hold Landlord harmless from and on account
of any and all loss, damage, liability, expense, costs and counsel fees arising out of or resulting from or incurred in connection with
the matters herein or before specified, and from any and all liability arising from any occurrence causing injury to any person or property
whomsoever or whatsoever.

 

(b)     Tenant
hereby agrees not to handle, store or dispose of any hazardous or toxic waste or substance upon the premises which is prohibited by
federal, state or local statues, ordinances or regulations. Tenant hereby covenants to indemnify and hold Landlord, its successors
and assigns, harmless from any loss, damage, claims, costs, liabilities or clean-up costs arising out of Tenant’s
use, handling, storage, or disposal of any such hazardous or toxic wastes or substances on the premises. Tenant agrees to
indemnify Landlord for any and all expenses incurred in connection with, and all liabilities resulting from, any violation of any
environmental law, regulation, ordinance or court order pertaining to the Demised Premises arising other than from an action or
omission by Landlord.

 

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Section 23.     Waiver of Trial by Jury.

 

LANDLORD AND TENANT WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER VOLUNTARILY MADE BY TENANT AND TENANT ACKNOWLEDGES THAT NEITHER LANDLORD NOR
ANY PERSON ACTING ON BEHALF OF LANDLORD HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY
OR NULLIFY ITS EFFECT. TENANT FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE
SIGNING OF THIS LEASE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD
THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. TENANT FURTHER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS
OF THIS WAIVER PROVISION AND AS EVIDENCE OF SAME HAS EXECUTED THIS LEASE.

 

Section 24.    Recovery of Costs.

 

In the event that any action or proceeding
shall be brought for the purpose of determining or enforcing the rights of either party hereunder, the party prevailing in such actions
or proceedings shall be entitled to recover from the other party all costs reasonably incurred by the prevailing party in connection with
such action or proceeding including reasonable attorney’s fees to be determined by the Court.

 

Section 25.    Notices.

 

Any notice, statement, demand or other communication by one party to
the other, shall be given by personal delivery, by Federal Express or similar nationally-recognized overnight courier, provided that such
courier obtains and makes available to its customers written evidence of delivery, or by mailing the same, postage prepaid, by certified
mail, return receipt requested. All notices to the Tenant shall be addressed to the Tenant at the Demised Premises, with a copy simultaneously
to Robert M. Marshall, Esq., 155 Willowbrook Blvd., Wayne, New Jersey 07470, and all notices to the Landlord shall be sent to the Landlord
at One West Red Oak Lane, White Plains, New York 10604, with a copy simultaneously sent to Windels, Marx, Lane & Mittendorf, LLP,
120 Albany Street Plaza, 6th Floor, New Brunswick, New Jersey 08901, Attention: Samuel M. Mizrahi, Esq., or at such other places as the
parties may designate in writing.

 

Section 26.    Successors and Assigns.

 

This Lease shall inure to and be binding upon the respective heirs,
executors, administrators, successors and assigns of the respective parties.

 

Section 27.    Landlord.

 

Tenant shall be confined to and look
solely to the estate and interest of Landlord, its successors and assigns, in the Complex and any insurance thereon or the proceeds therefrom,
for the collection of any sum due to Tenant for any reason, and no other property or assets of Landlord shall be subject to levy, execution
or other enforcement procedure for the satisfaction of Tenant’s remedies under or with respect
to either this Lease, the relationship of Landlord and Tenant hereunder or Tenant’s use and
occupancy of the Demised Premises.

 

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Section 28.    Operation and Manner of Use by Tenant.

 

(a)    Tenant shall,
at Tenant’s own cost and expense, observe the following rules and regulations:

 

(i)         keep
the inside and outside of all glass in the doors and windows of the Demised Premises clean;

 

(ii)        replace
promptly any plate glass of the Demised Premises cracked or broken due to Tenant’s misuse
or neglect with glass of like kind and quality;

 

(iii)       keep
all garbage, trash, rubbish or refuse in rat-proof containers until removed;

 

(iv)       have
all garbage, trash, rubbish or refuse removed on a regular basis;

 

(v)        keep
all mechanical apparatus free of vibration and noise which may be transmitted beyond the Demised Premises, to the extent the same would
violate any covenant of quiet enjoyment in any other Tenant’s lease;

 

(vi)       comply
with all laws, codes, rules, regulations, orders, directives and requirements of all governmental authorities having jurisdiction, and
with all codes, rules, regulations, orders, directions, requirements and recommendations of the board of fire underwriters and the fire
insurance rating organization having jurisdiction over the area in which the Demised Premises are located or other bodies or agencies
now or hereafter exercising similar functions in the area in which the Demised Premises are located, in any way pertaining to the use
and occupancy of the Demised Premises by Tenant or pertaining to any signs erected by Tenant outside the Demised Premises, and whether
directed to Landlord or Tenant;

 

(vii)      not
use or occupy the Demised Premises so as to require alterations or additions to be made thereto or to the Complex as a result of any law,
code, rule, regulation, order, requirement or directive of any governmental authority having jurisdiction, or any code, rule, regulation,
order, requirement, directive or recommendation of the local board of fire underwriters or of the fire insurance rating organization having
jurisdiction, or any other body or agency as hereinabove described;

 

(viii)     not
disfigure or deface the Demised Premises or the building and not permit or suffer any waste or any nuisance, or allow the Demised Premises
to be used for any unlawful purpose;

 

(ix)       not
cause or permit any objectionable or noxious odor to emanate or be dispelled from the Demised Premises;

 

(x)        diligently
perform any and all of Landlord’s obligations with respect to compliance with environmental
laws, regulations, rules and court orders as they pertain to the Demised Premises and Tenant’s
use thereof; and

 

(xi)       not
conduct or permit its agents or employees to conduct any operations on the Demised Premises which can reasonably be characterized as refining,
producing, storing, handling, transferring, processing or transporting “Hazardous Substances”
as such term is defined in NJSA 58: 10- 23, 11 b(k), without Landlord’s
express prior written consent to each individual type of operation.

 

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Section 29.    Right of First Offer

 

Subject to the rights of other tenants
in the Building, if any, and pursuant to the following, Tenant shall have a one time right to lease in whole and not in part, or unless
otherwise agreed to in writing by Landlord and Tenant, all of the “Expansion Space”
adjacent to its Demised Premises as delineated on Exhibit A pursuant to the following terms and
conditions:

 

Should Landlord
receive a bona fide third party offer for all the Expansion Space, Landlord shall notify Tenant in writing (“Landlord’s
Notice”) of its intention to lease said Expansion Space to a third party. Within
five (5) business days of Landlord’s Notice, Tenant must notify Landlord in writing of its
intention to lease all of said Expansion Space (“Tenant’s
Notice”) at the same Basic Rent and terms and conditions of the Lease on the Demised
Premises except that there shall be no Work Allowance or free rent period in connection with the Expansion Space and the Basic Rent for
the Expansion Space shall not be less than the rent to be paid pursuant to the third-party offer for the Expansion Space. The Term of
the Lease for the Expansion Space shall be co-terminus with the Lease provided that such Right of First Offer shall not be exercisable
by Tenant if there shall be less than three (3) years remaining on the Term taking into account any renewal of this Lease then exercised
by Tenant. Should Tenant exercise this right, all of said Expansion Space shall be added to Tenant’s
Demised Premises and commencement of Basic Rent for the Expansion Space shall occur thirty (30) days from the date of Tenant’s
Notice to lease the Expansion Space. Notwithstanding anything contained herein to the contrary, Tenant shall accept said Expansion Space
in its “As-Is” condition and shall be responsible
for any improvements for said Expansion Space.

 

If after five (5)
business days Tenant has not notified Landlord in writing pursuant to the conditions above of Tenant’s
election to lease the Expansion Space, then Landlord may lease all or part of the Expansion Space to any third party with any further
obligation to Tenant. This Right of First Refusal will, therefore, expire and Tenant shall have no further option to lease the Expansion
Space for the remainder of Tenant’s Lease Term.

 

Section 30.    Shoring.

 

If an excavation or other substructure
work shall be undertaken or authorized upon land adjacent to the Demised Premises, Tenant, without liability on the part of Landlord therefor,
shall afford to the person causing or authorized to cause such excavation or other substructure work license to enter upon the Demised
Premises for the purpose of doing such work as such person shall deem necessary to protect or preserve any of the walls or structures
of the building or surrounding lands from injury or damage and to support the same. Such entry shall be accomplished in the presence of
a representative of Tenant. The said license to enter shall be afforded by Tenant without any diminution or abatement of rent on account
thereof provided that such entry shall not unreasonably interfere with Tenant’s use of the
Demised Premises.

 

Section 31.    Lease Modification,

 

In the event any lending institution
funding the Demised Premises or the Complex for Landlord shall request reasonable modifications of this Lease as a condition of obtaining
financing, Tenant will not unreasonably withhold, delay or defer its consent thereto, provided that such modifications do not adversely
affect to a material degree Tenant’s leasehold interest hereby created or increase the Basic
Rent or Tenant’s Share of Complex Operating Costs or change the Term of this Lease.

 

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Section 32.    Construction of Lease.

 

(a)       The remedies
available to Landlord under the terms of this Lease shall be cumulative and the exercise of one remedy shall not constitute an election
of remedies.

 

(b)      This Lease
shall be constructed in accordance with the laws of the State of New Jersey.

 

(c)      The term Landlord
(as used herein) shall mean only the owner for the time of such ownership of Landlord’s interest
in this Lease and such owner and each succeeding owner shall be liable hereunder to the extent as set forth in Section 26 hereof,
only with respect to obligations arising during the period of its respective ownership in the Complex.

 

(d)      Tenant agrees
not to record this Lease or a notice of the same.

 

(e)       If
any term or provision of this Lease or the application thereof shall be determined to be invalid or unenforceable, the remainder of this
Lease shall be valid and enforceable to the fullest extent of the law.

 

(f)       This Lease
contains the entire agreement between the parties and no oral statements or representations or prior written matter not contained herein
shall have any force or effect. This Lease shall not be modified in any way except by a writing executed by both parties.

 

Section 33.    Intentionally Omitted.

 

Section 34.    Assignment-Subletting.

 

(a)       Tenant
shall not either voluntarily or by operation of law, assign, mortgage, encumber, or otherwise transfer this Lease or any interest
herein, or sublet the Demised Premises or any part thereof, or permit the Demised Premises to be used or occupied by anyone other
than Tenant or Tenant’s employees without the prior written consent of the Landlord,
which consent may be not be unreasonably withheld provided that (i) Tenant provides Landlord with financial statements of the
assignee or subtenant evidencing that such subtenant or assignee has a net worth and credit history equal to or greater than the
credit history of Tenant as of the date hereof and (ii) Tenant remains responsible for all Rent and other obligations of Tenant
under this Lease for the remainder of the Term. The foregoing restriction shall apply to any permitted subtenant or assignee of this
Lease. Any assignment or hypothecation of the Demised Premises without the written consent of Landlord, shall be null and void. In
no event shall Tenant be released from any liability hereunder. Any assignment, subletting or other action in violation of the
foregoing without the Landlord’s consent shall be void and shall (at
Landlord’s option) constitute a material breach of this Lease. For purposes of this
Section 33(a), an assignment shall include any direct or indirect transfer of any interest in Tenant, this Lease or the Demised
Premises by Tenant, including but not limited to a transfer pursuant to a merger, division, consolidation or liquidation, or
pursuant to a change in ownership of Tenant involving a transfer of voting control in Tenant (whether by transfer of partnership
interests, corporate stock or otherwise). Notwithstanding the foregoing, the original named Tenant herein shall be permitted to
assign this Lease or sublease any portion of the Demised Premises to an Affiliate (as hereinafter defined) without
Landlord’s consent provided that: (i) no default then exists under this Lease, (ii)
Tenant provides Landlord with a copy of such assignment or sublease within fifteen (15) days after the execution thereof, (iii)
Tenant provides Landlord with financial statements of the assignee or subtenant evidencing that such subtenant or assignee has a net
worth and credit history equal to or greater than the credit history of Tenant as of the date hereof, (iv) Tenant remains
responsible for all Rent and other obligations of Tenant under this Lease for the remainder of the Term and (v) the Guarantor
simultaneously with such assignment or sublease to an Affiliate executes and delivers to Landlord a reaffirmation of its existing
Guaranty of this Lease. The term “Affiliate” as
used herein shall mean an entity that is organized under the laws of one of the 50 States of United States of America and that is
controlled by, controlling, or under common control with Tenant.

 

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(b)    In the event
that Tenant desires to sublet the Demised Premises, in whole or in part, Tenant shall notify Landlord of its intention to do so. Landlord
shall have thirty (30) days from the receipt of said notice to cancel this Lease, in which event Landlord shall notify Tenant, and this
Lease shall terminate as of the ninetieth (90th) day following Tenant’s notice to Landlord
and Tenant shall be relieved of any further liability hereunder. In the event Tenant serves such notice of its intention to sublet upon
Landlord and Landlord does not exercise its said option to cancel within said 30-day period and there are no other conditions that might
prevent a sublet, Tenant may then solicit sublet proposals for the Demised Premises, in whole or in part, at the then current market rental
rate, for Landlord’s approval.

 

(c)    Market
rental shall be defined as mutually agreed between Landlord and Tenant. If Landlord and Tenant cannot agree on the definition of market
rental, then the market rental shall be set by an M.A.I. licensed real estate appraiser acceptable to both Landlord and Tenant.

 

(d)    Upon submission
to Landlord by Tenant of a Sublet Agreement for the Demised Premises, in whole or in part, (said Agreement being subject to Landlord’s
written approval, mortgagee’s written approval, and this underlying Lease) executed by and
between the Sublandlord (and assigns) and Subtenant, Landlord may again at Landlord’s sole
option, elect to terminate this Lease as of the effective date of the proposed transfer or sublet by giving Tenant written notice thereof
within ten (10) days of Tenant’s submission of said Sublet Agreement to Landlord. In the
event that Landlord so elects to terminate this Lease, the same will terminate and Tenant shall be released from liability hereunder for
the balance of the Term of this Lease. In the event that Landlord does not notify Tenant within said ten (10) day period of Landlord’s
intent to terminate this Lease, then Tenant may enter into such Sublet Agreement with subtenant. In no event, however, shall Tenant be
permitted to sublet the Demised Premises at a rental rate less than the then current market rental without Landlord’s
prior written consent.

 

Section 35.    Environmental Matters,

 

(a)     Compliance
With Environmental Laws. Tenant shall comply, at its sole cost and expense, with all Environmental Laws in connection with its use
and occupancy of the Demised Premises; provided, however, the provisions of this Section shall not obligate Tenant to comply with the
Environmental Laws if such compliance is required solely as a result of the occurrence of a spill, discharge or other event before the
Commencement Date, or if such spill, discharge or other event was not caused by the act, negligence or omission of Tenant or Tenant’s
Visitors.

 

(b)    ISRA.
Tenant warrants that it will not do or allow anything which will cause its North American Industry Classification System (“NAICS”)
code (or the NAICS code of any assignee or subtenant) to change and/or to fall within any of the NAICS code(s) to which ISRA is now or
may hereafter be applicable. Tenant represents and warrants that Tenant’s NAICS code is 326100.
Prior to any assignment of the Lease or subletting of any portion of the Demised Premises and prior to the expiration or sooner termination
of this Lease or any sublease, Tenant, at its sole expense, will obtain from the NJDEP and deliver to Landlord all clearances and approvals,
if any, required by the NJDEP in connection with Tenant’s assignment or subletting of the
Demised Premises or cessation of its operations at the Demised Premises.

 

    28

     

    

 

(c)       Prohibited
Substances. Tenant shall not cause or permit any “hazardous substance” or
“hazardous waste” (as such terms are defined
in any applicable Environmental Law) to be brought, kept or stored on or about the Demised Premises, and Tenant shall not engage in, or
permit any other person or entity to engage in, any activity, operation or business on or about the Demised Premises which involves the
generation, manufacture, refining, transportation, treatment, storage, handling or disposal of hazardous substances and/or hazardous wastes.
Tenant hereby advises Landlord that Tenant may be using certain materials in the Demised Premises in connection with the maintenance and/or
operation of its office equipment and the cleaning up of its Demised Premises which are hazardous substances. Notwithstanding the provisions
of this Section, Landlord agrees that Tenant may use such materials provided (i) all such materials are stored and shipped in their original
containers, (ii) Tenant shall not transfer, nor permit any other person or entity to transfer, such materials to other containers, and
(iii) the quantities of such materials stored in the Demised Premises shall not exceed the quantities reasonably required in connection
with the maintenance and/or operation of Tenant’s equipment at the Demised Premises or the
cleaning and maintenance of the Demised Premises. Tenant covenants and agrees to comply with the requirements of the immediately preceding
sentence and with all Environmental Laws applicable to the transportation, storage, handling and/or disposal of such materials.

 

(d)       Notices.
Tenant shall deliver promptly to Landlord a true and complete photocopy of any correspondence, notice, report, sampling, test, finding,
declaration, submission, order, complaint, citation or any other instrument, document, agreement and/or information submitted to, or received
from, any governmental entity, department or agency in connection with any Environmental Law relating to or affecting Tenant, Tenant’s
employees, or Tenant’s use and occupancy of the Demised Premises.

 

(e)       Spill or
Discharge; Notice to Landlord.

 

(i)         If
a spill or discharge of a hazardous substance or a hazardous waste occurs on the Building, Tenant shall give Landlord immediate oral and
written notice of such spill and/or discharge, setting forth in reasonable detail all relevant facts. In the event such spill or discharge
arose out of or in connection with Tenant’s use and occupancy of the Demised Premises, or
in the event such spill or discharge was caused by the act, negligence or omission of Tenant or Tenant’s
Visitors, then Tenant shall pay all costs and expenses relating to compliance with the applicable Environmental Law (including, without
limitation, the costs and expenses of the site investigations and of the removal and remediation of such hazardous substance or hazardous
wastes).

 

(ii)       Without
relieving Tenant of its obligations under this Lease and without waiving any default by Tenant under this Lease, Landlord shall have the
right, but not the obligation, to take such action as Landlord deems necessary or advisable to cleanup, remove, resolve or minimize the
impact of or otherwise deal with any spill or discharge of any hazardous substance or hazardous waste. In the event such spill or discharge
arose out of or in connection with Tenant’s use and occupancy of the Demised Premises, or
in the event such spill or discharge was caused by the act, negligence or omission of Tenant or Tenant’s
Visitors, then Tenant shall pay to Landlord on demand, as Additional Rent, all costs and expenses incurred by Landlord in connection with
any action taken by Landlord not later than fifteen (15) days after receipt of an invoice therefor.

 

(f)       Tenant Indemnification.
Tenant hereby agrees to defend, indemnify and hold Landlord harmless from and against any and all claims, losses, liability, damages and
expenses (including, without limitation, site investigation costs, removal and remediation costs and attorneys’ fees
and disbursements) arising out of or in connection with (i) Tenant’s use and occupancy of
the Demised Premises, (ii) any spill or discharge of a hazardous substance or hazardous waste by Tenant or Tenant’s
Visitors and/or (iii) Tenant’s failure to comply with the provisions of this Section.

 

    29

     

    

 

(g)      Rights
of Holder of Underlying Encumbrance. If Landlord has given to Tenant the name and address of any holder of an Underlying Encumbrance,
Tenant agrees to send to said holder a photocopy of those items given to Landlord pursuant to the provisions of Section 35(c).

 

(h)      Lease
Extension. Notwithstanding any other provision of this Lease, if (i) a violation of any Environmental Law occurs or is found to exist
and Tenant is responsible for the Remediation thereof pursuant to the terms of this Lease, (ii) the Remediation thereof in Landlord’s
reasonable judgment would materially interfere with Landlord’s ability to lease the Demised
Premises or materially adversely affect the rental rate payable under any new lease of the Demised Premises and (iii) the Term would
otherwise terminate or expire, then, at the option of Landlord, the Term shall be automatically extended beyond the date of Termination
Date and this Lease shall remain in full force and effect beyond such date until the earlier to occur of (i) the completion of all remedial
action in accordance with applicable Environmental Laws or (ii) the date specified in a written notice from Landlord to Tenant terminating
this Lease.

 

(i)       Survival.
Tenant’s obligations under this Section 35 shall survive the expiration or earlier
termination of this Lease.

 

Section 36.    Miscellaneous.

 

(a)      Acceptance
by Tenant. Tenant, by entering into occupancy of any part of the Demised Premises, shall be conclusively deemed to have agreed that
Landlord up to the time of such occupancy has performed all of its obligations hereunder with respect to such part and that such part,
except for (a) latent defects, and (b) minor details of construction, decoration and mechanical adjustment referred to above, was in satisfactory
condition as of the date of such occupancy, unless within thirty (30) days after such date Tenant shall give notice to Landlord specifying
the respects in which the same was not in such condition.

 

(b)      Integration;
Amendments. This Lease may not be amended, modified or nor may any obligation hereunder be waived, orally, and no such amendment,
modification, termination or waiver, shall be effective unless in writing and signed by the party against whom enforcement thereof is
sought. No waiver by Landlord of any obligation of Tenant hereunder shall be deemed to constitute a waiver of the future performance
of such obligation by Tenant. If any provision of this Lease or any application thereof shall be invalid or unenforceable, the remainder
of this Lease and any other application of such provision shall not be affected thereby. This Lease shall be binding upon and inure to
the benefit of and be enforceable by the respective successors and assigns of the parties hereto. Upon due performance of the covenants
and agreements to be performed by Tenant under this Lease, Landlord covenants that Tenant shall and may at all times peaceably and quietly
have, hold and enjoy the Demised Premises during the Term. The table of contents and the section headings are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof. Exhibits A, B, C, D, E, and F attached hereto are incorporated
into this Lease. This Lease will be simultaneously executed in several counterparts, each of which when so executed and delivered, shall
constitute an original, fully enforceable counterpart for all purposes.

 

(c)    Governing
Law. This Lease shall be governed in all respects by the laws of the State of New Jersey, without regard to conflict of law provisions

 

(d)    Estoppel
Certificate. Tenant agrees that from time to time upon not less than ten (10) days prior request by Landlord, or any of Landlord’s
mortgagees, the Tenant (or any permitted assignee, subtenant or other occupant of the Demised Premises claiming by, through or under Tenant)
will deliver to Landlord or to such mortgagee, a statement in writing signed by
Tenant certifying (i) that this Lease is unmodified and in full force and effect (or if there have been modifications, that the Lease
has been modified and is in full force and effect and identifying the modifications); (ii) the date upon which Tenant began paying Rent
and the dates to which the Rent and other charges have been paid; (iii) that Landlord is not in default under any provision of this Lease,
or, if in default, the nature thereof in detail; (iv) that improvements to the Demised Premises have been completed in accordance with
the terms hereof and Tenant is in occupancy and paying Rent on a current basis with no rental offsets or claims; (v) that there has been
no prepayment of Rent other than that provided for in the Lease; (vi) that there are no actions, whether voluntary or otherwise, pending
against Tenant under the Bankruptcy laws of the United States or any state thereof; and (vii) such other matters as may be required by
Landlord or such mortgagee.

 

    30

     

    

 

(e)      Acceptance
of Surrender. No act or thing done by Landlord or Landlord’s agents during the Term
shall be deemed an acceptance of a surrender of the Demised Premises, and no agreement to accept such surrender shall be valid unless
in writing and signed by Landlord. No employee of Landlord or Landlord’s agents shall have
any authority to accept the keys to the Demised Premises prior to the Termination Date and the delivery of keys to any employee of Landlord
or Landlord’s agents shall not operate as an acceptance of a termination of this Lease or
an acceptance of a surrender of the Demised Premises.

 

(f)       Failure
to Deliver Invoices. Landlord’s failure during the Term to prepare and deliver any of
the statements, notices or bills set forth in this Lease shall not in any way cause Landlord to forfeit or surrender its rights to collect
any amount that may have become due and owing to it during the Term.

 

(g)      Tenant
Relocation. If the Demised Premises contain less than Ten Thousand (10,000) square feet of rentable area, Landlord shall have the
right, at its option, upon at least thirty (30) days written notice to Tenant, to relocate Tenant and to substitute for the Demised Premises
other space within the Building containing at least as much rentable area as the Demised Premises (the “New
Space”). The New Space shall be improved by Landlord at its expense, with decorations
and improvements that are substantially comparable in quantity and quality to those provided by Landlord in the original Demised Premises.
Landlord shall pay the expenses reasonably incurred by Tenant in connection with such relocation, including by not limited to costs of
moving, door lettering and telephone relocation. The New Space shall become the “Demised
Premises” for purposes of this Lease following Tenant’s
taking occupancy thereof.

 

(h)      Financial
Information. Tenant agrees to deliver financial information to Landlord within fifteen (15) days after Tenant’s
receipt of Landlord’s request therefor in accordance with Section 21 of this Lease.

 

(i)       Building
Directory. Tenant shall be entitled to identification on the office building directory located on the main floor of the Building.
Tenant shall pay the cost of the initial listings on said directory, and thereafter shall pay the costs of any changes to the listings
as Additional Rent. Tenant acknowledges and agrees that the cost of maintaining the directories shall be part of Landlord’s
Operating Expenses.

 

(j)       Effect
of Submission. The submission of this Lease to Tenant for examination does not constitute an offer to lease the Demised Premises on
the terms set forth herein, and this Lease shall become effective as a lease agreement only upon the execution and delivery of the Lease
by Landlord and Tenant.

 

    31

     

    

 

 

(k)       Tenant
Access. Subject to all applicable Legal Requirements and to Landlord’s rules and regulations,
Tenant shall be permitted keyed access to the Demised Premises twenty-four (24) hours per day, seven (7) days per week.

 

(l)       Definition
of Landlord. The term “Landlord”,
as used in this Lease, shall mean only the owner of the title to the Building as of the date in question. Upon the sale, transfer or other
conveyance by Landlord of the Building, Landlord shall be released from any and all liability under this Lease arising after the date
of such sale, transfer or other conveyance.

 

(m)       Alteration
of Building. Notwithstanding anything to the contrary contained in this Lease, Landlord reserves the right, in its sole discretion,
to modify or alter the Building from time to time, including, but not limited to, (i) expanding, reducing and otherwise modifying or altering
the buildings on the Land (including the Building) from time to time; (ii) relocating, expanding, reducing and otherwise modifying or
altering the parking areas, sidewalks, landscaped areas and other common areas located on the Land from time to time; (iii) constructing
additional buildings and/or improvements on the Land; and (iv) increasing or decreasing the size of the Land; provided, however, if, as
a result of Landlord’s exercise of its rights hereunder, the acreage of the Land is reduced
or increased or the rentable square footage of the buildings (including the Building) is reduced or increased, then, in either event,
Landlord shall equitably adjust those expenses affected by such action.

 

(n)       Building
Name. Tenant shall not, without the prior written consent of Landlord, use the name of the Building for any purpose other than as
the address of the business to be conducted by Tenant in the Demised Premises, an in no event shall Tenant acquire any rights and or to
such names. Landlord reserves the right at any time and from time to time to change the name by which the Building is designated.

 

(o)       TIME
OF THE ESSENCE. TIME IS OF THE ESSENCE IN ALL PROVISIONS OF THIS LEASE, INCLUDING ALL NOTICE PROVISIONS TO BE PERFORMED BY OR ON BEHALF
OF TENANT.

 

(p)       Computation
of Time. In computing any period of time prescribed or allowed by any provisions of this Lease, the day of the act, event or default
from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included,
unless it is a Saturday, Sunday or legal holiday, in which event the period runs until the end of the next day which is not a Saturday,
Sunday, or legal holiday. Unless otherwise provided herein, all notices and other periods expire as of 5:00 p.m. local time in New Jersey
on the last day of the notice or other period.

 

(q)       Interpretation.
Landlord and Tenant understand, agree, and acknowledge that: (i) this Lease has been freely negotiated by both parties; and (ii) that,
in the event of any controversy, dispute or contest over the meaning, interpretation, validity, or enforceability of this Lease, or any
of its terms or conditions, there shall be no inference, presumption, or conclusion drawn whatsoever against either party by virtue of
that party having drafted this Lease or any portion thereof.

 

(r)       Landlord
Liability. The obligations of Landlord do not constitute the personal obligations of Landlord. If Landlord shall fail to perform
any covenant, term or condition of this Lease upon Landlord’s part to be performed,
Tenant shall be required to deliver to Landlord notice of the same. If, as a consequence of such default, Tenant shall recover a
money judgment against Landlord, such judgment shall be satisfied only out of the right, title and interest of Landlord in the
Building, and out of rent from the Building receivable by Landlord or out of consideration received by Landlord from the sale or
other disposition of all or any part of Landlord’s right, title or interest in the
Building, and no action for any deficiency may be sought or obtained by Tenant.

 

    32

     

    

 

(s)       Patriot
Act Provision. Tenant represents, warrants and covenants that neither Tenant nor any of its partners, officers, directors, members
or shareholders (i) is listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Asset
Control, Department of the Treasury (“OFAC”)
pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001 )(“Order”)
and all applicable provisions of Title III of the USA Patriot Act (Public Law No. 107-56 (October 26, 2001)); (ii) is listed on the Denied
Persons List and Entity List maintained by the United States Department of Commerce; (iii) is listed on the List of Terrorists and List
of Disbarred Parties maintained by the United States Department of State, (iv) is listed on any list or qualification of “Designated
Nationals” as defined in the Cuban Assets Control Regulations 31 C.F.R. Part 515; (v) is
listed on any other publicly available list of terrorists, terrorist organizations or narcotics traffickers maintained by the United States
Department of State, the United States Department of Commerce or any other governmental authority or pursuant to the Order, the rules
and regulations of OFAC (including, without limitation, the Trading with the Enemy Act, 50 U.S.C. App. 1-44; the International Emergency
Economic Powers Act, 50 U.S.C. §§ 1701-06; the unrepealed provision of the Iraqi Sanctions Act, Publ. L. No. 101-513; the United
Nations Participation Act, 22 U.S.C. § 2349 aa-9; The Cuban Democracy Act, 22 U.S.C. §§ 60-01-10; The Cuban Liberty and
Democratic Solidarity Act, 18.U.S.C. §§ 2332d and 233; and The Foreign Narcotic Kingpin Designation Act, Publ. L. No. 106-201,
all as may be amended from time to time); or any other applicable requirements contained in any enabling legislation or other Executive
Orders in respect of the Order (the Order and such other rules, regulations, legislation or orders are collectively called the “Orders”);
(vi) is engaged in activities prohibited in the Orders; or (vii) has been convicted, pleaded nolo contendere, indicted, arraigned or custodially
detained on charges involving money laundering or predicate crimes to money laundering, drug trafficking, terrorist-related activities
or other money laundering predicate crimes or in connection with the Bank Secrecy Act (31 U.S.C. §§5311 et. seq.). Tenant shall
not permit the Demised Premises or any portion thereof to be used, occupied or operated by or for the benefit of any person or entity
that is on the OFAC List. Tenant shall provide documentary and other evidence of Tenant’s
identity and ownership as may be reasonably requested by Landlord at any time to enable Landlord to verify Tenant’s
identity or to comply with any legal request. Tenant shall indemnify and hold Landlord harmless and against from all losses, damages,
liabilities, cost and expenses (including, without limitation, reasonable attorneys’ fees
and expenses) that are incurred by Landlord and/or its affiliates that derive from a claim made by a third party against Landlord and/or
its affiliates arising or alleged to arise from a misrepresentation made by Tenant hereunder or a breach of any covenant to be performed
by Tenant hereunder.

 

(t)       Consent
to Jurisdiction. Tenant hereby consents to the exclusive jurisdiction of the state courts located in Middlesex County and Somerset
County and to the federal courts located in the District of New Jersey.

 

    33

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this instrument the day and year first above written.

 

	 	 	TENANT:
	 	 	 	 
	 	 	COMPOSECURE, L.L.C.
	[ILLEGIBLE]	 	 	 
	WITNESS	 	 	 
	 	 	 	 
	[ILLEGIBLE]	 	By:	/s/ Michele Logan
	WITNESS	 	Typed Name: Michele Logan
	 	 	 	 
	 	 	LANDLORD:
	 	 	 	 
	 	 	BAKER-PROPERTIES
	 	 	LIMITED PARTNERSHIP
	[ILLEGIBLE]	 	BAKER COMPANIES, INC.
	WITNESS	 	Its General Partner
	 	 	 	 
	 	 	By:	/s/ Philip C. King
	WITNESS	 	 	Philip C. King
	 	 	 	Vice President

 

    34

     

    

 

	STATE OF                                                         	)

	 	) ss.:

 

	COUNTY OF                                                        
	      )

 

On the           
day of November in the year 2011 before me, the undersigned personally appeared                         ,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	 	Notary Public

 

	STATE OF NEW YORK                     	)

	 	) ss.:

	COUNTY OF WESTCHESTER	)

 

On the       
day of November in the year 2011 before me, the undersigned personally appeared Philip C. King, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	 	Notary Public

 

    35Exhibit 10.21

 

FIRST AMENDMENT TO
LEASE OF IMPROVED PROPERTY

 

THIS FIRST AMENDMENT TO LEASE
OF IMPROVED PROPERTY (this “Amendment”) is made as of December 15th, 2020, by and between BAKER-PROPERTIES
LIMITED PARTNERSHIP, a Connecticut limited partnership, having an address at One West Red Oak Lane, White Plains, New York 10604
(“Landlord”), and COMPOSECURE, L.L.C., a Delaware limited liability company, with an address
at 500 Memorial Drive, Franklin, New Jersey 08873 (“Tenant”).

 

WITNESSETH:

 

WHEREAS, Landlord and
Tenant entered into to that certain Lease of Improved Property dated as of December 1, 2011 (the “Lease”),
for 45,526 rentable square feet of space (the “Demised Premises”) on the first (1st) floor of
the building located at 500 Memorial Drive, Franklin, New Jersey 08873 (the “Lease”);

 

WHEREAS Landlord and
Tenant each wish to amend the Lease as of the date hereof in accordance with, and subject to, the provisions of this Amendment.

 

NOW, THEREFORE, in consideration
of the sum of Ten and no/100 ($10.00) Dollars and other good and valuable consideration exchanged by Landlord and Tenant, the receipt
and sufficiency of which are hereby expressly acknowledged, it is agreed as of the date hereof:

 

1.       Definitions.
For the purpose of this Amendment, words and phrases used herein with initial capital case letters and not otherwise defined in this
Amendment shall have the respective meanings ascribed to them in the Lease.

 

2.       Term.
The Term of the Lease is hereby extended to March 31, 2027. For all purposes of the Lease, the term “Expiration Date”
and/or “Termination Date” shall mean March 31, 2027 or such earlier date at the Lease may be terminated
in accordance with its terms. Tenant acknowledges that, in connection with the extension of the Term, neither Landlord nor any employee,
agent or representative of Landlord has made any express or implied representations or warranties with respect to the physical condition
of the Complex, the Building or the Demised Premises, the fitness or quality thereof or any other matter or thing whatsoever with respect
to the Complex, the Building or the Demised Premises or any portion thereof, and that Tenant is not relying upon any such representation
or warranty in entering into this Amendment. Tenant has inspected the Complex, the Building and the Demised Premises and is thoroughly
acquainted with their respective conditions and agrees to take the same “AS IS”. Landlord shall have no obligation to complete
any work to the Complex, the Building or the Demised Premises in connection with this Amendment and/or the extension of the Term.

 

3.       Basic
Rent. Section 15 of the Basic Lease Information is hereby revised to include the following, which, notwithstanding anything to
the contrary contained in the Lease, shall govern Tenant’s obligation to pay Basic Rent from and after April 1, 2022:

 

    1

     

    

 

“(15) Basic Rent:

 

	 	 	Annual Rent	 	 	Annual Basic 	 	 	Monthly Basic	 
	Period or Months of Term	 	(p.s.f)	 	 	 Rent	 	 	Rent	 
	April 1, 2022 – March 31, 2023	 	$	7.50	 	 	$	341,445.00	 	 	$	28,453.75	 
	April 1, 2023 – March 31, 2024	 	$	7.75	 	 	$	352,827.00	 	 	$	29,402.21	 
	April 1, 2024 – March 31, 2025	 	$	8.00	 	 	$	364,208.00	 	 	$	30,350.67	 
	April 1, 2025 – March 31, 2026	 	$	8.25	 	 	$	375,590.00	 	 	$	31,299.13	 
	April 1, 2026 – March 31, 2027	 	$	8.50	 	 	$	386,971.00	 	 	$	32,247.58	”

 

4.       Right
of First Offer. The third sentence of the second paragraph of Section 29 of the Lease is hereby deleted and replaced with the
following: “The Term for the Expansion Space shall be co-terminus with the Lease provided that, (i) if there are less than five
(5) years remaining in the Term, Tenant shall have no right to exercise its right to lease the Expansion Space pursuant to this Section
29 unless Tenant simultaneously exercises its renewal option in accordance with Section 11 of the Basic Lease Provisions and Exhibit
D of this Lease, and (ii) Tenant shall have no right to exercise its right to lease the Expansion Space pursuant to this Section
29 if there is less than three (3) years remaining in the Term, and Tenant no longer has any right to its renewal option pursuant to
Section 11 of the Basic Lease Provisions and Exhibit D of this Lease.” Notwithstanding anything to the contrary contained on Exhibit
D of the Lease, Landlord hereby agrees that the provisions set forth on Exhibit D of the Lease requiring Tenant to exercise its
renewal option no more than fifteen (15) months prior to the expiration of the Term shall not apply to Tenant’s exercise of its
renewal option in connection with its simultaneous exercise of its option for the Expansion Space in accordance with Section 29 of the
Lease.

 

5.       Renewal
Option. Landlord and Tenant hereby acknowledge that, except as modified by the last sentence of Paragraph 4 of this Amendment,
Tenant’s renewal option pursuant to Section 11 of the Basic Lease Provisions and Exhibit D of this Lease remains in full
force and effect.

 

6.       Flood
Zone Disclosure. Pursuant to N.J.S.A. 46:8-50, Landlord is required to inform Tenant if the Demised Premises and/or the Property
is located in, or if in the future the Demised Premises and/or the Property is determined to be located in, a flood zone or area. To
Landlord’s knowledge as of the date hereof, a portion of the Complex is located in a flood zone or area.

 

7.       Waivers,
Modifications or Rescissions. This Agreement constitutes the entire agreement between the parties with respect to its subject
matter and may not be waived, modified or rescinded in any respect other than by a writing signed by the party to be charged with such
waiver, modification or rescission.

 

8.       Ratification
of the Lease. Except as modified by this Amendment, the Lease and all of the covenants, agreements, terms, provisions and
conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. The covenants, agreements, terms
provisions and conditions contained in this Amendment shall bind the parties hereto and their respective successors and assigns and
shall inure to the benefit of the parties hereto and their respective permitted successors and assigns. In the event of a conflict
between the provisions of this Amendment and the Lease, the provisions contained in this Amendment shall prevail and be
paramount.

 

    2

     

    

 

9.       Brokers.
Tenant represents and warrants to Landlord that Tenant has not had any dealings or entered into any agreements with any person, entity,
realtor, broker, agent or finder in connection with the negotiation of this Amendment other than Cushman & Wakefield of New Jersey,
Inc. Tenant shall indemnify and hold harmless Landlord from and against any loss, claim, damage, expense (including costs of suit and
reasonable attorneys’ fees) or liability for any compensation, commission or charges claimed by any other realtor, broker, agent
or finder claiming to have dealt with Tenant in connection with this Amendment.

 

10.     Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall constitute an original and together a single instrument,
with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

11.     Binding
Effect. This Amendment shall become binding and effective only upon execution and delivery of this Amendment by Landlord and
Tenant to the other.

 

[Remainder of Page Left Blank Intentionally]

 

    3

     

    

 

IN WITNESS WHEREOF, Landlord and Tenant have
executed this Amendment the date and year first above written.

 

	 	Landlord:
	 	BAKER-PROPERTIES
    LIMITED PARTNERSHIP, a Connecticut limited partnership
	 	 	 
	 	By:	Baker Companies, Inc.,
    its general partner
	 	 	 
	 	By:	/s/
    Philip King
	 	 	Name: Philip King
	 	 	Title: President
	 	 	 
	 	Tenant:
	 	COMPOSECURE,
    L.L.C., a Delaware limited liability company
	 	 	 
	 	By:	/s/
    Timothy W. Fitzsimmons
	 	 	Name: Timothy W. Fitzsimmons
	 	 	Title: Chief Financial
    Officer

 

    4

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