Document:

Exhibit
10.3

 

THIRD
AMENDMENT TO LEASE

 

THIS
THIRD AMENDMENT TO LEASE (“Third Amendment”) is made as of the 27th day of February, 2009 by and between
HYDROGEL DESIGN SYSTEMS, INC., a Delaware corporation (“Tenant”) and EXETER 2150 CABOT, L.P., a Pennsylvania limited
partnership (“Landlord”).

 

WHEREAS,
Landlord (as successor-in-interest to 2150 Cabot, LLC) and Tenant are parties to that certain Assignment and Amended
and Restated Net Lease dated January 25, 2002 (“Original Lease”), as amended by the Amendment No. 1 to Schedule A of
Assignment and Amended and Restated Lease dated September 30, 2002 (“2002 Amendment”), and the Amendment to Lease dated
February 23, 2007 (“2007 Amendment”), pursuant to which Tenant leases from Landlord and Landlord leases to Tenant the
premises consisting of approximately 16,500 rentable square feet as defined on page one (1) of the Original Lease (“Original
Premises”) located at 2150 Cabot Boulevard, West Langhorne, Pennsylvania (“Building”). Collectively, the Original
Lease, 2002 Amendment, 2007 Amendment and Third Amendment are referred to as the “Lease”.

 

WHEREAS,
Landlord and Tenant now desire to extend the term of the Lease upon the terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained, and other good and valuable consideration,
the parties hereto, intending to be legally bound hereby, covenant and agree as follows,

 

1.       Definitions;
Recitals. Any capitalized terms used and not otherwise defined herein shall have the meaning given to such terms
in the Original Lease. The above recitals are true and correct and are hereby incorporated into this Third Amendment as if set
forth herein at length.

 

2.       Term.
The term of the Original Lease shall be extended for an additional four (4) years (“Extended Term”). Accordingly,
“January 31, 2012” of the “Termination Date” on page one (1) of the Original Lease shall be deleted in
its entirety and replaced with “January 31, 2016”. For all purposes in the Lease, except as set forth herein, the
word “Term” shall include the “Extended Term”.

 

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3.       Rent.
The Annual Base Rent/Monthly Installment of Base Rent for the Extended Term shall be as follows:

 

	Time Period	 	Annual Base Rent	 	 	Monthly
 Installment of Base
 Rent	 
	 	 	 	 	 	 	 
	February 1, 2012 – January 31, 2014	 	$	187,521.57	 	 	$	15,626.80	 
	 	 	 	 	 	 	 	 	 
	February 1, 2014 – January 31, 2016	 	$	206,250.00	 	 	$	17,187.50	 

 

4.       Brokers.
Tenant represents and warrants to Landlord that Tenant has dealt with no broker, agent or other intermediary in connection
with this Third Amendment, and that insofar as Tenant knows, no other broker, agent or other intermediary negotiated this Third
Amendment. Tenant agrees to indemnify, defend and hold Landlord and its partners, employees, agents, and affiliates, harmless
from and against any claims made by any broker, agent or other intermediary with respect to a claim for broker's commission or
fee or similar compensation brought by any person in connection with this Third Amendment, provided that Landlord has not in fact
retained such broker, agent or other intermediary.

 

5.       Conflict.
Any inconsistencies or conflicts between the terms and provisions of the Original Lease, the 2002 Amendment and the
2007 Amendment and the terms and provisions of this Third Amendment shall be resolved in favor of the terms and provisions of
this Third Amendment.

 

[Remainder
of page left intentionally blank.]

 

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IN
WITNESS WHEREOF, the parties have executed this Third Amendment as of the date and year first above written.

 

	 	LANDLORD:
	 	 
	 	EXETER 2150 CABOT, L.P.,
	 	a Pennsylvania limited partnership

 

	 	By:	Exeter 2150 Cabot, LLC,
	 	 	a Pennsylvania limited liability company,

its sole general partner

 

	Signed in the presence of;	By:	Exeter Industrial REIT I,
	 	 	a Maryland Business Trust,
	 	 	its sole member

 

		 	By:	/s/ Timothy J. Weber
	Witness	 	 	Name: Timothy J. Weber
	 	 	 	Title: Secretary/Treasurer

 

	 	Tenant:
	 	 
	 	HYDROGEL DESIGN SYSTEMS, INC.,
	 	a Delaware corporation

 

	Signed in the presence of:	 	 
	 	 	 
	 	 	By:	/s/ Mathew Harriton
	Witness	 	 	Name:  Mathew Harriton
	 	 	 	Title: PRESIDENT

 

    	 	3Exhibit
10.4

 

ASSIGNMENT
AND ASSUMPTION OF LEASE AGREEMENT

 

THIS
ASSIGNMENT AND ASSUMPTION OF LEASE AGREEMENT (the “Assignment”) is made this 27th day of February,
2009, by and among EXETER 2150 CABOT, L.P., a Pennsylvania limited partnership (the “Landlord”) and
HYDROGEL DESIGN SYSTEMS, INC., a Delaware corporation (the “Assignor”); and AQUAMED TECHNOLOGIES,
INC., a Delaware corporation (the “Assignee”).

 

WITNESSETH

 

A.           Landlord
(as successor-in-interest to 2150 Cabot, LLC) and Assignor entered into that certain Assignment and Amended and Restated Net Lease
dated January 25, 2002, as amended by the Amendment No. 1 to Schedule A of Assignment and Amended and Restated Lease dated September
30, 2002, the Amendment to Lease dated February 23, 2007 and the Third Amendment to Lease dated contemporaneously with this Assignment
(collectively, referred to as the “Lease”) pursuant to which Landlord leases to Assignor, and Assignor leases
from Landlord, a portion of the building located at 2150 Cabot Boulevard, Langhorne, Pennsylvania, as defined more fully in the
Lease.

 

B.           In
connection with the restructuring of the assets of Assignor, Assignor now desires to assign all of its right, title and interest
in and to the Lease to Assignee (the “Assignment”), Assignee desires to accept such Assignment from Assignor,
and Landlord desires to consent to such Assignment, all in accordance with the terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the covenants and conditions set forth herein, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

1..            Recitals/Definitions
The above recitals are true and correct and are hereby incorporated into this Assignment as if set forth herein at length. Any
and all terms not defined herein shall have the definitions set forth in the Lease.

 

2.           Assignment,
Assumption and Consent. Effective as of the date hereof and with the consent of Landlord which is hereby granted:
(i) Assignor hereby assigns to Assignee all of Assignor’s rights, covenants, obligations and liabilities in and to the Lease
including, without limitation, all of Assignor’s rights to occupy the Premises, and to exercise any and all other lights
of Assignor as Tenant under the Lease; and (ii) Assignee hereby unconditionally assumes all of Assignor’s rights, covenants,
obligations and liabilities under the Lease, and agrees to pay when due all rents and other charges under the Lease and to perform
and observe all of the other terms and conditions on Tenant’s part to be performed and observed under the Lease. As of the
date hereof, all references to Tenant in the Lease shall refer to Assignee. Assignee confirms that it has reviewed the Lease with
any legal counsel of Assignee’s choosing and Assignee agrees that Landlord shall have the right of direct action against
Assignee pursuant to the same remedies as are available against Tenant.

 

3.            Representations
and Warranties of Assignor. Assignor hereby represents and warrants to Assignee and Landlord as follows:

 

 a.        Assignor has not previously assigned any of its rights under the Lease;

 

     

     

    

 

b.       Assignor
has full right, title and authority to assign the Lease to Assignee (subject to the consent of Landlord us set forth herein);

 

c.       Assignor
has fully performed all terms, covenants and conditions of the Lease on Assignor’s part to be performed prior to the date
hereof;

 

d.       There
are no claims, security interests or liens against the Lease or the Premises, or to any fixtures and/or personal property installed
by Assignor in the Premises; and

 

e.       The
creditworthiness of Assignee is equal to or greater than the creditworthiness of Assignor.

 

4.            Liability
of Assignor. Nothing in this Assignment shall be deemed to relieve Assignor from any of its obligations or liabilities
under the Lease whether accruing prior to or after the date hereof, and Assignor hereby agrees to be bound by any amendment to
the Lease after the date hereof which is executed by the then current Tenant. In furtherance of the foregoing, it is specifically
understood and agreed that in the event of an Event of Default under the Lease, Landlord shall be entitled to commence any action
or proceeding against Assignor or otherwise exercise any available remedies at law or in equity to enforce the provisions of the
Lease against Assignor without first commencing any action or otherwise proceeding against Assignee or any other party, or otherwise
exhausting all of its available remedies against Assignee or any other party.

 

5.            Liability
of Assignee.

 

a.       Assignee
hereby agrees to become fully liable for the prompt and faithful payment and performance of all of the covenants, obligations
and liabilities of Assignor, its successors and assigns, under the Lease, including, but not limited to, the payments of all
rent and other sums payable under the Lease, all damages in the event of any default or other breach of the Lease, and all
other sums due Landlord thereunder, and also for all representations of Assignor and indemnity and reimbursement obligations
of Assignor under the Lease, all of which obligations are incorporated herein by reference.

 

6.            Miscellaneous.
Except as expressly set forth herein, the Leaseis unmodified and in full force and effect. This Assignment shall be binding
upon and shall inure to the benefit of the parties and their successors and assigns.

 

7.            Limited
Consent. The consent of Landlord shall bedeemed limited solely to the transfer as provided in this Assignment,
and Landlord reserves the right to consent or to withhold consent and all other rights under the Lease with respect to any other
matters including, without limitation, any assignments, subleases or transfers of the Lease or any interest therein or thereto.

 

8.            Counterparts.
This Assignment may be executed in any number of counterparts, each of which shall be an original, and all of which taken together
shall constitute a single agreement. For purposes of this Assignment, a telecopy of an executed counterpart shall constitute an
original. Any party delivering an executed counterpart of this Assignment by telecopier shall also deliver an original executed
counterpart of this Assignment, but the failure to deliver an original executed counterpart shall not affect the validity of this
Assignment.

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Assignment on the date first written above.

 

	 	LANDLORD:
	 	 
	 	EXETER 2150 CABOT, L.P.,
	 	a Pennsylvania limited partnership

 

	 	By:	Exeter 2150 Cabot, LLC,
	 	 	a Pennsylvania limited liability company,
	 	 	its sole general partner
	 	 	 
	Signed in the presence of:	By:	Exeter Industrial REIT I,
	 	 	a Maryland Business Trust,
	 	 	its sole member

 

	 	 	By:	/s/ Timothy J. Weber
	Witness	 	 	Name:	Timothy J. Weber
	 	 	 	Title:	Secretary/Treasurer

 

	 	ASSIGNEE:
	 	 
	 	HYDROGEL DESIGN SYSTEMS, INC.,
	 	a Delaware corporation
	Signed in the presence of:	 

 

	 	 	By:	/s/ Matthew Harriton
	Witness	 	 	Name:	Matthew Harriton
	 	 	 	Title:	President

 

	 	ASSIGNEE:
	 	 
	 	AQUAMED TECHNOLOGIES, INC.,
	 	a Delaware corporation
	Signed in the presence of:	 

 

	 	 	By:	/s/ Benjamin Mayer
	Witness	 	 	Name:	Benjamin Mayer
	 	 	 	Title:	President

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