Document:

Exhibit 10.8

 Exhibit 10.8 

11 December 2012 
 Lease 

Buildings 3 (formerly known as 
 Paradigm House) and 4 Trident
Park, 
 Basil Hill Road, Didcot, OX11 7HJ 
 Hartberg
Investments Limited (1) and 
 Lombard Medical Technologies Plc (2) 

 CONTENTS 
  

							
	Clause	  	Page	 
		 		  			
	 1
	 	 Definitions and Interpretation
	  	 	8	  
	 2
	 	 Demise
	  	 	13	  
	 3
	 	 Rents
	  	 	13	  
	 4
	 	 Tenant’s Covenants
	  	 	13	  
	 5
	 	 Landlord’s Covenants
	  	 	28	  
	 6
	 	 Insurance
	  	 	28	  
	 7
	 	 Provisos
	  	 	31	  
	 8
	 	 Service Charge
	  	 	34	  
	 SCHEDULE 1
	  	 	37	  
	 The Premises
	  	 	37	  
	 SCHEDULE 2
	  	 	38	  
		 	 Rights and easements granted
	  	 	38	  
	 SCHEDULE 3
	  	 	39	  
		 	 Exceptions and reservations
	  	 	39	  
	 SCHEDULE 4
	  	 	41	  
		 	 Covenants by the Surety
	  	 	41	  
	 SCHEDULE 5
	  	 	43	  
	 SCHEDULE 6
	  	 	44	  
		 	 Items of Expenditure as referred to in Clause 8
	  	 	44	  
	 SCHEDULE 7
	  	 	47	  
		 	 Authorised Guarantee Agreement
	  	 	47	  
	 SCHEDULE 8
	  	 	51	  
		 	 Rent Review
	  	 	51	  

 PARTICULARS 

LAND REGISTRY PRESCRIBED CLAUSES 

PRESCRIBED CLAUSES 
  

					
	LR1.	  	Date of Lease	  	11 December 2012
			
	LR2.	  	 Title number(s)
	  	
			
	LR2.1	  	 Landlord’s title number(s)
  

Title number(s) out of which this lease is granted. Leave blank if not registered.
	  	ON232483
			
	LR2.2	  	 Other title numbers
  

Existing title number(s) against which entries of matters referred to in LR9, LR10, LR11 and LR13 are to be made.
	  	None
			
	LR3.	  	 Parties to this lease
  

Give full names and addresses of each of the parties. For UK incorporated companies and limited liability partnerships, also give the registered number
including any prefix. For overseas companies, also give the territory of incorporation and, if appropriate, the registered number in the United Kingdom including any prefix.
	  	
			
		  	Landlord	  	Hartberg Investments Limited a company registered in the British Virgin Islands and whose address for service is the United Kingdom is care of Formal Investments Limited, Festival House, Jessop Avenue, Cheltenham,
Gloucestershire, GLSO 3SH and any other person entitled to the immediate reversion to this Lease (“the Landlord”).
			
		  	Tenant	  	Lombard Medical Technologies plc (Company Number 4636949) whose registered office is at Lombard Medical House, 4 Trident Park, Basil Hill Road, Didcot, Oxfordshire OX11 7HJ and its successors in title (“the
Tenant”).
			
		  	 Other parties
  

Specify capacity of each party, for example “management company”, “guarantor”, etc.
	  	

					
	LR4.	  	 Property
  

Insert a full description of the land being leased
  

or
  

Refer to the clause, schedule or paragraph of a schedule in this lease in which the land being leased is more fully described.

 
 Where there is a letting of part of a registered title, a plan must be attached to this
lease and any floor levels must be specified.
	  	Premises known as Buildings 3 and 4, Trident Park, Basil Hill Road, Didcot more particularly described in the definition of “the Premises” in Schedule 1.
			
	LR5.	  	 Prescribed statements etc.
	  	
			
	LR5.1	  	 Statements prescribed under rules 179 (dispositions in favour of a charity), 180 (dispositions by a charity) or 196 (leases under the
Leasehold Reform, Housing and Urban Development Act 1993) of the Land Registration Rules 2003.
  

If this lease includes a statement falling within LR5.1, insert under that sub-clause the relevant statement or refer to the clause, schedule or paragraph
of a schedule in this lease which contains the statement.
	  	None
			
	LR5.2	  	 This lease is made under, or by reference to, provisions of:

 
 In LR5.2, omit or delete those Acts which do not apply to this lease.
	  	
			
	LR6.	  	 Term for which the Property is leased
  

Include only the appropriate statement (duly completed) from the three options.
  

NOTE: The information you provide, or refer to, here will be used as part of the particulars to identify the lease under rule 6 of the Land Registration
Rules 2003.
	  	The term is as follows: a term of ten years commencing on and including the Term Commencement Date, and expiring on 26 July 2022
			
	LR7.	  	 Premium
  

Specify the total premium, inclusive of any VAT where payable.
	  	None.
			
	LR8.	  	 Prohibitions or restrictions on disposing of this lease
  

Include whichever of the two statements is appropriate. Do not set out here the wording of the provision.
	  	This lease contains a provision that prohibits or restricts dispositions.

					
	LR9.	  	 Rights of acquisition etc.
  

Insert the relevant provisions in the sub-clauses or refer to the clause, schedule or paragraph of a schedule in this lease which contains the
provisions.
	  	None.
			
	LR9.1	  	Tenant’s contractual rights to renew this lease, to acquire the reversion or another lease of the Property, or to acquire an interest in other land	  	None.
			
	LR9.2	  	Tenant’s covenant to (or offer to) surrender this lease	  	None.
			
	LR9.3	  	Landlord’s contractual rights to acquire this lease	  	None.
			
	LR10.	  	 Restrictive covenants given in this lease by the Landlord in respect of land other than the Property

 
 Insert the relevant provisions or refer to the clause, schedule or paragraph of a
schedule in this lease which contains the provisions.
	  	None.
			
	LR11.	  	 Easements
  

Refer here only to the clause, schedule or paragraph of a schedule in this lease which sets out the easements.
	  	
			
	LR11.1	  	Easements granted by this lease for the benefit of the Property	  	See Schedule 2
			
	LR11.2	  	Easements granted or reserved by this lease over the Property for the benefit of other property	  	See Schedule 3
			
	LR12.	  	 Estate rentcharge burdening the Property
  

Refer here only to the clause, schedule or paragraph of a schedule in this lease which sets out the rentcharge.
	  	None.
			
	LR13.	  	 Application for standard form of restriction
  

Set out the full text of the standard form of restriction and the title against which it is to be entered. If you wish to apply for more than one standard form
of restriction use this clause to apply for each of them, tell HMLR who is applying against which title and set out the full text of the restriction you are applying for.
  

Standard forms of restriction are set out in Schedule 4 to the Land Registration Rules 2003.
	  	None.

					
	LR14.	  	 Declaration of trust where there is more than one person comprising the Tenant

 
 If the Tenant is one person, omit or delete all the alternative statements.

 
 If the Tenant is more than one person, complete this clause by omitting or deleting all
inapplicable alternative statements.
	  	None.

 ADDITIONAL PARTICULARS 

 

			
	Rent Commencement Date	  	27 October 2012
		
	Permitted User	  	Use for the design development manufacture and distribution of advanced medical devices and subject to the Landlord’s consent (not to be unreasonably withheld or delayed) other uses within Class B1 of the Schedule to the Town
and Country Planning (Use Classes) Order 1987 (which for the purposes of this definition shall not include any amendments or re­enactment of such order after the date of this Lease).
		
	Term Commencement Date	  	27 July 2012
		
	Yearly Rent	  	 a) from the Term commencement Date until the day before the Rent Commencement Date a peppercorn

 
 b) for the period commencing on the Rent Commencement Date to and including 26 July 2015
the sum of one hundred and forty nine thousand eight hundred and eight pounds (£149,808) per annum
  

c) For the period commencing on 27 July 2015 to and including 26 July 2017 the sum of one hundred and seventy six thousand four hundred and fifty pounds
(£176,450) per annum
  
 d) the Reviewed Rent calculated in accordance with the
provisions of Schedule 8

			
	Dated 11 December 2012

 THIS LEASE is made on the date set out in the Particulars between the Landlord and the Tenant named in the Particulars. 

 

	1	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Lease unless the context otherwise requires the following expressions
shall have the following meanings: 
  

			
	1954 Act	 	the Landlord and Tenant Act 1954 and any subsequent legislation of a similar nature;
		
	1995 Act	 	the Landlord and Tenant (Covenants) Act 1995;
		
	Adjoining Property	 	all parts of the Landlord’s Estate (save and except the Premises) and any land and/or buildings adjoining or neighbouring the Premises and/or the Landlord’s Estate;
		
	 Authorised
 Guarantee

Agreement
	 	an authorised guarantee agreement within the meaning of section 16 of the 1995 Act such agreement to be by way of indemnity guarantee with the Landlord and (to the extent permitted by the 1995 Act) in the form set out in Schedule 7
(with such amendments only as permitted by law and as are necessary to comply with the provisions of the 199 Act);
		
	Blue Areas	 	each of the areas shown edged and hatched blue on Plans 3 and 4;
		
	CDM Regulations	 	 the Construction (Design and Management) Regulations 1994;
  

the service roads, service areas, service yard roundabouts, car and vehicle parking areas, loading areas, landscaped areas pedestrian ways, pavements, fire
escape routes and any other amenities available within or in connection with the Landlord’s Estate or within the curtilage thereof which are from time to time provided or designated by the Landlord for use in common by the tenants and occupiers
of the Landlord’s Estate and all persons expressly or by implication authorised by them (or any of them) but excluding the Lettable Areas of the Landlord’s Estate;

		
	 Common Areas
 of the
Landlord’s
 Estate
	 	the service roads, service areas, service yard roundabouts, car and vehicle parking areas, loading areas, landscaped areas pedestrian ways, pavements, fire escape routes and any other amenities available within or in connection with
the Landlord’s Estate or within the curtilage thereof which are from time to time provided or designated by the Landlord for use in common by the tenants and occupiers of the Landlord’s Estate and all persons expressly or by implication
authorised by them (or any of them) but excluding the Lettable Areas of the Landlord’s Estate;
		
	Conduits	 	all sewers, drains, pipes, gullies, gutters, ducts, mains, watercourses, channels, subways, wires, cables, conduits, flues and other conducting media of whatsoever nature;
		
	 Contents
 Insurance
Policy
	 	a contents insurance policy in respect of the equipment at the Property to include as an insured risk the risk of damage to equipment or loss of business arising from flood damage;
		
	Development	 	Development as define in Section 55 of the town and country Planning Act 1990;

							
		
	Green Areas	 	each of the areas shown edged and hatched green on Plans 3 and 4;
		
	Group Company	 	a company that is a member of the same group as the Landlord within the meaning of section 42 of the 1954 Act;
		
	Health and Safety Law	 	all applicable statutes, statutory instruments, common law, treaties, regulations, directives, codes of practice and guidance notes concerning:
			
		 	(a)	  	the health safety and welfare of the Tenant’s employees; or
			
		 	(b)	  	the health safety and welfare of other persons who are at the Premises for any purposes in connection with the Tenant’s presence there and are exposed to risks to their health and safety arising out of or in
connection with the Tenant’s occupation of the Premises; or
			
		 	(c)	  	the control, use, keeping and transport of explosive, highly flammable or dangerous substances or substances hazardous to human health;
		
	Insurance Rent	 	the rent reserved by Clause 3.2;
		
	Insured Risks	 	fire, storm, tempest, flood, earthquake, lightning, explosion, impact, aircraft (other than hostile aircraft) and other aerial devices and articles dropped therefrom, riot, civil commotion and malicious damage, bursting
or overflowing of water tanks, apparatus or pipes, subsidence, landslip and heave and such other risks as the Landlord may in its absolute discretion from time to time determine but such expression shall exclude any of such risks against which the
Landlord does not insure by virtue of the operation of Clause 6.1.4.(b);
		
	Interest Rate	 	4 per cent per annum above the base rate of HSBC Bank pic or any other clearing bank the Landlord nominates;
		
	Landlord’s Estate	 	each and every part of the Landlord’s estate as shown edged red on Plan 2 and shall include any other land and/or buildings which the Landlord shall (by notice in writing to the Tenant) deem to form part of the
Landlord’s Estate from time to time;
		
	Lettable Areas of the Landlord’s Estate	 	those parts of the Landlord’s Estate leased or intended to be leased to occupational tenants;
		
	this Lease	 	this lease and any document supplemental thereto or which is entered into pursuant to or in accordance with the terms of this Lease;

					
		
	Particulars	 	the descriptions and terms appearing on the preceding pages headed “Particulars” and “Additional Particulars” which comprise part of this Lease and have the meanings therein specified;
			
	Permitted Parts	 	(a)	  	the whole of each floor of the Premises; or
			
		 	(b)	  	one or both of the Green Areas; or
			
		 	(c)	  	one or both of the Blue Areas.
		
	Planning Acts	 	The Town and Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning (Hazardous Substances) Act 1990, the Planning (Consequential Provisions) Act 1990 and any associated
or related or subsequent legislation of a similar nature;
		
	Principal Leases	 	a lease of part ground and part first floors dated 27 July 2004 and made between C.G.I.S Didcot Limited (1) and Lombard Medical PLC (2) a lease of part ground floor dated 27 June 2008 and made between HIS Active Property
Fund Trustee Limited and HIS Active Property Fund Nominee Limited (1) and the Tenant (2) a lease of ground and first floors dated 23 April 2009 made between HSI Active Property Fund Trustee Limited and HIS Active Property Fund Nominee Limited (1)
and the Tenant (2) a lease of part ground floor dated 3 August 2010 made between Alvaglen Limited (1) and the Tenant and a Lease of part first floor for a term commencing 8 September 2010 made between (1) Alvaglen Estates Limited and (2) the
Tenant
		
	the Rents	 	the rents reserved by Clause 3 of the Lease;
		
	Retained Areas of the Landlord’s Estate	 	all parts of the Landlord’s Estate which do not comprise Lettable Areas of the Landlord’s Estate including (but not limited to):
			
		 	(a)	  	all Common Areas of the Landlord’s Estate;
			
		 	(b)	  	office and other accommodation which may from time to time be reserved within the Landlord’s Estate for staff;
			
		 	(c)	  	any parts of the Landlord’s Estate reserved by the Landlord for the housing of plant, machinery and equipment for the supply of services to the Landlord’s Estate; and
			
		 	(d)	  	all Conduits in upon, over or under or exclusively serving the Landlord’s Estate except any which exclusively serve a Lettable Area of the Landlord’s Estate;
		
	Surety	 	the party (if any) named as “Surety” in the Particulars and includes any person who at any time guarantees the performance and observance of the covenants on the part of the Tenant contained in this Lease
together with any substituted surety and its or their successors in title and assigns and in the case of an individual includes his personal representatives;

							
		
	Surveyor	 	any person appointed by the Landlord to perform the function of a surveyor for any purpose of this Lease (including an employee of the Landlord or a Group Company and the person appointed by the Landlord to collect the
rents and manage the Premises);
		
	Terminating Event	 	any of the following:
			
		 	(a)	 	in relation to an individual:
				
		 		 	(i)	  	the making of an application for the appointment of an interim receiver in respect of the individual’s property under section 286 of the Insolvency Act 1986;
				
		 		 	(ii)	  	the individual becoming subject to an interim order under section 252 of the Insolvency Act 1986;
				
		 		 	(iii)	  	the individual becoming subject to a voluntary arrangement as defined in section 253 of the Insolvency Act 1986;
			
		 	(b)	 	in relation to a company or a partnership (together “the company” for the purposes of this clause (b) and clause (c) below):
				
		 		 	(i)	  	having against it an application for the appointment of an administrator or having an administrator appointed (whether by court order or otherwise);
				
		 		 	(ii)	  	any person becoming entitled to exercise in relation to the company the powers conferred on a receiver or an administrative receiver or any person being appointed as a receiver or an administrative receiver in respect of the whole
or any part of the assets or undertaking of the company;
				
		 		 	(iii)	  	the making of an order or the passing of a resolution to wind up the company either by the court or voluntarily (except for the purpose of reconstruction or amalgamation not involving any reduction of capital);
				
		 		 	(v)	  	the making of a proposal under section 1 of the Insolvency Act 1986 for a voluntary arrangement in respect of the company;
				
		 		 	(vi)	  	the company being unable, or liable to be found unable, to pay its debts within the meaning of section 123 of the Insolvency Act 1986; and
				
		 		 	(vii)	  	the company being struck off the register of companies under section 652 or 652A of the Companies Act 1985.
			
		 	(c)	 	in relation to any person (whether an individual or a company):
				
		 		 	(i)	  	the appointment of a receiver (including an administrative receiver) in respect of any of the person’s assets;

							
				
		 		 	(ii)	  	the person entering into an arrangement for the benefit of creditors;
				
		 		 	(iii)	  	any distress or execution being levied on any of the person’s assets;
				
		 		 	(iv)	  	the person ceasing for any reason to be or remain liable to perform its obligations contained in this Lease;
				
		 		 	(v)	  	the person becoming subject to any analogous events to those listed in (a), (b) and (c) above in a foreign jurisdiction;
		
	Utilities	 	water, soil, air, electricity, radio, television, telegraphic, telephone, telecommunications and other services and supplies of whatsoever nature;
		
	Value Added Tax	 	value added tax or any tax of a similar nature which may be substituted for it or levied in addition to it;

  

	1.2	Headings 

 The headings in this Lease are for convenience only and shall be ignored in
construing this Lease. 
  

	1.3	Interpretation 

 Unless there is something in the subject or context inconsistent therewith:

  

	 	1.3.1	where two or more persons are included in the expression “the Tenant” and/or “the Surety” the covenants which are expressed to be made by the Tenant and/or the Surety shall be deemed to be made by
such persons jointly and severally; 

  

	 	1.3.2	words importing persons shall include firms companies and corporations and vice versa; 

  

	 	1.3.3	any covenant by the Tenant not to do any act or thing shall include an obligation not to permit or suffer such act or thing to be done; 

 

	 	1.3.4	references to any right of the Landlord to have access to or entry upon the Premises shall be construed as extending to all persons authorised by the Landlord including in either of such cases agents, professional
advisers, contractors, workmen and others and whether with or without equipment, plant, machinery and other apparatus; 

  

	 	1.3.5	any reference to a statute (whether specifically named or not) shall include any modification, extension, amendment or re-enactment of such statute for the time being in force and all instruments, orders, notices,
regulations, directions, bye-laws, permissions and plans for the time being made, issued or given thereunder or deriving validity therefrom; 

  

	 	1.3.6	references to the legislation concerning Value Added Tax shall include a reference to any directives and regulations adopted by the Council of the European Communities which relate to Value Added Tax; 

 

	 	1.3.7	the provisions of this Lease are to be construed independently and if any provision is void or unenforceable in whole or in part that provision to that extent is to be deemed not to form part of this Lease but the
validity and enforceability of the remainder of that provision or of the Lease is not to be affected. 

	2	Demise 

 The Landlord demises the Premises to the Tenant for the Term, together with the
rights set out in Schedule 2 in common with others, except and reserving in favour of the Landlord and anyone properly authorised by the Landlord the rights set out in Schedule 3, and subject to the matters set out in Schedule 5. 

 

	3	Rents 

 The following rents are reserved and payable by the Tenant: 

 

	3.1	The Yearly Rent (increased by an amount equal to the Value Added Tax thereon (if applicable)) shall be paid (by bank standing order or credit transfer if required by the Landlord) by four equal instalments in advance on
the usual quarter days. The first payment, for the period from and including the Rent Commencement Date up to but excluding the quarter day following the Rent Commencement Date, is to be made on the Rent Commencement Date. 

 

	3.2	On demand a due proportion to be determined by the Landlord acting reasonably of all sums (including the proper cost of valuations for insurance purposes) which the Landlord shall from time to time pay for insuring the
Landlord’s Estate against the Insured Risks and the other matters referred to in Clause 6.1 (in each case as increased by an amount equal to the Value Added Tax thereon (if applicable)) the first payment of which sums shall be made on the Rent
Commencement Date; 

  

	3.3	The moneys referred to in Clause 4.2 (as increased by an amount equal to the Value Added Tax thereon (if applicable)) to be paid on demand; 

 

	3.4	The moneys referred to in Clause 4.4 (as increased by an amount equal to the Value Added Tax thereon (if applicable)) to be paid on demand; and 

 

	3.5	The service charge (as increased by an amount equal to the Value Added Tax thereon (if applicable)) to be paid in accordance with Clause 8. 

 

	4	Tenant’s Covenants 

 The Tenant hereby covenants with the Landlord throughout the
Term: 
  

	4.1	Rents 

 To pay the Rents at the times and in the manner aforesaid. 

 

	4.2	Interest on arrears 

 Without prejudice to any other right, remedy or power contained in this
Lease or otherwise available to the Landlord if any of the Rents reserved by this Lease (whether formally demanded or not) or any other sum of money payable to the Landlord by the Tenant under this Lease shall remain unpaid for more than seven days
after the date when payment was due to pay interest thereon at the Interest Rate from and including the date on which payment was due to the date of payment to the Landlord (both before and after any judgment). 

	4.3	Outgoings 

  

	 	4.3.1	To pay and discharge all existing and future rates, taxes, duties, charges, assessments, impositions and outgoings whatsoever (whether or not of a capital or non-recurring nature or of a wholly novel character) which
now are or may at any time during the Term be charged, levied, rated, assessed or imposed upon the Premises or upon the owner or occupier of them (but excluding any payable by the Landlord as a result of the receipt of the Rents or of any
disposition of or dealing with or the ownership of any interest reversionary to the interest created by this Lease). 

  

	 	4.3.2	To pay and discharge or repay to the Landlord the proportion properly attributable to the Premises of any such outgoings which may be payable in respect of any premises (including the Landlord’s Estate) of which
the Premises form part such proportion to be fairly and properly determined by the Landlord. 

  

	 	4.3.3	To pay or reimburse to the Landlord (as the case may be) all charges for electricity and gas (if any) consumed in the Premises during the Term (including any connection charge and meter rents). 

 

	 	4.3.4	To indemnify the Landlord against any loss of void rate relief as a result of relief given to the Tenant or other permitted occupier for any period before the termination of the Term. 

 

	4.4	Common facilities 

 Upon demand to pay to the Landlord the whole or a due and fair proportion
considering the benefit to the Tenant (such proportion to be determined by the Landlord) (acting reasonably) of all costs, charges, fees and expenses Incurred or expended by the Landlord (save to the extent that the same shall be recovered by the
Landlord pursuant to Clause 8) in or in connection with decorating, cleansing, lighting, maintaining, repairing, building, rebuilding, repainting and reconstructing all buildings, walls {Including party walls), fences (including party fences),
forecourts, open areas, roads, ways, passages, pavements, structures (including party structures), roofs (including party roofs), Conduits and easements which may either belong to or be used or be capable of being. used by the Premises in common
with any Adjoining Property or not be the specific responsibility of the Tenant under this Lease. 
  

	4.5	Repairs 

  

	 	4.5.1	Irrespective of the current state of repair and condition of the Premises, to repair and keep in good and substantial repair and condition the Premises (damage by the Insured Risks excepted save to the extent that
payment of the insurance moneys shall be withheld by reason of any act, neglect or default of the Tenant or any undertenant or any person under its or their control). 

 

	 	4.5.2	To replace from time to time any of the Landlord’s fixtures and fittings which may be or become in need of replacement with new ones of similar kind and quality. 

 

	 	4.5.3	In every third year and in the last three months of the Term (whether determined by effluxion of time or otherwise) in a good and workmanlike manner and to the satisfaction of the Landlord to clean prepare and decorate
(with two coats at least of good quality paint) or otherwise treat (as appropriate) the exterior of the Premises required to be so prepared, decorated or treated (in such colours and materials as the Landlord may reasonably require) and to so
decorate the interior every fifth year of the Term and in the last three months of the Term. 

  

	 	4.5.4	To keep such parts of the Premises as shall not from me to time be built upon in a clean and tidy condition and free from rubbish and weeds and deposits of material or refuse. 

	4.6	Plant and machinery 

 Without prejudice to the provisions of Clause 4.5 above to keep in good
and substantial repair and condition all plant and machinery in and forming part of the Premises (but excluding all plant and equipment belonging to the Tenant) and for that purpose at all times to ensure that such plant, and machinery, is properly
operated, maintained and serviced. 
  

	4.7	Cleaning 

 To keep the Premises in a clean and tidy condition and at least once in every month
properly to clean both sides of all windows and window frames and all other glass in the Premises. 
  

	4.8	Yield up 

  

	 	4.8.1	Immediately prior to the expiration or sooner determination of the Term at the cost of the Tenant: 

  

	 	(a)	to replace any of the Landlord’s fixtures and fittings which shall be missing, broken, damaged or destroyed with new ones of a similar kind and quality or (at the option of the Landlord) to pay to the Landlord as a
debt the cost of replacing any of the same; 

  

	 	(b)	to remove from the Premises any moulding, sign, writing or painting of the name or business of the Tenant or occupiers and all tenant’s fixtures, fittings, furniture and effects and to make good to the reasonable
satisfaction of the Landlord all damage caused by such removal; and 

  

	 	(c)	to remove and make good all alterations or additions made to the Premises during the Term or during the term of the Principal Leases and well and substantially to reinstate the Premises in such manner as the Landlord
shall direct and to its reasonable satisfaction unless the Landlord waives this condition to reinstate by notice in writing to the Tenant 

  

	 	4.8.2	At the expiration or sooner determination of the Term quietly to yield up the Premises to the Landlord with vacant possession in good and substantial repair and condition and in accordance with the covenants by the
Tenant contained in this Lease. 

  

	4.9	Rights of entry by Landlord 

 To permit the Landlord with all necessary materials and appliances
at all reasonable times upon reasonable prior notice (except in cases of emergency when no notice shall be required) to enter and remain upon the Premises for any of the following purposes: 

 

	 	4.9.1	to view and examine the state and condition of the Premises and to take schedules or inventories of the Landlord’s fixtures; 

  

	 	4.9.2	to exercise any of the rights excepted and reserved by this Lease; and 

  

	 	4.9.3	for any other proper purpose connected with the interest of the Landlord in the Premises, or the Landlord’s Estate including but not limited to valuing or disposing of any interest of the Landlord.

  

	4.10	To comply with notices 

  

	 	4.10.1	Whenever the Landlord shall give written notice to the Tenant of any defects, wants of repair or breaches of covenant the Tenant shall within 40 days of such notice or sooner if requisite make good and remedy the breach
of covenant to the reasonable satisfaction of the Landlord. 

	 	4.10.2	If the Tenant shall fail within 21 days of such notice or as soon as reasonably possible in the case of emergency to commence and then diligently and expeditiously to continue to comply with such notice the Landlord may
enter the Premises and carry out or cause to be carried out all or any of the works referred to in such notice. The Tenant shall on demand pay as a debt the costs incurred pursuant to this Clause 4.10.2 together with interest at the Interest Rate
from the date on which the costs are incurred until the date of payment. 

  

	4.11	Dangerous materials and use of machinery 

  

	 	4.11.1	Not to bring into or keep in the Premises any article or thing which is or might become dangerous, offensive, combustible, inflammable, radioactive or explosive or which might increase the risk of fire or explosion
other than in quantities normal to the Tenant’s use of the Premises for the Permitted User and not to burn any rubbish or refuse on the Premises. 

  

	 	4.11.2	Not to keep or operate in the Premises any machinery which shall be unduly noisy or cause excessive vibration or which is likely to annoy or disturb the tenants or occupiers of any Adjoining Premises. 

 

	4.12	Overloading of floors and services 

  

	 	4.12.1	Not to overload the floors of the Premises or suspend any excessive weight from the roofs, ceilings, walls, stanchions or structure and not to overload the Utilities in or serving the Landlord’s Estate, or the
Premises. 

  

	 	4.12.2	Not to do anything which may subject the Premises to any strain beyond that which they are designed to bear with due margin for safety and to pay to the Landlord on demand all costs reasonably incurred by the Landlord
in obtaining the opinion of a qualified structural engineer as to whether the structure of the Premises is being or is about to be overloaded. 

  

	4.13	Conduits and pollution 

 Not to discharge into any Conduits nor into any stream, river, canal or
watercourse whatsoever any noxious or deleterious effluent fluid or substance whatsoever which may cause an obstruction or might be or become a source of danger or which might cause damage or injury to any person or be deleterious to health or which
may or might injure the Conduits or the drainage system of the Premises or any Adjoining Property. 
  

	4.14	Disposal of refuse 

 Not to deposit on any part of the Landlord’s Estate any trade empties,
rubbish or refuse of any kind (other than in proper receptacles provided for the purpose) which is or might become untidy, unclean, unsightly, injurious to health or in any way detrimental to the Premises or the Landlord’s Estate or any
Adjoining Property. 
  

	4.15	Prohibited users 

  

	 	4.15.1	Not to use the Premises or any part thereof for any public or political meeting, public exhibition or public entertainment, show or spectacle of any kind nor for any dangerous, noisy, noxious or offensive trade,
business or occupation whatsoever nor for any illegal or immoral purpose nor for residential or sleeping purposes. 

	 	4.15.2	club or for the sale of beer, wines or spirits and not to play or use any musical instrument, record player, loud speaker or similar apparatus in such a manner as to be audible outside the Premises and not to hold any
auction on the Premises. 

  

	 	4.15.3	Not to cause the Premises or any Adjoining Property to be untidy or in a dirty condition and in particular (but without limiting the foregoing) not to deposit on the exterior of the Premises or any Adjoining Property
any refuse or other materials. 

  

	 	4.15.4	Not to store, stack or lay out on the Landlord’s Estate any materials, equipment/ plant/ bins1 crates, cartons, boxes or other item which is or might become untidy/ unclean, unsightly or in any way detrimental to
the amenity of the Premises or any Adjoining Property. 

  

	 	4.15.5	Not to load or unload any goods arriving at or dispatched from the Premises except within the curtilage of the Premises and in such a way that access to or egress from the any Adjoining Property is not obstructed for
more than 30 minutes. 

  

	 	4.15.6	Not to use the Landlord’s Estate or the Premises nor to permit suffer or allow the same to be used for any purpose whatsoever or in any way which might result in the Landlord’s Estate or the Premises becoming
“Contaminated Land” as the term is defined by section 78A(2) of the Environmental Protection Act 1990 (whether or not the same is in force at the date of this Lease). 

 

	4.16	User 

  

	 	4.16.1	Not to use the Premises or any part thereof except for the Permitted User. 

  

	 	4.16.2	Not to leave the Premises continuously unoccupied for more than 20 days without both notifying the Landlord and providing or paying for such caretaking or security arrangements as the Landlord shall reasonably require
in order to protect the Premises from vandalism/ theft or unlawful occupation. 

  

	 	4.16.3	To ensure that at all times the Landlord has written notice of the name home address and home telephone number of at least two keyholders of the Premises 

 

	4.17	Nuisance 

  

	 	4.17.1	Not to do anything in or about the Premises or the Landlord’s Estate which may be or become a nuisance or which may cause damage, annoyance/ inconvenience or disturbance to the Landlord or the owners, tenants or
occupiers of the Adjoining Property or which may be injurious to the valuer toner amenity or character of the Premises or the Landlord’s Estate. 

  

	 	4.17.2	Without prejudice to the provisions of Clause 4.17.1 above not to emit from the Premises any noiser vibration, smell/ fumes/ smoker dust/ soot 1 ash, grit or any noxious or deleterious substances/ effluvia
or effluent (nor to permit suffer or allow the same to be emitted). 

	4.18	Alterations 

  

	 	4.18.1	Not to alter, divide, cut, maim, injure or remove any of the principal or load bearing walls, floors, beams or columns of or enclosing the Premises nor to unite the Premises with any adjoining premises nor to make any
other alterations or additions of a structural nature to the Premises nor to make any alterations or additions to the Landlord’s fixtures. 

  

	 	4.18.2	Not to make any internal alterations or additions of a nonstructural nature to the Premises without the prior written consent of the landlord such consent not to be unreasonably withheld PROVIDED THAT the Tenant shall
be entitled to erect and dismantle demountable partitioning and to carry out ancillary electrical work without obtaining the consent of the landlord provided that the Tenant provides plans of the proposed alteratioons to the Landlord to advance of
carrying out such works 

  

	 	4.18.3	Not to make any material alterations or additions to the Conduits save with the prior written consent of the Landlord such consent not to be unreasonably withheld. 

 

	 	4.18.4	The Landlord may as a condition of giving any such consent require the Tenant to enter into such covenants as the Landlord shall reasonably require regarding the execution of any such works and the reinstatement of the
Premises at the end or sooner determination of the Term. 

  

	4.19	Aerial signs and advertisements 

 Not to erect or display on the exterior of the Premises or in
the windows of the Premises so as to be visible from the exterior any pole, flag, aerial advertisement, poster, notice or other sign or thing whatsoever save that the Tenant may display on the Premises a sign stating the Tenant’s name and
business and install an aerial subject to the Tenant obtaining the prior written consent of the Landlord to the size, style and position thereof and the materials to be used such consent not to be unreasonably withheld. 

 

	4.20	Alienation 

  

	 	4.20.1	Not by way of assignment, underletting or otherwise nor by any means whereby the Premises or any part thereof may be held on trust to permit the Premises or any part of them to be occupied by or in any way vested in any
person, firm, corporation or other body or entity which is or may become entitled to claim immunity or exemption in relation to compliance with or performance or observance of any covenant, condition or provision of this Lease whether by reason of
diplomatic or sovereign immunity or otherwise howsoever. 

  

	 	4.20.2	Not to assign underlet or charge part only (as distinct from the whole) of the Premises and not to agree so to do (except as permitted under the terms of this clause 4.20) 

 

	 	4.20.3	Not to hold on trust for another, part with possession or occupation nor to share the possession or occupation of the whole or any part of the Premises (or to agree so to do) nor to permit any person to occupy the
Premises nor grant licences or franchises to use or occupy the whole or any part of the Premises save by way of an assignment or an underlease of the whole or part of the Premises in accordance with the provisions of this Clause 4.20.

  

	 	4.20.4	Not without the prior written consent of the Landlord such consent not to be unreasonably withheld to mortgage or charge the whole of the Premises. 

	 	4.20.5	Not without the prior written consent of the Landlord such consent not to be unreasonably withheld to assign the whole of the Premises provided that the Landlord shall be entitled (for the purposes of section 19(1A) of
the Landlord and Tenant Act 1927): 

  

	 	(a)	to withhold its consent in any of the circumstances set out Clause 4.20.6 below; 

  

	 	(b)	to impose all or any of the matters set out in Clause 4.20.7 below as a condition of its consent. 

  

	 	4.20.6	The circumstances referred to in Clause 4.20.5.1 above are: 

  

	 	(a)	any rent or other sum due under this Lease is in arrears; 

  

	 	(b)	in the Landlord’s reasonable opinion the proposed assignee is a person who is unlikely to be able to comply with the Tenant’s covenants in this Lease; 

 

	 	(c)	the proposed assignee is not a corporation registered in (or if an individual is not resident in) a jurisdiction in which the order of a court obtained in England and Wales will be enforced without any consideration of
the merits of the case or the assets of the proposed assignee upon which any reasonable assessment of financial strength is based are not in such a jurisdiction; 

  

	 	(d)	the proposed assignee is a company which is in the same group (within the meaning of section 42 of the Landlord and Tenant Act 1954) as the assignor unless that company is of no lesser financial strength than the
assignor as at the date of this Lease or the date of the assignment of the Lease to the assignor (as applicable); 

  

	 	(e)	where in the reasonable opinion of the Landlord an assignment to the proposed assignee taking into account any proposed security or guarantee would materially reduce the value of the Landlord’s interest in the
Premises on the assumption (whether or not a fact) that the Landlord wished to sell its interest on the day following completion of the proposed assignment; 

  

	 	4.20.7	The conditions referred to in Clause 4.20.5.2 above are that: 

  

	 	(a)	upon or before any assignment and before giving occupation to the assignee the assignor shall enter into an Authorised Guarantee Agreement with the Landlord; 

 

	 	(b)	the assignee shall if it is reasonable for the Landlord to so require upon or before any assignment and before taking occupation obtain guarantors reasonably acceptable to the Landlord who shall covenant by way of
indemnity and guarantee (if more than one jointly and severally) with the Landlord in the terms set out in Schedule 4; 

  

	 	(c)	upon or before any assignment and before giving occupation to the assignee the intended assignor shall procure that any person who has provided a guarantee to the Landlord in respect of the obligations of such assignor
shall join in any Authorised Guarantee Agreement to be entered into by such assignor in the terms required under paragraph 7 of Schedule 4; 

  

	 	(d)	if it is reasonable to so require and as an alternative to a guarantor provided in sub clause (b) a rent deposit deed for such sum as the Landlord may reasonably determine in such form as the Landlord may
reasonably require has been executed and delivered to the Landlord prior to any assignment together with the payment by way of cleared funds of the sum specified in the rent deposit deed; 

 

	 	(e)	together with any guarantees or other security for the performance by the assignee of the Tenant’s obligations under this Lease (other than any Authorised Guarantee Agreement) the proposed assignee is in the
reasonable opinion of the Landlord no less substantial in financial terms than the proposed assignor and any surety to it were in aggregate at the date on which this Lease was granted (after taking into account the value at that date of any other
security for the performance of the Tenant’s obligations under this Lease by such assignor) or the date ori which this Lease was assigned to the assignor (as applicable). 

	 	4.20.8	It is agreed and declared that (in respect of any application for consent to an assignment of this Lease and subject to such consent not being unreasonably withheld) the Landlord may impose reasonable conditions in
addition to those referred to in Clause 4.20.7 of this Clause or withhold consent notwithstanding the absence of all of the circumstances set out in Clause 4.20.6 if it is reasonable to do so 

 

	 	4.20.9	Not to underlet the whole of the Premises or a Permitted Part of the Premises: 

  

	 	(a)	without procuring that the underlessee of the Premises has first entered into direct covenants by deed with the Landlord of this Lease in the following terms: 

 

	 	(i)	not to assign or charge (nor to agree to do so) any part or parts (as distinct from the whole) of the Premises or the part demised; 

  

	 	(ii)	not to part with or share possession or occupation of the whole or any part of the Premises (or the part demised) or agree to do so or permit any person to occupy the same otherwise than by way of an assignment of the
whole; 

  

	 	(iii)	not to assign or charge the whole of the Premises (nor to agree to do any of the same) otherwise than with the prior written consent of the Landlord such consent not to be unreasonably withheld and not to assign the
Premises in any event without entering into an Authorised Guarantee Agreement with the Tenant; 

  

	 	(iv)	to perform and observe the covenants on the part of the Tenant contained in this Lease save for the payment of rents and other sums due and payable to the Landlord for so long as such undertenant is bound by the
lessee’s obligations in the underlease; 

  

	 	(v)	to observe and perform the covenants, conditions, provisions and other matters on its part contained in the underlease to be granted to it for so long as such undertenant is bound by them; 

 

	 	(b)	without procuring (if the Landlord shall so reasonably require) a guarantor or guarantors acceptable to the Landlord under this Lease acting reasonably in respect of the person to whom such underlease of the Premises is
to be granted which guarantor or guarantors shall (by way of separate covenant and before the grant of the underlease in question) covenant directly by deed with the Landlord under this Lease in the terms of Schedule 4 hereto (mutatis mutandis);

	 	(c)	otherwise than by means of an underlease of the Premises in a form which has been first approved by the Landlord under this Lease such approval not to be unreasonably withheld or delayed and which if completed would
comply with the terms of this Clause 4.20 and also: 

  

	 	(i)	provide for the rent reserved by the underlease to be payable in advance on the days on which the Rents reserved under this Lease are payable; 

 

	 	(ii)	contains provisions for rent review on the same dates and on the same terms as provided for in this Lease; 

  

	 	(iii)	incorporate such provisions as are necessary to ensure that such underlease is in all material respects consistent with the provisions of this Lease save where necessary given the extent of the premises to be underlet;

  

	 	(iv)	not contain any matter which would contravene or if entered into would be likely to give rise to a contravention of any matter contained in this Lease; 

 

	 	(v)	provides that any dealings with the underlet premises are subject to the Landlord’s prior written consent (not to be unreasonably withheld or delayed); 

 

	 	(vi)	be on terms that the permitted underlease shall be excluded from the security of tenure provisions afforded by sections 24 - 28 (inclusive) of the 1954 Act by agreement between the Tenant and such undertenant, in
compliance with the requirements of the contracting-out procedure as set out in the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003 and the Tenant shall produce evidence acceptable to the Landlord that the Tenant has taken the
necessary steps to ensure that exclusion is legally effective. 

  

	 	4.20.10	Not to underlet the whole of the Premises for a fine or premium nor at a rent which is less than the market rent for the Premises obtainable at the time of the grant of such underlease nor to reduce or permit the
reduction of rent paid or payable by any underlessee (whether immediate or mediate) nor to enter or permit any arrangement to like effect. 

  

	 	4.20.11	Not to underlet the whole of the Premises without the prior written consent of the Landlord which consent shall (subject to compliance with the foregoing) not be unreasonably withheld. 

 

	 	4.20.12	In relation to every permitted underletting: 

  

	 	(a)	not at any time either expressly or by implication to waive any breach of any of the covenants or conditions in any underlease subordinate to this Lease; 

 

	 	(b)	not without the prior written approval of the Landlord to vary the terms of or accept a surrender of part of any underlease nor to agree to do any of the same; 

	 	(c)	to enforce the performance and observance of the covenants made in favour of the Tenant by any underlessee whether contained in a lease or otherwise; 

 

	 	(d)	not at any time either expressly or by implication to waive any breach of any of the covenants or conditions in any underlease subordinate to this Lease; 

 

	 	(e)	to procure that the rent reserved by any underlease shall not be commuted or payable more than one quarter in advance; 

  

	 	(f)	not to agree any rent review under any underlease without the Landlord’s consent such consent not to be unreasonably withheld or delayed provided that the Landlord’s approvals specified in this Clause shall
not be unreasonably withheld or delayed. 

  

	 	4.20.13	The Tenant shall procure that every permitted assignee of every underlease of the Premises granted by the Tenant covenants directly with the Landlord to perform all the Tenant’s covenants herein (save as to payment
of the Rents and other sums payable hereunder) for so long as such assignee is bound by the underlessee’s obligations in such underlease and that if it is reasonable for the Landlord to so require such persons as the Landlord shall reasonably
require shall join as guarantor to any such assignee and enter into direct covenants with the Landlord in the terms (mutatis mutandis) set out in Schedule 4 of this Lease. 

 

	 	4.20.14	Not (other than by an assignment or underletting permitted by this Lease) to part with or share possession or occupation of the whole or any part of the Premises (nor to agree to do any of the same) provided that
subject to the conditions set out in Clause 4.20.15 being and continuing to be satisfied the Tenant may share occupation of the Premises or any part of them with any company (“Occupational Company”) which is a subsidiary (within the
meaning of section 42 of the 1954 Act) of the Tenant. 

  

	 	4.20.15	The conditions referred to in Clause 4.20.14 are that: 

  

	 	(a)	before any Occupational Company takes occupation in accordance with Clause 4.20.14 the Tenant shall first give written details to the Landlord of the identity of the Occupational Company and of its relationship to the
Tenant; 

  

	 	(b)	no such Occupational Company shall at any time have or enjoy exclusive possession or occupation of the Premises or any part of them or have or acquire any interest or right in or in respect of the Premises;

  

	 	(c)	this permission for any Occupational Company to occupy in accordance with Clause 4.20.14 shall cease immediately upon such Occupational Company ceasing to be an Occupational Company and the Tenant shall thereupon
procure that the Occupational Company shall vacate the Premises. 

  

	4.21	Registration of dispositions 

 Within 21 days of every assignment, transfer, assent, underlease,
mortgage, charge or other disposition whether mediate or immediate of or relating to the Premises or any part thereof to produce to and leave with the Landlord or its Solicitors a certified copy of the deed instrument or other document evidencing or
effecting such disposition and on each occasion to pay to the Landlord or its Solicitors a reasonable registration fee being not less than £35 (together with Value Added Tax thereon). 

	4.22	Disclosure of information 

 Upon making any application or request in connection with the
Premises or this Lease to disclose to the Landlord such information as the Landlord may reasonably require and whenever the Landlord shall reasonably request to supply full particulars of all occupations and derivative interests in the Premises
however remote or inferior. 
  

	4.23	Landlord’s costs 

 To pay and indemnify the Landlord on a full indemnity basis against all
costs, fees, charges, disbursements and expenses properly incurred by the Landlord including but not limited to those payable to solicitors, counsel, architects, surveyors and bailiffs: 

 

	 	4.23.1	in relation to or in contemplation of the preparation and service of a notice under section !46 of the Law of Property Act 1925 and of any proceedings under sections 146 or 147 of that Act (whether or not any right of
re-entry or forfeiture has been waived by the Landlord or a notice served under section 146 is complied with by the Tenant or the Tenant has been relieved under the provisions of the said Act and notwithstanding forfeiture is avoided otherwise than
by relief granted by the court); 

  

	 	4.23.2	in relation to or in contemplation of the preparation and service of all notices and schedules relating to wants of repair whether served during or within 6 months after the expiration of the Term (but relating in all
cases only to such wants of repair that accrued not later than the expiration or sooner determination of the Term); 

  

	 	4.23.3	in connection with the recovery or attempted recovery of arrears of rent or other sums due from the Tenant or in procuring the remedying of the breach of any covenant by the Tenant; and 

 

	 	4.23.4	in relation to any application for consent required or made necessary by this Lease (such costs to include reasonable management fees and expenses) whether or not the same is granted or whether the application be
withdrawn provided in such case that the fees are reasonable. 

  

	4.24	Statutory requirements 

  

	 	4.24.1	At the Tenant’s own expense to comply in all respects with the provisions of the Offices Shops and Railway Premises Act 1963, the Fire Precautions Act 1971, the Defective Premises Act 1972, the Health and Safety at
Work etc. 1974 and the Environmental Protection Act 1990 and every other statute now in force or which may come into force after the date of this Lease and any other obligations imposed by law relating to the Premises or the user thereof.

  

	 	4.24.2	To execute all works and provide and maintain all arrangements upon or In respect. of the Premises or the user thereof which are directed or required to be undertaken (whether by the Landlord, Tenant or occupier) by any
statute now in force or which may come into force after the date of this Lease or by any government department local or other competent authority or duly authorised officer or court of competent jurisdiction acting under or in pursuance of any
statute. 

	 	4.24.3	To indemnify and keep indemnified the Landlord against all costs, charges, fees and expenses of or incidental to the execution of any works or the provision or maintenance of any arrangements so directed or required.

  

	 	4.24.4	Not to do or omit to be done in or near the Premises or on any part of the Landlord’s Estate any act or thing by reason of which the Landlord may under any statute incur or have imposed upon it or become liable to
pay any penalty, damages, compensation, costs, charges or expenses. 

  

	4.25	Planning Acts 

  

	 	4.25.1	To comply with the provisions and requirements of the Planning Acts and to indemnify and keep the Landlord indemnified against all actions, proceedings, claims, demands, losses, costs, expenses, damages and liability
whatsoever in respect of any contravention of the Planning Acts. 

  

	 	4.25.2	At the expense of the Tenant to obtain all planning permissions and any other consents and to serve all notices which may be required for the carrying out of any operations or user on the Premises which may constitute
Development provided that no application for planning permission shall be made or any notice given to any authority of the commencement or carrying out of any Development nor shall any notice be given of an intention to commence or carry out the
same without the prior written consent of the Landlord. 

  

	 	4.25.3	To pay and satisfy any charge or levy that may be imposed after the date of this Lease under the Planning Acts in respect of the carrying out of any such operations or the commencement or continuation of any such user
as is referred to in Clause 4.26.2 above. 

  

	 	4.25.4	Notwithstanding any consent which may be granted by the Landlord under this Lease not to carry out or make any alteration or addition to the Premises or any change of use nor to implement any planning permission
obtained in respect of the Premises until: 

  

	 	(a)	all necessary notices under the Planning Acts have been served and copies produced to the Landlord; 

  

	 	(b)	any necessary permission under the Planning Acts has been obtained and produced to the Landlord; and 

  

	 	(c)	the Landlord has acknowledged that the planning permission is 

  

	 	(d)	acceptable to it, 

 provided that the Landlord may refuse to acknowledge its acceptance of a
planning permission on the grounds that any condition contained in it or anything omitted from it or the period referred to in it would in the reasonable opinion of the Landlord be or be likely to be prejudicial to the Landlord’s interest in
the Premises whether during or following the expiration or sooner determination of the Term. 
  

	 	4.25.5	Unless the Landlord shall otherwise direct to carry out and complete before the expiration or sooner determination of the Term: 

  

	 	(a)	any works stipulated to be carried out to the Premises by a date subsequent to such expiration or sooner determination as a condition of any planning permission granted to the Tenant for any Development which is
commenced before the expiration or sooner determination of the Term; and 

  

	 	(b)	any Development commenced by the Tenant upon the Premises in respect of which the Landlord shall or may be or become liable for any charge or levy under the Planning Acts. 

	 	4.25.6	If and when called upon so to do to produce to the Landlord all plans, documents and other evidence which the Landlord may reasonably require in order to satisfy itself that the provisions of this Clause 4.26 have been
complied with in all respects. 

  

	 	4.25.7	Not without the prior written consent of the Landlord to enter into any agreement with any competent authority regulating the Development or use of the Premises or any part of the Landlord’s Estate nor (without the
prior written consent of the Landlord) to offer any competent authority a unilateral undertaking. 

  

	 	4.25.8	Not without the prior written consent of the Landlord to serve any notice relating to the Premises under Part VI of the Town and Country Planning Act 1990. 

 

	 	4.25.9	In any case where a planning permission has been granted subject to conditions the Landlord shall be entitled where it is reasonable to do so to require the Tenant to provide security for the compliance with such
conditions and the Tenant shall not implement the planning permission until security shall have been provided to the reasonable satisfaction of the Landlord. 

  

	4.26	Statutory notices 

 Within 14 days of receipt of the same (or sooner if requisite having regard
to the requirements of the notice or order in question or the time limits stated therein) to produce to the Landlord a true copy and any further particulars required by the Landlord of any notice or order or proposal for the same given to the Tenant
and relevant to the Premises or the Landlord’s Estate or the owner or occupier of the whole or any part of either thereof by any government department or local or public or other authority and without delay to take all necessary steps to comply
with the notice or order so far as the same is the responsibility of the Tenant and at the request of the Landlord but at the cost of the Tenant to make or join with the Landlord in making such objection or representation against or in respect of
any such notice order or proposal as the Landlord shall deem expedient. 
  

	4.27	Fire precautions and equipment 

  

	 	4.27.1	To comply with the requirements and recommendations of the fire authority, the insurers of the Premises and/or the Landlord’s Estate and the Landlord in relation to fire precautions affecting the Premises or the
Landlord’s Estate. 

  

	 	4.27.2	To keep the Premises supplied and equipped with such fire fighting and extinguishing appliances as shall be required by any statute, the fire authority or the insurers of the Premises and/or the Landlord’s Estate
or as shall be reasonably required by the Landlord (or at the Landlord’s option to pay to the Landlord on demand the cost of providing and installing any of the same) and such appliances shall be open to inspection and shall be maintained to
the reasonable satisfaction of the Landlord. 

  

	 	4.27.3	Not to obstruct the access to or means of working any fire fighting and extinguishing appliances or the means of escape from the Premises or the Landlord’s Estate in case of fire or other emergency.

	4.28	Defective premises 

 Forthwith upon becoming aware of the same to give written notice to’
the Landlord of any defect in the Premises which might give rise to an obligation on the Landlord to do or refrain from doing any act or thing so as to comply with the duty of care imposed on the Landlord pursuant to the Defective Premises Act 1972
and at all times to display and maintain all notices which the Landlord may from time to time reasonably require to be displayed in respect thereof at the Premises. 
  

	4.29	Encroachments and easements 

 Not to stop up or obstruct any of the windows or lights belonging
to the Premises and not to permit any new window, light, opening, doorway, passage, Conduit or other encroachment or easement to be made or acquired into, upon or over the Premises or any part thereof and in case any person shall attempt to make or
acquire any encroachment or easement whatsoever to give written notice thereof to the Landlord immediately the same shall come to the notice of the Tenant and at the request of the Landlord but at the cost of the Tenant to adopt such means as may be
reasonably required by the Landlord for preventing any such encroachment or the acquisition of any such easement. 
  

	4.30	Reletting and sale notices 

 To permit the Landlord at all reasonable times to enter upon the
Premises and affix and retain without interference upon any suitable parts of the Premises (but not so as materially to affect the access of light and air to the Premises) during the last six months of the Term notices for reletting the same
and at any time during the Term notices for selling the Landlord’s interest in the Premises or the Landlord’s Estate and not to remove or obscure the said notices and to permit all persons with the written authority of the Landlord to view
the Premises at all reasonable hours in the daytime upon prior appointment having been made. 
  

	4.31	Indemnity 

 To keep the Landlord fully indemnified from and against all actions, proceedings,
claims, demands, losses, costs, expenses, damages and liability arising in any way directly or indirectly out of the state of repair of the Premises or any breach of the Tenant’s covenants contained in this Lease or the occupation and use of
the Premises by the Tenant or any other permitted occupier. 
  

	4.32	New surety 

 If a Terminating Event shall occur in relation to the Surety or any surety who at
any time after the date of this Lease guarantees the obligations of the Tenant contained in this Lease then the Tenant shall give written notice to the Landlord within 14 days of any such event and if so required by the Landlord and at the expense
of the Tenant within a further 30 days shall procure some other person acceptable to the Landlord to execute and deliver to the Landlord a deed containing a covenant with the Landlord as a primary obligation in the terms contained in Schedule 4
(mutatis mutandis). 
  

	4.33	Value Added Tax 

 It is hereby agreed and declared that: 

 

	 	4.33.1	if the Landlord makes any supply for Value Added Tax purposes pursuant to or in connection with this Lease the Tenant shall (save to the extent that the Landlord is entitled to be indemnified in respect of Value Added
Tax by an increased payment under Clause 4.34.4 below) pay to the Landlord on demand an amount equal to any Value Added Tax which is payable (whether or not as the result of the exercise of any option or the making of any election) in respect of
that supply; 

	 	4.33.2	all payments to be made by the Tenant under this Lease (whether by way of rent or otherwise) are calculated without regard to Value Added Tax so that if any such payment constitutes the whole or any part of the
consideration for a taxable supply (whether that supply is taxable as a result of the exercise of an option or the making of an election or otherwise) by the Landlord the amount of that payment shall be increased by an amount equal to the amount of
Value Added Tax which is chargeable in respect of the taxable supply in question; 

  

	 	4.33.3	without prejudice to any statutory rights which the Landlord has in this respect it is agreed and declared that the Landlord reserves the right in its absolute discretion from time to time to exercise or not as the case
may be any option or election in relation to Value Added Tax and nothing in this Lease or otherwise shall create any implication as to how the Landlord may exercise that discretion from time to time; 

 

	 	4.33.4	where under this Lease the Tenant agrees to pay contribute to or indemnify the Landlord or any other person in respect of any costs, fees, expenses, outgoings or liabilities of whatsoever nature whether of the Landlord
or any third party reference to such costs, fees, expenses, outgoings or liabilities shall (for the avoidance of doubt) be taken to be increased (except to the extent that the Landlord or the third party obtains a credit for the same as allowable
input tax) by any Value Added Tax charged in relation thereto. 

 Provided that all liability of the Tenant to pay Value Added
Tax shall be subject to the provision of a valid Value Added Tax invoice within the statutory time limits for the provision of such invoice 
  

	4.34	Covenants affecting reversion 

 To perform and observe all obligations in respect of the
Premises arising from the matters specified in Schedule 5 and to keep the Landlord indemnified against all actions, claims, demands, costs, expenses, damages and liability in any way relating thereto. 

 

	4.35	Regulations 

 To comply with any regulations that the Landlord may reasonably impose in the
interests of good estate management in connection with the use and operation of the Premises and/or the Landlord’s Estate and which are made and communicated to the Tenant in writing. 

 

	4.36	Health and Safety 

  

	 	4.36.1	At the Tenant’s own expense to comply at all times with Health and Safety Law and all its requirements relating to the use or occupation of the Premises. 

 

	 	4.36.2	To prepare a formal assessment of the risks to the health and safety of the Tenant’s employees and of persons who are not the Tenant’s employees arising out of or in connection with the Tenant’s
occupation of the Premises. 

  

	 	4.36.3	To co-operate and co-ordinate all health and safety procedures with the Landlord. 

  

	 	4.36.4	To provide upon written request to the Landlord a copy of its current health and safety policy statement and full details of any events or accidents reportable under Health and Safety Law together with copies of any
notices and any associated correspondence served or sent by any under Health and Safety Law. 

	5	Landlord’s Covenants 

 The Landlord hereby covenants with the Tenant: 

 

	5.1	Quiet enjoyment 

 Subject to the Tenant paying the Rents and performing and observing the
covenants on the part of the Tenant herein contained the Tenant shall and may peaceably hold and enjoy the Premises during the Term without any interruption by the Landlord or any person lawfully claiming through under or in trust for it. 

 

	5.2	Landlord’s services 

 Subject to the Tenant punctually paying the Service Charge (as such
term is defined in Clause 8) to provide the following services: 
  

	 	5.2.1	Common Areas of the Landlord’s Estate 

 To keep the Common Areas of the Landlord’s
Estate reasonably clean and (so far as may be necessary for the reasonable use and enjoyment by the Tenant of the Premises) maintained in good repair and condition. 
  

	 	5.2.2	Staff 

 To employ such staff (if any) as the Landlord may in its absolute discretion deem
desirable or necessary to enable the Landlord to provide all or any of the services to Landlord’s Estate as the Landlord shall deem necessary or desirable and as are requisite for the good and proper management conduct and security of the
Landlord’s Estate. 
  

	 	5.2.3	Name boards 

 To provide and install name boards of such size and design as the Landlord may in
its absolute discretion determine at such locations as the Landlord shall deem appropriate. 
  

	 	5.2.4	Landscaped areas 

 To keep those parts of the Retained Areas of the Landlord’s Estate
which have been landscaped properly maintained, planted and free from weeds and where laid to grass regularly mown and to keep all water features on the Retained Areas of the Landlord’s Estate properly maintained. 

5.2.5 Keyholders 
 To keep the
list of keyholders provided by the Tenant in accordance with Clause 4.16.3 in a secure place accessible only to senior and/or relevant members of the Landlord’s staff or its appointed managing agents. 

 

	6	Insurance 

  

	6.1	Landlord to insure 

 Subject to (i) the Tenant paying the Insurance Rent, (ii) any
excesses, exclusions or limitations required by the insurers and (iii) the other provisions of this Clause 6, the Landlord shall insure and keep insured through such agency as the Landlord may from time to time determine: 

 

	 	6.1.1	the Premises and the Landlord’s Estate in full reinstatement cost (together with any Value Added Tax thereon) of the Landlord’s Estate against loss or damage by the Insured Risks including but hot limited to
architects’, surveyors’ and other professional fees (together with any Value Added Tax thereon) and expenses incidental thereto, the cost of shoring up, demolition and site clearance and similar expenses (together with any Value Added Tax
thereon); 

	 	6.1.2	the loss of Yearly Rent (together with any Value Added Tax thereon (if any)) from time to time payable or reasonably estimated to be payable under this Lease taking account (in the case of loss of rent) of any review of
the Yearly Rent which may become due under this Lease for three years or such longer period as the Landlord may from time to time reasonably deem to be necessary having regard to the likely period required for obtaining planning permission and
rebuilding the Premises in accordance with its covenants contained herein; and 

  

	 	6.1.3	property owner’s liability and such other insurances as the Landlord may from time to time deem necessary to effect. 

Provided that the Landlord shall not be obliged to insure pursuant to this clause:- 

 

	 	(a)	any tenant’s and trade fixtures and fittings; 

  

	 	(b)	to the extent that insurance is not available in the normal market at a reasonable premium; and 

  

	 	(c)	to the extent that insurance is vitiated or is unobtainable by reason of the Tenant’s default. 

  

	6.2	Landlord to produce evidence of insurance 

 At the request of the Tenant the Landlord shall
produce to the Tenant reasonable evidence from the insurers of the terms of the insurance policy and the fact that the policy is subsisting and in effect. 
  

	6.3	Destruction of the Premises and/or the Landlord’s Estate 

 If the Premises or the
Landlord’s Estate or any part thereof is destroyed or damaged by any of the Insured Risks so as to render the Premises unfit for use and occupation or inaccessible then: 
  

	 	6.3.1	unless payment of the insurance moneys shall be refused in whole or in part by reason of any act or default of the Tenant or any undertenant or any person under its or their control; 

 

	 	6.3.2	unless there is some defect in the site so that rebuilding, repair or reinstatement could not reasonably be undertaken or could not be undertaken at reasonable cost; 

 

	 	6.3.3	subject to the Landlord being able to obtain any necessary planning permission and all other necessary licences, approvals and consents (in respect of which the Landlord shall use its reasonable endeavours to obtain the
same but shall not be obliged to appeal against any refusal thereof) and provided such consents are not subject to a condition with which it would be unreasonable to expect the Landlord to comply; 

 

	 	6.3.4	subject to the necessary labour and materials being and remaining available to the Landlord; 

	 	6.3.5	subject to any war, act of God, government action, strike, lock-out or any other circumstance beyond the Landlord’s reasonable control which prevents the Landlord from doing so, the Landlord shall lay out the net
proceeds of such insurance (other than any in respect of loss of rent) in the rebuilding of the Premises, the Landlord’s Estate (as the case may be) so destroyed or damaged (but not so that the Landlord shall be obliged in such rebuilding to
provide accommodation identical in layout to that which existed prior to such rebuilding) provided the accommodation is of similar size or standard. 

  

	6.4	Where reinstatement is prevented 

 If for any reason whatsoever the Landlord is prevented from
rebuilding the Premises or the Landlord’s Estate in accordance with Clause 6.3 above then the Landlord shall be relieved from such obligation and shall be solely entitled to all the insurance moneys and if such rebuilding shall continue to be
so prevented for three years after the date of the destruction or damage and this Lease has not been terminated by frustration the Landlord or the Tenant may at any time after the expiry of such period of three years by written notice given to the
other party determine this demise but without prejudice to any claim by either party against the other in respect of any antecedent breach of covenant: 
  

	6.5	Payment of insurance moneys refused 

 If the payment of any insurance moneys is refused as a
result of some act or default of the Tenant or any undertenant or any person under its or their control, the Tenant hereby covenants to pay to the Landlord on demand the amount so refused with interest thereon at the Interest Rate from the date of
demand to the date of payment. 
  

	6.6	Suspension of rent 

 If the Premises or the Landlord’s Estate or any part thereof (other
than tenant’s and trade fixtures and fittings) shall be destroyed or damaged by any of the Insured Risks so as to render the Premises unfit for use and occupation or inaccessible and the insurance shall not have been vitiated or payment of the
policy moneys refused in whole or in part as a result of some act or default of the Tenant or any undertenant or any person under its or their control and the Landlord is not relieved of its obligations to insure against loss of Yearly Rent by
virtue of Clause 6.1.4 then (subject to any excesses, exclusions or limitations on loss of rent insurance) the Yearly Rent or a fair proportion thereof according to the nature and extent of the damage sustained shall be suspended until the Premises
or the part so destroyed or damaged shall be again rendered fit for use and occupation and accessible or until the expiration of three years from the date of the destruction or damage (whichever is the earlier) and any dispute regarding the cesser
of rent shall be referred to a single arbitrator to be appointed in default of agreement upon the application of either party by or on behalf of the President for the time being of the Royal Institution of Chartered Surveyors in accordance with the
provisions of the Arbitration Act 1996 provided always that under no circumstances shall the amount of the Yearly Rent which ceases to be payable under this Lease exceed the amount received by the Landlord in respect of the loss of rent insurance.

  

	6.7	Benefit of other insurances 

 If the Tenant shall become entitled to the benefit of any
insurance on the Premises or the Landlord’s Estate which is not effected or maintained in pursuance of the obligations herein contained then the Tenant shall apply all moneys received from such insurance (insofar as the same shall extend) in
making good the loss or damage in respect of which the same shall have been received. 

	6.8	Insurance becoming void 

 The Tenant shall not do or omit to do anything that could cause any
policy of insurance in respect of or covering the Premises and/or the Landlord’s Estate and/or any Adjoining Property owned by the Landlord to become void or voidable (whether wholly or in part) nor anything whereby any additional insurance
premiums may become payable (unless the Tenant shall have previously notified the Landlord and shall have agreed to pay the increased premiums) and in the event of breach of this clause by the Tenant the Tenant shall on demand pay to the Landlord
all expenses incurred by the Landlord in renewing any such policy and any increased insurance premiums. 
  

	6.9	Requirements of insurers 

 The Tenant shall at all times comply with all the requirements of the
insurers in respect of the Landlord’s Estate and the Premises provided the have been notified to the Tenant. 
  

	6.10	Notice by Tenant 

 The Tenant shall give notice to the Landlord forthwith upon becoming aware of
any event or thing which might affect any insurance policy relating to the Landlord’s Estate or the Premises. 
  

	7	Provisos 

 Provided always and it is hereby agreed and declared as follows: 

 

	7.1	Forfeiture 

 Without prejudice to any other right, remedy or power herein contained or otherwise
available to the Landlord if and whenever during the Term: 
  

	 	7.1.1	the Rents or any part thereof shall be unpaid for 14 days after becoming payable (whether formally demanded or not); 

  

	 	7.1.2	there is a breach by the Tenant of any covenant or other term of this Lease; 

  

	 	7.1.3	there is a breach by the Surety (if any) of any of the Surety’s covenants contained in this Lease; or 

  

	 	7.1.4	there occurs in relation to the Tenant or the Surety (or where the Tenant or any Surety comprises two or more persons there occurs in relation to any of such persons) a Terminating Event or any of them shall suffer any
distress or execution to be levied on the Premises, then and in any such case the Landlord may at any time thereafter re-enter the Premises or any part of them in the name of the whole and thereupon the Term shall absolutely cease and determine but
without prejudice to any rights or remedies which may then have accrued to the Landlord against the Tenant or the Surety (if any) in respect of any antecedent breach of any of the covenants contained in this Lease. 

 

	7.2	No implied easements 

 Nothing herein contained shall impliedly confer upon or grant to the
Tenant any easement, right or privilege other than those expressly granted by this Lease. 
  

	7.3	Exclusion of warranty as to user 

  

	 	7.3.1	Nothing contained in this Lease or in any consent granted by the Landlord under this Lease shall imply or warrant that the Premises or the Landlord’s Estate may be used under the Planning Acts for the purpose
herein authorised or any purpose subsequently authorised. 

	 	7.3.2	The Tenant hereby acknowledges and admits that the Landlord has not given or made at any time any representation or warranty that any such use is or will be or will remain a permitted use under the Planning Acts.

  

	 	7.3.3	Notwithstanding that any such use might not be a permitted use under the Planning Acts the Tenant shall remain fully bound and liable to the Landlord in respect of the obligations undertaken by the Tenant in this Lease
without being entitled to any compensation, recompense or relief of any kind whatsoever. 

  

	7.4	Representations 

 The Tenant acknowledges that this Lease has not been entered into in reliance
wholly or partly on any statement or representation made by or on behalf of the Landlord except any such statement or representation that is expressly set out in this Lease. 
  

	7.5	Failure by Landlord to provide services 

 The Landlord shall not in any event be liable to the
Tenant in respect of any failure of the Landlord to perform any of the services referred to in this Lease whether express or implied unless the Tenant has notified and the Landlord has failed within a reasonable time to remedy the same and then in
such case the Landlord shall be liable to compensate the Tenant only for loss or damage sustained by the Tenant after such reasonable time has elapsed. 
  

	7.6	Exclusion of Landlord’s Liability 

 The Landlord shall not in any circumstances incur any
liability for any failure or interruption in any of the services provided by the Landlord or for any inconvenience or injury to person or property arising from such failure or interruption due to mechanical breakdown, failure or malfunction,
overhauling, maintenance, repair or replacement, strikes, labour disputes, shortages, malicious damage or terrorist activity or any other cause or circumstance beyond the control of the Landlord. 

 

	7.7	Covenants relating to the Landlord’s Estate and/or Adjoining Property 

 Nothing contained
in or implied by this Lease shall give the Tenant the benefit of or the right to enforce or to prevent the release or modification of any covenant, agreement or condition entered into by any tenant of the Landlord in respect of any property not
comprised in this Lease. 
  

	7.8	Effect of waiver 

 Each of the Tenant’s covenants shall remain in full force both at law
and in equity notwithstanding that the Landlord shall have waived or released temporarily any such covenant or waived or released temporarily or permanently revocably or irrevocably a similar covenant or similar covenants affecting other property
belonging to the Landlord. 
  

	7.9	Exclusion of statutory compensation 

 Except where any statutory provision prohibits or modifies
the right of the Tenant to compensation being reduced or excluded by agreement neither the Tenant nor any undertenant (whether immediate or not) shall be entitled on quitting the Premises or any part thereof to claim any compensation from the
Landlord under the 1954 Act. 

	7.10	Schedules 

 The parties mutually undertake with each other to observe and ·perform the
provisions contained in the Schedules. 
  

	7.11	Notices 

  

	 	7.11.1	Any demand or notice required to be made, given to or served on the Tenant or the Surety (if any) under this Lease shall be duly and validly made, given or served if addressed to the Tenant or the Surety respectively
and delivered personally or sent by pre-paid registered or recorded delivery mail addressed (in the case of a company) to its registered office or (if an individual) to its last known address. 

 

	 	7.11.2	Any notice required to be given to or served on the Landlord shall be duly and validly given or served if sent by pre-paid registered or recorded delivery mail to the Landlord at its registered office provided that
whilst the Landlord is Hartberg Investments Limited notices shall be sent to its address for service in the UK being c/o Formal Investments Limited, Festival House, Jessop Avenue, Chelt.enham, Gloucestershire, GL50 3SH or such other address in the
UK as the Landlord may from time to time notify to the Tenant in writing. 

  

	 	7.11.3	Any demand or notice shall be conclusively treated as having been made, given or served if by mail on the second working day after the day of posting. 

 

	7.12	Disputes with adjoining occupiers 

 Any dispute arising between the Tenant and the tenants or
occupiers of any part of the Landlord’s Estate or of any Adjoining Property belonging to the Landlord as to any easement, quasi-easement, right, privilege or Conduit used in connection with the Premises or such Adjoining Property shall be
fairly and reasonably determined by the Landlord. 
  

	7.13	Effect of document 

 This Lease is intended to be and shall take effect as a deed and shall be
governed by and construed in all respects in accordance with English law and the parties hereto irrevocably agree that the courts of England shall have jurisdiction in respect of any dispute, suit, action or proceedings (in this Clause referred to
as “Proceedings”) which may arise out of or in connection with this deed save that nothing shall be taken to have limited the right of either party to bring proceedings in any other jurisdiction or jurisdictions whether concurrently or
not. 
  

	7.14	Landlord’s covenants 

 The original landlord under this Lease (meaning the person or
persons named as Landlord in the Particulars) shall not be liable under or in respect of any landlord covenant of the tenancy created by this Lease (the expressions “landlord covenant” and “tenancy” having the meanings given to
them in section 28(1) of the 1995 Act) after it ceases to be entitled to the reversion immediately expectant on the determination of this Lease. 
  

	7.15	New tenancy 

 This Lease creates a “new tenancy” as defined by section 28(1) of the
1995 Act. 
  

	7.16	Contracts (Rights of Third Parties) Act 1999 

 No term of this Lease may be enforced solely by
virtue of Section 1 of the Contracts (Rights of Third Parties) Act 1999. 

	7.17	Exclusion of Sections 24-28 of the 1954 Act 

  

	 	7.17.1	The Tenant hereby confirms that before it became contractually bound to enter into the tenancy created by this Lease: 

  

	 	(a)	The Landlord served on the Tenant a notice dated 2009 in relation to the tenancy created by this Lease (“the Notice”) in a form complying with the requirements of Schedule 1 to the Regulatory Reform (Business
Tenancies) (England and Wales) Order 2003 (“the Order”) 

  

	 	(b)	The Tenant, or a personal duly authorised by the Tenant, in relation to the Notice made a statutory declaration (“the declaration”) dated 7 December 2012 on a form complying with the requirement of Schedule 2
of the Order. 

  

	 	(c)	The Tenant further confirms that, where the Declaration was made by a person other than the Tenant, the declarant was duly authorised by the Tenant to make the Declaration on the Tenant’s behalf. 

 

	 	(d)	The Landlord and tenant agree to exclude the provisions of section 24 to 28 (inclusive) (of the 1954 Ac in relation to the tenancy created by this Lease. 

 

	7.18	Tenant’s Break 

  

	 	7.18.1	The Tenant may terminate this Lease on 27 July 2015 or 27 July 2017 (each a “Termination Date”) by giving to the Landlord not less than six months’ prior written notice of such termination
expiring on the relevant Termination Date and if such notice is given and if the Tenant shall: 

  

	 	7.18.2	Up to and including the relevant Termination Date have paid the Yearly Rent; 

  

	 	7.18.3	On the relevant Termination Date give vacant possession of the Premises; and 

  

	 	7.18.4	In the case of termination of the Lease on the first Termination Date (27 July 2015) only pay to the Landlord a sum equal to £44,112.50 plus VAT; 

then on the relevant Termination Date this Lease shall absolutely terminate and be of no further effect, but such termination shall be without
prejudice to the rights of either party in respect of any antecedent claim or breach of covenant or condition under this Lease. 
  

	7.19	Rent Reduction 

 If the Tenant does not terminate this Lease on either Termination Date pursuant
to clause 7.18 then the Yearly Rent reserved by this Lease shall be reduced to a peppercorn for the period commencing on 27 July 2017 until and including 26 January 2018 and shall thereafter revert to the Yearly Rent reserved by this
Lease. 

	8	Service Charge 

  

	8.1	For the purpose of this Clause 8 the following expressions shall have the following meanings: 

  

					
	Accountant	 	any person appointed by the Landlord (including an employee of the Landlord or a Group Company) to perform the function of an accountant in relation to the Expenditure;
		
	Expenditure	 	the aggregate of:
			
		 	(a)	  	all costs, fees, expenses and outgoings whatsoever properly incurred by the Landlord in (i) complying with its obligations in Clause 5.2 and/or (ii) in respect of the items and other matters set out in Schedule 6 (whether or not the
Landlord is obliged by this Lease to incur any of the same);
			
		 	(b)	  	such provision for anticipated expenditure in respect of any of the services to be provided by the Landlord or any of the items or other matters referred to in Schedule 6 as the Landlord shall in its absolute discretion consider
fair and reasonable appropriate in the circumstances;
		
	Financial Year	 	the period from (but including) the 1 January in every year to and including the 31 December the same year or such other period as the Landlord may in its absolute discretion from time to time reasonably
determine;
		
	Service Charge	 	a fair and proper proportion of the Expenditure attributed to the Premises by the Landlord acting reasonably and in the interests of good estate management.

  

	8.2	The Landlord shall as soon as convenient after the end of each Financial Year prepare an account showing the Expenditure for that Financial Year and containing a summary of the various items comprising the Expenditure
and upon such account being certified by the Accountant (a copy of which shall be supplied to the Tenant) the same shall be conclusive evidence save in the case of manifest error for the purposes of this Lease of all matters of fact referred to in
the account. 

  

	8.3	On each of the usual quarter days in every year during the Term the Tenant shall pay to the Landlord such a sum in advance and on account of the Service Charge for the Financial Year then current as the Landlord shall
from time to time specify as being in its absolute discretion a fair and reasonable assessment of one quarter of the likely Service Charge for that particular Financial Year (“the Advance Payment”). 

	8.4	If the Service Charge for any Financial Year shall: 

  

	 	8.4.1	exceed the Advance Payment for that Financial Year the excess shall be paid by the Tenant to the Landlord within 14 days following production by the Landlord of the account referred to in Clause 8.2 above; or

  

	 	8.4.2	be less than the Advance Payment for that Financial Year the overpayment shall be credited to the Tenant against the next quarterly payment of the Service Charge provided that in the last year of the Term such
overpayment shall be repaid to the Tenant promptly after the preparation of the relevant account. 

  

	8.5	Any omission by the Landlord to include in any Financial Year a sum expended or a liability incurred in that Financial Year shall not preclude the Landlord from including such sum or the amount of such liability in any
subsequent Financial Year as the Landlord shall reasonably determine. 

  

	8.6	The Landlord may at its discretion withhold, add to, extend, vary or make any alterations to any of the services from time to time if the Landlord shall reasonably deem it desirable to do so for the more efficient
management security and operation of the Landlord’s Estate or for the comfort of the tenants of the Landlord’s Estate. 

  

	8.7	The provisions of this Clause 8 shall continue to apply notwithstanding the expiration or sooner determination of the Term but only in respect of the period up to such expiration or sooner determination the Service
Charge for that Financial Year being apportioned for the said period on a daily basis. 

 In Witness whereof this document has been duly
executed as a deed and delivered the day and year first above written. 

 SCHEDULE 1 

The Premises 
 Buildings 3 & 4,
Trident Park, Basil Hill Road, Didcot forming part of the Landlord’s Estate and shown edged red on Plan 1 

 SCHEDULE 2 

Rights and easements granted 
  

	1	The right at all times for the Tenant and all persons expressly or by implication authorised by the Tenant (in common with the Landlord and all persons having a like right) but subject to any existing or future
regulations made by the Landlord: 

  

	1.1	to use those parts of the Common Areas of the Landlord’s Estate designated by the Landlord for use by the Tenant from time to time for such purposes as are reasonably required for the proper use and enjoyment of
the Premises; 

  

	1.2	to use the access roads and footpaths designated by the Landlord for use by the Tenant from time to time for the purposes of obtaining access to and egress from the Premises both on foot and with vehicles provided that
the rights hereby granted shall terminate if (and to the extent that) the said access roads and footpaths shall become adopted as highways maintainable at the public expense; and 

 

	1.3	to use that part of the Landlord’s Estate designated by the Landlord for such use for the purpose of depositing rubbish and refuse in the receptacles provided thereon for such purpose. 

 

	2	To the extent that the exercise of such rights are necessary in order to effect emergency escape from the Premises the right at all times (in common with the Landlord and all others having a like right) to use such part
of the Landlord’s Estate as the Landlord shall from time to time reasonably designate for the purpose of a means of escape in case of fire or other emergency. 

 

	3	The free passage and running of the Utilities (subject to temporary interruption for repair, alteration or replacement) to and from the Premises through the Conduits which are now laid or shall be laid in, under or
through other parts of the Landlord’s Estate so far as any of the same are necessary for the reasonable use and enjoyment of the Premises. 

  

	4	The right of support and protection for the benefit of the Premises as is now enjoyed from all other parts of the Landlord’s Estate. 

 

	5	The right to use the car parking spaces shown edged blue on Plan 1 for the parking of motor vehicles 

  

	6	The right at all reasonable times upon reasonable prior notice except in cases of emergency when no notice shall be required to enter upon the Landlord’s Estate (but not any building thereon) in order to:

  

	6.1	inspect, cleanse, maintain, repair, connect, remove, lay, renew, relay, replace with others, alter or execute any works whatever to or in connection with the Conduits exclusively serving the Premises; 

 

	6.2	execute repairs, decorations, alterations and make installations to the Premises, provided that (where applicable) the Tenant has obtained the consent of the Landlord pursuant to Clause 4.18.3 and shall only make such
entry where it is reasonably necessary to do so because the object of making such entry cannot otherwise practicably be attained and shall in such entry cause as little inconvenience as possible to the other occupiers of the Landlord’s Estate
and to the Landlord and shall without delay make good to the absolute satisfaction of the Landlord and damage thereby caused to the Landlord’s Estate or any part of it. 

 SCHEDULE 3 

Exceptions and reservations 
 The
following rights and easements are excepted and reserved out of the Premises to the Landlord and the tenants and occupiers of the Landlord’s Estate and the Adjoining Property and all other persons authorised by the Landlord or having the like
rights and easements: 
  

	1	The free and uninterrupted passage and running of the Utilities through the Conduits which are now or may at any time be in under or passing through or over the Premises. 

 

	2	The right (without making compensation to the Tenant) at all reasonable times upon reasonable prior notice except in cases of emergency to enter (or in cases of emergency or after the giving of reasonable notice during
the Tenant’s absence to break and enter) the Premises in order to; 

  

	2.1	inspect, cleanse, maintain, repair, connect,- remove, lay, renew, relay, replace with others, alter or execute any works whatever to or in connection with the Conduits and any other services; 

 

	2.2	execute repairs, decorations, alterations and any other works and to make installations to the Premises the Landlord’s Estate or the Adjoining Property or to do anything whatsoever which the Landlord may or must do
under this Lease, provided that the Landlord or the person exercising the foregoing rights shall cause as little inconvenience as possible to the Premises and shall make good without delay any physical damage thereby caused to the Premises.

  

	3	The right to erect scaffolding for the purpose of repairing or cleaning any part of the Landlord’s Estate (including the Premises) and any buildings which are now or which may in future be erected thereon or any
Adjoining Property or in connection with the exercise of any of the rights mentioned in this Schedule notwithstanding that such scaffolding may temporarily restrict the access to or enjoyment and use of the Premises. 

 

	4	The rights of light, air, support, protection and shelter and all other easements and rights which now or in future belong to or are enjoyed by other parts of the Landlord’s Estate or the Adjoining Property over
the Premises. 

  

	5	Full right and liberty at any time after the date of this Lease to raise the height of or make any alterations or additions or execute any other works to the Landlord’s Estate or any buildings on the
Landlord’s Estate or any Adjoining Property or to erect any new buildings of any height on the Landlord’s Estate or any Adjoining Property in such a manner as the Landlord or the person exercising the right shall think fit and for such
purpose to oversail the Premises by cranes and with cradles notwithstanding the fact that the exercise of the said rights may obstruct, affect or interfere with the amenity of or access to the Premises or the passage of light and air to the
Premises. 

  

	6	Full right and liberty upon giving to the Tenant reasonable prior written notice to enter the external parts of the Premises from any part of the Landlord’s Estate or any Adjoining Property for the purpose of
excavating such trenches on the Premises and for laying therein any foundations or footings as may be necessary or requisite for the purpose of constructing any party wall, party boundary or other structure which (in the reasonable opinion of the
Landlord) is required to enable the Landlord to construct upon any part of the Landlord’s Estate or any Adjoining Property any building intended to form part of the Landlord’s Estate together with the right (after giving such notice as
aforesaid) to build on or into any boundary or party wall of the Premises for such purposes as aforesaid and to keep and maintain on the Premises such foundations, footings, party walls, party boundaries or other structures provided that the
Landlord shall only make such entry where it is necessary to do so because the object of making such entry cannot otherwise practicably be attained and shall in such entry cause as little inconvenience as possible to the Tenant and occupiers of the
Premises and shall make good without delay any damage thereby caused to the Premises to the reasonable satisfaction of the Tenant. 

 SCHEDULE 4 

Covenants by the Surety 
  

	1	Indemnity by Surety 

 The Tenant or the Surety shall while the Tenant remains bound by the
Tenant’s covenants duly perform and observe all the covenants and other terms on the part of the Tenant contained in this Lease and of every document supplemental to this Lease including the payment of the Rents and all other sums payable under
this Lease in the manner and at the times herein specified and the Surety hereby indemnifies the Landlord against all claims, demands, losses, damages, liability, costs, fees and expenses whatsoever sustained by the Landlord by reason of or arising
in any way directly or indirectly out of any default by the Tenant in the performance and observance of any of its said obligations or the payment of any rent and other sums under this Lease or any document supplemental to this Lease. 

 

	2	Surety jointly and severally liable with Tenant 

 The Surety hereby further covenants with the
Landlord that the Surety is jointly and severally liable with the Tenant (whether before or after any disclaimer by a liquidator or trustee in bankruptcy or any forfeiture of this Lease) for the fulfilment of all the obligations of the Tenant under
this Lease and agrees that the Landlord in the enforcement of its rights under this Lease may proceed against the Surety as if the Surety was named as the Tenant in this Lease. 

 

	3	Waiver by Surety 

 The Surety hereby waives any right to require the Landlord to proceed against
the Tenant or to pursue any other remedy whatsoever which may be available to the Landlord before proceeding against the Surety. 
  

	4	No release of Surety 

 None of the following or any combination of them shall release, discharge
or in any way lessen or affect the liability of the Surety under this Lease: 
  

	4.1	any neglect, delay or forbearance of the Landlord in endeavouring to obtain payment of the Rents or the amounts required to be paid by the Tenant or in enforcing the performance or observance of any of the obligations
of the Tenant under this Lease; 

  

	4.2	any refusal by the Landlord to accept rent tendered by or on behalf of the Tenant at a time when the Landlord was entitled (or would after the service of a notice under section 146 of the Law of Property Act 1925 have
been entitled) to re-enter the Premises; 

  

	4.3	any extension of time given by the Landlord to the Tenant; 

  

	4.4	any variation of the terms of this Lease (including any reviews of the rent payable under this Lease) or the transfer of the Landlord’s reversion or the assignment of this Lease; 

 

	4.5	any surrender by the Tenant of any part of the Premises (in which event the liability of the Surety shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments
under section 140 of the Law of Property Act 1925); 

  

	4.6	any other act, omission, matter or thing whatsoever whereby but for this provision the Surety would be released either wholly or in part (other than a release under seal given by the Landlord). 

	5	Disclaimer or forfeiture of Lease 

  

	5.1	The Surety hereby further covenants with the Landlord that if at any time during the Term the Tenant (being an individual) shall become bankrupt or (being a company) shall enter into liquidation and the trustee in
bankruptcy or liquidator shall disclaim or surrender this Lease or this Lease shall be forfeited then the Surety shall if the Landlord by notice in writing given to the Surety within 90 days after such disclaimer or other event so requires accept
from and execute and deliver to the Landlord at the cost of the Surety a counterpart of a new lease of the Premises: 

  

	 	5.1.1	to take effect from the date of the disclaimer or other event; 

  

	 	5.1.2	for a term commencing on the date of the disclaimer and equal in length to the residue of the Term which would have remained had there been no disclaimer; 

 

	 	5.1.3	reserving by way of initial rent an amount equal to the rent payable immediately prior to the date of the disclaimer or other event such initial rent to be payable from that date; 

 

	 	5.1.4	imposing on the Surety the same obligations (whether under this Lease or under any document supplemental to this Lease) as the Tenant was subject to immediately before the disclaimer or other event; and

  

	 	5.1.5	otherwise containing the same terms and provisions as this Lease including the provisions for rent review (except that the Surety shall not be required to procure that any other person is made a party to the new lease
as surety). 

  

	5.2	If the Landlord shall not require the Surety to take a new lease the Surety shall nevertheless upon demand pay to the Landlord a sum equal to the Rents and other sums that would have been payable under this Lease but
for the disclaimer or other event in respect of the period from and including the date of such disclaimer or other event until the expiration of two years therefrom or until the Landlord shall have granted a lease of the Premises to a third party
(whichever shall first occur). 

  

	6	Supplemental documents 

 The Surety shall at the request of the Landlord join in any document
made supplemental or collateral to this Lease. 
  

	7	Authorised Guarantee Agreement 

 The Surety shall join in as a party to any Authorised Guarantee
Agreement entered into by the Tenant in order to guarantee that the Tenant shall duly perform and observe the obligations it undertakes within such Authorised Guarantee Agreement and to indemnify the Landlord against all claims, demands, losses,
damages, liability, costs, fees and expenses whatsoever sustained by the Landlord by reason of or arising in any way directly or indirectly out of any default by the Tenant in the performance and observance of any of its said obligations. 

 SCHEDULE 5 

The matters contained or referred to in the property and charges registers of registered title number ON232483 as at 14 June 2012 insofar as the same
relate to and affect the Premises. 

 SCHEDULE 6 

Items of Expenditure as referred to in Clause 8 
  

	1	Retained Areas of the Landlord’s Estate and Common Areas of the Landlord’s Estate Repairing, maintaining, decorating and cleaning, washing down, lighting, heating, servicing, furnishing, equipping, altering,
renewing, rebuilding and reinstating the Retained Areas of the Landlord’s Estate and/or the Common Areas of the Landlord’s Estate. 

  

	2	Plant and machinery 

 Operating, servicing, overhauling, repairing, maintaining, cleaning,
lighting and (as necessary) renewing or replacing all plant, machinery, apparatus and equipment within the Retained Areas of the Landlord’s Estate and/or the Common Areas of the Landlord’s Estate and any necessary maintenance contracts and
insurance in respect thereof together with all costs and expenses incurred by the Landlord in or as a consequence of such operating, inspecting, servicing, overhauling, repairing, maintaining, cleansing, lighting, renewing or replacing and any
compensation payable to any tenant or occupier of the Landlord’s Estate for any damage, disruption or inconvenience caused in or in connection with any of the items referred to above. 

 

	3	Security and emergency systems 

 Providing, maintaining and repairing and (as necessary)
renewing or replacing all security and emergency systems for the Landlord’s Estate including but not limited to alarm systems, generators, emergency lighting, fire detection and prevention systems and any fire or other means of escape in
respect of the Landlord’s Estate and all fire fighting and fire prevention equipment and appliances (other than those for which a tenant is responsible). 
  

	4	Staff 

 The provision of staff (including such direct or indirect labour as the Landlord deems
appropriate) for the day-to-day running of the installations and plant and the provision of other services to the Landlord’s Estate and for the general management, operation and security of the Landlord’s Estate and all other incidental
expenditure including but not limited to: 
  

	4.1	insurance, health, pension, welfare, severance and other payments, contributions and premiums; 

  

	4.2	the provision of uniforms, working clothes, tools, appliances, materials and equipment (including telephones) for the proper performance of the duties of any such staff; 

 

	4.3	providing, maintaining, repairing, decorating and lighting any accommodation and facilities for staff including any residential accommodation for staff employed on the Landlord’s Estate and all rates, gas and
electricity charges in respect thereof and any actual or notional rent for any such accommodation. 

  

	5	Signs 

 Providing, maintaining and renewing name boards and signs in the Retained Areas of the
Landlord’s Estate including (without prejudice to the generality of the foregoing) any such situate at the main or other entrances to the Landlord’s Estate and all directional signs and fire regulation notices and all other notices which
the Landlord must or may supply to the Landlord’s Estate whether under any statutory provision or otherwise. 

	6	Refuse 

 Providing, maintaining, renewing, replacing and cleansing (a) any areas within the
Landlord’s Estate for the collection or deposit of waste or refuse; and (b) any dustbins or other receptacles supplied for the deposit of refuse or waste in the Landlord’s Estate and the cost of collecting, storing and disposing of
refuse. 
  

	7	Landscaping 

 Providing and maintaining any landscaped areas forming part of the Retained Areas
of the Landlord’s Estate and/or the Common Areas of the Landlord’s Estate and providing, planting, replanting, tending and caring for any plants, shrubs, trees or garden areas forming part of the Retained Areas of the Landlord’s
Estate and/or the Common Areas of the Landlord’s Estate together with providing and maintaining any floodlighting to the Retained Areas of the Landlord’s Estate and/or the Common Areas of the Landlord’s Estate. 

 

	8	Common facilities 

 The costs, charges, fees and expenses incurred or expended by the Landlord
in making, laying, repairing, maintaining, rebuilding, decorating, cleansing and lighting as the case may be any roads, walls, forecourts, passages, pavements, lightwells, party walls or fences, party structures, Conduits or other conveniences and
easements whatsoever which may belong to or be capable of being used or enjoyed by either (a) the Premises in common with any part of the Landlord’s Estate; or (b) the Landlord’s Estate in common with any Adjoining Property. 

 

	9	Outgoings 

 All existing and future rates (including water rates), taxes, duties, charges,
assessments, impositions and outgoings whatsoever (whether parliamentary, parochial, local or of any other description and whether or not of a capital or non-recurring nature or of a wholly novel character) payable by the Landlord in respect of the
Retained Areas of the Landlord’s Estate. 
  

	10	Statutory requirements 

 The cost to the Landlord of carrying out any works to the
Landlord’s Estate required to comply with any statute (other than works for which any tenant or occupier is responsible). 
  

	11	Representations 

 The cost of taking any steps deemed desirable or expedient by the Landlord for
complying with making representations against or otherwise contesting the incidence of the provisions of any statute including any statute concerning town planning, public health, highways, streets, drainage and all other matters relating or alleged
to relate to the Landlord’s Estate or any part thereof. 
  

	12	Management 

  

	12.1	The proper and reasonable fees, costs, charges, expenses and disbursements (including any Value Added Tax payable thereon) of the Surveyor, the Accountant and any other person employed or retained by the Landlord for or
in connection with surveying or accounting functions or the performance of the services and any other duties in and about the Landlord’s Estate or any part of it relating to the general management, administration, security, maintenance, repair,
renewal, protection and cleanliness of the Landlord’s Estate. 

  

	 	12.2	The proper and reasonable fees and expenses (to include overheads) of the Landlord or any company associated with the Landlord in connection with the management of the Landlord’s Estate and any of the functions and
duties referred to in this paragraph that may be undertaken by the Landlord or any such associated company. 

	13	Depreciation 

 Such annual provision as the Landlord may in its absolute discretion decide is
proper and reasonable and in the interest of good estate management for the depreciation and future replacement of any boilers, plant, machinery, apparatus and equipment used in or in connection with the Landlord’s Estate. 

 

	14	Generally 

 Any costs and expenses (not referred to above) which the Landlord may incur in
providing such other services, carrying out such other works and doing such other things as the Landlord in its absolute discretion may deem desirable or necessary for the benefit of the Landlord’s Estate or any part of it or any one or more of
the tenants or occupiers of the Landlord’s Estate or for securing or enhancing any amenity of or within the Landlord’s Estate or in the interests of good estate management. 

 SCHEDULE 7 

Authorised Guarantee Agreement 
 DATE 

BETWEEN 
  

	1	[LANDLORD] of [             (the “Landlord”); 

  

	2	[GUARANTOR], a company registered in England and Wales with registered number [            ] and having its registered office at [ (the
“Guarantor”)[; and 

  

	3	[SURETY], a company registered in England and Wales with registered number [            ] and having its registered office at
[             (the “Surety”)]. 

 WHEREAS: 

 

	A	This Deed relates to the Premises and is supplemental to the Lease. 

  

	B	The reversion immediately expectant on the determination of the Lease [remains] [is now] vested in the Landlord and the unexpired residue of the Term [remains][is now] vested in the Guarantor. 

 

	C	The Guarantor wishes to assign the Lease to the Assignee. 

  

	D	The Landlord has agreed to grant licence to the Guarantor to assign the Lease to the 

 Assignee subject (inter
alia) to the condition that the Guarantor [and the Surety] enter into this Deed guaranteeing the performance of the Tenant’s Obligations by the Assignee [and guaranteeing the performance of the Guarantor’s obligations by the Guarantor
respectively]. 
 This Deed is entered into by the Guarantor [and the Surety] in pursuance of the Condition mentioned in Recital 13 and is an authorised
guarantee agreement within the meaning of section 16 of the Landlord and Tenant (Covenants) Act 1995. 
 WITNESSES as follows: 

 

	1	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Deed (including the Recitals) unless the context requires otherwise or
except as otherwise expressly provided: 
  

			
	Assignee	  	means [proposed assignee];
		
	Guarantor	  	means the party so described at the beginning of this Deed;
		
	Landlord	  	means the party so described at the beginning of this Deed and where the context so admits the person for the time being entitled to the reversion immediately expectant on the determination of the
Lease

			
	Lease	  	means a lease dated [            ] between [            ] (1) and ] (2) by which the Premises were demised for a
term of [    ) years commencing on and including [             ] subject to the rents reserved by and the other provisions of the Lease and all documents made
supplemental or collateral to it;
		
	Premises	  	means the property demised by the Lease and known as [             ];
		
	Relevant Period	  	means the period between the date on which the Lease is assigned to the Assignee and the date on which the Assignee is released from the Tenant’s Obligations by virtue of the Landlord and Tenant (Covenants) Act 1995.
		
	Relevant Period “Surety”	  	means the party so described at the beginning of this Deed
		
	Tenant’s Obligations	  	means the covenants and conditions to be observed and performed by the tenant under the Lease;
		
	Term	  	means the term granted by the Lease.

  

	1.2	Headings 

 The headings in this Deed are included for convenience only and shall not affect its
interpretation. 
  

	1.3	Interpretation 

 Unless there is something in the subject or context inconsistent therewith:

  

	 	1.3.1	words importing the singular include the plural and vice versa, words denoting one gender include all genders, and words denoting persons include firms, trusts companies and corporations and vice versa;

  

	 	1.3.2	references to a Recital or Clause are references respectively to a recital or to a clause of this Deed; and 

  

	 	1.3.3	where any party to this Deed comprises two or more persons any obligations on the part of that party contained or implied in this Deed shall be deemed to be joint and several obligations on the part of those persons and
references to that party shall include references to each or any of those persons. 

  

	2	Default of Assignee 

 The Guarantor HEREBY COVENANTS with the Landlord (as an obligation
distinct from and without prejudice to any contained in the Lease) that during the Relevant Period: 
  

	2.1	The Assignee will pay the rents reserved by the Lease on the days and in the manner set out in the Lease and will observe and perform the Tenant’s Obligations and the Guarantor will indemnify the Landlord on demand
against all losses, damages, costs and expenses arising out of any default of the Assignee; 

  

	2.2	 lf the Lease is disclaimed or determined by forfeiture or re-entry and within six months of any such event the Landlord by notice in writing so
requires the Guarantor will enter into a new lease of the Premises at the cost of the Guarantor whose term expires no later than the Term and whose tenant covenants are no 

	 	
more onerous than those under the Lease (but as if the Lease had continued and so that any outstanding matters relating to rent review or otherwise shall be determined as between the Landlord and
the Guarantor) from and with effect from the date of the disclaimer, forfeiture or re-entry and the Guarantor shall execute and deliver to the Landlord a counterpart of the new lease and shall pay all the Landlord’s reasonable costs in
connection with the grant of the lease; 

  

	2.3	If the Landlord does not require the Guarantor to take a new lease pursuant to this Clause 2 the Guarantor shall pay to the Landlord on demand a sum equal to the moneys payable under the Lease but for the disclaimer,
forfeiture or re-entry until six months after such event or if earlier the Premises shall be re-let. 

  

	3	Liability of Guarantor 

 Save as provided for in the Landlord and Tenant (Covenants) Act 1995
the liability of the Guarantor hereunder shall not in any way be released or affected by: 
  

	3.1	any failure or delay by the Landlord to enforce the payment of the rents or the observance or performance of the Tenant’s Obligations or to pursue any other remedy which may be available to it before proceeding
against the Guarantor; or 

  

	3.2	any time which may be given by the Landlord to the Assignee or the Guarantor; or 

  

	3.3	any refusal by the Landlord to accept rent at a time when the Landlord was entitled (or would after the service of a Notice under section 146 of the Law of Property Act 1925 have been entitled) to re-enter the Premises;
or 

  

	3.4	any variations of the terms of this Lease; or 

  

	3.5	any change in the constitution, structure or powers of the Guarantor, the Assignee or the Landlord; or 

  

	3.6	any act which is beyond the powers of the Assignee; or 

  

	3.7	the surrender of part of the Premises; or 

  

	3.8	the transfer of the reversion expectant on the Term; or 

  

	3.9	any other act, omission, matter or thing which but for this Clause 3 would cause the Guarantor’s obligations under this Deed to be released wholly or in part other than a release given under seal by the Landlord

  

	4	Principal debtor 

 As between the Landlord and the Guarantor the Guarantor shall be deemed to be
a principal debtor. 
  

	5	No sharing of security 

 The Guarantor shall not be entitled to participate in any security held
by the Landlord in respect of the Assignee’s obligations or stand in the Landlord’s place in respect of such security. 
  

	6	No release 

 Where the Guarantor is more than one person the release of one or more of them
shall not release the others. 

	7	Notices 

  

	7.1	Any notice to be given pursuant to this Deed shall be delivered by hand, sent by prepaid post sent first class (for inland mail) or airmail (for overseas mail), or shall be transmitted by facsimile provided that any
facsimile notice is confirmed forthwith by hand delivery or postal delivery (as aforesaid). Any such notice shall be addressed to the party to be served in the case of: 

 

	 	7.1.1	a company at its registered office for the time being; and 

  

	 	7.1.2	an individual to the address specified above, or to such other address [in England] as a party may notify to the other [party] [parties] in writing as being its address for service. 

 

	7.2	Notices delivered by hand shall be deemed served at the time of delivery, notices sent by post shall be deemed served on the second business day (for inland mail) or the fifth business day (for overseas mail) after the
date of posting and any notice transmitted by facsimile shall be deemed served on the business day following the date of transmission. 

  

	8	Surety’s covenant 

  

	8.1	The Surety hereby covenants with the Landlord (as an obligation distinct from and without prejudice to any contained in the Lease) that during the Relevant Period the Guarantor shall duly perform and observe all the
covenants and other terms on the part of the Guarantor contained in this Deed and the Surety hereby indemnifies the Landlord against all claims, losses, demands, damages, liability, costs, fees and expenses whatsoever sustained by the Landlord by
reason of or arising in any way directly or indirectly out of any default by the Guarantor in the performance and observance of any of its said obligations. 

  

	8.2	The Surety hereby further covenants with the Landlord that the Surety is jointly and severally liable with the Guarantor for the fulfilment of all the obligations of the Guarantor under this Deed and agrees that the
Landlord in the enforcement of its rights under this Deed may proceed against the Surety as if the Surety was named as the Guarantor in this Deed. 

EXECUTED as a Deed and delivered on the date set out at the head of this Deed of Guarantee. 

 SCHEDULE 8 

Rent Review 
  

	1	For the purposes of this Schedule, the following expressions shall mean: 

  

	1.1	“Base Figure” [INSERT LAST PUBLISHED INDEX FIGURE BEFORE DATE OF GRANT OF LEASE] 

  

	1.2	“Index” “all items” figure of the Retail Prices Index published by the Office for National Statistics or any successor organisation and in the absence of any such index such alternative index
as the Landlord may specify 

  

	1.3	“Market Rent” the yearly rent at which the Premises might reasonably be expected to be let in the open market with vacant possession by a willing landlord to a willing tenant without payment of any
premium or other payment by or to the willing tenant after the expiry of a rent free period or other allowance that the willing tenant would require for the time required to be spent in fitting out the Premises; 

Assuming that at the Review Date: 
  

	 	1.3.1	the term shall commence on the Review Date and that the rent is payable from then; 

  

	 	1.3.2	the term shall be ten years 

  

	 	1.3.3	the lease shall contain the same terms as this Lease except for the term and the rent firstly reserved by this Lease, but including the same provisions for rent review as are contained in this Lease but effective from
the fifth anniversary of the Review Date; 

  

	 	1.3.4	the Premises may be lawfully occupied and used for the use for the time being permitted and that there are no planning or other statutory restrictions preventing such occupation and use; 

 

	 	1.3.5	the Premises are ready for immediate use and occupation for trading by the willing tenant for the use for the time being permitted and are fully fitted out and equipped to meet the requirements of the willing tenant;

  

	 	1.3.6	all the Tenant’s covenants and conditions in this Lease have been fully complied with; 

  

	 	1.3.7	if the Premises have been destroyed or damaged (or made unfit for use and occupation by reason of destruction or damage to the Premises), by an Insured Risk they have been fully reinstated and rendered fit for use and
occupation; 

  

	 	1.3.8	no work has been carried out on or to the Premises before or during the Term which has diminished the rental value of the Premises save where required by statute; 

 

	 	1.3.9	there is not in operation any statute, order, instrument, regulation or direction which has the effect of regulating or restricting the amount of rent for the Premises which might otherwise be payable;

 But disregarding: 
  

	 	1.3.10	any effect on rent of the fact that the Tenant has been in occupation of the Premises or any adjoining premises; 

  

	 	1.3.11	any goodwill attached to the Premises by reason of the carrying on at the Premises or any adjoining premises of the business of the Tenant; and 

	 	1.3.12	any increase in rental value of the Premises attributable to the existence at the Review Date of any improvement to the Premises carried out by the Tenant or any predecessor in title pursuant to the Principal Leases
with the prior written consent of the Landlord where required, other than those: 

  

	 	(a)	made pursuant to an obligation to the Landlord (save where the obligation is contained in a Licence for such works) or in the case of an undertenant to its immediate reversioner; or 

 

	 	(b)	completed more than 21 years before the Review Date; or 

  

	 	(c)	for which the Landlord has made or is under an obligation to make a financial contribution; 

and in paragraphs 1.1.10-1.1.12 (inclusive), references to the “Tenant” include predecessors in title to the Premises of the Tenant
and any person claiming title to the Premises through or under the Tenant or any of them. 
  

	1.4	“Review Date” 27 July 2017 

  

	1.5	“Reviewed Rent” shall be the higher of: 

  

	 	1.5.1	the Market Rent of the Premises at the Review Date; and 

  

	 	1.5.2	the figure determined on the Review Date by multiplying £160,465 (One Hundred and Sixty Thousand Four Hundred and Sixty Five Pounds) by the last published Index figure before the Review Date and dividing the
result by the Base Figure; and 

  

	 	1.5.3	£176,450 (One Hundred and Seventy Six Thousand Four Hundred and Fifty Pounds) 

  

	2	The Yearly Rent payable under this Lease shall be reviewed on the Review Dates and with effect from and including the Review Date the Reviewed Rent (as agreed or determined in accordance with this Schedule) shall become
payable as the Yearly Rent reserved by this Lease. 

  

	 	3.1	The Landlord and the Tenant (or their respective surveyors) may at any time consult together and endeavour to reach agreement as to the amount of the Market Rent. 

 

	 	3.2	If the Landlord and the Tenant (or their respective surveyors) shall fail so to consult or to agree upon the Market Rent by the Review Date (or within such extended period as the Landlord and the Tenant mutually agree
in writing) the determination of the Market Rent may at the instance of either party be referred to a duly qualified independent surveyor (“Surveyor”) to be appointed by agreement between the Landlord and the Tenant and in default of such
agreement to be appointed on the application of either party by the President or any Vice-President for the time being of the Royal Institution of Chartered Surveyors (who shall from time to time if necessary appoint a successor or successors).

  

	 	3.3	The Landlord may before the appointment of the Surveyor by the Landlord and the Tenant or at the time of the application to the said President or Vice-President or if the Tenant fails to observe the requirements of
paragraph 3.4 below, within a reasonable time of being notified that the Tenant has made such an application, direct that the Surveyor is to act as an independent expert and if the Landlord does not so direct at that time the review of the rent will
be referred to arbitration with the Surveyor acting as the arbitrator. 

	3.4	The Tenant may not make an application for the appointment of a Surveyor without first notifying the Landlord and allowing the Landlord to direct that the Surveyor is to act as an expert. 

 

	3.5	Any reference to arbitration shall be conducted in accordance with the Arbitration Act 1996. 

  

	3.6	If the Surveyor shall act as an independent expert he shall allow the parties to submit within such reasonable time as he may stipulate representations and cross-representations (accompanied if the parties so wish by
statements of reasons and professional valuations or reports (as the case may be) of which copies are to be supplied to each party) as to their opinion of the Market Rent and shall have due regard to the same but shall nevertheless determine the
Market Rent in his own absolute discretion, which determination, will be final and binding, except in the case of manifest arithmetical error. 

  

	3.7	If the Surveyor refuses to act, becomes incapable of acting or dies, the Landlord or the Tenant may seek to agree or require the appointment of another surveyor in accordance with paragraph 3 and references to
“Surveyor” in paragraph 3 shall include the replacement surveyor. 

  

	3.8	The costs of the Surveyor (including the costs of appointment) shall be paid as determined by the Surveyor or in the absence of such determination by the Landlord and Tenant in equal shares. 

 

	3.9	One party may pay the costs required to be borne by another party if they remain unpaid for more than 21 days after they become due, and then recover them and any incidental expenses incurred from that other party on
demand. 

  

	4	The Landlord and the Tenant may at any time before the Market Rent is determined by the Surveyor settle the amount of the Reviewed Rent. 

 

	5	Immediately after the Market Rent has from time to time been agreed or determined in accordance with this Schedule, a memorandum specifying the Reviewed Rent shall be recorded in writing by separate instrument and
signed by or on behalf of the Landlord and the Tenant and shall at all times thereafter be conclusive evidence of the amount of the yearly rent then payable. 

  

	6	If the Reviewed Rent shall for any reason not have been agreed or determined prior to the Review Date, the Tenant shall continue to pay rent at the rate payable immediately prior to the Review Date until the Market Rent
shall have been agreed or determined, and upon the date (“Due Date”) 14 days after the date of such agreement or determination there shall be payable (in addition to any rent then due and payable at the rate of the Reviewed Rent):

  

	6.1	such sum (“Addition”) as with the rent already paid for the period from and after the Review Date down to the quarter day following the Due Date will equal the total amount of the Reviewed Rent payable for
that period; and 

  

	6.2	interest at Base Rate calculated on a daily basis on each of the instalments of the Addition from the time that it would have become due for payment if the Market Rent had been agreed or determined prior to the Review
Date, to the Due Date. 

  

	7	If at any Review Date the Landlord is prevented by any legislation from reviewing rent pursuant to this Schedule or recovering any Reviewed Rent, then the Landlord may by written notice to the Tenant postpone such
Review Date to the first day upon which such review may lawfully be implemented or the Reviewed Rent lawfully recovered, but if the Landlord shall not so require, then the Review Date shall be that specified in this Lease or as otherwise stipulated
or permitted by such legislation. 

  

	8	Time is not of the essence in relation to this Schedule. 

	9	If the reference base used to compile the Index changes after the date of this Lease, the figure taken to be shown in the Index after the change is to be the figure that would have been shown in the index if the
reference base current at the date of this Lease had been retained. 

 Executed as a deed by 

Hartberg Investments Limited 
 Acting by a Director or
two Directors 
 and the Company Secretary 
  

	
	Director
	
	

	  

	
	Director/SecretaryExhibit 10.9

 Exhibit 10.9 

Confidential Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to this omitted information. Double Asterisks denotes omissions. 
 THIS DISTRIBUTION AGREEMENT (this “Agreement”) is
made on [**] 
 PARTIES 
  

	(1)	LOMBARD MEDICAL TECHNOLOGIES PLC, a public limited company incorporated under the laws of England and Wales (company number 4039567) whose principal place of business is at Lombard Medical House, 4 Trident Park,
Didcot, Oxfordshire OX11 7HJ (the “Supplier”) 

  

	(2)	MEDICO’S HIRATA INC., a private limited company incorporated under the law of Japan whose registered office is at 3-3-18 Dojima, Kita-ku, Osaka (the “Distributor”) 

BACKGROUND 
  

	(A)	The Supplier is a manufacturer and supplier of the Products. 

  

	(B)	The Supplier wishes to appoint the Distributor as the distributor of the Products in the Territory on the terms and conditions set out below and the Distributor is willing to accept such appointment on those terms and
conditions. 

 OPERATIVE PROVISIONS 
  

	1	DEFINITIONS AND INTERPRETATION 

 1.1 In this Agreement: 

“Ancillary Products” means distal extenders, proximal extenders, converters and legs manufactured by the Supplier in connection with the
Aorfix Products. 
 “Aorlix Product” means the endovascular stent graft (consisting of a body and leg) manufactured by the Supplier for the
treatment of abdominal aortic aneurysms marketed in some countries under the trade mark AORFIX. 
 “Business Day” means any day which is
not a Saturday, Sunday or bank and other public holidays in the country UK or Japan. 
 “Business Hours” means 9 am to 5 pm inclusive,
local time, on Business Days. 
 “Commencement Date” means the date of this Agreement. 

“Commercial Approvals” means all necessary permissions, consents and licences, product registrations, certificates and declarations of
conformity (including but not limited to those required to be given by any government department or any body constituted under the law of the Territory for licensing or other regulatory purposes relating to the Products) to enable the Distributor to
import, market, distribute and sell the Products in the Territory and any other permission, consent or licence necessary for the full and legal operation of this Agreement. 

  
 1 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 “Confidential Information” means all technical, commercial and financial information,
product information, trade secrets, know-how and all information relating to the plans, intentions, market opportunities, transactions, affairs and/or business of a party and its Group Companies and/or its or their customers and/or suppliers, and
the conclusion and terms of this Agreement. 
 “Date of Approval” means the date of the Shonin Approval. 

“Extended Term” has the meaning given to it in Clause 3.2. 

“Extension Loan” has the meaning given to it in Clause 5.2. 

“FDA Approval Date” means the date on which the Supplier receives a regulatory approval from the United States Food and Drug Administration
necessary or desirable for the commercial sale of the Aorfix Products in the United States. 
 “First Loan” has the meaning given to it in
Clause 5.1. 
 “Force Majeure” means in relation to any party, any circumstance beyond the reasonable control of that party (including,
without limitation, acts of God, outbreak of hostilities, riot, civil disturbance, acts of terrorism, the act of any government or government authority (including refusal or revocation of any licence or consent), fire, explosion, flood, power
failure, failure of telecommunication lines, any strike, lock-out or other form of industrial action). 
 “Group” means in respect of a
company, the ultimate parent undertaking of that company, together with every subsidiary undertaking of that ultimate parent undertaking. 
 “Group
Company” means any member of a Group. 
 “Initial Term” has the meaning given to it in Clause 3.1. 

“Intellectual Property Rights” means all patents (including Patents), trade marks (including Trade Marks), service marks, business names,
designs or design rights, utility models, copyright, moral rights, database rights, rights in inventions, domain names, computer software, trade secrets and confidential information (including Confidential Information), and any other intellectual
property subsisting anywhere in the world (in each case whether registered or not and including any applications therefor) owned by the Supplier or its Group Companies. 

“Loans” means the First Loan and the Extension Loan. 

“MHLW” means the Japanese Ministry of Health, Labour and Welfare. 

“Minimum Quantity” means the total quantity of Aorfix Products to be purchased by the Distributor in each Year as provided in Clause 7.2.

  
 2 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 “Patents” means the patents and patent applications owned or controlled by the Supplier
relating to the methods of manufacture or use of the Products including the patents and patent applications listed in Schedule 2 (Intellectual Property Rights). 

“Price” has the meaning given to it in Clause 8.1. 

“Products” means (subject to Clause 10.1(a)) the Aorfix Products and the Ancillary Products as further specified in Schedule 1 (The
Products). 
 “Reimbursement Registration” means the registration of the Products on a list held by the MHLW or other relevant
governmental entity specifying medical products qualifying for the total or partial reimbursement of price paid for such products by hospitals and/or other health organisations. 

“Supplier’s Share” has the meaning given to it in Clause 4.6. 

“Shonin Approval” means the marketing approval for the Aorfix Products issued by the MHLW. 

“Term” means the Initial Term and the Extended Term (if applicable). 

“Territory” means Japan. 
 “Thoracic
Products” means endovascular thoracic stent graft for the treatment of thoracic aortic aneurysms developed for manufacture by the Supplier. 

“Trade Marks” means the registered trade marks of the Supplier set out in Schedule 2 (Intellectual Property Rights) and any other
applications and registrations and unregistered trade marks, logos or get up which the Supplier may by express notice in writing permit or require the Distributor to use in relation to the Products. 

“Year” means the period from the date of grant of the Shonin Approval until and including the immediately following 31” day of March
(the “First Year”) and each year from April 1” to March 31” thereafter. 
 1.2 In this Agreement,
unless otherwise specified, any reference to: 
 (a) “parent undertaking” or “subsidiary undertaking” is
to be construed in accordance with Section 1162 of the Companies Act 2006; 
 (b) references to “written”
communication between the parties shall mean communication by post, fax or e-mail; 
 (c) Clauses, Schedules and/or parties is to clauses of
and schedules and/or parties to this Agreement, respectively; 
 (d) (unless the context requires otherwise) words in the singular include
the plural and vice versa; 

  
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 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 (e) (unless the context requires otherwise) any gender includes a reference to all other
genders; and 
 (f) any provision of a statute shall be construed as a reference to that provision as amended, re-enacted or extended at the
relevant time. 
 1.3 A reference to an English legal term shall, in respect of any jurisdiction other than England, be deemed to include
what most nearly approximates in that jurisdiction to the English legal term. 
 1.4 The Schedules form part of this Agreement. References
to this Agreement include the Schedules. 
 1.5 The contents page and headings are for convenience only and shall not affect the
interpretation of this Agreement. 
  

	2	APPOINTMENT 

 2.1 The Supplier appoints the Distributor as its exclusive distributor to
import, market and sell the Products in the Territory on the terms of this Agreement. 
 2.1.1 During the Term the Supplier shall not: 

(a) appoint any other distributor, sub-distributor or other reseller of or agent for the Products in the Territory; nor 

(b) itself supply any of the Products directly within the Territory whether for use or resale. 

2.2 The Supplier reserves all territories outside the Territory exclusively to itself and/or its other distributors and/or agents from time to
time and the Distributor shall not during the Term directly or indirectly, alone or in conjunction with any other person, firm or corporation: 

(a) manufacture or distribute any products which compete with the Products; 

(b) actively seek customers for the Products outside the Territory (in particular, but without limiting the above, the Distributor shall not
actively approach customers outside the Territory, whether by direct mail, visits, promotions or media advertising targeted at such customers, or otherwise); or 

(c) establish any branch or maintain any warehouse or distribution depot outside the Territory in relation to the Products. 

2.3 Nothing in this Agreement shall entitle the Distributor to any right or remedy against the Supplier if any of the Products are sold in the
Territory by any person, firm or company outside the Territory other than the Supplier through passive sales (including, but not limited to, by means of any world-wide web site operated by or with the consent of any such person and whether or not in
the language of the Territory). 

  
 4 

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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

	3	TERM 

 3.1 This Agreement will have effect from the Commencement Date and will continue
in force until the expiry of a period of seven Years from the Date of the Shonin Approval of Aorfix Products in Japan (the “Initial Term”), subject to the provisions of Clause 3.2. 

3.2 If the Distributor grants to the Supplier the Extension Loan in accordance with Clause 5.2 and elects to exercise the extension option in
accordance with Clause 5.3, this Agreement shall continue to be effective for a period of further seven Years from the immediately following day after the expiry of the Initial Term (the “Extended Term”), unless terminated earlier
in accordance with Clause 14, on the same terms except that, for the avoidance of doubt, the term cannot be further extended pursuant to this Clause 3.2 for a third or subsequent periods of 7 Years without a mutual agreement of the parties. 

 

	4	APPROVALS 

 4.1 The Supplier shall obtain, at its costs and expense, all export licences
and permits required for the purpose of export of the Products to the Territory. 
 4.2 Subject to Clause 4.6, the Distributor shall obtain,
at its costs and expense, all Commercial Approvals (including, for the avoidance of doubt, the Shonin Approval and the Reimbursement Registration) and shall ensure that all Commercial Approvals are valid throughout the Term and none of the
conditions or terms of any of such Commercial Approvals has been breached. 
 4.3 If requested by the Distributor in writing, the Supplier
shall provide to the Distributor, as soon as reasonably practicable and at the Supplier’s cost, such documents, information and other assistance as may be reasonably required for the purpose of obtaining the Shonin Approval. 

4.4 Within 30 days after the Shonin Approval is granted, the Distributor shall provide to the Supplier a written statement of reasonable costs
(including but not limited to personnel, transportation and communication costs) incurred for the purpose of obtaining the Shonin Approval. The Distributor shall also provide written statements of reasonable post-marketing surveillance costs
incurred in connection with the Shonin Approval (together with the costs referred to in the preceding sentence, “Costs”), at the end of each Year after the Date of Approval. A statement need not be provided if no post-marketing
surveillance costs have been incurred in the Year to which the statement would otherwise relate. The Distributor shall provide all such evidence or further information in relation to the statements referred to in this Clause as the Supplier may
require. 
 4.5 If the Supplier claims that any of the Costs have been incurred by the Distributor unreasonably or otherwise than for the
purpose of obtaining the Shonin Approval, the Supplier shall notify the Distributor and the parties shall endeavour to resolve any dispute relating to such 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 
claim. If no agreement between the parties is reached within 30 days of the date of the Supplier’s notice, the parties shall refer their dispute for adjudication by an international firm of
accountants of good repute. 
 4.6 If, after the expiry of the Initial Term, the term of this Agreement is not extended under Clause 3.2,
the Supplier shall reimburse to the Distributor [**]% (the “Supplier’s Share”) of the Costs as agreed or adjudicated upon (as the case may be) under Clause 4.5. If any clinical tests are required by the MHLW for the
purpose of granting the Shonin Approval, the Supplier’s Share of those clinical tests (not to exceed [**]% of the costs of such clinical tests or $[**] ([**]US dollars]) whichever is less) shall be agreed by the parties at
the date of the Shonin Approval. The Supplier’s Share shall in no event exceed: (i) $[**] ([**] US dollars) when no clinical tests referred to in the preceding sentence have been conducted, and (ii) an extra $[**]
([**] US dollars) for the Supplier’s Share of the costs when such clinical tests have been conducted. Notwithstanding the above, if there is a requirement by the MHLW for a full-scale Japanese clinical study for the purpose of granting
the Shonin Approval, sharing of Costs shall be determined by mutual consultation between the two parties. 
 4.7 If this Agreement is
terminated after the expiry of the Initial Period but prior to the expiry of the Extended Term, the Supplier shall reimburse to the Distributor [14]% of the Supplier’s Share for each full Year by which the Extended Period has been shortened.

 4.8 If this Agreement is terminated during the first three Years of the Initial Term by: 

(a) the Distributor under Clause 14.2 then the Supplier shall reimburse to the Distributor [**]% of the Costs as agreed or adjudicated
upon (as the case may be); 
 (b) the Supplier under Clause 14.2 except as a result of a breach by the Distributor of Clause 2.2, then the
Supplier shall reimburse to the Distributor the Supplier’s Share of the Costs and the provisions of Clause 4.6 shall apply to such reimbursement; and 

(c) the Supplier under Clause 14.2 as a result of a breach by the Distributor of Clause 2.2, then the Supplier shall not reimburse to the
Distributor any Costs. 
 If this Agreement is terminated by either party during the Initial Term but after the first three Years of the
Initial Term under Clause 14.2 then the Supplier shall reimburse to the Distributor the Supplier’s Share of the Costs and the provisions of Clause 4.6 shall apply to such reimbursement. 

4.9 To the extent necessary in connection with any Commercial Approvals, the Distributor agrees to act as the Supplier’s representative
for the Products in the Territory. 
  

	5	LOANS 

 5.1 If requested by the Supplier in writing within 10 days after the FDA Approval
Date, the Distributor shall grant to the Supplier a convertible loan in the amount so requested but in any event no greater than $2,500,000 no later than 45 days after the FDA Approval Date on terms and conditions set out in Schedule 4 (Terms and
Conditions of Loans) (the “First loan”). 

  
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 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 5.2 In the first two Years after the Shonin Approval, the Distributor may grant to the
Supplier an additional convertible loan in the amount of $5,000,000 less the amount of the First Loan (if granted) on the terms set out in Schedule 4 (Terms and Conditions of Loans) (the “Extension Loan”) in order to obtain
an option to extend the Agreement beyond the Initial Term. 
 5.3 The Distributor may exercise the option referred to in Clause 5.2 by
notifying the Supplier in writing at any time prior to the end of the Initial Term, in which case this Agreement shall continue for the Extended Term in accordance with Clause 3.2. 

5.4 The parties envisage that the proceeds from the Loans shall be used in accordance with paragraph 1.1 of Schedule 4 and, should any
Thoracic Products be proposed to be distributed in Japan, the Supplier will offer to the Distributor a right of first refusal for the exclusive distribution in Japan, in accordance with Clause 6 provided that the convertible Loans have been foregone
rather than repaid. 
  

	6	THORACIC PRODUCTS 

 Before any rights relating to the distribution of Thoracic Products
in the Territory are exploited by the Supplier or any third parties under an agreement with the Supplier, and subject always to the Loans not being repaid to the Distributor and the Initial Term or the Extended Term not having expired, the Supplier
shall notify the Distributor of the proposed key terms of an agreement relating to exclusive distribution of Thoracic Products in the Territory. If within 60 days after the date of the Supplier’s notice the Distributor does not confirm in
writing that it accepts such terms, or if the Distributor confirms in writing that it does accept such terms but a distribution agreement is not concluded within 90 days of the Distributor’s confirmation, the Supplier shall be free to
distribute the Thoracic Products in the Territory itself, or through a third party under an exclusive distribution agreement on terms not materially different to the key terms notified to the Distributor under this Clause, or through third parties
on a non-exclusive basis. 
  

	7	ORDERS AND SUPPLY 

 7.1 Agreement to supply 

The Supplier agrees to supply the Products to the Distributor, subject to the terms and conditions of this Agreement. 

7.2 Minimum purchases 

7.2.1 The Distributor shall purchase from the Supplier in each Year not less than the Minimum Quantity for such Year. 

7.2.2 Subject to Clause 7.2.3, the Minimum Quantity in each Year shall be agreed by the parties no later than 60 days before the start of each
Year. If the parties cannot agree on the Minimum Quantity for any Year during the first three-Year period after the First Year, the Minimum Quantity for such Year shall be equal to [**]% of the Minimum Quantity in the preceding Year, and in
any Year after such period [**]% of the Minimum Quantity in the preceding Year. 

  
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 7.2.3 The Minimum Quantity in the First Year shall be [**] units of Aorfix Products.

 7.2.4 If in any Year the Distributor does not purchase the Minimum Quantity, the Supplier shall have the right to terminate this
Agreement in accordance with Clause 14.2(a). 
 7.3 Orders and Supply 

7.3.1 The Supplier agrees to supply such quantities of the Products as the Distributor may reasonably require for resale in accordance with
this Agreement. 
 7.3.2 The Supplier shall use reasonable endeavours to supply the Products in accordance with the Distributor’s
orders to the extent that such orders do not exceed the forecast provided under Clause 7.3.3 for each type of the Products, but supplies will be made subject to availability. 

7.3.3 Immediately after the Date of Approval in the First Year and in each subsequent Year not later than on the first day of each Year, the
Distributor shall inform the Supplier in writing of its forecast of the number of each type of the Products which it expects to purchase from the Supplier for delivery during that Year; provided that the Distributor’s yearly forecast may be
adjusted by the Distributor 6 months after the first day of the Year concerned by notifying to the Supplier. 
 7.3.4 Orders by the
Distributor for the Products shall be made by post or fax or e-mail to the Supplier specifying the quantity and type of Products required. 

7.3.5 The Supplier shall acknowledge by post or fax or e-mail all orders made by the Distributor. No order will be binding upon the Supplier
until acknowledged. 
 7.3.6 The Supplier shall use all reasonable endeavours to deliver any standard (non- custom made) Products as usually
carried in the Supplier’s inventory within 4 weeks of the acknowledgement of the Distributor’s order in accordance with Clause 7.3.5 but time of delivery shall not be of the essence and shall not be made so by the service of any notice.

 7.3.7 Each order for the Products shall constitute a separate contract and any default by the Supplier in relation to any one order shall
not entitle the Distributor to treat this Agreement as terminated. 
 7.3.8 The Distributor may cancel, reschedule or otherwise modify any
orders for Products only with a written consent of the Supplier. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 7.3.9 If the Supplier (whether or not by reason of Force Majeure) is temporarily unable to
supply a Product in the quantities reasonably required by the Distributor: 
 (a) the Supplier will promptly inform the Distributor and
together they shall discuss what action to take, having regard to the reason for the inability to supply and the Product involved; and 

(b) the Supplier will use its reasonable endeavours to remedy its inability to supply. 

7.3.10 The Supplier shall be entitled (on giving 24 hours’ notice) to withhold supplies of some or all of the Products under this
Agreement where it has reasonable cause to believe that the price for the supplies may not be duly paid (and without limitation) the Supplier will have such reasonable cause if: 

(a) any amount exceeding $[50,000] which has fallen due for payment under this Agreement is undisputed but remains unpaid for a period of 28
days; 
 (b) a dispute in respect of such an amount has been and remains unresolved for a period of 56 days; or 

(c) the Supplier has reasonable cause to believe that any of the other events set out in Clause 14.2 may have occurred or be about to occur in
respect of the Distributor. 
 7.4 Title and risk 

7.4.1 All Products delivered under this Agreement will be delivered to the Distributor Ex Works Supplier place of manufacture (as defined
under Incoterms of the International Chamber of Commerce) with risk of loss or damage to any consignment passing to the Distributor upon delivery of the Products to the carrier at the Ex Works point. 

7.4.2 Title to any consignment of the Products shall not pass to the Distributor until the Supplier has received payment in full of all sums
due to it in respect of that consignment. 
 7.4.3 Until the title in the Products passes, the Distributor shall: 

(a) hold the Products as bailee for the Supplier, take proper care of them and take all reasonable steps to prevent any damage to or
deterioration of them; 
 (b) store or keep the Products separately, so as to show clearly that they belong to the Supplier; 

(c) not sell or part with possession of the Products; 

(d) keep the Products free from any mortgage, charge, lien or other encumbrance; and 

(e) notify the Supplier immediately if any of the events specified in Clause 14.2(b) occurs in relation to the Distributor. 

  
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 7.4.4 Despite Clause 7.4.1 and Clause 7.4.2, the Supplier may: 

(a) bring an action against the Distributor for the Price if the Distributor fails to pay for the Products in full by the due date, even
though property in the Products has not passed to the Distributor, and/or 
 (b) by notice to the Distributor at any time after delivery
pass property in the Products to the Distributor as from the date of such notice. 
  

	8	PRICES AND PAYMENT 

 8.1 The prices to be paid by the Distributor to the Supplier for the
Products shall be as set out in this Clause 8 (each, a “Price”). 
 8.2 Following the grant of the First Loan, or if the First
Loan is not requested by the Supplier, the Price of Aorfix Products shall be: 
  

							
	 (a)
	  	for first [**] units of Aorfix Products purchased in a Year	  	$	 [**] per unit	  
	 (b)
	  	for the second [**] units of Aorfix Products (units [**] to [**]) purchased in a Year and	  	$	 [**] per unit	  
	 (c)
	  	for any units of Aorfix Products in excess of [**] units purchased in a Year.	  	$	 [**] per unit	  

 8.3 Subject to Clause 8.4, following the grant of the Extension Loan and the exercise of the option in
accordance with Clause 5.3, the Price of Aorfix Products will be $ [**] per unit. 
 8.4 During the Extended Term, the Price of
Aorfix Products will be $ [**] per unit. 
 8.5 If during the Term, the percentage of the price at which hospitals in the Territory
are reimbursed by MHLW or other relevant governmental entity for purchasing the Product(s) under the Reimbursement Registration (the “Reimbursement Rate”) changes by [**] % or more as compared with the Reimbursement Rate at the
Commencement Date (either at one time or cumulatively), the Price(s) of the relevant Product(s) will be adjusted by the same percentage. However, if the Reimbursement Rate for any Products falls by more than [**] % (either at one time or
cumulatively) both parties will renegotiate the Prices of such Products in good faith. 
 8.6 Each Year the Supplier shall deliver to the
Distributor free of charge [**] units of Aorfix Products or such quantity as may be reasonably requested by the Distributor (and in any event no greater than [**] units in each of the entire Initial Term and the entire Extended Term), subject
always to the Supplier’s manufacturing capacity and manufacturing time scheduling, for demonstration purposes. The Aorfix Products provided under this Clause will not be sterilised and may contain minor defects that would have prohibited their
use as a clinical device 

  
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but do not affect their utility as a demonstration device. After use the Distributor shall return the Aorfix Products delivered under this Clause for repackaging. The Supplier may deliver the
repackaged units of Products to the Distributor for the purpose of meeting its obligations under this Clause. 
 8.7 If the quantity of
Aorfix Products delivered to the Distributor under Clause 8.6 exceeds [**] % of the quantity of all Products purchased by the Distributor in the same Year (given the initial launch requirements this will apply in a cumulative fashion at the
end of the first two Years and subsequently annually), the Supplier shall have the right to charge the Distributor for such excess quantity at Prices referred to at Clause 8.2, Clause 8.3 or Clause 8.4 (modified in accordance with Clause 8.5) as
appropriate. 
 8.8 The Price of the Ancillary Products shall be [**] % of the Supplier’s fully absorbed standard costs per unit for
such Ancillary Products, and at the Commencement Date shall be $ [**]. The Price may be renewed annually by the Supplier and notified to the Distributor and may be subject to an external audit by the Supplier’s external accountants. Upon the
grant of the Shonin Approval and at the beginning of each subsequent Year, the Supplier shall provide to the Distributor a written statement of the costs relating to the pricing of the Ancillary Products. The cost of any audit shall be borne by the
Distributor unless an error of more than [**]% of the Price of the Ancillary Products is found in which case the cost will be borne by the Supplier. 

8.9 All Prices in this Clause 8 are Ex Works Supplier place of manufacture and exclusive of any applicable value added or any other sales tax,
which shall be payable by the Distributor at the applicable rate on receipt of the Supplier’s invoice. 
 8.10 The Supplier shall
invoice the Distributor on a monthly basis and the Distributor shall pay the Supplier for the Products in US dollars in full within 30 days of the date of the relevant invoice by electronic transfer to a bank account notified to the Distributor.

 8.11 Should the Distributor fail to make any payment on any due date under this Agreement: 

(a) the Distributor shall pay the Supplier interest on the amount due at the rate of [4]% above the base rate of Barclays Bank PLC from time
to time. Such interest shall accrue on a daily basis from the due date until the date of payment, whether before or after judgment and shall be compounded monthly; and 

(b) the Supplier may (without prejudice to any other right or remedy it may have): 

 

	 	(i)	cancel or suspend any further delivery to the Distributor under any order; and/or 

  

	 	(ii)	sell or otherwise dispose of any Products which are the subject of any order by the Distributor, whether or not appropriated to such order, and apply the proceeds of sale to the overdue payment. 

  
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	9	DISTRIBUTOR’S DUTIES 

 The Distributor shall at all times during the term of this
Agreement act in good faith towards the Supplier and in such manner as it reasonably considers to be most beneficial to the Supplier’s interests and in particular shall: 

9.1 Marketing and advertising 

9.1.1 Use its best endeavours to introduce, promote and sell the Products throughout the Territory and to increase the demand for the Products
by all reasonable and proper means. 
 9.1.2 Keep the Supplier fully informed of market conditions and trends in the Territory. 

9.1.3 Comply with all reasonable requests of the Supplier in relation to the marketing and sale of the Products and from time to time consult
with the Supplier for the purposes of assessing market conditions. 
 9.1.4 Prepare and submit to the Supplier no later than 60 days before
the end of each Year a marketing plan for the Products for the following Year including levels of promotional activity, clinical specialist support and conference presence. 

9.1.5 Promote and sell the Products in the Territory in accordance with the annual marketing plan and compliance with all applicable laws and
regulations and good commercial practice and only for uses and applications for the Products approved by the Supplier in conformance with the Shonin Approval. 

9.1.6 Provide, in accordance with the Supplier’s written instructions, adequate training to physicians to assist them in the proper use
and sizing of the Products. 
 9.1.7 Provide ongoing support to physicians for the sizing of the Products. 

9.1.8 Display the advertising materials and other signs as are provided by the Supplier in the manner required by the Supplier and consented
to by the Distributor, such consent not to be unreasonably withheld or delayed. 
 9.1.9 Prepare and provide the Supplier all marketing and
promotional materials for the Aorfix Products for its prior written approval. 
 9.1.10 Co-operate with and assist the Supplier in relation
to any promotional and merchandising campaigns which the Supplier in its discretion chooses to conduct in the Territory. 
 9.1.11 Not act
in any manner to derogate from or interfere with any promotional and merchandising campaigns instigated by the Supplier from time to time at its own initiative and expense within or outside the Territory. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 9.2 Conduct of business 

9.2.1 Employ suitably qualified and/or trained sales and technical staff for the purposes of marketing the Products in the Territory and
responding to all orders and enquiries. 
 9.2.2 Send at its own expense to the premises of the Supplier or (if the Supplier so directs)
make available at the Distributor’s premises at a time or times convenient to the Supplier at least 6 competent employees for instruction by the Supplier in the use, and sale of the Products (and if such instruction occurs at the
Supplier’s premises, the Distributor shall procure that each such employee complies with all security, safety and other regulations which apply to or are in force at such premises). If any such employee leaves the employment of the Distributor
or if at any time it appears that any such employee will be unavailable to assist the Distributor in performing its duties under this Agreement for more than one month, then the Distributor shall send or make available a replacement competent
employee at its own expense for instruction under this Clause. 
 9.2.3 Not make or give any promises, representations, warranties or
guarantees in relation to the Products inconsistent with the Supplier’s marketing brochures and policies from time to time without the Suppliers prior permission. 

9.2.4 Maintain sufficient stocks of Products and demonstration devices as are in the opinion of the Supplier reasonably necessary for the
Distributor to fulfil its duties under this Agreement. 
 9.2.5 In all correspondence and other dealings relating directly or indirectly to
the sale of the Products use its best endeavours to indicate clearly (and in such manner as the Supplier shall from time to time require) that it is acting as authorised distributor (and not as agent or other representative) for the Supplier. 

9.2.6 Use all reasonable endeavours to ensure that the Products are imported into the Territory with a minimum of delay and to attend to and
complete in a proper and efficient manner all necessary documents and formalities in connection with such importation. 
 9.2.7 Collect,
remit and pay any and all taxes, damages, levies, assessments, customs duties, clearance charges and other fees or amounts of any kind imposed by governmental or other lawful authority in respect of the importation, purchase, sale or other supply or
distribution of the Products (other than any value added tax or other sales tax due on a sale of the Products to the Distributor by the Supplier). 

9.2.8 Comply with all relevant legislation, rules, regulations and statutory requirements from time to time in force in the Territory in
relation to the importation, marketing and sale of the Products and shall notify immediately any relevant changes to the Supplier. 
 9.3
Stocks and supplies 
 9.3.1 At its own cost maintain to the reasonable satisfaction of the Supplier such stocks and inventory of the
Products as may be necessary to meet demand and hold such stocks and inventory in conditions appropriate for the storage of such goods and with appropriate security. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 9.3.2 Insure all stocks of the Products held by the Distributor or otherwise in its
possession or control. 
 9.4 Record keeping 

Throughout the duration of this Agreement and for six years thereafter, keep full and proper accounts and records showing clearly, on a
monthly basis, all enquiries, quotations, orders placed, sales volumes and transactions relating to the Products in sufficient detail to enable: 

(a) the Supplier to monitor of the Distributor’s compliance with this Agreement (and the Distributor shall submit to the Supplier
half-yearly a written report detailing stocks held by the Distributor at the date of the report and the previous report where applicable); and 

(b) the parties to conduct an effective recall of the Products in accordance with Clause 11 (Products recalls and indemnity) below, 

and the Distributor shall allow authorised officers or representatives of the Supplier to have access at all reasonable times to inspect and
take copies of those accounts and records. 
 9.5 Prohibitions 

Not: 
 (a) incur any liability
on behalf of the Supplier or in any way pledge or purport to pledge the Supplier’s credit or accept any order or make any contract binding upon the Supplier; and 

(b) (without the prior written consent of the Supplier) assign, transfer, declare any trust over, charge or deal in any other manner in this
Agreement or any of its rights under this Agreement, or purport to do any of those things; 
 9.6 Sub-distributors 

If the Distributor appoints any sub-distributors for the purpose of the performance of its obligations under this Agreement, every act or
omission of any sub-distributor appointed by the Distributor shall for the purposes of this Agreement be deemed to be the act or omission of the Distributor. The Distributor shall indemnify and hold harmless the Supplier against all and any losses,
costs, damages, claims, demands and expenses or other liabilities (whether direct, indirect or consequential and including but not limited to loss of profit and legal and other professional expenses) suffered or incurred by the Supplier arising out
of (a) any act or omission of any of its sub-distributors or (b) any claims or demands brought against the Supplier by any such sub-distributor (including, but not limited to, any claim for damages or other compensation on the termination
or expiry of this Agreement and/or on the termination or expiry of the appointment of any such sub-distributor). 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

	10	SUPPLIER’S RIGHTS AND DUTIES 

 10.1 The Supplier may at any time and at its sole
discretion make changes to the Products provided that such changes do not affect the Shonin Approval. 
 10.2 The Supplier shall, at its
cost during the Term: 
 (a) provide such assistance, information and other support as the Distributor may reasonably require to enable the
Distributor properly and efficiently to perform its duties under this Agreement; 
 (b) provide the Distributor with up to
(i) [**] in the period ending at the end of the first Year, and (ii) [**] in each Year thereafter, of Aorfix stent graft body loaded delivery devices or Aorfix stent graft leg loaded delivery devices for use by the
Distributors’ field force for “show and tell” purposes. These devices are in addition to those demonstration devices provided in Clause 8.6. These devices will not be sterilised and may contain minor defects that would prohibit their
use as a clinical device but not affect their utility as a demonstration device; 
 (c) furnish to Distributor on an ongoing basis with a
reasonable quantity of such technical, advertising and selling information and other promotional literature in the English language regarding the Products; and 

(d) promptly inform Distributor of technical and other developments regarding the Products as they may occur to the extent necessary for the
Distributor to perform its obligations under this Agreement; and 
 (e) provide training for the employees of the Distributor on such terms
as may be agreed between the parties. 
 10.3 Warranty 

10.3.1 The Supplier warrants that the Products sold and delivered by the Supplier to the Distributor under this Agreement will conform to the
relevant Product specification and that such Products will be free from defects in workmanship and materials. 
 10.3.2 The Supplier shall,
at the request of the Distributor, either replace, without any additional charge to the Distributor, any defective Products sold by the Supplier, or return such defective Products to the Distributor the Price that was paid for such Products. 

In the event that any such defective Products sold by the Supplier to the Distributor shall have caused any damage in any manner to any third
party and such damages shall have resulted in a claim by such third party against the Distributor, the Supplier shall assist the Distributor in defending such claim and shall bear costs for the defence and damages awarded against the Distributor. In
this event, the Supplier shall be liable to the extent set out in Clause 11.4 and subject to the conditions (a) to (d) inclusive in clause 11.4.2, with the Supplier being the indemnifying party, the Distributor the innocent party, and the
third party claim referred to in the preceding sentence being an Indemnity Claim under Clause 11.4.2. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 10.3.3 Except as expressly included in this Agreement, all warranties, conditions and other
terms implied by statute or common law are, to the fullest extent permitted by applicable law, excluded under this Agreement. 
 10.4 The
Supplier may perform any of its obligations and/or exercise any of its rights under this Agreement through any other company which at the relevant time is a company in its Group. Any act or omission of any such Group Company in performing any of the
Supplier’s obligations and/or exercising any of its rights shall for the purposes of this Agreement be deemed to be the act or omission of the Supplier. 
  

	11	PRODUCTS RECALLS AND INDEMNITY 

 11.1 If either party determines that a recall of the
Products, or any consignment of them, is necessary or appropriate, such party shall immediately notify the other party by telephone promptly followed by a written notice, and, prior to effecting the recall, consult with the other party regarding the
reasons for and evidence supporting such party’s position as to the need for a recall. 
 11.2 If the parties agree that a recall is
necessary or appropriate, such agreement to be reached no later than within 7 days of the recalling party’s notification, the parties shall cooperate fully in order to effect the recall as quickly and efficiently as possible. Each party shall
bear its own costs and shall not be liable for any costs incurred by the other party, its Group Companies or agents in connection with such recall. 

11.3 If the parties disagree as to the necessity or appropriateness of a recall of the Products, the party requesting the recall may proceed
to effect the recall. The costs of such recall shall be borne by the recalling party, provided, however, that: 
 (a) if it is determined by
the MHLW that the cause of the problem upon which such recall was based lies in a manufacturing defect in the Product, and provided that the Products have been solely and directly manufactured by the Supplier and not in any way modified or tampered
with by the Distributor other than as authorised by the Supplier, the Supplier shall reimburse the Distributor for the reasonable costs of shipping the recalled products back to the Supplier (if the Supplier requests such shipping), the Price paid
for each defective Product and all other costs reasonably incurred by the Distributor in relation to such recall; and 
 (b) if the cause of
the problem upon which such recall was based is attributable to the distribution of the Products, the Distributor shall promptly reimburse the Supplier for all costs incurred with such recall. 

11.4 Indemnity 
 11.4.1 Subject
to Clause 11.4.2, 11.5 and, in the case of the Supplier Clause 13.7 (which, for the avoidance of doubt, provides the sole basis of the Supplier’s liability for matters set out therein), each party (“indemnifying party”) shall
indemnify the other (“innocent party”) against: 
 (a) any and all losses, damages, costs, claims, demands, expenses or other
liabilities suffered or incurred by the innocent party arising from or in connection with any breach by the indemnifying party of its obligations under this Agreement; and 

(b) any direct damage to the property of the innocent party which is caused by any act or omission of any employee or other representative of
the indemnifying party at the innocent party’s premises. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 11.4.2 If any third party makes a claim, or notifies an intention to make a claim against an
innocent party that may reasonably be considered to give rise to liability under Clause 11.4.1 (“Indemnity Claim”), the indemnifying party shall be liable under this indemnity only provided that the innocent party shall: 

(a) within 5 Business Days after being notified or becoming aware of an Indemnity Claim, give the indemnifying party written notice of the
Indemnity Claim, specifying the nature of the Indemnity Claim in reasonable detail; 
 (b) not make any admission of liability, agreement or
compromise in relation to the Indemnity Claim without the prior written consent of the indemnifying party; 
 (c) provide the indemnifying
party and its professional advisers (at the indemnifying party’s cost) with such assistance and access to documents as may be reasonably requested by the indemnifying party for the purpose of assessing and/or defending the Indemnity Claim; and

 (d) allow the indemnifying party, in its absolute discretion, to conduct the defence of any such Indemnity Claim. 

11.5 Neither party shall in any circumstance, except in respect of death or personal injury caused by its negligence, be liable to the other
party for any indirect or consequential loss or damage (whether for loss of profit, contracts, business, goodwill or otherwise and whether due to the negligence of the Supplier, its employees or agents or otherwise) arising out of or in connection
with this Agreement. 
  

	12	INSPECTION 

 12.1 The Distributor or a person nominated by it shall visually inspect each
consignment of the Products promptly upon delivery thereof, and in the event of any shortage, damage, discrepancy in or to such consignment of the Products the Distributor shall report the same to the Supplier within 14 days after delivery thereof
and furnish such written evidence or other documentation as the Supplier may reasonably deem appropriate. If the evidence delivered by the Distributor reasonably demonstrates that such shortage, damage or discrepancy existed at the time of delivery
of the Products, the Supplier shall use its best endeavours to deliver additional Products so as to rectify the shortage, damage or discrepancy. 

12.2 Any consignment of Products not rejected by the Distributor by written notice within 14 days of delivery shall be deemed to have been
accepted by the Distributor. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 12.3 After executing this Agreement the Supplier and the Distributor shall in good faith
conclude a quality agreement regarding the Products to be manufactured by the Supplier and sold to the Distributor in accordance with the Pharmaceutical Affairs Law of Japan and its subordinate regulations. 

 

	13	INTELLECTUAL PROPERTY 

 13.1 Trade Marks 

13.1.1 The Supplier grants to the Distributor a license to use the Trade Marks in the Territory on or in relation to the Products only for the
purposes of the marketing and sale of the Products in accordance with this Agreement, to the exclusion of all third parties other than the Supplier or its Group Companies, agents or representatives. The Distributor shall not authorise or sub-license
any other person, firm or company to use the Trade Marks other than the sub-distributors appointed strictly in accordance with this Agreement provided that such sub-licence shall be on terms no less strict than the terms of this Clause 13. 

13.1.2 The Distributor shall ensure that each reference to and use of any of the Trade Marks by the Distributor is in a manner approved in
advance in writing by the Supplier and accompanied by an acknowledgment, in a form approved by the Supplier, that it is a trade mark (or registered trade mark, as appropriate) of the Supplier. 

13.1.3 The Distributor shall not and shall not authorise any third party to: 

(a) make any modifications to the Products, their labelling or packaging or any promotional material supplied by the Supplier; 

(b) alter, deface, remove, conceal or otherwise interfere with any Trade Marks, numbers, markings or other means of identification used in or
in relation to the Products; 
 (c) use any of the Trade Marks in any way which might prejudice their distinctiveness or validity or the
goodwill of the Supplier in the Trade Marks; 
 (d) use in relation to the Products any trade marks other than the Trade Marks without
obtaining the prior written consent of the Supplier; and/or during the Term: 
  

	 	(i)	use, adopt or register in the Territory any trade marks or trade names so resembling any of the Trade Marks or any other trade mark or trade names of the Supplier as to be likely to cause confusion or deception;

  

	 	(ii)	register or apply to register in its own name any of the Trade Marks, or any of the designs or other intellectual property of the Supplier; 

 

	 	(iii)	use any domain names on the Internet other than as authorised by the Supplier from time to time or register or contract for the registration of a domain name on the Internet any of the Trade Marks or any part thereof or
any name or word likely to be confused with or similar to any of the Trade Marks or any part thereof without the Supplier’s prior written consent; or 

  

	 	(iv)	not make any registration or publish any material on the Internet concerning the Supplier and/or the Supplier’s business or which indicates or implies an association with the Supplier and/or the Supplier’s
business other than as may be permitted under this Agreement or except with the prior written consent of the Supplier. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 13.1.4 The Distributor shall during the Term at the expense of the Supplier take all such
steps as and when the Supplier may reasonably require to assist the Supplier in maintaining the validity and enforceability of the Trade Marks registered in the Territory. 

13.2 Patents and other intellectual property 

13.2.1 The Supplier grants to the Distributor an exclusive, fully paid up, royalty-free licence (without a right to sub-license) to use the
Patents and such Intellectual Property Rights as may be necessary for the purpose of using any documents and materials provided by the Supplier to the Distributor under this Agreement and the marketing, sale or other disposal of the Products
accordance with the terms of this Agreement. 
 13.3 In any catalogue, price list or similar publication issues by the Distributor in which
the Products and any Intellectual Property Rights are referred to, there shall be a legible statement as to the Supplier’s ownership of such rights, the form of the statement to be agreed with the Supplier. 

13.4 The Distributor acknowledges and will take all steps necessary to ensure that the property in the Intellectual Property Rights (including
all goodwill in the Trade Marks) is vested in (and shall accrue to), the Supplier. 
 13.5 Except as provided in this Agreement, the
Distributor is granted no rights or licences whatsoever in or to any Intellectual Property Rights. The Supplier hereby expressly reserves all rights and licences not expressly granted in this Agreement. 

13.6 The Distributor shall at the request and expense of the Supplier execute such registered user agreements and/or confirmatory licences in
respect of the use of the Intellectual Property Rights in the Territory as the Supplier may reasonably require. In the event of any conflict between any of those registered user agreements or licences and this Agreement, this Agreement shall
prevail. 
 13.7 Supplier’s indemnity 

13.7.1 Save as provided in Clause 13.7.2, the Supplier shall indemnify the Distributor against all liabilities, costs, expenses, damages or
losses (collectively, “Losses”) suffered or incurred by the Distributor arising out of any claim, suit or proceedings issued against the Distributor alleging that (a) any Intellectual Property Right infringes any intellectual property
of any third party; or (b) any defect in the Products or their design or manufacture 

  
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caused injury or death to any person unless such Product has been modified or tampered with by Distributor other than as authorized by the Supplier or has been misused as a result of
Distributor’s unauthorized representation about the Product (each claim under (a) and (b), a “Claim”). 
 13.7.2 The
Supplier shall be liable under Clause 13.7.1 only provided that the Distributor: 
 (a) within 24 hours of being notified or becoming aware
of a Claim under Clause 13.7.1(b) involving a death of a person, or within 5 Business Days of being notified or becoming aware of any other Claim, gives the Supplier written notice of the Claim, specifying the nature of the Claim in reasonable
detail; 
 (b) does not make any admission of liability, agreement or compromise in relation to the Claim without the prior written consent
of the Supplier; 
 (c) gives the Supplier and its professional advisers access to its premises and its officers, directors, employees,
agents, representatives or advisers, and to any relevant assets, accounts, documents and records within the power or control of the Distributor, so as to enable the Supplier and its professional advisers to examine them and to take copies (at the
Supplier’s expense) of any accounts, documents or records for the purpose of assessing and/or defending the Claim; and 
 (d) allows
the Supplier, in its absolute discretion, to conduct the defence of any such Claim. 
 13.8 The Distributor shall promptly and fully notify
the Supplier if any of the following come to its notice: 
 (a) any actual, threatened or suspected infringement in the Territory of the
Intellectual Property Rights; and/or 
 (b) any claim by any third party that the importation of the Products into the Territory, or their
marketing or sale in the Territory, infringes any rights of it or of any other person, and the Distributor shall at the request and expense of the Supplier do all such things as may be reasonably required by the Supplier to assist the Supplier in
taking or resisting any proceedings in relation to any such infringement or claim. 
 13.9 The Distributor shall cease using all
Intellectual Property Rights immediately on the expiry or termination of this Agreement or on the expiry of any time which the Supplier may in its discretion by notice to the Distributor allow to the Distributor for the disposal of stocks of the
Products under this Agreement. 
  

	14	TERMINATION 

 14.1 This Agreement may be terminated by either party giving to the other
at least 12 months’ prior written notice, such notice to expire on or at any time after the end of the Initial Term. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 14.2 Either party may terminate this Agreement immediately by notice in writing in any of the
following events: 
 (a) if the other party commits a material breach of any of the terms of this Agreement (and, if such breach is capable
of remedy, fails to remedy the breach within 60 days of receiving notice from the other party specifying the breach and requiring the breach to be remedied). For this purpose a breach shall be considered capable of remedy if the party in breach can
comply with the provision in question in all respects other than time of performance (provided that time of performance is not of the essence); 

(b) if the other party: 
  

	 	(i)	enters into liquidation whether compulsorily or voluntarily (otherwise than for the purposes of a solvent amalgamation or reconstruction); 

 

	 	(ii)	becomes insolvent within the meaning of any applicable law; 

  

	 	(iii)	ceases or threatens to cease to carry on business; 

  

	 	(iv)	compounds or makes any voluntary arrangement with its creditors; 

  

	 	(v)	is the subject of a notice of appointment of an administrator, or a notice of intention to appoint an administrator or liquidator; 

  

	 	(vi)	is unable to pay its debts as they fall due; 

  

	 	(vii)	has an encumbrancer take possession of or a receiver or administrative receiver appointed over all or any part of its assets; 

  

	 	(viii)	takes or suffers any similar action due to debt; and/or 

  

	 	(ix)	undergoes anything analogous to any of the events referred to in this Clause under the law of any jurisdiction. 

14.3 The Supplier may terminate this Agreement immediately by notice to the Distributor if: 

(a) the Distributor, or any third party authorised by the Distributor, challenges or seeks to challenge, the validity of any Intellectual
Property Rights of the Supplier; or 
 (b) if there is a change of Control of the Distributor without the person acquiring Control over the
Distributor being approved by the Supplier in advance in writing, such approval not to be unreasonably withheld. 
 14.4 On termination of
this Agreement by the Supplier under Clause 14.1, or by the Distributor under Clause 14.2, the Loans shall become due in accordance with the terms set out in Schedule 4 (Terms and Conditions of Loans) and the costs of obtaining the Shonin Approval
shall be partially reimbursed to the Distributor in accordance with Clause 4.6. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 14.5 On expiry or termination of this Agreement for whatever reason: 

(a) the Distributor shall provide to the Supplier details of: 
  

	 	(i)	the product codes for all Products in the possession or control of the Distributor; and 

  

	 	(ii)	the expiry dates of all such Products, and sell back to the Supplier all Products: with an unexpired shelf life of more than six months at the date of termination; with an unexpired shelf-life of more than three months
that were originally received by the Distributor with an unexpired shelf-life of less than one year from the date of receipt into Medicos Hirata commercially available inventory; and those so required in writing by the Supplier. The Products will be
sold back to the Supplier at the original Price paid for such Products; 

 (b) the Supplier may, without any liability of any
nature to the Distributor, cancel all orders placed by the Distributor before the date of termination which have been accepted but not performed by the Supplier; 

(c) the Distributor shall: 
  

	 	(i)	at the request of the Supplier promptly return all samples and documentation of any nature whatsoever (including but not limited to technical data, market information, instruction books, pamphlets, catalogues,
specifications and advertising materials) in its possession or control relating to the Products or to the Supplier and to the activities of the Distributor in relation to the Products or the Supplier (other than its own accounting records);

  

	 	(ii)	subject to Clause 4.6, 4.7 and 4.8, (if and to the extent that it is legally possible) assign, free of charge, to the Supplier (or such person, firm or company as the Supplier shall direct) all Commercial Approvals
and/or do all things and execute all documents as may from time to time be necessary or desirable to ensure that the Supplier (or such person, firm or company as the Supplier shall direct) shall enjoy the sole benefit of all such Commercial
Approvals after termination to the entire exclusion of the Distributor; 

  
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 (d) following the termination of this Agreement, the Distributor shall not and shall not
authorise any third party to: 
  

	 	(i)	use, adopt or register in the Territory any trade marks or trade names so resembling any of the Trade Marks or any other trade mark or trade names of the Supplier as to be likely to cause confusion or deception;

  

	 	(ii)	use, register or apply to register in its own name any Intellectual Property Rights; and 

  

	 	(iii)	challenge or seek to challenge the validity of any Intellectual Property Rights. 

 14.6 During
the Term the Distributor shall not directly or indirectly, alone or in conjunction with any other person, firm or corporation, manufacture or distribute any products which compete with the Products. 

14.7 The Distributor shall have no claim against the Supplier or any of its Group Companies for compensation for loss of distribution rights,
loss of goodwill or any similar loss as a result of termination of this Agreement. 
 14.8 Termination of this Agreement shall be without
prejudice to rights and obligations accrued before the date of termination and rights and obligations expressed or intended to continue in force after and despite termination. 

14.9 The provisions of this Clause 14 (Termination) and Clause 15 (Confidentiality) to Clause 19 (General) inclusive shall survive termination
of this Agreement. 
  

	15	CONFIDENTIALITY 

 15.1 Each party shall keep secret and confidential all Confidential
Information of the other, as well as the conclusion and terms of this Agreement, and shall not (and shall procure that its employees and/or officers shall not) copy, use or disclose any such information to any third party, other than as may be
necessary to comply with its obligations under this Agreement. 
 15.2 The obligation of confidence shall not apply where the Confidential
Information: 
 (a) is required to be disclosed by operation of law or under this Agreement; 

(b) was in the possession of the recipient prior to disclosure by the other party; 

(c) is subsequently acquired from a third party without any obligation of confidence; 

(d) is or becomes generally available to the public through no act or default of the recipient; or 

(e) is disclosed on a confidential basis for the purposes of obtaining professional advice. 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

	16	FORCE MAJEURE 

 16.1 If either party is prevented, hindered or delayed from or in
performing any of its obligations under this Agreement (other than an obligation to make payment) by Force Majeure then the affected party shall not be deemed to be in breach of this Agreement or otherwise liable for the delay in performance or non
performance of its obligations under this Agreement, to the extent that the delay or non performance is due to any Force Majeure of which it has notified the other party. 

16.2 As soon as reasonably possible after commencement of the Force Majeure, the affected party shall notify the other party in writing of:

 (a) the occurrence of the Force Majeure; 

(b) the date the Force Majeure commenced; 

(c) the effects of the Force Majeure on its ability to perform its obligations under this Agreement; and 

(d) the efforts being made or proposed by that party to remove or avoid such Force Majeure. 

If the affected party does not comply with this Clause it shall forfeit its rights under Clause 16.1. 

16.3 The affected party shall use all reasonable efforts to mitigate the effects of the Force Majeure upon the performance of its obligations
under this Agreement and as soon as reasonably possible after the cessation of the Force Majeure that party shall notify the other party in writing of the cessation of the Force Majeure and shall resume performance of its obligations under this
Agreement. 
 16.4 Where the Force Majeure continues for more than 30 days after the day on which the Force Majeure starts, the parties
shall enter into bona fide discussions with a view to alleviating its effects or to agreeing upon such alternative arrangements as may be fair and reasonable. If the Force Majeure continues for more than 120 days after the day on which the Force
Majeure starts either party may terminate this Agreement by giving not less than 30 days’ written notice to the other. 
  

	17	NOTICES 

 17.1 Notices between the parties relating to this Agreement including notices
in connection with Clause 18 must be in writing and must be delivered personally or sent by prepaid first class post, pre-paid air mail post or fax transmission to the address or fax number set out in Clause 17.2 unless otherwise specified in Clause
18 or agreed in writing by the parties. 
 17.2 Notices shall be treated as being given as follows: if delivered by hand, when delivered; if
sent by first class post, 48 hours after posting; if sent by air mail post, 72 hours after posting; if sent by fax, when sent. Any notices that would be treated as given out of Business Hours shall be deemed given on the next Business Day. 

  
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	Distributor	  	
		
	Contact:	  	Masataka Hirata, President
		
	Address:	  	[**]
		
	Fax No:	  	[**]
		
	Supplier	  	
		
	Contact:	  	John Rush, CEO
		
	Address:	  	4 Trident Park, Didcot, Oxfordshire OX117HJ
		
	Fax No:	  	[**]

  

	18	GOVERNING LAW AND JURISDICTION 

 18.1 This Agreement and any non-contractual obligations
arising in connection with it shall be governed by English law. 
 18.2 In the event of any dispute, controversy or claim arising out of or
in connection with this Agreement or the relationship between the parties arising out of or created by this Agreement, including any question regarding its interpretation, performance or termination (a “Dispute”), either party may deliver
to the other party a written notice of a Dispute, such notice to contain reasonable details of the Dispute. Upon receipt of such notice, the parties agree to commence a good faith discussion toward the resolution of such Dispute. If, at the end of
ninety (90) days following receipt of the written notice, the parties are unable to reach a resolution, the Dispute shall be referred to and finally resolved by arbitration. If arbitration is invoked by the Distributor, the seat of the
arbitration shall be in London, United Kingdom under the Arbitration Rules of the London Court of International Arbitration, which Rules are deemed to be incorporated by reference into this clause. If arbitration is invoked by the Supplier, the seat
of the arbitration shall be in Tokyo, Japan under the Commercial Arbitration Rules of the Japan Commercial Arbitration Association, which rules are deemed to be incorporated by reference into this clause. 

(a) The arbitration shall be conducted by one arbitrator mutually selected by the parties within 14 days of service of written notice by
either party to the other party requesting agreement to the appointment of an arbitrator. 
 (b) If the parties cannot agree on an
arbitrator, then there shall be three (3) arbitrators. Each party shall appoint an arbitrator, and the two arbitrators so appointed shall appoint a third arbitrator who shall act as chairman of the tribunal. If either party fails to appoint an
arbitrator within 14 days of receiving notice of the appointment of an arbitrator by the other party such arbitrator shall, at the request of the latter party, be appointed within 21 days by the president or a vice president of the London Court of
International Arbitration or Japan Commercial Arbitration Association as the case may be. 

  
 25 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 (c) If the two arbitrators appointed in accordance with the above provisions fail to agree
upon a third arbitrator within 14 days of the appointment of the second arbitrator, the third arbitrator shall at the request of either party be appointed by the president or a vice president of the London Court of International Arbitration or Japan
Commercial Arbitration Association as the case may be. 
 (d) The language of the arbitration shall be English. 

18.3 The decision of the tribunal shall be final and binding upon the parties hereto and judgment thereon may be entered by any court of
competent jurisdiction. In the event that the seat of the arbitration is in London, United Kingdom, neither party may apply to the court to determine any question of law arising in the course of the arbitration pursuant to Section 45 of the
Arbitration Act 1996 or otherwise or appeal to the court on a question of law arising out of an award made in the arbitration pursuant to Section 69 of the Arbitration Act 1996 or otherwise. 

18.4 The expense of the arbitration (including without limitation the award of attorneys’ fees to the prevailing party) shall be paid as
the tribunal determines. 
 18.5 Nothing in this Agreement shall prevent the Supplier from applying to the courts of any other country for
injunctive or other interim relief. 
  

	19	GENERAL 

 19.1 Relationship of the parties 

Nothing in this Agreement shall constitute or create a relationship of principal and agent, employer and employee or a partnership between the
parties. Neither party shall have the authority to bind the other or to contract in the name of or create a liability against the other in any way or for any purpose. 

19.2 Third parties 

Unless the right of enforcement is expressly granted, it is not intended that any provision of this Agreement shall be enforceable by virtue
of the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this Agreement. 
 19.3 Entire agreement 

19.3.1 This Agreement (together with the documents referred to in it) constitutes the entire agreement between the parties in relation to its
subject matter and supersedes all previous agreements (including any usage or custom and any terms arising through any course of dealing), undertakings, negotiations or arrangements in relation to its subject matter. 

  
 26 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 19.3.2 There are no promises, terms, conditions or obligations, oral or written, express or
implied, other than those contained in this Agreement. 
 19.4 Amendments 

This Agreement may only be revised in writing signed by an authorised representative of each of the parties. 

19.5 Severance 
 19.5.1
Each of the provisions contained in this Agreement is to be construed as independent of every other such provision so that if any provision of this Agreement is determined to be illegal, invalid and/or unenforceable, such determination will not
affect any other provisions of this Agreement, all of which will remain in full force and effect. 
 19.5.2 If any provision of this
Agreement is determined by any court or other competent authority to be illegal, invalid and/or unenforceable but would be legal, valid and enforceable if amended, the parties shall consult together in good faith and agree the scope and extent of
any modification or amendment necessary to render the provision legal, valid and enforceable and so as to give effect so far as is possible to the intention of the parties as recorded in this Agreement. 

19.6 No waiver 
 The
failure to exercise or delay in exere smg a right or remedy under this Agreement shall not constitute a waiver of the right or remedy or of any other rights or remedies. No single or partial exercise of any right or remedy under this Agreement shall
prevent any further exercise of the right or remedy or the exercise of any other right or remedy. 
 19.7 Remedies not exclusive 

Except as expressly provided in this Agreement, the rights and remedies contained in this Agreement are cumulative and shall be in addition to
every other right or remedy provided by law or otherwise. 
 19.8 Counterparts 

This Agreement may be executed in any number of counterparts, each of which when executed shall be an original, but all the counterparts
together shall constitute one document. 
 19.9 Further assurance 

Each party shall (and shall use all reasonable endeavours at its own cost to ensure that any necessary third parties. shall) do, execute and
perform such further acts, things, deeds and documents as may from time to time be required to give full legal and practical effect to this Agreement. 

  
 27 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 19.10 Announcements 

Save as required by law or any applicable regulatory authority, the Distributor and the Supplier shall not make any public announcement, Issue
any press release or make any statement to the public about this Agreement (including the conclusion and terms of this Agreement and shall under no circumstance disclose the name of Medicos Hirata without prior written permission) without the prior
written consent of the other party. 
 19.11 Costs 

Each party shall bear its own costs incurred In the negotiation, preparation and completion of this Agreement. 

  
 28 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 IN WITNESS WHEREOF, the patties hereto have executed this Agreement by their duly authorized representatives
as of the date Indicated at the beginning of this Agreement. 
  

					
	Signed by John Rush	 		 	
	for and on behalf of LOMBARD MEDICAL TECHNOLOGIES PLC;	 		 	
			
		 		 	

		 		 	
	Signed by Masataka Hirata 	 		 	
	for and on behalf of	 		 	
	MEDICO’S HIRATA INC:	 		 	
			
		 		 	

  
 29 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Schedule 1 

The Products 
 Amiix
Products 
  

	1)	Aorfix stent graft body and delivery system ( [**] ); 

  

	2)	Aorfix stent graft leg and delivery system ( [**] ). 

 Ancillary Products 

 

	1)	Aorfix proximal extender and delivery system ( [**] ); 

  

	2)	Aorfix distal extender and delivery system ( [**] ); 

  

	3)	Aorfix converter and delivery system ( [**] ). 

  

	4)	Aorfix stent graft leg and delivery system ( [**] ). 

  
 30 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Schedule 2 

Intellectual Property Rights 

Part 1 
 Trade Marks 

 

							
	 Country
	  	 Mark and

Description of

Mark
	  	 Registration

Number
	  	 Trade Mark Class

	None	  		  		  	
		  		  		  	

  
 31 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Part 2 

Trade Mark Applications 
  

							
	 Country
	  	 Mark and

Description of

Mark
	  	 Registration

Number
	  	 Trade Mark Class

	None	  		  		  	
		  		  		  	

  
 32 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Part 3 

Patents 
  

							
	 Country
	  	 Patent number
	  	 Patent title
	  	 Proprietor

	Japan	  	[**]	  	[**]	  	[**]
	Japan	  	[**]	  	[**]	  	[**]
	Japan	  	[**]	  	[**]	  	[**]
	Japan	  	[**]	  	[**]	  	[**]

  
 33 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Part 4 

Patent Applications 
  

							
	 Country
	  	 Patent
 application

number
	  	 Patent application title
	  	 Proprietor

	Japan	  	[**]	  	[**]	  	[**]
	Japan	  	[**]	  	[**]	  	[**]
	Japan	  	[**]	  	[**]	  	[**]

  
 34 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Schedule 3 

[Intentionally omitted] 

  
 35 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Schedule 4 

Terms and Conditions of Loans 
  

	1	PURPOSE 

  

	1.1	The proceeds of the Extension Loan may be used by the Supplier for the purpose of funding the development by the Supplier of the Thoracic Products and any other purpose at the Supplier’s discretion.

  

	2	Interest 

  

	2.1	The Supplier shall pay interest on the day to day balance of the Loans which shall be payable when the First Loan and/or the Extension Loan as appropriate is/are finally repaid at the annual rate which is 3 per
cent. (the “Interest Rate”). 

  

	2.2	The Supplier shall pay interest on any sum payable under the Loans (including any amount payable pursuant to this paragraph 2.2) which is not paid on the due date (after as well as before any demand made or judgment
obtained or the liquidation or administration of the Supplier) at the rate of one per cent. per annum above the Interest Rate. Such interest shall be compounded in the event of it not being punctually paid with quarterly rests but without prejudice
to the right of the Distributor to require payment of such interest when due. 

  

	3	Repayment 

  

	3.1	Subject to paragraphs 4 and 5 below, the First Loan shall be repaid in full on the last day of the Initial Term. 

  

	3.2	Subject to paragraphs 4 and 5 below, the Extension Loan shall be repaid in full on the last day of the Initial Term. 

  

	3.3	In the event that the Supplier terminates this Agreement pursuant to Clause 7.2.4 in the Initial Term, the First Loan or the Loans shall be repaid in full, as the case may be. 

 

	3.4	For these purposes, the date falling on the last day of the Initial Term is referred to as the “Repayment Date”. 

  

	4	Conversion 

  

	4.1	If the Distributor does not exercise its option to extend the Term in accordance with Clause 5.3, the Loans may be repaid either in cash or by the issue to the Distributor of ordinary shares in the Supplier (not to
exceed 29.9% of the Supplier’s issued share capital) on the Repayment Date. The conversion price for the ordinary shares shall be determined by the average of the market price of such ordinary shares on the five Business Days preceding the
Repayment Date. 

  

	4.2	Subject to paragraph 5 below, if the Distributor has exercised its option to extend the Term in accordance with Clause 5.3, the repayment of the Loans shall be irrevocably forgiven at the end of the Extension Term.

  
 36 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

	5	Early repayment 

  

	5.1	Subject to paragraph 5.2 below, the Loans shall become immediately repayable (“Early Repayment”) in whole or in part together with any interest thereon if during the Initial Term or the Extended Term (as the
case may be): 

  

	5.1.1	there is a change of control of the Supplier and this Agreement is terminated. For these purposes, “change of control” means the acquisition by a third party or third parties acting jointly of seventy five per
cent. of the voting shares issued by the Supplier; or 

  

	5.1.2	this Agreement is terminated: 

  

	 	(a)	by the Supplier under Clause 14.1; or 

  

	 	(b)	by the Distributor under Clause 14.2. 

  

	5.2	If Early Repayment occurs pursuant to paragraph 5.1 above during the Extended Term, the amount repayable by the Supplier to the Distributor (y) pursuant to paragraph 5.1 above is calculated according to the formula
below: 

  

					
		  		  	number of days from and including the Early Repayment to the end of the Extended Term
	y = Loans plus accrued and unpaid interest thereon	  	x	  	  

		  		  	total number of days in the Extended Term

  

	5.3	When this Agreement is terminated under the preceding paragraph 5.1, the outstanding sum due under the Loans in accordance with paragraph 5.2 shall be repaid, at the option of the Distributor, either in cash or by the
issue to it of ordinary shares in the Supplier. The conversion price for the ordinary shares shall be determined by the average market price of such ordinary shares on the five Business Days preceding the termination date. 

 

	6	Provision of financial information 

 The Supplier undertakes with the Distributor that from the
date of this Agreement until the Loans owing to the Distributor under this Agreement have been settled or irrevocably forgiven: 
  

	6.1	it will provide to the Distributor as soon as possible but not later than 180 days after the end of the period to which they relate its audited consolidated financial statements; and 

 

	6.2	such other published financial information as the Distributor may reasonably require 

  
 37

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