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Exhibit 10.2

	 
	 	Regeneron Pharmaceuticals, Inc. 
	 	ID: [          
      ] 
	Notice of
      Grant of Stock Options 	777
      Old Saw Mill River Road 
	and Option
      Agreement for Performance 	Tarrytown, New York 10591   
	Vesting
      Option Awards 	     
   
	 
	 
	[OPTIONEE
      NAME] 	Option
      Number: 	  [          
      ] 
	[OPTIONEE
      ADDRESS 	Plan: 	  04   
	 	ID 	  [          
      ] 
	 

Effective <date> (the Grant Date)
you have been granted a Non-Qualified Stock Option to buy [    ] shares of Regeneron Pharmaceuticals, Inc.
(the Company) stock at [$    ] per
share.

The total option price of the shares
granted is [$    ].

Stock options granted pursuant to this
award will be eligible to vest on
[           ]*. The number of
stock options that will vest on that date will be determined based on the total
number of points that are earned according to the table below during the period
commencing on [           ]
and ending on [           ]*
(the Performance Measurement Period):

	Total
      Points 		Stock Options to Vest on [          
      ]* 
	[          
      ] or less 			0 	
	[          
      ] 		 	[          
      ] 	 
	[          
      ] 			[          
      ] 	 
	[          
      ] 		 	[          
      ] 	 
	[          
      ] 		 	[          
      ] 	
	[          
      ] 			[          
      ] 	
	[          
      ] or more 			[          
      ] 	

Total points in the table set forth
above will be calculated based on the following criteria as achieved during the
Performance Measurement Period:

[Description of performance criteria
and allocation of points for achieving specific milestones]

[For the
avoidance of doubt, points may be earned upon achievement of the specified
criteria by or on behalf of the Company or any subsidiary of the Company,
including by any other entity pursuant to or in connection with any license or
collaboration agreement under which such entity has rights to develop the Drug
Candidate.]

[Notwithstanding
the foregoing, if [insert certain criteria] have not been achieved during the
Performance Measurement Period, then the number of stock options from this award
that will vest on [          ]* may not
exceed [          ] unless
otherwise determined by the Compensation Committee or there is an acceleration
of this stock option award following a Change in Control pursuant to any
employment agreement, change in control agreement or similar agreement in effect
between the Grantee and the Company.

Notwithstanding
anything to the contrary set forth herein, the Compensation Committee of the
Board of Directors of the Company shall have the discretion to cause or
accelerate the vesting of any or all of the stock options granted pursuant to
this award.

The Compensation
Committee of the Board of Directors of the Company shall have the authority in
its sole discretion to determine whether the criteria required for earning the
points in the table set forth above were achieved.

The Non-Qualified
Stock Option expires on [10 years from the Grant Date].

	 
	You and the Company agree that these options
      are granted under and governed by the terms and conditions of the
      Company’s Amended and Restated 2000 Long-Term Incentive Plan and the
      enclosed Option Agreement, both of which are attached and made a part of
      this document.
	 

 
____________________ 

	*	  	This
      date will be the last day of the Performance Measurement
      Period.
	  

REGENERON PHARMACEUTICALS,
INC.
OPTION AGREEMENT
PURSUANT TO THE
2000 LONG-TERM
INCENTIVE PLAN 

          THIS AGREEMENT, made as of the date on the Notice of Grant of Stock Options, by and between Regeneron Pharmaceuticals, Inc., a New York corporation
(the "Company"), and the employee [(or member of the Board of Directors)]* named
on the Notice of Grant of Stock
Options (the "Grantee");

          WHEREAS,
the Grantee is an employee [or member of the Board of Directors]* of the Company
and the Company desires to afford the Grantee the opportunity to acquire or
enlarge the Grantee's stock ownership in the Company so that the Grantee may
have a direct proprietary interest in the Company's success; and

          WHEREAS,
the Committee administering the 2000 Long-Term Incentive Plan (as amended from
time to time, the "Plan") has granted (as of the effective date of grant
specified in the Notice of Grant of Stock
Options) to the Grantee a Stock Option to
purchase the number of shares of the Company's Common Stock ($.001 par value)
(the "Common Stock") as set forth in the Notice of Grant of Stock Options.

          NOW,
THEREFORE, in consideration of the covenants and agreements herein contained,
the parties agree as follows: 

     1.
Grant of Award. Pursuant to Section 7 of the
Plan, the Company grants to the Grantee, subject to the terms and conditions of
the Plan and subject further to the terms and conditions set forth here, the
option to purchase from the Company all or any part of an aggregate of shares of
Common Stock at the purchase price per share (the "Option") as shown on the
Notice of Grant of Stock
Options. [No part of the Option granted
hereby is intended to qualify as an Incentive Stock Option under Section 422 of
the Internal Revenue Code of 1986, as amended (the "Code").]* [Notwithstanding
the foregoing, the Option will not qualify as an Incentive Stock Option, among
other events, (i) if the Grantee disposes of the Common Stock acquired pursuant
to the Option at any time during the two year period following the date of this
Agreement or the one year period following the date on which the Option is
exercised, or (ii) if the Grantee is not employed by the Company or a subsidiary
of the Company within the meaning of Section 424 of the Code (a "Subsidiary") at
all times during the period beginning on the date of this Agreement and ending
on the day three months before the date of exercise of the Option, or (iii) to
the extent the aggregate fair market value (determined as of the time the Option
is granted) of the stock subject to Incentive Stock Options which become
exercisable for the first time in any calendar year exceeds $100,000. To the
extent that the Option does not qualify as an Incentive Stock Option, it shall
constitute a separate Non-Qualified Stock Option.]** 

     2.
Vesting; Exercise. (a) The Option is
exercisable in installments as provided on the Notice of Grant of Stock Options. To
the extent that the Option has become exercisable with respect to the number of
shares of Common Stock as provided on the Notice of Grant of Stock Options and
subject to the terms and conditions of the Plan, including without limitation,
Section 7(c)(1) & (2), the Option may thereafter be exercised by the
Grantee, in whole or in part, at any time or from time to time prior to the
expiration of the Option in accordance with the requirements set forth in
Section 7(c)(3) of the Plan, including, without limitation, the filing of such
written form of exercise notice as may be provided by the Company, and in
accordance with applicable tax and other laws. [In addition to the methods of
payment described in Section 7(c)(3) of the Plan, the Grantee shall be eligible
to pay for shares of Common Stock purchased upon the exercise of the Option by
directing the Company to withhold shares of Common Stock that would otherwise be
issued pursuant to the Option exercise having a Fair Market Value (as measured
on the date of exercise) equal to the Option exercise price.]* The Company shall
have the right to require the Grantee in connection with the exercise of the
Option to remit to the Company in cash an amount sufficient to satisfy any
federal, state and local withholding tax requirements related thereto.

     (b) The Notice of Grant of Stock
Options indicates each date upon which the
Grantee shall be entitled to exercise the Option with respect to the number of
shares of Common Stock granted as indicated provided that the Grantee has not
incurred a termination of employment or service with the Company and all
Subsidiaries (collectively, the Company and all Subsidiaries shall be referred
to herein as the "Employer" and no termination of employment or service shall be
deemed to take place unless the Grantee is no longer employed by or providing
service to the Employer) prior to such date. There shall be no proportionate or
partial vesting in the periods between the Full Vest Dates specified in the
Notice of Grant of Stock Options and all vesting shall occur only on the Full Vest Dates.
Except as otherwise provided in any employment agreement, consulting agreement,
change in control agreement or similar agreement or plan in effect between the
Employer and the Grantee on the date specified in the Notice of Grant of Stock Options, or
as may be otherwise determined by the Committee in accordance with Section 7(e)
of the Plan, no vesting shall occur after such date as the Grantee ceases to be
employed by the Employer [(or providing services as a member of the Board of
Directors, as the case may be)]* and all unvested Options shall be forfeited at
such time.

     (c)
Notwithstanding anything herein (except the following sentence) or in the
Notice of Grant of Stock
Options to the contrary, the Option shall be
fully vested on the date of termination of the Grantee’s employment with the
Employer [(or services as a member of the Board of Directors)]* if the Grantee’s
employment with the Employer [(or services a member of the Board of Directors)]*
is terminated on or within two years after the occurrence of a Change in Control
by the Employer (other than for Cause) or by the Grantee for Good Reason. Except
as otherwise provided in any employment agreement, consulting agreement, change
in control agreement or similar agreement or plan in effect between the Employer
and the Grantee on the date of grant specified in the Notice of Grant of Stock Options, if
the application of the provision in the foregoing sentence, similar provisions
in other stock option or restricted stock grants, and other payments and
benefits payable to the Grantee upon termination of employment [(or service as
member of the Board of Directors)]* (collectively, the “Company Payments”) would
result in the Grantee being subject to the excise tax payable under Internal
Revenue Code Section 4999 (the “Excise Tax”), the amount of any Company Payments
shall be automatically reduced to an amount one dollar less than an amount that
would subject the Grantee to the Excise Tax; provided, however, that the reduction shall
occur only if the reduced Company Payments received by the Grantee (after taking
into account further reductions for applicable federal, state and local income,
social security and other taxes) would be greater than the unreduced Company
Payments to be received by the Grantee minus (i) the Excise Tax payable with
respect to such Company Payments and (ii) all applicable federal, state and
local income, social security and other taxes on such Company Payments. If the
Company Payments are to be reduced in accordance with the foregoing, the Company
Payments shall be reduced as mutually agreed between the Employer and the
Grantee or, in the event the parties cannot agree, in the following order (1)
acceleration of vesting of any option where the exercise price exceeds the fair
market value of the underlying shares at the time the acceleration would
otherwise occur, (2) any lump sum severance based on a multiple of base salary
or bonus, (3) any other cash amounts payable to the Grantee, (4) any benefits
valued as parachute payments, and (5) acceleration of vesting of any equity not
covered by (1) above. 

     3. Option Term.
(a) Except as otherwise provided in the
next sentence or in the Plan, the Option shall
expire on the tenth anniversary of the grant of the Option as shown on the
Notice of Grant of Stock
Options. In the event of termination of
employment or service with the Employer, except as set forth in any employment
agreement, consulting agreement, change in control agreement or similar
agreement or plan in effect between the Employer and the Grantee on the date of
grant specified in the Notice of Grant of
Stock Options, or as may be otherwise
determined by the Committee in accordance with Section 7(e) of the Plan, the
vested portion of the Option shall expire on the earlier of (i) the tenth
anniversary of this grant, or (ii)(A) subject to (E) below, three months after
such termination if such termination is for any reason other than death,
retirement, or long-term disability, (B) the tenth anniversary of this grant if
such termination is due to the Grantee's retirement, (C) one year after the
termination if such termination is due to the Grantee's death or long-term
disability, (D) the occurrence of the Cause event if such termination is for
Cause or Cause existed at the time of such termination (whether then known or
later discovered) or (E) one year after such termination if such termination is
at any time within two years after the occurrence of a Change in Control and is
by the Employer without Cause or by the Grantee for Good Reason. 

     (b) For purposes of this Agreement, "Cause" shall mean (i) in the case where
there is no employment agreement, consulting agreement, change in control
agreement or similar agreement or plan in effect between the Company and the
Grantee on the date of grant specified in the Notice of Grant of Stock Options (or
where there is such an agreement or plan but it does not define “cause” (or
words of like import)) (A) the willful and continued failure by the Grantee
substantially to perform his or her duties and obligations to the Employer,
including without limitation, repeated refusal to follow the reasonable
directions of the Employer, knowing violation of law in the course of
performance of the duties of the Grantee's employment with the Employer,
repeated absences from work without a reasonable excuse, and intoxication with
alcohol or illegal drugs while on the Employer's premises during regular
business hours (other than any such failure resulting from his or her incapacity
due to physical or mental illness); (B) fraud or material dishonesty against the
Employer; or (C) a conviction or plea of guilty or nolo contendere to a felony
or a crime involving material dishonesty or (ii) in the case where there is an
employment agreement, consulting agreement, change in control agreement or
similar agreement or plan in effect between the Employer and the Grantee on the
date of grant specified in the Notice of Grant of
Stock Options that defines “cause” (or words
of like import), as defined under such agreement or plan. For purposes of this
Section 3(b), no act, or failure to act, on a Grantee's part shall be considered
"willful" unless done, or omitted to be done, by the Grantee in bad faith and
without reasonable belief that his or her action or omission was in the best
interest of the Employer. Any determination of Cause made prior to a Change in
Control shall be made by the Committee in its sole discretion.

     (c) For purposes of this Agreement, “Good Reason” shall mean (i) in the case
where there is no employment agreement, consulting agreement, change in control
agreement or similar agreement or plan in effect between the Employer and the
Grantee on the date of grant specified in the Notice of Grant of Stock Options (or
where there is such an agreement or plan but it does not define “good reason”
(or words of like import)) a termination of employment by the Grantee within one
hundred twenty (120) days after the occurrence of one of the following events
after the occurrence of a Change in Control unless such events are fully
corrected in all material respects by the Employer within thirty (30) days
following written notification by the Grantee to the Employer that Grantee
intends to terminate his employment hereunder for one of the reasons set forth
below: (A) (1) any material diminution in the Grantee’s duties and
responsibilities from that which exists immediately prior to a Change in Control
(except in each case in connection with the termination of the Grantee’s
employment for Cause or as a result of the Grantee’s death, or temporarily as a
result of the Grantee’s illness or other absence), or (2) the assignment to the
Grantee of duties and responsibilities materially inconsistent with the position
held by the Grantee; (B) any material breach by the Employer of any material
provision of any written agreement with the Grantee or failure to timely pay any
compensation obligation to the Grantee; (C) a reduction in the Grantee’s annual
base salary or target bonus opportunity (if any) from that which exists
immediately prior to a Change in Control; or (D) if the Grantee is based at the
Employer’s principal executive office, any relocation therefrom or, in any
event, a relocation of the Grantee’s primary office of more than fifty (50)
miles from the location immediately prior to a Change in Control; or (ii) in the
case where there is an employment agreement, consulting agreement, change in
control agreement or similar agreement or plan in effect between the Employer
and the Grantee on the date of grant specified in the Notice of Grant of Stock Options that
defines “good reason” (or words of like import), as defined under such agreement
or plan. 

     4.
Restrictions on Transfer of Option. The
Option granted hereby shall not be transferable other than by will or by the
laws of descent and distribution. During the lifetime of the Grantee, this
Option shall be exercisable only by the Grantee. In addition, except as
otherwise provided in this Agreement, the Option shall not be assigned,
negotiated, pledged or hypothecated in any way (whether by operation of law or
otherwise), and the Option shall not be subject to execution, attachment or
similar process. Upon any other attempt to transfer, assign, negotiate, pledge
or hypothecate the Option, or in the event of any levy upon the option by reason
of any execution, attachment, or similar process contrary to the provisions
hereof, the Option shall immediately become null and void. Notwithstanding the
foregoing provisions of this Section 4, subject to the approval of the Committee
in its sole and absolute discretion and to any conditions that the Committee may
prescribe, the Grantee may, upon providing written notice to the Company, elect
to transfer the Option to members of his or her immediate family, including, but
not limited to, children, grandchildren and spouse or to trusts for the benefit
of such immediate family members or to partnerships in which such family members
are the only partners; provided, however, that no such transfer may be made in
exchange for consideration. 

     5.
Rights of a Stockholder. The Grantee shall
have no rights as a stockholder with respect to any shares of Common Stock
subject to this Option prior to the date of issuance to the Grantee of a
certificate or certificates for such shares. No adjustment shall be made for
dividends in cash or other property, distributions, or other rights with respect
to such shares for which the record date is prior to the date upon which the
Grantee shall become the holder of record therefor. 

     6.
Compliance with Law and Regulations. This award and any obligation of the
Company hereunder shall be subject to all applicable federal, state and local
laws, rules and regulations and to such approvals by any government or
regulatory agency as may be required. The Company shall be under no obligation
to effect the registration pursuant to federal securities laws of any interests
in the Plan or any shares of Common Stock to be issued hereunder or to effect
similar compliance under any state laws. The Company shall not be obligated to
cause to be issued or delivered any certificates evidencing shares of Common
Stock pursuant to this Agreement unless and until the Company is advised by its
counsel that the issuance and delivery of such certificates is in compliance
with all applicable laws, regulations of governmental authority and the
requirements of any securities exchange on which shares of Common Stock are
traded. The Committee may require, as a condition of the issuance and delivery
of certificates evidencing shares of Common Stock pursuant to the terms hereof,
that the recipient of such shares make such agreements and representations, and
that such certificates bear such legends, as the Committee, in its sole
discretion, deems necessary or desirable. Except to the extent preempted by any
applicable federal law, this Agreement shall be construed and administered in
accordance with the laws of the State of New York without reference to its
principles of conflicts of law. 

     7.
Grantee Bound by Plan. The Grantee acknowledges receipt of a copy of the
Plan and agrees to be bound by all the terms and provisions thereof. The Plan is
incorporated herein by reference, and any capitalized term used but not defined
herein shall have the same meaning as in the Plan. To the extent that this
Agreement is silent with respect to, or in any way inconsistent with, the terms
of the Plan, the provisions of the Plan shall govern and this Agreement shall be
deemed to be modified accordingly. 

     8.
Notices. Any notice or communication given hereunder shall be in writing and
shall be deemed given when delivered in person, or by United States mail, at the
following addresses: (i) if to the Employer, to: Regeneron Pharmaceuticals,
Inc., 777 Old Saw Mill River Road, Tarrytown, NY 10591, Attention: Secretary,
and (ii) if to the Grantee, to: the Grantee at Regeneron Pharmaceuticals, Inc.,
777 Old Saw Mill River Road, Tarrytown, NY 10591, or, if the Grantee has
terminated employment or service, to the last address for the Grantee indicated
in the records of the Employer, or such other address as the relevant party
shall specify at any time hereafter in accordance with this Section 8.

     9. No Obligation to Continue
Employment. This Agreement does not guarantee that the Employer will
employ the Grantee for any specified time period, nor does it modify in any
respect the Grantee's employment or compensation. 

____________________ 

	*	  	For Non-Qualified Stock Option
      Awards.
	**	  	For Incentive Stock Option
      Awards.Exhibit 10.3

THIRD AMENDMENT TO
LEASE 

     THIS
THIRD AMENDMENT TO LEASE (this “Amendment”) is entered into as of this
29th day of April, 2009
(“Execution Date”), by and between BMR-LANDMARK AT EASTVIEW LLC, a Delaware limited
liability company (“Landlord”), and REGENERON PHARMACEUTICALS, INC., a New York
corporation (“Tenant”). 

RECITALS 

     A.
WHEREAS, Landlord and Tenant entered into that
certain Lease dated as of December 21, 2006 (the “Original Lease”), as amended by that
certain First Amendment to Lease dated as of October 24, 2007 (the
“First Amendment”), and that certain Second Amendment to Lease dated as of September 30,
2008 (the “Second Amendment” and, collectively with the Original Lease
and the First Amendment, and as the same may have been further amended,
supplemented or otherwise modified from time to time, the “Lease”), whereby Tenant
leases certain premises (the “Premises”) from Landlord at 735, 745,
765 and 777 Old Saw Mill River Road in Tarrytown, New York (collectively, the
“Buildings”, and each a “Building”); 

     B. WHEREAS,
Emisphere Technologies, Inc. (“Emisphere”), leases certain space from
Landlord at 765 Old Saw Mill River Road (the “765 Building”) pursuant to that
certain Lease dated as of March 31, 1997, as the same may have been amended,
supplemented or otherwise modified from time to time, the “Emisphere Lease”);

     C. WHEREAS,
Emisphere, as sublessor, subleases to Tenant, as sublessee, approximately 13,652
rentable square feet of space (the “Regeneron
Sublease Premises”) in the Quad I & II
Premises (as defined below) pursuant to that certain Sublease Agreement dated as
of April 15, 2008 (the “Regeneron
Sublease”); 

     D.
WHEREAS, Emisphere, as sublessor, subleases to
PsychoGenics Inc. (“PsychoGenics”), as sublessee,
approximately 2,275 rentable square feet of space (the “PsychoGenics Premises”) in
the Quad III & IV Premises (as defined below) pursuant to that certain
Sublease dated as of January __[sic], 2008 (the “PsychoGenics Sublease”); 

     E. WHEREAS,
as of the date hereof, Landlord and Emisphere have terminated the Emisphere
Lease and, consequently, the Regeneron Sublease and PsychoGenics Sublease have
been terminated;

     F. WHEREAS,
Tenant desires to continue to occupy and lease directly from Landlord the
Regeneron Sublease Premises, to surrender certain other space within the
Buildings and to lease additional space in the 765 Building from Landlord; and

     G. WHEREAS,
Landlord and Tenant desire to modify and amend the Lease only in the respects
and on the conditions hereinafter stated. 

AGREEMENT 

     NOW,
THEREFORE, Landlord and Tenant, in consideration of the mutual promises
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
agree as follows: 

     1. Definitions. For purposes of this
Amendment, capitalized terms shall have the meanings ascribed to them in the
Lease unless otherwise defined herein. The Lease, as amended by this Amendment,
is referred to herein as the “Amended
Lease.” 

     2.
Swap Premises. Landlord hereby leases to Tenant, and Tenant hereby leases from
Landlord (y) as of the Execution Date, the
Regeneron Sublease Premises, and (z) as of May 1, 2009 (the “Swap Premises Commencement Date”), the portions of the following premises that are not part of the
Regeneron Sublease Premises. The Quad I & II Premises and Quad III & IV
Premises (including the Regeneron Sublease Premises) are referred to herein
collectively as the “Swap
Premises.” The Swap Premises consist of
approximately 77,178 rentable square feet. 

          a. Quad I Premises. Approximately 13,462
rentable square feet of space located on the second floor of the 765 Building,
as shown on Exhibit A attached hereto (the “Quad
I Premises”); 

          b. Quad II Premises. Approximately 22,219
rentable square feet of space located on the second floor of the 765 Building,
as shown on Exhibit A attached hereto (the “Quad
II Premises” and, collectively with the Quad
I Premises, the “Quad I & II
Premises”); 

          c. Quad III Premises. Approximately
20,748 rentable square feet of space located on the second floor of the 765
Building, as shown on Exhibit
A attached hereto (the “Quad III Premises”); and

          d. Quad IV Premises. Approximately 20,749
rentable square feet of space located on the second floor of the 765 Building,
as shown on Exhibit A attached hereto (the “Quad
IV Premises” and, collectively with the Quad
III Premises, the “Quad III &
IV Premises”).

     3. Surrender Premises. The parties
acknowledge that, as part of the Additional Premises, Tenant currently leases
approximately 35,681 rentable square feet in the North portion of the Building
located at 777 Old Saw Mill River Road, as shown on Exhibit B attached hereto (the
“Surrender Premises”). The Additional Premises less the Surrender Premises shall be referred
to herein as the “Modified Additional
Premises.” Notwithstanding anything to the
contrary in the Lease, the Term for the Surrender Premises shall expire on
August 31, 2009, and Landlord and Tenant shall be released from each of their
respective obligations under the Lease with respect to the Surrender Premises
(including the payment of Rent), except for those obligations that expressly
survive the expiration or earlier termination of the Lease.

2

     4. Tenant’s Pro Rata Shares. From and
after the Execution Date until the Swap Premises Commencement Date, (a) the
Premises shall be deemed to include the Regeneron Sublease Premises, (b)
Tenant’s Pro Rate Share of the 765 Building shall increase from 15.25% to
22.94%, (c) Tenant’s Pro Rata Share of the Existing Project (based on Retained
Premises, Additional Premises and Regeneron Sublease Premises only) shall
increase from 15.75% to 17.57%, and (iv) Tenant’s Pro Rata Share of the Entire
Project shall increase from 31.29% to 32.52%. From and after the Swap Premises
Commencement Date, Section 2.2 of the Lease is hereby deleted and replaced in its entirety
with the following: 

The Premises, the Buildings, and certain related terms are
defined as follows. In these definitions, each Rentable Area is expressed in
rentable square footage. Rentable Area and Tenant’s Pro Rata Shares are all
subject to adjustment under this Lease, including under Section 9.2. 

	Definition or
      Provision  	Means the
      Following (As of the Swap  
	  	Premises
      Commencement Date)  
	“Premises”	Retained
      Premises, New Premises, Additional Premises, and Swap
Premises
	“Buildings” 	735 Building,
      745 Building, 765 Building and 777 Building 
	Rentable
      Area of Premises  	389,529  
	Rentable Area of
      Buildings  	117,935 for 735
      Building  
	  	111,708 for 745
      Building  
	  	177,203 for 765
      Building  
	  	311,104 for 777
      Building  
	Rentable
      Area of Existing Project  	751,648  
	Rentable
      Area of New Project  	360,520  
	Rentable
      Area of Entire Project  	1,112,168  
	Tenant’s Pro Rata Share of
      Buildings  	100% of 735
      Building  
	  	100% of 745
      Building  
	  	58.80 % of 765
      Building  
	  	17.90% of 777
      Building  
	Tenant’s Pro Rata Share of the
      Existing Project  	21.27%  
	(Based on Retained Premises,
      Additional  	  
	Premises
      and Swap Premises only)  	  
	Tenant’s Pro Rata Share of the New
      Project  	63.70%  
	(Based on New Premises
      only)  	  
	Tenant’s
      Pro Rata Share of Entire Project  	35.02%  

3

5.
Rent.

     a. Basic
Annual Rent. Commencing as of (i) the Swap
Premises Commencement Date with respect to the Quad I Premises and (ii)
September 1, 2009, with respect to the remainder of the Swap Premises (the
relevant dates in (i) and (ii), the “Swap

Premises Rent Commencement
Date”), and continuing through the Term,
Tenant shall pay Landlord Basic Annual Rent for the Swap Premises
(“Swap Premises Basic Annual
Rent”) in the following amounts (in addition
to Rent otherwise due under the Lease) and in accordance with the terms for
payment of Basic Annual Rent set forth in the Lease:

	Quad I
      Premises
	Date	Rentable	Per Rentable	Total Annual	Total
      Monthly
	 	s.f.	s.f.	 	 
	 	 	Annually	 	 
	Swap Premises	13,462	$26.50	$356,743.00 (to	$29,728.58
	Commencement Date –	 	 	be prorated)	 
	August 31,
      2009	 	 	 	 
	September 1, 2009 – June 30,	13,462	$28.00	$376,936.00 (to	$31,411.33
	2010	 	 	be
    prorated)	 
	July 1, 2010 – remainder of	13,462	Swap
      Premises Basic Annual Rent to increase
	the Term	 	annually
      every July 1 by 2.5% of the then-current
	 	 	Swap
      Premises Basic Annual Rent applicable to
	 	 	Quad I
      Premises
	Quad II
      Premises
	Date	Rentable	Per Rentable	Total Annual	Total
      Monthly
	 	s.f.	s.f.	 	 
	 	 	Annually	 	 
	Swap Premises Rent	22,219	$28.00	$622,132.00	$51,844.33
	Commencement Date – June	 	 	 	 
	30, 2010	 	 	 	 
	July 1, 2010 – remainder of	22,219	Swap
      Premises Basic Annual Rent to increase
	the Term	 	annually
      every July 1 by 2.5% of the then-current
	 	 	Swap
      Premises Basic Annual Rent applicable to
	 	 	Quad II
      Premises
	Quad III
      Premises
	Date	Rentable	Per Rentable	Total Annual	Total
      Monthly
	 	s.f.	s.f.	 	 
	 	 	Annually	 	 
	Swap Premises Rent	20,748	$26.50	$549,822 (to be	$45,818
	Commencement Date – June	 	 	prorated)	 
	30, 2010	 	 	 	 
	July 1, 2010–June
      30, 2011	20,748	$27.16	$563,515.68	$46,959.64
	July 1, 2011–June
      30, 2012	20,748	$27.84	$577,624.32	$48,135.36
	July 1, 2012–June
      30, 2013	20,748	$28.00	$580,944	$48,412.00

4

	July 1, 2013–June
      30, 2014	20,748	$28.00	$580,944	$48,412.00
	July 1, 2014–remainder of	20,748	Swap
      Premises Basic Annual Rent to increase
	Term	 	annually
      every July 1 by 2.5% of the then-current
	 	 	Swap
      Premises Basic Annual Rent applicable to
	 	 	Quad III
      Premises
	Quad IV
      Premises
	Date	Rentable	Per Rentable	Total Annual	Total
      Monthly
	 	s.f.	s.f.	 	 
	 	 	Annually	 	 
	Swap Premises Rent	20,749	$26.50	$549,848.50 (to	$45,820.71
	Commencement Date – June	 	 	be prorated)	 
	30, 2010	 	 	 	 
	July 1, 2010–June
      30, 2011	20,749	$27.16	$563,542.84	$46,961.90
	July 1, 2011–June
      30, 2012	20,749	$27.84	$577,652.16	$48,137.68
	July 1, 2012–June
      30, 2013	20,749	$28.00	$580,972.00	$48,414.33
	July 1, 2013–June
      30, 2014	20,749	$28.00	$580,972.00	$48,414.33
	July 1, 2014–remainder of	20,749	Swap
      Premises Basic Annual Rent to increase
	Term	 	annually
      every July 1 by 2.5% of the then-current
	 	 	Swap
      Premises Basic Annual Rent applicable to
	 	 	Quad IV
      Premises

          b. Operating
Expenses.

               i. In addition to Swap Premises Basic Annual Rent, commencing as of the Swap
Premises Rent Commencement Date, Tenant shall pay to Landlord as Additional
Rent, at times specified in the Amended Lease, Tenant’s Pro Rata Share of
Operating Expenses with respect to the applicable portion of the Swap
Premises.

               ii. Notwithstanding anything in the Amended Lease to the contrary, and solely
with respect to the Quad II Premises and the Quad III & IV Premises,
commencing as of the Swap Premises Commencement Date and continuing until (but
not including) the Swap Premises Rent Commencement Date, Tenant shall pay to
Landlord monthly, on the first day of each month as Additional Rent, a fixed
amount of One Hundred Twenty Thousand Five Hundred Dollars ($120,500). The
parties hereby agree and confirm that the foregoing amount shall be the sole
obligation of Tenant with respect to Operating Expenses for the Quad II Premises
and the Quad III & IV Premises during such period.

               iii. For the avoidance of doubt, HVAC for the Additional Premises and the Swap
Premises shall be calculated in the same manner as provided in the Amended Lease
with respect to the Retained Premises.

5

     6.
Rent Credit. Tenant shall be entitled to the following Rent credits: 

          a. Effective as of December 1, 2009, a Rent credit equal to Five Hundred
Thousand Dollars ($500,000) to be applied against any portion of Rent due to
Landlord under the Amended Lease; and 

          b. Effective as of December 1, 2012, a Rent credit equal to One Million
Fifty Thousand Three Hundred Dollars ($1,050,300) to be applied against any
portion of Rent due to Landlord under the Amended Lease (except that the
foregoing credit shall not be applicable to cure a monetary default of Tenant).

     7. Swap
Premises Term Expiration Date. The Term for
the Swap Premises shall expire on the Term Expiration Date for the New Premises,
subject to (a) Tenant’s option to extend the Term of the Lease as provided in
Article 44
of the Lease (as amended by this Amendment), and (b) Tenant’s termination
options set forth in Section
13 below. 

     8. Lease
Extension Options. From and after the Swap
Premises Commencement Date, the first paragraph of Article 44 of the Lease is hereby
deleted and replaced with the following: 

44. Option to Extend
Term. Tenant shall have three (3) options
(each, an “Option”) to extend the Term of this Lease (and, in each case, the Term
Expiration Date) by five (5) years, in each case on the same terms and
conditions as this Lease, except as provided below. If Tenant desires to
exercise any Option, Tenant must do so by giving Landlord written notice of such
exercise at least one (1) year before the Term would otherwise expire. Tenant
may exercise its Option to extend the Term only as to any one or more of the
following: (a) the entire Retained Premises, (b) the entire New Whole Building
Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified
Additional Premises or (e) the Swap Premises. If Tenant fails to exercise an
Option with respect to less than all of the Premises and the time to do so has
lapsed (or if a Retained Premises Early Termination or a termination pursuant to
a Swap Premises Termination Option (as defined below)has occurred), then Tenant
shall no longer have an Option with respect to those portions of the Premises
for which it failed to exercise an Option. Tenant’s Options for the remaining
Premises shall remain in full force and effect. 

     9.
Delivery of Possession.

          a. Tenant acknowledges that it is currently in possession of and occupies
the Regeneron Sublease Premises. Landlord shall deliver to Tenant (i) on the
Execution Date, the Regeneron Sublease Premises for construction of the Swap
Premises Tenant Improvements (as defined below), and (ii) on the Swap Premises
Commencement Date, the remainder of the Swap Premises for possession, occupancy
and construction of the Swap Premises Tenant Improvements. As of each such date,
Tenant’s possession and occupancy of the applicable portions of the Swap
Premises shall be governed by and pursuant to the Amended Lease; provided, however, that
Tenant shall have no obligation to pay Swap Premises Basic Annual Rent with
respect to its occupancy and possession of the Swap Premises prior to the
applicable Swap Premises Rent Commencement Date. Landlord shall permit Tenant,
accompanied by an employee of Landlord, to enter the portion of the Swap
Premises that is not the Regeneron Sublease Premises at a time mutually
acceptable to Landlord and Tenant (but in no event more than three (3) days
prior to the Swap Premises Commencement Date) for the purpose of Tenant planning
its move into the Swap Premises. 

6

          b. If Landlord fails to deliver all or a portion of the Swap Premises to
Tenant on the Swap Premises Commencement Date (such portion, the
“Late Delivery Premises”), then Tenant shall not be obligated to pay Base Rent or
Operating Expenses with respect to the Late Delivery Premises until Landlord
delivers the Late Delivery Premises to Tenant.

     10.
Tenant Improvements. 

          a. Landlord shall make available to Tenant a tenant improvement allowance of
Ten Dollars ($10) per rentable square foot of the Quad I & II Premises (the
“Quad I & II Premises TI Allowance”) at any time after the Swap Premises Commencement Date until
such time as Tenant has exercised a Quad I & II Termination Option (as
defined below). Further, Landlord shall make available to Tenant a tenant
improvement allowance of Twenty Dollars ($20) per rentable square foot of
the Quad
III & IV Premises (the “Quad III & IV
Premises TI Allowance”). Up to Ten Dollars ($10)
per rentable square foot of the Quad III & IV Premises TI Allowance (the
“Phase 1 Quad III & IV Premises TI
Allowance”) shall be available to Tenant at
any time after the Swap Premises Rent Commencement Date. The balance of the Quad
III & IV Premises TI Allowance (not to exceed an additional Ten Dollars
($10) per rentable square foot (the “Phase 2
Quad III & IV Premises TI Allowance”))
shall be available to Tenant at any time during the Term after June 30, 2013;
provided
that Tenant has not exercised a Quad III & IV Termination Option (as defined
below). If Tenant has exercised a Quad III & IV Termination Option with
respect to the Quad III Premises or the Quad IV Premises only, then Tenant shall
still be entitled to its pro rata amount of the Phase 2 Quad III & IV
Premises TI Allowance allocable to the non-terminated portion of the Quad III
& IV Premises. 

          b. The Quad I & II Tenant Improvement Allowance and the Quad III &
IV Tenant Improvement Allowance (collectively, the “Swap Premises TI Allowance”) shall be
disbursed in the same manner as the Base TI Allowance under the applicable
provisions of Article 5 of the Lease, including, without limitation, the Disbursement
Conditions, in order to finance improvements to the Swap Premises consistent
with the provisions of the Lease and the Permitted Use (such improvements, the
“Swap Premises Tenant
Improvements”). Tenant shall be responsible
for performing and completing the Swap Premises Tenant Improvements, and Tenant
shall pay Landlord a construction oversight fee of two and one-half percent
(2.5%) of the total cost of the Swap Premises Tenant Improvements, including,
without limitation, the Swap Premises TI Allowance to the extent disbursed to
Tenant, which construction oversight fee may be paid out of the Swap Premises TI
Allowance. 

     11. Reduction in Additional Premises TI Allowance. The Additional Premises TI Allowance, as set forth in Section 10 of the Second
Amendment, is hereby reduced by Three Hundred
Fifty-Six Thousand Eight Hundred Ten Dollars ($356,810). For the avoidance of
doubt, Landlord and Tenant acknowledge that the reduction in the Additional
Premises TI Allowance results from Tenant surrendering the Surrender Premises,
and that Tenant shall continue to have available to it, to the extent not
previously disbursed, Ten Dollars ($10) per rentable square foot of the Modified
Additional Premises. 

7

     12. Parking. The parties acknowledge that,
in accordance with the Lease, Tenant shall be entitled to its pro rata share of
unreserved parking spaces on the South side of the Entire Project with respect
to the Swap Premises. As of the Swap Premises Rent Commencement Date, Tenant
shall be entitled to an additional two (2) parking spaces per thousand (1,000)
rentable square feet of Swap Premises. In addition, Tenant’s pro rata share of
unreserved parking spaces on the North side of the Entire Project shall be
reduced proportionately to reflect Tenant’s surrendering of the Surrender
Premises.

     13.
Termination Options: 

          a. Tenant shall be entitled to terminate the Lease with respect to (i) the
entire Quad III Premises, (ii) the entire Quad IV Premises or (iii) the entire
Quad III & IV Premises (each, a “Quad III
& IV Termination Option,” and
collectively, the “Quad III & IV
Termination Options”). In each case, upon not less
than eighteen (18) months’ prior written notice to Landlord, effective as of (l)
June 30, 2013, upon payment to Landlord of Fifteen and 57/100 Dollars ($15.57)
per rentable square foot of terminated space, (m) June 30, 2014, upon payment to
Landlord of Fourteen and 16/100 Dollars ($14.16) per rentable square foot of
terminated space, (n) December 31, 2015, upon payment to Landlord of Twelve and
03/100 Dollars ($12.03) per rentable square foot of terminated space, or (o)
December 31, 2016, upon payment to Landlord of Ten and 62/100 Dollars ($10.62)
per square foot of terminated space. If Tenant terminates less than all of the
Quad III & IV Premises prior to June 30, 2014, then Tenant’s right to
exercise its remaining Quad III & IV Termination Options with respect to the
portion of the Quad III & IV Premises not terminated shall survive until
June 30, 2015 (i.e., eighteen (18) months prior to the last termination date).
If Tenant receives any portion of the Phase 2 Quad III & IV Premises TI Allowance, then the payment required to terminate
the Quad III & IV Premises shall increase by the unamortized portion of the
Phase 2 Quad III & IV TI Allowance allocable to the terminated portion or
portions of the Quad III & IV Premises as of the applicable termination date
using straight-line amortization (such amortization period to commence as of the
Swap Premises Rent Commencement Date). If Tenant timely exercises a Quad III
& IV Termination Option, then Tenant shall (y) surrender the applicable
Premises to Landlord on the applicable surrender date in the condition required
by the Amended Lease for surrendering Premises upon the expiration or earlier
termination of the Term, and (z) if less than all of the Quad III & IV
Premises are terminated by Tenant, demise the terminated Premises at its
expense, such demising to be performed in accordance with Applicable Laws.
Nothing in the foregoing clause (z) shall be deemed to require Tenant to perform
any work to conform the terminated portion of the Premises with Applicable Laws
(other than the demising thereof), except as may be expressly required by the
Amended Lease.

          b. Additionally, Tenant shall be entitled to terminate the Lease with
respect to the entire Quad I & II Premises (the “Quad I & II Termination Option”
and, together with the Quad III & IV Premises
Termination Options, the “Swap Premises
Termination Options”) upon not less than
eighteen (18) months’ prior written notice to Landlord, effective as of (a) June
30, 2014, upon payment to Landlord of Twenty-Nine and 45/100s Dollars ($29.45)
per rentable square foot of terminated space, (b) December 31, 2015, upon
payment to Landlord of Twenty and 02/100s Dollars ($20.02) per rentable square
foot of terminated space, or (c) December 31, 2016 upon payment to Landlord of
Ten and 50/100s Dollars ($10.50) per square foot of terminated space.

8

     14.
Emisphere Lease; Regeneron
Sublease.

          a. Landlord represents and warrants that, as of the date hereof, Landlord
and Emisphere have executed a lease termination agreement (the “Emisphere Termination
Agreement”)
that terminated the Emisphere Lease, except for those provisions that, by their
express terms, survive the expiration or earlier termination thereof. Landlord
shall use commercially reasonable efforts to enforce any obligations of
Emisphere under the Emisphere Termination Agreement to the extent necessary to
deliver the Swap Premises to Tenant on the Swap Premises Commencement Date. In
addition, Landlord agrees that it shall provide copies of any cleaning records,
surveys, swipes or other reports that it obtains from Emisphere as a result of
the Emisphere Termination Agreement regarding the presence of Hazardous
Materials in the Swap Premises. 

          b. Landlord represents and warrants that, to its knowledge, as of the
Execution Date, no Hazardous Materials exist in the Swap Premises in violation
of Applicable Laws.

          c. Tenant hereby represents and warrants to Landlord that, with respect to
the Regeneron Sublease, (a) Tenant has not prepaid to Emisphere more than one
(1) month’s Rent, (b) Landlord shall have no liability for any security deposits
or other amounts Tenant has paid to Emisphere, (c) Tenant shall look solely to
Emisphere (not Landlord) for reimbursement of any prepaid Rent or return of any
security deposit and (d) to its knowledge, there are no defaults, or conditions
existing that with the passage of time may become a default, whether on behalf
of Tenant or Emisphere. 

     15. Condition of Premises. Tenant
acknowledges that (a) it is in possession of and is fully familiar with the
condition of that portion of the Swap Premises occupied by Tenant pursuant to
the Regeneron Sublease, (b) is familiar with the condition of the remainder of
the Swap Premises and, notwithstanding anything contained in the Amended Lease
to the contrary, agrees to take the Swap Premises in its condition “as is” as of
the Swap Premises Commencement Date; provided, however, that Landlord shall
deliver the Swap Premises (other than the Regeneron Sublease Premises) in broom
clean condition, taking into account that Tenant has entered into a separate
agreement with Emisphere to have those certain items of Emisphere’s personal
property set forth in the attached Exhibit
C (the “Emisphere FF&E”) remain in the
Swap Premises after the termination of the Emisphere Lease. Landlord shall have
no liability with respect to the Emisphere FF&E, except to the extent that
the same form a part of the Buildings or the Common Areas and Landlord would
otherwise be required to repair and maintain the same pursuant to
Section 19.1 of the Amended Lease, in which case Landlord shall be obligated to fulfill such repair and maintenance
obligations. For the avoidance of doubt, Landlord and Tenant agree that: (y)
Landlord shall have no liability for the existence or condition of the Emisphere
FF&E as of the Swap Premises Commencement Date and (z) the following items
being left in the Swap Premises by Emisphere shall constitute and form a part of
the Building: base building HVAC systems, elevators, restrooms, and exhaust fans
and stacks. 

9

     16. Hazardous Materials. From and after
the Swap Premises Commencement Date, the second to last sentence of
Section 40.1 of the Lease shall be deleted and replaced in its entirety with the
following:

Landlord acknowledges that Tenant shall not be responsible for
environmental conditions or contamination now or hereafter existing on, under or
in the Entire Project, in the New Whole Building, in the New Multiple Tenant
Building, in the Retained Premises, in the Additional Premises or in the Swap
Premises caused by Landlord or tenants other than Tenant or by third parties in
the Entire Project prior to the Execution Date or after such date, or for
environmental conditions or contamination coming from off-site so long as
Tenant, Tenant’s Affiliates, its permitted sublessees or its agents did not
cause or contribute to such environmental conditions or contamination.

     17. PsychoGenics License Agreement.
Landlord and Tenant acknowledge that Tenant, as an accommodation to Landlord,
intends to enter into a license agreement with PsychoGenics Inc. in
substantially the form attached hereto as Exhibit D (the “PsychoGenics
License Agreement”). Landlord, Tenant and PsychoGenics shall, prior to execution of the
PsychoGenics License Agreement, enter into a consent to the PsychoGenics License
Agreement on Landlord’s customary form, a copy of which has been provided to
Tenant prior to the date hereof. 

     18. Broker. Each of Landlord and Tenant
represents and warrants to the other that it has not dealt with any broker or
agent in the negotiation for or the obtaining of this Amendment, other than
Studley (“Broker”), and each agrees to indemnify, defend and hold the other harmless from
any and all cost or liability for compensation claimed by any such broker or
agent, other than Broker, employed or engaged by it or claiming to have been
employed or engaged by it. Broker is entitled to a leasing commission in
connection with this Amendment, and Landlord shall pay such commission to Broker
pursuant to a separate agreement between Landlord and Broker, which commission
shall be calculated on the rentable square footage of the Quad III & IV
Premises only. 

     19. No
Default; Authority; Non-Contravention. Each
of Landlord and Tenant represents, warrants and covenants that, to the best of
its respective knowledge, neither Landlord nor Tenant is in default of any of
its respective obligations under the Lease and no event has occurred that, with
the passage of time or the giving of notice (or both), would constitute a
default by either Landlord or Tenant thereunder. Each of Landlord and Tenant
further represents, warrants and covenants that it has the full power and
authority to execute, deliver and comply with the terms of this Amendment, and
doing so will not conflict with or result in the violation of or default under any provision of any agreement or other
instrument to which it is a party (including without limitation, with respect to
Landlord, the Emisphere Lease and the Emisphere Termination Agreement).

10

     20. Effect
of Amendment. Except as modified by this
Amendment, the Lease and all the covenants, agreements, terms, provisions and
conditions thereof shall remain in full force and effect and are hereby ratified
and affirmed. The covenants, agreements, terms, provisions and conditions
contained in this Amendment shall bind and inure to the benefit of the parties
hereto and their respective successors and, except as otherwise provided in the
Lease, their respective assigns. In the event of any conflict between the terms
contained in this Amendment and the Lease, the terms herein contained shall
supersede and control the obligations and liabilities of the parties. From and
after the date hereof, the term “Lease” as used in the Lease shall mean the
Lease, as modified by this Amendment. 

     21. Miscellaneous. This Amendment becomes
effective only upon execution and delivery hereof by Landlord and Tenant. The
captions of the paragraphs and subparagraphs in this Amendment are included
solely for convenience and shall not be considered or given any effect in
construing the provisions hereof. All exhibits hereto are incorporated herein by
reference. 

     22. Counterparts. This Amendment may be
executed in one or more counterparts that, when taken together, shall constitute
one original. 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

11

     IN
WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the
date and year first above written, and acknowledge that they possess the
requisite authority to enter into this transaction and to execute this
Amendment. 

LANDLORD: 

BMR-LANDMARK AT EASTVIEW LLC,
a
Delaware limited liability company 
 

	By: 
    	/s/ Kevin M Simonsen  	 
	Name:  	Kevin M. Simonsen  	 
	Title:  	VP, Real Estate Counsel 
    	 

TENANT: 

REGENERON PHARMACEUTICALS, INC.,
a
New York corporation
  

	By: 
    	/s/ Murray A. Goldberg 
	 
	Name:  	Murray A. Goldberg  	 
	Title:  	Senior Vice President, Finance &
      Administration and Chief Financial Officer 
  

EXHIBIT A

SWAP PREMISES

[DIAGRAM]

 

 

 

 

 

 

EXHIBIT
B

SURRENDER
PREMISES

[Diagram]

 

 

 

 

 

 

EXHIBIT C 

EMISPHERE
FF&E 

	Item  	Qty.  
	VWR double-door refrigerator  	1  
	Revco laboratory
      freezer  	1 
    
	Fisher Scientific Isotemp Plus, double door  	1  
	NuAire
      biological safety cabinet  	2 
    
	Ice machine  	1  
	Misc. stainless
      steel tables  	14 
    
	Mobile benches  	15  
	Bedding dump
      station  	1 
    
	Narcotics safe  	1  
	Flammable
      cabinets  	10 
    
	Corrosive & acid cabinets  	3  
	Cagewasher  	1 
    
	Lab casework, incl. fume hoods  	throughout  
	Cold
      room  	1 
    
	Downdraft table  	1  
	Animal watering
      system  	1 
    
	Liebert air handling system in data center  	1  
	Office furniture
      (not including chairs)  	throughout  

3

EXHIBIT D 

FORM OF PSYCHOGENICS LICENSE
AGREEMENT 

LICENSE AGREEMENT 

     This LICENSE AGREEMENT (this
“Agreement”) is made as of this ___ day of April, 2009 (the
“Effective Date”) by and between REGENERON PHARMACEUTICALS, INC. (“Licensor”) and PSYCHOGENICS
INC. (“Licensee”).

BACKGROUND 

     A. The
Licensor is a tenant in the Building located at 765 Old Saw Mill River Road (the
“Building”), located within the project the (“Project”) known as The Landmark at
Eastview, in the Towns of Mt. Pleasant and Greenburgh, New York. As tenant,
Licensor has entered into a lease (as amended, supplemented or modified, the
“Lease”)
with BMR-Landmark at Eastview, LLC (the “Landlord”) for certain premises within
the Project and, as of the Effective Date, is entering into an amendment of the
Lease (the “Amendment”) to lease from Landlord additional premises thereunder,
comprising approximately 77,178 rentable square feet in the Building (the
“Leased Premises”).

     B. Prior
to the date hereof, Licensee occupied an approximately 2,275 rentable square
foot portion of the Leased Premises as more precisely described and designated
on Exhibit A attached hereto and made a part hereof (the “License Area”) pursuant to a sublease
(the “Sublease”), by and between Licensee, as subtenant and Emisphere Technologies
Inc., as sublessor, which Sublease has been terminated as of the date hereof.
Licensee desires to continue to occupy the License Area and, in furtherance
thereof, to obtain a license from the Licensor for the temporary occupancy of
the License Area. Licensor is willing to grant a license to Licensee, all
subject to the terms and conditions set forth in this Agreement.

TERMS 

     NOW THEREFORE, in consideration of
the mutual promises and agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
Licensor hereby grants to Licensee a license (the “License”)to use the Licensed Area,
subject to the following conditions: 

     1. License
Area. Licensor hereby grants to Licensee a
non-transferable right and revocable license for the temporary use of the
License Area. Nothing in this Agreement shall be construed to create any
relationship between the parties other than that of licensor and licensee.

     2. Term. The term of the License (the
“Term”)
shall commence on May 1, 2009 (the “Commencement Date”) and shall expire
on January 15, 2010, unless sooner terminated as provided in this Agreement (the
“Expiration Date”). If Licensee remains in the License Area after the Expiration Date,
then, in addition to all other remedies Licensor may have at law, in equity or
under this Agreement, Licensee shall be deemed to be a licensee at sufferance
only and the License Fee (as such term is defined in paragraph 4 below) shall be
increased to two hundred percent (200%) of the License Fee (as such term is
defined below). If Licensee fails to surrender and vacate the License Area upon
the termination or expiration of this Agreement, then Licensee shall indemnify,
defend and hold Licensor harmless from and against all loss and liability,
including, without limitation, all costs to remove Licensee’s personal property
and any claims made by any succeeding licensee, subtenant, or any other occupant
founded on or resulting from such failure to surrender or vacate, including,
without limitation, any attorneys’ fees, disbursements or other costs associated
therewith.

4

     3. Use. Licensee shall occupy and use the
License Area during the term of this Agreement for the sole purposes of general,
administrative, and executive use in rooms 721, 722 and 723, and laboratory use
in Rooms 724, 726 and 727, and no other purpose without Licensor’s prior written
consent. 

     4.
Fees.

          A. Licensee shall pay to Licensor a monthly license fee of Eight Thousand,
Six Hundred Twenty-Six and 40/100 Dollars ($8,626.40) (the “Fixed Fee”),
provided
that the following additional amounts shall also be due hereunder: (i) for the
payment due on September 1, 2009 an additional
amount equal to One Thousand, Two Hundred Sixty-Three and 35/100 Dollars
($1,263.35), and (ii) for the payment due on January 1, 2009, an additional
amount equal to One Hundred Ninety-Seven and 12/100 Dollars ($197.12) (such
additional amounts, together with the Fixed Fee, the “License Fee”).

          B. The License Fee for the month of May, 2009 shall be paid by Licensee on
the date of the full execution of this Agreement, and thereafter, the License
Fee shall be payable in advance on a monthly basis during the Term, on the first
day of each month commencing on June 1, 2009, without notice, demand, set-off,
claim, or counterclaim, by check or money order, made payable to Licensor at
Licensor’s address set forth below. If the first month or the last month of the
Term shall be partial months, the License Fee for any such partial month shall
be prorated on a daily basis.

     5. Security Deposit. Licensee has
deposited with Licensor a security deposit in the amount of Twenty Thousand
Dollars ($20,000) (the “Security
Deposit”), which sum shall be held by
Licensor as security for the faithful performance by Licensee of all of the
terms, covenants and conditions of this Agreement to be kept and performed by
Licensee during the term. If Licensee defaults with respect to any provision of
this Agreement, including, but not limited to, any provision relating to the
payment of the License Fee, then Licensor may (but shall not be required to)
use, apply or retain all or any part of the Security Deposit for the payment of
any License Fees or any other sum in default, or to compensate Licensor for any
other loss or damage that Licensor may suffer by reason of Licensee's default.
If any portion of the Security Deposit is so used or applied, then Licensee
shall, within ten (10) days following demand therefor, deposit cash with
Licensor in an amount sufficient to restore the Security Deposit to its original
amount, and Licensee's failure to do so shall be a material breach of this
Agreement. Licensor shall not be required to keep this Security Deposit separate
from its general funds, and Licensee shall not be entitled to interest on the
Security Deposit. In the event of bankruptcy or other debtor-creditor
proceedings against Licensee, the Security Deposit shall be deemed to be applied
first to the payment of License Fee and other charges due Licensor for all
periods prior to the filing of such proceedings. If Licensee shall fully and
faithfully perform every provision of this Agreement to be performed by it, then
the Security Deposit, or any balance thereof, shall be returned to Licensee
within thirty (30) days after the expiration or earlier termination of this
Agreement.

5

     6. Late
Charges. Late payment by Licensee to Licensor
of the License Fee or any other sums due shall cause Licensor to incur costs not
contemplated by this Agreement, the exact amount of which shall be extremely
difficult and impracticable to ascertain. Such costs include, but are not
limited to, processing and accounting charges and late charges that may be
imposed on Licensor by the terms of its Lease. Therefore, if any installment of
License Fee or other fees due from Licensee pursuant to this Agreement is not
received by Licensor within five (5) days after the date such payment is due,
Licensee shall pay to Licensor an additional sum of six percent (6%) of the
overdue amount as a late charge. The parties agree that this late charge
represents a fair and reasonable estimate of the costs that Licensor shall incur
by reason of late payment by Licensee. In addition to the late charge, amounts
not paid when due shall bear interest from the fifth (5th) day after the date due until paid at the lesser of (a)
twelve percent (12%) per annum or (b) the maximum rate permitted by applicable
laws. 

     7.
Common Areas. Licensee shall have the right, subject to the provisions of this
License, to use, without additional charge, on a
non-exclusive basis, the common areas leased by Licensor pursuant to the Lease
and the areas of the Leased Premises specified as “common areas” in the attached
Exhibit A.
Licensee shall be responsible for any and all damage caused by Licensee or its
employees, agents and invitees in or to such common areas. Licensee shall not
permit any of its files, furniture, personal property or other matters to be
placed in such common areas, and shall keep such common areas free of debris and
refuse. In addition to the foregoing, Licensee shall be entitled to access to
the portion of the Leased Premises specified as “restricted access area” in the
attached Exhibit A. Access to such restricted access areas shall be permitted only if (i) a
representative of Licensor is present at all times during such access, and (ii)
such access is solely for the purpose of allowing Licensee to use the elevator.
Licensee agrees that it shall make available a representative for the purpose of
such access during reasonable business hours and upon one (1) business days’
advance notice, provided that Licensor shall use reasonable efforts (but shall
not be obligated) to provide a representative on shorter notice, should exigent
circumstances require the same.

     8. Licensee’s Maintenance; No Improvements. Licensee shall at all times maintain the License Area, and any
equipment or property used or installed by Licensee in the License Area, in
good, clean and safe condition, free of all debris and trash. Licensee shall not
make any improvements, alterations or changes of any kind to the License Area
without Licensor’s prior written approval. In addition to all of Licensor’s
remedies under this Agreement, if (a) Licensee does not maintain the License
Area as required under this Section or (b) repairs or replacement of any portion
of the License Area is made necessary by any act, omission or negligence of
Licensee or its agents, employees or invitees, then Licensor may make such
repairs or provide such maintenance without liability to Licensee for any loss
or damage to Licensee or its merchandise, fixtures or other property, or to
Licensee’s business by reason of such repairs or maintenance. Further, upon
completion of any such repairs or maintenance, Licensee shall pay upon demand,
as additional License Fee, one hundred percent of Licensor’s costs for making
such repairs or providing such maintenance, evidenced by invoices, together with
Licensor’s administrative costs related thereto, which administrative costs the
parties agree to be an amount equal to twenty percent (20%) of the total cost of
such repair. Licensee shall not make any changes, alterations, installations,
additions or improvements to the License Area without first obtaining the
written consent of Licensor, which consent may be granted or withheld in the
sole discretion of Licensor.

6

     9.
Hazardous Materials. Licensee shall not cause or permit any Hazardous Materials (as hereinafter defined) to be brought upon, kept or used in
or about the License Area, the Building or the Project in violation of
Applicable Laws (as hereinafter defined) by Licensee, its agents, employees,
contractors or invitees. If Licensee breaches such obligation, or if the
presence of Hazardous Materials as a result of such a breach results in
contamination of the License Area, the Leased Premises, the Building, the
Project or any adjacent property, or if contamination of the License Area, the
Leased Premises, the Building, the Project or any adjacent property by Hazardous
Materials otherwise occurs during the Term or any extension or renewal hereof or
holding over hereunder due to such breach by Licensee, then Licensee shall
indemnify, save, defend and hold Licensor, its agents and contractors harmless
from and against any and all losses, costs, damages or judgments (including sums
paid in settlement, attorneys’ fees, consultants’ fees and experts’ fees) that
arise during or after the Term as a result of such breach or contamination. This
indemnification of Licensor by Licensee includes, without limitation, costs
incurred in connection with any investigation of site conditions or any cleanup,
remedial, removal or restoration work required by any federal, state, regional,
local or municipal governmental authority, agency or subdivision (collectively,
the “Governmental Authorities”) because of Hazardous Materials present in the air, soil or
groundwater above, on or under the License Area, the Leased Premises, the
Building, the Project or any adjacent property. Without limiting the foregoing,
if the presence of any Hazardous Materials in, on, under or about the License
Area, the Leased Premises, the Building, the Project or any adjacent property
caused or permitted by Licensee results in any contamination of the License
Area, the Leased Premises, the Building, the Project or any adjacent property,
then Licensee shall promptly take all actions at its sole cost and expense as
are necessary to return the License Area, the Leased Premises, the Building, the
Project and any adjacent property to their respective condition existing prior
to the time of such contamination; provided that Licensor’s written approval and
the written approval of Landlord of such action shall first be obtained, which
approval Licensor shall not unreasonably withhold; and provided, further, that
it shall be reasonable for Licensor to withhold its consent if (i) Landlord
withholds such consent, or (ii) such actions could have a material adverse
long-term or short-term effect on the License Area, the Leased Premises, the
Building, the Project or any adjacent property. Licensor acknowledges that
Licensee shall not be responsible for environmental conditions or contamination
now or hereafter existing on, under or in the License Area, the Leased Premises,
the Building or the Project, or for environmental conditions or contamination
coming from off site, to the extent the same was not caused or contributed to by
Licensee, Licensee’s affiliates, or their agents. Licensee’s obligations under
this paragraph shall survive the Expiration Date. During any period of time
needed by Licensee or Licensor after the Expiration Date to complete the removal
from the License Area of any such Hazardous Materials, Licensee shall continue
to pay License Fee for the affected area(s) in accordance with this Agreement,
which License Fee shall be pro-rated daily. As used herein, the term “Hazardous
Material” means any hazardous or toxic substance, material or waste that is so
designated by Applicable Laws and/or becomes regulated by any Governmental
Authority.

7

     10. Damage
and Repairs. Any damage, destruction,
graffiti or debris around, to, or on the License Area, the Leased Premises, the
Building or the Project caused by Licensee, its agents, employees or invitees
shall be Licensee’s responsibility. If Licensee fails to repair, clean or
replace any such damage or debris within two (2) days of Licensor’s demand to do
so, then Licensor may make such repairs, clean-up or replacement. Upon
completion of any such repairs, clean-up or replacement, Licensee shall pay upon
demand, as additional License Fee, one hundred percent (100%) of Licensor’s
costs for making such repairs or providing such clean-up or replacement,
evidenced by invoices, together with Licensor’s administrative costs related
thereto, which administrative costs the parties agree to be an amount equal one
twenty percent (20%) of the total cost of such repairs, clean-up or replacement.
Any damage to the License Area caused directly by Licensor shall be Licensor’s
responsibility to repair and maintain. 

     11. Fire
and Casualty Damage. If the License Area is
rendered partially or wholly untenantable by fire or other casualty, this
License shall terminate as to such affected License Area as of the date of such
fire or casualty as if that date had been originally fixed in this Agreement for
the Expiration Date for the affected License Area.

     12. Transfer and Assignment. Licensee
shall have no right to assign or transfer this License or rights arising under
this License. Any assignment by operation of law or otherwise shall be deemed a
prohibited assignment hereunder. In the event of a transfer or such assignment,
this License shall automatically terminate and thereafter shall be considered
null and void.

     13. Inspections. Provided that Licensor
uses reasonable efforts not to interfere with Licensee’s use of the Licensed
Area, Licensor shall have the right to enter the License Area at any reasonable
time for the following purposes: (a) to ascertain the condition of the License
Area; (b) to determine whether Licensee is diligently fulfilling Licensee’s
responsibilities under this License, or; (c) to do any other act or thing which
Licensor deems reasonably necessary to preserve the Licensed Area or to comply
with its obligations hereunder or under the Lease. 

     14. Termination of Agreement. On the
Expiration Date, Licensee shall (a) return the License Area to Licensor in good,
sanitary and satisfactory condition and (b) remove its equipment and any other
of its property from the License Area, the Leased Premises, the Building and the
Project, unless otherwise agreed to by Licensor. Licensee acknowledges and
agrees that it shall reimburse Licensor upon demand for one hundred percent
(100%) of Licensor’s costs to repair any damage caused by such removal by
Licensee, evidenced by invoices, together with Licensor’s administrative costs
related thereto, which administrative costs the parties agree to be an amount
equal to twenty percent (20%) of the total costs such repair. Any equipment or
property not removed within two (2) days of the date of termination or
expiration of this Agreement shall be deemed abandoned by Licensee, and Licensor
shall have the right, but not the obligation, to remove and dispose of such
abandoned equipment or property at Licensee’s sole cost and risk, and Licensor
shall be entitle to Licensor’s administrative costs related thereto, which
administrative costs the parties agree to be an amount equal to twenty percent
(20%) of the total costs such removal and disposal. 

8

     15. Personal Property Taxes. Licensee
shall pay all sales and use taxes, if any, imposed as a result of Licensee’s
business conducted on the License Area and all taxes assessed against property
of Licensee situated thereon during the Term.

     16. Compliance with Laws; Liens. Licensee
shall at all times observe and comply with all federal, state and local laws,
ordinances, rules, regulations and code requirements (collectively, the
“Applicable Laws”). Licensee shall obtain all permits and licenses for the operation of
its business at the Building or its use or occupancy of the License Area and
shall comply with all current and future rules and regulations of Landlord for
tenants or licensees of the Leased Premises, the Building, or the Project.
Licensee shall at all times maintain sufficient supervision and control of its
employees and invitees. Licensee shall not (a) obstruct the free flow of
pedestrian or vehicular traffic in any area of the Property, (b) harm the
License Area, commit any waste, create a nuisance or make any use of the License
Area that is offensive or (c) act or fail to act in any manner that could result
in injury or harm to any person in or about the Property. Licensee shall, and
shall instruct its employees, agents and invitees to, act in accordance with
Landlord’s rules and regulations as they may be promulgated by Landlord from
time to time, provided Licensee is given copies thereof. Licensee shall keep the
License Area free and clear of any mechanics’ liens and other liens. Nothing in
this Agreement shall be construed as consent on the part of Licensor to subject
the Leased Premises, the Building or the Project to any lien or liability under
the lien laws of the State of New York. 

     17. Insurance. Licensee shall, at all
times during the Term, and at its own cost and expense, procure and continue in
force insurance in the amounts and on the terms set forth in this Section 17.
Said insurance shall name Landlord and Licensor as additional insureds and shall
be subject to reasonable approval of Licensor and Landlord. Licensee shall
obtain from the insurance companies, or cause the insurance companies to
furnish, certificates of coverage. The delivery of proof of such insurance is a
condition precedent to this Agreement. All certificates of insurance shall
provide that the insurer will provide Licensor twenty (20) days notice of
cancellation of or any change of said policies by certified mail, return receipt
requested or via established overnight courier. In the event Licensee shall fail
to comply with any or all of the provisions of this paragraph, Licensor is
hereby authorized to purchase said insurance and charge Licensee for the
premiums of same and any other costs incurred thereon, and such sums shall be
deemed additional License Fee and may be collected by Licensor as such in the
next ensuing installment of License Fee. At a minimum, Licensee shall procure
Comprehensive General Liability Insurance, in the broadest form available in New
York State, with a minimum amount of $3,000,000 combined single limit and which
shall contain personal injury liability, fire damage liability on real property
(with sublimits for such events in amounts no less than the minimum amount of
$3,000,000), Workers Compensation Insurance, and such other insurance as was
required pursuant to the Sublease. 

     Licensee agrees to use commercially
reasonable efforts to include in each of its policies insuring against loss,
damage or destruction by fire or other casualty, a waiver of the insurer’s right
of subrogation against Licensor. If such waiver shall not be, or shall cease to
be, obtainable without additional charge, or is otherwise not available at all,
Licensee shall promptly so notify Licensor. In such case, if the other party
shall so elect and shall pay the insurer’s additional charge therefore, such
waiver shall be included in the policy.

9

     18. Consent of Landlord. This Agreement is
subject to the written consent of Landlord (the “Consent”), which consent shall be
evidenced by Landlord’s customary form of consent, with such changes as may be
agreed to by the parties thereto. In the event Landlord rejects this Agreement,
neither party shall have any rights against the other, and this Agreement shall
be deemed null and void.

     19. Utilities, Services. Licensor shall
use commercially reasonable efforts to cause Landlord to furnish the License
Area with all services required by the Lease to the extent Licensee was
receiving the same pursuant to the Sublease. Licensor shall not be liable to
Licensee for any loss, injury or damage to persons or property caused by or
resulting from any variation, failure, or interruption of any services or
utilities to be provided by Landlord under the Lease due to any cause
whatsoever. Licensee’s use or occupancy of the License Area shall not in any
manner (i) cause the design loads for the Building or the systems providing
exhaust, heating, cooling, ventilation, electrical, life safety, water, sewer or
other utility or safety services to be exceeded or (ii) adversely affect the
Building or the operation of said systems in the License Area, the Leased
Premises or the Building or cause deterioration or damage to the Building or
such systems.

     20. Access
and Parking. Licensee and its agents,
employees and invitees may have access to the License Area during its above term
twenty-four (24) hours a day. Licensee agrees that it shall not park in any
reserved spot on the Property or in front of any roll access/loading doors to
the other buildings. Licensee must also keep a fire lane available around the
Building. Any costs or liability associated with enforcing this parking access
shall be Licensee’s or violator’s sole responsibility. 

     21. Default. Any failure by Licensee to
perform any term or condition of this Agreement shall constitute a default under
this Agreement and, in such event, Licensor may exercise any remedy available to
it under this Agreement, at law or in equity. Without limiting the foregoing, in
the event any such default is not cured within forty-eight (48) hours of
Licensor’s notice to Licensee thereof, Licensor may, at its option, terminate
this Agreement and revoke the license granted hereby. Licensee shall reimburse
Licensor for any and all costs and expenses (including attorneys’ fees and
costs) that Licensor incurs in connection with enforcing Licensee’s obligations
under this Agreement. 

     22. Limitation of Recovery; Waiver. There
shall be no personal liability of Licensor with respect to any of the terms of
this Agreement. In the event of any breach or default by Licensor under this
Agreement, Licensee shall look solely to the equity of Licensor in the Building
for satisfaction of Licensee’s remedies. Licensee releases and waives all right
of recovery that it might otherwise have against Licensor, or other tenants or
licensees of the Building, and their respective agents and employees, by reason
of any loss or damage resulting from any recovery, claim, action or cause of
action against Licensor, damage or injury or other occurrence no matter how
caused, to the extent the same is either covered by Licensee’s insurance
(assuming no deductible) or would have been covered had Licensee complied with
the requirements of this Agreement. 

     23. Entire
Agreement. Other than Licensee’s lease
agreement with Licensor, this Agreement contains the entire agreement between
the parties and all prior understandings and agreements between the parties are
merged into this Agreement. This Agreement may be modified only by a writing
signed by both of the parties hereto.

10

     24. Acceptance of License Area. By taking
possession of the License Area, Licensee shall be deemed to have inspected the
License Area and accepted the License Area “as is” in its present condition.
Licensee acknowledges and agrees that neither Licensor, nor any employee, agent
nor representative of Licensor, has made any representation or warranty, express
or implied, of any kind as to the condition of the License Area or its
suitability for Licensee’s proposed use. Licensee further acknowledges and
agrees that Licensor has no obligation to improve, maintain or repair the
License Area unless said obligation is expressly set forth in this Agreement.

     25. Waiver
of Responsibility; Indemnification. Licensee
shall assume liability for, and shall indemnify, defend and hold harmless
Licensor and its shareholders, members, officers, directors, employees,
contractors, subcontractors, agents, customers, mortgagees, lenders and invitees
from and against any and all liabilities, obligations, losses, fines, damages,
claims, demands, judgments, penalties, expenses (including, without limitation,
attorneys’ fees and costs) arising, directly or indirectly, from (a) any labor
dispute involving Licensee or its contractors or agents, (b) the use or
enjoyment of the License Area or the Project by Licensee or its contractors,
agents, employees and/or customers or invitees, (c) injury to or death of any
person or persons, or damage to or destruction of any property (including,
without limitation, the cost of investigation, removal or remedial action and
disposal of any Hazardous Materials) occurring in, on or about the License Area
or (d) a breach of this Agreement by Licensee or any act or omission of Licensee
or its agents, employees or contractors (“Claims”). Notwithstanding anything to
the contrary in this Section, nothing in this Section shall relieve Licensor
from responsibility for its proportionate share of fault attributable to its
negligence in causing any Claims. To the maximum extent permitted by law,
Licensee’s activities on and use of the License Area and the Property shall be
at Licensee’s sole risk. Licensee’s obligations under this Section shall survive
the Expiration Date. 

     26.
Representations and Warranties.

     A. Licensee
represents and warrants to Licensor that, as of the Effective Date, the Sublease
has been terminated and Licensee waives all rights of possession and occupancy
of any portion of the Leased Premises pursuant thereto. 

     27. Licensor
hereby represents and warrants to Licensee that (i) as of the Effective Date,
the Lease and the Amendment are in full force and effect and grant to Licensor a
leasehold interest in and to the Leased Premises, and (ii) the Amendment does
not materially modify the Lease with respect to Licensee's obligations under the
Consent. Licensor shall provide Licensee with a fully-executed copy of the
Amendment within five (5) business days of the date on which the same is made a
part of the public record.

     28. Signage. Licensee is responsible for
all of Licensee’s signage. All signage must be pre-approved in writing by
Licensor and Landlord and hand-written signs are not permitted.

     29.
Miscellaneous. 

11

     A. Whenever
under this License Agreement provision is made for any demand, notice, requests
or declaration of any kind, or where it is deemed desirable or necessary by
either party to give or serve any such notice, demand, request or declaration to
the other party, it shall be in writing and such notices shall be deemed given
when personally delivered, or the next business day after delivery to a
reputable overnight delivery service such as Federal Express or United Parcel
Service to the following addresses: 

To the Licensor
at: 

REGENERON
PHARMACEUTICALS, INC. 
777 Old Saw Mill River Road 
Tarrytown, New York
10591 
Attn: General Counsel 

with copy to:

REGENERON
PHARMACEUTICALS, INC. 
777 Old Saw Mill River Road 
Tarrytown, New York
10591 
Attn: Joanne Deyo, Vice President Facilities 

To Licensee at:

PSYCHOGENICS
INC. 
765 Old Saw Mill River Road 
Tarrytown, New York 10591 
Attn:
William Fasnacht, CFO/COO 

     B. The terms,
provisions and covenants and conditions contained in this License shall apply
to, inure to the benefit of, and be binding upon, the parties hereto and upon
their respective heirs, legal representatives, successors and permitted assigns.

     C. All
obligations of Licensee hereunder not fully performed as of the Expiration Date
shall survive the Expiration Date. 

     D. Licensor
and Licensee agree to indemnify the other for any claims made by any other
brokers arising under the acts of such party. 

     E. Licensee
represents that it has used no broker in connection with this transaction.

     F. This
Agreement may be signed in counterparts; each, when taken together, shall
constitute one instrument. 

     G. If any
term, provision or condition of this License shall, to any extent, be finally
adjudicated to be invalid or unenforceable, the remainder of this License (or
the application of such term, provision or condition to persons or circumstances
other than those in respect of which it is finally adjudicated to be invalid or
unenforceable) shall not be affected thereby and each and every other term,
provision and condition of this License shall be valid and enforceable to the
fullest extent permitted by law.

12

     H. Licensee
shall pay to Licensor all costs and expenses, including reasonable attorneys’
fees and costs, incurred by Licensor in connection with any action between
Licensor and Licensee arising out of this License or incurred by Licensor as a
result of any litigation to which Licensor becomes a party as a result of this
License or Licensee’s use and occupancy of the Licensed Area or any portion
thereof. 

     I. Licensor
and Licensee waive trial by jury in the event of any action, proceeding or
counterclaim brought by either Licensor or Licensee against the other in
connection with this License. 

     J. If
Licensee fails timely to perform any of its duties under this License, Licensor
shall have the right (but not the obligation), after the expiration of any grace
or notice and cure period elsewhere under this License expressly granted to
Licensee for the performance of such duty, to perform such duty on behalf and at
the expense of Licensee (but only upon prior notice to Licensee), and all sums
expended or expenses incurred by Licensor in performing such duty together with
Licensor’s administrative costs related thereto, which administrative costs the
parties agree to be an amount equal to twenty percent (20%) of Licensor’s cost
of performing such duty, shall be deemed to be additional License Fee under this
License and shall be due and payable upon demand by Licensor. 

     K. This
Agreement shall be governed by, and construed and interpreted in accordance with
New York law, without regard to conflicts of law principles. 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

13

     IN
WITNESS WHEREOF, Licensor and Licensee have hereunto set their hands as of the
date and year first above written, and acknowledge that they possess the
requisite authority to enter into this transaction and to execute this
Agreement. 

LICENSOR: 

REGENERON PHARMACEUTICALS, INC., 
a
New York corporation 

	By: 
    	 	 
	Name:  	Murray
      A. Goldberg  
	Title:  	Senior
      Vice President,  
	  	Finance & Administration  
	  	and
      Chief Financial Officer  

LICENSEE: 

PSYCHOGENICS INC., 
a Delaware
corporation 

	By:  	 	 
	Name:  	William Fasnacht  
	Title:  	CFO/COO  

EXHIBIT A 

LICENSE
AREA

[Diagram]

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