<SEC-DOCUMENT>0001144204-19-023340.txt : 20190502
<SEC-HEADER>0001144204-19-023340.hdr.sgml : 20190502
<ACCEPTANCE-DATETIME>20190502172446
ACCESSION NUMBER:		0001144204-19-023340
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190430
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190502
DATE AS OF CHANGE:		20190502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RW HOLDINGS NNN REIT, INC.
		CENTRAL INDEX KEY:			0001645873
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474156046
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-55776
		FILM NUMBER:		19793188

	BUSINESS ADDRESS:	
		STREET 1:		3090 BRISTOL STREET, SUITE 550
		CITY:			COSTA MESA
		STATE:			CA
		ZIP:			92626
		BUSINESS PHONE:		512-499-3626

	MAIL ADDRESS:	
		STREET 1:		3090 BRISTOL STREET, SUITE 550
		CITY:			COSTA MESA
		STATE:			CA
		ZIP:			92626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles NNN REIT, Inc.
		DATE OF NAME CHANGE:	20151209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles REIT, Inc.
		DATE OF NAME CHANGE:	20150623

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles Reit, Inc.
		DATE OF NAME CHANGE:	20150622
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv520525_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):
April 30, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RW Holdings NNN REIT, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified in
its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-55776</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>47-4156046</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(State or other jurisdiction</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Commission</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>of incorporation)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>File Number)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>3090 Bristol Street, Suite 550</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Costa Mesa, California</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>92626</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code: (855)&nbsp;742-4862</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant
to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Name of each exchange on which</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>registered</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The information discussed under Item 2.03 of this Current Report
on Form 8-K is incorporated by reference into this Item 1.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.03</B></TD><TD><B>Creation of a Direct Financial Obligation or an Obligation under an off-Balance Sheet Arrangement of a Registrant.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On April 30, 2019, RW Holdings NNN REIT, Inc. (the &ldquo;Company&rdquo;),
along with Rich Uncles NNN Operating Partnership, L.P. (the &ldquo;Operating Partnership&rdquo;) and Rich Uncles NNN LP, LLC (together
with the Company and the Operating Partnership, &ldquo;Borrowers&rdquo;), entered into a Loan Agreement (the &ldquo;New Credit
Facility&rdquo;) with Pacific Mercantile Bank (&ldquo;Lender&rdquo;). The New Credit Facility replaces a $9.0 million unsecured
line of credit with Lender, which expired on April 30, 2019 (the &ldquo;Former Credit Facility&rdquo;). The New Credit Facility
is a revolving unsecured line of credit for a maximum principal amount of $10.0 million and matures on October 1, 2020, unless
earlier terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The New Credit Facility can be used to fund the Company&rsquo;s
business operations, including acquisitions of real estate properties and working capital. The Company intends to repay amounts
outstanding under the New Credit Facility from gross offering proceeds from the sale of shares of the Company&rsquo;s common stock
or mortgage financing on one of the properties owned, either directly or indirectly through one or more wholly-owned single member
special purposes entities, by the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Under the terms of the New Credit Facility, Borrowers pay a variable
rate of interest on outstanding amounts equal to one (1) percentage point over an independent index published in The Wall Street
Journal based on the highest rate on corporate loans posted by at least 75% of the largest banks (the &ldquo;Index&rdquo;). Based
upon the Index as of the date of the New Credit Facility, the initial interest rate under the New Credit Facility was 6.50%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The New Credit Facility contains customary representations, warranties
and covenants, which are substantially similar to those in the Former Credit Facility. The Company&rsquo;s ability to borrow under
the New Credit Facility will be subject to its ongoing compliance with various affirmative and negative covenants, including with
respect to indebtedness, guaranties, mergers and asset sales, liens, dividends, corporate existence and financial reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The New Credit Facility also contains customary events of default,
including, without limitation, nonpayment of principal, interest, fees or other amounts when due, violation of covenants, breaches
of representations or warranties and change of ownership. Upon the occurrence of an event of default, Lender may accelerate the
repayment of amounts outstanding under the New Credit Facility and exercise other remedies subject, in certain instances, to the
expiration of an applicable cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The New Credit Facility is secured by a continuing guaranty executed
by BrixInvest, LLC, the Company&rsquo;s sponsor and advisor, along with springing guaranties executed by Raymond E. Wirta, Chairman
of the Board of the Company, and a trust belonging to Mr. Wirta, each in the amount of $10.0 million. Mr. Wirta&rsquo;s guaranties
become effective upon certain triggering events, including an event of default under the New Credit Facility and the failure by
Borrowers to pay one or more subsequent advances within 90 days of disbursement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The above description of the New Credit Facility is a summary and
is qualified in its entirety by the Loan Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated
by reference herein.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statement and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv520525_ex10-1.htm" STYLE="-sec-extract: exhibit">10.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv520525_ex10-1.htm" STYLE="-sec-extract: exhibit">Loan Agreement executed on April 30, 2019 by and between RW Holdings NNN REIT, Inc., Rich Uncles NNN Operating Partnership, L.P., Rich Uncles NNN LP, LLC and Pacific Mercantile Bank</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -105pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -105pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -105pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RW HOLDINGS NNN REIT, INC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>(Registrant)</I>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top">By:&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Raymond J. Pacini</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 5%">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 41%">Raymond J. Pacini</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:&nbsp;&nbsp;</TD>
    <TD>Chief Financial Officer&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: May 2, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<TYPE>EX-10.1
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<FILENAME>tv520525_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><B><U>Exhibit 10.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="tv520525_ex10-1img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 24pt"><B>Loan
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 12pt"><B>Borrowers:</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>RW HOLDINGS NNN REIT,
                                         INC., a Maryland corporation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-size: 12pt"><B>RICH UNCLES NNN LP, LLC,
a Delaware limited liability company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-size: 12pt"><B>RICH UNCLES NNN OPERATING
PARTNERSHIP, LP, a Delaware limited partnership</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 12pt"><B>Address:</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>3090 Bristol Street,
                                         Suite 550, </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-size: 12pt"><B>Costa Mesa, CA 92626</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 12pt"><B>Date:</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>April 30, 2019</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>THIS LOAN AGREEMENT</B>
is entered into on the above date between <FONT STYLE="text-transform: uppercase">Pacific Mercantile Bank</FONT> (&ldquo;Lender&rdquo;),
whose address is 949 South Coast Drive, 3rd Floor, Costa Mesa, CA 92626, and the borrower(s) named above (jointly and severally,
the &ldquo;Borrower&rdquo;), whose chief executive office is located at the above address (&ldquo;Borrower&rsquo;s Address&rdquo;).
The Schedule to this Agreement (the &ldquo;Schedule&rdquo;) shall for all purposes be deemed to be a part of this Agreement, and
the same is an integral part of this Agreement. (Definitions of certain terms used in this Agreement are set forth in Section 8
below.) <B>This Agreement amends, restates, replaces and supersedes, in their entirety, that certain Business Loan Agreement dated
February 20, 2018 between Lender and Borrower and that certain Promissory Note dated February 20, 2018 by Borrower in favor of
Lender (collectively, the &ldquo;Prior Loan Agreement&rdquo;). This Agreement does not constitute a novation of the Prior Loan
Agreement but, rather, an amendment and continuation thereof. Without limitation on the generality of the foregoing, Borrower and
Lender acknowledge and agree that Loans (or loans) and Advances (or advances) (as those terms are used in the Prior Loan Agreement)
made by Lender pursuant to the Prior Loan Agreement shall be deemed &ldquo;Loans&rdquo; hereunder.</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOANS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>1.1 Loans. </I></B>
Lender will make loans to Borrower (the &ldquo;Loans&rdquo;) as described, and in amounts not to exceed the limits shown (the &ldquo;Credit
Limit&rdquo;), on the Schedule, subject to the provisions of this Agreement and subject to deduction of such Reserves as Lender
deems proper from time to time in its Good Faith Business Judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>1.2 Interest.</I></B>
All Loans and all other monetary Obligations shall bear interest at the interest rate shown on the Schedule. Accrued interest shall
be payable monthly for each month on the first day of the following month, and shall be debited to Borrower&rsquo;s Deposit Account
maintained with the Lender designated by Borrower (or as selected by Lender in the absence of such a designation). Borrower shall
at all times maintain sufficient funds in said Deposit Account to enable payment of all interest and other sums to be so paid to
Lender by such debit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>1.3 Overadvances. </I></B>
If at any time or for any reason the total of all outstanding Loans and all other monetary Obligations exceeds the Credit Limit
(an &ldquo;Overadvance&rdquo;), Borrower shall immediately pay the amount of the excess to Lender, without notice or demand. Without
limiting Borrower's obligation to repay to Lender the amount of any Overadvance, Borrower agrees to pay Lender interest on the
outstanding amount of any Overadvance, on demand, at the Default Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>1.4 Fees.</I></B> Borrower
shall pay Lender the fees shown on the Schedule, which are in addition to all interest and other sums payable to Lender and are
not refundable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>1.5 Loan Requests.</I></B>
To obtain a Loan, Borrower shall make a request to Lender, as further described in the Schedule. Lender may rely on any request
for a Loan given by a person whom Lender believes is an Authorized Person (as set forth on the Schedule), and Borrower will indemnify
Lender for any loss Lender suffers as a result of that reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>1.6&nbsp;Conditions.</I></B>
The making of the first disbursement of any Loan is subject to the satisfaction of the following conditions precedent, which Borrower
agrees to satisfy within two Business Days after the date hereof: (i)&nbsp;[Intentionally Omitted], (ii)&nbsp;all documents relating
to this Agreement have been executed and delivered, (iii)&nbsp;Lender has confirmed to its satisfaction that there has been no
Material Adverse Change since the date of the last financial statements provided to Lender prior to the date hereof, (iv) [Intentionally
Omitted], (v) no Default or Event of Default has occurred and is continuing, and (vi)&nbsp;all other matters relating to the Loans
have been completed to Lender&rsquo;s satisfaction.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify">2. [Intentionally
Omitted].</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">3. REPRESENTATIONS, WARRANTIES
AND COVENANTS OF BORROWER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">In order to induce Lender
to enter into this Agreement and to make Loans, Borrower represents and warrants to Lender as follows, and Borrower covenants that
the following representations will continue to be true in all material respects (except to the extent that such representation
or warranty relates to a particular date), and that Borrower will at all times comply with all of the following covenants, throughout
the term of this Agreement and until all Obligations have been paid and performed in full:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.1 Corporate Existence
and Authority.</I></B> Borrower is, and will continue to be, duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation or organization. Borrower is and will continue to be qualified and licensed to do business
in all jurisdictions in which any failure to do so would reasonably be expected to result in liability on the part of Borrower
in excess of $10,000. The execution, delivery and performance by Borrower of this Agreement, and all other documents contemplated
hereby (i) have been duly and validly authorized, (ii) are not subject to any consents, which have not been obtained, (iii) are
enforceable against Borrower in accordance with their terms (except as enforcement may be limited by equitable principles and by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors' rights generally), and (iv) do not violate
Borrower&rsquo;s articles or certificate of incorporation, or Borrower&rsquo;s by-laws, or any law or any material agreement or
instrument, which is binding upon Borrower or its property, and (v) do not constitute grounds for acceleration of any indebtedness
or obligations in excess of $50,000 in the aggregate, under any agreement or instrument which is binding upon Borrower or its property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.2 Name; Trade Names
and Styles.</I></B> As of the date hereof, the name of Borrower set forth in the heading to this Agreement is its correct name.
Listed in the Schedule are all prior names of Borrower and all of Borrower&rsquo;s present and prior trade names, as of the date
hereof. Borrower shall give Lender 30 days' prior written notice before changing its name or doing business under any other name.
Borrower has complied, and will in the future comply, in all material respects, with all laws relating to the conduct of business
under a fictitious business name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.3 Place of Business.
</I></B>As of the date hereof, the address set forth in the heading to this Agreement is Borrower's chief executive office. In
addition, as of the date hereof, Borrower has places of business only at the locations set forth in the Schedule. Borrower will
give Lender at least 30 days prior written notice before opening any additional place of business or changing its chief executive
office, except that Borrower may maintain sales offices in the ordinary course of business at which not more than a total of $50,000
fair market value of equipment and inventory is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.4 Negative Pledge;
Deposit Accounts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;Borrower&rsquo;s
assets now are and will remain free and clear of any and all Liens and adverse claims, except for Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;Borrower
has set forth in the Schedule all of Borrower&rsquo;s Deposit Accounts as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.5 Notification of
Loss. </I></B>Borrower will immediately advise Lender in writing of any loss or damage to any of its assets exceeding $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.6 Books and Records.</I></B>
Borrower has maintained and will maintain at Borrower&rsquo;s Address books and records, which are complete and accurate in all
material respects, and comprise an accounting system in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.7 Financial Condition,
Statements and Reports.</I></B> All financial statements now or in the future delivered to Lender have been, and will be, prepared
in conformity with GAAP, and now and in the future will fairly present the results of operations and financial condition of Borrower,
in accordance with GAAP, at the times and for the periods therein stated (except for non-compliance with FAS 123R in monthly financial
statements, and, in the case of interim financial statements, for the lack of footnotes and subject to year-end adjustments). Between
the last date covered by any such statement provided to Lender and the date hereof, there has been no Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.8 Tax Returns and
Payments; Pension Contributions.</I></B> Borrower has timely filed, and will timely file, all required tax returns and reports,
and Borrower has timely paid, and will timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions
now or in the future owed by Borrower. Borrower may, however, defer payment of any contested taxes, provided that Borrower (i)
in good faith contests Borrower's obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and
conducted, (ii) notifies Lender in writing of the commencement of, and any material development in, the proceedings, and (iii)
posts bonds or takes any other steps required to keep the contested taxes from becoming a Lien upon any of Borrower&rsquo;s assets.
Borrower is unaware of any claims or adjustments proposed for any of Borrower's prior tax years which could result in additional
taxes becoming due and payable by Borrower. Borrower has paid, and shall continue to pay all amounts necessary to fund all present
and future pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not and will
not withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with
respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to
the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. Borrower shall concurrently execute
and deliver to Lender an IRS Form 8821, Tax Information Authorization, and Borrower shall maintain the same in full force and effect
throughout the term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.9 Compliance with
Law.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(a) Borrower has, to
the best of its knowledge, complied, and will in the future comply, in all material respects, with all provisions of all foreign,
federal, state and local laws and regulations applicable to Borrower, including, but not limited to, those relating to Borrower's
ownership of real or personal property, the conduct and licensing of Borrower's business, and all environmental matters, except
where the failure to do so would not reasonably be expected to result in liability on the part of Borrower in excess of $100,000.
Borrower has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices
to, all governmental authorities that are necessary for the continued operation of Borrower&rsquo;s business as currently conducted,
except where the failure to do so would not reasonably be expected to result in liability on the part of Borrower in excess of
$100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(b) Borrower is not in
violation and shall not violate any of the country or list based economic and trade sanctions administered and enforced by OFAC
or as otherwise published from time to time. Neither Borrower, nor to the knowledge of Borrower, any director, officer, employee,
agent, affiliate or representative thereof, (i) is a Sanctioned Person or a Sanctioned Entity, (ii) has its assets located in a
Sanctioned Entity, (iii) derives revenues from investments in, or transactions with a Sanctioned Person or a Sanctioned Entity
or (iv) is owned or controlled by a Sanctioned Entity or a Sanctioned Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(c) Borrower is in compliance
with, and will continue to comply with, all applicable Anti-Terrorism Laws. Borrower does not deal in, or otherwise engage in any
transaction relating to, any property or interests in property blocked pursuant to any OFAC Sanctions Programs. Borrower is not
any of the following (each a &ldquo;Blocked Person&rdquo;): (i) a Person that is prohibited pursuant to any of the OFAC Sanctions
Programs, including a Person named on OFAC&rsquo;s list of Specially Designated Nationals and Blocked Persons; (ii) a Person that
is owned or controlled by, or that owns or controls any Person described in (i) above; or (iii) a Person with which Lender is prohibited
from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law. No part of the proceeds of the Loans will be used,
directly or indirectly, for any payments to any government official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(d) Borrower shall not
(i) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving any
contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any
transaction relating to, any property or interests in property blocked pursuant to the Executive Order No. 13224, (iii) engage
in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in the Executive Order No. 13224, the USA PATRIOT Act, or any other Anti-Terrorism Law, and the
Borrower shall deliver to Lender any certification or other evidence requested from time to time by Lender in its sole discretion,
confirming Borrower&rsquo;s compliance with this Section, (iv) become (including by virtue of being owned or controlled by a Blocked
Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or the European
Union including the making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person,
or (v) engage in any business or activity in violation of the Trading with the Enemy Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.10 Litigation.</I></B>
Except for the SEC investigation described in Note 9 of Notes to Financial Statements of Borrower&rsquo;s Quarterly Report on Form
10-Q for the quarter ended September 30, 2018, as of the date hereof, there is no claim, suit, litigation, proceeding or investigation
pending or, to Borrower&rsquo;s knowledge, threatened against or affecting Borrower in any court or before any governmental agency
(or any basis therefor known to Borrower) involving any claim against Borrower of more than $50,000. Borrower will promptly inform
Lender in writing of any claim, proceeding, litigation or investigation in the future threatened or instituted against Borrower
involving any claim against Borrower of more than $50,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.11 Use of Proceeds.</I></B>
The proceeds of each Loan shall be used solely for Borrower&rsquo;s business operations, including acquisitions of real estate
properties and working capital. Borrower is not purchasing or carrying any &ldquo;margin stock&rdquo; (as defined in Regulation
U of the Board of Governors of the Federal Reserve System) and no part of the proceeds of any Loan will be used to purchase or
carry any &ldquo;margin stock&rdquo; or to extend credit to others for the purpose of purchasing or carrying any &ldquo;margin
stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>3.12 Solvency, Payment
of Debts. </I></B> Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of Borrower&rsquo;s
assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably
small capital after the transactions contemplated by this Agreement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">4. [INTENTIONALLY OMITTED].</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">5. ADDITIONAL DUTIES OF BORROWER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.1 Financial and Other
Covenants.</I></B> Borrower shall at all times comply with the financial and other covenants set forth in the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.2 Insurance.</I></B>
Borrower shall, at all times insure its tangible assets and carry such other business insurance, with insurers reasonably acceptable
to Lender, as may be legally required, are reasonable and are customary and in accordance with standard practices for Borrower&rsquo;s
industry and locations. At Lender&rsquo;s request, Borrower shall provide evidence of such insurance to Lender. If Borrower fails
to provide or pay for any insurance, Lender may, but is not obligated to, obtain the same at Borrower's expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.3 Reports.</I></B>
Borrower, at its expense, shall provide Lender with the written reports set forth in the Schedule, and such other written reports
with respect to Borrower as Lender shall from time to time specify in its Good Faith Business Judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.4 Access to Assets,
Books and Records.</I></B> At reasonable times, and on one Business Day&rsquo;s notice, Lender, or its agents, shall have the right
to inspect Borrower&rsquo;s assets, and the right to audit and copy Borrower's books and records. The foregoing inspections and
audits shall be at Borrower&rsquo;s expense and the charge therefor shall be Lender&rsquo;s then current standard charge for the
same, plus reasonable out-of-pocket expenses (including without limitation any additional costs and expenses of outside auditors
retained by Lender).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.5 Negative Covenants.</I></B>
Except as may be permitted in the Schedule, Borrower shall not, without Lender's prior written consent (which shall be a matter
of its Good Faith Business Judgment), do any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(i) merge or consolidate
with another corporation or entity, except that a Borrower may merge into another Borrower with ten Business Days prior written
notice to Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(ii) acquire any assets,
except in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(iii) enter into any other
transaction outside the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(iv) sell or transfer
any assets, except for (A) the sale of finished inventory in the ordinary course of Borrower's business, (B) the sale of obsolete
equipment in the ordinary course of business, in an amount not more than $50,000 in any fiscal year, and (C) non-exclusive licenses
of intellectual property in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(v) store any assets with
any warehouseman or other third party, unless there is in place an agreement by such warehouseman or other third party in favor
of Lender in such form as Lender shall specify in its Good Faith Business Judgment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(vi) [intentionally omitted];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(vii) make any loans of
any money or other assets or any other Investments, other than Permitted Investments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(viii) create, incur,
assume or permit to be outstanding any Indebtedness other than Permitted Indebtedness;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(ix) guarantee or otherwise
become liable with respect to the obligations of another party or entity, except for (i) guaranties or indemnities by Borrower
of the obligations of a Single-Purpose Subsidiary to its mortgage lender limited to (a) damages or loss suffered by such mortgage
lender arising from certain customary &ldquo;carve out&rdquo; obligations, including without limitation, the gross negligence or
fraud of such Single-Purpose Subsidiary, commission of waste, mechanics&rsquo; liens, breach of environmental representations,
warranties &nbsp;and covenants pertaining to hazardous substances, failure to apply rental income to the operation of the mortgaged
property, failure to pay property taxes or failure to maintain required insurance, and (b) repayment of the mortgage loan if there
is an unpermitted change of ownership of any part of the real property owned by the Single-Purpose Subsidiary securing the mortgage
loan or in the ownership of the Single-Purpose Subsidiary, if there is a bankruptcy of the Single-Purpose Subsidiary, or if such
mortgage lender&rsquo;s right to recourse to the mortgaged property is prejudiced by Borrower, the Single-Purpose Subsidiary, or
any other party liable for the mortgaged loan, and (ii) customary environmental indemnity agreements by Borrower in favor of a
mortgage lender to a Single-Purpose Subsidiary pertaining to the mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(x) [intentionally omitted];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xi) redeem, retire, purchase
or otherwise acquire, directly or indirectly, any of Borrower's stock or other equity securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xii) engage, directly
or indirectly, in any business other than the businesses currently engaged in by Borrower or reasonably related thereto, or become
an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xiii) directly or indirectly
enter into, or permit to exist, any material transaction with any Affiliate of Borrower, except for transactions that are in the
ordinary course of Borrower&rsquo;s business, and are on fair and reasonable terms that are no less favorable to Borrower than
would be obtained in an arm&rsquo;s length transaction with a non-affiliated Person; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xiv) reincorporate or
reorganize in another state;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xv) change its fiscal
year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xvi) create a Subsidiary
except for Single-Purpose Subsidiaries (as defined in the Schedule) created in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xvii) dissolve or elect
to dissolve, except that a Borrower which is a wholly-owned Subsidiary of another Borrower may dissolve, with ten Business Day
prior written notice to the Lender, if all of its assets are distributed to the Borrower which owns 100% of its stock; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(xviii) agree to do any
of the foregoing, unless such agreement provides that it is subject to the prior written consent of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Transactions permitted by
the foregoing provisions of this Section are only permitted if no Default or Event of Default has occurred and is continuing, or
would occur as a result of such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.6 Litigation Cooperation.</I></B>
Should any third-party suit or proceeding be instituted by or against Lender relating to Borrower, Borrower shall, without expense
to Lender, make available Borrower and its officers, employees and agents and Borrower's books and records, to the extent that
Lender may deem them reasonably necessary in order to prosecute or defend any such suit or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.7&nbsp;Notification
of Changes. </I></B> Borrower will give Lender written notice of any change in its executive officers within ten days after the
date of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.8&nbsp;[Intentionally
Omitted]. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.9 [Intentionally
Omitted]. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>5.10 Further Assurances.</I></B>
Borrower agrees, at its expense, on request by Lender, to execute all documents and take all actions, as Lender, may, in its Good
Faith Business Judgment, deem necessary or useful in order to fully consummate the transactions contemplated by this Agreement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">6. TERM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>6.1 Maturity Date.</I></B>
This Agreement shall continue in effect until the maturity date set forth on the Schedule (the &ldquo;Maturity Date&rdquo;), subject
to Sections 6.2 and 6.3 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>6.2 Early Termination.</I></B>
This Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, effective 20 days after written notice
of termination is given to Lender; or (ii) by Lender at any time after the occurrence and during the continuance of an Event of
Default, without notice, effective immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>6.3 Payment of Obligations.</I></B>
On the Maturity Date or on any earlier effective date of termination, Borrower shall pay and perform in full all Obligations, whether
evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and
payable. Notwithstanding any termination of this Agreement, all of the terms and provisions of this Agreement shall continue in
full force and effect until all Obligations have been paid and performed in full; provided that Lender may, in its sole discretion,
refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender,
nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations have been paid and performed
in full.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">7. EVENTS OF DEFAULT AND
REMEDIES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>7.1 Events of Default.</I></B>
The occurrence of any of the following events shall constitute an &ldquo;Event of Default&rdquo; under this Agreement, and Borrower
shall give Lender immediate written notice thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(a) Any warranty, representation,
statement, report or certificate made or delivered to Lender by Borrower or any of Borrower's officers, employees or agents, now
or in the future, shall be untrue or misleading in a material respect when made or deemed to be made; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(b) Borrower shall fail to
pay when due any Loan or any interest thereon or any other monetary Obligation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(c) the total Loans and other
Obligations outstanding at any time shall exceed the Credit Limit; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(d) Borrower shall fail to
comply with any non-monetary Obligation (i) which by its nature cannot be cured or (ii) which by its nature can be cured but is
similar to an Obligation with respect to which Lender has given Borrower notice of failure of compliance within the preceding 12
months; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(e) Borrower shall fail to
perform any other non-monetary Obligation, and as to any such failure that can be cured, shall fail to cure such failure within
10 Business Days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that
if such failure cannot by its nature be cured within the 10 Business Days period or cannot after diligent attempts by Borrower
be cured within such 10 Business Days period, and such failure is likely to be cured within a reasonable time, then Borrower shall
have an additional reasonable period (which shall not in any case exceed 60 days) to attempt to cure such failure, and within such
reasonable time period the failure to have cured such failure shall not be deemed an Event of Default but no Loans will be made;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(f) any material assets of
Borrower become subject to any Lien (other than a Permitted Lien) which is not cured within ten Business Days after the occurrence
of the same; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(g) any material assets are
attached, seized, subjected to a writ or distress warrant, or is levied upon, and such attachment, seizure, writ or distress warrant
or levy has not been removed, discharged or rescinded within ten Business Days, or if Borrower is enjoined, restrained, or in any
way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other
claim becomes a Lien on any of Borrower&rsquo;s assets, or if a notice of lien, levy, or assessment is filed of record with respect
to any of Borrower&rsquo;s assets by the United States Government, or any department, agency, or instrumentality thereof, or by
any state, county, municipal, or governmental agency;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(h) any default or event
of default occurs under any obligation secured by a Permitted Lien, which is not cured within any applicable cure period or waived
in writing by the holder of the Permitted Lien; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(i) a default or event of
default shall occur under any documents or agreements evidencing or relating to any Permitted Indebtedness which is not cured within
any applicable cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(j) Borrower breaches any
material contract or obligation, which has resulted or may reasonably be expected to result in a Material Adverse Change; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(k)&nbsp;a
final, judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $250,000 shall
be rendered against Borrower, and the same remain unsatisfied and unstayed for a period of 10 Business Days or more; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(l) Dissolution, termination
of existence, temporary or permanent suspension of business, insolvency or business failure of Borrower; or appointment of a receiver,
trustee or custodian, for all or any part of the property of, assignment for the benefit of creditors by, or the commencement of
any Insolvency Proceeding by Borrower; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(m) the commencement of any
Insolvency Proceeding against Borrower or any Guarantor, which is not cured by the dismissal thereof within 45 days after the date
commenced; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(n) revocation or termination
of, or limitation or denial of liability upon, or default under, any guaranty of the Obligations or any attempt to do any of the
foregoing, or commencement of any Insolvency Proceeding by any Guarantor, or death of any Guarantor; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(o) revocation or termination
of, or limitation or denial of liability upon, or default under, any pledge of any certificate of deposit, securities or other
property or asset of any kind pledged by any third party to secure any or all of the Obligations, or any attempt to do any of the
foregoing, or commencement of any Insolvency Proceeding by or against any such third party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(p) Borrower makes any payment
on account of any Subordinated Debt, other than as permitted in the applicable subordination agreement, or if any Person who has
subordinated such indebtedness or obligations terminates or in any way limits its subordination agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(q) a Change in Control shall
occur; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(r) an Event of Default shall
occur under any agreement to which any one or more of the following are parties with or in favor of Lender: BrixInvest, LLC; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(s) Borrower shall generally
not pay its debts as they become due, or Borrower shall conceal, remove or transfer any part of its property, with intent to hinder,
delay or defraud its creditors, or make or suffer any transfer of any of its property which may be fraudulent under any bankruptcy,
fraudulent conveyance or similar law; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(t)&nbsp;Any
director, officer, or owner of 20% or more of the issued and outstanding common stock of Borrower is indicted for a felony offense
under state or federal law and, as to a director or an officer, such director or officer is not terminated by Borrower within thirty
(30) days after Borrower has actual knowledge of such indictment, or Borrower hires an officer or has a director who has been convicted
of any such felony offense, or a Person becomes an owner of at least 20% of the issued and outstanding common stock of Borrower
who has been convicted of any such felony offense; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(u) a Material Adverse Change
shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Lender may cease making any
Loans hereunder during any of the above cure periods, and thereafter if an Event of Default has occurred and is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>7.2 Remedies.</I></B>
Upon the occurrence and during the continuance of any Event of Default, and at any time thereafter, Lender, at its option, and
without notice or demand of any kind (all of which are hereby expressly waived by Borrower), may do any one or more of the following:
(a) Cease making Loans or otherwise extending credit to Borrower under this Agreement or any other Loan Document; (b) Accelerate
and declare all or any part of the Obligations to be immediately due, payable, and performable, notwithstanding any deferred or
installment payments allowed by any instrument evidencing or relating to any Obligation (except that all Obligations shall be automatically
accelerated and due and payable upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section
7.1(m)); (c) demand and receive possession of any of Borrower's federal and state income tax returns and the books and records
utilized in the preparation thereof or referring thereto; (d) set off any of the Obligations against any general, special or other
Deposit Accounts of Borrower maintained with Lender; and (e) exercise any and all rights and remedies of Borrower, whether by contract,
law, equity or otherwise. All reasonable attorneys' fees, expenses, costs, liabilities and obligations incurred by Lender with
respect to the foregoing shall be added to and become part of the Obligations, shall be due on demand, and shall bear interest
at a rate equal to the highest interest rate applicable to any of the Obligations. Without limiting any of Lender's rights and
remedies, from and after the occurrence and during the continuance of any Event of Default, the interest rate applicable to the
Obligations shall be increased by an additional six percent per annum (the &ldquo;Default Rate&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>7.3 [Intentionally
Omitted].</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>7.4 [Intentionally
Omitted].</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>7.5 Power of Attorney.</I></B>
Upon the occurrence and during the continuance of any Event of Default, without limiting Lender&rsquo;s other rights and remedies,
Borrower grants to Lender an irrevocable power of attorney coupled with an interest, authorizing and permitting Lender (acting
through any of its employees, attorneys or agents) at any time, at its option, but without obligation, with or without notice to
Borrower, and at Borrower's expense, to do any or all of the following, in Borrower's name or otherwise, but Lender agrees that
if it exercises any right hereunder, it will do so in good faith and in a commercially reasonable manner: (a) pay any sums required
on account of Borrower's taxes or to secure the release of any Liens therefor, or both; (b) instruct any third party having custody
or control of any books or records belonging to, or relating to, Borrower to give Lender the same rights of access and other rights
with respect thereto as Lender has under this Agreement; and (c) take any action or pay any sum required of Borrower pursuant to
this Agreement and any other Loan Documents. Any and all reasonable sums paid and any and all reasonable costs, expenses, liabilities,
obligations and attorneys' fees incurred by Lender with respect to the foregoing shall be added to and become part of the Obligations,
shall be payable on demand, and shall bear interest at a rate equal to the highest interest rate applicable to any of the Obligations.
In no event shall Lender's rights under the foregoing power of attorney or any of Lender's other rights under this Agreement be
deemed to indicate that Lender is in control of the business, management or properties of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>7.6 [Intentionally
Omitted].</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>7.7 Remedies Cumulative.</I></B>
In addition to the rights and remedies set forth in this Agreement, Lender shall have all the other rights and remedies accorded
a creditor or other contracting party under under all applicable laws, and under any other instrument or agreement now or in the
future entered into between Lender and Borrower, and all of such rights and remedies are cumulative and none is exclusive. Exercise
or partial exercise by Lender of one or more of its rights or remedies shall not be deemed an election, nor bar Lender from subsequent
exercise or partial exercise of any other rights or remedies. The failure or delay of Lender to exercise any rights or remedies
shall not operate as a waiver thereof, but all rights and remedies shall continue in full force and effect until all of the Obligations
have been fully paid and performed.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">8. Definitions.
<FONT STYLE="font-weight: normal; font-style: normal; text-transform: none">As used in this Agreement, the following terms have
the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, a relative, partner, shareholder, director, officer, or employee of such Person, or any parent
or subsidiary of such Person, or any Person controlling, controlled by or under common control with such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>this Agreement</U>&rdquo;,
&ldquo;<U>the Loan Agreement</U>&rdquo; and &ldquo;<U>this Loan Agreement</U>&rdquo; mean collectively to this Loan Agreement and
the Schedule and all exhibits and schedules thereto, as the same may be modified, amended or restated from time to time by a written
agreement signed by Borrower and Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Anti-Terrorism
Laws</U>&rdquo; means (i) the Money Laundering Control Act of 1986 (i.e., 18 U.S.C. &sect;&sect; 1956 and 1957), (ii) the Bank
Secrecy Act, as amended by the USA PATRIOT Act, (iii) the laws, regulations and Executive Orders administered by the United States
Department of the Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;), (iv) the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 and implementing regulations by the United States Department of the Treasury, (v) the
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), (vi) any law enacted in the United States, Canada or
any other jurisdiction in which any Borrower or any of its Subsidiaries operate prohibiting or directed against terrorist activities
or the financing of terrorist activities (e.g., 18 U.S.C. &sect;&sect; 2339A and 2339B), (vii) the foreign asset control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any enabling legislation or executive
order relating thereto, or (viii) any similar laws relating to terrorism or money laundering enacted in the United States, Canada
or any other jurisdictions in which Borrower or any of its Subsidiaries operate, as any of the foregoing laws may from time to
time be amended, renewed, extended, or replaced and all other legal requirements of any Governmental Authority governing, addressing,
relating to, or attempting to eliminate, terrorist acts and acts of war and any regulations promulgated pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">&ldquo;<U>BrixInvest LSA</U>&rdquo; means the
Loan and Security Agreement dated on or about April 30, 2019 between Lender and BrixInvest, LLC, as amended, modified or restated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">&ldquo;<U>Business Day</U>&rdquo; means a day
on which Lender is open for business other than Saturday, Sunday or Federal holiday.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Change in Control</U>&rdquo;
means: (i) Parent shall cease to own 100% of the outstanding stock of Rich Uncles NNN LP, LLC without the prior written consent
of Lender; or (ii) Parent and Rich Uncles NNN LP, LLC shall cease to own a combined 100% of the outstanding stock of Rich Uncles
NNN Operating Partnership, LP without the prior written consent of Lender<B>;</B> or (iii) a transaction other than a bona fide
equity financing or series of financings on terms and from investors reasonably acceptable to Lender in which any &ldquo;person&rdquo;
or &ldquo;group&rdquo; (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the &ldquo;beneficial
owner&rdquo; (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number
of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering
such &ldquo;person&rdquo; or &ldquo;group&rdquo; to elect a majority of the Board of Directors of Borrower, who did not have such
power before such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Code</U>&rdquo;
means the Uniform Commercial Code as adopted and in effect in the State of California from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Compliance Certificates</U>&rdquo;
has the meaning set forth in Section 6 of the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Contingent Obligation</U>&rdquo;
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i)
any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation
directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which
that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate
credit cards or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate,
currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement
designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however,
that the term &ldquo;Contingent Obligation&rdquo; shall not include endorsements for collection or deposit in the ordinary course
of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of
the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall
not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>continuing</U>&rdquo;
and &ldquo;<U>during the continuance of</U>&rdquo; when used with reference to a Default or Event of Default means that the Default
or Event of Default has occurred and has not been either waived in writing by Lender or cured within any applicable cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Default</U>&rdquo;
means any event which with notice or passage of time or both, would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Default Rate</U>&rdquo;
has the meaning set forth in Section 7.2 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Deposit Accounts</U>&rdquo;
means all present and future &ldquo;deposit accounts&rdquo; as defined in the Code in effect on the date hereof with such additions
to such term as may hereafter be made, and includes without limitation all general and special bank accounts, demand accounts,
checking accounts, savings accounts and certificates of deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Event of Default</U>&rdquo;
means any of the events set forth in Section&nbsp;7.1 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles consistently applied, as in effect from time to time in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Good Faith Business
Judgment</U>&rdquo; means Lender&rsquo;s business judgment, exercised honestly and in good faith and not arbitrarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Guarantor</U>&rdquo;
means any Person who has guaranteed, or in the future guarantees, any of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>including</U>&rdquo;
means including (but not limited to).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Indebtedness&rdquo;</U>
means (a) all indebtedness created, assumed or incurred in any manner by Borrower representing money borrowed (including by the
issuance of debt securities, notes, bonds debentures or similar instruments), (b) all indebtedness for the deferred purchase price
of property or services, (c) the Obligations, (d) obligations and liabilities of any Person secured by a Lien or claim on property
owned by Borrower, even though Borrower has not assumed or become liable therefor, (e) obligations and liabilities created or arising
under any capital lease or conditional sales contract or other title retention agreement with respect to property used or acquired
by Borrower, even though the rights and remedies of the lessor, seller or lender are limited to repossession or otherwise limited;
(f) all obligations of Borrower on or with respect to letters of credit, bankers&rsquo; acceptances and other similar extensions
of credit whether or not representing obligations for borrowed money; and (g) the amount of any Contingent Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Insolvency Proceeding</U>&rdquo;
means any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy Code, as
amended, or under any other state, federal or other bankruptcy or insolvency law, now or hereafter in effect, including assignments
for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings
seeking reorganization, arrangement, readjustment of debt, dissolution or liquidation, or other relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Investment</U>&rdquo;
means any beneficial ownership interest in any Person (including stock, securities, partnership interest, limited liability company
interest, or other interests), and any loan, advance or capital contribution to any Person, including the creation or capital contribution
to a wholly-owned or partially-owned subsidiary)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Lien</U>&rdquo;
means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Loan Documents</U>&rdquo;
means, collectively, this Agreement and all other present and future documents, instruments and agreements between Lender and Borrower,
including, but not limited to those relating to this Agreement, and all amendments and modifications thereto and replacements therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Material Adverse
Change</U>&rdquo; means a material adverse effect on (i) the operations, business, prospects or financial condition of Borrower,
(ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower&rsquo;s
interest in, or the value of, Borrower&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Obligations</U>&rdquo;
means all present and future Loans, advances, debts, liabilities, obligations, guaranties, covenants, duties and indebtedness at
any time owing by Borrower to Lender, whether arising under this Agreement, or any note or other instrument or document, or otherwise,
whether arising from an extension of credit, opening of a letter of credit, banker's acceptance, loan, guaranty, indemnification
or otherwise, whether direct or indirect (including, without limitation, those acquired by assignment and any participation by
Lender in Borrower's debts owing to others, and any interest and other obligations that accrue after the commencement of an Insolvency
Proceeding), absolute or contingent, due or to become due, including, without limitation, all interest, charges, expenses, fees,
attorney's fees, expert witness fees, audit fees, letter of credit fees, collateral monitoring fees, closing fees, facility fees,
termination fees, minimum interest charges and any other sums chargeable to Borrower under this Agreement or under any other Loan
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Overadvance</U>&rdquo;
is defined in Section 1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Parent</U>&rdquo;
means RW Holdings NNN REIT, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Payment</U>&rdquo;
means all checks, wire transfers and other items of payment received by Lender (including payment of the Obligations in full) for
credit to Borrower&rsquo;s outstanding Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Permitted Indebtedness</U>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(i) the Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(ii) Subordinated Debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(iii) Indebtedness existing
on the date hereof in a total principal amount not in excess of $100,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(iv) trade payables incurred
in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(v) Indebtedness incurred
as a result of endorsing negotiable instruments received in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(vi) capitalized leases
and purchase money Indebtedness secured by Permitted Liens in an aggregate amount not exceeding $250,000 at any time outstanding,
provided the amount of such capitalized leases and purchase money Indebtedness do not exceed, at the time they were incurred, the
lesser of the cost or fair market value of the property so leased or financed with such Indebtedness;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(vii) extensions, refinancings,
modifications, amendments and restatements of any items of Permitted Indebtedness in clauses (iii) through (vi) above, provided
that the principal amount thereof is not increased and the terms thereof are not modified to impose more burdensome terms upon
Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Permitted Investments</U>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(i)&nbsp;Marketable
direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing
within one year from the date of acquisition thereof, commercial paper maturing no more than one year from the date of creation
thereof and currently having rating of at least A-2 or P-2 from either Standard &amp; Poor&rsquo;s Corporation or Moody&rsquo;s
Investors Service, Lender&rsquo;s certificates of deposit maturing no more than one year from the date of investment therein, and
Lender&rsquo;s money market accounts; Investments in regular deposit or checking accounts held with Lender or subject to a control
agreement in favor of Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(ii)&nbsp;Investments
of a Borrower in another Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(iii)&nbsp;Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower&rsquo;s
business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(iv)&nbsp;ownership
interests of Borrower in Single-Purpose Subsidiaries (as defined in the Schedule) obtained in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Permitted Liens</U>&rdquo;
means the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(i) purchase money security
interests in specific items of equipment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(ii) leases of specific
items of equipment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(iii) Liens for taxes not
yet payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(iv) Liens arising from
judgments, decrees or attachments in circumstances not constituting an Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(v) security interests being
terminated substantially concurrently with this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(vi) Liens incurred on deposits
made in the ordinary course of business in connection with workers compensation, unemployment insurance, social security and other
like laws or to secure the performance of statutory obligations, in an aggregate amount not exceeding $50,000 at any time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(vii) Liens of mechanics,
materialmen, workers, repairmen, fillers and common carriers arising by operation of law for amounts that are not yet due and payable
or which are being contested in good faith by Borrower by appropriate proceedings, in an aggregate amount not exceeding $25,000
at any time; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(viii) deposits or pledges
of cash to secure leases arising in the ordinary course of business, in an aggregate amount not exceeding $50,000 at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Person</U>&rdquo;
means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization,
association, corporation, government, or any agency or political division thereof, or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Prime Rate</U>&rdquo;
means the variable rate of interest per annum, shown as the &ldquo;prime rate&rdquo; or &ldquo;bank prime rate&rdquo;, as published
in the <I>Wall Street Journal</I>. If for any reason the <I>Wall Street Journal </I>does not publish a &ldquo;prime rate&rdquo;
or &ldquo;bank prime rate&rdquo;, then the &ldquo;Prime Rate&rdquo; shall be such rate as Lender shall select in its Good Faith
Business Judgment from time to time, which is reasonably comparable to the &ldquo;prime rate&rdquo; or &ldquo;bank prime rate&rdquo;,
as published in the <I>Wall Street Journal. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>REIT Portfolio
Debt Default</U>&rdquo; means any default or event of default under any documents or agreements evidencing or relating to any Indebtedness
for borrowed money owed by any Subsidiary of Rich Uncles NNN Operating Partnership, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Reserves</U>&rdquo;
means, as of any date of determination, such amounts as Lender may from time to time establish and revise in its Good Faith Business
Judgment, reducing the amount of Loans, and other financial accommodations which would otherwise be available to Borrower under
the lending formulas provided in the Schedule: (a) to reflect events, conditions, contingencies or risks which, as determined by
Lender in its Good Faith Business Judgment, do or may adversely affect the assets, business or prospects of Borrower or any Guarantor;
or (b) to reflect Lender's good faith belief that any asset or financial information furnished by or on behalf of Borrower or any
Guarantor to Lender is or may have been incomplete, inaccurate or misleading in any material respect; or (c) in respect of any
state of facts which Lender determines in good faith constitutes an Event of Default or may, with notice or passage of time or
both, constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Sanctioned Entity</U>&rdquo;
means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or
indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in a country, in
each case, that is subject to a country sanctions program administered and enforced by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Sanctioned Person</U>&rdquo;
means a Person named on the OFAC-maintained list of &ldquo;Specially Designated Nationals&rdquo; (as defined by OFAC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Subordinated Debt</U>&rdquo;
means unsecured Indebtedness which is on terms acceptable to Lender in its Good Faith Business Judgment, and which is subordinated
to the Obligations pursuant to a Subordination Agreement in such form as Lender shall specify in its Good Faith Business Judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Subsidiary</U>&rdquo;
means, with respect to any Person, a Person of which more than 50% of the voting stock or other equity interests is owned or controlled,
directly or indirectly, by such Person or one or more Affiliates of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Trigger Event</U>&rdquo;
has the meaning set forth in Section 8 of the Schedule hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>USA PATRIOT Act</U>&rdquo;
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&ldquo;<U>Wirta Guarantors</U>&rdquo;
means, collectively, Guarantors Raymond E. Wirta and the Wirta Family Trust dated July 5, 1985, as amended August 15, 2006 and
April 22, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><U>Other Terms</U>. All accounting
terms used in this Agreement, unless otherwise indicated, shall have the meanings given to such terms in accordance with GAAP,
consistently applied. All other terms contained in this Agreement, unless otherwise indicated, shall have the meanings provided
by the Code, to the extent such terms are defined therein.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">9. GENERAL
PROVISIONS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.1 Application of
Payments. </I></B>All payments with respect to the Obligations may be applied, and in Lender's Good Faith Business Judgment reversed
and re-applied, to the Obligations, in such order and manner as Lender shall determine in its Good Faith Business Judgment. Lender
shall not be required to credit Borrower's account for the amount of any item of payment which is unsatisfactory to Lender in its
Good Faith Business Judgment, and Lender may charge Borrower's loan account for the amount of any item of payment which is returned
to Lender unpaid. In computing interest on the Obligations, all Payments will be deemed received when received in immediately available
funds, and if such immediately available funds are received after 1:00 PM Pacific Time on any day, they shall be deemed received
on the next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.2 Increased Costs
and Reduced Return</I>.</B> If Lender shall have determined that the adoption or implementation of, or any change in, any law,
rule, treaty or regulation, or any policy, guideline or directive of, or any change in, the interpretation or administration thereof
by, any court, central bank or other administrative or governmental authority, or compliance by Lender with any directive of, or
guideline from, any central bank or other Governmental Authority or the introduction of, or change in, any accounting principles
applicable to Lender (whether or not having the force of law) shall (i) subject the Lender to any tax, duty or other charge with
respect to this Agreement or any Loan made hereunder, or change the basis of taxation of payments to Lender of any amounts payable
hereunder (except for taxes on the overall net income of Lender), (ii) impose, modify or deem applicable any reserve, special deposit
or similar requirement against any Loan, or against assets of or held by, or deposits with or for the account of, or credit extended
by, Lender, or (iii)&nbsp;impose on Lender any other condition regarding this Agreement or any Loan, and the result of any event
referred to in clauses (i), (ii) or (iii) above shall be to increase the cost to Lender of making any Loan, or agreeing to make
any Loan or to reduce any amount received or receivable by Lender, then, upon demand by Lender, the Borrower shall pay to Lender
such additional amounts as will compensate the Lender for such increased costs or reductions in amount. All amounts payable under
this Section shall bear interest from the date of demand by the Lender until payment in full to the Lender at the highest interest
rate applicable to the Obligations. A certificate of the Lender claiming compensation under this Section, specifying the event
herein above described and the nature of such event shall be submitted by the Lender to the Borrower, setting forth the additional
amount due and an explanation of the calculation thereof, and the Lender's reasons for invoking the provisions of this Section,
and the same shall be final and conclusive absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.3 Charges to Accounts.
</I></B>Lender may, in its discretion, require that Borrower pay monetary Obligations in cash to Lender, or charge them to Borrower&rsquo;s
Loan account (in which event they will bear interest at the same rate applicable to the Loans), or any of Borrower&rsquo;s Deposit
Accounts maintained with Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.4 Monthly Accountings.</I></B>
Lender may provide Borrower monthly with an account of advances, charges, expenses and payments made pursuant to this Agreement.
Such account shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications
of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within
60 days after such account is rendered, describing the nature of any alleged errors or omissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.5 Notices.</I></B>
All notices to be given under this Agreement shall be in writing and shall be given either personally or by reputable private delivery
service (including commercial overnight courier such as FedEx, GSO or UPS) or by Express Mail or by United States certified mail
return receipt requested, addressed (i) to Borrower at the address shown in the heading to this Agreement, or (ii) to Lender at
the address shown in the heading to this Agreement, or (iii) for either party at any other address designated in writing by one
party to the other party. All notices shall be deemed to have been given upon delivery in the case of notices personally delivered,
or at the expiration of one Business Day following delivery to the overnight private delivery service, or two Business Days following
the deposit thereof in the Express Mail or United States certified mail, with postage prepaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.6 Severability.</I></B>
Should any provision of this Agreement be held by any court of competent jurisdiction to be void or unenforceable, such defect
shall not affect the remainder of this Agreement, which shall continue in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.7 Integration.</I></B>
This Agreement and such other written agreements, documents and instruments as may be executed in connection herewith are the final,
entire and complete agreement between Borrower and Lender and supersede all prior and contemporaneous negotiations and oral representations
and agreements, all of which are merged and integrated in this Agreement. <U>There are no oral understandings, representations
or agreements between the parties which are not set forth in this Agreement or in other written agreements signed by the parties
in connection herewith.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.8 Waivers; Indemnity.</I></B>
The failure of Lender at any time or times to require Borrower to strictly comply with any of the provisions of this Agreement
or any other Loan Document shall not waive or diminish any right of Lender later to demand and receive strict compliance therewith.
Any waiver of any default shall not waive or affect any other default, whether prior or subsequent, and whether or not similar.
None of the provisions of this Agreement or any other Loan Document shall be deemed to have been waived by any act or knowledge
of Lender or its agents or employees, but only by a specific written waiver signed by an authorized officer of Lender and delivered
to Borrower. Borrower waives the benefit of all statutes of limitations relating to any of the Obligations or this Agreement or
any other Loan Document, and Borrower waives demand, protest, notice of protest and notice of default or dishonor, notice of payment
and nonpayment, release, compromise, settlement, extension or renewal of any commercial paper, instrument, account, general intangible,
document or guaranty at any time held by Lender on which Borrower is or may in any way be liable, and notice of any action taken
by Lender, unless expressly required by this Agreement. Borrower hereby agrees to indemnify Lender and its affiliates, subsidiaries,
parent, directors, officers, employees, agents, and attorneys, and to hold them harmless from and against any and all claims, debts,
liabilities, demands, obligations, actions, causes of action, penalties, costs and expenses (including reasonable attorneys' fees),
of every kind, which they may sustain or incur based upon or arising out of any of the Obligations, or any relationship or agreement
between Lender and Borrower, or any other matter, relating to Borrower or the Obligations; provided that this indemnity shall not
extend to damages proximately caused by the indemnitee&rsquo;s own gross negligence or willful misconduct. Notwithstanding any
provision in this Agreement to the contrary, the indemnity agreement set forth in this Section shall survive any termination of
this Agreement and shall for all purposes continue in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.9 Liability.</I></B>
NEITHER LENDER NOR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR ATTORNEYS SHALL BE LIABLE FOR
ANY CLAIMS, DEMANDS, LOSSES OR DAMAGES, OF ANY KIND WHATSOEVER, MADE, CLAIMED, INCURRED OR SUFFERED BY BORROWER OR ANY OTHER PARTY
THROUGH THE ORDINARY NEGLIGENCE OF LENDER, OR ITS PARENT OR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES,
AGENTS OR ATTORNEYS, BUT NOTHING HEREIN SHALL RELIEVE LENDER FROM LIABILITY FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
NEITHER LENDER NOR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR ATTORNEYS SHALL BE RESPONSIBLE
OR LIABLE TO BORROWER OR TO ANY OTHER PARTY FOR ANY INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES OR LOST PROFITS WHICH
MAY BE ALLEGED AS A RESULT OF ANY FINANCIAL ACCOMMODATION HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR
AS A RESULT OF ANY OTHER ACT, OMISSION OR TRANSACTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.10 Amendment.</I></B>
The terms and provisions of this Agreement may not be waived or amended, except in a writing executed by Borrower and a duly authorized
officer of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.11 Time of Essence.</I></B>
Time is of the essence in the performance by Borrower of each and every obligation under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.12 Attorneys Fees
and Costs.</I></B> Borrower shall reimburse Lender for all reasonable attorneys' and consultant&rsquo;s fees (including without
limitation those of Lender&rsquo;s outside counsel and in-house counsel, and whether incurred before, during or after an Insolvency
Proceeding), and all filing, recording, search, title insurance, appraisal, audit, and other reasonable costs incurred by Lender,
pursuant to, or in connection with, or relating to this Agreement (whether or not a lawsuit is filed), including, but not limited
to, any reasonable attorneys' fees and costs Lender incurs in order to do the following: prepare and negotiate this Agreement and
all present and future documents relating to this Agreement; obtain legal advice in connection with this Agreement or Borrower;
enforce, or seek to enforce, any of its rights; commence, intervene in, or defend any action or proceeding; initiate any complaint
to be relieved of any automatic stay in bankruptcy; file or prosecute any probate claim, bankruptcy claim, third-party claim, or
other claim; examine, audit, copy, and inspect any of Borrower&rsquo;s assets or any of Borrower's books and records; protect,
obtain possession of, lease, dispose of, or otherwise enforce Lender&rsquo;s security interest in, collateral (if any); and otherwise
represent Lender in any litigation relating to Borrower. If either Lender or Borrower files any lawsuit against the other predicated
on a breach of this Agreement, the prevailing party in such action shall be entitled to recover its reasonable costs and attorneys'
fees, including (but not limited to) reasonable attorneys' fees and costs incurred in the enforcement of, execution upon or defense
of any order, decree, award or judgment from the non-prevailing party. All attorneys' fees and costs to which Lender may be entitled
pursuant to this Paragraph shall immediately become part of Borrower's Obligations, shall be due on demand, and shall bear interest
at a rate equal to the highest interest rate applicable to any of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.13 Benefit of Agreement.</I></B>
The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors, assigns, heirs, beneficiaries
and representatives of Borrower and Lender; provided, however, that Borrower may not assign or transfer any of its rights under
this Agreement without the prior written consent of Lender, and any prohibited assignment shall be void. No consent by Lender to
any assignment shall release Borrower from its liability for the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.14 Joint and Several
Liability.</I></B> If Borrower consists of more than one Person, their liability shall be joint and several, and the compromise
of any claim with, or the release of, any Borrower shall not constitute a compromise with, or a release of, any other Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.15 Limitation of
Actions.</I></B> Any claim or cause of action by Borrower against Lender, its directors, officers, employees, agents, accountants
or attorneys, based upon, arising from, or relating to this Loan Agreement, or any other Loan Document, or any other transaction
contemplated hereby or thereby or relating hereto or thereto, or any other matter, cause or thing whatsoever, occurred, done, omitted
or suffered to be done by Lender, its directors, officers, employees, agents, accountants or attorneys, shall be barred unless
asserted by Borrower by the commencement of an action or proceeding in a court of competent jurisdiction by the filing of a complaint
within one year after the first act, occurrence or omission upon which such claim or cause of action, or any part thereof, is based,
and the service of a summons and complaint on an officer of Lender, or on any other person authorized to accept service on behalf
of Lender, within thirty (30) days thereafter. Borrower agrees that such one-year period is a reasonable and sufficient time for
Borrower to investigate and act upon any such claim or cause of action. The one-year period provided herein shall not be waived,
tolled, or extended except by the written consent of Lender in its sole discretion. This provision shall survive any termination
of this Loan Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.16 Section Headings;
Construction; Signing.</I></B> Section headings are only used in this Agreement for convenience. Borrower and Lender acknowledge
that the headings may not describe completely the subject matter of the applicable section, and the headings shall not be used
in any manner to construe, limit, define or interpret any term or provision of this Agreement. This Agreement has been fully reviewed
and negotiated between the parties and no uncertainty or ambiguity in any term or provision of this Agreement shall be construed
strictly against Lender or Borrower under any rule of construction or otherwise. This Agreement may be executed and delivered by
exchanging original signed counterparts, or signed counterparts by facsimile, pdf or other electronic means, or a combination of
the foregoing, and this Agreement shall be fully effective if so executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.17 Public Announcement.</I></B>
Borrower hereby agrees that Lender may make a public announcement of the transactions contemplated by this Agreement, and may publicize
the same in marketing materials, newspapers and other publications, and otherwise, and in connection therewith may use the Borrower&rsquo;s
name, tradenames and logos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.18 Confidentiality</I></B><I>.</I>
Lender agrees to use the same degree of care that it exercises with respect to its own proprietary information, to maintain the
confidentiality of any and all proprietary, trade secret or confidential information provided to or received by Lender from the
Borrower, which indicates that it is confidential or would reasonably be understood to be confidential, including business plans
and forecasts, non-public financial information, confidential or secret processes, formulae, devices and contractual information,
customer lists, and employee relation matters, provided that Lender may disclose such information to its officers, directors, employees,
attorneys, accountants, affiliates, participants, prospective participants, assignees and prospective assignees, and such other
Persons to whom Lender shall at any time be required to make such disclosure in accordance with applicable law, and provided, that
the foregoing provisions shall not apply to disclosures made by Lender in its Good Faith Business Judgment in connection with the
enforcement of its rights or remedies after an Event of Default. The confidentiality agreement in this Section supersedes any prior
confidentiality agreement of Lender relating to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.19 PATRIOT Act Notice.
</I></B>Lender hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify
and record information that identifies Borrower and each of its Subsidiaries, which information includes the names and addresses
of each Borrower and each of its Subsidiaries and other information that will allow it to identify Borrower and each of its Subsidiaries
in accordance with the USA PATRIOT Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.20 Governing Law;
Jurisdiction; Venue.</I></B> This Agreement and all acts, transactions, disputes and controversies arising hereunder or relating
hereto, and all rights and obligations of the parties shall be governed by, and construed in accordance with, the internal laws
(and not the conflict of laws rules) of the State of California. All disputes, controversies, claims, actions and other proceedings
involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement or the relationship
between Borrower and Lender, and any and all other claims of Borrower against Lender of any kind, shall be brought only in a court
located in Orange County, California, and each party consents to the jurisdiction of an such court and the referee referred to
in Section 9.21 below, and waives any and all rights the party may have to object to the jurisdiction of any such court, or to
transfer or change the venue of any such action or proceeding, including, without limitation, any objection to venue or request
for change in venue based on the doctrine of <I>forum non conveniens</I>; provided that, notwithstanding the foregoing, nothing
herein shall limit the right of Lender to bring proceedings against Borrower in the courts of any other jurisdiction. Borrower
consents to service of process in any action or proceeding brought against it by Lender, by personal delivery, or by mail addressed
as set forth in this Agreement or by any other method permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.21 Dispute Resolution.</I></B>
Any controversy, dispute or claim between the parties based upon, arising out of, or in any way relating to: (i) this Agreement
or any supplement or amendment thereto; or (ii) any other present or future instrument or agreement between the parties hereto;
or (iii) any breach, conduct, acts or omissions of any of the parties hereto or any of their respective directors, officers, employees,
agents, attorneys or any other person affiliated with or representing any of the parties hereto; in each of the foregoing cases,
whether sounding in contract or tort or otherwise (a &ldquo;Dispute&rdquo;) shall be resolved exclusively by judicial reference
in accordance with Sections 638 et seq. of the California Code of Civil Procedure (&ldquo;CCP&rdquo;) and Rules 3.900 et seq. of
the California Rules of Court (&ldquo;CRC&rdquo;), subject to the following terms and conditions. (All references in this section
to provisions of the CCP and/or CRC shall be deemed to include any and all successor provisions.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(a)&nbsp;The
reference shall be a consensual general reference pursuant to CCP Sections 638 and 644(a). Unless the parties otherwise agree in
writing, the reference shall be to a single referee. The referee shall be a retired Judge of the Los Angeles County or Orange County
Superior Court (&ldquo;Superior Court&rdquo;) or a retired Justice of the California Court of Appeal or California Supreme Court.
Nothing in this section shall be construed to limit the right of Lender, pending or after the appointment of the referee, to seek
and obtain provisional relief from the Superior Court or such referee, or any other court in a jurisdiction in which any collateral
is located or having jurisdiction over any collateral, including without limitation, writ of attachment, writ of possession, appointment
of a receiver, temporary restraining order and/or preliminary injunction, or other &ldquo;provisional remedy&rdquo; (as such term
is defined in CCP Section 1281.8).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"></P>

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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(b)&nbsp;Within
fifteen (15) days after a party gives written notice in accordance with this Agreement to all other parties to a Dispute that the
Dispute exists, all parties to the Dispute shall attempt to agree on the individual to be appointed as referee. If the parties
are unable to agree on the individual to be appointed as referee, the referee shall be appointed, upon noticed motion or ex parte
application by any party, by the Superior Court in accordance with CCP Section 640, subject to all rights of the parties to challenge
or object to the appointment, including without limitation the right to peremptory challenge under CCP Section 170.6. If the referee
(or any successor referee) appointed by the Superior Court is unable, or at any time becomes unable, to serve as referee in the
Dispute, the Superior Court shall appoint a new referee as agreed to by the parties or, if the parties cannot agree, in accordance
with CCP Section 640, which new referee shall then have the same powers, and be subject to the same terms and conditions, as the
predecessor referee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(c)&nbsp;Venue
for all proceedings before the referee, and for any Superior Court proceeding for the appointment of the referee, shall be exclusively
within the County of Orange, State of California. The referee shall have the exclusive power to determine whether a Dispute is
subject to judicial reference pursuant to this section. Trial, and all proceedings and hearings on dispositive motions, conducted
before the referee shall be conducted in the presence of, and shall be transcribed by, a court reporter, unless otherwise agreed
in writing by all parties to the proceeding. The referee shall issue a written statement of decision, which shall be subject to
objections of the parties pursuant to CRC Rule 3.1590 as if the statement of decision were issued by the Superior Court. The referee&rsquo;s
powers include, in addition to those set forth in CCP Sections 638, et seq., and CRC Rules 3.900 et seq., (i)&nbsp;the power to
grant provisional relief, including without limitation, writ of attachment, writ of possession, appointment of a receiver, temporary
restraining order and/or preliminary injunction, or other &ldquo;provisional remedy&rdquo; (as such term is defined in CCP Section
1281.8), and (ii)&nbsp;the power to hear and resolve all post-trial matters in connection with the Dispute that would otherwise
be determined by the Superior Court, including without limitation motions for new trial, reconsideration, to vacate judgment, to
stay execution or enforcement, to tax costs, and/or for attorneys&rsquo; fees. The parties shall, subject to the referee's power
to award costs to the prevailing party, bear equally the costs of the reference proceeding, including without limitation the fees
and costs of the referee and the court reporter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(d)&nbsp;The
parties acknowledge and agree that (i)&nbsp;the referee alone shall determine all issues of fact and/or law in the Dispute, without
a jury (subject, however, to the right of a party, pending or after the appointment of the referee, to seek and obtain provisional
relief from the Superior Court or such referee, including without limitation, writ of attachment, writ of possession, appointment
of a receiver, temporary restraining order and/or preliminary injunction, or other &ldquo;provisional remedy&rdquo; (as such term
is defined in CCP Section 1281.8)), (ii)&nbsp;the referee does not have the power to empanel a jury, (iii) the Superior Court shall
enter judgment on the decision of the referee pursuant to CCP Section 644(a) as if the decision were issued by the Superior Court,
(iv) the decision of the referee shall not be subject to review by the Superior Court, and (v) the decision of the referee, once
entered as a judgment by the Superior Court, shall be binding, final and conclusive, shall have the full force and effect of a
judgment of the Superior Court, and shall be subject to appeal to the same extent as a judgment of the Superior Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><B><I>9.22 Multiple Borrowers;
Suretyship Waivers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(a) Borrowers' Agent.
Each Borrower hereby irrevocably appoints each other Borrower, as the agent, attorney-in-fact and legal representative of all Borrowers
for all purposes, including requesting disbursement of Loans and receiving account statements and other notices and communications
to Borrowers (or any of them) from Lender. Lender may rely, and shall be fully protected in relying, on any request for a Loan,
disbursement instruction, report, information or any other notice or communication made or given by any Borrower, whether in its
own name, as Borrowers' agent, or on behalf of one or more Borrowers, and Lender shall not have any obligation to make any inquiry
or request any confirmation from or on behalf of any other Borrower as to the binding effect on it of any such request, instruction,
report, information, other notice or communication, nor shall the joint and several character of Borrowers' obligations hereunder
be affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">(b) Waivers.
Each Borrower hereby waives: (i) any right to require Lender to institute suit against, or to exhaust its rights and remedies against,
any other Borrower or any other person, or to proceed against any property of any kind which secures all or any part of the Obligations,
or to exercise any right of offset or other right with respect to any reserves, credits or deposit accounts held by or maintained
with Lender or any indebtedness of Lender to any other Borrower, or to exercise any other right or power, or pursue any other remedy
Lender may have; (ii)&nbsp;any defense arising by reason of any disability or other defense of any other Borrower or any Guarantor
or any endorser, co-maker or other person, or by reason of the cessation from any cause whatsoever of any liability of any other
Borrower or any Guarantor or any endorser, co-maker or other person, with respect to all or any part of the Obligations, or by
reason of any act or omission of Lender or others which directly or indirectly results in the discharge or release of any other
Borrower or any Guarantor or any other person or any Obligations or any security therefor, whether by operation of law or otherwise;
(iii)&nbsp;any defense arising by reason of any failure of Lender to obtain, perfect, maintain or keep in force any Lien on, any
property of any Borrower or any other person; (iv) any defense based upon or arising out of any bankruptcy, insolvency, reorganization,
arrangement, readjustment of debt, liquidation or dissolution proceeding commenced by or against any other Borrower or any Guarantor
or any endorser, co-maker or other person, including without limitation any discharge of, or bar against collecting, any of the
Obligations (including without limitation any interest thereon), in or as a result of any such proceeding. Until all of the Obligations
have been paid, performed, and discharged in full, nothing shall discharge or satisfy the liability of Borrower hereunder except
the full performance and payment of all of the Obligations. If any claim is ever made upon Lender for repayment or recovery of
any amount or amounts received by Lender in payment of or on account of any of the Obligations, because of any claim that any such
payment constituted a preferential transfer or fraudulent conveyance, or for any other reason whatsoever, and Lender repays all
or part of said amount by reason of any judgment, decree or order of any court or administrative body having jurisdiction over
Lender or any of its property, or by reason of any settlement or compromise of any such claim effected by Lender with any such
claimant (including without limitation any other Borrower), then and in any such event, Borrower agrees that any such judgment,
decree, order, settlement and compromise shall be binding upon Borrower, notwithstanding any revocation or release of this Agreement
or the cancellation of any note or other instrument evidencing any of the Obligations, or any release of any of the Obligations,
and the Borrower shall be and remain liable to Lender under this Agreement for the amount so repaid or recovered, to the same extent
as if such amount had never originally been received by Lender, and the provisions of this sentence shall survive, and continue
in effect, notwithstanding any revocation or release of this Agreement. Each Borrower hereby expressly and unconditionally waives
all rights of subrogation, reimbursement and indemnity of every kind against any other Borrower, and all rights of recourse to
any assets or property of any other Borrower, and all rights to any collateral or security held for the payment and performance
of any Obligations, including (but not limited to) any of the foregoing rights which Borrower may have under any present or future
document or agreement with any other Borrower or other person, and including (but not limited to) any of the foregoing rights which
Borrower may have under any equitable doctrine of subrogation, implied contract, or unjust enrichment, or any other equitable or
legal doctrine. Each Borrower further hereby waives any other rights and defenses that are or may become available to the Borrower
by reason of California Civil Code Sections 2787 to 2855 (inclusive), 2899, and 3433, as now in effect or hereafter amended, and
under all other similar statutes and rules now or hereafter in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;Consents.
Each Borrower hereby consents and agrees that, without notice to or by Borrower and without affecting or impairing in any way the
obligations or liability of Borrower hereunder, Lender may, from time to time before or after revocation of this Agreement, do
any one or more of the following in Lender's sole and absolute discretion: (i) accept partial payments of, compromise or settle,
renew, extend the time for the payment, discharge, or performance of, refuse to enforce, and release all or any parties to, any
or all of the Obligations; (ii)&nbsp;grant any other indulgence to any Borrower or any other person in respect of any or all of
the Obligations or any other matter; (iii)&nbsp;accept, release, waive, surrender, enforce, exchange, modify, impair, or extend
the time for the performance, discharge, or payment of, any and all property of any kind securing any or all of the Obligations
or any guaranty of any or all of the Obligations, or on which Lender at any time may have a Lien, or refuse to enforce its rights
or make any compromise or settlement or agreement therefor in respect of any or all of such property; (iv)&nbsp;substitute or add,
or take any action or omit to take any action which results in the release of, any one or more other Borrowers or any endorsers
or Guarantors of all or any part of the Obligations, including, without limitation one or more parties to this Agreement, regardless
of any destruction or impairment of any right of contribution or other right of Borrower; (v) apply any sums received from any
other Borrower, any Guarantor, endorser, or co-signer, or from the disposition of any collateral or security, to any indebtedness
whatsoever owing from such person or secured by such collateral or security, in such manner and order as Lender determines in its
sole discretion, and regardless of whether such indebtedness is part of the Obligations, is secured, or is due and payable. Borrower
consents and agrees that Lender shall be under no obligation to marshal any assets in favor of Borrower, or against or in payment
of any or all of the Obligations. Borrower further consents and agrees that Lender shall have no duties or responsibilities whatsoever
with respect to any property securing any or all of the Obligations. Without limiting the generality of the foregoing, Lender shall
have no obligation to monitor, verify, audit, examine, or obtain or maintain any insurance with respect to, any property securing
any or all of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(d)&nbsp;Foreclosure
of Trust Deeds. Each Borrower waives all rights and defenses that the Borrower may have because any other Borrower's Obligations
are secured by real property. This means, among other things: (1) Lender may collect from the Borrower without first foreclosing
on any real or personal property collateral pledged by the other Borrower; and (2) If Lender forecloses on any real property collateral
pledged by another Borrower: (A) The amount of the Obligations may be reduced only by the price for which that collateral is sold
at the foreclosure sale, even if the collateral is worth more than the sale price; and (B) Lender may collect from the Borrower
even if Lender, by foreclosing on the real property collateral, has destroyed any right the Borrower may have to collect from the
other Borrower. This is an unconditional and irrevocable waiver of any rights and defenses the Borrower may have because any other
Borrower's Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses
based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. Each Borrower waives all rights and defenses
arising out of an election of remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure with
respect to security for a guaranteed obligation, has destroyed the Borrower's rights of subrogation and reimbursement against another
Borrower or any other person by the operation of Section 580d of the California Code of Civil Procedure or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></P>

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    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(e)&nbsp;Independent&nbsp;Liability.
Each Borrower hereby agrees that one or more successive or concurrent actions may be brought hereon against Borrower, in the same
action in which any other Borrower may be sued or in separate actions, as often as deemed advisable by Lender. Each Borrower is
fully aware of the financial condition of each other Borrower and is executing and delivering this Agreement based solely upon
its own independent investigation of all matters pertinent hereto, and Borrower is not relying in any manner upon any representation
or statement of Lender with respect thereto. Each Borrower represents and warrants that it is in a position to obtain, and each
Borrower hereby assumes full responsibility for obtaining, any additional information concerning any other Borrower's financial
condition and any other matter pertinent hereto as Borrower may desire, and Borrower is not relying upon or expecting Lender to
furnish to it any information now or hereafter in Lender's possession concerning the same or any other matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(f) Subordination.
All indebtedness of a Borrower now or hereafter arising held by another Borrower is subordinated to the Obligations and the Borrower
holding the indebtedness shall take all actions reasonably requested by Lender to effect, to enforce and to give notice of such
subordination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>[Signatures on Next
Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Form Version: -5.6 (11-16)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Document Version -12</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank </B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Loan Agreement</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt"><B><I>9.23 Mutual Waiver
of Jury Trial.</I> LENDER AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT IT
MAY BE WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF
CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED
TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY LENDER OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF
THEM. IF FOR ANY REASON THE PROVISIONS OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER
TERM OR PROVISION OF THIS AGREEMENT, AND ALL OTHER TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE
IN FULL FORCE AND EFFECT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Borrower:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RW HOLDINGS NNN REIT, INC.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RICH UNCLES NNN OPERATING PARTNERSHIP, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/s/ RAYMOND J. PACINI</B></FONT> </TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: RW HOLDINGS NNN REIT, INC., general partner</B></FONT> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Raymond J. Pacini</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/s/ RAYMOND J. PACINI</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CFO</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Raymond J. Pacini</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CFO</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RICH UNCLES NNN LP, LLC</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: RW HOLDINGS NNN REIT, INC., member</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/s/ RAYMOND J. PACINI</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Raymond J. Pacini</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CFO</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Lender:</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Pacific Mercantile Bank</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/S/ ROSS MACDONALD</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Ross Macdonald</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Senior Vice President</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<IMG SRC="tv520525_ex10-1img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Loan Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 12pt"><B>Borrowers:</B></FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 12pt"><B>RW HOLDINGS NNN REIT, INC., a Maryland corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt"><B>RICH UNCLES NNN LP, LLC, a Delaware limited liability company</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt"><B>RICH UNCLES NNN OPERATING PARTNERSHIP, LP, a Delaware limited partnership</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt"><B>Address:</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3090 Bristol Street, Suite 550,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Costa Mesa, CA 92626</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt"><B>Date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 12pt"><B>April 30, 2019</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule forms an integral part of the Loan Agreement between
<FONT STYLE="text-transform: uppercase">Pacific Mercantile Bank</FONT> and the borrower(s) named above (jointly and severally,
the &ldquo;Borrower&rdquo;) of even date (the &ldquo;Loan Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Credit Limit</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 1.75in">(Section 1.1):</TD>
    <TD>An amount not to exceed the lesser of the limits described in (A) and (B) below (the &ldquo;Credit Limit&rdquo;):</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(A)</TD><TD STYLE="text-align: justify">a total of $<B>10,000,000</B> at any one time outstanding
(the &ldquo;Maximum Credit Limit&rdquo;); or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD>the maximum amount of Purchase Contract Loans and other Loans available as described below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">(a)&nbsp;<U>Purchase
Contract Loans</U>. Subject to the terms and conditions of this Agreement, Lender shall from time to time make Loans to Borrower,
each such Loan in an amount of up to <B>70%</B> (an &ldquo;Advance Rate&rdquo;) of the purchase price that the applicable Single
Purpose Subsidiary (as defined below) is obligated to pay pursuant to an Eligible Purchase Contract (as defined below) (each such
Loan, a &ldquo;Purchase Contract Loan&rdquo;). There may be more than one Purchase Contract Loan outstanding at any one time, subject
to the Credit Limit.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">For purposes hereof, the following terms shall have
the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&ldquo;Eligible Property&rdquo; means a single-tenant,
income producing commercial, office, industrial or retail real estate property located within the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&ldquo;Eligible Purchase Contract&rdquo; means a contract
for the purchase by a Single-Purpose Subsidiary of an Eligible Property, which contract has been fully executed by the parties
thereto, is in full force and effect, has not yet closed, and arises in the ordinary course of Borrower's business, which Lender,
in its Good Faith Business Judgment, shall deem eligible for borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&ldquo;Single-Purpose Subsidiary&rdquo; means a wholly-owned
subsidiary of Rich Uncles NNN Operating Partnership, LP that will only own and operate one Eligible Property and engage in no other
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">(b)&nbsp;&nbsp;<U>Non-Purchase
Contract Loans</U>. Subject to the terms and conditions of this Agreement, Lender may from time to time in its sole discretion
make Loans other than Purchase Contract Loans to Borrower subject to such requirements and conditions as Lender shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">(c)&nbsp;&nbsp;<U>Requesting
Loans; Repayment</U>. Any of the following Authorized Persons may, from time to time, request a Loan from Lender (in writing if
required by Lender) provided that Borrower has provided Lender with an executed updated Compliance Certificate and, in the case
of Purchase Contract Loans, (i) the closing of the applicable Single-Purpose Subsidiary&rsquo;s purchase of the applicable Eligible
Property pursuant to the Eligible Purchase Contract to which the Purchase Contract Loan relates shall close at the time or promptly
after Lender makes such Purchase Contract Loan and (ii) if Lender shall so require, Borrower has provided Lender with the following,
all in form and substance acceptable to Lender: (y) the Eligible Purchase Contract upon which the Purchase Contract Loan is to
be based and (z) such other documents or information as Lender shall request in its Good Faith Business Judgment. Borrower agrees
to fully repay to Lender each Loan on or before the earlier of the 90<SUP>th</SUP> day following the day such Loan was advanced
to Borrower or the Maturity Date. For purposes of clarity, Borrower agrees that any loan or Advance (as those terms are used in
the Prior Loan Agreement) made prior to the date hereof pursuant to the Prior Loan Agreement shall be repaid by Borrower to Lender
on or before the 90<SUP>th</SUP> day following the day such loan or Advance was advanced to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">The &ldquo;Authorized Persons&rdquo; shall be the
following: <B>Aaron S. Halfacre</B>, <B>Raymond J. Pacini</B>, <B>Sandra G. Sciutto</B> and <B>Jean Ho</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">(d)&nbsp;&nbsp;<U>Representations,
Warranties and Covenants</U>. When Borrower requests a Loan, Borrower&rsquo;s request shall be deemed to be a representation, warranty
and covenant by Borrower that all the limits, requirements and conditions to such Loan that are set forth in this Section 1 of
the Schedule and in the other portions of this Schedule and in the Loan Agreement are met, complied with and satisfied, including
in the case of a Purchase Contract Loan that the purchase contract upon which the Loan is to be based is an Eligible Purchase Contract
and that the amount of the requested Purchase Contract Loan does not exceed the Advance Rate of the purchase price. With respect
to each Purchase Contract Loan, Borrower agrees to cause the purchaser under the applicable Eligible Purchase Contract to remain
a Single-Purpose Subsidiary and the owner of the applicable Eligible Property until such Purchase Contract Loan has been repaid
in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">(e)&nbsp;<U>Miscellaneous</U>.
Lender may, from time to time, adjust the Advance Rate, in its Good Faith Business Judgment, upon notice to the Borrower, based
on changes in risk factors or other issues or factors relating to any Eligible Purchase Contract, Eligible Property, Single-Purpose
Subsidiary or Borrower; provided that the Advance Rate shall not be reduced below 65% of the purchase price that the applicable
Single Purpose Subsidiary is obligated to pay pursuant to an Eligible Purchase Contract. In Lender&rsquo;s discretion Loans may
be made separately to each Borrower based on each Borrower&rsquo;s assets, liabilities and relationship to the Single-Purpose Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Interest.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -1.75in"><B>Interest Rate</B> (Section
1.2):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">A rate equal to the Prime Rate in effect from time to
time, plus the Applicable Margin (as defined below), provided that the interest rate in effect on any day shall not be less
than <B>5.50% </B>per annum. Interest shall be calculated on the basis of a 360-day year for the actual number of days
elapsed. The interest rate applicable to the Obligations shall change on each date there is a change in the Prime Rate. As
used herein, &ldquo;Applicable Margin&rdquo; shall mean <B>1.00%</B> per annum, provided that, in the event that Borrower
fails to maintain its Deposit Accounts with Lender and/or maintain ACH automated payments hereunder, the &ldquo;Applicable
Margin&rdquo; shall, at the Lenders option, mean <B>1.25%</B> per annum, for the remaining term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Fees</B></FONT>
(Section 1.4):</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 1.75in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Fee:</TD>
    <TD>$25,000, payable concurrently herewith and which Borrower authorizes Lender, in its discretion, to deduct from any of Borrower&rsquo;s operating accounts held with Lender.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Maturity Date</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 1.75in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Section 6.1):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>October 1, 2020.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Financial Covenants</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 1.75in">(Section 5.1):</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Borrower shall comply with each of the following covenants:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 1.5in"><U>Debt Service Coverage Ratio</U>:</TD>
    <TD>Parent, on a consolidated basis, shall maintain a Debt Service Coverage Ratio of not less than 2.00 to 1.00 for each calendar quarter.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used herein, &ldquo;Debt Service Coverage Ratio&rdquo;
means for any applicable period, on a consolidated basis, (i) the result of Parent&rsquo;s net income before interest, depreciation
and amortization for such period, plus New Capital Invested for such period, and less repurchases of common stock and other distributions
declared for such period; <U>divided by</U> (ii) the sum of Parent&rsquo;s current portion of long-term debt (inclusive of the
current portion of long-term debt of Subsidiaries of Rich Uncles NNN Operating Partnership, LP, as noted in the Portfolio Status
Reports (as defined in Section 6 below)) for such period, plus capitalized lease payments for such period, plus interest expense
(inclusive of interest on long-term debt of Subsidiaries of Rich Uncles NNN Operating Partnership, LP, as noted in the Portfolio
Status Reports (as defined in Section 6 below)) for such period; calculated from Parent&rsquo;s 10-Q Financial Statements/10-K.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used herein, &ldquo;New Capital Invested&rdquo;
means for any applicable period, proceeds from the issuance of common stock, plus stock compensation expense, less the reclassification
of redeemable common stock.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><U>Guarantors&rsquo; Liquidity</U>:</TD>
    <TD>Borrower shall cause the Wirta Guarantors to maintain a combined aggregate value of their unrestricted and unencumbered cash plus unrestricted and unencumbered readily marketable securities, of at least $17,000,000, measured as of the end of each calendar quarter and as calculated by Lender in its Good Faith Business Judgment based upon such Wirta Guarantors&rsquo; Liquidity Statements (as defined in Section 6 below). For purposes of clarity, the parties acknowledge and agree that such unrestricted and unencumbered cash is to be net of any outstanding margin loan balance.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -1.75in; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -1.75in; color: blue"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Reporting.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(Section 5.3):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0">Borrower
shall provide Lender with the following, all of which shall be in such form as Lender shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual financial statements of Parent, on a consolidated
basis, as soon as available, and in any event within 120 days following the end of Parent's fiscal year, certified by, and with
an unqualified opinion of, Squar Milner or other independent certified public accountants reasonably acceptable to Lender (the
&ldquo;Annual Financial Statements&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly financial statements of Parent, on a consolidated basis, that Parent has filed with the
U.S. Securities and Exchange Commission, as soon as available, and in any event within 50 days after the end of each of Parent&rsquo;s
fiscal quarters (&ldquo;Quarterly Financial Statements&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Quarterly Financial Statements shall be accompanied by compliance certificates (&ldquo;Compliance
Certificates&rdquo;), in such form as Lender shall reasonably specify, signed by the Chief Financial Officer of Parent, certifying
that as of the end of such period and the date of such Certificate Borrower was in full compliance with all of the terms and conditions
of the Loan Agreement in all material respects, and no Default or Event of Default had occurred, and setting forth calculations
showing compliance with the financial covenants set forth in this Agreement and such other information as Lender shall request
in its Good Faith Business Judgment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A portfolio status report (including without limitation the status of the REIT portfolios, operating
statements, and debt schedules), in form and substance acceptable to Lender (a &ldquo;Portfolio Status Report&rdquo;), from Parent
as soon as available, and in any event within 50 days after the end of each of Parent&rsquo;s fiscal quarters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A report of any REIT Portfolio Debt Default, within three (3) Business Days after Borrower first
having knowledge of its occurrence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly upon receipt, each management letter prepared
by Borrower&rsquo;s independent certified public accounting firm regarding Borrower&rsquo;s management control systems;</TD>
</TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such budgets, sales projections, operating plans or other financial information as Lender may reasonably
request from time to time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all Guarantors: (a) their personal financial statements in form and substance acceptable to
Lender within 60 days after the end of each calendar year, (b) such asset verifications as Lender shall from time to time request
(e.g., liquidity and/or brokerage statements), in form and substance acceptable to Lender (&ldquo;Liquidity Statements&rdquo;),
within 30 days after the end of each calendar quarter, and (c) copies of their federal tax returns (including any Schedule K-1s
and all other schedules), within 15 days after the earlier of the date they are filed or the date they are due (after giving effect
to any proper filing deadline extension actually received, a copy of which is provided to Lender).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Borrower Information</B></FONT><B>:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Borrower represents and warrants to Lender as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify"><B>Prior Names and Styles.</B> Further to Section 3.2 of the Loan Agreement, the following are
all of Borrower&rsquo;s prior names, and existing and prior trade names, within the last five years: Parent has prior names of
Rich Uncles REIT, Inc. and Rich Uncles Real Estate Investment Trust, Inc. and a fictitious business name of Rich Uncles NNN REIT,
Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify"><B>Place of Business.</B> Further to Section 3.3 of the Loan Agreement, in addition to Borrower&rsquo;s
address set forth in the heading to the Loan Agreement, Borrower only has the following places of business as of the date hereof:
None.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify"><B>Deposit Accounts.</B> Further to Section 3.4 of the Loan Agreement, the following are all of
Borrower&rsquo;s Deposit Accounts as of the date hereof: (i) various accounts at Lender and (ii) the following two accounts at
Wells Fargo Bank that are used for investor transactions: Nos. 4152788030 and 433-7887525.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ADDITIONAL PROVISIONS:</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189.35pt; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>[Intentionally Omitted].</B></TD>
</TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Subordination of Inside Debt</B>. All present and future indebtedness of Borrower to its officers,
directors and shareholders (&ldquo;Inside Debt&rdquo;) shall, at all times, be subordinated to the Obligations pursuant to a subordination
agreement on Lender&rsquo;s standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding,
except for the following: None. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such
Inside Debt will be owed to execute and deliver to Lender a subordination agreement on Lender&rsquo;s standard form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Deposit Accounts; Automatic Payments. </B>Concurrently herewith, Borrower shall transfer all
of its Deposit Accounts (except for payroll-specific accounts previously approved by Lender) and investment accounts to Lender,
and at all times thereafter Borrower shall maintain the foregoing with Lender. Borrower shall (and hereby does) authorize Lender
to initiate Automated Clearing House (&ldquo;ACH&rdquo;) loan payment transactions and Borrower shall sign documentation prior
to or in conjunction with disbursement of Loans hereunder which will authorize Lender&rsquo;s initiation of ACH debit entries from
its operating account to cover all amounts due under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Triggered Guaranties.</B> Concurrently herewith, Borrower shall cause each of the Wirta Guarantors
to execute and deliver to Lender a Continuing Guaranty with respect to all of the Obligations, on Lender&rsquo;s standard form,
and certifications of trust or other evidence of authority with respect to the execution and delivery of such Guaranties. Said
Guaranties (the &ldquo;Triggered Guaranties&rdquo;) shall provide that the guaranties therein become effective upon the occurrence
of any of the following events (each, a &ldquo;Trigger Event&rdquo;): (i) any Event of Default, including without limitation Borrower&rsquo;s
failure to fully pay any Loan when due pursuant to the terms hereof, (ii) any Resolution Failure Trigger Event, (iii) any REIT
Portfolio Debt Default which is not cured to Lender&rsquo;s satisfaction within 30 days of its occurrence, or (iv) any &ldquo;Trigger
Event&rdquo; as defined in the BrixInvest LSA. If after the Guaranties become effective, all Trigger Events are cured to Lender&rsquo;s
satisfaction in its sole discretion, then Lender may, in its discretion, by written notice to the Wirta Guarantors, make the Guaranties
ineffective again (subject to again becoming effective upon the occurrence of another Trigger Event). Throughout the term of the
Loan Agreement Borrower shall cause such Guaranties to continue in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BrixInvest, LLC Guaranty.</B> Concurrently herewith, Borrower shall cause BrixInvest, LLC to
execute and deliver to Lender a Continuing Guaranty with respect to all of the Obligations, on Lender&rsquo;s standard form, secured
by the Lien granted to Lender pursuant to the BrixInvest LSA, and certified resolutions or other evidence of authority with respect
to the execution and delivery of such secured Guaranty. Throughout the term of this Loan Agreement Borrower shall cause such Guaranty,
and the Lien securing such Guaranty, to continue in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Assets. </B>Borrower represents and warrants that it does not have, and covenants that,
during the term of the Loan Agreement, it will not have, any assets located outside the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(g)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SEC Investigation. </B>Reference is made to the investigation being conducted by the Securities
and Exchange Commission related to the advertising and sale of securities by Parent in connection with its registered offering,
as further described in Note 9 of <I>Notes to Consolidated Financial Statements</I> of Parent&rsquo;s September 30, 2018 10-Q (the
&ldquo;SEC Investigation&rdquo;). On or before the date hereof, Parent shall provide Lender, in writing, with the most current
status of the SEC Investigation, including such information and copies of filings, correspondence, pleadings and other documents
as Lender shall request in Lender&rsquo;s Good Faith Business Judgment. After the date hereof, Parent shall promptly notify Lender,
in writing, of all developments in the SEC Investigation, and shall provide Lender with written updates of the status of the SEC
Investigation (including such information and copies filings, correspondence, pleadings and other documents as Lender shall request
in Lender&rsquo;s Good Faith Business Judgment) from time to time as Lender shall request in Lender&rsquo;s Good Faith Business
Judgment. Borrower agrees and covenants that the SEC Investigation shall be resolved to the satisfaction of Lender in Lender&rsquo;s
Good Faith Business Judgment, and to provide documentation of such resolution to Lender satisfactory to Lender in Lender&rsquo;s
Good Faith Business Judgment, by July 31, 2019; provided that (y) at Parent&rsquo;s request Lender shall reasonably consider extending
such dates to the extent that U.S. government shutdowns has delayed said interviews, and (z) the failure of the SEC Investigation
to be resolved in such time frame shall not be an Event of Default but shall constitute a &ldquo;Resolution Failure Trigger Event&rdquo;
(as used above with respect to the Triggered Guaranties).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(h)</B></FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Consent to Loan Participation.</B> Borrower agrees and consents to Lender's sale or transfer,
whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated
to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information
or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights
to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation
interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of
any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the
rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further
waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation
interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective
of the failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such
participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against
Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signatures on Next
Page]</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Form Version: -5.6 (11-16)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Document Version -12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pacific Mercantile Bank&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Schedule to Loan Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Borrower:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RW HOLDINGS NNN REIT, INC.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RICH UNCLES NNN OPERATING PARTNERSHIP, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/s/ RAYMOND J. PACINI</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: RW HOLDINGS NNN REIT, INC., general partner</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Raymond J. Pacini</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/s/ RAYMOND J. PACINI</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CFO</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Raymond J. Pacini</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CFO</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RICH UNCLES NNN LP, LLC</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: RW HOLDINGS NNN REIT, INC., member</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/s/ RAYMOND J. PACINI</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Raymond J. Pacini</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CFO</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Lender:</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Pacific Mercantile Bank</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>/S/ ROSS MACDONALD</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Ross Macdonald</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title: </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Senior Vice President</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
