Document:

EX-10.21

 Exhibit 10.21 

SUBLEASE 
 This
SUBLEASE (“Sublease”), is made as of the 27th day of September, 2011 (“Effective Date”), by and between CIT Group Inc., a Delaware corporation
(“Sublandlord”), and Mesoblast, Inc., a Delaware corporation (“Subtenant”). 

W I T N E S S E T H: 

WHEREAS, Sublandlord leases approximately 130,116 rentable square feet of office space commonly known as third (3rd) through fourteenth
(14th) floors (“Original Premises”) in the building commonly known as 505 Fifth Avenue, New York, New York (“Building”) pursuant to that certain Agreement of Lease dated June 7, 2005 (“Prime
Lease”), by and between Fifth @ 42nd LLC, a Delaware limited liability company, as landlord (“Prime Landlord”), and Sublandlord, as tenant; and 

WHEREAS, Subtenant desires to sublease the entire third (3rd) floor of the Building (“Premises”) from Sublandlord, and
Sublandlord has agreed to sublease such Premises to Subtenant upon the terms and conditions hereinafter set forth. 
 NOW THEREFORE, in
consideration of Ten and No/100 Dollars ($10.00), and in consideration of the mutual covenants contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto covenant and agree as follows: 

1. DEFINED TERMS. All capitalized terms used herein shall have the same meaning as in the Prime Lease unless otherwise defined
herein. 
 2. SUBLEASE. Subject to all the terms, covenants, conditions, and provisions of the Prime Lease, Subtenant hereby
subleases the Premises from Sublandlord, which consists of Fifteen Thousand Six Hundred Twenty Four (15,624) stipulated rentable square feet of office space, as depicted in the Prime Lease. All of the terms and conditions of the Prime Lease are
hereby incorporated by reference except to the extent expressly modified by, or excluded from, this Sublease. Sublandlord represents and warrants to Subtenant that the Prime Lease attached hereto as Exhibit E is, except to the extent
redacted, a true, correct, and complete copy of the Prime Lease and there are no further amendments thereto. Except as expressly permitted in the Prime Lease or this Sublease, Sublandlord shall not voluntarily terminate or modify the Prime Lease so
as to materially adversely affect Subtenant or its use and occupancy of the Premises without Subtenant’s prior written consent. 
 3.
COMMENCEMENT AND EXPIRATION DATES. The Premises shall be subleased for a term (“Term”) beginning on the date (“Sublease Commencement Date”) which is two (2) business days after the latest to occur
of: (i) the mutual execution and delivery of this Sublease; and (ii) receipt of Prime Landlord’s written consent hereto in substantially the same form attached hereto as Exhibit F (“Prime Landlord’s
Consent”), and expiring at 11:00 p.m. on May 30, 2021 (“Sublease Termination Date”). Notwithstanding anything contained herein to the contrary, Subtenant shall not be entitled to possession of the Premises until
Sublandlord receives the LC (defined hereafter) and certificate of Subtenant’s insurance as required herein. 

 4. RENT. 

(a) The annual base rent (“Base Rent”) under this Sublease shall be payable at the same times and in the same manner as rent
is payable under the Prime Lease, except that: (i) Subtenant shall pay the seventh (7th) monthly installment of Base Rent in the amount of Sixty Five Thousand One Hundred and No/100 Dollars ($65,100.00), within five (5) business days
after full execution of this Sublease and receipt of Prime Landlord’s Consent to the Sublease; (ii) Subtenant shall pay each month’s Rent (defined hereafter) on or prior to the first day of each month, as required herein, and
thereafter through the Sublease Termination Date; and (iii) Base Rent shall be payable in the amounts stated in the following Base Rent Schedule: 

Base Rent Schedule 
 15,624 Stipulated
Rentable Square Feet 
  

									
	 Months
	  	Monthly Base Rent	 	  	Annual Base Rent	 
	 One (1) through forty-two (42)
	  	$	65,100.00	  	  	$	781,200.00	  
	 Forty-three (43) through seventy-eight (78)
	  	$	83328.00	  	  	$	999,936.00	  
	 Seventy-nine (79) through Sublease Termination Date
	  	$	98,001.54	  	  	$	1,176,018.48	  

 The Base Rent, Additional Rent, and such other sums due hereunder are collectively referred to as “Rent”. All
Rent shall be paid to Sublandlord as follows: CIT, Global Real Estate, 1 CIT Drive, Livingston, NJ 07039, or such other place as Sublandlord may designate, without any set-off or deduction whatsoever. 

(b) Notwithstanding the foregoing to the contrary, so long as an Event of Default (defined hereafter) does not occur during the Term, Subtenant
shall receive an abatement of Base Rent only in the total amount of Three Hundred Ninety Thousand Six Hundred and No/100 Dollars ($390,600.00) (“Total Abatement”) for the first six (6) months of the Term. If an Event of Default
occurs during the Term, then the then-unamortized portion of the Total Abatement shall immediately become due and payable as provided in this Sublease, as if same had not been abated, which shall be computed by multiplying the Total Abatement by a
fraction, the numerator of which shall be the number of months left in the Term as of the date of the Event of Default, and the denominator of which shall be the total months in the Term as originally set on the Sublease Commencement Date; provided,
however, if Sublandlord does not terminate this Sublease or Subtenant’s possession of the Premises, and Subtenant further cures such Event of Default, then such abatement of Base Rent shall not become immediately due and payable. To the extent
the Sublease Commencement Date starts on a date other than the first day of the month, the Total Abatement shall be prorated over additional months, as necessary, so that the Total Abatement is fully realized by Subtenant, subject to the terms of
this paragraph. 

  
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 (c) In addition to Base Rent, Subtenant shall pay to Sublandlord: (i) Twelve and 01/100
percent (12.01%) (“Subtenant’s Share”) of Tenant’s Operating Payment and Tenant’s Tax Payment due and payable by Sublandlord to Prime Landlord under the Prime Lease in excess of the respective amounts of
Tenant’s Operating Payment payable by Sublandlord for the 2011 calendar year and Tenant’s Tax Payment payable by Sublandlord for the 2011 fiscal year (i.e. the period from July 1, 2011 through June 30, 2012); and (ii) one
hundred percent (100%) of the charges for any services or other fees (not already constituting a portion of Tenant’s Operating Payment) relating solely to the Premises due under the Prime Lease (collectively, “Additional
Rent”), at the same times, provided same notice is delivered to Subtenant in the same manner as such sums are due under the Prime Lease. Notwithstanding the foregoing, in no event shall Subtenant be charged for Subtenant’s Share of
costs charged pursuant to Section 3.02E of the Prime Lease which relate to Tenant’s Tax Payment for any years prior to the 2010/2011 fiscal year. 

(d) Sublandlord will use reasonable efforts to procure Prime Landlord’s Consent in accordance with the terms of the Prime Lease. If,
notwithstanding such reasonable efforts, Sublandlord fails to procure Prime Landlord’s Consent within thirty (30) days after the Effective Date, then Sublandlord or Subtenant may terminate this Sublease with at least three (3) days
prior written notice to the other party. If Prime Landlord’s Consent is received by Sublandlord at any time within the foregoing three (3) day notice period (inclusive of the 3rd day), then this Sublease shall not terminate, and any prior
notice of termination given by Sublandlord and/or Subtenant shall be deemed withdrawn and without force or effect. 
 5.
SECURITY. 
 (a) Within two (2) business days after the full execution of this Sublease and receipt of Prime
Landlord’s Consent to the Sublease, Subtenant shall deliver to Sublandlord an irrevocable, clean, commercial letter of credit in favor of Sublandlord, in form and substance reasonably acceptable to Sublandlord, in the amount of One Million One
Hundred Seventy Six Thousand Eighteen and 48/100 Dollars ($1,176,018.48) (“LC”), issued by a United States financial institution reasonably acceptable to Sublandlord (“LC Bank”), as security for the full and
faithful performance and observance by Subtenant of the terms, covenants, and conditions of this Sublease. The use, application, or retention of the LC, or any portion thereof, by Sublandlord shall not prevent Sublandlord from exercising any other
right or remedy provided by this Sublease or by law, it being intended that Sublandlord shall not first be required to proceed against the LC, and the LC shall not operate as a limitation on any recovery to which Sublandlord may otherwise be
entitled. Subtenant shall cause the LC to remain in full force and effect during the entire Term and thereafter until sixty (60) days after the natural expiration or earlier termination (not due to an Event of Default (defined hereafter)) of
this Sublease. 
 (b) Immediately upon, and at any time or from time to time after, the occurrence of an Event of Default, Sublandlord
will have the unconditional right to draw on the LC at the LC Bank’s Manhattan offices located in New York, New York to the extent necessary: (i) to cure any default of Subtenant’s; (ii) to pay any other sum to which Sublandlord
becomes obligated by reason of a Subtenant default; or (iii) to compensate Sublandlord for any monetary loss or damage which Sublandlord suffers thereby arising from a default by Subtenant. Upon the payment to Sublandlord of the proceeds of any
draw or draws made by Sublandlord under the LC, together with any and all 

  
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interest accruing thereon (collectively, “Draw Proceeds”), Sublandlord will hold the Draw Proceeds in its own name and for its own account, without liability for interest, to use
and apply any and all of the Draw Proceeds: (i) to cure any default of Subtenant’s; (ii) to pay any other sum to which Sublandlord becomes obligated by reason of a Subtenant default; or (iii) to compensate Sublandlord for any
monetary loss or damage which Sublandlord suffers thereby arising from a default by Subtenant. Among other things, it is expressly understood that the Draw Proceeds will not be considered an advance payment of Base Rent or Additional Rent, nor a
measure of Sublandlord’s damages resulting from any default by Subtenant hereunder (past, present, or future). Further, immediately upon the occurrence and during the continuance of any Event of Default, Sublandlord may, from time to time and
without prejudice to any other remedy, use the Draw Proceeds (whether from a contemporaneous or prior draw on the LC) to the extent necessary to make good any arrearages of Base Rent or Additional Rent, and/or to pay to Sublandlord any and all
amounts to which Sublandlord is entitled in connection with the pursuit of any one or more of its remedies hereunder. Any delays in Sublandlord’s draw on the LC or in Sublandlord’s use of the Draw Proceeds as provided in this
Section will not constitute a waiver by Sublandlord of any of its rights hereunder with respect to the LC or the Draw Proceeds. Within five (5) business days after the application of the Draw Proceeds, Subtenant will cause the LC to be
replenished to its full amount thereunder. Sublandlord will not be liable for any indirect, consequential, special, or punitive damages incurred by Subtenant arising from a claim that Sublandlord violated the bankruptcy code’s automatic stay in
connection with any draw by Sublandlord of any Draw Proceeds, Sublandlord’s liability (if any) under such circumstances being limited to the reimbursement of direct costs as and to the extent expressly provided in this Section. Nothing in this
Sublease or in the LC will confer upon Subtenant any property rights or interests in any Draw Proceeds; provided, however, that within sixty (60) days after the natural expiration or earlier termination (not due to an Event of Default (defined
hereafter)) of this Sublease, and after application of any proceeds towards any default by Subtenant hereunder, Sublandlord agrees to return any remaining unapplied balance of the Draw Proceeds then held by Sublandlord, and the LC itself (if and to
the extent not previously drawn in full) to the Subtenant. 
 Subtenant acknowledges that Sublandlord has the right to transfer its interest
in this Sublease, and Subtenant agrees that in the event of any such transfer, Sublandlord shall have the right, at Subtenant’s sole cost and expense, to transfer or assign the LC and/or the Draw Proceeds to the transferee. In such event,
Subtenant shall look solely to such transferee for return of the LC and/or the Draw Proceeds so transferred. Subtenant shall, within ten (10) business days of request by Sublandlord, execute such further instruments or assurances as Sublandlord
may reasonably deem necessary to evidence or confirm Sublandlord’s transfer or assignment of the LC and/or Draw Proceeds to such transferee or mortgagee. 

6. RIGHTS AND OBLIGATIONS OF SUBTENANT. 

(a) Subtenant shall conform to, and use the Premises in accordance with, all the terms, covenants, and conditions of the Prime Lease to the
extent applicable to the Premises, the use of the Common Areas, and the Rules and Regulations for the Building as set forth in the Prime Lease, and will do no act, or fail to do any act, which will result in a violation of such terms, covenants, or
conditions. Subtenant shall perform all of the terms, obligations, covenants, and conditions of the Prime Lease to be performed on the part of the “Tenant” therein named to the 

  
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extent applicable to the Premises and to the extent incorporated by reference in the Sublease, as well as relating to the use of the Common Areas, and the Rules and Regulations for the Building
as set forth in the Prime Lease. Subtenant shall carry and maintain all insurance coverage required of the “Tenant” under the Prime Lease with respect to the Premises and Subtenant’s occupancy thereof, and such insurance shall name
Prime Landlord and the Sublandlord as additional insureds. Subtenant shall provide Prime Landlord and Sublandlord with insurance certificates or other required evidence and proof of payment thereof (or, to the extent required by the Prime Lease,
copies of Subtenant’s insurance policy or a binder of insurance), proving the foregoing insurance is in place prior to Subtenant’s taking possession of the Premises, and shall update same if and as when required by the Prime Lease.
Furthermore, Subtenant shall be responsible for causing the Premises to comply with the Americans with Disabilities Act, and any similar law which relates to the Premises, as same may be amended from time to time (collectively,
“Code”). Notwithstanding the foregoing, if, as of the Sublease Commencement Date, the Premises shall not be in compliance with the Code, then Sublandlord shall, at its sole cost and expense, promptly cause the Premises to be brought
into compliance with the Code, except to the extent same is expressly Prime Landlord’s responsibility under the Prime Lease. Thereafter during the Term, if the Premises shall not be in compliance with the Code, whether due to a change in laws,
alterations performed by Subtenant, or otherwise, then Subtenant shall, at its sole cost and expense, promptly cause the Premises to be brought into compliance with the Code, except to the extent same is expressly Prime Landlord’s
responsibility under the Prime Lease. 
 (b) Subject to the terms hereof, Subtenant shall be entitled to the rights of Sublandlord as
“Tenant” under the Prime Lease, insofar as the same relate to the Premises, and Sublandlord shall have no liability by reason of any default of the Prime Landlord, it being understood that if Sublandlord shall fail to fulfill any
obligation of the Sublandlord hereunder, and if such failure is caused, in whole or in part, by the failure of the Prime Landlord, Subtenant, or any other subtenant, licensee, or non-Sublandlord occupant of the Original Premises to comply with its
obligations under the Prime Lease, then Sublandlord shall have no obligation or liability to Subtenant by reason of such failure, provided Sublandlord uses reasonable efforts to enforce the obligations of any such other subtenant, licensee, or
non-Sublandlord occupant under their respective agreements pursuant to Section 36 below. Notwithstanding the foregoing, Sublandlord shall be entitled to all of the rights, but not the obligations, of the Prime Landlord under the Prime Lease in
relation to Subtenant and this Sublease, and Subtenant shall look solely to the Prime Landlord for compliance with the Prime Landlord’s duties under the Prime Lease. 

(c) During the Term: (i) Sublandlord will make commercially reasonable efforts to cause Prime Landlord to perform its obligations under
the Prime Lease as same relate to the Premises; and (ii) if necessary, as reasonably determined and requested by Subtenant, Sublandlord shall, at the expense of Subtenant, prosecute legal action against Prime Landlord to enforce Prime
Landlord’s obligations under the Prime Lease. Subtenant shall be entitled to receive and retain any recovery allocable solely to the Premises resulting from any such actions by Sublandlord (after recovery by Sublandlord of all reasonable loss,
claim, liability, cost, and expense due to Sublandlord by Subtenant hereunder) including any abatement of Rent to the extent, if any, provided under the Prime Lease, and solely as such permitted abatement relates to the Premises. 

  
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 (d) Notwithstanding anything contained herein to the contrary, with respect to Sublandlord’s
audit rights under Sections 3.09B and 3.09C of the Prime Lease (collectively, “Audit Rights”), Sublandlord covenants it will continue to conduct an annual “desktop review,” i.e. a limited, but diligent review of
Landlord’s Statements. If, upon completion of any such review, Sublandlord would have commenced a full audit (or a more significant review) of Landlord’s records when Sublandlord fully occupied the entire Original Premises, then
Sublandlord shall commence and enforce Sublandlord’s rights to audit (or more significantly review, as applicable) in a prompt manner and in accordance with the terms of the Prime Lease. Subtenant acknowledges and agrees that Sublandlord’s
exercise of its Audit Rights shall not constitute Sublandlord’s agreement or acquiescence that Sublandlord was overcharged under the Prime Lease, nor shall same constitute a guaranty, promise, or obligation of a payment of any sums to
Subtenant; however, Subtenant shall nevertheless be entitled to receive and retain any refund or credit allocable solely to the Premises resulting from such overcharge and to the extent same relates to payments made by Subtenant. 

7. OBLIGATIONS OF SUBLANDLORD. Sublandlord shall: 

(a) Pay “Rent” as due; 

(b) and comply, in all material respects, with all other obligations under the Prime Lease, except to the extent same have been delegated or
conveyed to other subtenants, licensees, and/or non-Sublandlord-occupants of the Original Premises; 
 (c) Duly observe and perform every
term and condition of the Prime Lease that is performable by Sublandlord (which excludes any term or condition related to any subleased, licensed, and/or non-Sublandlord-occupied portions of the Original Premises) and that either cannot be performed
by Subtenant or is not Subtenant’s responsibility under the Sublease; and 
 (d) Not knowingly do any act that would constitute a
default under the Prime Lease. 
 Notwithstanding anything contained herein to the contrary, Sublandlord shall not be liable to Subtenant for any damages or
claims arising by reason of the termination of the Prime Lease or this Sublease, except for such as may be directly caused by Sublandlord’s breach of this Sublease or Sublandlord’s default under the Prime Lease resulting in the termination
thereof, unless such default is due to any act or failure to act on the part of Subtenant (or any other subtenant, licensee, and/or non-Sublandlord-occupant of the Original Premises) or any breach or default by Subtenant in the performance of its
obligations under this Sublease (which includes compliance with the Prime Lease except as otherwise expressly excluded herein), or a default by any other subtenant, licensee, or non-Sublandlord occupant of the Original Premises, in which case
Sublandlord shall not be liable to Subtenant for any damages or claims whatsoever. In any event, and notwithstanding anything contained herein to the contrary, Sublandlord shall not be liable to Subtenant under any circumstances for any
consequential, special, or punitive damages by reason of the termination of this Sublease or any default of Sublandlord hereunder. 

  
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 8. USE. Subtenant shall use the Premises exclusively for the purposes
expressly permitted by the Prime Lease (“Use”), and for no other purpose. Subtenant shall not use the Premises for any purpose which is prohibited under the Prime Lease. 

9. ALTERATIONS. 

(a) Subtenant shall not make any alterations in or to the Premises without the prior written consent of Sublandlord (which consent Sublandlord
shall not unreasonably withhold), and the Prime Landlord (to the extent required by the Prime Lease) in each instance, and without complying with the provisions of the Prime Lease. Sublandlord shall request Prime Landlord’s consent to any such
alterations by Subtenant promptly upon Subtenant’s request. In the event Sublandlord fails to respond to any request for alterations made by Subtenant in writing (“Original Alterations Notice”) within fifteen (15) business
days after Sublandlord’s receipt of such request, then Subtenant may resubmit such request in writing to Sublandlord with a notice set forth at the top of its request for approval, containing a legend in 14 point bold type which states in bold
and all-capital letters: “URGENT NOTICE OF WAIVER OF RIGHTS BY SUBLANDLORD,” and the content of such notice identifies this Section and Article 6 of the of the Prime Lease and further states in bold and all capital letters:
“IF SUBLANDLORD FAILS TO RESPOND TO THIS NOTICE WITHIN THREE (3) BUSINESS DAYS AFTER SUBLANDLORD’S RECEIPT OF SAME, THEN SUBLANDLORD’S CONSENT TO THE PROPOSED ALTERATIONS SHALL BE DEEMED TO HAVE BEEN GIVEN”
(“Second Alterations Notice”). In the event Sublandlord receives a Second Alterations Notice, and if Sublandlord fails to respond thereto within such three (3) business day period, then Sublandlord’s consent solely to the
alterations set forth in the Second Alterations Notice (if and only if such alterations have not been amended or modified in any way from those set forth in the Original Alterations Notice), shall automatically deemed to have been given. Nothing
contained in the foregoing to the contrary shall in any way release Subtenant from the obligation to procure the Prime Landlord’s consent to any alterations, nor shall Sublandlord’s approval, or deemed approval, of any alterations
constitute Prime Landlord’s consent to same, nor otherwise bind Prime Landlord in any way. Similarly, Prime Landlord’s consent to any alterations shall in no way constitute Sublandlord’s consent to same, nor, in way, bind Sublandlord.
Prime Landlord’s required response to a request for its approval of any alterations shall be pursuant to the terms of the Prime Lease, and Sublandlord shall have no liability to Subtenant for Prime Landlord’s failure to comply with the
terms thereof. 
 (b) To the extent Sublandlord incurs any costs or expenses (whether as a result of charges by the Prime Landlord under the
Prime Lease or Sublandlord’s own reasonable, out-of-pocket expenses in connection with any review), Subtenant shall reimburse Sublandlord for all such reasonable, out-of-pocket costs and charges, which fees shall not exceed One Thousand Five
Hundred and No/100 Dollars ($1,500.00) for each review solely for Sublandlord (“Sublandlord’s Review Fee”), plus any sums due the Prime Landlord under the Prime Lease, within thirty (30) days after being billed therefor.
Notwithstanding the foregoing, Sublandlord’s Review Fee shall not be applicable to the Work (as defined in the attached Work Letter). In the event that any mechanic’s lien is filed or recorded against the Premises or Building as a result
of any work or act of, by, through, or for Subtenant, the Subtenant, at its expense, shall discharge or bond over the same so as to be in compliance with the Prime Lease within twenty (20) days from the filing or recording thereof. If Subtenant
fails to discharge said mechanic’s lien within such twenty (20) day period, 

  
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Sublandlord may bond or pay same without inquiring into the validity of merits or such lien, and all sums so advanced, plus interest at the Interest Rate (defined hereafter), shall be paid to
Sublandlord upon demand as Additional Rent. At, or prior to, the end of the Term, Subtenant shall remove any alterations installed by, or for the benefit of, Subtenant, if required by Prime Landlord pursuant to the Prime Lease or, upon an Event of
Default, if requested by Sublandlord (and such removal would be required under the Prime Lease at the end of the term therefor), and Subtenant shall repair any damage caused as a result of such removal, all at Subtenant’s sole cost and expense.
As a condition to Sublandlord’s consent to any alterations (other than the Work), Sublandlord shall have the right to require Subtenant to deposit reasonable security with Sublandlord with respect to any alterations Subtenant intends to
undertake, and Sublandlord shall have the right to establish a construction escrow for payment of such security deposit to pay for any construction costs directly to the contractor and subcontractors, all at Subtenant’s sole cost and expense.
Notwithstanding the foregoing to the contrary, so long as: (i) Subtenant has a net worth in excess of Fifty Million and No/100 Dollars ($50,000,000.00), as verified by Sublandlord in its reasonable judgment; and (ii) the aggregate
anticipated cost of the alterations which Subtenant intends to perform in any twelve (12) month period is less than Five Hundred Thousand and No/100 Dollars ($500,000.00), then Subtenant shall not be required to deposit additional security with
respect to such intended alterations. 
 (c) Sublandlord shall not be entitled to any management, coordination or supervision fee in
connection with any alterations made by Subtenant in the Premises, including, without limitation, pursuant to the Work Letter attached to the Sublease as Exhibit A. Notwithstanding the foregoing, nothing in this Section (c) shall
prevent Sublandlord from collecting any such fees which are due and payable to Prime Landlord under the Sublease, which Sublandlord agrees to promptly pay to Prime Landlord. 

10. NO ASSIGNMENT OR SUBLETTING. 

(a) To the extent either the Prime Lease and/or the Prime Landlord’s consent to this Sublease expressly permits any affiliates or
successors by merger of any subtenant of Sublandlord to use and access the Premises (whether by assignment, sublease, or general occupancy), such rights are granted to Subtenant herein; provided, however, in such event: (1) Subtenant shall not
be released from its obligations hereunder; (2) Subtenant and any such affiliates and successors shall be jointly and severally liable with Subtenant hereunder; (3) such transfer shall not be permitted if the intent or the result is that
Subtenant avoids liability under this Sublease; and (4) the surviving entity, if applicable, shall have a net worth equal to or greater than that of Subtenant as of the day prior to the consummation of such transfer. Except as stated above,
Subtenant may not assign this Sublease, nor further sublet the Premises, nor permit the same to be used or occupied by others without the prior written consent of Sublandlord (which consent Sublandlord shall not unreasonably withhold), as well as
Prime Landlord (to the extent required under the Prime Lease). Sublandlord shall request Prime Landlord’s consent to any such assignment or subletting by Subtenant promptly upon Subtenant’s request. In the event Sublandlord fails to
respond to any request for an assignment, sublease, or other transfer of Subtenant’s interest in and to the Premises (collectively, “Transfer”), made by Subtenant in writing (“Original Transfer Notice”) within
fifteen (15) business days after Sublandlord’s receipt of such request, then Subtenant may resubmit such request in writing to Sublandlord with a notice set forth at the top of its request for approval, containing a legend in 14 point bold
type which states in bold and all-capital letters: 

  
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“URGENT NOTICE OF WAIVER OF RIGHTS BY SUBLANDLORD,” and the content of such notice identifies this Section and Article 11 of the of the Prime Lease and further states
“IF SUBLANDLORD FAILS TO RESPOND TO THIS NOTICE WITHIN THREE (3) BUSINESS DAYS AFTER SUBLANDLORD’S RECEIPT OF SAME, THEN SUBLANDLORD’S CONSENT TO THE PROPOSED TRANSFER SHALL BE DEEMED TO HAVE BEEN GIVEN”
(“Second Transfer Notice”). In the event Sublandlord receives a Second Transfer Notice, and if Sublandlord fails to respond thereto within such three (3) business day period, then Sublandlord’s consent to the proposed
Transfer set forth in the Second Transfer Notice (if and only if the request for such Transfer has not been amended or modified in any way from the Original Transfer Notice), shall automatically deemed to have been given. Nothing contained in the
foregoing to the contrary shall in any way release Subtenant from the obligation to procure the Prime Landlord’s consent to any Transfer, nor shall Sublandlord’s approval, or deemed approval, of any Transfer constitute Prime
Landlord’s consent to same, nor otherwise bind Prime Landlord in any way. Similarly, Prime Landlord’s consent to any Transfer shall in no way constitute Sublandlord’s consent to same, nor, in way, bind Sublandlord. Prime
Landlord’s required response to a request for its approval of a Transfer shall be pursuant to the terms of the Prime Lease, and Sublandlord shall have no liability to Subtenant for Prime Landlord’s failure to comply with the terms
thereof. 
 (b) If Sublandlord (and Prime Landlord to the extent required under the Prime Lease) consents to Subtenant’s
assignment of this Sublease or further sublease of the Premises, at a rental or for other consideration in excess of the Rent due and payable by Subtenant under this Sublease, then Subtenant shall pay to Sublandlord, as “Additional Rent”
(in addition to any other sums comprising Additional Rent hereunder): (i) on the first day of each month during the term of any such sublease, fifty percent (50%) of the excess of all rent and other consideration actually received from the
sub-subtenant for such month over the Rent then payable to Sublandlord pursuant to the provisions of this Sublease for said month, following the deduction of any direct, reasonable and out-of-pocket expenses incurred by Subtenant in connection
therewith, including without limitation, legal, brokerage, construction, fees and free rent (or if only a portion of the Premises is being sublet, the excess of all rent and other consideration due from the sub-subtenant for such month over the
portion of the Rent then payable to Sublandlord pursuant to the provisions of this Sublease for said month which is allocable on a square footage basis to the space sub-sublet) and any amounts due to Prime Landlord pursuant to Article 11 of the
Prime Lease; and (ii) with respect to any assignment, immediately upon receipt thereof, fifty percent (50%) of the entirety of any other profit or gain realized by Subtenant from such assignment following the deduction of any direct,
reasonable and out-of-pocket expenses incurred by Subtenant in connection therewith, including without limitation, legal and brokerage fees and other concessions and any amounts due to Prime Landlord pursuant to Article 11 of the Prime Lease.
Notwithstanding anything contained in this Section to the contrary, no assignment of this Sublease or further sublease shall release Subtenant from its liability hereunder. Further notwithstanding the foregoing to the contrary, any profit
splitting between Sublandlord and Subtenant with respect to this Section shall only occur with respect to any profit which remains, if any, after Subtenant pays to the Prime Landlord one hundred percent (100%) of any sums due Prime
Landlord pursuant to the terms of the Prime Lease with respect to such sublease, assignment, or other conveyance. Subtenant shall also be required to reimburse Sublandlord for its reasonable out-of-pocket costs incurred by Sublandlord in connection
with Sublandlord’s review or assessment of a proposed sublease or assignment by Subtenant hereunder in an amount not to exceed $3,000.00. 

  
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 (c) Further notwithstanding anything contained herein to the contrary, Sublandlord shall have the
right to withhold its consent to a sublease or assignment for any of the following reasons, all of which shall be illustrative of reasonable reasons Sublandlord may withhold its consent, but which shall not be deemed exhaustive: (i) in
Sublandlord’s reasonable judgment, the transferee is engaged in a business or activity, or the Premises will be used in a manner, which: (1) is not consistent with the Use, or (2) does or would likely violate any restrictions or
requirements set forth in the Prime Lease; (ii) the transferee, in Sublandlord’s reasonable opinion, is not reputable, or does not have sufficient financial means to perform all of its obligations under the sublease or assignment, as the
case may be; (iii) there will be more than two (2) entities (including Subtenant, but excluding any affiliates of Subtenant whose occupancy is permitted pursuant to the terms of the Prime Lease and/or the Prime Landlord’s Consent)
occupying the Premises after any sublease; and (iv) the transferee shall be entitled, directly or indirectly, to diplomatic or sovereign immunity, or shall not be subject to the service of process in, and the jurisdiction of the courts of, the
State of New York. 
 11. DEFAULT. Upon the occurrence of any one or more of the following events (each referred to as
an “Event of Default”), Subtenant shall be deemed in default: 
 (a) if Subtenant shall fail to make the full payment
of any installment of Rent when due and such amounts remain unpaid for more than three (3) business days after written notice to Subtenant; provided, however, no such notice and grace period shall apply if Subtenant fails to make any payment
when due more than twice in any twelve (12) month period; 
 (b) if Subtenant shall default in the observance or performance of any
term, covenant, or condition of this Sublease or the Prime Lease on Subtenant’s part to be observed or performed (other than as described in Section 11(a), (c), or (d)), and Subtenant shall fail to remedy such default within twenty
(20) days (or such lesser time as provided by the Prime Lease), after notice by Sublandlord to Subtenant of such default; or, in the case of a happening or default which cannot, with due diligence, be cured within such twenty (20) day
period, and the continuation of such period will not constitute a violation of the Prime Lease, or subject Sublandlord and/or Prime Landlord to the risk of criminal liability, or termination of any superior lease (including the Prime Lease), or
foreclosure of any superior mortgage, if Subtenant shall not: (i) within said twenty (20) day period, advise Sublandlord and Prime Landlord of Subtenant’s intention to duly institute all steps necessary to remedy such situation;
(ii) duly institute within said twenty (20) day period, and thereafter diligently and continuously prosecute to completion all steps necessary to remedy the same; and (iii) complete such remedy within such time after the date of the
giving of said notice of default by Sublandlord and/or Prime Landlord (whichever is earlier) as shall be reasonably necessary. In the event of a conflict, the terms of this Section 11(b) shall prevail over any conflict with any other
non-monetary grace periods contained in this Sublease not contained in this Section 11; 

  
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 (c) if Subtenant: (i) cannot meet its obligations as they become due; (ii) becomes, or
is declared, insolvent according to any law; (iii) makes a transfer in fraud of creditors according to any applicable law; (iv) makes a general assignment of all or a substantial portion of its property for the benefit of creditors; or
(v) files a petition for relief under the Federal Bankruptcy Code or any other present or future federal or state insolvency, bankruptcy, or similar law (collectively “Applicable Bankruptcy Law”); (vi) a receiver or
trustee is appointed for Subtenant or its property (vii) the interest of Subtenant under this Sublease is levied on under execution or under other legal process; (viii) any involuntary petition is filed against Subtenant under Applicable
Bankruptcy Law; or (ix) any action is taken to reorganize or modify Subtenant’s capital structure if Subtenant is a corporation or other entity (provided that no such levy, execution, legal process, or petition filed against Subtenant
shall constitute a breach of this Sublease if Subtenant shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within sixty (60) days from the date of its creation, service, or filing, or such lesser
time as provided in the Prime Lease); or 
 (d) if Subtenant makes an unpermitted assignment of this Sublease or to further sublease the
Premises or any portion thereof in violation of the terms herein. 
 In the event of a conflict or contradiction between the terms of this Sublease and the
Prime Lease as to what constitutes an Event of Default, the more beneficial provision or provisions to Sublandlord shall prevail. 

12. REMEDIES. Upon the occurrence of an Event of Default, and in addition to Sublandlord’s rights under
Section 5 of this Sublease, Sublandlord may, at any time thereafter, give to Subtenant five (5) days notice of termination of this Sublease or of Subtenant’s possession of the Premises. The Term or Subtenant’s possession of the
Premises, as the case may be, shall terminate upon the expiration of said five (5) days with the same effect as if the date of expiration of said five (5) day period was the termination date of this Sublease, but Subtenant shall remain
liable for damages as provided in this Section, in this Sublease, and in the Prime Lease. 
 (a) In addition, after the occurrence of
an Event of Default: 
 (i) Sublandlord or Sublandlord’s agents or servants may, in addition to any rights and remedies granted the
Prime Landlord under the Prime Lease which are also granted to Sublandlord hereunder, immediately, or at any time after such default or the termination of this Sublease or Subtenant’s possession of the Premises, as the case may be, re-enter the Premises or any part thereof, without notice, either by summary proceedings or by any other applicable action or proceeding, or by force or otherwise (without being liable to indictment, prosecution, or
damages therefor), and may repossess the Premises and dispossess Subtenant and any persons from the Premises, and remove any and all of their property and effects therefrom without incurring any liability to Subtenant or any other person for such
repossession or removal; and 
 (ii) Sublandlord, at Sublandlord’s sole option, may relet the whole, or any part or parts of the
Premises, from time to time, either in the name of Subtenant, Sublandlord, or otherwise, to such tenant or tenants, for such term or terms ending before, on, or after the expiration date of this Sublease, at such rental or rentals and upon such
other conditions, which may include concessions and free rent periods, as Sublandlord, in Sublandlord’s sole discretion, may determine. Sublandlord shall, solely to the extent required by applicable law, attempt to relet the Premises; provided,
however, subject to Sublandlord’s obligations, if any, pursuant to applicable law, in no 

  
 11 

 
event shall Sublandlord be liable for refusal or failure to relet the Premises or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any Rent due upon any
such reletting, or for the Prime Landlord’s refusal to accept any proposed tenant, and no such refusal or failure shall operate to relieve Subtenant of any liability under this Sublease or otherwise affect any such liability. Sublandlord, at
Sublandlord’s option, may make such repairs, replacements, alterations, additions, improvements, decorations, and other physical changes in and to the Premises as Sublandlord, in Sublandlord’s sole discretion, considers advisable or
necessary in connection with any such reletting or proposed reletting, without relieving Subtenant of any liability under this Sublease or otherwise affecting any such liability. 

(b) Acceptance of Rent by Sublandlord with knowledge of any default, or the failure of Sublandlord to seek redress for any default, or to
insist upon the strict performance of any term, covenant, condition, or obligation of this Sublease shall not constitute a waiver thereof, and Sublandlord shall have all remedies provided herein and by applicable law with respect to any subsequent
act or omission which would have originally constituted a default. Sublandlord’s remedies for any default which are available to it under this Sublease, the Prime Lease, or at law or in equity, shall be cumulative, and Sublandlord’s
decision to pursue any particular remedy following any default shall not affect the availability of any other remedy for such default or for any subsequent default. 

(c) If this Sublease and the Term shall terminate, or if Subtenant’s possession of the Premises is terminated, as the case may be, expire,
or come to an end as provided in this Section, or by or under any summary proceeding, or any other action or proceeding, or if Sublandlord shall re-enter the Premises as provided in this Section, then, in any of these events: 

(i) Subtenant shall pay to Sublandlord all Rent and other charges payable under this Sublease by Subtenant to Sublandlord to the date upon
which this Sublease and the Term shall have expired or to the date of re-entry upon the Premises by Sublandlord, as the case may be; and 

(ii) Subtenant shall also be liable for, and shall pay to Sublandlord as damages, any deficiency (“Deficiency”)
between the Rent for the period of time which constitutes the remainder of the Term (based on the original, intended Term of this Sublease) less the amount, if any, of the rents collected under any reletting effected pursuant to the provisions of
this Section for any part of such period (which shall be net of Sublandlord’s expenses in connection with the termination of this Sublease or Sublandlord’s re-entry upon the Premises, and net of the costs of such reletting including,
without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, alteration costs, and other expenses of preparing the Premises for such reletting). Upon a default hereunder by Subtenant, Sublandlord shall be
entitled to accelerate all payments required of Subtenant hereunder throughout the Term, and Sublandlord may demand the entire Deficiency under this Sublease in one action, without the requirement to file suit as each month’s Deficiency would
have come due hereunder; provided, such sums shall be discounted to the then-present value using a discount factor of the Prime Rate (defined hereafter); and 

  
 12 

 (iii) Nothing contained in this Section shall be deemed to limit or preclude the recovery
by Sublandlord from Subtenant of the maximum amount allowed to be obtained as damages by any statute, rule of law, or equitable judgment, or of any sums or damages to which Sublandlord may be entitled in addition to the damages set forth in this
Section. Any and all duties or liabilities of Subtenant hereunder which accrue on or before the date of expiration or termination of this Sublease shall not be terminated with the Sublease, but instead shall survive such termination. Notwithstanding
anything contained herein to the contrary, Subtenant hereby waives any right of redemption it may have as a result of Sublandlord’s default under this Sublease or otherwise. 

13. DAMAGE OR CONDEMNATION. 

(a) If Prime Landlord or Sublandlord shall elect to terminate the Prime Lease after an event of casualty or condemnation, this Sublease shall
also terminate. In any such event, Subtenant shall have no claim (against Sublandlord, Prime Landlord, or otherwise), by reason of such termination, and Subtenant shall have no interest in any insurance proceeds (other than proceeds from its own
policies), or any condemnation award. 
 (b) If a casualty or condemnation shall occur and Prime Landlord and Sublandlord do not elect to
terminate the Prime Lease, this Sublease shall remain in full force and effect and neither Sublandlord nor Subtenant shall have the right to terminate this Sublease by reason of such casualty or condemnation (but Subtenant shall be entitled to an
abatement of Rent to the extent, if any, provided under the Prime Lease, and solely as such permitted abatement relates to the Premises). 

(c) Notwithstanding the foregoing to the contrary, in the event: (i) of damage or destruction to the Premises; and (ii) (1) Prime
Landlord’s estimate (required pursuant to Section 10.03 of the Prime Lease) to rebuild such damage for which Prime Landlord is responsible under the Prime Lease (“Rebuild Estimate”) exceeds fifteen (15) months after
the date of such damage or destruction, or such damage occurs during the last fifteen (15) months of the Term; or (2) the rebuild is not completed and possession of the Premises is not delivered by Prime Landlord to Subtenant by the date
first estimated by Prime Landlord in the Rebuild Estimate, subject to any delays excusable under the Prime Lease (i.e., due to adjustment of insurance, labor trouble, governmental controls, acts of God, or any other reason beyond Prime
Landlord’s reasonable control); and (3) such damage or destruction involves a substantial part of the Premises (i.e. an amount, not in any event less than fifty percent (50%) of the rentable area of the Premises, such that Subtenant
cannot reasonably be expected to conduct its business as contemplated hereby in the balance of the Premises), then, Subtenant may terminate this Sublease by notice to Sublandlord (“Subtenant’s Termination Notice”). In order to
be effective, Subtenant’s Termination Notice must be given within thirty (30) days after the first to occur of (ii)(1) or (ii)(2) above, as applicable, and such termination shall be effective upon the giving of Subtenant’s Termination
Notice. Subtenant’s failure to provide the Subtenant’s Termination Notice within such thirty (30) day period shall be deemed Subtenant’s election not to terminate this Sublease, and Subtenant shall make any repairs to the
Premises required of “Tenant” under the Prime Lease. 
 14. SUCCESSORS AND ASSIGNS. This Sublease, and the
rights and obligations of the parties hereunder, shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns, subject to the terms of Section 10 hereof. 

  
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 15. APPROVAL. In the event Subtenant desires to do anything which would require the
Prime Landlord’s approval under the terms of this Sublease or the Prime Lease, then Subtenant, in addition to requesting Prime Landlord’s consent, shall also be required to submit a written request to Sublandlord for its prior written
approval, which approval shall not be unreasonably withheld or delayed. Subtenant agrees to indemnify, defend (using counsel reasonably satisfactory to Sublandlord), and hold Sublandlord harmless from and against any and all costs, expenses,
reasonable attorneys’ fees, lawsuits, judgments, losses, and the like, relating to, or arising from, directly or indirectly, Subtenant’s failure to comply with the terms hereof. 

16. SPECIFIC PROVISIONS OF PRIME LEASE. Except as otherwise expressly provided in, or otherwise inconsistent with, this Sublease,
or to the extent not applicable to the Premises, the terms, provisions, covenants, stipulations, conditions, rights, obligations, remedies and agreements contained in the Prime Lease are incorporated in this Sublease by reference, and are made a
part hereof as if herein set forth at length. For purposes of incorporating the Prime Lease into this Sublease, all references in the Prime Lease to (a) the term “Landlord” shall be deemed to mean “Sublandlord” except as
otherwise set forth in this Sublease, (b) the term “Tenant” shall be deemed to mean “Subtenant” except as otherwise set forth in this Sublease, and (c) the term “demised premises” shall be deemed to mean
“Premises.” Notwithstanding the foregoing to the contrary, and except as expressly set forth herein, Sublandlord shall not be liable, nor responsible, for any of the obligations, covenants, representations, warranties, liability, or
responsibility of the Prime Landlord under the Prime Lease, nor shall this paragraph be construed to imply or require same of Sublandlord. Furthermore, in the event Subtenant defaults under the Prime Lease, nothing contained herein shall be deemed
to limit Subtenant’s liability for such default solely as it relates to the Premises; instead, Subtenant shall be liable for all liability of the “Tenant” under the Prime Lease for the entire Original Premises resulting from such
default by Subtenant. To the extent incorporated herein and except for any Rent obligations, Subtenant shall be responsible for all duties and obligations of the named “Tenant” under the Prime Lease as same relates to the Premises, and
notwithstanding anything contained herein or in the Prime Lease to the contrary, Subtenant shall not have the right to: (a) renew the Prime Lease or this Sublease; (b) expand the Premises (or exercise any option to expand the Premises); or
(c) use any allowance allocated Sublandlord as “Tenant” under the Prime Lease. In addition the following sections and exhibits of the Prime Lease shall not be applicable to this Sublease: “Witnesseth” paragraph;
Section 1.01; Section 1.02; Section 1.03; Section 1.04; Article 2; Section 3.01(A); Section 3.01(F); Section 3.03(B); Section 3.06 (except to the extent such amounts due thereunder relate to the Premises);
Section 3.09(B); Section 3.09(C); Section 6.01 (first paragraph only); Section 7.04 (all but first sentence, but same shall not affect Subtenant’s rights under Section 6(c) hereof); Section 7.05; Section 7.07;
Section 9.07; Section 9.08(a); Section 9.08(b); Section 9.10; Article 10; Section 11.05(a); Section 11.06(e); Section 11.08; Section 11.09; Section 11.10; Article 12; Section 19.01(a)(i) (all but
first two sentences); Section 19.01(b)(ii) and (iii); Section 19.01(c) (beginning with the sixth full sentence through the remainder of the Section); Section 19.01(d); Section 19.01(f)(2); Section 19.04 (first fall sentence
through word “withheld”); Section 19.07; Section 20.01; Article 22; Section 23.05; Section 24.02; Section 28.02; Article 29; Section 32.02; Section 34.07; Section 34.14; Section 34.15; the last
sentence of Section 34.20(c); Section 34.22; Articles 35 through 42; Schedule F; Exhibit I; Schedule J; Schedule K; Schedule L; and Schedule O. Reference to “Landlord” in Sections 13.01 through
13.03, Section 34.10, and Section 34.16 shall be deemed a reference to Prime Landlord only. 

  
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 17. HOLD HARMLESS. 

(a) In addition to any other rights or remedies of Sublandlord hereunder, Subtenant, its officers, directors, and assigns hereby covenant and
agree to indemnify, defend (using counsel reasonably approved by Sublandlord), and hold Sublandlord, its officers, directors, employees, and assigns harmless from and against any and all claims, judgments, damages, penalties, fines, costs,
liabilities, or losses, contingent or otherwise (collectively “Losses”), which Sublandlord, its officers, directors, employees, or assigns may incur arising out of Subtenant’s breach of the terms and conditions of this Sublease
and the Prime Lease, including, but not limited to, any Losses which occur as a result of Sublandlord’s breach of the Prime Lease, which are directly or indirectly, and in whole or in part, due to Subtenant’s breach of this Sublease. The
obligations under this Section shall survive the expiration or sooner termination of the Sublease. 
 (b) Sublandlord does hereby
covenant and agree to indemnify, defend, and hold Subtenant harmless from and against any and all Losses, which Subtenant incurs arising directly and solely out of Sublandlord’s breach of the terms and conditions of this Sublease and the Prime
Lease (excluding any Losses which occur as a result of Sublandlord’s breach of the Prime Lease, which is directly or indirectly, and in whole or in part, due to Subtenant’s breach of this Sublease or a default by any other subtenant,
licensee, or non-Sublandlord occupant of the Original Premises). Notwithstanding anything contained herein to the contrary, in no event shall Sublandlord be liable to Subtenant for any consequential, special, or punitive damages whatsoever. The
obligations under this Section shall survive the expiration or sooner termination of the Sublease. 
 18. ESTOPPEL. If
Sublandlord or the Prime Landlord requests that Subtenant provide an estoppel certificate or a subordination and attornment agreement, or a document of similar import, Subtenant shall provide Sublandlord and Prime Landlord with same, and pursuant to
the requirements of the Prime Lease, within the earlier of: (a) eight (8) days after Prime Landlord’s or Sublandlord’s request for same, as the case may be; and (b) two (2) days prior to the time same is due under the
Prime Lease, but in no event less than five (5) days after submission of same to Subtenant. Sublandlord shall attempt to promptly provide Subtenant with a request for an estoppel and/or subordination and attornment agreement upon receipt of
same from Prime Landlord. Subtenant acknowledges and agrees that any duty of the Prime Landlord to provide Sublandlord with a non-disturbance agreement and/or any right of Sublandlord to same under the Prime Lease shall not constitute a duty of
Sublandlord, nor a right of Subtenant, with respect to same. 
 19. PRIME LEASE. Notwithstanding anything to the contrary
contained herein, in the event the Prime Lease is terminated for any reason whatsoever, this Sublease shall terminate on the date that the Prime Lease is terminated. Upon any such termination of the Prime Lease for any reasons other than
Subtenant’s breach or default hereunder, or Sublandlord’s default under the Prime Lease occasioned by Subtenant’s failure to perform its obligations hereunder, all Rent due and owing hereunder shall be pro-rated, where applicable, as
of the date of such termination, and paid to Sublandlord, and thereafter in the event of a termination of the Prime Lease which is not due to Subtenant’s breach or default under this Sublease and/or Sublandlord’s default under the Prime
Lease which is due to Subtenant’s breach or default under this Sublease, then, Sublandlord shall have no further obligation or liability to Subtenant arising from, through, or under this Sublease except as more particularly set forth herein,
and upon Subtenant’s return of possession of the Premises to 

  
 15 

 
Sublandlord and Subtenant’s compliance with its obligations hereunder accruing on and/or before the date of such termination, Subtenant shall have no obligation or liability to Sublandlord
accruing after the date of such termination relating to this Sublease, except as more particularly set forth herein. 
 20. CONDITION
OF PREMISES. Except as expressly set forth in this Sublease, neither Sublandlord nor Sublandlord’s agents, employees, or contractors have made any representations, warranties, or promises with respect to the Premises, or the equipment,
furniture, or improvements therein situated, if any, or the physical condition or size of the Premises. Subtenant accepts the Premises in its present “as-is where is and with all faults” condition, and subject to normal wear and tear
between the date of this Sublease and the date of occupancy by Subtenant. Except as expressly set forth in the attached Exhibit A, neither Sublandlord nor the Prime Landlord shall be under any obligation to make and/or pay for any
alterations, additions, installations, substitutions, improvements, or decorations to the Premises. Sublandlord hereby grants to Subtenant a license to use the existing furniture, fixtures, equipment and wiring located in or serving the Premises,
which is detailed on the attached Exhibit B (collectively, “Furniture”), for no additional consideration so long as this Sublease is in force. Subtenant shall not acquire any title or other ownership rights in or to the
Furniture during the Term; provided, however Subtenant shall have the right to remove all or any portion of same during the Term so long as Subtenant replaces same with other furniture of equal or greater value and quality; provided further,
however, Subtenant shall remain responsible to return all of the Furniture to Sublandlord in the event of an early termination of this Sublease. Upon expiration or earlier termination (for reasons other than an Event of Default) of this Sublease,
Subtenant shall: (a) be required to purchase the Furniture from Sublandlord for the amount of one dollar ($1.00); (b) remove the Furniture from the Premises; and (c) return the Premises to the condition same was in as of the Sublease
Commencement Date, normal wear and tear permitted by the Prime Lease and damage for which Subtenant is not responsible excepted, and to the extent required by the terms of the Prime Lease. During the Term, Subtenant shall, at Subtenant’s sole
cost and expense, insure the Furniture for its full replacement value (with Sublandlord named as an additional insured and as loss payee). 

Subtenant shall not hold over after the expiration of the Term. If Subtenant fails or refuses to surrender possession of the Premises pursuant
to the provisions of this Sublease at the natural expiration or earlier termination of this Sublease (which, in the event of an earlier termination is due to an earlier termination of the Prime Lease), such possession shall be construed to be a
tenancy at sufferance, and Subtenant shall remain liable to Sublandlord for daily use and occupancy at the daily rate the greater of: (i) the amount due on a daily basis (or monthly if not prorated on a daily basis pursuant to the terms of the
Prime Lease) from Sublandlord, as “Tenant” under the Prime Lease in the event of Sublandlord’s holdover thereunder for the entire Original Premises; (ii) the amount due on a daily basis during the last month of the Term; or
(iii) the amount which would be due if the Premises had been relet at market rent (as reasonably determined by Sublandlord) at the time of such holdover, and, in addition to the foregoing, Subtenant shall indemnify, defend (using counsel
reasonably determined by Sublandlord), and hold Sublandlord harmless from and against all damages, losses, and expenses, including, without limitation, consequential damages, arising from such holdover. 

  
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 To the Sublandlord’s actual knowledge, without duty of inquiry, no Hazardous Material is
present in the Premises (including asbestos). Notwithstanding anything to the contrary, under no circumstance shall Subtenant be liable for any Hazardous Material present at any time on or about the Premises or the Building, or the soil, air,
improvements, groundwater or surface water thereof, or the violation of any laws, orders or regulations, relating to any such Hazardous Material, except to the extent that any of the foregoing actually results from the release or emission of
Hazardous Material by Subtenant or its agents or employees in violation of applicable environmental laws. 
 21. PAYMENT OF
CHARGES. As provided in Section 4 hereof, Subtenant shall pay to Sublandlord the full amount of any and all other charges due hereunder, without any set-off or deduction whatsoever except as expressly set forth herein or under the terms
of the Prime Lease incorporated herein. Without limiting the generality of the foregoing, Subtenant shall not be entitled to set off against the Rent payable hereunder by reason of any alleged inaccuracy of impropriety of any charge imposed under
the Prime Lease or this Sublease with respect to the Premises. In the event that Subtenant is delinquent in paying Sublandlord for any amounts due hereunder, all such amounts (including Rent) shall bear interest from the date due until the date paid
at a rate which is the lower of: (a) the highest lawful rate; or (b) the “Prime Rate” as announced by JP Morgan Chase Bank, N.A. (or its successor or similarly situated bank if JP Morgan Chase Bank, N.A. is no longer in
existence) from time to time, for ninety (90) day unsecured loans to its customers, changing automatically and simultaneously with each change in the Prime Rate made by JP Morgan Chase Bank, N.A. (or its successor or similarly situated bank if
JP Morgan Chase Bank, N.A. is no longer in existence), from time to time (“Prime Rate”) plus five percent (5%) (“Interest Rate”). In addition to Sublandlord’s right to charge interest on any unpaid amounts
hereunder as provided for in this Section, Subtenant shall pay Sublandlord a late payment charge equal to five percent (5%) of any payment due hereunder not received by Sublandlord within three (3) days after delivery of written notice of
nonpayment. The foregoing late payment charge shall apply individually to all past due payments and shall not be subject to any pro rata adjustment or reduction. 

22. SURRENDER OF PREMISES. Upon the expiration or earlier termination of this Sublease or the termination of Subtenant’s
right of possession to the Premises, Subtenant shall surrender and vacate the Premises and deliver possession thereof to Sublandlord peaceably and quietly in the same condition they are in as of the date hereof, reasonable wear and tear and damage
from casualty excepted, and Subtenant shall further comply with all of Sublandlord’s duties as “Tenant” under the Prime Lease relating to surrender of the Premises, if any. If: (a) required by the terms of the Prime Lease or this
Sublease; or (b) upon the occurrence of an Event of Default hereunder (and in such case, at Sublandlord’s request), Subtenant shall promptly remove any alterations, installations, additions, and improvements, and Subtenant shall repair any
damage occasioned by the removal thereof, all to the extent required by, and in accordance with, Section 9 hereof. If Subtenant shall fail to promptly remove any such alterations, installations, additions, and improvements which Sublandlord or
the Prime Landlord shall designate to be removed in accordance with this Section, then such items may be removed by Sublandlord, and Subtenant shall promptly reimburse Sublandlord for any expenses incurred by Sublandlord in connection therewith,
including, without limitation, the cost of removal thereof and of repairing any damage caused thereby, plus a fifteen percent (15%) administration fee. Subtenant shall also remove from the Premises all of Subtenant’s goods, effects,
movable personal property, business and trade fixtures, and machinery and trade equipment, and shall repair all damage resulting from such removal. Any of such items not so removed by Subtenant at the expiration or termination of this Sublease shall
be conclusively deemed to have been abandoned by Subtenant. Subtenant shall not receive any cost or 

  
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credit therefor, and Sublandlord may dispose of the same without any liability to Subtenant; provided, however, that Subtenant shall promptly reimburse Sublandlord for any expenses incurred by
Sublandlord in connection therewith, including, without limitation, the cost of removal thereof and of repairing any damage caused thereby, plus a fifteen percent (15%) administration fee. Subtenant shall have no obligation to remove any
installations or improvements made to the Premises prior to the Term. 
 23. SIGNAGE. Subject to the terms of the Prime Lease,
and pursuant to Section 19.06 of the Prime Lease, Sublandlord shall, at Subtenant’s sole cost and expense, assist Subtenant with obtaining Prime Landlord’s consent for suite signage, in accordance with the terms set forth on
Exhibit D attached hereto and made a part hereof by this reference; provided, however, Sublandlord shall in no way be responsible to Subtenant for Sublandlord’s failure or inability to obtain Prime Landlord’s consent to such
signage. 
 24. NOTICES. All notices, demands, statements, and communications required hereunder shall be in writing, and shall
be sent by registered or certified mail, personal delivery, or via a nationally recognized overnight courier. If to Sublandlord, sent as follows: CIT Group Inc., 1 CIT Drive, Livingston, NJ 07039, Attn: Global Real Estate, with a copy to David
Braffman, Esq., 11 West 42nd Street, 12th Floor, New York, NY 10036, and with a copy to William J. Lewis, Esq., Vedder Price P.C., 222 N. LaSalle Street, Suite 2500, Chicago, Illinois 60601, or to any other address that Sublandlord may specify
to the Subtenant in writing. If to Subtenant, addressed to Subtenant at the Premises, or to any other address that Subtenant may specify to Sublandlord in writing. All notices shall be deemed given upon the date of receipt or refusal if mailed,
personally delivered, or sent via overnight courier. 
 25. BROKER. Subtenant and Sublandlord each represent and warrant to the
other that, other than Cushman & Wakefield, representing Subtenant, and Newmark Knight Frank, representing Sublandlord (collectively “Brokers”), the representing party has not dealt with any broker, finder, or
the like, and that no broker, finder, or the like, negotiated this Sublease or is entitled to any commission in connection therewith. Each party shall indemnify, defend, and hold the other party, and its respective agents and employees harmless from
any and all claims of any brokers, finders, or the like, other than Brokers, in connection with the representing party’s breach of the representation and warranty contained in the immediately preceding sentence. Sublandlord shall pay all
commissions to the Brokers in accordance with the terms of a separate agreement between Sublandlord and the Brokers, if any. Notwithstanding the foregoing to the contrary, no third party shall be deemed a beneficiary of this Sublease. 

26. ENTIRE AGREEMENT. This Sublease embodies the entire understanding of the parties and there are no further agreements or
understandings, written or oral, in effect between the parties relating to the subject matter hereof In the event of a contradiction between the terms of this Sublease and the Prime Lease, the terms and conditions of this Sublease shall prevail as
it relates to the relationship between Sublandlord and Subtenant, except to the extent such terms would permit or cause a default under the Prime Lease. This Sublease shall not become effective, and shall have no force or effect unless and until:
(a) it shall be executed and delivered in quadruplicate by both parties; (b) the written consent of the Prime Landlord is obtained pursuant to the terms of the Prime Lease; and (c) the LC and Rent required to be pre-paid hereunder, if
any, have been received by Sublandlord. 

  
 18 

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

28. GOVERNING LAW. The laws of the State of New York shall govern the validity, performance and enforcement of this Sublease.

 29. AUTHORITY. The undersigned signator(s) warrant that they have full power and authority to execute this Sublease on
behalf of the respective parties hereto. In the event Subtenant is a general partnership, all present and future partners shall be jointly and severally liable hereunder. 

30. COUNTERPARTS. The Sublease may be executed in counterparts, each of which executed counterparts shall be deemed an original,
and which, taken together, shall constitute one instrument. In the event of a conflict between the provisions of any original Sublease with the provisions of any other original Sublease, then, in such event, the provisions of Sublandlord’s
original Sublease will govern and control. 
 31. HEADINGS. The headings of sections are for convenience only, and do not limit
or construe the contents of the sections. 
 32. ATTORNEYS’ FEES. In the event that Sublandlord files a lawsuit to enforce
the terms of this Sublease, and Sublandlord is the prevailing party in a final judgment, then Subtenant shall reimburse Sublandlord for all reasonable costs and expenses including, without limitation, reasonable attorneys’ fees, actually
incurred by Sublandlord and/or Prime Landlord as a result of such enforcement. In the event that Subtenant files a lawsuit to enforce the terms of this Sublease, and Subtenant is the prevailing party in a final judgment, then Sublandlord shall
reimburse Subtenant for all reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees actually incurred by Subtenant as a result of such enforcement. 

33. UTILITIES. Except for those utilities and services to be provided to Sublandlord as “Tenant” pursuant to the Prime
Lease, Subtenant shall be responsible for procuring, and for the cost of, Subtenant’s utility, electric, gas, water, and communication needs which include, but are not limited to, telephone systems, wire installation, computers, and all other
communication functions, as well as all housekeeping and separately metered electric and utilities to the Premises. Subtenant shall be responsible for the cost to repair and maintain all such systems within the Premises. In the event any utilities
are not separately metered, Subtenant shall pay for the cost to install such meters for the Premises. In addition to the foregoing, during the Term, Subtenant shall have usage control over the HVAC package unit located within the Premises, and
Subtenant shall be responsible for the cost of any repairs to, and replacement of, such HVAC package. Subtenant also acknowledges and agrees that, in addition to Subtenant’s obligations herein, to the extent Sublandlord is responsible under the
Prime Lease for the maintenance, repair, and/or replacement of HVAC related ductwork which is located in, or benefits, the Premises, Subtenant shall also be responsible for same. 

  
 19 

 34. MAINTENANCE AND REPAIR CONTRACTS. Within five (5) days of the Sublease
Commencement Date, Sublandlord shall provide Subtenant with names, addresses, and contact information for all service providers (as shown on the attached Exhibit C), currently performing general maintenance and repair work, HVAC
maintenance, and similar services in the Premises or any of the Original Premises that are not furnished by Prime Landlord. Subtenant shall contract directly with these service providers for similar services. If Subtenant desires to use other
service providers for any of such services, it shall first obtain Sublandlord’s consent, which consent shall not be unreasonably withheld, as well as the Prime Landlord’s prior written consent. 

35. REPRESENTATIONS AND WARRANTIES OF SUBLANDLORD. Sublandlord represents and warrants that: 

(a) it has delivered a true and correct redacted copy of the Prime Lease and all amendments thereto to Subtenant; 

(b) it is a corporation duly organized, validly existing, and in good standing in its state of incorporation, and if such state is not New
York, is qualified to do business and is in good standing under the laws of the State of New York; 
 (c) it has all requisite corporate
power and authority to execute, deliver, and perform its obligations under, this Sublease, the execution, delivery and performance of this Sublease by the Sublandlord, and the consummation of all transactions contemplated hereby, have been duly
authorized by all necessary corporate action of Sublandlord and will not violate any laws or governmental or court regulations or orders or any agreements to which Sublandlord is a party or is subject or by which it is otherwise bound; 

(d) Sublandlord has neither given nor received any notice of default under the Prime Lease, not heretofore cured or waived, and the Prime Lease
is in full force and effect; and 
 (e) Sublandlord has not exercised, and will not exercise, its rights with respect to maintaining the
Floor Unit(s) pursuant to Section 19.01(c) of the Prime Lease. 
 36. MISCELLANEOUS. Notwithstanding anything else
contained herein or in the Prime Lease to the contrary, except if it is the direct or indirect result of the default of Subtenant hereunder and/or the default of Subtenant, and/or any other subtenant, licensee, and/or non-Sublandlord occupant of the
Original Premises under the Prime Lease, Subtenant shall not be obligated under the Prime Lease for: (a) late charges; (b) Sublandlord’s failure to comply with the terms of the Prime Lease; or (c) any sums due to Prime Landlord
and relating to periods prior to the Sublease Commencement Date. Further notwithstanding anything contained herein to the contrary, in the event: (i) of a default under the Prime Lease by any subtenant, licensee, and/or non-Sublandlord occupant
of the Original Premises other than Subtenant; (ii) Sublandlord has received notice of such default by the Prime Landlord; and (iii) such default will, if not cured, cause the termination of the Prime Lease, and thus this Sublease, then
Sublandlord agrees to use commercially 

  
 20 

 
reasonable efforts to enforce any agreement between Sublandlord and such other subtenant, licensee, and/or non-Sublandlord occupant of the Original Premises, and, in the event efforts to enforce
such obligations are not fruitful within the cure period provided under the Prime Lease, Sublandlord shall exercise all of its rights and remedies available at law, or in equity, as Sublandlord reasonably deems necessary or beneficial, against such
party. 
 [THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] 

  
 21 

 IN WITNESS WHEREOF, the parties have executed and delivered this Sublease as of the day and year
first above written. 
  

									
	SUBLANDLORD:		 		SUBTENANT:
			
	CIT GROUP INC.,		 		MESOBLAST, INC.
	a Delaware corporation				a Delaware corporation
					
	By:		 /s/ Eric S. Mandelbaum
				By:		 /s/ Michael Schuster

	Name:		 Eric S. Mandelbaum
				Name:		 Michael Schuster

	Title:		 Senior Vice President
				Title:		 EVP, Global Therapeutic Program

 EXHIBIT A 

Work Letter 
 CIT
Group Inc., a Delaware corporation (“Sublandlord”) and Mesoblast, Inc., a Delaware corporation (“Subtenant”) are executing simultaneously herewith that certain Sublease (“Sublease”) as more
particularly described therein. In connection with the execution of the Sublease, Sublandlord and Subtenant have further agreed as follows (all terms herein without definition shall have the meaning ascribed to such terms in the Sublease): 

1. Space Plan. Subtenant shall direct and authorize an architect licensed in the State of New York (“Architect”) to
prepare a space plan of the Premises (“Space Plan”) depicting the physical layout of the improvements proposed to be constructed by Subtenant to the Premises. Upon completion, Subtenant shall deliver the Space Plan to Sublandlord
and Prime Landlord for their approval, which approval with respect to Sublandlord only, shall not be unreasonably withheld, delayed, and/or conditioned. 

2. Working Drawings. Subtenant shall also cause Architect to prepare the final architectural, mechanical (including heating, ventilating
and air-conditioning) electrical, plumbing and structural plans and specifications (“Working Drawings”) necessary to complete the work (“Work”) required to construct the improvements to the Premises depicted in the
Space Plan previously approved by Sublandlord and Prime Landlord. The Working Drawings shall be in compliance with all of the applicable terms, requirements, and conditions set forth in the Prime Lease relating thereto, including, without
limitation, Article 6 (Alterations and Installations) and Schedule H (Conditions for Alterations). 
 Subtenant shall cause Architect
to submit the finished Working Drawings to Sublandlord and Prime Landlord for their review and approval, not to be unreasonably withheld, delayed, and/or conditioned. Sublandlord shall review the Working Drawings and grant its consent or denial
thereof within ten (10) business days after receipt thereof and a written request for Sublandlord’s approval (“Original WD Notice”). To the extent Sublandlord withholds its consent to the Working Drawings as aforesaid,
Sublandlord shall state, with specificity, Sublandlord’s reasons for such disapproval. In the event Sublandlord fails to respond to the Original WD Notice within such ten (10) business days period, then Subtenant may resubmit such request
in writing to Sublandlord with a notice set forth at the top of its request for approval, containing a legend in 14 point bold type which states in bold and all-capital letters: “URGENT NOTICE OF WAIVER OF RIGHTS BY SUBLANDLORD,”
and the content of such notice identifies this Work Letter and Article 6 of the Prime Lease, and further states in bold and all capital letters: “IF SUBLANDLORD FAILS TO RESPOND TO THIS NOTICE WITHIN THREE (3) BUSINESS DAYS AFTER
SUBLANDLORD’S RECEIPT OF SAME, THEN SUBLANDLORD’S CONSENT TO THE WORKING DRAWINGS SHALL BE DEEMED TO HAVE BEEN GIVEN” (“Second WD Notice”). In the event Sublandlord receives a Second WD Notice, and if Sublandlord
fails to respond thereto within such three (3) business day period, then Sublandlord’s consent solely to the alterations set forth in the Second WD Notice (if and only if the Working Drawings have not been amended or modified in any way
from those set forth in the Original WD Notice), shall automatically deemed to have been given. Nothing contained in the foregoing to the contrary shall in any way release Subtenant from procuring the

  
 A-1 

 Prime Landlord’s consent to the Working Drawings, nor shall Sublandlord’s approval, or deemed approval,
of any Working Drawings constitute Prime Landlord’s consent to same, nor otherwise bind Prime Landlord in any way. Similarly, Prime Landlord’s consent to the Working Drawings shall in no way constitute Sublandlord’s consent to same,
nor, in way, bind Sublandlord. 
 Prime Landlord’s required response, if any, shall be pursuant to the terms of the Prime Lease and
Sublandlord shall have no liability to Subtenant for Prime Landlord’s failure to comply with the terms thereof. Subtenant shall be required to make such corrections as Sublandlord reasonably and/or as Prime Landlord may designate and resubmit
the Working Drawings to Sublandlord and Prime Landlord for their consent, subject to Section 6(c) of the Sublease. 
 Subsequent to
Sublandlord’s and Prime Landlord’s approval of the Working Drawings, any changes to the Working Drawings requested by Subtenant shall be subject to the prior written consent of Sublandlord, not to be unreasonably withheld, conditioned, or
delayed, and Prime Landlord, except for minor changes thereto customarily made in the field, which minor changes shall not require the consent of Sublandlord or, unless required under the Prime Lease, Prime Landlord. 

3. Work. Subtenant hereby agrees that the Work shall be completed by a general contractor (“General Contractor”) and
subcontractors (each, a “Subcontractor” and collectively, “Subcontractors”) approved by Sublandlord, in its reasonable discretion, and Prime Landlord. Subtenant hereby agrees to indemnify and hold Sublandlord and
Prime Landlord harmless from and against any loss, cost, damage, liability or expense (including reasonable attorneys’ fees and court costs) incurred by Sublandlord and/or Prime Landlord with respect to all of Subtenant’s obligations set
forth in this Section 3. Subtenant shall cause the Work to be completed in the following manner: (a) free of all liens; (b) substantially in accordance with the Working Drawings; (c) in accordance with all of the applicable
terms, requirements, specifications, and conditions set forth in the Prime Lease, including, without limitation, Article 6 (Alterations and Installations) and Schedule H (Conditions for Alterations); and (d) in accordance with all
applicable laws, rules and regulations (it being acknowledged by Sublandlord and Subtenant the provisions of the Sublease regarding the filing of mechanics’ liens against the Building (or underlying real estate on which the Building is located)
by or through Subtenant shall control with respect to mechanics’ liens filed against the Building (or underlying real estate on which the Building is located) as a result of the Work. Subtenant shall only conduct the Work during the hours
permitted for such Work pursuant to the Prime Lease, unless otherwise consented to by Sublandlord and Prime Landlord, and shall cause as minimal disruption as reasonably possible to other tenants and subtenants of the Building. 

4. Access to Premises for Performance of the Work. Subtenant may access the Premises to commence construction of the Work on the day
which is the later to occur of: (a) the Sublease Commencement Date; (b) the date on which Subtenant receives Sublandlord’s and Prime Landlord’s final approval of the Working Drawings; (c) the date of delivery of insurance
certificates by Subtenant, General Contractor and all Subcontractors pursuant to this Work Letter and Sublease; and (d) the date of issuance of all permits and governmental approvals as may be required for the commencement of the Work. For
purposes of the Work, Subtenant shall have the non-exclusive right to use the Building’s freight elevator subject to availability and scheduling as may be established by Sublandlord and Prime Landlord. Such freight elevator use by Subtenant
shall be subject to any applicable charges and fees charged by Prime Landlord. 

  
 A-2 

 5. Cost of Work. 

(i) Subject to the terms and conditions provided herein, Sublandlord shall provide to Subtenant a construction allowance in the amount of
Three Hundred Twelve Thousand Four Hundred Eighty and No/100 Dollars ($312,480.00) (“Construction Allowance”) to be applied to the actual hard cost of completion of the Work based upon documented invoices approved by Sublandlord,
which approval shall not be unreasonably withheld, conditioned, or delayed. Subtenant shall provide Sublandlord with copies of invoices relating to the Work and customary lien waivers and other documentation reasonably required by Sublandlord and
Prime Landlord with respect thereto. To the extent the actual hard cost of the Work (“Cost of the Work”) exceeds the Construction Allowance (“Excess Costs”), Subtenant shall be obligated to pay, in a timely manner,
the Excess Costs from its own funds. In addition, Subtenant shall be obligated to pay, in a timely manner, all soft cost and other expenses and fees incurred by Subtenant in connection with the Work, in a timely manner, from its own funds. In the
event the Cost of the Work is less than the Construction Allowance (“Savings”), all Savings shall inure to the benefit of Sublandlord, and Subtenant shall have no right to any Savings. 

(ii) Provided Subtenant is not in default under the Sublease beyond applicable notice, grace and/or cure periods, the Construction Allowance
shall be paid to Subtenant for the Cost of the Work after final completion of the Work (as determined by Sublandlord in its reasonable discretion) within thirty (30) days after receipt and approval by Sublandlord of the following: (a) an
application for payment and completion affidavit of General Contractor covering the Work (AIA forms G702-1992 and G703-1992); (b) all of Subtenant’s General Contractor’s, Subcontractors’, and material suppliers’ full and
final waivers of liens (AIA form G706A-1994); (c) receipted bills covering all labor and materials expended and used; (d) final approved Working Drawings of the Work; (e) the certification of Subtenant’s Architect that the Work
has been installed in a good and workmanlike manner substantially in accordance with the Working Drawings (AIA form G704-2000); and (f) any other documentation or information required pursuant to the Prime Lease. Subtenant agrees promptly to
pay to Subtenant’s Contractors all amounts payable to them pursuant to their respective contracts in excess of the portion of the Construction Allowance disbursable hereunder; provided, however, Subtenant shall not make any payments to
Subtenant’s Contractors which are not then payable pursuant to said contracts. 
 6. Insurance. Subtenant shall fully comply with
all insurance requirements of the “Tenant” as set forth in the Prime Lease, and shall, in addition to any requirement to name Prime Landlord as an additional insured, name Sublandlord as an additional insured on any commercial general
liability policy and, to the extent not in violation of the Prime Lease, as loss payee with respect to the property insurance covering the Work. 

7. Indemnification. To the fullest extent permitted by law, except for the negligence and/or willful misconduct of Sublandlord and/or
Prime Landlord (solely to the extent Sublandlord is released from same under the Prime Lease), Subtenant shall indemnify, defend and hold harmless Sublandlord, Prime Landlord, and/or their respective directors, officers, shareholders, employees, and
agents (collectively, “Indemnified Parties”) from and against any and all loss, costs, expense, damage, injury, liability, claim, demand, penalty or cause of action (including attorneys’ fees and court costs), directly or
indirectly arising out of, resulting from or related to (in whole or in part): 

  
 A-3 

 
(a) the Work; (b) this Work Letter; (c) any mechanics’ liens which may be placed against the Building as a result of the Work; and (d) any act or omission in connection
with the Work of Subtenant, General Contractor, any Subcontractor or any individual, partnership, joint venture or corporation: (i) directly or indirectly employed by General Contractor or a Subcontractor; or (ii) for whose acts or
omissions General Contractor or any Subcontractor may be liable. Subtenant shall promptly advise Sublandlord in writing of any action, administrative or legal proceeding or investigation as to which this indemnification may apply, and Subtenant, at
Subtenant’s expense, shall assume on behalf of Sublandlord and conduct with due diligence and good faith the defense thereof with counsel reasonably satisfactory to Sublandlord; provided, that Sublandlord shall have the right to be represented
therein by advisory counsel of its own selection and its own expense. 
 Prior to performing the Work at the Premises or Building, all
contractors (including the General Contractor and all Subcontractors) shall be required to execute, and deliver, an indemnity agreement to Prime Landlord in the form attached to Schedule H of the Prime Lease. 

8. Acknowledgment of Rent Commencement. Subtenant acknowledges that, as of the Sublease Commencement Date, the Base Rent shall be paid
in accordance with the terms of Section 4 of the Sublease, whether or not Subtenant has completed the Work. 
 9. Approvals by Prime
Landlord. Sublandlord shall request Prime Landlord’s approval to any matter requiring Prime Landlord’s approval hereunder promptly upon Subtenant’s request. 

[THE END OF WORK LETTER] 

  
 A-4 

 EXHIBIT B 

LIST OF FURNITURE 

505 3rd Floor Furniture Inventory 
  

					
	 CIT INVENTORY
	  	 ITEMS
	  	QUANTITY
	 A Conference Room 3A
	  	 Steelcase Convene Wedge 8’ Table

Steelcase Convene Credenza 60x24

Keilhauer Elite Mid Back Faux (Ultrasuede) Chairs
	  	1
 1

8

			
	 B Pantry
	  	 Chairmaster Bar Stools
 Subzero
Refrigerator
 Amana Microwave
 Oasis Water Machine

Uline Ice Maker
 Dell Monitor
	  	3
 1

1
 1

1
 1

			
	 D Ladies Room
	  	Gray Trash Receptacle	  	1
			
	 E Other
	  	 Steelcase—36” Lateral File Cabinets (5 Drawers)

Steelcase—36” Lateral File Cabinets (2 Drawers)

Steelcase—30” Lateral File Cabinets (2 Drawers)

Steelcase—36” Lateral File Cabinets (3 Drawers)

Steelcase—30” Lateral File Cabinets (3 Drawers)
 Plastic
Waste Paper Baskets
 Blue Recycle Bin
 Keys for all Furniture
& File Cabinets
	  	4
 2

18
 2

14
 42

6

			
	 F “A” Office Modular Desk Sets—Elective Elements
	  	 P Top Desk With 2 Rectangular Worksurfaces
 3
Lateral Files
 Wall Mounted Storage Unit and Tack Boards

Hardwired Task Lights and Ambient Lights Above
 Wall Mounted
Storage Unit.
 Mobile Pedestal
 Steelcase Leap Desk Chair

Geiger Guest Chairs
	  	3
 9

3
  

3
 3

3
 6

			
	 G “B” Office Modular Desk Sets—Elective Elements
	  	 Bullet Top Desk With 2 Rectangular Worksurfaces

2 Lateral Files
 Wall Mounted Storage Unit and Tack Boards

Hardwired Task Lights and Ambient Lights Above
 Wall Mounted
Storage Unit.
 Mobile Pedestal
 Steelcase Leap Desk Chair

Geiger Guest Chairs
	  	22
 44

22
  

22
 22

22

44

  
 B-1 

					
	 CIT INVENTORY
	  	 ITEMS
	  	QUANTITY
	 H Powered Steelcase Montage Workstation
	  	 Rounded Work Surface With Box/Box/File
 2
Lateral Files
 Slat Wall
 Monitor Arm

Steelcase Leap Desk Chair
 In/Out Tray

Pen/Pencil Holder
 Dual Paperclip Holder
	  	21
 42

21
 19

18
 15

4
 8

			
	 I Powered Steelcase Montage Touchdown
	  	 Rounded Work Surface With Box/Box/File
 2
Lateral Files
 Slat Wall
 Monitor Arm

Steelcase Leap Desk Chair
	  	2
 4

2
 1

2

			
	J Locker Room	  	Republic Standard Lockers 18” x 18” x 72”	  	4

  
 B-2 

 EXHIBIT C 

LIST OF SERVICE PROVIDERS 
  

							
	 AAA LOCKSMITHS
 (Keys) 44 West 46th
St.
 New York, N.Y. 10036
 Bus: 212- 840-3939

Fax: 212- 921-5086
 Email: www.aaahardware.com
	  	 CON EDISON
 4 Irving Place

Cooper Station
 P.O. Box 138

New York, N.Y. 10276
 Bus: 800-752-6633

Email: www.coned.com
	  	 GENERAL PLUMBING
 (24 hr. Emergency
Plumber)
 ROENEN ISRAEL — Manager
 Bus: 212- 972-5000 ext.
107
 ANDREW MORAN — Plumber
 Bus: 212- 972-5000

Bus: 718-782-4400
 Fax: 718-782-2405
	  	 LVC INTERIORS, INC.
 (MOTORIZED
SHADES: 7TH FLOOR)
 PAUL RUTNIK
 176 Kansas Street

Hackensack, N.J. 07601
 Bus: 201- 525-0222

Fax: 201- 525-0345

Email: paul.rutnik@lvcinteriors.com

				
	 AFD CONTRACT FURNITURE
 (Office,
Workstation Furniture
 & File Cabinets)
 VALERIE PEASE

88 West End Avenue
 New York, New York 10023

Bus: 212- 626-9419
 Cell: 917- 608-7628

Fax: 212- 626-9479
 E-mail vpease@afd-inc.com

JACKIE LUI
 Email: jlui@adf-inc.com
	  	 CONFIDENTIAL SHREDDING
 (Shredding
bins)
 STEVEN ANASTASIO
 P.O. Box 8643

Woodctiff Lake, NJ 07677
 Bus: 201- 573-1400

Fax: 201- 573-1496
 Email: shredconfidential.com
	  	 HARVARD MAINTENANCE
 (Cleaning
Company)
 NICOLE JENNINGS —Account Executive
 570 Seventh
Ave.
 New York, N.Y. 10018
 Bus: 212- 730-0001

Fax: 212-302-9560
 Cell: 917- 560-8253

Email: Nicole@harvardmaint.com
 PETER PAPRANIKU — Night
Supervisor
 Cell: 917- 299-9173
	  	 MIDHATTEN WOODWORKING CORP.
 (Repair
Wood Interiors)
 STEVE GOLDBERG
 P.O. Box 163

3130 Bordentown Road
 Old Bridge, N.J. 08857

Bus: 732- 727-3020
 Fax: 732- 727-0201

Cell: 646- 208-9875
 Email:
sgoldberg@midhatten.com

				
	 AMATO
 [Furniture)

JOHN AMATO
 51-02 21st Street

Long Island City, NY 11101
 Bus: 212-925-3639

Fax. 212-941-8637
 Email: JAmato@amatofumiture.com
	  	 CONSOLIDATED CARPETS

(Carpeting)
 DAVE WHITE

45 West 25th Street
 New York, New York 10010

Bus: 212- 226-4600, Ext. 235
 Fax: 212- 226-4644

Cell: 732-809-9132
 dwhite@consolidatedcarpet.com
	  	 HORTICULTURAL CREATIONS INC.

(Interior plants)
 DOUG LINK

53-55 Beach Street
 New York, New York 10013-2399

Bus: 212- 925-5200
 Fax: 212- 925-7563

Email: douglink@hcinc.org
	  	 P.J. MECHANICAL
 (Air Conditioning
Maintenance)
 ARNOLD VARELA — Field Supervisor
 135 West
18th Street
 New York, New York 10011-4153
 Bus: (212)
886-6666
 Fax: (212) 229-2216
 Cell: (917) 699-9433

Email: avarela@pjmechanical.com

				
	 AMERICAN CHRISTMAS DECORATING

(Holiday Decorations @ 505 & 11W)
 ROBERT SOLOFF

1135 Bronx River Avenue
 Bronx, New York 10472

Bus: 718- 402-9700
	  	 DAY & NITE REFRIGERATION

(Service for Refrigerators & Ice makers)
 PAT FAVA

10 Charles Street
 P.O. Box 310

New Hyde Park, New York 11040
 Bus: 516- 378-1176

Fax: 516- 378-1735
	  	 KIPP STAWSKI MANAGEMENT GROUP

(505 Landlord)
 1212 6th Avenue

New York, N.Y. 10021
 ARTIE GIAMMARINO

Building Manager
 TONY KLOBOCISTA

Tenant Coordinator
 505 5th Avenue

Bus: 212- 370-0635
 New York, New York 10017

Cell: 646- 465-0060
 Bus: 212- 370-0635

Email: Tonyk@kipp-stawski.com
 Cell: 917-771-7449

Fax: 212-370-0133
 Email: artie505@yahoo.com
	  	 PETROCELLI ELECTRIC CO., INC.

(Light Maintenance)
 ED PERRY

22-09 Queens Plaza North
 Long Island City, New York 11101-4003

Bus: (718) 752-2312
 Fax: (718) 937-6628

Cell: (917) 670-1968
 Email: e.perry@petrocelli.corn

 

	 CAPITAL MOVING & STORAGE

(Movers)
 STEVE McINERNEY

Bus: 201- 332-7510
 Cell: 201- 376-5089

Fax: 201- 332-7178
 Email:
steve@capitalmoving.net
	  	 DIRECT TV, INC.
 (Plasma screens
pantries)
 Business Service Center
 PO Box 5392

Miami, Fla. ###-##-####
 Bus: 888- 388-4249
	  	  	 SMITH GRAPHICS. INC.
 (Signage)

RICK SMITH
 99 Farrell Street

Long Beach, NY 11561
 Bus: 631- 420-4180

Email: rich@smithgraphicsinc.com
 T.F. NUGENT, INC.

(Painting Contractor)

  
 C-1 

							
	 COFFEE DISTRIBUTING CORP.
 (Coffee,
vending machine equipment, & supplies)
 ROB KRENSER
 Bus:
800- 356-8881. Ext. 147 (Jose)
 E-mail:RobK@cdccoffee.com
 Peggy
Susino — Account Rep
 Bus: 516-746-7010 Ext.143
	  	 FIRE EXTINGUISHER MAINTENANCE CO.

(Annual Fire Extinguisher Maintenance)
 P.O. Box 100115

166 Broadway
 Staten Island, New York 10310-0115

Bus: 718- 727-0701
	  		  	 T.F. NUGENT, INC
 ANDY
NUGENT
 10 Rockefeller Plaza
 New York, New York 10020

Bus: 212- 757-1995 ext. 11
 Cell: 917- 560-1838

Fax: 212- 956-3148

  
 C-2 

 APPROVED CONTRACTOR LIST 

505 FIFTH AVENUE 

GENERAL CONTRACTORS 
  

			
	 1. StructureTone
 Contact:
Robert Leon
		(212) 481-6100
		
	 2. Tri-Star Construction

Contact: Mike Barton
		(212) 486-0808
		
	 3. OPT
 Contact: Oliver
Papraniku
		(212) 239-1557
		
	 4. J.T. Megan Construction

Contact: Maurice Regan
		(212) 790-4200
	
	DRYWALL, CARPENTRY & ACOUSTICS
		
	1. San Jon, Inc.		(914) 878-2210
		
	2. Ess & Vee		(718) 786-1100
		
	3. Component Assembly System, Inc.		(914) 738-5400
		
	4. Superior Acoustics Drywall		(631) 269-4500
		
	5. Concept Carpentry		(212) 636-0260
	
	CARPET & RESILIENT FLOORING
		
	1. Flooring by Cantabria, Inc.		(212) 973-9752
		
	2. Ashland		(845) 267-0059
		
	3. Sherland & Farrington		(212) 206-7500
		
	4. BC/Exchange		(212) 391-7727
	
	PAINTING & WALLCOVERING
		
	1. L & L Painting Co., Inc.		(516) 349-1900
		
	2. Hudson Shatz Painting		(212) 757-6363

  
 C-3 

			
	3. Bond Painting		(212) 944-0070
		
	SPRINKLERS		
		
	1. Sirina Fire Protection		(516) 942-0400
		
	2. Abco Peerless Sprinkler Corporation		(516) 294-6850
		
	3. Federated Mechanical Corp.		(212) 367-7658
		
	4. Acme Sprinkler Corp.		(212) 255-4034
	
	PLUMBING
		
	 1. City Suburban/Plumbing Corp.

Contact: Carmine Sprio
		(914) 738-0894
		
	2. Par Plumbing		(516) 887-4000
		
	3. MJM Plumbing Inc.		(212) 966-2444
		
	4. Parkview Plumbing		(718) 792-3500
	
	HVAC
		
	1. Kaback Enterprises, Inc.		(212) 645-5100
		
	 2. Admore Air Conditioning Corp.

Paul Rowley
		(914) 237-3000
		
	 3. Concept Air Conditioning & Refrigeration

Jessica Delgeorge
		(718) 326-2660
		
	ELECTRICAL		
		
	 1. Michael Mazzeo Electric Corp.

Contact: Nicholas Imperato
		(718) 361-0306
		
	 2. E-J Electric
 Contact: Ed
Harley
		(718) 786-9400
		
	 3. H & L Electric

Contact: Barry Berger
		(718) 361-6400
		
	 4. Polo Electric
 Contact:
Dino Stathis
		(212) 627-8220

  
 C-4 

			
	 5. All State Electric Corp.

Contact: Lenny Sainovski
		(212) 244-3580
	
	WOODWORKING
		
	1. NJS		(908) 687-8443
		
	2. Hordic		(718) 456-7000
		
	3. Mid-hattan		(732) 727-3020
		
	FILING AGENT		
		
	 1. Metropolis Consulting Group

Contact: Frank Fortino
		(212) 233-6344
	
	BUILDING LOCAL LAW 5 VENDOR
		
	1. Cross Fire & Security		(718) 234-8600
		
	ENGINEERS		
		
	1. JB & B Consulting Engineers		(212) 530-9300
		
	2. Jack Green Associates		(212) 629-0850
		
	 3. Rossenwasser Grossman

Structural Engineers
		(212) 564-2424
	
	DOOR MAINTENANCE
		
	1. Versatile Services		(201) 541-0036
		
	2. Harvard Door Maintenance		(212) 730-0001

  
 C-5 

 EXHIBIT D 

SUBTENANT’S PROPOSED SIGNAGE 
  

 

  
 D-1 

 EXHIBIT E 

COPY OF PRIME LEASE IS ATTACHED HERETO 

  
 E-1 

 EXHIBIT F 

FORM OF PRIME LANDLORD’S CONSENT 

(See attached) 

  
 F-1 

 CONSENT TO SUBLEASE 

FIFTH @ 42nd LLC, a Delaware limited liability company, having an office at 565 Fifth Avenue,
30th Floor, New York, New York 10017 (herein called “Landlord”), hereby consents to the subletting by CIT GROUP INC., a Delaware corporation, having an office at 505 Fifth Avenue, New
York, New York (herein called “Tenant”), to Mesoblast, Inc., a Delaware corporation, having an office at 275 Madison Avenue, 4th Floor, New York, New York 10016 (herein called “Subtenant”), of the entire third (3rd) floor of
the building commonly known as 505 Fifth Avenue, New York, New York (such space hereinafter called the “Sublet Space” and such building hereinafter called the “Building”) for a term expiring not later than May 30, 2021,
(which such subletting is hereinafter referred to as the “Sublease”) which premises are now leased and demised by Landlord to Tenant by that certain lease dated June 7, 2005, (said lease as the same may have been and may hereafter be
amended by any indentures or agreements supplemental thereto, is herein called the “Lease”), such consent being subject to and upon the following terms and conditions, to each of which Landlord, Tenant and Subtenant expressly agree: 

1. Nothing herein contained shall be construed to modify, waive, impair or affect any of the covenants, agreements, terms, provisions or
conditions contained in the Lease (except as may be herein expressly provided), or to waive any breach of Tenant in the due keeping, observance or performance thereof. 

2. Tenant shall be and remain liable and responsible for the due keeping, performance and observance throughout the term of the Lease, of all
of the covenants, agreements, terms, provisions and conditions therein set forth on the part of Tenant to be kept, performed and observed and for the payment of the fixed rent, additional rent and all other sums now and/or hereafter becoming payable
thereunder, expressly including as such additional rent, any and all charges for any property, material, labor, utility or other services furnished or rendered by Landlord in or in connection with the Sublet Space in accordance with the Lease (each
a “Service,” collectively, “Services”), whether for, or at the request of, Tenant or Subtenant; provided, however: (i) Tenant shall have no obligation to pay for any Services provided to Subtenant and/or the Sublet Space if
Tenant has not received evidence from the Landlord that such Services were requested by Subtenant; and (ii) unless Tenant shall have previously approved or requested such Services in writing, Tenant shall have no obligation to pay for any
Services provided to Subtenant and/or the Sublet Space if the cost of any particular Service exceeds Five Thousand and No/100 Dollars ($5,000.00). 

3. The Sublease shall be subject and subordinate at all times to the Lease, and to all of the covenants, agreements, terms, provisions and
conditions of the Lease and of this Consent, and Subtenant shall not do, permit or suffer anything to be done in, or in connection with Subtenant’s use or occupancy of, the Sublet Space which would violate any of said covenants, agreements,
terms, provisions and conditions. Upon the occurrence of an event of termination, re-entry or dispossession by Landlord under the Lease in connection with or as a consequence of a default by Tenant under the Lease, Landlord may at its option, take
over all of the right, title and interest of Tenant as sublessor under the Sublease and in any such event Subtenant shall, at Landlord’s option, attorn to Landlord pursuant to the then executory provisions of the Sublease, and in such event,
Subtenant’s possession 

  
 F-2 

 
of the Sublet Space shall not be disturbed except that Landlord shall not (a) be liable for any previous act or omission of Tenant under the Sublease, (b) be subject to any offset which
theretofore accrued to Subtenant against Tenant or (c) be bound by any previous modification of the Sublease to which Landlord has not consented or by any previous pre-payment of more than one month’s fixed rent or additional rent. 

4. This Consent shall not be construed as a consent by Landlord, to, or as permitting, any other or further subletting by either Tenant or
Subtenant or any assignment of the Sublease, and no such further assignment or subletting shall be made without the prior written consent of Landlord in each instance, except as set forth in Section 11.02 of the Lease, the provisions of which
Landlord hereby agrees shall also be applicable with respect to Subtenant. 
 5. The Sublet Space shall (subject to all of the covenants,
agreements, terms provisions and conditions of the Lease) be used solely for general, administrative and executive office purposes. 
 6.
Upon the expiration or any earlier termination of the term of the Lease with respect to the Sublet Space or in case of the surrender of the Lease by Tenant to Landlord, the Sublease and the term and estate thereby granted shall terminate as of the
effective date of such expiration, termination or surrender, and Subtenant shall vacate the Sublet Space on such date. 
 7. The Landlord
hereby represents and warrants to Tenant and Subtenant that as of the date hereof, to Landlord’s best knowledge, Tenant is not in, and has no continuing default under the terms of the Lease, and no event has occurred which with the giving of
notice or the passage of time would constitute a default under the Lease. 
 8. A true and complete copy of the Sublease and a true and
complete copy of each amendment thereto shall be delivered to Landlord within ten (10) days after the full execution and delivery thereof by the parties thereto; it being understood that Landlord shall not be deemed to be a party to the
Sublease or any such amendment nor be bound by any of the covenants, agreements, terms, provisions or conditions thereof and that neither the execution and delivery of this Consent nor the receipt by Landlord of a copy of the Sublease or of a copy
of any such amendment shall be deemed to change any provision of this Consent or to be a consent to, or an approval by Landlord of, any covenant, agreement, term, provision or condition contained in the Sublease or any such amendment. 

9. Subtenant shall attempt to obtain and maintain throughout the term of the Sublease, in Subtenant’s fire insurance policies covering
Subtenant’s property in the Sublet Space, and Subtenant’s use and occupancy of the Sublet Space, and/or Subtenant’s profits (and shall cause any other permitted occupants of the Sublet Space to attempt to obtain and maintain, in
similar policies), provisions to the effect that such policies shall not be invalidated should the insured waive, in writing, prior to a loss, any or all right of recovery against any party for loss occasioned by fire or other casualty which is an
insured risk under such policies. If at any time the fire insurance carriers issuing such policies shall exact an additional premium for the inclusion of such or similar provisions, Subtenant shall give Landlord and Tenant notice thereof. In such
event, if either Landlord or Tenant requests, Subtenant shall require the inclusion of such or similar provisions by 

  
 F-3 

 
such fire insurance carriers, and Tenant shall reimburse Subtenant for such additional premium for the remainder of the term of the Sublease. As long as such or similar provisions are to be
included in such fire insurance policies then in force, Subtenant hereby waives (and agrees to cause any other permitted occupants of the Sublet Space to execute and deliver to Landlord written instruments waiving) any right of recovery against
Landlord, Tenant, any lessors under any ground or underlying leases, any other tenants and occupants of the Building, and any servants, employees, agents or contractors of Landlord, Tenant or of any such lessor, or of any such other tenants or
occupants, for any loss occasioned by fire or other casualty which is an insured risk under such policies. During any period while the foregoing waiver of right of recovery is in effect, Subtenant, or any other permitted occupant of the Sublet
Space, as the case may be, shall look solely to the proceeds of such policies to compensate Subtenant or such other permitted occupants for any loss occasioned by fire or other casualty which is an insured risk under such policies. Landlord agrees
that the provisions of Section 9.08 of the Lease shall also apply as between Landlord and Subtenant. 
 10. Neither the Sublease, this
Consent to Sublease, a Memorandum of the Sublease or any other document setting forth any of the information contained therein shall be recorded. 

11. Wherever in the Lease Tenant has agreed to indemnify, defend, save and hold Landlord harmless from and against any action, claim or
proceeding brought against Landlord by third parties, Subtenant hereby agrees jointly and severally with Tenant to so indemnify, defend, save and hold Landlord harmless with respect to any such claim which arises out of or in connection with
Subtenant’s use and occupancy of the Sublet Space 
 12. Landlord represents and warrants to Tenant and Subtenant that Landlord has the
authority to execute this Consent as Landlord under the Lease, and no other consents or authorizations are required by Landlord or by any third parties, including any third-party lenders or landlords having any interest in the Building, the real
property beneath the Building and/or any portion thereof, in connection with Tenant’s and Subtenant’s entering into the Sublease and Landlord’s consent thereto. 

13. This Consent shall be binding upon and shall inure to the benefit of the parties hereto and their respective beneficiaries, successors and
assigns. This Consent may be executed in any number of counterparts, each of which shall be deemed an original and which, when taken together, shall constitute a single instrument. The parties hereto agree that any signatures necessary to effectuate
this Consent transmitted by facsimile shall be binding and enforceable against, and shall inure to the benefit of the parties hereto and their respective successors, legal representatives and assigns as if such signatures were an original. This
Consent shall be governed by and interpreted under the laws of the State of New York. If any provision, clause, word or designation of this Consent is held to be invalid by any court of competent jurisdiction, such provision, clause, word or
designation shall be deemed to be excised from this Consent and the invalidity thereof shall not affect any other provision, clause, word or designation contained herein. 

  
 F-4 

 14. The parties agree that the provisions of Section 9.07 of the Lease shall be applicable
to any liability that Landlord may have pursuant to this Consent to either Tenant or Subtenant, as the case may be, as shall the provisions of Section 20.01 of the Lease in the event of any transfer of title to the Land (as defined in the
Lease) and Building or any lease thereof. 
 15. Simultaneously herewith, Tenant is paying to Landlord the sum of One Thousand and No/100
Dollars ($1,000.00), and the sum of Three Thousand Five Hundred and No/100 Dollars ($3,500.00) to Morrison Cohen LLP in connection with Landlord’s review of, and consent to, the Sublease. 

16. Annexed hereto are Landlord’s latest Rules and Regulations for Alterations and Approved Contractors List comprising respectively
Exhibits H and C to the Lease, to be deemed to be in replacement for those Schedules annexed to the Lease. 
 17. Landlord hereby approves of
the signage described on Exhibit D to the Sublease. 
 18. Landlord shall make available for Subtenant’s use for supplemental
air-conditioning up to fifteen (15) tons of condenser water, and Subtenant shall pay to Landlord an annual fee therefor at the rate per ton set forth in the Lease based on Subtenant’s actual usage. 

[THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] 

  
 F-5 

 IN WITNESS WHEREOF, the parties have caused these presents to be duly executed as of the
            day of             , 2011. 
  

									
							FIFTH @ 42nd LLC, Landlord
					
	WITNESS:								
	  
				By:		  

							Name:		  

							Title:		  

				
							CIT GROUP, INC., Tenant
					
	WITNESS:								
	  
				By:		  

							Name:		  

							Title:		  

				
							MESOBLAST, INC.
					
	WITNESS:								
	  
				By:		  

							Name:		  

							Title:		  

  
 F-6EX-10.22

 Exhibit 10.22 
  

 
 Dated 
 Sublease 

Premises: Level 38, 55 Collins Street, Melbourne 
 Parties

 Collins Place Pty Ltd 
 ACN 084 238 497 

Collins Place No. 2 Pty Ltd 
 ACN 090 537 643 

AMP Capital Investors Limited 
 ACN 001 777 591 

Australia and New Zealand Banking Group Limited 
 ACN 005
357 522 
 Mesoblast Limited 
 ACN 109 431 870 

Guy Albeck 
 Norton Rose Fulbright Australia 

485 Bourke Street 
 Melbourne VIC 3000 

Tel: +61 (0)3 8686 6844 
 www.nortonrosefulbright.com 

Our ref: 2806706 

 Contents 
  

							
	 Schedule 1 Reference Schedule
		 	2	  
	 Schedule 2 Special Conditions
		 	4	  
	 1
		 Definitions and interpretation
		 	19	  
	 2
		 Term and holding over
		 	28	  
	 3
		 Further Term(s)
		 	29	  
	 4
		 Rent and rent reviews
		 	31	  
	 5
		 Operating expenses
		 	36	  
	 6
		 Utilities and services
		 	40	  
	 7
		 Use of the Premises
		 	40	  
	 8
		 Dealings
		 	44	  
	 9
		 Personal Property Securities Act
		 	46	  
	 10
		 Maintenance and repair
		 	47	  
	 11
		 Redecoration and restoration
		 	49	  
	 12
		 Expiry or termination of term
		 	50	  
	 13
		 Alterations
		 	53	  
	 14
		 Insurances and indemnities
		 	54	  
	 15
		 Landlord’s covenants and additional rights
		 	58	  
	 16
		 Damage and destruction
		 	61	  
	 17
		 Default and termination
		 	64	  
	 18
		 Security
		 	66	  
	 19
		 Personal guarantee
		 	67	  
	 20
		 Head and Concurrent Lease and Collins Place
		 	70	  
	 21
		 Limitation of liability
		 	71	  
	 22
		 GST
		 	71	  
	 23
		 Miscellaneous
		 	72	  

  

							
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 Page 1 of 82 

 Schedule 1 Reference Schedule 

 

			
	Item 1		Landlord
		
			Australia and New Zealand Banking Group Limited ACN 005 357 522 of 833 Collins Street, Docklands, Victoria, 3008
		
			Email address for service (clause 23.1)
			property.notices@anz.com
		
	Item 2		Tenant
		
			Mesoblast Limited ACN 109 431 870 of level 39, 55 Collins Street, Melbourne, Victoria, 3000
		
			Email address for service (clause 23.1)
		
			peter.howard@mesoblast.com
		
	Item 3		Premises
		
			Level 38 of the Building comprising an Area of 1035.9 square metres, and being the area shown on the plan attached as Annexure B
		
	Item 4		Commencement Date and Rent Commencement Date [clause 2.1 and clause 4.1]
		
			Commencement Date
		
			14 April 2014
		
			Rent Commencement Date
		
			14 April 2014
		
	Item 5		Termination Date [clause 2.1]
		
			13 April 2020
		
	Item 6		Term [clause 2.1]
		
			Six (6) years
		
	Item 7		Further Term (clause 3)
		
			Six (6) years
		
			Last Day for exercise of option
		
			14 June 2019
		
	Item 8		Rent (clause 4.1)
		
			$694,053.00 per annum plus GST

  

							
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	Item 9		Index Review Dates [clause 4.4]
		
			Not applicable
		
	Item 10		Market Review Dates [clause 4.5]
		
			13 April 2020
		
	Item 11		Fixed Rent Increase Dates [clause 4.10]
		
			Each anniversary of the Commencement Date during the Term and Further Term (excluding the commencement date of the Further Term which is a Market Review Date)
		
			Fixed Rent Increase Percentage [clause 4.10]
		
			3.75%
		
	Item 12		Use of Premises (clause 7.1)
		
			Commercial office.
		
	Item 13		Hours of use and air conditioning:
		
			 (a)    Hours of use (Building Rule 17):

		
			 Monday to Friday (excluding Public Holidays)

			 8.00am to 6.00pm

		
			 (b)    Hours of air conditioning (Building Rule 25):

		
			 Monday to Friday (excluding Public Holidays)

			 7.30am to 6.00pm

		
	Item 14		Amount of Public Risk Insurance [clause 14.1(1)]
		
			$20,000,000
		
	Item 15		Amount of operating expenses at the Commencement Date [clause 5.4]
		
			Not applicable
		
	Item 16		Tenant’s Proportion (clause 5.3):
		
			2.25% as at the commencement date
		
	Item 17		Bank Guarantee amount (clause 18.1)
		
			An amount equal to 14 month’s Rent plus GST as at the second anniversary of the Commencement Date, being $958,756.50 (including GST).
		
	Item 18		Guarantors (clause 19)
		
			Not applicable

  

							
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 Page 3 of 82 

 Schedule 2 Special Conditions 

 

	1	Special conditions to prevail 

 The special conditions in this Schedule 2 will
prevail to the extent there is any inconsistency between the special conditions and the Lease. 
  

	2	Early access 

  

	2.1	Access 

  

	 	(1)	Despite the Commencement Date, the Tenant may access the Premises from the date which is the latest of: 

  

	 	(a)	the date this Lease is executed by the Tenant and delivered to the Landlord; 

  

	 	(b)	the date on which the Tenant has complied with its insurance obligations under clause 14; 

  

	 	(c)	the date on which the Tenant provides the Bank Guarantee to the Landlord pursuant to clause 18; and 

  

	 	(d)	15 December 2013, 

 solely for the purposes of preparing for the Tenant’s fitout of
the Premises and subject to obtaining the Landlord’s consent in accordance with special condition 3.1, undertaking the Tenant’s fitout of the Premises. 
  

	 	(2)	During any period of access granted under this special condition 2.1, and prior to the Rent Commencement Date: 

  

	 	(a)	the Tenant is not required to pay Rent, but must pay for any costs or charges under clause 6.3; and 

  

	 	(b)	the Tenant is to be provided with reasonable use of the goods lift (or dedicated passenger lift, as the case may be) and loading dock, as determined by the Landlord (acting reasonably). 

 

	2.2	Nature of access 

 Any access to the Premises pursuant to this special condition 2: 

 

	 	(1)	is granted by way of licence only on a personal, non-transferable and non-exclusive basis and otherwise on the terms of this Lease, to the extent they are applicable to a licence and not inconsistent with the provisions
of this special condition 2; 

  

	 	(2)	will be solely for the purposes of planning and carrying out the Tenant’s fitout of the Premises; and 

  

	 	(3)	will be at the Tenant’s sole risk in all respects. 

  

							
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	3	Fitout 

  

	3.1	Approval 

  

	 	(1)	The Tenant must seek the Landlord’s approval to the Tenant’s fitout of the Premises and provide to the Landlord with five (5) copies of the plans, design drawings and specifications in respect of the
Tenant’s fitout of the Premises which must comply with any tenancy fitout guide applicable to the Building and issued by the Landlord to the Tenant. 

  

	 	(2)	The Tenant acknowledges that, subject to any provisions to the contrary in these special conditions, the provisions of clauses 13.1(3)(g), 13.1(4) and 13.1(6) apply to any alterations comprised in the Tenant’s
proposed fitout works, to the extent applicable. 

  

	 	(3)	Subject to the Landlord obtaining the Head Landlord’s and Concurrent Landlord’s consent to any structural works, the Landlord will act reasonably and promptly in considering the Tenant’s proposed fitout
works, provided the Tenant has complied with this special condition 3. 

  

	3.2	Approval costs 

 The Tenant is not required to pay the Landlord’s Costs in
considering and approving of the Tenant’s proposed fitout, except if the Landlord requires advice or input from external consultants, in which case such Costs must be paid to or at the direction of the Landlord on demand. 

 

	3.3	Fitout contractors 

 The Tenant may use its own contractors to perform its fitout works:

  

	 	(1)	provided those contractors are suitably qualified and experienced, as determined by the Landlord, the Head Landlord and the Concurrent Landlord, acting reasonably; 

 

	 	(2)	unless, depending on the specialised nature of the works to be performed or the impact the works may have on the structure of the Building or Services to the Building, the Landlord, the Head Landlord and Concurrent
Landlord, acting reasonably, requires that their preferred contractors are used; and 

  

	 	(3)	except for the engagement of any security contractors, in relation to which the Landlord, the Head Landlord and Concurrent Landlord may require the Tenant to engage the Landlord’s, the Head Landlord’s or the
Concurrent Landlord’s security contractors at the Landlord’s absolute discretion. 

  

	4	Fitout Contribution 

  

	4.1	Payment 

  

	 	(1)	The Landlord will provide a contribution to the costs of the Tenant’s fitout works in an amount equal to $886.00 per square metre (plus GST) of the Premises, being $917,807.40, (plus GST) based on the Area of the
Premises being 1035.9 square metres (Fitout Contribution). 

  

	 	(2)	The Landlord will nominate those items to which the Fitout Contribution is to apply as soon as reasonably practicable after the Tenant submits its plans, design drawings and specifications for its fitout under special
condition 3.1(1), with such items to be nominated in an order of priority determined by the Landlord in its absolute discretion. 

  

							
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	 	(3)	The Fitout Contribution is to be paid by the Landlord: 

  

	 	(a)	directly to the Tenant in respect of the relevant works; 

  

	 	(b)	in two separate payments, as follows: 

  

	 	(i)	one payment halfway through completion of the Tenant’s fitout; and 

  

	 	(ii)	the final payment within 14 days of practical completion of the Tenant’s fitout; and 

  

	 	(c)	only upon receipt of certification from a suitably qualified quantity surveyor, project manager or architect that the works to which the relevant part of the Fitout Contribution is to be applied are complete and the
corresponding tax invoices received by the Landlord are in order for payment, supported by an itemised schedule breaking down the components of the works, consistent with special condition 4.1(2), to enable the Landlord to procure a depreciation
schedule; 

 and in any event will not be paid prior to the occurrence of the events listed in special conditions 2.1(1)(a) to
2.1(1)(c) (both inclusive). 
  

	5	Ownership 

  

	 	(1)	In respect of any works to which the Fitout Contribution will be applied (Landlord Owned Works): 

  

	 	(a)	the Landlord shall own the fitout, property and other items comprised in the Landlord Owned Works; 

  

	 	(b)	the Landlord appoints the Tenant as its lawful agent and the Tenant must enter into any contract in respect of the Landlord Owned Works as the disclosed agent of the Landlord; and 

 

	 	(c)	the Landlord is under no obligation to pay the Fitout Contribution (in whole or part) unless the Tenant has complied with special condition 5(1)(b). 

 

	 	(2)	The Tenant will indemnify and keep indemnified the Landlord for any Claim (other than for payment of the Fitout Contribution to the Tenant) in relation to the Landlord’s appointment of the Tenant as its lawful
agent. 

  

	 	(3)	The Landlord shall not be liable to the Tenant or any other person for any delay, variation or other claim or sum whatsoever in respect of the Landlord Owned Works, even though they are works to which the Fitout
Contribution applies, other than the payment of the Fitout Contribution. 

  

	 	(4)	This special condition 5 is without prejudice to the Tenant’s obligations in relation to: 

  

	 	(a)	maintenance, repair, make good and insurance in respect of the Premises and items therein; and 

  

	 	(b)	alterations to, and installation of fixtures and fittings in the Premises, 

  

							
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 Page 6 of 82 

 including but not limited to those obligations set out in clauses 10 and, to the extent not
inconsistent with the Tenant’s obligations under special condition 3 and this special condition 5, those obligations extend to the Landlord Owned Works. 
  

	 	(5)	Within thirty (30) days of practical completion of the Landlord Owned Works, the Tenant must furnish to the Landlord a costed schedule report: 

 

	 	(a)	prepared by a qualified quantity surveyor; 

  

	 	(b)	consistent with the items to which the Fitout Contribution is or has been applied; and 

  

	 	(c)	otherwise to the satisfaction of the Landlord (acting reasonably), 

 listing those items
included in the Landlord Owned Works which will be owned by the Landlord under this special condition 5, and in a form sufficient, as determined by the Landlord, for the Landlord to utilise as a basis for the preparation of a depreciation schedule.

  

	6	Landlord Works 

  

	6.1	Works 

 The Landlord will procure the performance of the following works to the
Premises: 
  

	 	(1)	Installation of double glass entry doors on the south-eastern side of the floor of the Building on which the Premises are located, the specifications of which will be determined at the Landlord’s discretion (acting
reasonably); and 

  

	 	(2)	such works to render the Premises refurbished to a standard consistent with level 31 of the Building as at the date of this Lease (as determined by the Landlord, acting reasonably). 

(collectively, the Landlord Works). 
  

	6.2	Timing 

  

	 	(1)	The Landlord will endeavour to complete the Landlord Works as soon as reasonably practicable after the later of: 

  

	 	(a)	the date this Lease is executed by the Tenant and delivered to the Landlord; 

  

	 	(b)	the date on which the Tenant has complied with its insurance obligations under clause 14 and obtained any other necessary insurances in respect of its fitout works reasonably required by the Landlord; and

  

	 	(c)	the date on which the Tenant provides the Bank Guarantee to the Landlord pursuant to clause 18. 

  

	 	(2)	The Landlord will: 

  

	 	(a)	consider, acting reasonably, any material concerns raised by the Tenant in relation to the Landlord Works; and 

  

	 	(b)	undertake any rectification works it considers are needed to address the Tenant’s concerns, 

provided such concerns are raised by the Tenant prior to commencing its fitout of the Premises. 

 

							
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	6.3	Acceptance 

 Subject to compliance by the Landlord with special conditions 6.1 and 6.2,
the Tenant must accept the Premises in their condition on completion of the Landlord Works and may not: 
  

	 	(1)	object; 

  

	 	(2)	claim against the Landlord or the Landlord’s Employees; 

  

	 	(3)	rescind or purport to rescind or terminate this Lease; 

  

	 	(4)	withhold or offset any Rent or other monies due to the Landlord under this Lease, 

 because of
or in respect of the condition of the Premises upon completion of the Landlord Works. 
  

	7	Condition report 

 As soon as practicable after completion of the Landlord Works, the
Landlord will procure a condition report detailing the condition of the Premises (Condition Report): 
  

	 	(1)	prepared by an appropriately qualified and independent consultant of the Landlord’s choosing, in consultation with the Tenant; 

  

	 	(2)	the costs of which will be shared by the Landlord and Tenant, with the Tenant’s share to be paid to the Landlord by the Tenant within 14 days of a written request by the Landlord; 

 

	 	(3)	which the Landlord and Tenant now agree, except in the case of manifest error, will be conclusive evidence as to the condition of the Premises as at the First Occupancy Date; and 

 

	 	(4)	which the Tenant authorises the Landlord to attach to this Lease as Annexure C to this Lease. 

  

	8	Make good 

  

	 	(1)	Despite anything to the contrary in this Lease: 

  

	 	(a)	if the Tenant either validly exercises its option for the further term under clause 3; and 

  

	 	(b)	the Landlord does not terminate the lease during the course of that further term, 

 the Tenant
may but is not required to comply with clause 12, both on or before the date the initial Term of this Lease ends and on or before the lease for the further term ends, but must leave the Premises, Landlord’s Fittings and Tenant’s Fittings
in a clean and tidy condition to the satisfaction of the Landlord, acting reasonably. 
  

							
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	 	(2)	If, despite special condition 8(1), the Tenant elects to remove any Tenants Fittings upon expiry of the further term under clause 3: 

 

	 	(a)	it must immediately make good any damage caused in doing so, including but not limited patching, repainting and otherwise returning all altered surfaces to their original condition; and 

 

	 	(b)	the provisions of clauses 12.3 to 12.8 (both inclusive) will apply to such make good works, with the ‘Tenant’s Works’ constituting the works described in special condition 8(2)(a). 

 

	9	Car parking 

 The Tenant: 

 

	 	(1)	acknowledges that it is aware that the Building car park is not operated by the Landlord, but by a separate operator and manager; and 

 

	 	(2)	warrants that the Landlord has made no representations and that the Tenant has relied solely on its own enquiries in relation to the car park, including but not limited to car parking availability or rates.

  

	10	Directory board and lift lobby signage 

 The Tenant may place its name on the tenancy
directory board in the lobby of the Building during the Term, the format and location of which will be at the Landlord’s reasonable discretion. 
  

	11	After hours air conditioning 

 The Tenant acknowledges that: 

 

	 	(1)	if it requires air-conditioning outside the hours in Item 13(b) (After Hours Air-conditioning) it must submit a prior request to the Manager; 

 

	 	(2)	it must pay the costs of After Hours Air-conditioning to the Landlord on demand, which as at the Commencement Date, will be levied at $45.00 per hour per floor of the Building; and 

 

	 	(3)	the charges for After Hours Air-conditioning may be increased by the Landlord from time to time. 

  

	12	Additional amendments to clauses 

  

	12.1	Definitions 

  

	 	(1)	Clause 1.1(18) is amended to read as follows: 

 ‘Cost or Costs means the
amount of any cost, charge, expense, outgoing, payment or other expenditure of any nature incurred by or on behalf of the Landlord and whether or not it is: 
  

	 	(a)	direct; 

  

	 	(b)	indirect or consequential; 

  

	 	(c)	accrued or paid; or 

  

	 	(d)	reasonable or not, 

  

							
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 and includes all direct legal costs (solicitor, Counsel and Court costs) of the Landlord on a
full indemnity basis provided that for the purposes of: 
  

	 	(e)	special condition 3.2 and clauses 5.2, 8.2 (1)(f),13.1, 14.1(2) and 15.4(2), paragraphs (b) and (c) of this definition will not apply; and 

 

	 	(f)	clauses 8.2(1)(f) and 13.1, paragraph (d) of this definition will also not apply;’ 

  

	 	(2)	Clauses 1.1(27)(a) and 1.1(27)(b) are deleted and replaced with the words ‘Deliberately omitted’. 

  

	 	(3)	Clause 1.1(44) is amended to read as follows: 

 Tenant’s Employees includes the
Tenant’s employees, contractors, agents, consultants, customers, clients, visitors, subtenants, licensees or others who may be in the Building or on the Land, with or without invitation (other than employees, contractors and agents of the
Landlord, Head Landlord and Concurrent Landlord); 
  

	12.2	Parties and capacity 

 Clause 1.3(3)(c) is amended to read as follows: 

‘all authorisations by any Authority (whether in Australia or not) that are required or will be required in connection with the
execution and delivery of, the performance of obligations under or the validity or enforceability of, the Tenant’s obligations under this Lease have been obtained or effected and are or will be fully operative and in full force and
effect’ 
  

	12.3	Inconsistency 

 Clause 1.6 is amended by inserting a new paragraph (b): 

’The Landlord confirms that, to the best of its knowledge, nothing in the Head Lease does or will prejudice, undermine or invalidate
this Lease.’ 
  

	12.4	Holding over 

 Clause 2.2(3)(b) is amended to read as follows: 

‘the Rent or any part of it then payable for the monthly tenancy may be increased by notice by the Landlord to the Tenant, such
increase to apply one month from the date of such notice;’ 
  

	12.5	Option 

 Clause 3.1(2) is amended to read as follows: 

‘is not in breach of this Lease in relation to which the Tenant has received written notice when the Tenant gives that notice and does
not breach an essential term of this Lease in relation to which the Tenant receives written notice throughout the period from giving the Tenant’s notice to the Termination Date.’ 

 

							
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	12.6	New lease 

 Clause 3.2(2) is amended to read as follows: 

‘necessary to accommodate variations: 
  

	 	(a)	to this Lease which become effective during the Term; and 

  

	 	(b)	any Law.’ 

  

	12.7	Market rent review 

  

	 	(1)	Clause 4.5(2) is amended to read as follows: 

 ‘Within 15 Business Days after service
of the Landlord’s notice, the Tenant may serve on the Landlord a notice (Tenant’s notice) disputing the amount stated in the Landlord’s notice, stating the amount which the Tenant considers to be the market rent
for the Premises and requiring the market rent to be determined under clauses 4.5(4) to 4.8. Without limiting any other circumstances in this Lease where time is of the essence, time is of the essence in respect of the giving of the
Tenant’s notice.’ 
  

	 	(2)	Clause 4.5(3) is amended to read as follows: 

 ‘If the Tenant fails to give the
Tenant’s notice within the 15 Business Days required by clause 4.5(2), the Rent payable until the next review date will be the amount set out in the Landlord’s notice.’ 

 

	12.8	Valuer’s criteria 

 Clauses 4.7(2)(d), 4.7(2)(e), 4.7(3)(f) and 4.7(4) are deleted
and replaced with the words ‘deliberately omitted’. 
  

	12.9	Minimum Rent 

 Clause 4.8 is deleted and replaced with the words ‘Deliberately
omitted’. 
  

	12.10	Payment of rent pending review 

 Clause 4.9(1) is amended to read as follows: 

‘Until the determination of Rent has been made under clause 4.5, the Tenant must continue to pay Rent at the rate payable at the
date of the Landlord’s notice.’ 
  

	12.11	Definition of operating expenses 

  

	 	(1)	Clause 5.2(4) is amended to read as follows: 

 ‘land taxes or taxes in the nature of a
tax on land, calculated on a single holding basis;’ 
  

	 	(1)	A final paragraph is added at the end of clause 5.2 to read as follows: 

 ‘but in all
cases excluding: 
  

	 	(a)	expenditure related to items of a capital or structural nature; 

  

	 	(b)	costs recoverable under a policy of insurance held by the Landlord; and 

  

	 	(c)	costs recoverable from a tenant, licensee or other occupier of the Building’. 

  

							
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	12.12	Operating expenses 

  

	 	(1)	Clause 5.4(1) is deleted 

  

	 	(2)	Clause 5.4(2) is amended to read as follows: 

 ‘The Tenant must pay the Landlord the
Tenant’s Proportion of any increase in any operating expenses over the operating expenses year expiring 30 September 2013.’ 
  

	 	(3)	Clause 5.4(3) is deleted 

  

	 	(4)	Clause 5.4(5) is amended to read as follows: 

 “As soon as practicable after the
expiration of each operating expenses year, the Landlord must furnish an itemised statement to the Tenant containing particulars of the operating expenses actually incurred by the Landlord and the operating expenses payable by the Tenant”

  

	12.13	Supply by Landlord 

 Clause 5.9 is amended to read as follows: 

‘If the Landlord supplies a Service to the Premises, excluding any Service that is separately charged as an operating expense, the
Tenant must pay the charges relating to the Service within 10 Business Days after being invoiced for it.’ 
  

	12.14	Permitted Use 

 Clause 7.1 is amended to read as follows: 

‘The Tenant must: 
  

	 	(1)	not use, occupy or permit the Premises to be used or occupied for any purpose other than as stated in Item 12; or 

  

	 	(2)	subject to clauses 15.7 and 16, not leave the Premises unoccupied for a period exceeding 20 Business Days.’ 

  

	12.15	Compliance with laws and requirements 

 Clause 7.4(1)(a) is amended to read as follows

 ‘the Premises, and not contravene any Laws and Requirements concerning the Building, the Common Areas and Land and any of the
Tenant’s Fittings; and’ 
  

	12.16	Assignment and subletting 

  

	 	(1)	Clause 8.2(1)(h) is amended to read as follows: 

 ‘in the case of an assignment, the
incoming tenant provides the Landlord with a Bank Guarantee for an amount in no case less than that required of the Tenant as at the date of assignment’. 
  

	 	(2)	Clause 8.2(2)(a) is deleted and replaced with the words ‘Deliberately omitted’. 

  

							
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	12.17	Personal Property Securities Act 

 Clause 9(11) is deleted and replaced with the words
‘deliberately omitted’. 
  

	12.18	Repair of premises 

 Clause 10.1(1) is amended to read as follows: 

‘The Tenant must keep the Premises, the Tenant’s Fittings and the Landlord’s Fixtures (to the extent such Landlord’s
Fixtures are located in and exclusively service the Premises) in good repair and condition having regard to their state of repair and condition as described in the Condition Report (where the relevant Tenant’s Fitting or Landlord’s Fixture
is described in the Condition Report), except for: 
  

	 	(a)	fair wear and tear (where not excluded or required to be renovated, repaired or made good by this Lease); and 

  

	 	(b)	damage covered by insurances taken out by the Landlord in respect of the Premises.’ 

  

	12.19	Maintenance and breakages 

 Clause 10.2(1)is amended to read as follows: 

‘immediately make good any damage (including any to the Premises, Building or Land) to the extent caused or contributed to by any act,
negligence, omission or default of the Tenant or the Tenant’s Employees or by its or their use or occupancy of the Premises or by the installation, use or removal of the Tenant’s Fittings, including but not limited to immediately repairing
or replacing: 
  

	 	(a)	broken glass with glass of the same quality; 

  

	 	(b)	damaged or inoperative electric light bulbs, globes, tubes and other means of illumination and light switches and power points which may become damaged or fail to operate; and 

 

	 	(c)	Landlord’s Fixtures which are broken or damaged by the Tenant or the Tenant’s Employees.’ 

  

	12.20	Landlord may enter 

 Clause 10.4 is amended to read as follows 

 

	 	(1)	‘Subject to the same notice requirements set out in clause 10.3(1), the Landlord and the Landlord’s Employees may enter the Premises with workers, agents and other authorised persons and necessary materials
and appliances to: 

  

	 	(a)	comply with any Law or Requirement involving the destruction of noxious animals, rodents or other pests; 

  

	 	(b)	carry out any repairs or works required under the provisions of this Lease; 

  

	 	(c)	exercise the Landlord’s rights under this Lease; or 

  

	 	(d)	provide any Services to the Tenant. 

  

							
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	 	(2)	In exercising its powers under this clause 10.4, the Landlord will: 

  

	 	(a)	endeavour to cause as little inconvenience to the Tenant as is reasonably practicable in the circumstances; and 

  

	 	(b)	make good any damage caused by the Landlord or the Landlord’s Employees.’ 

  

	12.21	Notice of damage or defect in services 

  

	 	(1)	Clause 10.5(1) is amended to read as follows 

 ‘any damage to, defect or disrepair
which the Tenant is aware of or ought to be aware of, in the Premises, Services (to the extent they are supplied under this Lease or available to the Tenant) or the Landlord’s Fixtures;’ 

 

	 	(2)	Clause 10.5(3) is amended to read as follows: 

 ‘any notice received from any Authority
in relation to the Premises or this Lease.’ 
  

	12.22	Head Landlord’s and Concurrent Landlord’s entitlements 

 Clause 10.7 is amended
to read as follows: 
 ‘The Tenant will at all times permit the Landlord, the Head Landlord and while the Concurrent Lease is in
force, the Concurrent Landlord to exercise the Landlord’s powers to enter and view the Premises and to carry out repair and other work on the Premises as required or permitted under this Lease and to otherwise exercise or perform its lawful
rights or obligations in respect of the Premises’. 
  

	12.23	Tenant to redecorate 

 Clause 11.2 is deleted and replaced with “deliberately
omitted”  
  

	12.24	Tenant to yield up 

 Clause 12.1(3) is replaced with “deliberately
omitted” 
  

	12.25	New condition 

 Clause 12.2 is amended to read as follows: 

 

	 	(1)	‘The Tenant must carry out the necessary works and perform those obligations set out in clause 12.1 (collectively, the ‘Tenant’s Works’) to return the relevant part of the
Premises to the condition as shown in the Condition Report and otherwise comply with clause 10.1. 

  

	 	(2)	Unless inconsistent with the Condition Report, the Tenant’s Works will include replacing with new parts any parts of the Premises which have been lost, are missing or, in the Landlord’s reasonable opinion,
have been damaged or have deteriorated and need to be replaced.’ 

  

							
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	12.26	Make good payment 

 A new clause 12.9 is added to read as follows: 

 

	 	(1)	The Tenant may elect to pay to the Landlord a sum of money in lieu of complying with its obligations under this clause 12 (Make Good Payment), such Make Good Payment to be equal to the
estimated cost of compliance with this clause 12, and such: 

  

	 	(a)	election to be made by notice by the Tenant to the Landlord within 10 Business Days of the provision of the quotations under clause 12.9(2) and 

 

	 	(b)	estimated cost to be determined in accordance with clause 12.9(2). 

  

	 	(2)	The Landlord will, within 10 Business Days of a written request by the Tenant provide to the Tenant two independent quotations from qualified contractors for the estimated costs to comply with clause 12 and the Make
Good Payment will automatically be the lower of those two quotations. 

  

	 	(3)	The Tenant must pay the Make Good Payment within 10 Business Days of an election under clause 12.9(1)(a). 

  

	 	(4)	The written request by the Tenant under clause 12.9(2) must be made by no later than 30 Business Days prior to the expiry or earlier termination of this Lease, failing which the Tenant’s right to make an
election under this clause 12.9 will automatically end. 

  

	12.27	Alterations and additions 

 Clause 13.1(1) is amended to read as follows: 

‘The Tenant must not alter or add to the Premises or the Tenant’s Fittings, install or alter any partitions or install any heavy
article without the Landlord’s prior consent, such consent not to be unreasonably withheld if such alteration, addition or installation: 
  

	 	(1)	will not affect the structure of the Building or Services; and 

  

	 	(2)	will cost less than $10,000,, 

 but no consent is required for the addition or
installation of goods and equipment of a minor and non-fixed nature that will not affect the structure of the Building or Services’. 
  

	12.28	Alterations 

 Clause 13.1(3)(h) is amended to read as follows: 

“subject to clause 12.1(2) the Tenant to agree that all or part of the work must remain on the Premises at the termination or expiry of
the Lease at no cost to the Landlord; and 
  

	12.29	Tenant’s insurances 

 Clause 14.3 is amended to read as follows: 

“The Tenant must ensure that all policies of insurance effected or required to be effected by the Tenant under this clause 14: 

 

	 	(a)	is taken out with an independent and reputable insurer approved by the Landlord; 

  

	 	(b)	in respect of the public risk policy: 

  

	 	(i)	is for an amount, covers risks and contains conditions which are acceptable to the Landlord and its insurer (including cross-liability and waiver of subrogation); and 

 

	 	(ii)	is on an occurrence, not a claims made basis, 

  

							
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	 	(c)	in respect of the plate glass policy is for an amount, covers risks and contains conditions which are acceptable to the Landlord and its insurer; and 

 

	 	(a)	notes the interest of the Landlord, Head Landlord and, while the Concurrent Lease is in force, the Concurrent Landlord. 

  

	12.30	Payment and production of insurance policies 

 Clause 14.4(2) is amended to read as
follows: 
 “If requested by the Landlord, the Tenant must produce certificates of currency as evidence of the insurance which the
Tenant is required to effect under this clause 14 and the receipt or other evidence of up to date payment of the premium.” 
  

	12.31	Effect on the Head Landlord’s, Concurrent Landlord’s and Landlord’s insurance 

Clause 14.5(1)(d) is amended to read as follows: 

‘conflict with any Law or Requirement, the requirements of the Head Landlord’s, the Concurrent Landlord’s or the
Landlord’s insurer relating to fire, fire safety or fire prevention or any insurance policy in respect of the Premises or any property in them, provided the Tenant is aware, or ought reasonably be aware of any such requirement’

  

	12.32	Indemnities 

  

	 	(1)	Clause 14.9(1)(g)(i) is amended to read as follows: 

 ‘which the Indemnified is
permitted or required to do to enforce its rights against the Tenant under this Lease; or’ 
  

	 	(2)	A new clause 14.9(3) is added to read as follows: 

 ‘The indemnities in this clause
14.9 do not apply to: 
  

	 	(a)	any Claims not arising at, upon or in connection with the Premises except to the extent caused or contributed to by the Tenant or the Tenant’s Employees; 

 

	 	(b)	the negligent acts or omissions on the part of the Indemnified the onus of proof of such negligent act or negligent omission being at all times upon the Tenant.’ 

 

	12.33	Failure of service 

 Clause 15.5 is amended to read as follows: 

“Subject to clause 15.3 the Tenant will have no Claim against the Landlord nor will the Tenant be entitled to terminate this Lease
solely because: 
  

	 	(1)	the Services fail to operate: or 

  

	 	(2)	the Landlord shuts down or removes any Services to repair, maintain or replace them or because of the provisions of any Law or Requirement.” 

 

							
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	12.34	Additional rights 

  

	 	(1)	Clause 15.6(10) is amended to read as follows: 

 ‘change, grant rights in relation to,
remove or alter signage of the Building or on the Land, subject to the Tenant’s rights under special condition 10’ 
  

	 	(2)	Clause 15.6(11) is amended to read as follows: 

 ‘appoint agents or others (including a
Manager) to exercise any of its rights or perform any of its duties under this Lease.’ 
  

	12.35	Inconsistency between Building Rules and Lease 

 A new clause 15.13 is added to read as
follows: 
 ‘Despite any other provision of this Lease (excluding the Building Rules), the provisions of this Lease take priority
over the terms of the Building Rules (as varied under this Lease) to the extent of any inconsistency’ 
  

	12.36	Abatement 

 Clause 16.2(1) is amended to read as follows: 

‘If the Premises or means of access to the Premises within the Building are damaged or destroyed so as to render any part of the
Premises wholly or substantially: 
  

	 	(a)	unfit for occupation and use by the Tenant; or 

  

	 	(b)	inaccessible having regard to the nature and location of the Premises and the normal means of access to them; 

then subject to this clause 16 from the date that the Tenant notifies the Landlord of the damage or destruction (damage
notice): 
  

	 	(c)	the Rent; 

  

	 	(d)	any other money payable by the Tenant; and 

  

	 	(e)	the covenant to repair and maintain; 

 will abate according to the nature and extent
of the damage or destruction sustained until the Premises are: 
  

	 	(f)	restored; 

  

	 	(g)	made fit for the Tenant’s occupation and use; or 

  

	 	(h)	made accessible.’ 

  

	12.37	Landlord not obliged to reinstate 

 Clause 16.6 is amended to read as follows: 

‘Subject to clause 16.4(3), nothing in this Lease obliges the Landlord to reinstate any part of the Premises or any means of access to
them.’ 
  

							
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	12.38	Forfeiture of Lease 

  

	 	(1)	Clause 17.2(1) is amended to read as follows: 

 ‘The Landlord may rescind this Lease by
notice to the Tenant or re-entry if the Tenant fails to pay Rent when due provided it has provided notice required under clause 17.2(2).’ 
  

	 	(2)	Clause 17.2(4)(a) is deleted. 

  

	 	(3)	Clause 17.2(5) is amended to read as follows: 

 ‘The time fixed for the purposes of
section 146 of the Property Law Act 1958 and this clause 17.2 is 14 days, except in relation to non-payment of Rent in which case the time fixed is 5 Business Days.’ 
  

	12.39	Landlord default 

 A new clause 17.9 is added to read as follows: 

‘Notwithstanding any other provision of this Lease, the Tenant will not be liable to the Landlord for any default of this Lease by the
Landlord, except to the extent caused or contributed to by the Tenant or the Tenant’s Employees.’ 
  

	12.40	Bank guarantee 

  

	 	(1)	Clause 18.1(1)(b) is deleted and replaced with the words ‘deliberately omitted’. 

  

	 	(2)	A new clause 18.4 is added to read as follows: 

 ‘The Landlord will return the Bank
Guarantee to the Tenant (or such part of the Bank Guarantee that is not called upon in accordance with this Lease) to the Tenant as soon as reasonably practicable after it is satisfied that the Tenant’s obligations under this Lease have been
discharged, but in any event by no later than 6 months after the expiry or earlier termination of this Lease’ 
  

							
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 Sublease dated  
  

			
	Parties		Australia and New Zealand Banking Group Limited ACN 005 357 522
			of 833 Collins Street, Docklands, Victoria, 3008
			(Landlord)
		
			Mesoblast Limited ACN 109 431 870
			of level 39, 55 Collins Street, Melbourne, Victoria, 3000
			(Tenant)
		
			Collins Place Pty Ltd ACN 084 238 497
			and
			Collins Place No. 2 Pty Ltd ACN 090 537 643
			both of Level 24, 33 Alfred Street, Sydney, New South Wales, 2000
			(Head Landlord)
		
			AMP Capital Investors Limited ACN 001 777 591
			of Level 13, 50 Bridge Street, Sydney, New South Wales, 2000
			(Concurrent Landlord)

 Introduction 
  

	A	The Head Landlord is the registered proprietor of the Land. 

  

	B	By the Concurrent Lease the Head Landlord leased to the Concurrent Landlord the Land on which the Building is situated. 

  

	C	Under the Head Lease, the Landlord holds a leasehold interest in the Building. 

  

	D	The Head Lease provides that subject to the consent of the Head Landlord being obtained the Landlord may sub-let the Building in whole or in part. 

 

	E	The Head Landlord is the Original Landlord’s successor in title. 

  

	F	The Landlord, with the consent of the Head Landlord and Concurrent Landlord, has agreed to grant the Tenant a sub-lease of the Premises on the terms and conditions of this Lease. 

 

	1	Definitions and interpretation 

  

	1.1	Definitions 

 In this Lease unless the context otherwise requires: 

 

	 	(1)	Air Conditioning Equipment means the plant, piping, electrical installations, ductwork, diffusers and all other equipment used to heat, cool, circulate and extract air throughout the Building; 

 

	 	(2)	Area means an area calculated by using the Method of Measurement; 

  

	 	(3)	Australian Institute means the Australian Property Institute Incorporated Victorian Division or its successor or other organisation replacing it; 

 

							
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	 	(4)	Authority includes any: 

  

	 	(a)	government or semi-government authority in any jurisdiction, whether federal, state, territorial or local; 

  

	 	(b)	provider of public utility services, whether statutory or not; and 

  

	 	(c)	other person, authority, instrumentality, statutory corporation or body having jurisdiction, rights, powers, duties or responsibilities over the Premises, the Building or Collins Place or any part of them or anything in
relation to them; 

  

	 	(5)	Bank Guarantee means an unconditional and irrevocable bank guarantee, without an expiry date, issued by a financial organisation approved by and in favour of the Landlord as security for performance by the Tenant
of its obligations under this Lease; 

  

	 	(6)	Building means the building situate at 55 Collins Street, Melbourne and being part of Collins Place; 

  

	 	(7)	Building Plant means those items or installations of plant and equipment including all pipes wires and conduits associated therewith located in Collins Place and exclusively servicing or exclusively providing
facilities to the Building as a whole or any part thereof including the Premises; 

  

	 	(8)	Building Rules means the rules for the Building set out in Annexure A to this Lease including any variation or amendment of those rules from time to time in accordance with clause 15.12 hereof;

  

	 	(9)	Business Day means a day that is not a Saturday, Sunday or public holiday in Melbourne, Victoria; 

  

	 	(10)	Claim means any claim, demand, remedy, suit, injury, damage, loss, Cost, liability, action, proceeding or right of action; 

  

	 	(11)	Collins Place means so much of the land remaining untransferred in Certificate of Title Volume 9006 Folio 341, bounded to the north by Collins Street, to the west by Exhibition Street, to the south by Flinders
Lane and being situate at 17-65 Collins Street Melbourne together with all improvements including the hotel, theatre, office buildings, retail shops, professional suites, walkways, public lifts, carpark, landscaped areas and recreation areas;

  

	 	(12)	Common Areas means those areas located in the Building (not being areas leased to or otherwise appropriated for the exclusive occupancy of any tenant occupier or the Landlord) set aside or appropriated from time
to time being stairways, entrances, landings, passageways, corridors, lobbies, toilets, washrooms, tea rooms and lifts (including all associated fittings, furnishings, floor coverings, window furnishings and rights) intended for common use by the
Landlord and/or the other occupants of the Building and their agents and invitees; 

  

	 	(13)	Common Areas of Collins Place means those areas in Collins Place (not being or intended to be the subject of any lease or otherwise appropriated or set aside for the exclusive occupancy of any person and not
being located in any office building or hotel building in Collins Place) set aside or appropriated from time to time for access and egress purposes and for the amenity and enjoyment of the tenants and occupants of Collins Place and such other
persons including the public as the Head Landlord or the Concurrent Landlord permits from time to time or for the housing of Common Plant and including walkways, public lifts and escalators, public entrances, passageways, driveways, plant and
machinery rooms, landscaped areas, carparking areas, loading docks, public toilets and recreational areas including all associated fittings, furnishings and floor coverings; 

 

							
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	 	(14)	Common Plant means those items or installations of plant and equipment including all associated pipes wires and conduits located in Collins Place servicing or providing facilities for the whole or a substantial
part of Collins Place including the Building; 

  

	 	(15)	Concurrent Lease means the lease made on 20 May 2004 between the Head Landlord, as landlord, and the Concurrent Landlord, as tenant, under which Collins Place and the Building (among other things) was
demised to the Concurrent Landlord; 

  

	 	(16)	Concurrent Landlord includes its successors and permitted assigns and while the Concurrent Lease is in force, the reversion immediately expectant upon the determination of the term reserved under the Head Lease;

  

	 	(17)	Control of a corporation includes the direct or indirect power to directly or indirectly: 

  

	 	(a)	direct the management or policies of the corporation; or 

  

	 	(b)	control the membership of the board of directors, 

 whether or not the power has statutory,
legal, practical or equitable force or is based on statutory, legal or equitable rights and whether or not it arises by means of trusts, agreements, arrangements, understandings, practices, the ownership of any interest in shares or stock of that
corporation or otherwise; 
  

	 	(18)	Cost or Costs means the amount of any cost, charge, expense, outgoing, payment or other expenditure of any nature incurred by or on behalf of the Landlord and whether or not it is: 

 

	 	(a)	direct; 

  

	 	(b)	indirect or consequential; 

  

	 	(c)	accrued or paid; or 

  

	 	(d)	reasonable or not, 

 and includes all direct legal costs (solicitor, Counsel and Court costs)
of the Landlord on a full indemnity basis; 
  

	 	(19)	Default Rate means the rate 4% per annum higher than the rate fixed under section 2 of the Penalty Interest Rates Act 1983 from time to time; 

 

	 	(20)	First Occupancy Date means the date on which the Tenant or any predecessor in title of the Tenant first occupied the Premises, whether under this Lease or any previous lease or arrangement; 

 

	 	(21)	GST means the goods and services tax imposed by the GST Law including, where relevant, any related interest, penalties, fines or other charge; 

 

	 	(22)	GST Amount means the amount arrived at by multiplying the payment, or the relevant part of a payment if only part of a payment is the consideration, for a Taxable Supply, by the appropriate rate of GST prescribed
under the GST Law from time to time; 

  

							
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	 	(23)	GST Law has the meaning given to that term in the A New Tax System (Goods and Services Tax) Act 1999 and includes any Australian Taxation Office public rulings; 

 

	 	(24)	Head Lease means the lease dated 1 November 1983 between a predecessor in title of the Head Landlord as lessor of the one part and the Landlord as lessee of the other part whereby the Building was demised to
the Landlord for a term expiring on the 31st day of December 2031; 

  

	 	(25)	Head Landlord includes it successors and the reversion immediately expectant upon the determination of the term reserved under the Concurrent Lease; 

 

	 	(26)	Holding Company has the meaning given to it in the Corporations Act 2001, amended by replacing the words “more than one-half” with “50% or more” wherever they appear;

  

	 	(27)	Insolvency Event means the happening of any of these events in relation to a party (Defaulting Party): 

  

	 	(a)	execution or other process of a court or authority or distress is levied for an amount exceeding $10,000 upon any of the Defaulting Party’s property and is not satisfied, set aside or withdrawn within 7 days
after its issue; 

  

	 	(b)	an order for payment is made or judgment for an amount exceeding $10,000 is entered or signed against the Defaulting Party which is not satisfied within 7 days; 

 

	 	(c)	the Defaulting Party suspends payment of its debts; 

  

	 	(d)	where the Defaulting Party is a body corporate: 

  

	 	(i)	the Defaulting Party becomes an externally-administered body corporate under the Corporations Act 2001; 

  

	 	(ii)	steps are taken by any person towards making the Defaulting Party an externally-administered body corporate (but not where the steps taken consist of making an application to a court and the application is withdrawn or
dismissed within 14 days); 

  

	 	(iii)	a controller (as defined in section 9 of the Corporations Act 2001) is appointed to any of the property of the Defaulting Party or any steps are taken for the appointment of such a person (but not where
the steps taken are reversed or abandoned within 14 days); 

  

	 	(iv)	the Defaulting Party is taken to have failed to comply with a statutory demand within the meaning of section 459F of the Corporations Act 2001; or 

 

	 	(v)	a resolution is passed for the reduction of capital of the Defaulting Party or notice of intention to propose such a resolution is given, without the prior written consent of the other party; 

 

	 	(e)	where the Defaulting Party is a natural person: 

  

	 	(i)	the Defaulting Party authorises a registered trustee or solicitor to call a meeting of his or her creditors or proposes or enters into a deed of assignment or deed of arrangement or a composition with any of his or her
creditors; 

  

							
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	 	(ii)	a person holding a security interest in assets of the Defaulting Party enters into possession of or takes control of any of those assets or takes any steps to enter into possession of or take control of any of those
assets; or 

  

	 	(iii)	the Defaulting Party commits an act of bankruptcy; or 

 an event happens analogous to an event
specified in clauses 1.1(27)(a) to 1.1(27)(e) to which the law of another jurisdiction applies and the event has an effect in that jurisdiction similar to the effect which the event would have had if the law of Australia applied; 

 

	 	(28)	Land means the land described in certificates of title volume 9006 folio 341 and volume 10494 folio 396; 

  

	 	(29)	Landlord includes its successors and permitted assigns, any person claiming through or under or in trust for the Landlord and the reversion immediately expectant upon the determination of the term reserved under
this Lease; 

  

	 	(30)	Landlord’s Employees means and includes: 

  

	 	(a)	a Manager; and 

  

	 	(b)	each, every and any of its officers, employees, agents, consultants, workmen or contractors who may at any time be in or upon the Building (including the premises) or Collins Place; 

 

	 	(31)	Landlord’s Fixtures includes: 

  

	 	(a)	all plant and equipment (mechanical or otherwise) including Air Conditioning Equipment, fittings, fixtures, partitions, furniture, furnishings, window coverings, blinds, floor coverings, light fittings and other goods
in or comprising any part of the Premises or Common Areas owned or supplied by the Landlord; 

  

	 	(b)	stop cocks, fire hoses, hydrants, fire prevention aids and other fire fighting equipment and systems located in or comprising any part of the Premises or servicing the Premises or Common Areas owned or supplied by the
Landlord; 

  

	 	(c)	drains, basins, sinks, showers, toilets and urinals in the Building; and 

  

	 	(d)	entry and exit doors to the Premises; 

  

	 	(32)	Law includes any requirement of any statute, rule, regulation, proclamation, order in council, ordinance or by-law whether Commonwealth, state, territorial or local; 

 

	 	(33)	Lease means this sublease and includes all Schedules and Annexures to it; 

  

	 	(34)	Manager means a manger appointed by the Landlord to manage and administer this Lease and the Landlord’s rights and obligations in connection with the Building and Collins Place; 

 

	 	(35)	Method of Measurement means: 

  

	 	(a)	the method for the measurement of premises substantially similar to the Premises that is selected by the Landlord in its absolute discretion from the methods set out in the Property Council of Australia’s Method of
Measurement for Lettable Area at the time that the measurement is carried out; or 

  

	 	(b)	if there is no relevant method referred to in clause 1.1(35)(a), the method or criteria which the Landlord selects as the most appropriate in its absolute discretion; 

 

							
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	 	(36)	Original Landlord means AMP Life Limited (formerly Australian Mutual Provident Society). 

  

	 	(37)	Premises means those premises described in 0 extending horizontally to the interior surfaces of the exterior walls and windows of the Building or the internal surfaces of those walls windows or partitioning
dividing the Premises from the Common Areas as the case may be; 

  

	 	(38)	Reference Schedule means Schedule 1 to this Lease; 

  

	 	(39)	Requirement means any requirement, notice, order, direction, recommendation, consent, stipulation or similar notification received from or given by any Authority or under any Law, whether in writing or otherwise
and regardless of to whom it is addressed or directed and includes the Building Rules; 

  

	 	(40)	Retail Leases Act means the Retail Leases Act 2003; 

  

	 	(41)	Services means: 

  

	 	(a)	any energy source, lighting, gas, fuel, electricity, power, telephone, water, sewerage, ventilation, drainage, air conditioning, hydraulic, elevator and security services or anything of a similar nature to any of them
from time to time provided to the Premises or available for use by the Tenant; 

  

	 	(b)	all fixtures, fittings, appliances, plant and equipment, fire services, sprinkler systems or devices and all other services or systems provided in the Land or the Building or available for the Tenant’s use, whether
or not they are also Landlord’s Fixtures; and 

  

	 	(c)	any systems or mechanisms from time to time utilised for access to the Land or the Building, 

whether or not they supply or service areas other than the Premises and whether or not they are located wholly or partially on or within
Common Areas; 
  

	 	(42)	Tenant includes in the case of the Tenant being a natural person his heirs executors administrators and permitted assigns or in the case of the Tenant being a body corporate its successors in title and permitted
assigns; 

  

	 	(43)	Tenant’s Fittings includes all fixtures, fittings, plant, equipment, partitions and goods of all kind which are in or on the Premises during the Term and are supplied, owned or used by the Tenant in the
Premises during the Term; 

  

	 	(44)	Tenant’s Employees includes the Tenant’s employees, contractors, agents, consultants, customers, clients, visitors, subtenants, licensees or others who may be in the Building or on the Land, with or
without invitation (other than employees of the Landlord, Head Landlord and Concurrent Landlord); 

  

	 	(45)	Tenant’s Proportion means the percentage in Item 16; and 

  

	 	(46)	Term means the term of this Lease being the period set out in Item 6; 

  

							
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	 	(47)	Valuer means a person who is: 

  

	 	(a)	a fellow or an associate of not less than 5 years’ standing of the Australian Institute and active in the market for valuing premises substantially similar to the premises at the time of that person’s
appointment; and 

  

	 	(b)	has at least 5 years’ immediate past experience in valuing premises substantially similar to the Premises. 

  

	1.2	Interpretation 

 In this Lease: 

 

	 	(1)	reference to: 

  

	 	(a)	one gender includes the others; 

  

	 	(b)	the singular includes the plural and the plural includes the singular; 

  

	 	(c)	a person includes a body corporate; 

  

	 	(d)	a party includes the party’s executors, administrators, successors and permitted assigns; 

  

	 	(e)	a statute, regulation, code or other law or a provision of any of them includes: 

  

	 	(i)	any amendment or replacement of it; and 

  

	 	(ii)	another regulation or other statutory instrument made under it, or made under it as amended or replaced; 

  

	 	(f)	month or monthly means calendar month or calendar monthly; 

  

	 	(g)	a right includes a remedy, right or power; 

  

	 	(h)	clauses, schedules and annexures will be construed as references to clauses of and schedules and annexures to this Lease; 

  

	 	(i)	an Item is to an item in Schedule 1; 

  

	 	(j)	a reference to something includes each part of it; and 

  

	 	(k)	money is to Australian dollars, unless otherwise stated. 

  

	 	(2)	“including” and similar expressions are not words of limitation; 

  

	 	(3)	where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression have a corresponding meaning; 

 

	 	(4)	headings and any table of contents or index are for convenience only and do not form part of this Lease or affect its interpretation; 

 

	 	(5)	a provision must not be construed to the disadvantage of a party merely because that party was responsible for the preparation of this Lease or the inclusion of the provision in this Lease; 

 

							
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	 	(6)	if an act must be done on a specified day which is not a Business Day, it must be done instead on the next Business Day. 

  

	 	(7)	every obligation undertaken by a party to this Lease will be deemed to be and be construed as a covenant by that person. 

  

	1.3	Parties and capacity 

  

	 	(1)	If a party consists of more than 1 person, this Lease binds each of them separately and any 2 or more of them jointly. 

  

	 	(2)	An obligation, representation or warranty in favour of more than 1 person is for the benefit of them separately and jointly. 

  

	 	(3)	In addition to and despite all other warranties, expressed or implied, in this Lease, the Tenant warrants and covenants that: 

  

	 	(a)	it is empowered to enter into this Lease and to do all things that will be required by this Lease; 

  

	 	(b)	all things have been done or will be done as may be necessary to render this Lease legally enforceable in accordance with its terms and fully valid and binding on it; and 

 

	 	(c)	all authorisations by any Authority (whether in Australia or not) that are required or will be required in connection with the execution and delivery of, the performance of obligations under or the validity or
enforceability of, this Lease have been obtained or effected and are or will be fully operative and in full force and effect. 

  

	1.4	Severability 

  

	 	(1)	As far as possible all provisions of this Lease will be construed so as not to be unenforceable, illegal or void in any respect. 

  

	 	(2)	If any provision of this Lease is unenforceable, illegal or void, that provision must, as far as possible, be read down to the extent necessary to ensure that it is not unenforceable, illegal, or void and so as to give
it a valid operation of a partial character. 

  

	 	(3)	If any provision or part of this Lease cannot be read down, or if any provision in this Lease is unenforceable, illegal or void or makes this Lease or any part of it unenforceable, illegal or void, then that provision
is severed and the rest of this Lease remains in force. 

  

	1.5	Whole agreement 

  

	 	(1)	This Lease: 

  

	 	(a)	is the entire agreement and understanding between the parties on everything connected with the subject matter of this Lease; and 

  

	 	(b)	supersedes any prior agreement or understanding on anything connected with that subject matter. 

  

	 	(2)	Each party has entered into this Lease without relying on any information or advice given or statement made (whether negligently or not) by any other party or any person purporting to represent that party.

  

							
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	1.6	Inconsistency 

 As between the Head Landlord, Concurrent Landlord and Landlord, to the
extent that there is an inconsistency between a provision of this Lease and a provision in the Head Lease, the provision of the Head Lease prevails. 
  

	1.7	Organisations 

  

	 	(1)	Where: 

  

	 	(a)	there is a reference to an Authority; and 

  

	 	(b)	the Authority is reconstituted, reconstructed, privatised, ceases to exist or is replaced or its powers or functions are transferred to another entity; 

the reference must be read as being to the reconstituted, reconstructed or privatised entity or an entity established or constituted in
replacement of or which succeeds to the relevant powers and functions of or which serves substantially the same purposes or has substantially the same objects as the Authority. 

 

	 	(2)	Reference to the president of an Authority will, in the absence of a president, be read as reference to the senior officer for the time being of the Authority or any other person fulfilling the duties of president.

  

	1.8	Areas and measurement 

 Unless the context otherwise requires, where all or any part of
the Premises, Land or Building is to be calculated or measured for the purposes of this Lease, those calculations and measurements must be in accordance with the Method of Measurement. 

 

	1.9	Landlord’s consent 

 Unless otherwise stated, if the Landlord’s consent or
approval is required it: 
  

	 	(1)	may be granted or withheld at the Landlord’s absolute discretion; 

  

	 	(2)	may be granted or withheld subject to any conditions that the Landlord considers necessary or appropriate; and 

  

	 	(3)	is not effective unless it is in writing. 

  

	1.10	Written notices 

 If a provision of this Lease requires a notice to be given by a party,
it must be in writing. 
  

	1.11	Prohibitions and restrictions 

 Where the Tenant is either prohibited by this Lease from
doing something, or is not permitted to do something under this Lease, that prohibition or restriction extends to: 
  

	 	(1)	prohibiting the Tenant from consenting to any other person or entity to do anything that the Tenant is prohibited from doing; 

  

	 	(2)	restricting the Tenant from in any way consenting to any other person or entity to do anything that the Tenant is not permitted to do; and 

 

	 	(3)	prohibiting and restricting the Tenant from doing that thing in Common Areas. 

  

							
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	1.12	No caveat 

 The Tenant must not lodge a caveat on title to the Land, or allow a caveat
lodged by a person claiming through the Tenant to remain on title to the Land. 
  

	1.13	Exclusion of statutory provisions 

 To the extent permitted by Law: 

 

	 	(1)	the covenants, powers and provisions if any implied in leases by virtue of any Law or Requirement (including those in section 144(1) of the Property Law Act 1958) are excluded and expressly negatived; and

  

	 	(2)	the application to this Lease of any Law, Requirement or moratorium that directly or indirectly: 

  

	 	(a)	extends or reduces the Term; 

  

	 	(b)	reduces or postpones the payment of any Rent; 

  

	 	(c)	lessens or affects in favour of the Tenant any obligation under this Lease; 

  

	 	(d)	delays, prevents or prejudicially affects the exercise by the Landlord of any right, power or remedy under this Lease or the recovery of any Rent or penalty; or 

 

	 	(e)	otherwise affects the operation of any of the covenants, terms and conditions of this Lease, 

is excluded from this Lease and may not be enforced by the Tenant against the Landlord. 

 

	1.14	Tenant’s covenants bind servants, agents etc 

 Where in this Lease it is provided
that the Tenant: 
  

	 	(1)	covenants promises undertakes or agrees to perform or observe some act or thing; or 

  

	 	(2)	to refrain from doing or carrying out some act or thing, 

 such covenant promise undertaking or
agreement shall be read and construed as including a provision that the Tenant must: 
  

	 	(3)	procure that the Tenant’s Employees perform or observe such act or thing; or 

  

	 	(4)	refrain from so doing or carrying out such act or thing 

 respectively. 

 

	2	Term and holding over 

  

	2.1	Term 

  

	 	(1)	With the consent of the Head Landlord and Concurrent Landlord, the Landlord grants to the Tenant and the Tenant takes a lease of the Premises for the Term commencing on the Commencement Date and ending on the
Termination Date on the terms of this Lease. 

  

							
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	 	(2)	The grant is subject to all registered and unregistered encumbrances, covenants, restrictions or reservations affecting the Premises and any other encumbrance, right, reservation or restriction contemplated by this
Lease. 

  

	 	(3)	Subject to this Lease and the Building Rules, the Tenant may use the Common Areas for the purpose for which they are intended. 

  

	2.2	Holding over 

  

	 	(1)	The Tenant must only occupy the Premises after the Termination Date: 

  

	 	(a)	having first obtained the prior written consent of the Landlord to do so; or 

  

	 	(b)	under a lease arising from the valid exercise of an option to renew. 

  

	 	(2)	The Landlord must notify the Head Landlord and the Concurrent Landlord if the Landlord approves the Tenant to occupy the Premises after the Termination Date pursuant to clause 2.2(1)(a). 

 

	 	(3)	If the Tenant continues to occupy the Premises after the Termination Date with the written consent of the Landlord (except under a lease arising from the valid exercise of an option to renew): 

 

	 	(a)	the Tenant will occupy the Premises as a monthly tenant at rental equal to one-twelfth of the Rent at the Termination Date, payable monthly in advance and with the first of the monthly payments to be made on the day
following the Termination Date; 

  

	 	(b)	the Rent or any part of it then payable for the monthly tenancy may be increased by notice by the Landlord to the Tenant; 

  

	 	(c)	without limiting any other right of the Landlord, the monthly tenancy can be terminated at any time by either the Landlord or the Tenant giving 1 months’ notice to the other, expiring on any date;

 and otherwise the tenancy will continue on the terms and conditions of this Lease, as they apply to the monthly tenancy but
any Bank Guarantee or security deposit will not be reduced and the Landlord may require other changes in its absolute discretion as a condition of giving its consent to the continued occupation. 

 

	 	(4)	The Head Landlord and the Concurrent Landlord can require the Landlord to terminate the monthly tenancy under clause 2.2(3)(c) at any time. 

 

	3	Further Term(s) 

  

	3.1	Option 

 If Item 7 contains a proposed further term or terms, the Landlord is only
obliged to grant a further lease of the Premises to the Tenant if the Tenant: 
  

	 	(1)	gives notice to the Landlord stating that the Tenant wants a new lease of the Premises for the next option term specified in Item 7 within the period: 

 

	 	(a)	from and including the day that is 12 months before the Termination Date; and 

  

	 	(b)	the day that is 10 months before the Termination Date, 

  

							
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	 	(2)	with the last day in which the Tenant may give such a notice specified in Item 7, is not in breach of this Lease, both when the Tenant gives that notice and throughout the period from giving the notice to the
Termination Date; 

  

	 	(3)	has not been in breach of this Lease on two or more occasions in relation to which the Tenant has received notice from the Landlord during the Term nor breached an essential term of this lease as set out in 17.1; and

  

	 	(4)	delivers to the Landlord before the Termination Date all replacement securities required under clause 18.1(1)(b) to secure the Tenant’s obligations under the new lease. 

 

	3.2	New lease 

 Any further lease referred to in clause 3.1 will be on the same terms
and conditions as this Lease, but subject to those variations that the Head Landlord, Concurrent Landlord and Landlord considers are: 
  

	 	(1)	required under clause 3.3; 

  

	 	(2)	necessary to accommodate variations in: 

  

	 	(a)	the standard form of lease then used by the Landlord; 

  

	 	(b)	management of the Premises and the method of charging or collecting operating expenses; 

  

	 	(c)	the design or structure of the Premises or Services; 

  

	 	(d)	any variations to this Lease which become effective during the Term; and 

  

	 	(e)	any Law or Requirement. 

  

	3.3	Terms of further lease 

  

	 	(1)	In a further lease, Schedule 1 will be completed as follows: 

  

	 	Item 4	Commencement Date: The day after the Termination Date of this Lease. 

  

	 	Item 5	Termination Date: The last day of the term of the next further lease in Item 7. 

  

	 	Item 6	Term: The term of the next further lease in Item 7. 

  

	 	Item 7	Option to Renew: If the particulars of more than one further lease are specified in Item 7, the particulars of the further lease first specified will be deleted. 

 

	 	Item 8	Rent: An amount to be agreed between the Landlord and the Tenant and, failing agreement 3 months before the Term expires, an amount to be determined by following the procedure set out in clause 4.5 to
clause 4.9. 

  

	 	Item 9	Index Review Dates: Not applicable. 

  

	 	Item 10	Market Review Dates: Not applicable 

  

	 	Item 11	Fixed Rent Increase Dates: Each anniversary of the Commencement Date. 

  

	 	(2)	The Landlord will make other changes to Schedule 1 that may be necessary to reflect the exercise of the option in accordance with this Lease. 

 

							
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	3.4	Omission of this clause 

 This clause 3 will be omitted from any further lease that
is created by the exercise of the last option to renew. 
  

	3.5	Parties to sign further lease 

 Without limiting clause 3.1, the Landlord, the
Tenant and the Guarantor must sign the further lease within a reasonable time after service on the Landlord of a notice under clause 3.1(1). 
  

	4	Rent and rent reviews 

  

	4.1	Rent 

  

	 	(1)	The Tenant must pay the Rent to the Landlord: 

  

	 	(a)	without demand; 

  

	 	(b)	without any deduction, counterclaim or right of set-off; and 

  

	 	(c)	by equal monthly instalments, and proportionately for any part of a month, in advance and on the first day of each month. 

  

	 	(2)	The first instalment of Rent must be paid on the later of the Commencement Date or the Rent Commencement Date. 

  

	4.2	Payment method 

  

	 	(1)	All Rent and other amounts due under this Lease must be paid by direct transfer to the bank account notified to the Tenant by the Landlord from time to time and in the absence of any such notification, to the place and
in the manner directed by the Landlord from time to time. 

  

	 	(2)	Despite clause 4.2(1), the Tenant must, if requested by the Landlord to do so, establish a direct debit arrangement with the Tenant’s bank to pay all amounts due under this Lease on their due date to the bank
account notified to the Tenant by the Landlord from time to time. 

  

	4.3	Rent review definitions 

 In this clause 4: 

 

	 	(1)	fixed rent increase date means each of the dates (if any) stated in Item 11; 

  

	 	(2)	index number means the Consumer Price Index (All Groups) for Melbourne published from time to time by the Australian Bureau of Statistics and if the Australian Bureau of Statistics updates the reference base of
the index number, the index number must be appropriately adjusted so as to preserve the intended continuity of calculation by using the appropriate arithmetical factor determined by the Australian Bureau of Statistics; 

 

							
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	 	(3)	index review date means each of the dates (if any) stated in Item 9; 

  

	 	(4)	market review date means each of the dates (if any) stated in Item 10; 

  

	 	(5)	quarter means a 3 month period; and 

  

	 	(6)	review date means a fixed rent increase date, an index review date or a market review date, as the context requires. 

  

	4.4	CPI rent review 

 If Item 9 has been completed by inserting index review dates, the
following provisions apply. 
  

	 	(1)	The Rent must be reviewed on each index review date to an amount represented by A in the following formula: 

  

							
	A		=		B            x            D		
					C		
			
	Where B  		=		the index number released for the quarter ending immediately prior to the relevant index review date;
			
	C		=		the index number released for the quarter ending immediately prior to the later of the Commencement Date or the last review date; and
			
	D		=		the Rent payable immediately prior to the index review date.

  

	 	(2)	If the Consumer Price Index (All Groups) for Melbourne is suspended or discontinued: 

  

	 	(a)	the words “index number” will mean the price index substituted by the Australian Bureau of Statistics; or 

  

	 	(b)	if no price index is substituted, the words “index number” will mean an index which the parties agree most closely reflects changes in the cost of living; and 

 

	 	(c)	if the parties cannot agree on a substitute index within 10 Business Days after a party notifies the other that the Consumer Price Index (All Groups) for Melbourne has been suspended or discontinued and that no
price index has been substituted, the president of the Australian Institute, at the request of either party, may appoint an expert to determine a substitute index which most closely reflects changes in the cost of living and the words “index
number” will mean that index. 

  

	 	(3)	If the Consumer Price Index (All Groups) for Melbourne is suspended or discontinued the Tenant must pay Rent payable at the relevant index review date pending the determination of a substitute index or an increase of
Rent in accordance with this clause 4.4. 

  

	 	(4)	If the Consumer Price Index (All Groups) for Melbourne is suspended or discontinued and the expert appointed under clause 4.4(2) is unable to determine a substitute index within 20 Business Days after being
appointed, the method of adjustment of Rent in relation to an index number will cease and the Rent will be increased by 6% per annum on each index review date. 

 

							
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	4.5	Market rent review 

 If Item 10 has been completed by inserting market review dates,
then subject to clause 4.8 the Rent may be reviewed on each market review date to an amount determined in accordance with the following procedure. 
  

	 	(1)	The Landlord may vary the Rent to an amount which it considers to be the market rent for the Premises at the market review date by notice to the Tenant (Landlord’s notice) at any time within 9 months
before and 9 months after the market review date. 

  

	 	(2)	Within 10 Business Days after service of the Landlord’s notice, the Tenant may serve on the Landlord a notice (Tenant’s notice) disputing the amount stated in the Landlord’s notice, stating
the amount which the Tenant considers to be the market rent for the Premises and requiring the market rent to be determined under clauses 4.5(4) to 4.8. Without limiting any other circumstances in this Lease where time is of the essence, time
is of the essence in respect of the giving of the Tenant’s notice. 

  

	 	(3)	If the Tenant fails to give the Tenant’s notice within the 10 Business Days required by clause 4.5(2), the Rent payable until the next review date will be the amount set out in the Landlord’s notice.

  

	 	(4)	Within 10 Business Days of service of the Tenant’s notice, the Landlord and the Tenant either personally or by their representatives must meet and attempt to agree the market rent payable for the Premises at
the relevant market review date. 

  

	 	(5)	If the Landlord and the Tenant have not agreed on the market rent for the Premises within 15 Business Days after service of the Tenant’s notice, 

 

	 	(a)	the dispute must be referred for determination by a Valuer, to be appointed by agreement between the Landlord and Tenant; 

  

	 	(b)	if the Landlord and Tenant cannot agree on the Valuer within 20 Business Days after service of the Tenant’s notice, the Valuer will be nominated by the president of the Australian Institute at the request of either
the Landlord or the Tenant; 

  

	 	(c)	the appointed Valuer must give notice of acceptance of appointment to the Landlord and the Tenant; 

  

	 	(d)	the Valuer must as a condition of accepting the appointment agree to make a written determination of the market rent: 

  

	 	(i)	within 20 Business Days of appointment or as soon as possible after that date; 

  

	 	(ii)	in accordance with this clause 4.5 and clause 4.7; and 

  

	 	(iii)	that sets out reasons for that determination; 

  

	 	(e)	the Valuer must make a determination of the market rent as at the market review date, acting as an expert and not as an arbitrator; 

 

							
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	 	(f)	the Valuer’s determination will be final and binding on the Landlord and the Tenant; 

  

	 	(g)	the Valuer’s Costs must be paid by the Landlord and the Tenant equally; and 

  

	 	(h)	either party may pay the Valuer’s Costs and recover one-half of the amount paid from the other party. 

  

	4.6	Landlord’s and tenant’s submissions 

  

	 	(1)	A Valuer who accepts appointment under clause 4.5 may confer with the Landlord and the Tenant and may require either party to supply information which the Valuer considers relevant to the determination.

  

	 	(2)	Any request for information must be complied with promptly in writing by the party to whom it is directed, who will make a copy of that information available to the other party. 

 

	 	(3)	Either party may supply the Valuer with other information which it considers relevant and, if it does so, must make a copy of that information available to the other party. 

 

	 	(4)	Information may be provided on a confidential basis and, if so, the party receiving it and the Valuer must treat the information as confidential and must not use that information other than for the purposes of
clause 4.5. 

  

	 	(5)	The Landlord and the Tenant may make written submissions to the Valuer in relation to the market rent within 15 Business Days of receipt of written notice of the Valuer’s acceptance of that person’s
appointment. 

  

	 	(6)	A party making a written submission must at the same time make a copy of it available to the other party. 

  

	4.7	Valuer’s criteria 

  

	 	(1)	In determining the market rent as at a market review date and subject to clauses 4.7(2) and 4.7(3), the Valuer may take into account any matters the Valuer considers relevant including taking into account or
disregarding any written submissions received from the Landlord or the Tenant. 

  

	 	(2)	The Valuer must determine the market rent as at a market review date on a floor by floor basis and disregard: 

  

	 	(a)	any goodwill attributable to the Premises by reason of the trade, business or activity carried on by the Tenant and the value of the Tenant’s Fittings; 

 

	 	(b)	any state of disrepair of the Premises; 

  

	 	(c)	any money received under any sublease, subtenancy agreement or occupational arrangement in respect of the Premises (whether approved or not); 

 

	 	(d)	any inducement provided or to be provided to the Tenant in connection with the granting of this Lease; 

  

	 	(e)	any inducement then being provided or to be provided to any other tenant in relation to the taking of a lease of any other premises; 

 

							
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	 	(f)	the elapsed part of the Term as at the market review date (if any); and 

  

	 	(g)	anything (including part of a submission received from the Landlord or the Tenant) which is not consistent with the matters to be disregarded or taken into account under this clause 4.7. 

 

	 	(3)	In determining the market rent as at a market review date, the Valuer must: 

  

	 	(a)	have regard to the provisions of this Lease; 

  

	 	(b)	have regard to the remaining Term and any option for renewal; 

  

	 	(c)	have regard to the rent and operating expenses paid or payable in respect of other premises of a quality, nature, size and location substantially similar to the Premises; 

 

	 	(d)	assume that the Premises are being used for the highest and best use permitted by the relevant Laws and the provisions of this Lease; 

 

	 	(e)	assume that the Tenant has observed and performed all of the provisions of this Lease; and 

  

	 	(f)	assume that it is the Landlord’s and the Tenant’s express requirement that no reduction or adjustment will be made to the market rent on account of any inducement provided or to be provided to the Tenant to
secure it as a tenant of the Premises or to any other tenant in relation to the taking of a lease of any other premises whether or not those premises are substantially similar to the Premises. 

 

	 	(4)	In this clause 4.7, inducement includes any inducement or incentive provided by the Landlord in respect of the Tenant’s entry into this Lease or any renewal of this Lease and includes any payment of
money, transfer of property or goods, fit-out of premises or provision of services, assumption of obligation, rent moratorium or reduction, loan or gift. 

 

	4.8	Minimum rent 

 Regardless of any other provision of this Lease: 

 

	 	(1)	if the Rent is being reviewed to market, the Rent from the market review date will be the greater of: 

  

	 	(a)	the amount determined under clause 4.5; and 

  

	 	(b)	the Rent payable prior to that review date. 

  

	4.9	Payment of rent pending review 

  

	 	(1)	Until the determination of Rent has been made under clause 4.5, the Tenant must pay Rent at the rate of 90% of the amount stated in the Landlord’s notice or the Rent payable at the date of the Landlord’s
notice, whichever is the greater. 

  

	 	(2)	Any variation in Rent as the result of review under clauses 4.4 or 4.5 will take effect on and from the review date. 

  

	 	(3)	Within 10 Business Days of the determination, the Landlord must refund any overpaid Rent or the Tenant must pay any shortfall. 

 

							
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	4.10	Fixed rent increase 

  

	 	(1)	If Item 11 has been completed by inserting fixed rent increase dates the Rent will be reviewed in accordance with clause 4.10(2). 

 

	 	(2)	The Rent will be increased on each fixed rent increase date to an amount represented by R in the following formula: 

R = PR + (PR x A) 
 Where: 

 

	 	(a)	PR is the Rent payable immediately prior to the fixed rent increase date; and 

  

	 	(b)	A is the percentage stated at Item 11. 

  

	5	Operating expenses 

  

	5.1	Operating expenses year 

 The term operating expenses year means each period of
12 months ending on 30 September in each year, even if all or any part of that 12 month period falls outside the Term. 
  

	5.2	Definition of operating expenses 

 The term operating expenses means the total of
all amounts payable by the Landlord or for which the Landlord may be or become liable in connection with the Premises relating to: 
  

	 	(1)	the Building or in or about the conduct management and maintenance of the Building (including the Premises) as an ‘A Grade’ commercial building; and 

 

	 	(2)	Collins Place and the conduct of cleaning, maintenance and management of the Common Areas of Collins Place and the Common Plant, 

and including: 
  

	 	(3)	rates, taxes, charges, assessments, levies, duties, impositions and fees (excluding income and capital gains taxes payable by the Landlord) payable to any Authority or body in connection with the Land or the Premises or
their use or occupation including but not limited to: 

  

	 	(a)	for any Services; 

  

	 	(b)	for waste and general garbage removal (including any excess); 

  

	 	(c)	for or in lieu of car parking; and 

  

	 	(d)	for the provision, reticulation or discharge of water including excess water, sewerage and/or drainage and other waste (including water and sewerage usage charges and meter rents); 

 

	 	(4)	land taxes or taxes in the nature of a tax on land, calculated on an actual assessment basis; 

  

							
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	 	(5)	insurance premiums and other amounts payable in respect of insurances effected by the Landlord in connection with the Premises, the Building, the Building Plant and Common Plant and their use or occupancy including:

  

	 	(a)	industrial special risks for the Premises or any part of them for the full reinstatement and replacement value, including the following risks: 

 

	 	(i)	fire; 

  

	 	(ii)	flood; 

  

	 	(iii)	lightning; 

  

	 	(iv)	storm and tempest; 

  

	 	(v)	explosion; 

  

	 	(vi)	riots and civil commotion; 

  

	 	(vii)	strikes; 

  

	 	(viii)	malicious damage; 

  

	 	(ix)	earthquake; 

  

	 	(x)	impact by vehicles; 

  

	 	(xi)	impact by aircraft and articles dropped from them; 

  

	 	(xii)	internal flood water; 

  

	 	(b)	loss of rent or other money under this Lease arising from damage to or destruction of the Premises, the Building or any part of them or arising from diminution or loss of any means of access or other similar cause;

  

	 	(c)	public liability for an amount of $20,000,000.00 for any one claim; and 

  

	 	(d)	such other insurable risks as the Landlord reasonably considers appropriate from time to time, acting reasonably including the Costs of complying with any Law or Requirement where no occupier of the Building is obliged
to do so; 

  

	 	(6)	charges for and costs in relation to supply of water sewerage and drainage services to and the removal of all waste and other garbage from the Building and the Common Areas of Collins Place. 

 

	 	(7)	all fees and expenses payable in connection with the insurances and their renewal (including all broker fees, valuation fees, risk assessment fees and duties); 

 

	 	(8)	Costs of repairs, maintenance, and redecorating to and of the Building (excluding maintenance of a structural nature and maintenance, repairs, cleaning and redecorating to be undertaken by another occupier of the
Building) including Costs of operating, supplying, maintaining and repairing the Services including all amounts payable under any maintenance contract for the maintenance of such Services; 

 

	 	(9)	Costs of the Landlord to repair, maintain, service and run the Landlord’s Fixtures and Common Areas (except to the extent that another occupier of the Building is required to do so) including the Cost of any
materials and any maintenance contract for the maintenance of such Landlord’s Fixtures; 

  

							
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	 	(10)	Costs incurred in providing lighting, fuel and power to the Premises, the Building and the Common Areas; 

  

	 	(11)	Costs for the control of pest, vermin, insect or other similar infestation; 

  

	 	(12)	A management fee to cover the Landlord’s cost of managing the Building; 

  

	 	(13)	Costs of window cleaning, annual carpet shampooing and the provision of toilet supplies (where not required to be undertaken by another occupier of the Building or by the Tenant under clause 10.2);

  

	 	(14)	Any audit fees or charges incurred by the Landlord, the Head Landlord or the Concurrent Landlord in relation to any statement or calculation of operating expenses, 

 

	 	(15)	Costs of providing and maintaining security including the access control, monitoring of and responding to security issues and caretaking services; 

 

	 	(16)	Costs of repairing, maintaining, servicing and running the Air Conditioning Equipment; 

  

	 	(17)	Costs of repairing, maintaining, servicing and running the Common Plant and Building, including without limitation, any lifts and escalators; and 

 

	 	(18)	all other Costs properly incurred by the Landlord in the management, operation, control and maintenance of the Premises and the Building (including the Common Areas) excluding expenditure related to items of a capital
nature and commission or fees payable to any letting agent. 

  

	5.3	Apportionment of operating expenses 

  

	 	(1)	Where an operating expenses year relates to any period before or after the Term, operating expenses will be deemed to accrue and be apportioned from day to day. 

 

	 	(2)	Where an operating expense relates to an Area including but greater than the Premises but not to the whole of the Building (and is not generated specifically by the Tenant’s use), the Tenant is liable for the
proportion of the operating expense calculated by dividing the Area of the Premises by the Area to which the operating expense relates. 

  

	 	(3)	Where an operating expense relates to the whole of the Building, the Tenant is liable for the Tenant’s Proportion of that operating expense. 

 

	5.4	Statement of operating expenses 

  

	 	(1)	The Tenant acknowledges that the amounts in Item 15 are the actual amounts of operating expenses paid by the Landlord in the operating expenses year immediately preceding the Commencement Date. 

 

	 	(2)	The Tenant must pay the Landlord: 

  

	 	(a)	any increase in any operating expense over the amount set out in Item 15; and 

  

	 	(b)	any operating expense that is not included in the amount set out in Item 15. 

  

							
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	 	(3)	The Tenant is not entitled to any reduction, rebate or off-set if any operating expense is less than an amount set out in Item 15. 

 

	 	(4)	The Landlord may determine the operating expenses payable by the Tenant in respect of each operating expenses year or any part of an operating expenses year that does not coincide with the Term. 

 

	 	(5)	As soon as practicable after the expiration of each operating expenses year, the Landlord must furnish an itemised statement to the Tenant containing particulars of the operating expenses payable by the Tenant.

  

	 	(6)	Unless either party notifies the other of a manifest error in the notice within 30 days of service, the statement will be conclusive evidence of its contents. 

 

	5.5	Payment by the tenant of operating expenses 

 The Tenant must pay the operating expenses
determined under clause 5.4 to the Landlord within 30 days after service of the statement referred to in clause 5.4. 
  

	5.6	Payment by tenant on account 

  

	 	(1)	Notwithstanding clause 5.5, the Landlord may notify the Tenant of the Landlord’s estimate of the operating expenses payable by the Tenant for any period not exceeding 1 year in advance of the estimate.

  

	 	(2)	During the period covered by the Landlord’s estimate, the Tenant must pay to the Landlord the amount of the estimate by equal monthly instalments in advance on the same days and in the same manner as the Tenant is
required to pay Rent. 

  

	 	(3)	The Landlord may from time to time during the period covered by the Landlord’s estimate by notice to the Tenant adjust the estimate to take account of changes in any of the operating expenses or to correct any
omission or mistake in any previous estimate. 

  

	 	(4)	Any necessary adjustment between the amount paid on account of operating expenses and the actual operating expenses must be calculated and paid within 20 Business Days after receipt of the statement referred to in
clause 5.4 

  

	5.7	Varying use or area 

 If any part of the Building or the Land is used for purposes other
than the Permitted Use, the Landlord (acting reasonably) may in its absolute discretion by notice to the Tenant vary the Tenant’s Proportion of any operating expense to reflect the appropriate proportion of an operating expense applicable to
that part of the Building or Land. 
  

	5.8	Change in area 

 The Landlord may by notice to the Tenant change the Tenant’s
Proportion to reflect the correct proportion of the Tenant’s occupation of the Building, calculated by dividing the Area of the Premises by the Area of the Building. 
  

	5.9	Supply by Landlord 

 If the Landlord supplies a Service to the Premises the Tenant must
pay the charges relating to the Service within 10 Business Days after being invoiced for it. 
  

							
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	6	Utilities and services 

  

	6.1	Source of light and power 

 The Tenant must only use light, power or heat generated by
electrical current or gas supplied through meters except in the case of failure of supply when the Tenant may only use other safe sources of energy. 
  

	6.2	No alterations to electrical installations 

  

	 	(1)	The Tenant must not make any alterations or additions to the electrical installations or wiring in or around the Premises without the Landlord’s prior consent. 

 

	 	(2)	The Tenant must not install any electrical equipment which overloads the cables, switchboards or sub-boards through which electricity is conveyed to the Premises. 

 

	6.3	Direct charges 

 By the due date the Tenant must pay to the charging Authority: 

 

	 	(1)	charges for electricity, gas and water consumed in the Premises; 

  

	 	(2)	charges for any telephone, internet or other telecommunication service connected to the Premises; and 

  

	 	(3)	other charges and impositions imposed by any Authority for the supply of any other Service to the Premises or arising out of the Tenant’s use or occupation of the Premises. 

 

	6.4	Heating or cooling devices 

 The Tenant must not use or install any heating or cooling
device or machine which in the Landlord’s opinion may interfere with the efficient running of the Air Conditioning Equipment or increase its running costs. 
  

	6.5	Access to equipment 

 The Tenant must not interfere with or obstruct access to the Air
Conditioning Equipment or fire alarm or prevention system installed in the Building. 
  

	7	Use of the Premises 

  

	7.1	Permitted use 

 The Tenant must: 

 

	 	(1)	not use, occupy or permit the Premises to be used or occupied for any purpose other than as stated in Item 12; 

  

	 	(2)	occupy the Premises and use the Premises on the days and during the hours set out in Item 13, but only for the purpose specified in Item 12; 

 

	 	(3)	only use, occupy or permit the Premises to be used or occupied for the purpose stated in Item 12 outside the hours set out in Item 13 if it complies with this Lease, including clause 15.4.

  

							
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	7.2	Restrictions on use 

 Without limiting any other obligation or restriction in this Lease,
the Tenant must and represents and warrants to the Landlord that it must: 
  

	 	(1)	not use the Premises for: 

  

	 	(a)	the sale or hire of goods by retail or the retail provision of services; or 

  

	 	(b)	the carrying on of any specified business or specified kind of business that, for the purposes of the Retail Leases Act, is a business to which that Act applies; 

 

	 	(2)	conduct the Tenant’s business in the Premises as permitted under this Lease; 

  

	 	(3)	not use the Premises as a residence; 

  

	 	(4)	not keep any animals or birds in the Premises; 

  

	 	(5)	at its expense, keep the Premises free and clean of pests, insects and vermin and in default the Landlord may employ pest exterminators to carry out any pest extermination at the Tenant’s expense, payable to the
Landlord on demand; 

  

	 	(6)	not carry on any noxious or offensive act, trade, business, occupation or calling in the Premises; 

  

	 	(7)	not cause annoyance, nuisance, grievance, damage or disturbance to occupiers of adjacent or other premises; 

  

	 	(8)	not hold any auction, bankrupt or fire sale on the Premises; 

  

	 	(9)	not make any disturbing or irritating noises including installing or using any appliance, engine or machine which causes or may be likely to cause noise or vibration outside the Premises; and 

 

	 	(10)	not prepare or cook or permit to be prepared or cooked any food except in areas provided and approved by the Landlord for that purpose. 

 

	7.3	No warranty as to use 

  

	 	(1)	The Landlord gives no warranty as to the suitability of the Premises for any purpose or the use to which the Premises may be put and the Tenant has not relied on any representation or warranty as to the suitability of
the Premises for any purpose or the use to which the Premises may be put to enter into this Lease. 

  

	 	(2)	The Tenant: 

  

	 	(a)	accepts this Lease with full knowledge of and subject to any prohibitions or restrictions on the use of the Premises under any Law or Requirement; 

 

	 	(b)	must, at its expense, comply with all Laws and Requirements and obtain and comply with the consents or approvals of any Authority which may be necessary or appropriate for the Tenant’s business; and

  

	 	(c)	must not by any act or omission cause or permit any consent or approval referred to in clause 7.3(2)(b) to lapse or be revoked. 

 

							
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	7.4	Compliance with laws and requirements 

  

	 	(1)	At its expense, the Tenant must comply with and observe all Laws and Requirements concerning: 

  

	 	(a)	the Premises, Building, the Common Areas and Land and any of the Tenant’s Fittings; and 

  

	 	(b)	the use or occupation of the Premises including any which arise as a result of the gender or number of persons in the Premises; 

whether or not the Law or Requirement is addressed to, or required to be complied with by, the Landlord or the Tenant or both or by any other
person. 
  

	 	(2)	If any Law or Requirement is notified to or served upon the Tenant, it must immediately provide a complete copy to the Landlord. 

  

	 	(3)	The Tenant must obtain the Landlord’s consent before complying with any Law or Requirement under clause 7.4(1). 

  

	 	(4)	The Tenant must comply with the Building Rules and the Tenant acknowledges that the Landlord may vary the Building Rules in its discretion by notice to the Tenant. 

 

	 	(5)	The Tenant must provide its annual essential services compliance certificate in relation to the Tenant’s Fittings to the Landlord within 10 Business Days of a request by the Landlord, together with evidence of
thermal imaging of the tenancy switchboard for the Premises and certification that any required repairs have been completed or addressed to the Landlord’s reasonable satisfaction. 

 

	7.5	Landlord’s rights if tenant fails to comply 

 The Landlord may: 

 

	 	(1)	without prejudice to any of its other rights in respect of non-compliance, elect to either wholly or partially comply with any Law, Building Rule or Requirement under clause 7.4 at the Tenant’s expense; and

  

	 	(2)	if it exercises any rights under clause 7.5(1), elect to have the balance of any Law, Building Rule or Requirement complied with by the Tenant. 

 

	7.6	No smoking 

 The Tenant must not smoke and must ensure its employees servants agents,
clients, customers and contractors do not smoke: 
  

	 	(1)	anywhere on or in the Building including the Premises and the Common Areas; and 

  

	 	(2)	anywhere within such of the Common Areas of Collins Place which have been or from time to time are designated non-smoking areas by the Head Landlord or the Concurrent Landlord (and the display of “no smoking”
signs or symbols in the relevant area shall be conclusive evidence of the designation of that area as a non-smoking area), 

and the Tenant indemnifies the Landlord, the Head Landlord and the Concurrent Landlord against all Claims arising from any breach of the
provisions of this clause 7.6. 
  

							
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	7.7	Cleaning services 

  

	 	(1)	If the Landlord, the Head Landlord or the Concurrent Landlord provide a service for the routine cleaning of premises in the Building during the Term: 

 

	 	(a)	the Tenant is required to use such service for the cleaning of the Premises and must permit the appointed cleaning contractors to have access to the Premises at all reasonable times for the purpose of carrying out
routine cleaning; and 

  

	 	(b)	the Landlord, the Head Landlord and the Concurrent Landlord will not be in any way responsible to the Tenant for any damage to the Tenant’s Fittings, property or effects caused by any cleaning contractor so
appointed; 

  

	 	(c)	the Tenant must pay the charges imposed by such contractor for providing a cleaning service for the Premises: 

  

	 	(i)	in an amount representing the Tenant’s Proportion of the overall cleaning charges if such contractor cleans all the premises in the Building; or 

 

	 	(ii)	in an amount representing that part of the overall cleaning charges in the same proportion the Area of the Premises bears to the Area the subject of the overall cleaning charges, if such contractor cleans other (but not
all) premises in the Building; and 

 directly to, and at frequencies nominated by the Landlord, or as the Landlord otherwise
directs from time to time in its absolute discretion. 
  

	 	(2)	If the Landlord, the Head Landlord or the Concurrent Landlord provide a service for the routine cleaning of either or both of the Common Areas and the Common Areas of Collins Place, the Tenant must pay the charges
imposed by such contractor for providing those cleaning services: 

  

	 	(a)	in the case of cleaning services to the Common Areas only, an amount represented by the Tenant’s Proportion; and 

  

	 	(b)	in the case of cleaning services to the Common Areas of Collins Place, an amount represented by the proportion the Area of the Premises bears to the Area of all premises which benefit (directly or indirectly) from those
cleaning services; 

 directly to, and at frequencies nominated by the Landlord, or as the Landlord otherwise directs from
time to time in its absolute discretion. 
  

	 	(3)	A statement signed on behalf of the Landlord by a Manager or other duly authorised officer of the Landlord as to the amount of any cleaning charges or any Area under this clause 7.7 is: 

 

	 	(a)	conclusive evidence of the contents of that statement; and 

  

	 	(b)	binding on the Tenant and from the date such a statement is given to it, 

 except in the case
of manifest error (the burden in proving being the sole responsibility of the Tenant). 
  

							
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	7.8	Security 

  

	 	(1)	The Tenant must not use any security systems, consultants or personnel, including but not limited to those which relate to access control of the Premises, other than the Landlord’s nominated systems, providers or
personnel without the Landlord’s prior written consent, which may be withheld or granted conditionally at the Landlord’s absolute discretion. 

  

	 	(2)	The Tenant acknowledges that nothing in this clause 7.8 renders the Landlord responsible for any Claim in connection with any failure of the security systems, consultants or personnel adopted or engaged by the Tenant in
relation to the Premises. 

  

	8	Dealings 

  

	8.1	No dealing with Premises 

 Subject to clause 8.2, the Tenant must not: 

 

	 	(1)	assign, transfer, mortgage, charge or otherwise deal with this Lease or its interest in the Premises; 

  

	 	(2)	effect or permit a change in Control of the Tenant or the Tenant’s Holding Company (unless the Tenant is a company which is listed on the Australian Stock Exchange); or 

 

	 	(3)	sublet, part with possession of or grant any licence affecting the Premises. 

  

	8.2	Assignment and subletting 

  

	 	(1)	The Landlord will not unreasonably withhold its consent to an assignment or subletting of the whole or part of the Premises if the Tenant first makes a written application to the Landlord for consent and the following
conditions have been satisfied: 

  

	 	(a)	the Tenant is not in default under this Lease, other than a default which has been waived in writing by the Landlord or remedied by the Tenant; 

 

	 	(b)	the Tenant proves to the Landlord’s reasonable satisfaction that the incoming tenant is: 

  

	 	(i)	respectable, responsible and solvent; 

  

	 	(ii)	in the reasonable opinion of the Landlord, of equal or greater financial standing as the Tenant (and the Tenant must provide to the Landlord such financial statements in relation to the incoming tenant as reasonably
required by the Landlord to form such an opinion); and 

  

	 	(iii)	capable of adequately carrying on the business permitted, and complying with the Tenant’s obligations, under this Lease; 

  

	 	(c)	if the incoming tenant is a company other than a company (or a wholly owned subsidiary of a company) whose shares are listed on the Australian Securities Exchange or any other recognised stock exchange, the obligations
of the incoming tenant are guaranteed by a guarantor in a form and on terms in each case acceptable to the Landlord; 

  

							
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	 	(d)	the Tenant obtains, at its expense, from the incoming tenant and any incoming guarantor an executed deed in a form reasonably required by the Landlord, requiring among other things: 

 

	 	(i)	the incoming tenant and incoming guarantor to perform and observe the Tenant’s obligations under this Lease; 

  

	 	(ii)	the Tenant to release the Landlord from its obligations under this Lease before the transfer or assignment; and 

  

	 	(iii)	that the Tenant not be released from its obligations under this Lease, regardless of the transfer or assignment; 

  

	 	(e)	in the case of a sublease and without limiting any other provision of this clause 8.2: 

  

	 	(i)	the Tenant proves to the Landlord’s satisfaction that the incoming subtenant is obliged to pay a rent at least equal to the current market rent for the Premises; and 

 

	 	(ii)	the proposed sublease contains provisions required by the Landlord including provisions under which the proposed subtenant covenants to comply with this Lease and agrees to not cause the Tenant to be in breach of this
Lease; 

  

	 	(f)	the Tenant pays the Landlord’s Costs of and incidental to the Landlord considering whether or not to give its consent (including any costs in procuring the consent of the Head Landlord and Concurrent Landlord);

  

	 	(g)	the Landlord has obtained any consents that it has agreed to endeavour to obtain on conditions that are satisfactory to the Landlord (in its absolute discretion); and 

 

	 	(h)	in the case of an assignment, the incoming tenant provides the Landlord with a Bank Guarantee for an amount determined by the Landlord (being in no case less than that required of the Tenant as at the date of
assignment). 

  

	 	(2)	Despite any other provision of this Lease, the Landlord may withhold its consent in its absolute discretion: 

  

	 	(a)	to an assignment or sublease of part of the Premises only, (where that part of the Premises is less than the Area let on one whole floor of the Building); 

 

	 	(b)	if the transfer of all or part of an interest will bring the Lease or Premises under the Retail Leases Act; or 

  

	 	(c)	if the Landlord cannot for any reason obtain satisfactory consent to the proposed transfer of interest from the Head Landlord, the Concurrent Landlord, a mortgagee or other necessary party. 

 

	8.3	Change in ownership or control 

 If there is a proposed change in Control of the Tenant
or the Tenant’s Holding Company and the Tenant is a company which is not listed on the Australian Stock Exchange, then: 
  

	 	(1)	that proposed change in Control is treated as a proposed assignment of this Lease to an incoming tenant; 

  

							
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	 	(2)	the person or entity proposed to acquire Control is treated as an incoming tenant; and 

  

	 	(3)	clause 8.1 applies. 

  

	9	Personal Property Securities Act 

  

	 	(1)	In this clause 9: 

  

	 	(a)	PPS Law means: 

  

	 	(i)	the PPSA and any regulations made under the PPSA, as amended from time to time; and 

  

	 	(ii)	any amendment made to any other legislation as a consequence of the PPSA or any regulations made under the PPSA, including, without limitation, amendments to the Corporations Act 2001 (Cth); and

  

	 	(b)	PPSA means the Personal Property Securities Act 2009 (Cth). 

  

	 	(2)	A term defined in the PPS Law has the same meaning when used in this clause. 

  

	 	(3)	The Tenant agrees and acknowledges: 

  

	 	(a)	the Landlord may be entitled to register any relevant interest under this Lease as a security interest (at the Landlord’s discretion) on the register established under the PPS Law; and 

 

	 	(b)	the Landlord has provided consideration for that security interest, by delivery of its promises under this Lease. 

  

	 	(4)	The Landlord may, by notice to the Tenant at any time, require the Tenant to take all steps, provide information (including serial numbers) or do any other thing that the Landlord considers necessary or desirable to:

  

	 	(a)	ensure that this lease (or any related document or any security interest arising under it) is enforceable against the Tenant or any third party; 

 

	 	(b)	protect, perfect, record or better secure, or obtain or preserve the priority of, the security position of the Landlord under this Lease (or any related document); or 

 

	 	(c)	overcome any defect or adverse effect arising from the PPS Law on the Landlord’s security position or the rights or obligations of the Landlord under or in connection with this Lease or any encumbrance or document
contemplated by this Lease. 

  

	 	(5)	The Tenant must comply with the requirements of a notice under clause 9(4) within the time stated in the notice at the cost of the Tenant. 

 

	 	(6)	Subject to clauses 9(4) and 9(5), but despite any other clause of this Lease which permits the disclosure of such information, the parties agree that neither of them will disclose any information of the kind mentioned
in section 275(1) of the PPSA. The Tenant waives any right it has under section 275(7)(c) of the PPSA to authorise disclosure of such information. This clause 9(6) survives the termination of this Lease. 

 

							
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	 	(7)	To the extent that Chapter 4 of PPSA would otherwise apply to enforcement by the Landlord of any security interest under this Lease, the parties agree that the following provisions of the PPSA are excluded:
sections 95, 118(1)(b), 121(4), 129(2) & (3), 130(1), 132(3)(d), 132(4), 134(1), 135 and 157 of the PPSA. 

  

	 	(8)	If the Landlord seizes any collateral, the Landlord may delay a decision to dispose of or retain any of the collateral seized by the Landlord for as long as the Landlord considers reasonable in the circumstances, in
accordance with section 125(3)(a) of the PPSA. 

  

	 	(9)	The Tenant agrees that it will not either redeem the collateral under section 142 of the PPSA or reinstate the security agreement under section 143 of the PPSA. 

 

	 	(10)	The Tenant agrees to perfect and maintain continuous perfection of any security interests under the PPS Act that it may at any time hold, including purchase money security interests if failure to do so could materially
adversely affect: 

  

	 	(a)	the Tenant’s business; or 

  

	 	(b)	in the opinion of the Landlord, the Landlord’s security position under this Lease (or any related document) including the Landlord’s security position relative to other secured parties in relation to the
security position of the Landlord under this Lease (or any related document). 

  

	 	(11)	In addition to any power granted by the Tenant in favour of the Landlord otherwise in this Lease, the Tenant irrevocable appoints the Landlord and each authorised officer of the Landlord, as its attorney with the right
at any time to: 

  

	 	(a)	comply with the obligations of the Tenant under this clause and the PPS Law; and 

  

	 	(b)	do everything that in the Attorney’s reasonable opinion is necessary or expedient to enable the exercise of any right of the Landlord in relation to this clause and the PPS Law. 

 

	10	Maintenance and repair 

  

	10.1	Repair of Premises 

  

	 	(1)	The Tenant must keep the Premises, the Tenant’s Fittings and the Landlord’s Fixtures in good repair and condition having regard to their state of repair and condition as at the First Occupancy Date except for:

  

	 	(a)	fair wear and tear (where not excluded or required to be renovated, repaired or made good by this Lease); and 

  

	 	(b)	damage covered by insurances taken out by the Landlord in respect of the Premises. 

  

	 	(2)	The exception in clause 10.1(1)(b) does not apply if any insurer under any policy effected by the Landlord refuses indemnity or to the extent that the sum payable under the policy is reduced because of any act,
negligence, omission or default of the Tenant or the Tenant’s Employees. 

  

							
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	 	(3)	Nothing in clause 10.1(1) imposes any obligation on the Tenant in respect of any major structural maintenance, replacement, renovation or repair unless it is required because of: 

 

	 	(a)	any act, negligence, omission or default of the Tenant or the Tenant’s Employees; 

  

	 	(b)	the Tenant’s use or occupancy of or the number of persons in the Premises; 

  

	 	(c)	the installation, use or removal of the Tenant’s Fittings or any other work, materials, machinery or other item carried out or installed by the Tenant; or 

 

	 	(d)	other provisions of this Lease. 

  

	10.2	Maintenance and breakages 

 The Tenant must: 

 

	 	(1)	immediately make good any damage (including any to the Premises, Building or Land) caused or contributed to by any act, negligence, omission or default of the Tenant or the Tenant’s Employees or by its or their use
or occupancy of the Premises or by the installation, use or removal of the Tenant’s Fittings, including but not limited to immediately repairing or replacing: 

 

	 	(a)	broken glass with glass of the same quality; 

  

	 	(b)	damaged or inoperative electric light bulbs, globes, tubes and other means of illumination and light switches and power points which may become damaged or fail to operate; and 

 

	 	(c)	Landlord’s Fixtures which are broken or damaged by the Tenant or the Tenant’s Employees. 

  

	 	(2)	indemnify the Landlord, the Head Landlord and, while the Concurrent Lease is still in force, the Concurrent Landlord, from and against all loss and damage to the Premises, the Building and any Services caused by the
negligent use or misuse of them by the Tenant or any of the Tenant’s Employees. 

  

	10.3	Landlord’s right to inspect and repair 

  

	 	(1)	Except in the case of emergency (when no notice will be required), after giving the Tenant 1 Business Days’ notice, the Landlord and the Landlord’s Employees may enter the Premises and view their condition.

  

	 	(2)	The Landlord may serve a notice on the Tenant requiring it to undertake any repair which is the Tenant’s obligation, within a reasonable time. 

 

	 	(3)	Without limiting any other right of the Landlord, if the Tenant does not make the repairs to the Landlord’s satisfaction, the Landlord and the Landlord’s Employees may (but is or are not obliged to) enter any
part of the Premises and make the repairs and the Landlord’s Cost of doing so must be paid by the Tenant on demand. 

  

	 	(4)	In exercising its powers under this clause 10.3, the Landlord must endeavour to cause as little inconvenience to the Tenant as is practicable in the circumstances. 

 

							
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	10.4	Landlord may enter 

  

	 	(1)	Subject to the same notice requirements set out in clause 10.3(1), the Landlord and the Landlord’s Employees may enter the Premises with workers, agents and other authorised persons and necessary materials and
appliances to: 

  

	 	(a)	comply with any Law or Requirement involving the destruction of noxious animals, rodents or other pests; 

  

	 	(b)	carry out any repairs, alterations, renovations, extensions or works; 

  

	 	(c)	exercise the Landlord’s rights under this Lease; or 

  

	 	(d)	provide any Services to the Tenant. 

  

	 	(2)	In exercising its powers under this clause 10.4, the Landlord will endeavour to cause as little inconvenience to the Tenant as is reasonably practicable in the circumstances. 

 

	10.5	Notice of damage or defect in services 

 The Tenant must promptly give the Landlord
notice of: 
  

	 	(1)	any damage to, defect or disrepair in the Premises, Services or the Landlord’s Fixtures; 

  

	 	(2)	any circumstances likely to cause any danger risk or hazard to the Premises or to any person; and 

  

	 	(3)	any notice received from any Authority. 

  

	10.6	Principal contractor 

  

	 	(1)	The Tenant accepts the Landlord’s nomination as principal contractor for the purposes of the Occupational Health and Safety Regulations 2007 (Vic) in relation to any works carried out by or on behalf of the
Tenant at the Premises. 

  

	 	(2)	The Tenant warrants to the Landlord that it will comply with all Laws and Requirements when discharging its obligations and responsibilities as principal contractor. 

 

	10.7	Head Landlord’s and Concurrent Landlord’s entitlements 

 The Tenant will at all
times permit the Landlord, the Head Landlord and while the Concurrent Lease is in force, the Concurrent Landlord to exercise the Landlord’s powers to enter and view the Premises and to carry out repair, renovations, maintenance and other work
on the Premises and to otherwise exercise or perform its lawful rights or obligations in respect of the Premises. 
  

	11	Redecoration and restoration 

  

	11.1	Definition of redecorate 

 The term redecorate includes: 

 

	 	(1)	washing down the exterior and interior of the Premises; 

  

							
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	 	(2)	treatment as previously treated of all internal surfaces of the Premises to a specification previously approved by the Landlord; and 

 

	 	(3)	replacing carpet and curtains. 

  

	11.2	Tenant to redecorate 

 Without limiting any other obligation of the Tenant (including
under clause 12), the Tenant must redecorate the Premises in accordance with all Laws, Building Rules and Requirements and to reasonable standards determined by the Landlord: 

 

	 	(1)	during the 6 month period prior to the end of the Term; and 

  

	 	(2)	during the 6 month period before the Tenant vacates the Premises, if the Tenant has not redecorated the Premises in the 6 month period before that occurs. 

 

	11.3	Landlord’s approval required 

  

	 	(1)	The Tenant must obtain the Landlord’s approval prior to carrying out any redecoration. 

  

	 	(2)	The Landlord may specify the type and colour of paint, materials, carpets, window furnishings and treatments to be used in connection with the redecoration. 

 

	11.4	Failure to redecorate 

  

	 	(1)	If the Tenant fails to redecorate the Premises as required by this Lease, then without limiting any right of the Landlord, the Landlord may (but is not obliged to) redecorate the Premises at the Tenant’s expense.

  

	 	(2)	The Landlord will be entitled to recover from the Tenant on demand: 

  

	 	(a)	the Cost of redecoration; and 

  

	 	(b)	if Landlord redecorates the Premises (as soon as reasonably practicable after the Tenant vacates), a sum equal to the Rent and any other money being paid by the Tenant at the time it vacated the Premises calculated from
the date it vacated the Premises to the date the Landlord completes the redecoration. 

  

	12	Expiry or termination of term 

  

	12.1	Tenant to yield up 

 On or before the date this Lease ends, the Tenant must: 

 

	 	(1)	deliver the Premises and the Services to the Landlord in good repair, order and condition and otherwise as required by clause 10.1; 

  

	 	(2)	remove all the Tenant’s Fittings and any signs or advertisements affixed by the Tenant from the Premises, unless: 

  

	 	(a)	the Landlord has stated as a condition of giving approval to works that they may not be removed; or 

  

	 	(b)	they are part of structural work done by the Tenant and the Landlord has not given the Tenant a notice requiring the Tenant to remove those Tenant’s Fittings; 

 

							
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	 	(3)	have redecorated the Premises as required by clause 11.2; 

  

	 	(4)	return all altered surfaces to their original condition, fair wear and tear excepted; 

  

	 	(5)	ensure any carpet in the Premises is left clean and undamaged to the Landlord’s reasonable satisfaction, fair wear and tear excepted; 

 

	 	(6)	restore the electrical Services to standard pattern for open plan occupation of the Premises; 

  

	 	(7)	clean lighting boxes and diffusers and replace tubes and diffusers as necessary; 

  

	 	(8)	remove any partitions and restore Air Conditioning Equipment ducting to the standard pattern and balance the Air Conditioning Equipment; 

 

	 	(9)	restore the fire services to standard pattern for open plan occupation of the Premises at the time the Tenant vacates the Premises; 

  

	 	(10)	remove, clean and then replace any window furnishings after cleaning all glass and sills; and 

  

	 	(11)	prepare all painted surfaces and walls and apply an undercoat and 2 top coats of good quality paint. 

  

	12.2	New condition 

  

	 	(1)	The Tenant must carry out the necessary works and perform those obligations set out in clause 12.1 (collectively, the ‘Tenant’s Works’ to return the relevant part of the Premises to an open plan
and new condition, regardless of their condition at the Commencement Date. 

  

	 	(2)	For the purposes of clause 12.2(1), ‘new condition’ means replacing with new parts any parts of the Premises which have been lost, are missing or, in the Landlord’s reasonable opinion, have been
damaged or have deteriorated and need to be replaced. 

  

	12.3	Tenant not to cause damage 

  

	 	(1)	The Tenant must not damage the Premises or the Building in performing the Tenant’s Works. 

  

	 	(2)	If the Tenant does so then without limiting any other right of the Landlord, it must repair any damage and leave the Premises and Building clean. 

 

	 	(3)	If the Tenant fails to comply with clause 12.3(2), then without limiting any right of the Landlord, the Landlord may (but is not obliged to) repair and clean the Premises and the Building and recover the costs of doing
so from the Tenant on demand. 

  

	12.4	Tenant’s expense 

 The Tenant must carry out the Tenant’s Works at its expense
to reasonable trade standards approved by the Landlord. 
  

	12.5	Failure to do Tenant’s Works 

 Without limiting the Tenant’s obligations to
complete the Tenant’s Works, if the Tenant does not complete the Tenant’s Works to the Landlord’s reasonable satisfaction prior to 
  

							
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vacating the Premises, it will be deemed to be holding over from day-to-day as a tenant under this Lease the Tenant’s Works are completed to the Landlord’s reasonable satisfaction. 

 

	12.6	Landlord may carry out the Tenant’s Works 

  

	 	(1)	If the Tenant does not carry out the Tenant’s Works, the Landlord will be entitled to complete them at the Tenant’s expense and the Costs of doing so must be paid by the Tenant on demand. 

 

	 	(2)	A certificate signed by the Manager giving reasonable details of the Tenant’s Works completed by the Landlord and the Costs will be conclusive evidence of the Tenant’s Works and Costs, except in the case of
manifest error (the burden in proving being the sole responsibility of the Tenant). 

  

	12.7	Failure by Tenant to remove Tenant’s Fittings 

  

	 	(1)	In consideration for the Landlord paying the Tenant $1.00, receipt of which is acknowledged by the Tenant, the Tenant grants the Landlord an option for the Landlord or its nominee to purchase the Tenant’s Fittings
(unless owned by the Landlord pursuant to this Lease). 

  

	 	(2)	The option in clause 12.7(1) is an irrevocable offer by the Tenant to sell the Tenant’s Fittings (unless owned by the Landlord pursuant to this Lease) to the Landlord. 

 

	 	(a)	The option in clause 12.7(1) may be exercised by the Landlord by notice to the Tenant at any time after the Tenant fails to remove the Tenant’s Fittings as required by clause 12.1(2). 

 

	 	(b)	Subject to clause 9, the Tenant warrants to the Landlord that the Tenant’s Fittings: 

  

	 	(i)	are not, unless expressed to the contrary in this Lease, as at the date of this Lease subject to any rights of any third party; 

  

	 	(ii)	will not throughout this Lease be subject to any rights of any third party and if they are, then the Tenant must obtain the consent of that third party to the option in clause 12.7(1) on the conditions set out in this
Lease; and 

  

	 	(iii)	will be transferred to the Landlord or its nominee on exercise of the option in clause 12.7(1), free from any encumbrances. 

  

	 	(c)	Without limiting the option in clause 12.7(1), if the Tenant fails to remove the Tenant’s Fittings as required by clause 12.1(2), then without limiting any right of the Landlord, the Landlord may (but is not
obliged to) remove and store the Tenant’s Fittings at the Tenant’s risk and expense. 

  

	12.8	Tenant to indemnify and pay Landlord’s costs 

 The Tenant: 

 

	 	(1)	is responsible for and indemnifies the Landlord against the removal and storage of the Tenant’s Fittings and against all Claims by any person claiming an interest in the Tenant’s Fittings by reason of the
Landlord’s actions under clause 12.4; and 

  

	 	(2)	must pay the Landlord, as a liquidated debt payable on demand, any Costs incurred by the Landlord in exercising its rights under clause 12.4 less any money received on disposal of the Tenant’s Fittings.

  

							
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	13	Alterations 

  

	13.1	Alterations and additions 

  

	 	(1)	The Tenant must not alter or add to the Premises or the Tenant’s Fittings, install or alter any partitions or install any heavy article without the Landlord’s prior consent. 

 

	 	(2)	The Tenant must submit plans and specifications of any proposed alteration, addition or installation to the Premises or the Tenant’s Fittings for the Landlord’s consent. 

 

	 	(3)	Without limiting any other provision of this Lease, as a condition of its approval the Landlord may require: 

  

	 	(a)	the Tenant to engage the Landlord’s nominated consultants or consultants approved by the Landlord to ensure that alterations and additions are of a suitable design, style and quality to complement the Premises and
the Building if the Tenant wishes to make structural alterations or additions to the Premises; 

  

	 	(b)	the Tenant to use only the drawings, plans and specifications prepared by those consultants after first having them approved by the Landlord’s consultants; 

 

	 	(c)	the Tenant to provide its drawings, plans and specifications in both soft and hard formats or as otherwise reasonably required by the Landlord; 

 

	 	(d)	the Tenant to pay the Costs of the Landlord’s consultants approving the plans and specifications referred to in clause 13.1(2) on demand and, if the Landlord pays those Costs, it may recover them from the
Tenant as a debt; 

  

	 	(e)	any proposed work to be supervised by a person nominated by the Landlord and the Costs of supervision must be paid by the Tenant on demand; 

 

	 	(f)	any proposed work to be carried out by contractors or tradespersons nominated or otherwise approved by the Landlord; 

  

	 	(g)	the Tenant to obtain, at its expense, from any Authority all approvals or permits necessary to enable the proposed work to be lawfully executed and, if requested by the Landlord, the Tenant must produce a copy of any
approval and permit; 

  

	 	(h)	the Tenant to agree that all or part of the work must remain on the Premises at the termination or expiry of this Lease at no cost to the Landlord; and 

 

	 	(i)	the Tenant to reimburse the Landlord for Costs incurred by it as a result of the alteration or addition including the Cost of installation, operation (including changing the operation of) or removal of any Air
Conditioning Equipment, other equipment, fixture, fitting or machinery on demand. 

  

	 	(4)	The Tenant must promptly provide the Landlord with a complete set of “as built” drawings and commissioning data for the work carried out under this clause 13.1 in a format required under clause
13.1(3)(c), together with all operating manuals and the benefit of all guarantees or warranties that may apply. 

  

							
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	 	(5)	If any alteration or addition includes partitions, the partitions remain the Tenant’s property and the Tenant must maintain and insure them. 

 

	 	(6)	Any proposed work to be carried out under this clause 13.1 must be carried out at times and in a manner that: 

  

	 	(a)	causes no cost, loss, damage, expense or liability to any other occupier of the Building or Land; and 

  

	 	(b)	minimises any disturbance or inconvenience to any other occupier. 

  

	13.2	Installation of equipment 

 Without the Landlord’s prior consent, the Tenant must
not: 
  

	 	(1)	install any water, gas or electrical fixtures, equipment or appliances or any apparatus for air conditioning, heating, cooling, ventilating or illuminating the Premises, Building or Land; or 

 

	 	(2)	mark, paint, drill, deface or damage any part of the Premises, Building or Land. 

  

	13.3	Reinstatement 

  

	 	(1)	If the Tenant breaches clause 13.1 or 13.2, the Landlord may give the Tenant a notice requiring it to reinstate the Premises, Building or Land as required by this Lease in other circumstances, including without
limitation to the extent required by clause 12.1, 12.2(1) and clause 11.2. 

  

	 	(2)	If the Tenant fails to comply with a notice given under clause 13.3(1), then without limiting any right of the Landlord, the Landlord may (but is not obliged to) undertake the necessary work and the Costs of doing the
work and all Rent and other Costs during the period of the work will be recoverable from the Tenant on demand. 

  

	14	Insurances and indemnities 

  

	14.1	Public risk and plate glass insurance 

 The Tenant must keep current: 

 

	 	(1)	a public risk insurance policy for an amount in respect of any single event of not less than the amount in Item 14 or a greater sum if nominated by the Landlord; 

 

	 	(2)	an insurance policy covering any windows, doors, plate glass and display showcases forming part of or in the Premises for the full insurable reinstatement Cost; 

 

	 	(3)	an insurance policy covering the Tenant’s Fittings for the full insurable reinstatement cost; and 

  

	 	(4)	any other insurance required by Law or a Requirement or which the Landlord (acting reasonably) considers prudent for the Tenant to take out. 

 

							
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	14.2	Landlord may insure 

  

	 	(1)	If the Tenant fails to maintain the insurances required by this clause 14, then without limiting any right of the Landlord, the Landlord may (but is not obliged to) effect and maintain those insurances.

  

	 	(2)	The Costs in effecting and maintaining the insurances under clause 14.2(1) must be paid by the Tenant. 

  

	14.3	Tenant’s insurances 

 The Tenant must ensure that all policies of insurance effected
or required to be effected by the Tenant under this clause 14: 
  

	 	(1)	are taken out with an independent and reputable insurer approved by the Landlord; 

  

	 	(2)	are for an amount, cover risks and contain conditions which are acceptable to the Landlord and its insurer (including a cross-liability and waiver of subrogation); 

 

	 	(3)	are on an occurrence, not a claims made, basis; 

  

	 	(4)	have no exclusions, endorsements or alterations unless first approved by the Landlord; and 

  

	 	(5)	note the interests of: 

  

	 	(a)	the Landlord the Head Landlord and, while the Concurrent Lease is in force, the Concurrent Landlord; and 

  

	 	(b)	any other person nominated by the Landlord for their respective rights and interests. 

  

	14.4	Payment and production of insurance policies 

  

	 	(1)	The Tenant must promptly pay all premiums and other money payable in respect of its insurances. 

  

	 	(2)	If requested by the Landlord, the Tenant must produce policies of insurance which the Tenant is required to effect under this clause 14 and the receipt or other evidence of up to date payment of the premium.

  

	14.5	Effect on the Head Landlord’s, Concurrent Landlord’s and Landlord’s insurance 

  

	 	(1)	Without the Landlord’s prior consent, the Tenant must not do or omit to do anything to or upon the Premises which may: 

  

	 	(a)	increase the rate of any insurance on the Premises or any property on the Premises; 

  

	 	(b)	permit an insurer to decline or reduce a claim; 

  

	 	(c)	vitiate or render void or voidable, reduce or prejudice any insurance on the Premises or any property in the Premises; or 

  

	 	(d)	conflict with any Law or Requirement, the requirements of the Head Landlord’s, the Concurrent Landlord’s or the Landlord’s insurer relating to fire, fire safety or fire prevention or any insurance policy
in respect of the Premises or any property in them, 

 and the Tenant must immediately notify the Landlord if anything happens
in contravention of this clause. 
  

							
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	 	(2)	The Tenant must pay to the Landlord all extra insurance Costs on account of the extra risk caused by the Tenant’s use or occupation of the Premises or anything done by the Tenant in breach of clause 14.5(1).

  

	 	(3)	The Landlord’s acceptance of any extra insurance Costs will not constitute a waiver of any breach of this clause 14.5 by the Tenant. 

 

	 	(4)	The Tenant must pay the proceeds of any insurance claim (which the insurer does not require for replacement or reinstatement) into a separate account in the names of the Landlord, the Tenant and any other person
nominated by the Landlord with any surplus after settlement of claims to be shared equally between them. 

  

	14.6	Inflammable substances and fire regulations 

 The Tenant must not store inflammable,
volatile or explosive substances (whether liquid, gas or solid) on the Premises or do anything that may create a hazard. 
  

	14.7	Tenant’s risk 

  

	 	(1)	All property at the Premises is at the Tenant’s sole risk. 

  

	 	(2)	The Tenant occupies and uses the Premises and accesses the Land and Building at the Tenant’s risk. 

  

	 	(3)	The Landlord, the Landlord’s Employees, the Head Landlord and while the Concurrent Lease is in force, the Concurrent Landlord, are not liable for any Claim by the Tenant, the Tenant’s Employees or any person
which may arise from: 

  

	 	(a)	any fault in the construction or state of repair of the Premises or any part of it or the Landlord’s Fixtures; 

  

	 	(b)	any defect in the Services, the Landlord’s Fixtures, the Building Plant or the Common Plant; or 

  

	 	(c)	the flow, overflow, leakage, condensation or breakdown of any water, air conditioning, gas, oil or other source of energy or fuel from or in any part of the Premises; 

or from any other cause except as to the extent caused by the negligence of the Landlord, the Landlord’s Employees, the Head Landlord and
while the Concurrent Lease is in force, the Concurrent Landlord. 
  

	14.8	Release 

 To the full extent permitted by Law, the Tenant releases the Landlord, the Head
Landlord, and while the Concurrent Lease is in force, the Concurrent Landlord (Indemnified), and each of their employees and agents from and Costs incurred in relation to: 

 

	 	(1)	liability for any Claim in respect of or arising from: 

  

	 	(a)	any property in the Premises, Land or Building; 

  

	 	(b)	damage or injury to any person or property on the Premises, Land or Building; or 

  

	 	(c)	any of the circumstances set out in clause 14.9; 

 other than to the extent that the Claim
results from the negligence of the Indemnified; 
  

							
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	 	(2)	a Service being interrupted, not being available or not working or not doing so properly; 

  

	 	(3)	the Landlord’s Fixtures not working or not doing so properly; 

  

	 	(4)	the Premises, Land or Building not complying with any Law or Requirement. 

  

	14.9	Indemnities 

  

	 	(1)	The Tenant is responsible for and indemnifies the Indemnified against all Claims arising during or after the Term, in connection with or arising directly or indirectly from, and Costs incurred in connection with:

  

	 	(a)	any cause relating to the Premises, Land or Building, any property or any person inside or outside the Premises, Land or Building, including any loss, damage or injury to property or person or death, occasioned or
contributed to by any act, neglect or default of the Tenant or the Tenant’s Employees or the use or occupation of the Premises or use of the Land or Building by or on the part of the Tenant or the Tenant’s Employees, except to the extent
caused by the negligence of the Indemnified or any of their employees or agents; 

  

	 	(b)	the negligent or careless use or neglect of the Services and facilities in or of the Premises, Land or Building or the Landlord’s Fixtures by the Tenant, the Tenant’s Employees, any other person in the
Premises, Land or Building as a result of the Tenant’s use or occupation (including any sub-lessee, licensee or invitee) or claiming by, through or under the Tenant or any trespasser while in the Premises, Land or Building; 

 

	 	(c)	the overflow or leakage of water from any source including the Services or the Landlord’s Fixtures, whether originating outside or within the Premises, Land or Building; 

 

	 	(d)	the Tenant’s failure to give notice to the Landlord of any defect in the Services; 

  

	 	(e)	any person exercising or purporting to or attempting to exercise a right or remedy in relation to this Lease after the Tenant has defaulted under this Lease; 

 

	 	(f)	for any matter for which the Tenant is responsible; 

  

	 	(g)	the Indemnified doing anything: 

  

	 	(i)	which the Indemnified is permitted or required to do under this lease; or 

  

	 	(ii)	which the Tenant must do under this Lease but has not done or which the Landlord considers the Tenant has not done properly; 

  

	 	(h)	the Tenant’s breach of this Lease (including if this Lease is terminated for breach, the Landlord’s loss of the benefit of the Tenant performing its obligations under this Lease); and 

 

	 	(i)	damage to plate and other glass caused or contributed to by any act or omission by the Tenant or the Tenant’s Employees. 

  

	 	(2)	Amounts due under the indemnity in clause 14.9(1) must be paid by the Tenant to the Landlord on demand. 

  

							
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	15	Landlord’s covenants and additional rights 

  

	15.1	Quiet enjoyment 

 If the Tenant performs and observes all its obligations under this
Lease and subject to the Head Landlord’s, Concurrent Landlord’s and Landlord’s rights, the Tenant may: 
  

	 	(1)	use the Premises without interruption or disturbance from the Landlord or any person claiming by, through or under the Landlord; and 

 

	 	(2)	use in common with the Landlord and other tenants and occupiers of the Building and all other persons authorised or permitted by the Landlord, the Common Areas for the purposes for which they were provided

  

	15.2	Person other than landlord becoming entitled to rents 

  

	 	(1)	If any person other than the Landlord becomes entitled to receive the Rent, that person will have the benefit of all covenants by the Tenant under this Lease. 

 

	 	(2)	If required by and at the reasonable expense of the Landlord, the Tenant must enter into a deed in favour of that other person agreeing to be bound by this Lease as if that other person was named in this Lease as
Landlord. 

  

	15.3	Services to be provided by landlord 

 The Landlord will use reasonable endeavours to
ensure that the Services are operational and functional during the hours and days in Item 13. 
  

	15.4	Services outside hours 

  

	 	(1)	The Landlord is not obliged to make any Service available outside the hours and days in Item 13. 

  

	 	(2)	If at the Tenant’s request the Landlord makes any Service available to the Land, the Building or the Premises outside the hours in Item 13, then the Tenant must pay the Costs of making the Service available
within 5 Business Days of the request. 

  

	15.5	Failure of services 

 The Tenant will have no Claim against the Landlord nor will the
Tenant be entitled to terminate this Lease solely because: 
  

	 	(1)	the Services fail to operate; or 

  

	 	(2)	the Landlord shuts down or removes any Services to repair, maintain or replace them or because of the provisions of any Law or Requirement. 

 

							
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	15.6	Additional rights 

 The Landlord may in addition to any express rights and to the full
extent permitted by law: 
  

	 	(1)	do anything to comply with any Law or Requirement of any Authority; 

  

	 	(2)	exclude or remove any person from the Building or Premises; 

  

	 	(3)	carry out works (including alterations or redevelopment) in the Building or in the Premises or limit access to or close the Common Areas if the Landlord takes reasonable steps other than in emergencies to minimise
interference with the Tenant’s business; 

  

	 	(4)	enter the Premises at reasonable times on reasonable notice to determine if the Tenant is complying with its obligations under this Lease and to do anything that the Landlord may or must do under this Lease;

  

	 	(5)	if it decides there is an emergency, enter the Premises at any time without notice and stop the Tenant from entering the Premises; 

  

	 	(6)	install and use a public address system throughout the Common Areas and the Premises; 

  

	 	(7)	change, restrict or modify the direction, volume and flow of pedestrian and vehicular access or traffic into, through or out of the Building or the Common Areas; 

 

	 	(8)	after giving the Tenant reasonable notice, do anything which the Tenant should have done under this Lease but which it has not done or which the Landlord considers it has not done properly; 

 

	 	(9)	grant any rights of use or occupation in connection with the Building to any other person; 

  

	 	(10)	change, grant rights in relation to, remove or alter signage of the Building or on the Land; and 

  

	 	(11)	appoint agents or others (including a Manager) to exercise any of its rights or perform any of its duties under this Lease, on the condition that communications from the Landlord prevail over communications from others
if they are inconsistent. 

  

	15.7	Building Shutdowns 

  

	 	(1)	The Tenant: 

  

	 	(a)	acknowledges that the Landlord will carry out temporary shutdowns of the Building from time to time during the Term, generally in accordance with a predetermined schedule or schedules issued by the Landlord in
accordance with this clause 15.7 in order to ensure the safe and efficient operation of the Building, and plant, equipment and services therein (Building Shutdown); 

 

	 	(b)	must cooperate with the Landlord, its Manager and any consultants, and not object to or disrupt any planned Building Shutdowns; 

  

	 	(c)	may not have access to the Building or the Premises during any Building Shutdown; 

  

							
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	 	(d)	subject to the Landlord complying with clause 15.7(2), will not: 

  

	 	(i)	object; 

  

	 	(ii)	claim against the Landlord or its Manager; 

  

	 	(iii)	rescind or purport to rescind or terminate this Lease; 

  

	 	(iv)	withhold or offset any Rent or other monies due to the Landlord under this Lease, 

 by reason
of or in connection with any Building Shutdown. 
  

	 	(2)	The Landlord will: 

  

	 	(a)	give the Tenant no less than 7 days’ prior notice of any Building Shutdown; 

  

	 	(b)	use reasonable endeavours to coordinate with the Tenant to agree to mutually acceptable dates to perform a Building Shutdown and use reasonable endeavours to ensure that such dates are either Saturdays, Sundays or
public holidays; and 

  

	 	(c)	provide the Tenant with any information relating to the Building Shutdown which is reasonably requested by the Tenant, including the key activities which are proposed to be conducted during the Building Shutdown.

  

	 	(3)	For the avoidance of doubt, nothing in this clause 15.7: 

  

	 	(a)	prevents or restricts the Landlord from performing a Building Shutdown at any time when urgent or emergency works in the Building are required, in which case it may, acting reasonably, perform a Building Shutdown
without notice; or 

  

	 	(b)	allows the Tenant to prevent or restrict a Building Shutdown. 

  

	15.8	Landlord to meet obligations 

 The Landlord will comply with the provisions of the Head
Lease. 
  

	15.9	Rates, taxes etc. 

 The Landlord will pay to the relevant Authority or pay or reimburse
to the Head Landlord or the Concurrent Landlord as the case may require pursuant to the provisions of the Head Lease all rates, taxes and charges of a similar nature incurred in respect of the Building, subject to any right of recovery or
reimbursement from the Tenant under this Lease. 
  

	15.10	Public risk insurance 

 The Landlord will maintain throughout the Term public risk
insurance cover in respect of the Building subject always to any right or claims against the Tenant pursuant to clause 14.5. 
  

	15.11	Building Rules 

 The Tenant will, and will ensure the Tenant’s Employees, at all
times observe and perform the Building Rules, as varied under clause 15.12 to be construed as being incorporated in and forming part of this Lease. 
  

							
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	15.12	Variation of building rules 

  

	 	(1)	Subject to the consent of the Head Landlord under the Head Lease and, while the Concurrent Lease is in force, the Concurrent Landlord (which consent must not be withheld if the Head Landlord is required to consent under
the terms of the Head Lease), the Landlord may as it sees fit to vary the Building Rules as the Landlord considers necessary or desirable 

  

	 	(2)	A statement signed on behalf of the Landlord by a Manager or other duly authorised officer of the Landlord as to the Building Rules or any amendments to the Building Rules is: 

 

	 	(a)	conclusive evidence that such Building Rules or amendments are for the time being in force and made pursuant to the terms of this Lease; and 

 

	 	(b)	binding on the Tenant and from the date such a statement is given to it. 

  

	16	Damage and destruction 

  

	16.1	Definitions 

 In this clause 16: 

 

	 	(1)	reinstatement notice means a notice given by the Landlord to the Tenant of the Landlord’s intention to carry out the reinstatement works; and 

 

	 	(2)	reinstatement works means the work necessary to: 

  

	 	(a)	reinstate the Building; or 

  

	 	(b)	make the Premises fit for occupation and use or accessible by the Tenant. 

  

	16.2	Abatement 

  

	 	(1)	If the Premises are damaged or destroyed so as to render any part of the Premises wholly or substantially: 

  

	 	(a)	unfit for occupation and use by the Tenant; or 

  

	 	(b)	inaccessible having regard to the nature and location of the Premises and the normal means of access to them; 

then subject to this clause 16 from the date that the Tenant notifies the Landlord of the damage or destruction (damage notice):

  

	 	(c)	the Rent; 

  

	 	(d)	any other money payable by the Tenant; and 

  

	 	(e)	the covenant to repair and maintain; 

 will abate according to the nature and extent of the
damage or destruction sustained until the Premises are: 
  

	 	(f)	restored; 

  

	 	(g)	made fit for the Tenant’s occupation and use; or 

  

	 	(h)	made accessible. 

  

							
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	 	(2)	The Landlord must notify the Tenant of the extent of the abatement as soon as reasonably possible after receipt of the damage notice. 

 

	 	(3)	The Tenant must notify the landlord of any disagreement with or dispute about the extent of the abatement within 5 Business Days after receipt of the Landlord’s notice (time is of the essence in respect of the
giving of the damage notice and the Tenant’s notice under this clause 16.2(3)). 

  

	 	(4)	There is no disagreement or dispute about the extent of the abatement if the Landlord does not receive a notice under clause 16.2(3). 

 

	 	(5)	If there is a disagreement or dispute about the extent of the abatement, then: 

  

	 	(a)	within 5 Business Days of service of the Tenant’s notice under clause 16.2(3), the Landlord and the Tenant either personally or by their representatives must meet and attempt to agree the extent of the
abatement; 

  

	 	(b)	if the Landlord and the Tenant have not agreed on the extent of the abatement within 5 Business Days after service of the Tenant’s notice; 

 

	 	(i)	the dispute must be referred for determination by a Valuer to be nominated by the president of the Australian Institute at the request of either the Landlord or the Tenant; 

 

	 	(ii)	the appointed Valuer must give notice of acceptance of appointment to the Landlord and the Tenant; 

  

	 	(iii)	the Valuer must as a condition of accepting the appointment agree to make a written determination of the extent of the abatement: 

  

	 	(A)	within 30 Business Days of appointment; 

  

	 	(B)	in accordance with this clause 16; and 

  

	 	(C)	that sets out reasons for that determination; 

  

	 	(c)	the Valuer must make a determination of the abatement as at the date of the damage or destruction, acting as an expert and not as an arbitrator; 

 

	 	(d)	the Valuer’s determination will be final and binding on the Landlord and the Tenant; 

  

	 	(e)	the Valuer’s Costs must be paid by the Landlord and the Tenant equally; and 

  

	 	(f)	either Party may pay the Valuer’s Costs and recover one-half of the amount paid from the other party. 

  

	 	(6)	Until the determination of abatement has been made under clause 16.2(5), the Tenant must comply with the Landlord’s notice under clause 16.2(2). 

 

	 	(7)	Within 10 Business Days after the determination, the Landlord must refund any overpayment or the Tenant must pay any shortfall. 

 

							
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	16.3	Termination 

  

	 	(1)	The Landlord may terminate this Lease by notice to the Tenant within 3 months after a damage notice has been received. 

  

	 	(2)	Either party may terminate this Lease by notice to the other unless the Landlord: 

  

	 	(a)	within 3 months after receiving the damage notice, gives the Tenant a reinstatement notice; and 

  

	 	(b)	subsequently diligently proceeds within a reasonable time to commence the reinstatement works. 

  

	 	(3)	The Landlord may decide whether or not to carry out any reinstatement works in its absolute discretion. 

  

	16.4	Tenant may terminate 

  

	 	(1)	If the Landlord gives a reinstatement notice to the Tenant and fails to commence the reinstatement works within a reasonable time, the Tenant may give the Landlord notice of the Tenant’s intention to terminate this
Lease (termination notice). 

  

	 	(2)	If the Landlord does not commence the reinstatement works within a reasonable time after receipt of the termination notice, the Tenant may end this Lease by giving not less than 1 months’ notice to the
Landlord and, at the expiration of that period, this Lease ends. 

  

	 	(3)	If the Landlord commences reinstatement works, it must use its reasonable endeavours to complete the reinstatement works within a reasonable time. 

 

	16.5	Exceptions 

 Clauses 16.2, 16.3 and 16.4 will not apply where: 

 

	 	(1)	the damage or destruction was caused or contributed to, or arises from any act, negligence or default of the Tenant or the Tenant’s Employees; or 

 

	 	(2)	an insurer under any policy effected by the Landlord refuses indemnity or refuses or reduces the sum payable under the policy because of any act, negligence or default of the Tenant or the Tenant’s Employees.

  

	16.6	Landlord not obliged to reinstate 

  

	16.7	Nothing in this Lease obliges the Landlord to reinstate any part of the Premises or any means of access to them. Proceeds of insurance and release 

If the Premises are damaged or destroyed and the Lease ends under this clause 16: 

 

	 	(1)	no liability will attach to either party because this Lease ends under this clause 16 but the Lease ending will be without prejudice to the rights of either party for any antecedent breach or non-observance of any
provision of this Lease; 

  

	 	(2)	the Tenant’s right and interest is immediately surrendered to the Landlord; and 

  

	 	(3)	the Tenant will have no interest in any insurance proceeds (other than in respect of any policies for public risk and Tenant’s Fittings effected by it under clause 14.1). 

 

							
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	17	Default and termination 

  

	17.1	Essential terms of this lease 

  

	 	(1)	The following are essential terms of this Lease: 

  

	 	(a)	each obligation of the Tenant to pay money; 

  

	 	(b)	each obligation of the Tenant under clause 7; 

  

	 	(c)	each obligation of the Tenant under clause 8; 

  

	 	(d)	each obligation of the Tenant under clause 9; 

  

	 	(e)	each obligation of the Tenant under clause 10; 

  

	 	(f)	each obligation of the Tenant under clause 11; 

  

	 	(g)	each obligation of the Tenant under clause 12; 

  

	 	(h)	each obligation of the Tenant under clause 13; 

  

	 	(i)	each obligation of the Tenant under clause 14; 

  

	 	(j)	each obligation of the Tenant under clause 18; and 

  

	 	(k)	the Tenant to not be subject to an Insolvency Event. 

  

	 	(2)	Other obligations of the Tenant under this Lease may also be essential terms. 

  

	17.2	Forfeiture of lease 

  

	 	(1)	The Landlord may rescind this Lease by notice to the Tenant or re-entry if the Tenant fails to pay Rent when due. 

  

	 	(2)	If the Tenant fails to comply with any provision of this Lease, the Landlord may give the Tenant notice specifying the breach and requiring the Tenant, within the time fixed by clause 17.2(5), to:

  

	 	(a)	remedy the breach; and 

  

	 	(b)	make compensation in money for the breach. 

  

	 	(3)	The Landlord may rescind this Lease by notice to the Tenant or re-entry if the Tenant fails within the time fixed by clause 17.2(5) to remedy a breach the subject of a notice under clause 17.2(2), if it is
capable of remedy, and to make reasonable compensation in money, to the satisfaction of the Landlord, for the breach. 

  

	 	(4)	In the case of non-payment of Rent: 

  

	 	(a)	the Tenant is not entitled to notice under clause 17.2(2); and 

  

	 	(b)	the Landlord may rescind this Lease: 

  

	 	(i)	under clause 17.2(1); or 

  

	 	(ii)	if the Landlord elects to give notice under clause 17.2(2), under clause 17.2(3), 

in its absolute discretion. 
  

	 	(5)	The time fixed for the purposes of section 146 of the Property Law Act 1958 and this clause 17.2 is 14 days. 

 

							
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	17.3	Costs 

 Without notice to the Tenant, any Costs incurred by the Landlord in remedying a
default may be treated by the Landlord as a liquidated debt payable by the Tenant on demand. 
  

	17.4	Waiver 

  

	 	(1)	No waiver by the Landlord will be effective unless it is in writing. 

  

	 	(2)	The Landlord’s failure to notify the Tenant of any default or to otherwise act on any default by the Tenant must not be construed as waiving the default. 

 

	 	(3)	No custom or practice which evolves between the parties will constitute a waiver or lessen the Landlord’s right to insist upon the Tenant’s strict performance or observance of any provision of this Lease or to
exercise any of the Landlord’s other rights. 

  

	 	(4)	Regardless of the Landlord’s knowledge at the time, a demand by it for Rent or other money payable under this Lease or the subsequent acceptance of Rent or other money will not constitute a waiver of any earlier
default by the Tenant. 

  

	 	(5)	No single or partial exercise of any right, power or remedy will preclude any other or further exercise of that or any other right, power or remedy. 

 

	 	(6)	No attempt by the Landlord to mitigate its loss or acceptance of any amount paid by the Tenant will be a waiver of any breach of or the Landlord’s rights under this Lease. 

 

	17.5	Tender after termination 

 In the absence of any election by the Landlord, any money
tendered by the Tenant after termination of this Lease and accepted by the Landlord will be applied: 
  

	 	(1)	firstly, on account of any unpaid Rent and other money due under this Lease at the date of termination; and 

  

	 	(2)	secondly, on account of the Costs in relation to the termination. 

  

	17.6	Interest on overdue money 

  

	 	(1)	The Tenant must pay interest to the Landlord at the Default Rate on any Rent, Costs or other money not paid when due to the Landlord. 

 

	 	(2)	Interest will: 

  

	 	(a)	accrue from day to day and be calculated daily; 

  

	 	(b)	be capitalised on the last day of each month; 

  

	 	(c)	be payable on demand or, if no earlier demand is made, on the first Business Day of each month where an amount arose in the preceding month or months; and 

 

	 	(d)	be computed from the date for payment of the Rent, Costs or other money, or in the case of an amount by way of reimbursement or indemnity the date of the outlay or loss, until payment. 

 

							
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	 	(3)	Any Costs, loss or damage for the unexpired residue of the Term suffered by the Landlord as a result of the Tenant’s repudiation may be recovered as damages at any time. 

 

	 	(4)	The Landlord’s entitlement to recover damages from the Tenant or any other person will not be limited or affected by any of the following: 

 

	 	(a)	if the Tenant abandons or vacates the Premises; 

  

	 	(b)	if the Landlord elects to re-enter the Premises or terminate this Lease; 

  

	 	(c)	if the Landlord accepts the Tenant’s repudiation; or 

  

	 	(d)	if the parties’ conduct (or that of any of their servants or agents) constitutes or may constitute a surrender by operation of law. 

 

	17.7	Landlord to mitigate damages 

  

	 	(1)	The Landlord’s entitlement to damages will be assessed on the basis that the Landlord has observed the obligation to mitigate damages. 

 

	 	(2)	The Landlord’s conduct in mitigating its damages will not of itself constitute acceptance of the breach or repudiation or a surrender by operation of Law. 

 

	17.8	Calculation of damages 

 Following repudiation by the Tenant if the Landlord terminates
this Lease then, without prejudice to any other right or remedy, the Landlord may recover the difference between the aggregate of Rent and other money payable by the Tenant for the unexpired residue of the Term less any amount the Landlord obtains
by observing clause 17.7. 
  

	18	Security 

  

	18.1	Bank guarantee 

 This clause 18.1 applies if Item 17 of Schedule 1 has been
completed by inserting the amount of a Bank Guarantee. 
  

	 	(1)	The Tenant must: 

  

	 	(a)	on or before executing this Lease, arrange for the issue of a Bank Guarantee for the amount stated in Item 17 of Schedule 1; 

 

	 	(b)	at each rent review date under clause 4 or at the later determination of each rent review, provide a replacement or additional Bank Guarantee so that the total amount guaranteed bears to the Rent payable from each rent
review date the same proportion as the amount stated in Item 17 bears to the Rent as at the Commencement Date; 

  

	 	(c)	ensure that any Bank Guarantee is kept current and enforceable and does not have an expiry date; and 

  

	 	(d)	if the Landlord makes demand on any Bank Guarantee, provide a replacement Bank Guarantee for the amount demanded by the Landlord. 

  

							
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	18.2	Any Bank Guarantee provided under this Lease is additional security for the performance of the Tenant’s obligations under this Lease. 

 

	18.3	The Landlord may apply the Bank Guarantee or any part of it to remedy or partly remedy any default by or breach of the Tenant’s obligations under this Lease. 

 

	19	Personal guarantee 

 This clause 19 applies if Item 18 has been completed by
inserting details of Guarantor. 
  

	19.1	Guarantee and indemnity 

 In consideration of the Landlord granting this Lease to the
Tenant at the Guarantor’s request, the Guarantor guarantees to the Landlord: 
  

	 	(1)	the payment by the Tenant of the Rent and other money agreed to be paid; and 

  

	 	(2)	prompt performance and observance of all of the Tenant’s covenants and obligations contained or implied in this Lease. 

  

	19.2	Indemnity 

 The Guarantor indemnifies the Landlord against all Claims which the Landlord
may suffer or incur in connection with any breach or default by the Tenant under this Lease or any extension or renewal of the Term. 
  

	19.3	Liability of Guarantor 

 The Landlord’s rights and the Guarantor’s liability
under clauses 19.3 and 19.4 will not be prejudiced or affected by: 
  

	 	(1)	the granting of any time, credit, forbearance, indulgence or concession by the Landlord to the Tenant or any Guarantor; 

  

	 	(2)	any absolute or partial release of the Tenant or any Guarantor or any compromise with the Tenant or any Guarantor; 

  

	 	(3)	any variation of this Lease, extension or renewal of the Term, holding over or continued occupation of the Premises by the Tenant; 

  

	 	(4)	any composition, compromise, release, discharge, arrangement, abandonment, waiver, variation, relinquishment or renewal of any security or right by the Landlord; 

 

	 	(5)	any assignment of this Lease or sublease of any part of the Premises; 

  

	 	(6)	the termination of this Lease; 

  

	 	(7)	the fact that the Rent or any other money may not be recoverable, may cease to be recoverable or may never have been recoverable or that any transaction affecting the Rent or the obligations contained in this Lease is
or was wholly or partially void, voidable or unenforceable; 

  

	 	(8)	any failure to sue or agreement not to sue or any dealing, act or omission (whether constituting a waiver, election, estoppel or otherwise) by the Landlord with respect to the Rent, other money payable or the
obligations under this Lease; 

  

	 	(9)	any fact, circumstance, legal disability or incapacity which would otherwise release the Tenant or any Guarantor from its obligations; 

 

							
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	 	(10)	non-execution of this Lease by one or more of the persons named as Guarantor or the unenforceability of this guarantee and indemnity against one or more of the Guarantors; or 

 

	 	(11)	the exercise or purported exercise by the Landlord of its right of re entry. 

  

	19.4	Irrevocable 

 This guarantee and indemnity is irrevocable and will remain in force until
the Tenant has performed and observed all its obligations under this Lease. 
  

	19.5	Guarantor liable regardless of any law 

 The Guarantor’s liability will not be
discharged by any payment to the Landlord which is later avoided by any Law. If that happens the Landlord, the Tenant and the Guarantor will be restored to their respective rights as if the payment had not been made. 

 

	19.6	Indemnity on disclaimer 

 If a liquidator disclaims this Lease, the Guarantor indemnifies
the Landlord against any resulting Claims by the Landlord for the residue of the Term. 
  

	19.7	Guarantor not prove in liquidation 

  

	 	(1)	The Guarantor will not prove or claim in any liquidation, composition, arrangement or assignment for the benefit of creditors until the Landlord has received 100 cents in the dollar of all money payable to it by the
Tenant. 

  

	 	(2)	The Guarantor will hold any proof, claim or dividend received by it on trust for the Landlord. 

  

	19.8	Guarantee to continue 

  

	 	(1)	If this Lease is transferred or assigned, the benefit of this guarantee and indemnity will extend to the transferee or assignee and continue concurrently for the benefit of the Landlord regardless of the transfer or
assignment unless the Landlord releases the Guarantor in writing. 

  

	 	(2)	This guarantee and indemnity covers the period while the Tenant occupies or is entitled to occupy the Premises as Tenant or holds an equitable interest over the Premises under an agreement for lease or as a periodical
Tenant. 

  

	 	(3)	Without limiting clause 19.8(2) if registration of this Lease is required to legally create a leasehold estate, then until this Lease is registered it will operate from the commencement date as an agreement for lease.

  

	 	(4)	This guarantee and indemnity will apply whether this Lease is construed as an agreement for lease, a periodical tenancy or otherwise. 

 

	 	(5)	This guarantee and indemnity will extend to the lease, agreement for lease or periodical tenancy created by the Tenant’s exercise of any option for renewal. 

 

	19.9	Trustee as guarantor 

  

	 	(1)	If the Tenant acts as trustee of a trust, the Tenant enters into this guarantee and indemnity personally and in its capacity as trustee of that trust. 

 

							
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	 	(2)	The Tenant must cause any successor of the Tenant and any person who becomes a trustee of the trust jointly with the Tenant to execute all documents required by the Landlord to ensure that this guarantee and indemnity
is binding on them. 

  

	 	(3)	The Tenant warrants to the Landlord that: 

  

	 	(a)	it is the sole trustee of the trust and no action has been taken to remove or replace it; 

  

	 	(b)	it has power under the trust deed to execute and perform its obligations under this guarantee and indemnity; 

  

	 	(c)	all necessary action has been taken to authorise the execution and performance of this guarantee and indemnity under the trust deed and the constitution of the Tenant; 

 

	 	(d)	this guarantee and indemnity is executed and all transactions relating to this Lease are or will be entered into as part of the due and proper administration of the trust and are or will be for the benefit of the
beneficiaries; 

  

	 	(e)	it is not in default under the trust deed; 

  

	 	(f)	no vesting date for the trust fund has been determined; 

  

	 	(g)	it has complied with all fiduciary obligations directly or indirectly imposed on it; 

  

	 	(h)	it has a right to be indemnified out of the assets of the trust in respect of all of its obligations and liabilities incurred by it under this guarantee and indemnity; and 

 

	 	(i)	each of the warranties contained in this clause 19.9(3) will remain true as long as this guarantee and indemnity remains in force. 

 

	 	(4)	Except with the prior written consent of the Landlord, the Tenant must: 

  

	 	(a)	ensure that the trust deed is not varied, terminated or revoked; 

  

	 	(b)	not retire as trustee of the trust or appoint any new or additional trustee; 

  

	 	(c)	not default in its duties as trustee of the trust; 

  

	 	(d)	not exercise any power to appoint new beneficiaries or class of beneficiaries; 

  

	 	(e)	not vest or distribute or advance any capital of the trust to any beneficiary; 

  

	 	(f)	not sell any of the property of the trust except in the ordinary course of the ordinary conduct of its business; and 

  

	 	(g)	not do anything which effects or facilitates the resettlement of the trust funds. 

  

							
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	19.10	General warranty of capacity 

 In addition to and despite all other warranties, express
or implied, in this guarantee and indemnity, the Tenant warrants and covenants that: 
  

	 	(1)	it is empowered to enter into this guarantee and indemnity and to do all things that will be required by this Lease; 

  

	 	(2)	all things have been done or will be done as may be necessary to render this guarantee and indemnity legally enforceable in accordance with its terms and fully valid and binding on it; and 

 

	 	(3)	all authorisations by any Authority (whether in Australia or not) that are required or will be required in connection with the execution and delivery of, the performance of obligations under or the validity or
enforceability of, this guarantee and indemnity have been obtained or effected and are or will be fully operative and in full force and effect. 

  

	19.11	Representations and warranties 

  

	 	(1)	The Tenant warrants that it has relied only upon its own enquiries and investigations in relation to all matters referred to in this Lease and not on any representation or warranty by or on behalf of the Landlord.

  

	20	Head and Concurrent Lease and Collins Place 

  

	20.1	Closure of Collins Place 

 Despite anything to the contrary in this Lease the Landlord,
the Head Landlord or, while the Concurrent Lease is in force, the Concurrent Landlord, may: 
  

	 	(1)	close off Collins Place or any access ways on, to or around Collins Place for one period of 24 hours continuously during each calendar year for the purpose of preventing from arising any prescriptive public or private
right of way to or across or through any part of Collins Place; and 

  

	 	(2)	from time to time temporarily to close off any part or parts of the Common Areas or the Common Areas of Collins Place for the purpose of maintenance, provided: 

 

	 	(a)	such closure is effected for no longer than is reasonably necessary; and 

  

	 	(b)	such closure is effected in a manner and at such times as the Landlord, the Head Landlord or the Concurrent Landlord considers causes as little inconvenience as is reasonably practicable; and 

 

	 	(c)	where the Landlord, the Head Landlord or the Concurrent Landlord considers reasonably practicable allow the Tenant an alternative route or routes for access to the Premises during such period or periods of closure.

  

	 	(3)	The Tenant must comply with all requirements of the Landlord, the Head Landlord and the Concurrent Landlord in connection with any alternative route or routes of access granted under clause 20.1(2)(c).

  

	20.2	Head Landlord’s consent 

 Any consent given by the Head Landlord pursuant to this
Lease is without prejudice to, and will not diminish any right or entitlement of the Head Landlord nor will such consent diminish any obligation of the Landlord in its capacity as the tenant under the Head Lease. 

 

							
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	20.3	Concurrent Landlord’s consent 

 Any consent given by the Concurrent Landlord
pursuant to this Lease is without prejudice to and will not diminish any right or entitlement of the Concurrent Landlord nor will such consent diminish any obligation of the Landlord in its capacity as the tenant under the Head Lease. If the
Landlord’s consent is required to anything under this Lease and the Concurrent Landlord’s consent to that thing is required to be obtained by virtue of the Head Lease or the Concurrent Lease, the Landlord is not required to consent to that
thing under this Lease unless and until the Concurrent Landlord has consented to that thing. 
  

	20.4	Confidentiality of Head Lease 

 It is acknowledged and agreed by the Tenant that no
provision contained in this Lease implies any right for the Tenant to peruse the Head Lease the intention being that the Tenant will only be entitled to do so with the consent of both the Landlord and the Head Landlord. 

 

	20.5	Confidentiality of Concurrent Lease 

 It is acknowledged and agreed by the Tenant
that no provision contained in this Lease implies any right for the Tenant to peruse the Concurrent Lease the intention being that the Tenant shall only be entitled to do so with the consent of both the Head Landlord and the Concurrent Landlord.

  

	21	Limitation of liability 

  

	21.1	Any liability of AMP arising under or in connection with this Lease is limited to the extent that AMP is able to be indemnified for that liability out of the assets of the Trust under the Trust Constitution. The
Landlord and the Tenant acknowledge and agree that they may enforce their rights against AMP with respect to the non-observance of AMP’s obligations under this Lease only to the extent necessary to enforce the Landlord’s or the
Tenant’s rights, powers and remedies against AMP in respect of the assets of the Trust by subrogation or otherwise. 

  

	21.2	Despite anything in clause 21.1, AMP is liable to the extent that a liability under this Lease arises out of AMP’s own fraud, gross negligence or breach of trust which disentitles it from an indemnity out of the
assets of the Trust in relation to the relevant liability. 

  

	21.3	In this clause 21: 

  

	 	(1)	AMP means the Concurrent Landlord in its capacity as responsible entity for the Trust and trustee of the assets of the Trust; 

 

	 	(2)	Trust means the “AMP Capital Wholesale Office Fund” governed by the Trust Constitution; and 

  

	 	(3)	Trust Constitution means the constitution governing the Trust dated 23 April 2004, declared by the Concurrent Landlord. 

  

	22	GST 

  

	 	(1)	Words used in this clause 22 which have a particular meaning in the GST Law have the same meaning in this clause, unless the context otherwise requires. 

 

	 	(2)	Regardless of any other provision of this Lease, if GST or a similar value added tax is imposed on any supply made to the Tenant under or in accordance with this Lease, the amount the Tenant must pay for that supply is
increased by the amount of that GST or value added tax. 

  

							
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	 	(3)	If the whole or any part of a payment is for a Taxable Supply for which the Landlord is liable to GST: 

  

	 	(a)	the GST Amount in respect of the payment must be paid to the Landlord as an additional amount, either concurrently with the payment or as otherwise agreed in writing; and 

 

	 	(b)	the Landlord will provide the Tenant with a tax invoice. 

  

	 	(4)	Despite any other provision of this Lease, if a payment of any money due under this Lease (including any contribution to operating expenses) is a reimbursement or indemnification by one party of an expense, loss or
liability incurred or to be incurred by the other party, the payment shall exclude any part of the amount to be reimbursed or indemnified for which the other party can claim an Input Tax Credit. 

 

	 	(5)	If the GST Law treats part of a supply as a separate supply for the purpose of determining whether GST is payable on that part of the supply or for the purpose of determining the tax period to which that part of the
supply is attributable, that part of the supply is to be treated as a separate supply. 

  

	 	(6)	Any reference to GST payable by the Tenant includes any corresponding GST payable by the representative member of any GST group of which the Tenant is a member. 

 

	23	Miscellaneous 

  

	23.1	Notices 

  

	 	(1)	In this Lease, reference to notice means notice in writing. 

  

	 	(2)	Any notice or other writing is validly served on the Landlord only if both of the following are satisfied: 

  

	 	(a)	either: 

  

	 	(i)	it is sent by email to the email address for service of notices in Item 1, or to such other email address as nominated to the Tenant from time to time by the Landlord; or 

 

	 	(ii)	it is delivered by hand to the address in Item 1, or by such other means and to such other address as nominated to the Tenant from time to time by the Landlord; and 

 

	 	(b)	it is validly signed by the Tenant or by an attorney, director, company secretary, authorised officer or solicitor of the Tenant. 

  

	 	(3)	Any notice or other writing is validly served on the Tenant only if both of the following are satisfied: 

  

	 	(a)	either: 

  

	 	(i)	it is sent by email to the email address for service of notices in Item 2, or to such other email address as nominated to the Landlord from time to time by the Tenant; or 

 

	 	(ii)	It is delivered by hand to the address in Item 2, or by such other means and to such other address as nominated to the Landlord from time to time by the Tenant; and 

 

	 	(b)	it is validly signed by the Landlord, its Manager, its authorised agent, or an attorney, director, company secretary, authorised officer or solicitor of the Landlord. 

 

							
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	 	(4)	Any notice is deemed to be served 24 hours after it is sent. If this period expires on a day which is not a Business Day or is after 5.00 pm (addressee’s time) it is deemed to be served on the next Business Day.

  

	 	(5)	Despite any other provision of this Lease, a notice will be deemed not to have been served if both of the following are satisfied: 

  

	 	(a)	it is sent by email to the address for service of notices in Item 1 or Item 2 (as the case may be); and 

  

	 	(b)	if, within 24 hours of being sent, the sender receives a notification from either the sender’s mail server or the recipient’s mail server indicating that the message has not been sent and/or received.

  

	23.2	Costs and stamp duty 

  

	 	(1)	The Landlord and the Tenant will bear their own costs in relation to the preparation, negotiation, execution and stamping of this Lease and counterparts. 

 

	 	(2)	The Landlord must pay the costs of the Head Landlord and Concurrent Landlord in relation to the negotiation, preparation and execution of: 

 

	 	(a)	this Lease and counterparts submitted with it together with the costs of and in relation to the giving of their consent to this Lease; and 

 

	 	(b)	any variation or surrender of this Lease. 

  

	 	(3)	The Tenant shall pay all stamp duty assessed upon this Lease and any renewal of this Lease. 

  

	23.3	Confidentiality 

  

	 	(1)	The parties acknowledge that the existence and terms of, and the identity of the parties to, this Lease are strictly confidential (Confidential Information). 

 

	 	(2)	Except as stated in this Lease, each party must not and must not permit any of its officers, employees, agents, contractors or related bodies corporate to disclose any Confidential Information to any person, other than
its professional advisers or as required by law, without the prior written consent of the party to whom the Confidential Information relates. 

  

	 	(3)	This clause 23.3: 

  

	 	(a)	operates for the benefit of all parties; and 

  

	 	(b)	continues despite the termination of this Lease, 

  

	 	(c)	does not bind the Landlord when dealing with the Landlord’s financial, accounting, legal, sale or leasing representatives or agents. 

 

	23.4	Arbitration 

 In the event of any dispute hereunder being referred to arbitration in
accordance with and subject to the provisions of the Commercial Arbitration Act 2011 (Vic) then the parties agree that each of them shall be entitled to be represented by a duly qualified legal practitioner and the venue for any such arbitration
shall be Melbourne, Victoria. 
  

							
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	23.5	Variation 

  

	 	(1)	The terms and conditions of this Lease may be changed only in writing signed by the Head Landlord, Concurrent Landlord, Landlord and Tenant. 

 

	 	(2)	The Landlord and Tenant must not, without the prior written consent of the Head Landlord and the Concurrent Landlord, vary the terms and conditions of this Lease. 

 

							
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 Executed as a deed. 

Landlord’s execution 
  

					
	 EXECUTED by AUSTRALIA AND NEW

ZEALAND BANKING GROUP LIMITED A.C.N.
 005 357 522 by being
SIGNED, SEALED and
 DELIVERED by its Attorney
				
			
	  
				  

	Print Name				Attorney signature
	 under Power of Attorney dated 18 November

2002 a certified copy of which is filed in the
 Permanent Order
Book Number 277 at Page 19
				who hereby certifies he is a
	in the presence of:				  

					Attorney position (e.g. Manager)
					 for the time being of
 AUSTRALIA AND
NEW

	  
				ZEALAND BANKING GROUP
					LIMITED in Victoria
	Signature of Witness				

 Tenant’s execution 
  

					
	 Executed by Mesoblast Limited ACN 109

431 870 in accordance with section 127 of
 the
Corporations Act 2001:
				
			
	  
				  

	Director/company secretary				Director
			
	  
				  

	 Name of director/company secretary
 (BLOCK
LETTERS)
				 Name of director
 (BLOCK LETTERS)

  

							
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	Head Landlords’ execution				
			
	EXECUTED by		)		
			)		
	and		)		  

			)		
	as attorneys for COLLINS PLACE PTY LTD		)		
	(ACN 084 238 497) in the presence of:		)		
			)		  

					  
 By executing this Deed the attorneys

	  
				state that neither attorney has
	(Signature of) Witness				received notice of revocation of the
					power of attorney
	  
				
	Name of Witness (Block Letters)				
					
	  
				
	Address of witness				
					
	  
				
	Occupation of witness				

  

					
	EXECUTED by		)		
			)		
	and		)		  

			)		
	as attorneys for COLLINS PLACE NO. 2		)		
	PTY LTD (ACN 090 537 643) in the presence		)		
	of:		)		  

					  
 By executing this Deed the

	  
				attorneys state that neither attorney
	(Signature of) Witness				has received notice of revocation of
					the power of attorney
	  
				
	Name of Witness (Block Letters)				
					
	  
				
	Address of witness				
					
	  
				
	Occupation of witness				

  

							
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 Concurrent Landlord’s execution 

 

					
	EXECUTED by		)		
			)		
	and		)		  

			)		
	as attorneys for AMP CAPITAL INVESTORS		)		
	LIMITED (ABN 59 001 777 591) in the		)		
	presence of:		)		  

					  
 By executing this Deed the

	  
				attorneys state that neither attorney
	(Signature of) Witness				has received notice of revocation of
					the power of attorney
	  
				
	Name of Witness (Block Letters)				
					
	  
				
	Address of witness				
					
	  
				
	Occupation of witness				

  

							
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 Annexure A 

Building Rules 
 Referred to in the Lease to be observed by
the Tenant. 
  

	1	The Landlord’s appointed building supervisor (Supervisor) will have the day-by-day care supervision overseeing and control of the Building including the Common Areas. The Tenant and the Tenant’s
Employees must comply with all lawful and proper requirements of the Supervisor and neither the Tenant nor the Tenant’s Employees may at any time interfere with or impede the Supervisor in the performance of its duties and responsibilities.

  

	2	The footpath, entrances, passages, halls, lifts, escalators, and staircases in the Building must not be obstructed by the Tenant or the Tenant’s Employees and must only be used for ingress to or egress from the
Premises. 

  

	3	The Tenant may not in any way cover or obstruct the air conditioning ducts and outlets or sky lights and windows which reflect or admit light into any part of the Building. 

 

	4	The water closets and other water supply apparatus must only be used for the purpose for which they were constructed and no tea leaves, sweeping rubbish, rags ashes or other substance shall be placed in them. The cost
of making good or replacing any damage resulting to such apparatus or otherwise from such misuse by the Tenant or any of the Tenant’s Employees will be borne by the Tenant. If the person responsible for such damage cannot be determined the
Tenant on the floor concerned must bear the cost of repairs and if more than one proportionately according to the area occupied by each of them on that floor. 

  

	5	No sign advertisement or notice may be inscribed painted affixed or displayed on any part of the outside or inside of the Premises or of the Building except with the consent in writing of the Landlord and then only of
such colour size and style and in such places upon or in the Building as is approved by the Landlord. Signs on glass doors and on the directory tablet will be painted or affixed for the Tenant by the Landlord at the cost of the Tenant. The name
Collins Place or such other name given from time to time to the complex of which the Building forms part, may not be incorporated in any business name or used for any promotional purposes in connection with the Premises without the prior written
consent of the Landlord. 

  

	6	No window blind screen curtain or awning may be erected on or around the Premises without the Landlord’s prior written consent. 

 

	7	The Tenant must not do nor permit any thing to be done in the Building nor bring nor keep anything in the Building to obstruct or interfere with the rights of other tenants or in any other way injure or annoy them or
which may create a fire hazard or which may contravene any fire safety regulations or measures implemented by the Landlord or the provisions of any insurance policy in respect of the Building or any part of it or conflict with any of the rules
regulations ordinances and by-laws of any authorities having jurisdiction over the Building or supplying any Services to the Building. 

  

	8	No heavy materials or articles may be placed or stored on any of the floors of the Building without the consent in writing of the Landlord and the Landlord is entitled to prescribe the right and proper position of such
items and all damage done to the Building or any part of it by taking in or removing the same or during the time it is in the building shall be made good and paid by the Tenant. Before any safe or any other heavy article is moved into or out of or
within the Building at least twenty-four hours notice in writing of the intention to move such safe or article must be given by the Tenant to the Supervisor who will supervise the move. 

 

							
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	9	The Tenant must keep the Premises in a good state of preservation and cleanliness and must not allow any accumulation of useless property or rubbish on or around the Premises. 

 

	10	The Landlord may during the last 12 months previous to the expiration of the Lease, bring prospective tenants and occupiers into the Premises and to place the usual “to be let” or “to let” notice
which may not be removed by the Tenant. 

  

	11	All keys passes or other means of entry to the Building held by the Tenant must be surrendered to the Landlord on the termination of the Lease and the Tenant must not cause any duplicate to be made without the
Landlord’s prior written consent. 

  

	12	The Tenant and the Tenant’s Employees must not make, or permit any improper or unseemly noises to be made in the Building or interfere in any way with other tenants or persons in the Building or mark or otherwise
defile the building. 

  

	13	No television or radio mast or antenna may be affixed to any part of the Building and no musical instrument, radio, television set, amplifier or other sound producing equipment may be used or operated in the Premises or
in a part of the Building without the prior written consent of the Landlord and any consent so given may be withdrawn at any time without notice if the Landlord considers it to be in the interests of the other tenants and occupiers of the Building
so to do. 

  

	14	Nothing shall be thrown by the Tenant or the Tenant’s Employees out of the windows or doors or in the lift wells or passages or other areas of the Building. 

 

	15	No animals or birds may be kept in or about the Building. 

  

	16	No nails screws or hooks may be driven into any part of the Building or the Landlord’s partitions or other fittings without the Landlord’s prior written consent. 

 

	17	The Tenant may use and enter the Building on all days and at all hours provided that on Saturdays Sundays and Public Holidays and except for the hours set out in Item 13 of Schedule 1 on any other day the
Tenant must observe and comply with reasonable arrangements made for the security of the whole Building and pay any charges for air-conditioning services supplied to the Premises at the Tenant’s request. 

 

	18	Doors to the Building are secured outside the hours prescribed in Item 13 of Schedule 1 preventing access to all persons other than those issued with a security key card. 

 

	19	The Tenant will be given 1 security key card per employee of the Tenant (assuming a single person occupies the Premises under the lease per 12 square metres). Additional cards can be given upon request at a charge of
$40 per card plus GST. These charges are subject to change, but not more than once in any calendar year. The Tenant must, prior to the issue of any security key cards, provide the Landlord or its Manager with a list of names of all employees of the
Tenant occupying the Premises and update such list as and when the Tenant’s relevant employees change or as otherwise requested by the Landlord. The Tenant must return all security key cards to the Landlord or its Manager on or prior to the
expiry or earlier determination of this Lease. 

  

	20	The working hours and use of the lifts and other services is regulated by and be under the control of the Landlord and the Landlord is not responsible for any inconvenience loss damage or harm arising out of any
stoppages to the lifts. The Tenant may only use the passenger lifts for passengers and must not except with the prior written consent of the Landlord or the Supervisor use them for the carriage of goods. The delivery of goods and supplies to or from
the Premises must be undertaken in a manner directed by the Landlord or the Supervisor. 

  

	21	The Tenant must notify the Landlord in writing of any accident to or defect in any of the Services in or connected to the Building 

 

							
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	22	If any fire flooding explosion or other sudden peril or emergency occurs to the knowledge of the Tenant, the Tenant must immediately give notice or warning to the Supervisor or the Landlord. 

 

	23	The Tenant must inform the Landlord of the existence of any defective damaged or broken electric light fittings bulbs tubes and globes in the Premises and the Landlord will arrange any necessary repair and replacement
the cost of which shall be paid by the Tenant to the Landlord on demand. 

  

	24	The Tenant may not prepare nor cook food in other than any areas which may be provided and which are approved by the Landlord for this purpose. The Tenant must not install in the Premises any machine for entertainment,
vending or dispensing food, refreshments or merchandise without the prior written consent of the Landlord and any consent so given may be withdrawn at any time without notice if the Landlord considers it to be in the interests of the other tenants
and occupiers of the building so to do. 

  

	25	The Air Conditioning Equipment and other Services supplied to the Building or provided by the Landlord must not be operated on Saturdays Sundays or Public Holidays but otherwise will as far as practicable be operated
between the hours set out in Item 13 of Schedule 1. The Landlord is not responsible for any inconvenience, loss damage in connection with the non-operation or unacceptable operation of the Air Conditioning Equipment or other Services at
any time. 

  

	26	The Tenant will be required to keep the sun protection devices (if any) installed for the purpose of reflecting solar heat in the proper operational position (as determined by the Landlord from time to time) to ensure
the designed performance of the Air Conditioning Equipment. 

  

	27	The Tenant will provide to the Supervisor full details of the name, private address and telephone number of a responsible officer to use for emergency conditions related to the Premises. Such details must be kept
current at all times. 

  

	28	The Landlord reserves the right to vary these Building Rules and to make such other and further Building Rules as in its judgement may from time to time be necessary or desirable for the safety, care and cleanliness of
the Building and for the preservation of good order and for the comfort and safety of the tenants, occupiers, customers and visitors of the Building. Such varied or new Building Rules take effect immediately upon notice to the Tenant.

  

	29	The Tenant must observe all Building Rules made or varied from time to time by the Landlord in relation to the use and operation of the loading dock within Collins Place. 

 

							
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 Annexure B 

Premises layout 
  
 

 
  

							
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 Annexure C 

Condition Report 
  

							
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