Document:

EX-10.1

 Exhibit 10.1 

Dated 17 August 2015 

(1)    O&H (CAVENDISH PLACE) LIMITED 

- and - 

(2)    MEREO BIOPHARMA GROUP LIMITED 

 
  

UNDERLEASE OF FOURTH FLOOR ONE 

CAVENDISH PLACE LONDON W1 
  

 
 Mishcon de Reya

 Summit House 
 12 Red Lion
Square 
 London WC1R 4QD 
 Tel:
020 7440 7000 
 Fax: 020 7404 5982 

Ref: EHP.16795.490 
 E-mail: edward.hughes-power@mishcon.com 

 TABLE OF CONTENTS 

 

							
	No.	 	Heading	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	3	 
			
	 2.
	 	 INTERPRETATION
	  	 	8	 
			
	 3.
	 	 GRANT, RIGHTS AND OTHER MATTERS
	  	 	9	 
			
	 4.
	 	 RENTS
	  	 	11	 
			
	 5.
	 	 INTEREST
	  	 	14	 
			
	 6.
	 	 OUTGOINGS
	  	 	14	 
			
	 7.
	 	 VALUE ADDED TAX
	  	 	15	 
			
	 8.
	 	 LANDLORD’S COSTS
	  	 	15	 
			
	 9.
	 	 REPAIRS, DECORATION ETC.
	  	 	16	 
			
	 10.
	 	 YIELD UP
	  	 	17	 
			
	 11.
	 	 COMPLIANCE WITH NOTICES
	  	 	17	 
			
	 12.
	 	 ALTERATIONS
	  	 	17	 
			
	 13.
	 	 USE OF PROPERTY
	  	 	18	 
			
	 14.
	 	 USE RESTRICTIONS
	  	 	18	 
			
	 15.
	 	 LANDLORD’S REGULATIONS
	  	 	18	 
			
	 16.
	 	 USE OF PROPERTY OUTSIDE BUSINESS HOURS
	  	 	19	 
			
	 17.
	 	 EXCLUSION OF WARRANTY AS TO USER
	  	 	19	 
			
	 18.
	 	 GENERAL RESTRICTIONS
	  	 	19	 
			
	 19.
	 	 ASSIGNMENT
	  	 	20	 
			
	 20.
	 	 UNDERLETTING
	  	 	21	 
			
	 21.
	 	 REGISTRATION OF DISPOSITIONS
	  	 	23	 
			
	 22.
	 	 STATUTORY REQUIREMENTS
	  	 	23	 
			
	 23.
	 	 PLANNING ACTS
	  	 	24	 
			
	 24.
	 	 STATUTORY NOTICES
	  	 	25	 
			
	 25.
	 	 FIRE PRECAUTIONS AND EQUIPMENT
	  	 	26	 
			
	 26.
	 	 DEFECTIVE PROPERTY
	  	 	26	 
			
	 27.
	 	 INSURANCE PROVISIONS
	  	 	26	 
			
	 28.
	 	 DEFAULT OF TENANT
	  	 	29	 
			
	 29.
	 	 LANDLORD’S SERVICES
	  	 	31	 
			
	 30.
	 	 SERVICE CHARGE
	  	 	32	 
			
	 31.
	 	 OBLIGATIONS AND CONSENTS UNDER SUPERIOR LEASE
	  	 	36	 
			
	 32.
	 	 QUIET ENJOYMENT
	  	 	37	 
			
	 33.
	 	 EXCLUSION OF IMPLIED COVENANTS BY LANDLORD
	  	 	37	 
			
	 34.
	 	 RELETTING NOTICES
	  	 	37	 
			
	 35.
	 	 DISCLOSURE OF INFORMATION
	  	 	37	 
			
	 36.
	 	 INDEMNITY
	  	 	37	 

							
	 37.
	 	 REPRESENTATIONS
	  	 	38	 
			
	 38.
	 	 EFFECT OF WAIVER
	  	 	38	 
			
	 39.
	 	 NOTICES
	  	 	38	 
			
	 40.
	 	 NEW TENANCY
	  	 	38	 
			
	 41.
	 	 INVALIDITY OF CERTAIN PROVISIONS
	  	 	38	 
			
	 42.
	 	 THIRD PARTY RIGHTS
	  	 	39	 
			
	 43.
	 	 EXCLUSION OF SECURITY OF TENURE
	  	 	39	 
			
	 44.
	 	 TENANT’S BREAK CLAUSE
	  	 	39	 
			
	 45.
	 	 CONTRIBUTION WORKS
	  	 	40	 
		
	 SCHEDULE 1 RIGHTS AND EASEMENTS GRANTED
	  	 	41	 
		
	 SCHEDULE 2 EXCEPTIONS AND RESERVATIONS
	  	 	43	 
		
	 SCHEDULE 3 USE RESTRICTIONS
	  	 	44	 
		
	 SCHEDULE 4 COVENANTS BY GUARANTOR
	  	 	46	 
		
	 SCHEDULE 5 ITEMS OF EXPENDITURE AS REFERRED TO IN CLAUSE 30
	  	 	50	 
		
	 SCHEDULE 6 DEEDS AND DOCUMENTS CONTAINING MATTERS TO WHICH THE PROPERTY ARE
SUBJECT
	  	 	53	 
		
	 SCHEDULE 7 AUTHORISED GUARANTEE AGREEMENT TO BE GIVEN BY TENANT PURSUANT TO CLAUSE
19.3.2
	  	 	54	 

  
 ii 

 THIS UNDERLEASE is made on the 17 day of August 2015 

BETWEEN: 
  

			
	LR1. Date of lease	  	 :   

		
	LR2. Title number(s)	  	 :   LR2.1 Landlord’s title number(s)

 
 314084

		
		  	 :   LR2.2 Other title numbers

 
 None

		
	LR3. Parties to this lease	  	 :   Landlord

 
 O & H (Cavendish Place) Limited (company reg. no. 06291120)
whose registered office is at 25-28 Old Burlington Street, London W1S 3AN

		
		  	 :   Tenant

 
 Mereo Biopharma Group Limited (company reg. no. 09481161) whose
registered office is at Green Park House, 15 Stratton Street, London W1J 8LQ

		
	LR4. Property	  	 :   In the case of a conflict between this clause and the remainder of this lease
then, for the purposes of registration, this clause shall prevail.
  

Those parts of the fourth floor of the building known as One Cavendish Place London W1G 0QF as are shown edged red on the attached plan as
more particularly described in the definition of “Property” at clause 1.3

		
	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
  

None
  

LR5.2 This lease is made under, or by reference to, provisions of:

 

None

			
	LR6. Term for which the Property is leased	  	 :   From and including 17 August 2015 to and including 16 August
2025

		
	LR7. Premium	  	 :   None

		
	LR8. Prohibitions or restrictions on disposing of this lease	  	 :   This lease contains a provision that prohibits or restricts
dispositions.

		
	LR9. Rights of acquisition etc.	  	 :   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	  	 :   None

		
	LR11. Easements	  	 :   LR11.1 Easements granted by this lease for the benefit of the Property

 
 See clause 3.2 and Schedule 1

		
		  	 :   LR11.2 Easements granted or reserved by this lease over the Property for the
benefit of other property
  
 See clauses 3.3 and 3.4 and
Schedule 2

		
	LR12. Estate rentcharge burdening the Property	  	 :   None

		
	LR13. Application for standard form of restriction	  	 :   None

  
 2 

			
	LR14. Declaration of trust where there is more than one person comprising the Tenant	  	 :   Not applicable

		
	A. Principal Rent	  	 :   For the period from and including the Rent Commencement Date and expiring on
and including 16 December 2016 £162,960 per annum (exclusive of Value Added Tax)
  

And then for the period from and including 17 December 2016 £325,920 per annum (exclusive of Value Added Tax) and subject to
upwards review in accordance with this Lease

		
	B. Rent Commencement Date	  	 :   17 August 2015

		
	C. Permitted Use	  	 :   Use as high class offices within Class B1(a) of the Schedule to the
Town and Country Planning (Use Classes) Order 1987 as it applies at the date of this Lease and purposes ancillary to such use

		
	D. Building	  	 :   the land and building known as One Cavendish Place, London WI and being the
whole of the land in title number 314084 and each and every part of it including all landlord’s fixtures and fittings, plant, machinery, apparatus and equipment now or after the date of this Lease in or upon the same and any additions,
alterations and improvements

		
	E. Rent Review Date(s)	  	 :   17 August 2020

		
	F. Tenant’s Break Date	  	 :   16 August 2020

  

	1.	DEFINITIONS 

  

	1.1	The expressions “Landlord”, “Tenant”, “Property” and “Term” have the meanings given to them in clauses LR3, LR4 and LR6. 

 

	1.2	The expressions “Principal Rent”, “Rent Commencement Date”, “Permitted Use”, “Building”, “Rent Review Date(s)” and “Tenant’s Break Date” have the meanings
given to them in clauses A to F. 

  

	1.3	These further definitions apply: 

 “Additional Rent” means all sums
referred to in clause 5, and all sums which are recoverable as rent in arrear or stated in this Lease to be due to the Landlord; 

“Adjoining Property” means any land and/or buildings adjoining or neighbouring the Property; 

  
 3 

 “Base Rate” means the base rate for the time being of Barclays Bank PLC
or some other London clearing bank nominated from time to time by the Landlord or, in the event of base rate being abolished, such other comparable rate of interest as the Landlord shall reasonably specify; 

“Business Hours” means the hours between 7 am and 7 pm on weekdays; 

“Common Parts” means any entrance halls, lavatories, cleaning cupboards, risers, corridors, passages, lobbies,
landings, staircases, lifts, pedestrian ways, courtyards, forecourts, and service areas and loading bays if any and any other amenities in, or forming part of, the Building which are or may from time to time be provided or designated by the Landlord
for common use by the tenants and occupiers of the Building and all persons expressly or by implication authorised by them but excluding the Lettable Areas; 

“Conduits” means all drains, pipes, gullies, gutters, sewers, ducts, mains, channels, subways, wires, cables, conduits, flues
and any other conducting media of whatsoever nature; 
 Contribution Works means the works to the Property being the
installation of floor boxes of flush type comprising three compartments each accommodating a double or twin accessory plate with one box every 10 square metres; 

“Development” means development as defined in section 55 of the Town and Country Planning Act 1990; 

“Enactment” means any Statute, Statutory Instrument, Order or Byelaw issued by any competent authority for the time being and
from time to time in force and any rule, regulation, scheme, plan or direction issued under or deriving authority from any of them; 

“Fair Proportion” means a fair and reasonable proportion appropriate to the Property or its use to be determined from
time to time by the Surveyor (acting reasonably); 
 “Group Company” means a company that is from time to time a
member of the same group within the meaning of Section 42 (as unamended) of the Landlord and Tenant Act 1954; 

“Guarantor” means the party (if any) named as “Guarantor” in this Lease and includes the person from time to
time guaranteeing the obligations of the Tenant under this Lease and, in the case of an individual, includes his personal representatives provided that in the context of clause 28.2 it shall exclude a guarantor pursuant to an authorised guarantee
agreement; 
 “Insurance Rent” means: 
  

	 	(a)	a Fair Proportion of the sums which the Landlord pays from time to time for insuring the Building against the Insured Risks pursuant to clause 27.1.1 and the other items referred to in clause 27.1.3; and

  

	 	(b)	all sums which the Landlord pays from time to time for insuring against the loss of the Principal Rent and the Service Charge pursuant to clause 27.1.2; 

  
 4 

 “Insured Risks” means (to the extent that any of the same are insurable
in the London insurance market at reasonable cost and on reasonable terms) fire, storm, tempest, flood, earthquake, lightning, explosion, terrorism, impact, aircraft (other than hostile aircraft) and other aerial devices and articles dropped from
them, riot, civil commotion and malicious damage, bursting or overflowing of water tanks, apparatus or pipes, and such other risks as the Landlord may, in its discretion (acting reasonably) from time to time, determine; 

“Landlord” means the person for the time being entitled to the reversion immediately expectant on the determination of the
Term; 
 “this Lease” means this underlease and any document which is supplemental to it, whether or not it is
expressly stated to be so; 
 “Lettable Areas” means those parts of the Building leased, intended to be leased or
capable of being leased to occupational tenants; 
 “Open Market Rent” means the annual rent that might
reasonably be expected to be paid for the Property if it were let on the Rent Review Date as a whole in the open market without a premium with vacant possession by a willing lessor to a willing lessee on a lease for a term commencing on the Rent
Review Date equal in duration to ten years with a tenant’s right to determine at the fifth anniversary of the term in substantially the same form (mutatis mutandis) as clause 44 and on the same terms and conditions (except for the amount of
rent but including the provisions for rent review at the expiry of each period of five years throughout the term) as in this Lease and with the benefit of any licence approval or consent granted by the Landlord at the request of the Tenant and
assuming: 
  

	 	(a)	that the rent will be payable as from the expiry of a rent free period of such length (commencing on the Rent Review Date) as the willing lessee would negotiate in the open market for (but only for) fitting out the
Property; 

  

	 	(b)	that all the covenants contained in this Lease on the part of the Tenant have been fully observed and performed at all times; 

  

	 	(c)	that on the Rent Review Date the Property is capable of immediate occupation and use and fully fitted out and that nothing has been done to the Property by the Tenant or any subtenant which has diminished the rental
value of the Property; 

  

	 	(d)	that in the event that the Property has been destroyed or damaged by an Insured Risk it has been fully restored by the Rent Review Date; 

 

	 	(e)	that no works have been carried out to the Property during the Term which would diminish the rental value of the Property; 

  

	 	(f)	the Contribution Works have been carried out and completed at the cost of the Landlord; 

 but
disregarding: 
  

	 	(i)	any effect on rent of the fact that the Tenant or any permitted subtenant may have been in occupation of the Property; 

  

	 	(ii)	any goodwill attached to the Property by reason of its use by the Tenant or any permitted subtenant; 

  
 5 

	 	(iii)	any effect on rent of any alteration, addition or improvement to the Property made by the Tenant or a permitted subtenant at its own expense with the written consent of the Landlord (where required) otherwise than under
any obligation to the Landlord or for which the Landlord has made a financial contribution. 

 “Plan” means
the plan annexed to this Lease; 
 “Planning Acts” means 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 the Planning and Compensation Act 1991 and any other town and country planning or related legislation;

 “Property” means the part of the fourth floor of the Building shown edged red on the Plan including:- 

 

	 	(a)	the internal plaster surfaces and finishes of any structural or load bearing walls and columns in or which enclose it, but not any other part of such walls and columns; 

 

	 	(b)	the entirety of any non-structural or non-load bearing walls and columns wholly within the Property; 

 

	 	(c)	the inner half (severed medially) of any internal non-load bearing walls which divide it from any other part of the Building; 

 

	 	(d)	the floor (including raised floors and the cavity below them) but the lower limit of the Property shall not extend to anything below the upper surface of the floor slabs; 

 

	 	(e)	the ceiling finishes, including suspended ceilings and suspended plaster ceiling (if any) and light fittings but the upper limit of the Property shall not extend to anything above the ceiling finishes other than the
cavity above any suspended ceilings which shall be included (but the floor slabs above shall be excluded); 

  

	 	(f)	all glass in the external windows; 

  

	 	(g)	all sanitary and hot and cold water apparatus and equipment and any radiators within the Property and all fire fighting equipment and hoses within the Property; 

 

	 	(h)	all Conduits within and exclusively serving the Property, except those of any utility company; 

  

	 	(i)	all landlord’s fixtures, fittings, plant, machinery, apparatus and equipment at any time in or on the Property (but not any air conditioning units, sprinklers and ducting and ancillary plant, machinery, apparatus
or equipment); and 

  

	 	(j)	any additions, alterations and improvements made by the Tenant or any sub-tenant during the term; 

both excluding the Retained Parts. 

“Prescribed Rate” means four per cent (4%) per annum above the Base Rate; 

  
 6 

 

 

 “Present Tenant” means (in Schedule 4) the Tenant at the time the
covenants on the part of the Guarantor are entered into and (in Schedule 7) the Tenant at the time the covenants on the part of the Present Tenant therein referred to are entered into; 

“President” means the President for the time being of, the Royal Institution of Chartered Surveyors (or in the event that such
Institution ceases to exist such other independent body as the Landlord may reasonably nominate) and includes the duly appointed deputy of the President or any person authorised by the President or by the Institution or nominated body to make
appointments on his or its behalf; 
 “Rents” means the sums payable by the Tenant under clause 4; 

“Retained Parts” means all parts of the Building which do not comprise Lettable Areas, including:- 

 

	 	(a)	the Common Parts; 

  

	 	(b)	any parts of the Building reserved by the Landlord for the housing of plant, machinery or equipment, or otherwise in connection with, or required for, the provision of services (which for the avoidance of doubt includes
the air conditioning apparatus and risers); 

  

	 	(c)	all Conduits in, on, over or under, or exclusively serving the Building, except any that form part of the Lettable Areas; 

  

	 	(d)	the main structure of the Building, including the roof and its structural parts, the foundations, all external walls, any internal structural or load bearing walls and columns, the structural slabs of the ceilings and
floors, any party structures, boundary walls, railings and fences, and all exterior parts of the Building and any pavements, pavement lights, roads and car parking areas (if any) which form part of the Building; 

“Reviewed Rent” means in respect of the period commencing on the Rent Review Date the reviewed rent at the Rent Review
Date determined in accordance with the terms of clause 4.8; 
 “Service Charge” has the meaning given to that
expression in clause 30; 
 “Superior Landlord” means the person for the time being entitled to any estate in the
Building which is reversionary (whether immediate or mediate) upon the Landlord’s estate; 
 “Superior Lease”
means the lease of the Building dated 2 November 1925 and made between The Right Honourable Thomas Evelyn Baron Howard de Walden and Seaford (1) and James Rossdale (2) for the term of 999 years from 6 January 1914 together with
any documents supplemental or collateral thereto; 
 “Surveyor” means any third party professional organisation with
appropriate professional qualifications appointed by the Landlord to perform the function of a surveyor or an accountant for any purpose of this Lease and any professionally qualified organisation appointed by the Landlord to collect the rents or to
manage the Building; 
 “Tenant” means the party named as ‘Tenant’ in this Lease and includes the Tenant’s
successors in title and assigns and, in the case of an individual, his personal representatives; 

  
 7 

 “Tenant’s Plant” means: 

 

	 	(a)	any supplemental air conditioning and heating plant and equipment and all pipes, cables and other conduits necessary to connect the air conditioning and heating plant and equipment to the Property, 

 

	 	(b)	a domestic sized satellite dish or aerial (or other telecommunications equipment) for receiving and transmitting telecommunications signals and all cables necessary to connect the telecommunications equipment to the
Property; 

 “Tenant’s Plant Area” means those parts of the roof of the Building as the
Landlord determines from time to time; 
 “Uninsured Risk” means any risk against which insurance cover is obtainable
on normal commercial terms in the London Insurance market today but which in the future ceases to be so obtainable but an Insured Risk does not become an Uninsured Risk for the purposes of this Lease by reason only of: 

 

	 	(a)	normal exclusion provisions in relation to a level of excess liability; 

  

	 	(b)	rejection by the insurer of liability, or some part of it, due to any act or default by the Tenant. 

“Utilities” means water, soil, steam, air, electricity, radio, television, telegraphic, telephone, telecommunications and
other services and supplies of whatsoever nature; 
 “Value Added Tax” means value added tax as defined in the
Value Added Tax Act 1994 and any tax of a similar nature substituted for, or levied in addition to, such value added tax; 

“Working Day” means any day, other than a Saturday or Sunday, on which clearing banks in the United Kingdom are open to
the public for the transaction of business. 
  

	2.	INTERPRETATION 

 Unless there is something in the subject or context inconsistent with
the same:- 
  

	2.1	every covenant by a party comprising more than one person shall be deemed to be made by such party jointly and severally; 

  

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

  

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

 

	2.4	any reference to the right of the Landlord to have access to, or to enter, the Property shall be construed as extending to the Superior Landlord and to any mortgagee of the Landlord or the Superior Landlord and to all
persons authorised by them, including agents, professional advisers, contractors, workmen and others; 

  

	2.5	any requirement that the Tenant must obtain the approval or consent of the Landlord in respect of any matter mentioned in this Lease includes a requirement that, where necessary under the Superior Lease, the approval or
consent of the Superior Landlord must also be obtained in respect of that matter; 

  
 8 

	2.6	any reference to a statute (whether specifically named or not) shall include any amendment or re-enactment of it 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 under it, or deriving validity from it; 

 

	2.7	all agreements and obligations by any party contained in this Lease (whether or not expressed to be covenants) shall be deemed to be, and shall be construed as, covenants by such party; 

 

	2.8	any covenant by the Tenant (other than any relating to payment of any of the Rents hereby reserved) shall be construed as being not only with the Landlord but also with the Superior Landlord; 

 

	2.9	the word “assignment” includes equitable assignment and the words “assign” and “assignee” shall be construed accordingly; 

 

	2.10	the words “including” and “include” shall be deemed to be followed by the words “without limitation”; 

  

	2.11	the titles or headings appearing in this Lease are for reference only and shall not affect its construction; 

  

	2.12	any reference to a clause or schedule shall mean a clause or schedule of this Lease. 

  

	3.	GRANT, RIGHTS AND OTHER MATTERS 

  

	3.1	Demise and Term 

 In consideration of the rents, covenants and agreements
reserved by, and contained in, this Lease to be paid and performed by the Tenant, the Landlord with full title guarantee leases the Property to the Tenant for the Term paying the Rents to the Landlord in accordance with clause 4. 

 

	3.2	Rights and Easements 

 There are granted the rights and easements set out
in Schedule 1. 
  

	3.3	Exceptions and reservations 

 There are excepted and reserved out of this
Lease the rights and easements set out in Schedule 2. 
  

	3.4	Third party rights 

 This Lease is granted subject to any rights,
easements, reservations, privileges, covenants, restrictions, stipulations and other matters affecting the Property which would be disclosed by any searches and enquiries which a prudent prospective tenant would have made before entering into this
Lease including any exceptions or reservations and other matters contained or referred to in the Superior Lease and any matters contained or referred to in the deeds and documents listed in Schedule 6 so far as any of them relate to the Property and
are still subsisting and capable of taking effect. 

  
 9 

	3.5	No implied easements 

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

	3.6	Covenants affecting reversion 

 The Tenant shall perform and observe the
agreements, covenants, restrictions and stipulations contained or referred to in the deeds and documents listed in Schedule 6 and the Superior Lease (other than provisions for the payment of rent or other sums) so far as any of them relate to the
Property and are still subsisting and capable of taking effect. 
  

	3.7	Encroachments and easements 

 The Tenant shall not stop up or obstruct any
of the windows or lights belonging to the Property and shall not permit any new window, light, opening, doorway, passage, Conduit or other encroachment or easement to be made or acquired into, on or over the Property or any part of them. If any
person shall attempt to make or acquire any encroachment or easement whatsoever, the Tenant shall give written notice of that fact to the Landlord promptly after it shall come to the notice of the Tenant and, at the request and cost of the Landlord,
adopt such means as may be reasonably required by the Landlord for preventing any encroachment or the acquisition of any easement. 
  

	3.8	Covenants relating to other property 

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

	3.9	Rights of entry by Landlord 

 The Tenant shall permit the
Landlord or its surveyor/employees with all necessary materials and appliances to enter and remain for so long as is reasonably necessary on the Property:- 
  

	 	3.9.1	to examine the condition of the Property and to take details of the landlord’s fixtures in them; 

  

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

  

	 	3.9.3	for any purpose that, in the reasonable opinion of the Landlord, is necessary to enable it to comply with any covenant on its part contained in the Superior Lease even though the obligation to comply with such covenant
may be imposed on the Tenant by this Lease; 

  

	 	3.9.4	for any other reasonable purpose connected with the interest of the Landlord in the Property or the Building, including valuing or disposing of the Landlord’s interest in them; 

 

	 	3.9.5	to carry out inspection, repairs, renewals (when necessary) and maintenance of the air conditioning units and apparatus within the Property. 

  
 10 

	3.10	Terms of entry by Landlord 

 In exercising any of the rights
mentioned in clause 3.9, the Landlord or the person exercising the right shall: 
  

	 	3.10.1	give to the Tenant reasonable prior notice that the right is to be exercised (and insofar as reasonably practicable not less than 48 hours’ prior notice in the case of exercising rights (other than carrying out
works) under clauses 3.9.1, 3.9.2, 3.9.3 and 3.9.4 and not less than five working days’ notice for the purposes of carrying out any works under clauses 3.9.1, 3.9.2, 3.9.3, 3.9.4 and 3.9.5) and shall only exercise it at reasonable times (except
in an emergency, when no notice need be given and when it can be exercised at any time); 

  

	 	3.10.2	cause as little inconvenience as practicable to the Tenant or any other permitted occupier of any part of the Property; and 

  

	 	3.10.3	make good, as soon as practicable and to the reasonable satisfaction of the Tenant, any physical damage caused to the Property and indemnify the Tenant for any other physical damage caused to the Tenant’s fixtures,
fittings and contents. 

  

	4.	RENTS 

  

	4.1	Tenant’s obligation to pay 

 The Tenant covenants to pay to the
Landlord at all times during the Term:- 
  

	 	4.1.1	yearly, and proportionately for any fraction of a year, the Principal Rent; 

  

	 	4.1.2	the Insurance Rent; 

  

	 	4.1.3	the Service Charge; and 

  

	 	4.1.4	any Value Added Tax which may be chargeable in respect of the Principal Rent, the Insurance Rent and the Service Charge. 

  

	4.2	Dates of payment of Principal Rent 

 The Principal
Rent and any Value Added Tax chargeable on it shall be paid in four (4) equal instalments in advance on each 25th March, 24th June, 29th September and 25th December in every year. The first payment is payable as from the Rent Commencement Date
and the first payment is to be made on that date or a proportion (calculated on a daily basis) in respect of the period from the Rent Commencement Date to the day before the next quarter day. 

 

	4.3	Method of payment of Principal Rent 

 The Principal
Rent and any Value Added Tax chargeable on it shall be paid by standing order or direct debit from the Tenant’s bankers so that the Landlord shall receive full value in cleared funds on the date when payment is due. 

 

	4.4	Rent Review 

 The amount of the Principal Rent will increase on the Rent Review
Date to the Open Market Rent (ascertained in accordance with clause 4.8) of the Property on that date if that is more than the Principal Rent payable before that date, but the amount of the Principal Rent will not decrease. 

  
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	4.5	Dates of payment of Insurance Rent and Additional Rent 

The Insurance Rent and the Additional Rent and any Value Added Tax chargeable on either of them shall be paid within ten (10) Working Days
of written demand, the first payment of the Insurance Rent having been made on the date of this Lease. 
  

	4.6	Dates of payment of Service Charge 

 The Service
Charge and any Value Added Tax chargeable on it shall be paid in accordance with clause 30. 
  

	4.7	No right of set-off 

Subject to any contrary statutory right, the Tenant shall not exercise any legal or equitable rights of
set-off, deduction, abatement or counterclaim which it may have to reduce its liability for Rents. 
  

	4.8	Rent Review 

  

	 	4.8.1	The Landlord and the Tenant may agree the Open Market Rent at any time. If the Open Market Rent has not been agreed by the date three months before the Rent Review Date then until it has been agreed either of them may,
by giving notice in writing to the other, require the matter to be decided by an independent surveyor (“the valuer”) of not less than ten years qualification and having practical experience in and knowledge of commercial lettings of
property similar to the Property and situated in the area in which the Property is situated. 

  

	 	4.8.2	The valuer shall act as an arbitrator and not as an expert and the Arbitration Act 1996 shall apply to his determination. 

  

	 	4.8.3	The valuer shall be appointed (in the event of the Landlord and the Tenant failing to agree on the appointee) by or on behalf of the President for the time being of the Royal Institution of Chartered Surveyors
(“RICS”) on the application of either party. 

  

	 	4.8.4	The Landlord and the Tenant may agree in writing the Reviewed Rent at any time and if they do so after a referral to the valuer then:- 

 

	 	(a)	the valuer’s appointment shall (subject only to resolution of the issue of costs) be determined upon such agreement; 

  

	 	(b)	the valuer’s costs to the date of such agreement and relating to any award as to costs shall be in the determination of the valuer as part of the reference to it insofar as not agreed between the Landlord and the
Tenant. 

  

	 	4.8.5	If the valuer shall die delay or become unwilling, unfit or incapable of acting or if for any other reason the President for the time being of the Royal Institution of Chartered Surveyors or the person acting on its
behalf shall in its absolute discretion think fit he may on the application of either party by writing discharge the valuer and appoint another in its place. 

  

	 	4.8.6	The valuer’s determination shall be dated with the date on which it is actually despatched to the Landlord and the Tenant and not any earlier date. 

  
 12 

	 	4.8.7	Where the Rent Review Date is a quarter day and the Reviewed Rent payable on and from that Rent Review Date has been ascertained by that day, the Principal Rent payable on that day shall be calculated at the rate of the
Reviewed Rent. 

  

	 	4.8.8	Where the Rent Review Date is not a quarter day: 

  

	 	(a)	if the Reviewed Rent payable on and from the Rent Review Date has been ascertained by the immediately preceding quarter day, the Principal Rent payable on that quarter day shall comprise rent at the then current rate of
Principal Rent (“the Previous Rent”) for the period to immediately before the Rent Review Date together with rent at the rate of the Reviewed Rent for the remainder of the quarter; 

 

	 	(b)	if the Reviewed Rent is ascertained after the quarter day immediately preceding the Rent Review Date but before the Rent Review Date, then on that quarter day the Tenant shall pay on account of the Principal Rent a full
quarterly rent at the rate of the Previous Rent, and on the Rent Review Date the Tenant shall pay to the Landlord additional rent for the remainder of that quarter at the rate by which the Reviewed Rent exceeds the Previous Rent. 

 

	 	4.8.9	Where the Reviewed Rent payable on and from the Rent Review Date is ascertained after the Rent Review Date, then: 

  

	 	(a)	on the quarter day falling before the ascertainment of the Reviewed Rent the Tenant shall pay on account rent at the rate of the Previous Rent, and 

 

	 	(b)	on the quarter day following ascertainment of the Reviewed Rent the Tenant shall pay to the Landlord (a) rent for the ensuing quarter at the rate of the Reviewed Rent and (b) a sum equal to the shortfall by
which the Reviewed Rent calculated from the Rent Review Date down to immediately before that quarter day exceeds the rent paid on account and (c) interest at the Base Rate on that shortfall calculated from day to day on each part of the
shortfall for the period from the date on which it would have been payable if the Reviewed Rent had been ascertained by the Rent Review Date. 

  

	 	4.8.10	For the purposes of this clause, the Reviewed Rent is “ascertained” when it is agreed in writing between the Landlord and the Tenant or if determined by the valuer in accordance with the provisions of clause
4.8.6. 

  

	 	4.8.11	If either the Landlord or the Tenant shall fail to pay the appropriate amount of the fees and expenses of the valuer as determined by it within fourteen days of the same being demanded by the valuer, the other shall be
entitled to pay the same and the amount so paid shall be repaid on demand with interest at the Prescribed Rate by the party chargeable on demand. 

  

	 	4.8.12	If at the Rent Review Date there shall be in force any Enactment which shall restrict curtail or modify the effect or operation of the provisions of this clause 4.8 then the Landlord shall in addition to the review
herein provided for on the occasion such Enactment or any part thereof is removed relaxed or modified be entitled on giving not less than one month’s notice in writing expiring after such removal relaxation or modification to introduce a
special review date which shall be the date of expiration of such notice and the rent from such special review date if any shall be determined in accordance with the provisions of this clause 4.8 mutatis mutandis. 

  
 13 

	 	4.8.13	Immediately after agreement (as distinct from determination) of the Reviewed Rent a memorandum as to its amount shall be signed by the Landlord and the Tenant. 

 

	5.	INTEREST 

  

	5.1	Interest on late payments 

 Without prejudice to any other right,
remedy or power contained in this Lease or otherwise available to the Landlord, if any of the Rents (whether formally demanded or not in case of the Principal Rent) or any other sum of money payable to the Landlord by the Tenant under this Lease
shall not be paid so that the Landlord receives full value in cleared funds on the date being 10 Working Days after the due payment date under the terms of this Lease the Tenant shall pay interest on such Rents and/or sums at the Prescribed Rate
from and including the date when payment was due in respect of the Principal Rent and from demand in respect of all other payments to the date of payment to the Landlord (both before and after any judgment). 

 

	5.2	Interest on refused payments 

 Without prejudice to any other right,
remedy or power contained in this Lease or otherwise available to the Landlord, if the Landlord shall with good reason decline to accept any of the Rents so as not to waive any existing breach, the Tenant shall pay interest on such Rent at the
Prescribed Rate from and including the date when payment was due (or, where applicable, would have been due if demanded on the earliest date on which it could have been demanded) to the date when payment is accepted by the Landlord. 

 

	6.	OUTGOINGS 

  

	6.1	Tenant’s obligation to pay 

 The Tenant shall pay, or indemnify
the Landlord against, all existing and future rates, taxes, duties, charges, assessments, impositions and other 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) which are now or may at any time during the Term be charged, levied, assessed or imposed upon, or payable in respect of, the Property or upon the owner or
occupier of them (excluding any tax payable by the Landlord occasioned by any disposition of, or dealing with, the reversion of this Lease) and, in the absence of a direct assessment on the Property, shall pay to the Landlord a fair proportion (to
be reasonably determined by the Landlord) of any such outgoings. 
  

	6.2	Costs of utilities etc. 

 The Tenant shall:- 

 

	 	6.2.1	pay all charges for electricity, gas and water consumed in the Property, including any connection and hiring charges and meter rents; and 

 

	 	6.2.2	perform and observe all present and future regulations and requirements of the electricity, gas and water supply companies or boards in respect of the supply and consumption of electricity, gas and water on the
Property. 

  
 14 

	7.	VALUE ADDED TAX 

  

	7.1	Sums exclusive of VAT 

 All sums payable under this Lease by the
Tenant to the Landlord shall be deemed to be exclusive of Value Added Tax. 
  

	7.2	Tenant to pay VAT 

 Where pursuant to the terms of this Lease the
Landlord makes a supply to the Tenant (other than a supply made in consideration for the payment of the Rents) and Value Added Tax is payable in respect of such supply, the Tenant shall pay to the Landlord on the date of such supply a sum equal to
the amount of Value Added Tax so payable and any penalty or interest incurred by the Landlord for any late payment of such Value Added Tax and the Landlord shall supply to the Tenant a Value Added Tax invoice in respect of the same. 

 

	7.3	VAT incurred by Landlord 

 Where the Tenant is required by the terms
of this Lease to reimburse the Landlord for the costs or expenses of any supplies made to the Landlord, the Tenant shall also at the same time pay or, as the case may be, indemnify the Landlord against all Value Added Tax input tax incurred by the
Landlord in respect of those supplies save to the extent that the Landlord is entitled to repayment or credit in respect of such Value Added Tax input tax. 
  

	8.	LANDLORD’S COSTS 

 Within ten (10) Working Days of written demand, the
Tenant shall pay, or indemnify the Landlord and the Superior Landlord against, all reasonable and proper costs, fees, charges, disbursements and expenses properly incurred by them, including those payable to solicitors, counsel, surveyors,
architects and bailiffs:- 
  

	8.1	in relation to the preparation and service of a notice under section 146 of the Law of Property Act 1925 or any proceedings under section 146 or section 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 that Act and even though forfeiture
may be avoided otherwise than by relief granted by the court); 

  

	8.2	in relation to the preparation and service of all notices and schedules relating to any wants of repair, whether served during or within three (3) months after the expiration of the Term (but relating in all cases
only to such wants of repair which accrued not later than the expiration or earlier determination of the Term); 

  

	8.3	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; 

 

	8.4	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 it is granted (except in cases where the Landlord is
obliged not to withhold its consent unreasonably and the withholding of its consent is held to be unreasonable), or the application is withdrawn. 

  
 15 

	9.	REPAIRS, DECORATION ETC. 

  

	9.1	Repairs 

 Subject to clause 9.2, the Tenant shall: 

 

	 	9.1.1	repair and keep in good and substantial repair and condition the Property; and 

  

	 	9.1.2	as and when reasonably necessary, replace any of the landlord’s fixtures and fittings (excluding all air conditioning units, sprinklers and ducting and ancillary plant, machinery, apparatus or equipment situated in
the Property) which become beyond repair with new ones which are similar in type and quality. 

  

	9.2	Damage by the Insured/Uninsured Risks 

 There shall be
excepted from the obligations contained in clause 9.1: 
  

	 	9.2.1	any damage caused by the Insured Risks (to the extent to which the Landlord covenants to insure the same under Clause 27.1) save to the extent that payment of the insurance monies shall be withheld by reason of any act,
neglect or default of the Tenant, any undertenant or occupier or any of their respective agents, licensees, visitors or contractors or any person under the control of any of them unless the Tenant shall have complied with the provisions of clause
27.7; 

  

	 	9.2.2	any damage caused by an Uninsured Risk 

  

	9.3	Decorations 

 The Tenant shall in the fifth year of the Term and in the last three
(3) months of the Term (whether determined by passage of time or otherwise) in a good and workmanlike manner prepare and decorate with at least two coats of good quality paint or otherwise treat, as appropriate, all parts of the Property, such
decorations and treatment in the last year of the Term to be executed in such colours and materials as the Landlord may reasonably require; 
  

	9.4	Cleaning 

 The Tenant shall: 

 

	 	9.4.1	keep the Property in a clean and tidy condition; 

  

	 	9.4.2	as often as reasonably necessary properly clean the inside of the windows or window frames and all other glass in the Property unless the Landlord, in its discretion, arranges for the cleaning of the windows or window
frames of the Property itself. 

  

	9.5	Tenant’s Plant 

 The Tenant shall keep in good and substantial repair and
condition any Tenant’s Plant. 

  
 16 

	10.	YIELD UP 

  

	10.1	Reinstatement of Property 

 Immediately prior to the expiration or earlier
determination of the Term the Tenant shall at its cost:- 
  

	 	10.1.1	replace any of the landlord’s fixtures and fittings which shall be missing, damaged or destroyed, with new ones of similar kind and quality or (at the option of the Landlord) pay to the Landlord the reasonable cost
of replacing any of them; 

  

	 	10.1.2	remove from the Property any sign, writing or painting of the name or business of the Tenant or any occupier of them and all tenant’s fixtures, fittings, furniture and effects and make good, to the reasonable
satisfaction of the Landlord, all damage caused by such removal; 

  

	 	10.1.3	unless directed not to do so by the Landlord before the end of the Term, remove and make good any alterations or additions made to the Property during the Term and well and substantially reinstate the Property to an
open plan layout and to the Landlord’s reasonable satisfaction. 

  

	10.2	Yielding up in repair 

 At the expiration or earlier determination
of the Term, the Tenant shall quietly yield up the Property to the Landlord in the standard of repair and condition required by the covenants by the Tenant contained in this Lease. 

 

	11.	COMPLIANCE WITH NOTICES 

  

	11.1	Tenant to remedy breaches of covenant 

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

	11.2	Failure of Tenant to repair 

 If the Tenant shall fail within
fifteen (15) Working 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 Property and carry out,
or cause to be carried out, any of the works referred to in such notice and all reasonable and proper costs and expenses properly incurred as a result shall be paid by the Tenant to the Landlord within ten (10) days of written demand and, in
default of payment, shall be recoverable as a debt. 
  

	12.	ALTERATIONS 

  

	12.1	No structural or external alterations 

 The Tenant shall not
alter, cut into or remove any of the principal or load-bearing walls, floors, beams or columns in or enclosing the Property and shall not make any alterations which affect the external appearance of the Property and/or Building. 

 

	12.2	No alterations to landlord’s fixtures 

 The Tenant shall
not make any alteration or addition to any of the landlord’s fixtures which for the avoidance of doubt includes the door and glass screens at the entrance to the Property or to any of the Conduits in the Property. 

  
 17 

	12.3	Non-structural alterations 

 The Tenant
may make non-structural internal alterations to the Property with the prior written consent of the Landlord (such consent not to be unreasonably withheld or delayed) but the Tenant may, without the
Landlord’s consent, install, alter or remove internal non-structural partitioning and associated works (including cabling works within the Property and associated mechanical and electrical modifications)
subject to: 
  

	 	12.3.1	the Tenant otherwise complying with the provisions of this Lease regarding such works; 

  

	 	12.3.2	such works not adversely affecting or interfering with any heating, cooling or other services and Conduits in the Building; 

  

	 	12.3.3	the Tenant providing the Landlord with details of such works promptly upon their completion and in any event within 20 Working Days of completion of the works. 

 

	12.4	Covenants by Tenant 

 The Tenant shall enter into such covenants as the
Landlord may reasonably require regarding the execution of any works to which the Landlord consents under this clause, but will include an obligation to reinstate the Property at the end or earlier determination of the Term provided they are
consistent with clause 10.1.3. 
  

	13.	USE OF PROPERTY 

  

	13.1	Permitted use 

 The Tenant shall not use the Property or any part of them except
for the Permitted Use. 
  

	13.2	Tenant not to leave Property unoccupied 

 The Tenant
shall not leave the Property continuously unoccupied for more than thirty (30) days without notifying the Landlord. 
  

	13.3	Details of keyholders 

 The Tenant shall ensure that, at all times, the
Landlord has particulars of the name, home address and home telephone number of at least two keyholders of the Property. 
  

	13.4	Keys to be given to the Landlord 

 The Tenant
shall provide the Landlord with a set of keys to the Property to enable the Landlord or its agents and others authorised by the Landlord to enter the Property for security purposes or in cases of emergency. 

 

	14.	USE RESTRICTIONS 

 The Tenant shall perform and observe the obligations set out in
Schedule 3. 
  

	15.	LANDLORD’S REGULATIONS 

 The Tenant shall comply with all reasonable
regulations made by the Landlord from time to time and notified to the Tenant in writing for the general management and security of the Building, the Common Parts and other areas used or to be used in common with others save that if any such
regulations are inconsistent with this Lease, this Lease prevails. 

  
 18 

	16.	USE OF PROPERTY OUTSIDE BUSINESS HOURS 

 If the Tenant
wants to use the Property outside Business Hours the Tenant shall be entitled to use the Property and to have access to them at any time of the day or night on any day of the year on the following terms: 

 

	16.1	the Tenant shall pay to the Landlord within ten (10) Working Days of written demand the whole of the reasonable and proper expenses attributable to the provision of any such staff, services and security required
and as requested by the Tenant outside Business Hours or if such staff, services and security are used in conjunction with other tenants in the Building a fair and reasonable proportion of such costs according to use; and 

 

	16.2	the Landlord shall not be obliged to provide any services to the Building in general or to the Property in particular if the Landlord, in its reasonable discretion, considers it impractical to do so. 

 

	17.	EXCLUSION OF WARRANTY AS TO USER 

  

	17.1	No warranty by Landlord 

 Nothing contained in this Lease, or in any
consent or approval granted by the Landlord under this Lease, shall imply or warrant that the Property may be used under the Planning Acts for the purpose permitted by this Lease or any purpose subsequently permitted. 

 

	17.2	Tenant’s acknowledgement 

 The Tenant acknowledges that neither the Landlord
nor any person acting on behalf of the Landlord has at any time made any representation or given any warranty that any use permitted by this Lease is, will be, or will remain, a use authorised under the Planning Acts. 

 

	17.3	Tenant to remain bound 

 Even though any such use may not be a use
authorised under the Planning Acts, the Tenant shall remain fully 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. 

 

	18.	GENERAL RESTRICTIONS 

  

	18.1	Alienation generally 

 The Tenant shall not assign, charge, underlet or part with
possession or share the occupation of, or permit any person to occupy, or create any trust in respect of the Tenant’s interest in, the whole or any part of the Property, except as may be expressly permitted by this clause and clauses 19 and 20.

  

	18.2	Sharing with a Group Company 

 Nothing in this clause or
clauses 19 and 20 shall prevent the Tenant from sharing occupation of the whole or any part of the Property with any company which is, for the time being, a Group Company of the Tenant subject to (a) the Tenant giving to the Landlord prior
written notice of the sharing of occupation and the name of the Group Company (b) the Tenant and that Group Company remaining in the same relationship whilst the sharing lasts and (c) the sharing not creating the relationship of landlord
and tenant between the Tenant and that Group Company. 

  
 19 

	18.3	Charging 

 The Tenant may charge the whole of the Property with the Landlord’s
consent (such consent not to be unreasonably withheld or delayed) but no consent is required for the creation of a floating charge over the whole or substantially the whole of the Tenant’s assets as part of its normal business. 

 

	19.	ASSIGNMENT 

  

	19.1	No Assignment of Part 

 The Tenant shall not assign any part or
parts (as distinct from the whole) of the Property. 
  

	19.2	Circumstances in which consent to Assignment may be withheld 

For the purposes of Section 19(1A) of the Landlord and Tenant Act 1927 it is agreed that the Landlord may withhold its consent to an
assignment of the whole of the Property in the following circumstances:- 
  

	 	19.2.1	Where the proposed assignee is not resident in a jurisdiction where reciprocal enforcement of judgements exists or in the reasonable opinion of the Landlord does not have sufficient assets within the jurisdiction of
England and Wales to satisfy the Tenant’s financial covenants and obligations under this Lease. 

  

	 	19.2.2	Where the proposed assignee is any person or entity who has the right to claim sovereign or diplomatic immunity or exemption from liability from the covenants on the part of the Tenant contained in this Lease.

  

	 	19.2.3	If there are any outstanding material subsisting breaches of the Tenant’s obligations under this Lease. 

  

	 	19.2.4	Where the proposed assignee is a Group Company. 

  

	19.3	Conditions for Landlord’s Consent 

 For the purposes of
Section 19(1A) of the Landlord and Tenant Act 1927 it is further agreed that any consent of the Landlord to an assignment of the whole of the Property may be subject: 
  

	 	19.3.1	If reasonably required by the Landlord a condition requiring the proposed assignee upon completion of the proposed assignment either; 

 

	 	(a)	to deposit in such account such sum as may be reasonably required by the Landlord and to deliver to the Landlord a duly executed rent deposit deed in such form as the Landlord may reasonably require; or

  

	 	(b)	to provide an acceptable guarantor for any proposed assignee and such guarantor shall execute and deliver to the Landlord a deed containing covenants by that guarantor (or, if more than one, joint and several covenants)
with the Landlord, as a primary obligation, in the terms contained in Schedule 4 (with any necessary changes). 

  
 20 

	 	19.3.2	A condition that the Tenant shall, prior to the proposed assignment being completed, execute and deliver to the Landlord a deed which shall be prepared by the Landlord’s solicitors containing covenants on the part
of the Tenant in the form of those contained in Schedule 7 (therein defined as the “Present Tenant”) or in such other terms as the Landlord may reasonably require. 

 

	 	19.3.3	A condition that any guarantor of the Tenant shall, prior to the proposed assignment being completed, execute and deliver to the Landlord a deed which shall be prepared by the Landlord’s solicitors which provides
for the guarantor to guarantee the Tenant’s observance and performance of the covenants contained in the deed referred to in clause 19.3.2 in such form as the Landlord shall reasonably require. 

 

	19.4	Assignment of the whole 

 Without prejudice to the provisions of
Clauses 18 to 19.3 inclusive the Tenant shall not assign the whole of the Property without the prior written consent of the Landlord and except in relation to the circumstances mentioned in Clause 19.2 and the conditions mentioned in Clause 19.3
such consent shall not be unreasonably withheld or delayed. The parties agree that in considering whether or not the Landlord is reasonably withholding such consent due and proper regard shall be had to the provisions and effect of the Landlord and
Tenant (Covenants) Act 1995. 
  

	20.	UNDERLETTING 

  

	20.1	Underletting 

  

	 	20.1.1	The Tenant shall not underlet the whole or part of the Property other than on condition that:- 

  

	 	(a)	if the Landlord shall reasonably so require, the undertenant obtains an acceptable guarantor for any proposed undertenant and such guarantor shall execute and deliver to the Landlord a deed containing covenants by that
guarantor (or, if more than one, joint and several covenants) with the Landlord, as a primary obligation, in the terms contained in Schedule 4 (with any necessary changes); and 

 

	 	(b)	the tenancy created by the underlease is validly excluded from sections 24 to 28 of the Landlord and Tenant Act 1954. 

  

	 	20.1.2	No subletting of part shall result in the division of the Property into more than two occupancies (one of which must be occupied by the Tenant) and each underletting of part shall only be of a part approved by the
Landlord (such approval not to be unreasonably withheld or delayed) that is capable of being occupied and used as a self-contained unit with all necessary and proper services and any areas created as common parts (and approved by the Landlord)
between such divided space shall not be considered as occupied by a party but shall be retained by the Tenant for use by the Tenant and the sub-tenant. 

 

	20.2	Underletting rent 

 The Tenant shall not underlet the whole or part of the
Property at a fine or premium or at a rent less than the open market rent of the Property (or the part underlet (as applicable)). 

  
 21 

	20.3	Direct covenants from undertenant 

 Prior to any permitted
underlease, the Tenant shall procure that the undertenant enters into the following direct covenants with the Landlord:- 
  

	 	20.3.1	an unqualified covenant by the undertenant not to assign or charge any part (as opposed to the whole) of the Property to be underlet; 

 

	 	20.3.2	an unqualified covenant by the undertenant not to underlet the whole or any part of the Property to be underlet nor (save by way of an assignment of the whole of the Property to be underlet or sharing with a Group
Company pursuant to the terms of clause 18.2) part with possession or share the occupation of the whole or any part of the Property to be underlet or permit any person to occupy them; 

 

	 	20.3.3	a covenant by the undertenant not to assign or charge the whole of the Property to be underlet without the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed;

  

	 	20.3.4	a covenant by the undertenant to perform and observe all the tenant’s covenants contained in (a) this Lease (other than the payment of the Rents) so far as the same are applicable to the property to be
underlet and (b) the permitted underlease. 

  

	20.4	Contents of underlease 

 Every permitted underlease (a final copy of which
shall be supplied to, and approved by, the Landlord prior to its grant, such approval not to be unreasonably withheld or delayed) shall contain:- 
  

	 	20.4.1	a covenant by the undertenant (which the Tenant covenants to use reasonable endeavours to enforce) prohibiting the undertenant from doing or suffering any act or thing on, or in relation to, the property underlet
inconsistent with, or in breach of, this Lease; 

  

	 	20.4.2	a condition for re-entry on breach of any covenant by the undertenant; 

  

	 	20.4.3	the same restrictions as to assignment, charging and parting with or sharing the possession or occupation of the Property underlet, and the same provisions for direct covenants and registration, as are in this Lease
(with any necessary changes); 

  

	 	20.4.4	an absolute prohibition on any further sub underletting; and 

  

	 	20.4.5	(if the term of the underlease extends beyond the Rent Review Date under this Lease) subject to review on the same dates and on the same basis as under this Lease. 

 

	20.5	Tenant to obtain Landlord’s consent 

 Without prejudice
to the other provisions of this clause, the Tenant shall not underlet the whole or part of the Property without the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed. 

  
 22 

	20.6	Tenant to enforce obligations 

 The Tenant shall use reasonable
endeavours to enforce the performance and observance of the covenants by the undertenant contained in any permitted underlease and shall not, at any time, either expressly or by implication, waive any breach of them. 

 

	20.7	No variation of terms 

 The Tenant shall not vary the terms of any
permitted underlease, without the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed. 
  

	20.8	No reduction in rent 

 The Tenant shall procure that the rent
payable under any permitted underlease is not commuted or made payable more than one quarter in advance and shall not permit any reduction of that rent (but this will not prevent the grant of a rent free period of such length as is usual on a new
letting of similar premises at that time). 
  

	20.9	Rent review 

 The Tenant shall not agree a revised rent under any permitted
underlease pursuant to any rent review provisions contained therein without the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed. 

 

	21.	REGISTRATION OF DISPOSITIONS 

 Within twenty (20) Working Days of
every assignment, transfer, assent, underlease, assignment of underlease, mortgage, charge or any other disposition, whether mediate or immediate, of or relating to the Property, the Tenant shall provide the Landlord or its solicitors with a copy
(certified as true) of the deed, instrument or other document evidencing or effecting such disposition and, on each occasion, shall pay to the Landlord or its solicitors a fee of fifty pounds (£50.00). 

 

	22.	STATUTORY REQUIREMENTS 

  

	22.1	Tenant to comply with statutes 

 The Tenant shall, at its
expense, comply in all respects with every statute now in force or which may, after the date of this Lease, be in force and any other obligation imposed by law and all regulations laws or directives made or issued by or with the authority of The
European Commission and/or The Council of Ministers relating to the Property or their use, including (but without limitation) the Defective Property Act 1972, the Health and Safety at Work etc. Act 1974, the Environmental Protection Act 1990, the
Water Resources Act 1991, the Environment Act 1995 and the Disability Discrimination Act 1995 but only insofar such statute or other such obligations relate to and affect the Tenant’s use and occupation of the Property. 

 

	22.2	Tenant to execute necessary works 

 The Tenant shall execute
all works and provide and maintain all arrangements on or in respect of the Property or their use which are required by any statute now in force or which may after the date of this Lease be in force or by any government department, local, public or
other competent authority or court of competent jurisdiction acting under or in pursuance of any statute, whether any of the same are required to be carried out by the landlord, tenant or occupier, and shall indemnify the Landlord against all
reasonable and proper costs, charges, fees and expenses of, or incidental to, the execution of any works or the provision or maintenance of any arrangements so required but only insofar such statute or other such obligations relate to and affect the
Tenant’s use and occupation of the Property. 

  
 23 

	22.3	Tenant to refrain from certain acts 

 The Tenant shall
not do, or omit to be done, in the Property, 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 damages, compensation, costs, charges, expenses or penalty. 

 

	23.	PLANNING ACTS 

  

	23.1	Tenant’s obligation to comply 

 The Tenant shall comply with
the Planning Acts relating to, or affecting, the Property, and indemnify the Landlord against all actions, proceedings, claims, demands, losses, costs, expenses, damages and liability whatsoever in respect of any
non-compliance. 
  

	23.2	No application for planning permission without consent 

The Tenant shall not make any application for planning permission or for other consents required under the Planning Acts in respect of the
Property without the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed. 
  

	23.3	Tenant to obtain all permissions 

 The Tenant shall, at its
expense, obtain and, if appropriate, renew any planning permission and any other consent and serve all necessary notices required for the carrying out by the Tenant of any operations or the commencement or continuance of any use on the Property.

  

	23.4	Tenant to pay planning charges 

 The Tenant shall pay and
satisfy any charge or levy imposed under the Planning Acts in respect of any Development by the Tenant on the Property. 
  

	23.5	No implementation of permission without approval 

 The
Tenant shall not implement any planning permission or consent required under the Planning Acts before it has been produced to, and approved in writing by, the Landlord, such approval not to be unreasonably withheld or delayed but the Landlord may
refuse to approve such planning permission or consent 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 Property or the Building or in any Adjoining Property, whether during or following the expiration or earlier determination of the Term. 

 

	23.6	Tenant to carry out works before end of Term 

Unless the Landlord shall otherwise direct in writing, the Tenant shall carry out and complete before the expiration or earlier determination
of the Term:- 
  

	 	23.6.1	any works required to be carried out to the Property as a condition of any planning permission granted during the Term and implemented by the Tenant whether or not the date by which the planning permission requires such
works to be carried out is within the Term; and 

  
 24 

	 	23.6.2	any Development begun upon the Property in respect of which the Landlord may be or become liable for any charge or levy under the Planning Acts. 

 

	23.7	Plans etc. to be produced 

 The Tenant shall produce to the
Landlord as soon as reasonably practicable following written demand all plans, documents and other evidence as the Landlord may reasonably require in order to satisfy itself that this clause has been complied with. 

 

	24.	STATUTORY NOTICES 

  

	24.1	Notices Generally 

 The Tenant shall:- 

 

	 	24.1.1	within ten (10) Working Days (or sooner if necessary having regard to the requirements of the notice or order in question or the time limits stated in it) of receipt of any notice or order or proposal for a notice
or order given to the Tenant and relevant to the Property or any occupier of them by any government department, local, public or other competent authority or court of competent jurisdiction, provide the Landlord with a true copy of it;

  

	 	24.1.2	without delay, take all necessary steps to comply with the notice or order so far as the same is the responsibility of the Tenant but only insofar such statute or other such obligations relate to and affect the
Tenant’s use and occupation of the Property; and 

  

	 	24.1.3	at the request and cost of the Landlord join with the Landlord in making such objection, complaint, representation or appeal against or in respect of any such notice, order or proposal as the Landlord shall reasonably
deem expedient. 

  

	24.2	Party Wall etc. Act 1996 

 The Tenant shall:- 

 

	 	24.2.1	Forthwith after receipt by the Tenant of any notice served on the Tenant under the Party Wall etc Act 1996 provide the Landlord with a true copy of it; 

 

	 	24.2.2	At the request and cost of the Landlord join with the Landlord in making such objection complaint representation and in serving such counter notice against or in respect of any such notice as the Landlord shall
reasonably deem expedient; 

  

	 	24.2.3	At the request and cost of the Landlord join with the Landlord in serving any such notice on any adjoining owner under the Party Wall etc. Act 1996 as the Landlord may from time to time reasonably require.

  
 25 

	25.	FIRE PRECAUTIONS AND EQUIPMENT 

  

	25.1	Compliance with requirements 

 The Tenant shall comply with the
requirements and recommendations of the fire authority and the insurers of the Building and notified to the Tenant by the Landlord and the reasonable requirements of the Landlord in relation to fire precautions affecting the Property. 

 

	25.2	Fire fighting appliances to be supplied 

 The Tenant
shall keep the Property equipped with such fire fighting appliances as shall be required by any statute, the fire authority or the insurers of the Building, or as shall be reasonably required by the Landlord (or, at the Landlord’s option, the
Tenant shall pay to the Landlord within twenty (20) Working Days of written demand the reasonable cost of the Landlord providing and installing any such appliances) and the Tenant shall keep such appliances open to inspection and maintained to
the reasonable satisfaction of the Landlord. 
  

	25.3	Access to be kept clear 

 The Tenant shall not obstruct the
access to, or means of working, any fire fighting appliances or the means of escape from the Property or the Building in case of fire or other emergency. 
  

	26.	DEFECTIVE PROPERTY 

 As soon as reasonably practicable after becoming aware of the
same the Tenant shall give written notice to the Landlord of any defect in the Property 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 any duty of care imposed on the
Landlord under the Defective Property Act 1972, and shall display and maintain in the Property all notices which the Landlord may, from time to time, reasonably require to be displayed in relation to any such matters. 

 

	27.	INSURANCE PROVISIONS 

  

	27.1	Landlord to insure 

 The Landlord shall insure and keep insured with some
publicly quoted insurance company (or a subsidiary of a publicly quoted company) or with Lloyd’s underwriters and through such agency of repute as the Landlord may from time to time, reasonably determine, subject to such exclusions, excesses,
limitations, terms and conditions as may be contained in any policy taken out by the Landlord and as are usual in the marketplace:- 
  

	 	27.1.1	the Building (including plate glass) in its Full Reinstatement Cost against loss or damage by the Insured Risks; 

  

	 	27.1.2	the loss of the Principal Rent and the Service Charge from time to time payable, or reasonably estimated to be payable, under this Lease for three (3) years; 

 

	 	27.1.3	explosion of any engineering and electrical plant and machinery in the Building to the extent that the same is not covered by clause 27.1.1; 

 

	 	27.1.4	property owner’s liability and such other insurances in respect of the Building as the Landlord may acting reasonably, from time to time, deem necessary to effect. 

  
 26 

	27.2	Full Reinstatement Cost 

 In this clause, “Full Reinstatement
Cost” means the full cost of reinstating the Building at the time when such reinstatement is likely to take place, having regard to any possible increases in building costs, and including the cost of demolition, shoring up, site clearance,
ancillary expenses and architects’, surveyors’ and other professional fees and any necessary Value Added Tax. 
  

	27.3	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. 

 

	27.4	Damage to the Building 

 If the Building or any part of it shall be
damaged or destroyed by any of the Insured Risks then:- 
  

	 	27.4.1	unless payment of the insurance monies shall be refused wholly or partly by reason of any act or default of the Tenant, any undertenant or occupier of any part of the Property or any of their respective agents,
licensees, visitors or contractors or any person under the control of any of them and the Tenant has not complied with its obligations under clause 27.7; and 

  

	 	27.4.2	subject to the Landlord being able to obtain any necessary planning permission and all other necessary licences, approvals and consents, which the Landlord shall use reasonable endeavours to obtain but shall not be
obliged to institute any appeals; and 

  

	 	27.4.3	subject to any necessary labour and materials being and remaining available, which the Landlord shall use all reasonable endeavours to obtain as soon practicable 

the Landlord shall lay out the net proceeds of such insurance received by the Landlord in respect of such damage, (other than any in respect of
loss of rent and service charge), in the reinstatement and rebuilding of the part of the Building so damaged or destroyed substantially as it was prior to any such damage or destruction (but not so as to provide accommodation identical in layout if
it would not be reasonably practical to do so). 
  

	27.5	Uninsured Damage 

  

	 	27.5.1	In the event that the Building or any part of it is damaged or destroyed by an Uninsured Risk so that the Property or any part of it is unfit for occupation and/or inaccessible and/or use then the Landlord shall within
six months from the date of such damage or destruction (the “Election Period”) elect and notify the Tenant in writing whether or not the Landlord intends to reinstate the Property 

 

	 	27.5.2	If the Landlord serves notice in accordance with clause 27.5.1 that it intends to reinstate the Property then the provisions of this Lease shall apply in all respects as if the damage and destruction had been caused by
an Insured Risk. 

  

	 	27.5.3	If: 

  

	 	(a)	The Landlord elects not to reinstate the Property then this lease will be deemed to have been immediately determined upon receipt of such notice by the Tenant; 

  
 27 

	 	(b)	By the end of the Election Period the Landlord has failed to notify the Tenant of its election either party may at any time after the end of the Election Period serve immediate notice on the other party to determine
this Lease and this Lease shall immediately determine 

 (but in either case without prejudice to the accrued rights or
remedies of either party). 
  

	 	27.5.4	If the Landlord serves notice in accordance with clause 27.5.1 that it intends to reinstate the Property, then: 

  

	 	(a)	the Landlord immediately loses its entitlement to elect not to reinstate the Property; 

  

	 	(b)	the Landlord will reinstate the Building at its own cost but otherwise subject to the terms of clause 27.4; and 

  

	 	(c)	if, after the expiry of a period of two years and nine months from and including the date on which the damage or destruction by an Uninsured Risk occurs, reinstatement has not been completed so that the Property remains
unfit for occupation or use or inaccessible, then the Tenant may determine this lease on three months’ notice unless the Landlord will before the expiry of such notice have so completed such reinstatement. 

 

	 	27.5.5	The rent suspension provisions in clause 27.8 shall apply from the date of damage or destruction caused by an Uninsured Risk as if the damage and destruction has been caused by an Insured Risk. 

 

	27.6	Where reinstatement is prevented 

  

	 	27.6.1	If the Landlord is prevented from reinstating or rebuilding the Property or the Building, due to a lack of all planning permissions, approvals and consents necessary for such purpose having used all reasonable
endeavours to obtain them, and the Landlord continues to be prevented from reinstating or rebuilding for a period of three (3) years after the date of the damage or destruction due to a continuing lack of all such permissions, approvals and
consents, the Landlord shall thereupon be released from such obligation and shall be solely entitled to all the insurance monies. Unless this Lease has been terminated by frustration in the meantime, the Landlord or the Tenant may, at any time after
the expiry of such period but only in circumstances where the Landlord has not reinstated such damage to the Building so as to render the Property fit for use and occupation and accessible, determine this Lease by giving written notice to the other
but such determination shall be without prejudice to any claim which either party may have against the other for any previous breach of covenant or sum previously accrued due. 

 

	27.7	Payment of insurance money refused 

 If payment of any
insurance money is refused as a result of some act or default of the Tenant, any undertenant or occupier of any part of the Property or any of their respective agents, licensees, visitors or contractors or any person under the control of any of
them, the Tenant shall pay to the Landlord, within ten (10) Working Days of written demand, the amount so refused. 

  
 28 

	27.8	Suspension of rent payments 

 If the Property or the Building or any
part of them shall be damaged or destroyed by any of the Insured Risks so as to render the Property unfit for use and/or occupation and/or inaccessible, the Principal Rent and the Service Charge, or a fair proportion of them according to the nature
and extent of the damage sustained, shall not be payable until the Property or the part damaged or destroyed shall be again rendered fit for use and occupation by the Tenant and accessible or until the expiration of (in the case of the Principal
Rent) the loss of rent insurance or (in the case of the Service Charge) the loss of service charge insurance (whichever is the earlier). Such suspension of rent shall be conditional upon the insurance not having been vitiated or payment of the
policy monies refused wholly or partly as a result of some act or default of the Tenant, any undertenant or occupier of any part of the Property or any of their respective agents, licensees, visitors or contractors or any person under the control of
any of them unless the Tenant has complied with its obligations under clause 27.8. Any dispute regarding the suspension of payment of the Principal Rent or the Service Charge shall be referred to a single arbitrator to be appointed, in default of
agreement, upon the application of either party, by the President in accordance with the Arbitration Act 1996. 
  

	27.9	Insurance becoming void 

 The Tenant shall not do, or omit to do:- 

 

	 	27.9.1	anything which could cause any policy of insurance covering the Property or the Building or any Adjoining Property owned by the Landlord (but only in circumstances where the Landlord has provided the Tenant with details
of the insurance policies which relate to the Building or any such Adjoining Property) to become wholly or partly void or voidable; or 

  

	 	27.9.2	anything whereby any abnormal or loaded premium may become payable in respect of the policy, unless the Tenant has previously notified the Landlord and agreed to pay the increased premium and, in any event, the Tenant
shall pay to the Landlord within ten (10) Working Days of written demand any additional premium incurred by the Landlord. 

  

	27.10	Requirements of insurers 

 The Tenant shall, at all times, comply with any
requirements and reasonable recommendations of the insurers of the Building so far as the same are known by the Tenant. 
  

	27.11	Notice by Tenant 

 The Tenant shall give notice to the Landlord as soon as
practicable upon becoming aware of the happening of any event or thing which might affect any insurance policy relating to the Property or the Building. 
  

	28.	DEFAULT OF TENANT 

  

	28.1	Re-entry 

 Without prejudice to any other right,
remedy or power contained in this Lease or otherwise available to the Landlord, on or at any time after the happening of any of the events mentioned in clause 28.2, the Landlord may re-enter the Property or
any part of 

  
 29 

 
them in the name of the whole, and the Term shall then end, but without prejudice to any claim which either party may have against the other or against any Guarantor for any previous breach of
covenant or sum previously accrued due. 
  

	28.2	Events of default 

 The events referred to in clause 28.1 are the
following:- 
  

	 	28.2.1	if the Rents or any part of them shall be unpaid for 15 Working Days after becoming payable (in the case of Principal Rent whether formally demanded or not); or 

 

	 	28.2.2	if any of the covenants by the Tenant contained in this Lease shall not be performed and observed; or 

  

	 	28.2.3	if the Tenant, for the time being, and/or the Guarantor (if any) (being a body corporate):- 

  

	 	(a)	submits to any of its creditors a proposal under Part 1 of the Insolvency Act 1986; or enters into any arrangement, scheme, compromise, moratorium or composition with any of its creditors (whether under Part 1 of the
Insolvency Act 1986 or otherwise); or 

  

	 	(b)	has an administrative receiver or a receiver or a receiver and manager appointed in respect of the Tenant’s or the Guarantor’s property or assets or any part; or 

 

	 	(c)	resolves or the directors or shareholders resolve to present a petition for an administration order in respect of the Tenant or the Guarantor (as the case may be); or an administrator is appointed; or 

 

	 	(d)	passes a winding-up resolution (other than a voluntary winding-up while solvent for the purposes of amalgamation or reconstruction); or
calls a meeting of its creditors for the purposes of considering a resolution that it be wound-up voluntarily; or resolves to present its own winding-up petition; or an
administrator is appointed or is wound-up (whether in England or elsewhere); or has a liquidator or provisional liquidator appointed; or 

 

	 	(e)	shall cease for any reason to maintain its corporate existence; or is struck off the register of companies; or otherwise ceases to exist; or 

 

	 	28.2.4	if the Tenant, for the time being, and/or the Guarantor (if any) (being an individual, or if more than one individual, then any one of them) is adjudged bankrupt (whether in England or elsewhere); or has a receiver
appointed in respect of the Tenant’s or the Guarantor’s property or assets or any part; or 

  

	 	28.2.5	if analogous proceedings or events to those referred to in this clause shall be instituted or occur in relation to the Tenant, for the time being, and/or the Guarantor (if any) elsewhere than in the United Kingdom; or

  

	 	28.2.6	if the Tenant, for the time being, and/or the Guarantor (if any) suffers any distress or execution to be levied on the Property which is not discharged in full within twenty one (21) days after the levy has been
made; or becomes unable to pay its debts as and when they fall due. 

  
 30 

	29.	LANDLORD’S SERVICES 

  

	29.1	Provision of Services 

 The Landlord covenants with the Tenant that it
shall use reasonable endeavours to provide the following services in accordance with the principles of good estate management:- 
  

	 	29.1.1	Repairs 

 So far as may be necessary for the reasonable use and enjoyment by the Tenant of the
Property and the Building, to keep the Retained Parts in good and substantial repair and condition; 
  

	 	29.1.2	Common Parts 

 To keep clean and maintained in a proper manner the Common Parts, including
windows, and any lavatories of which the Tenant has the use, and, where appropriate, to keep them adequately lighted; 
  

	 	29.1.3	Lift 

 To provide a lift service by the operation of the lifts now installed in the Building or
by such substituted lifts as the Landlord may, in its reasonable discretion, from time to time install; 
  

	 	29.1.4	Hot and cold water 

 To provide an adequate supply of hot water and cold water to the sinks and
wash basins in any , kitchen or lavatory of which the Tenant has the use; 
  

	 	29.1.5	Heating 

 To provide to the Property and the Common Parts heating to such temperature as the
Landlord may from time to time reasonably consider adequate and for such periods of the year as the Landlord may reasonably consider desirable having regard to the comfort of those persons occupying the Property; 

 

	 	29.1.6	Air Conditioning 

 To provide air conditioning to the Property to such reasonable standard as
the air conditioning system was designed to achieve and having regard to the comfort of those persons occupying the Property; 
  

	 	29.1.7	Staff 

 To employ such staff as the Landlord may, reasonably, deem necessary to enable it to
provide any of the services in the Building and for its general management and security; 

  
 31 

	 	29.1.8	Name Boards 

 To provide name boards of such size and design as the Landlord may, in its
reasonable discretion, determine in the main entrance to the Building and at such other locations as the Landlord may reasonably consider desirable; 
  

	 	29.1.9	Open Areas 

 To repair and maintain those parts of the Building which are not built on, and
keep them clear of all rubbish and free from weeds, and, at the Landlord’s reasonable discretion, to maintain such plants, shrubs, trees or garden or grassed areas as may be appropriate, and to keep them planted, free from weeds and the grass
cut; 
  

	29.2	Appointment of agents 

 In performing its obligations under this clause,
the Landlord shall be entitled to employ such properly professionally qualified agents, contractors or other persons as it may reasonably think fit, and to delegate its duties and powers to them and their reasonable and proper fees and expenses
shall form part of the Expenditure (as defined in clause 30). 
  

	29.3	Variation of services 

 The Landlord may, at its discretion, add to,
extend, vary or withhold from time to time any of the services referred to in this clause if the Landlord shall reasonably consider it desirable to do so for the more efficient management, operation or security of the Building, or for the comfort of
the tenants in the Building and such changes shall be in the interests of good estate management. 
  

	29.4	Failure by Landlord to provide services 

 The Landlord
shall not be liable to the Tenant in respect of any failure by the Landlord to perform any of the services referred to in this clause unless the Tenant has given to the Landlord written notice of the failure in question and the Landlord has failed
within a reasonable time to remedy it, and then the Landlord shall be liable to compensate the Tenant only for any loss or damage sustained by the Tenant after that reasonable time has elapsed. 

 

	29.5	Exclusion of Landlord’s liability 

 The Landlord shall not
incur any liability for any failure or interruption in any of the services to be provided by the Landlord or for any inconvenience or injury to person or property arising from that failure or interruption, in either case due to any maintenance,
servicing, repair, replacement, mechanical breakdown, failure, malfunction, shortages, labour disputes or any cause or circumstance beyond the control of the Landlord, but the Landlord shall use reasonable endeavours to cause the service in question
to be reinstated with the minimum of delay. 
  

	30.	SERVICE CHARGE 

  

	30.1	Definitions 

 In this Lease:- 

 

	 	30.1.1	“Advance Payment” means the Fair Proportion of the Estimated Expenditure; 

  
 32 

	 	30.1.2	“Estimated Expenditure” means, for any Financial Year during the Term, such sum as the Landlord may, from time to time, specify as being a fair and reasonable estimate of the Expenditure for the current
Financial Year based on a budget prepared by the Landlord and submitted to the Tenant, and includes, for the Financial Year in question, any revised budget of the Landlord’s estimate of the Expenditure for that Financial Year such that the
Landlord shall only be permitted to revise its budget twice in any Financial Year; 

  

	 	30.1.3	“Expenditure” means: 

  

	 	(a)	the aggregate of all costs, expenses and outgoings whatsoever properly incurred by the Landlord in complying with its covenants under clause 29 and in respect of the items set out in Schedule 5, whether the Landlord is
obliged by this Lease to incur them or not; and 

  

	 	(b)	such sums or provision as the Landlord may, in its reasonable discretion, reasonably consider desirable to set aside from time to time for the purpose of providing for periodically recurring items of expenditure,
whether recurring at regular or irregular intervals or for anticipated expenditure in respect of any of the services to be provided by the Landlord or any of the items set out in Schedule 5; 

 

	 	30.1.4	“Financial Year” means the period from 1 January in every year to 31 December of that year, or such other period as the Landlord may, in its reasonable discretion, from time to time reasonably
determine but shall always be a period of 12 months; 

  

	 	30.1.5	“Index” means the “All Items” index figure of the Index of Retail Prices published by the Office for National Statistics or any successor ministry or department. 

 

	 	30.1.6	“Service Charge” means the Fair Proportion of the Expenditure; 

  

	 	30.1.7	“Service Charge Commencement Date” means the date hereof. 

 The Landlord shall, as
soon as practical after the end of each Financial Year (and in any event within three months thereof), prepare an account showing the Expenditure for that Financial Year and containing a fair summary of the various items comprising the Expenditure,
and on such account being certified by the Surveyor and a copy of it supplied to the Tenant, it shall be conclusive evidence save in the event of manifest error or mistake, for the purposes of this Lease, of all matters of fact referred to in the
account. Within one month following receipt of the account, the Tenant may inspect the accounts and supporting invoices and receipts by prior appointment with the Landlord. 
  

	30.2	Service Charge Cap 

  

	 	30.2.1	In this clause 302. 

  

	 	(a)	“Index-Linked Cap” has the meaning set out in clause 30.2.3; 

  

	 	(b)	“Initial Maximum Sum” means £61,110; and 

  

	 	(c)	“Relevant Year” means each of the first five years of the Term. 

  
 33 

	 	30.2.2	The Tenant shall pay the Service Charge to the Landlord as additional rent. 

  

	 	30.2.3	The Service Charge in each Relevant Year shall not exceed the Index-Linked Cap or that year, calculated as follows: 

  

	 	(a)	For the first Relevant Year, the Index-Linked Cap shall be the Initial Maximum Sum. 

  

	 	(b)	For each subsequent Relevant Year throughout the Term, the Index-Linked Cap shall be the greater of: 

(i) the Index-Linked Cap for the previous Relevant Year; and 

(ii) the amount ascertained by applying the following formula:- 
  

 
 where:- 

K – is the Initial Maximum Sum; 

L - is the last index figure of the Index published immediately before the start of the Relevant Year; and 

M - is the index figure of the Index published immediately before the date of this Lease. 

 

	 	(c)	If the final Relevant Year is less than a full year, then the Index-Linked Cap for that year shall be apportioned on a daily basis for the period from the start of that Relevant Year until the end of the Term.

  

	 	(d)	If there is any material change after the date of this Lease in the reference base used to compile the Index, the figure taken to be shown in the Index after such change shall be the figure which would have been shown
in the Index if the reference base current at the date of this Lease had been retained. 

  

	 	(e)	If it becomes impossible by reason of any change after the date of this Lease in the methods used to compile the Index or for any other reason whatsoever to calculate the revised Service Charge by reference to the
Index, or if any dispute or question whatsoever arises between the Landlord and the Tenant with respect to the amount of the Service Charge or with respect to the construction or effect of this clause 30.2, then the determination of the Service
Charge or other matter at issue shall be determined by a single arbitrator to be appointed, in default of agreement, upon the application of either party, by the President in accordance with the Arbitration Act 1996 who shall have full power to
determine on such dates as he shall deem apposite what would have been the change in the Index had it continued on the basis current at the date of this Lease and given the information assumed to be available for the operation of this clause or (if
that determination shall also be impossible) shall determine a reasonable revised Service Charge having regard to the purposes and intent of the provisions in the Lease for the capping of the Service Charge. 

  
 34 

	30.3	Advance Payment 

 The Tenant shall pay to the Landlord on account of the Service
Charge:- 
  

	 	30.3.1	for the period beginning on the Service Charge Commencement Date to the end of the Financial Year current at the date of this Lease a pro-rated amount of the Advance Payment for
that Financial Year; and 

  

	 	30.3.2	for each Financial Year following that current at the date of this Lease the Advance Payment for the Financial Year in question, 

all such payments to be made by equal quarterly payments in advance on the same dates as the Principal Rent is payable and to be subject to
adjustment if the Estimated Expenditure is revised as contemplated by its definition, the first instalment, being a proportion of the quarterly Advance Payment for the period beginning on the Service Charge Commencement Date and ending on the day
before the quarter day following the Service Charge Commencement Date, to be made on the date of this Lease and the last instalment being a proportion of the quarterly Advance Payment for the period beginning on the last quarter day occurring during
the Term and ending on the last day of the Term. 
  

	30.4	Balancing payment 

 If the Service Charge for any Financial Year:- 

 

	 	30.4.1	shall exceed the Advance Payment for that Financial Year, the excess shall be paid by the Tenant to the Landlord within ten (10) Working Days of written demand; or 

 

	 	30.4.2	shall 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, or, if there is none, refunded to the Tenant
within ten (10) Working Days of the reconciliation of the service charge at the end of the Financial Year. 

  

	30.5	Omissions 

 Any omission by the Landlord to include in the account of the Expenditure in
any Financial Year a sum expended or a liability incurred in that Financial Year shall not preclude the Landlord from including that sum or the amount of that liability in the next (but not any later) Financial Year. 

 

	30.6	Continuing application of provisions 

 This clause 30 shall continue
to apply notwithstanding the expiration or earlier determination of the Term but only in respect of the period down to such expiration or earlier determination, the Service Charge for that Financial Year for that period being apportioned on a daily
basis. 

  
 35 

	30.7	Exclusions from Service Charge 

 The Expenditure for the purposes of
the calculation of the Service Charge shall not include: 
  

	 	30.7.1	any liability or expenditure which the other tenants or occupiers of the Building shall individually be responsible for under the terms of the tenancy or other arrangement by which they use or occupy the Building;

  

	 	30.7.2	expenses relating to the collection of rents the review of rents and the letting and re-letting of Lettable Areas and any consents required under any leases of any other Lettable
Areas and any proceedings against any of the tenants of the Building; 

  

	 	30.7.3	any costs incurred in connection with the making good of any damage to or the destruction of the Building or any part thereof caused by an Uninsured Risk or an Insured Risk (except to the extent that the policy of
insurance has been vitiated or the payment of the policy monies refused in whole or in part by reason of any act or omission or default of the Tenant or any undertenant or anyone else claiming an interest under any of them); 

 

	 	30.7.4	any costs incurred in respect of any Lettable Area that is unlet and the Landlord shall for the avoidance of doubt bear the proportion of the Expenditure attributable to any unlet Lettable Area; 

 

	 	30.7.5	any cost associated with promoting or marketing the Building (including any inducements offered or paid in connection with any letting); 

 

	 	30.7.6	expenses incurred by the Landlord or any predecessor in title in relation to the original design and construction of the Property and/or the Building; 

 

	 	30.7.7	expenses relating to any expenditure necessitated by the wrongful act or default of the Landlord its servants or agents. 

  

	30.8	Costs of replacement and renewal 

 The costs of replacement
and renewal may only be included as items comprising the Expenditure if: 
  

	 	30.8.1	the relevant items are beyond, or are shortly to become beyond, economic repair, 

  

	 	30.8.2	the relevant items are beyond, or are shortly to become beyond, efficient or economic operation, or are coming to the end of their projected useful life, or 

 

	 	30.8.3	replacement or renewal can be effected at a relatively low cost compared with the much greater cost that would probably be occasioned by postponement. 

 

	31.	OBLIGATIONS AND CONSENTS UNDER SUPERIOR LEASE 

  

	31.1	Obligations by Tenant 

 The Tenant shall perform and observe the
tenant’s covenants in the Superior Lease (other than the covenant to pay rents) so far as any of them relate to the Property but not any tenant’s covenant which is expressly assumed by the Landlord under this Lease. 

 

	31.2	Obligations by Landlord 

 The Landlord shall pay the rents reserved by the
Superior Lease and, by way of indemnity only, perform and observe the tenant’s covenants contained in the Superior Lease to the 

  
 36 

 
extent that the Superior Landlord requires any such covenant to be performed but excluding any tenant’s covenants which are to be performed and observed by the Tenant under this Lease. 

 

	31.3	Obligations by Superior Landlord 

 The Landlord shall use reasonable
endeavours to enforce the performance and observance of any covenant by the Superior Landlord in the Superior Lease so far as it relates to the Property. 
  

	31.4	Consents under Superior Lease 

 Where the Tenant applies to the
Landlord for any consent in respect of any matter mentioned in this Lease and, under the Superior Lease, the consent of the Superior Landlord is also required in respect of that matter then, at the written request and at the cost of the Tenant, the
Landlord shall use reasonable endeavours to obtain that consent of the Superior Landlord but only in those cases where the Landlord is willing to give its consent or where the Landlord’s consent is not to be unreasonably withheld or delayed.

  

	32.	QUIET ENJOYMENT 

 The Landlord covenants with the Tenant that the Tenant shall and
may peaceably hold and enjoy the Property during the Term without any interruption by the Landlord or any person lawfully claiming through, under, or in trust for it or by title paramount. 

 

	33.	EXCLUSION OF IMPLIED COVENANTS BY LANDLORD 

 Any
covenants on the part of the Landlord which would otherwise be implied by law are hereby expressly excluded. 
  

	34.	RELETTING NOTICES 

 The Tenant shall permit all persons with the written authority
of the Landlord to view the Property at all reasonable hours in the daytime, upon prior appointment having been made not less than 24 hours prior to the viewing and otherwise subject to the provisions of clause 3.10. 

 

	35.	DISCLOSURE OF INFORMATION 

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

	36.	INDEMNITY 

 The Tenant shall keep the Landlord fully indemnified from and against all
actions, proceedings, claims, demands, losses, costs, expenses, damages and liability arising in any way directly out of:- 
  

	36.1	any act, omission, neglect or default of the Tenant or any persons in the Property expressly or impliedly with the Tenant’s authority; or 

  
 37 

	36.2	any breach of any covenant by the Tenant contained in this Lease. 

 And the Landlord shall use
all reasonable endeavours to mitigate its loss. 
  

	37.	REPRESENTATIONS 

 The Tenant acknowledges that this Lease has not been entered into in
reliance, wholly or partly, on any statement or representation save as is expressly set out in this Lease, or in the Landlord’s (or its solicitors) provision of written replies to standard enquiries or in written replies to the Tenant’s
(or its solicitors) specific enquiries (any such enquiries and their associated replies may be given in email format). 
  

	38.	EFFECT OF WAIVER 

 Each covenant by the Tenant shall remain in full force
even though the Landlord may have waived or released it temporarily or waived or released (temporarily or permanently, revocably or irrevocably) a similar covenant affecting other property belonging to the Landlord. 

 

	39.	NOTICES 

  

	39.1	Notices to Tenant or Guarantor 

  

	 	39.1.1	Any demand or notice required to be made, given to, or served on, the Tenant or the Guarantor (if any) under this Lease shall be duly and validly made, given or served if addressed to the Tenant or the Guarantor
respectively (and, if there shall be more than one of them, then any one of them) and delivered personally, or sent by pre-paid registered or recorded delivery mail to its registered office. 

 

	 	39.1.2	A notice given by fax or email shall not be validly served for the purposes of this Lease. 

  

	39.2	Notices to Landlord 

  

	 	39.2.1	Any notice required to be given to, or served on, the Landlord shall be duly and validly given or served if delivered personally or sent by pre-paid registered or recorded
delivery mail to the Landlord at its registered office. 

  

	 	39.2.2	A notice given by fax or email shall not be validly served for the purposes of this Lease. 

  

	40.	NEW TENANCY 

 This Lease constitutes a new tenancy for the purposes of the
Landlord and Tenant (Covenants) Act 1995. 
  

	41.	INVALIDITY OF CERTAIN PROVISIONS 

 If any term of this Lease or the
application thereof to any person or circumstances shall to any extent be invalid or unenforceable the same shall be severable and the remainder of this Lease or the application of such term to persons or circumstances other than those as to which
it is held invalid or unenforceable shall not be affected thereby and each term and provision of this Lease shall be valid and be enforced to the fullest extent permitted by law. 

  
 38 

	42.	THIRD PARTY RIGHTS 

 Subject to clause 3, a person who is not a party to
this Lease has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Lease but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 

 

	43.	EXCLUSION OF SECURITY OF TENURE 

  

	43.1	The Parties confirm that: 

  

	 	43.1.1	The Landlord served a notice on the Tenant as required by Section 38(A)(3)(a) of the Landlord and Tenant Act 1954 (“the 1954 Act”) and which applies to the tenancy created by this Lease before this Lease
was entered into; and 

  

	 	43.1.2	RACHEL EDWARDS who was duly authorised by the Tenant to do so made a statutory declaration dated 14 August 2015 in accordance with the requirements of Section 38(A)(3)(b) of the 1954 Act. 

 

	43.2	The parties to this Lease agree that the provisions of Sections 24 to 28 of the 1954 Act are excluded in relation to the tenancy created by this Lease. 

 

	44.	TENANT’S BREAK CLAUSE 

  

	44.1	If the Tenant wishes to determine this Lease on the Tenant’s Break Date and the Tenant gives to the Landlord notice in writing to that effect such notice to be received by the Landlord not later than six months
before the Tenant’s Break Date (as to which time shall be of the essence) and on the Tenant’s Break Date:- 

  

	 	44.1.1	the Tenant has paid all Principal Rent which has been demanded in writing not less than 10 Working Days prior to the Tenant’s Break Date; 

 

	 	44.1.2	the Tenant returns the Property to the Landlord free of the Tenant’s own occupation and that of any third party or the right to occupation of any third party whatsoever and leaves behind no continuing subleases;
and 

  

	 	44.1.3	the Tenant has paid the Landlord £27,160 (exclusive of Value Added Tax, if any); 

 then
this Lease shall determine and the Term shall end on the Tenant’s Break Date but without prejudice to the rights and remedies of either party in respect of any antecedent breach non-observance or non-performance of any of the covenants or the conditions contained in this Lease by the other party. 

The conditions in this clause 44 are for the benefit of the Landlord. If such notice is given but any such condition is not satisfied the
Landlord may in its absolute discretion elect that such notice shall nevertheless have effect (without prejudice to any other rights of the Landlord). 
  

	44.2	Within 15 Working Days of the determination of this Lease on the Tenant’s Break Date the Landlord shall refund the Tenant: 

  

	 	44.2.1	the proportion of the Principal Rent paid in advance by the Tenant for the period from (but not including) the Tenant’s Break Date up to but excluding the next quarter day (if any), calculated on a daily basis
(less any sums which are properly due to the Landlord under this Lease and remain unpaid); 

  
 39 

	 	44.2.2	the proportion of the Insurance Rent paid in advance by the Tenant for the period from (but not including) the Tenant’s Break Date up to but excluding the date for renewal of the relevant insurance policy or
policies (if any) calculated on a daily basis. 

  

	44.3	Within 40 Working Days after the date of termination of this Lease pursuant to this clause 44 the Landlord will carry out a reconciliation in respect of the Service Charge and notify the Tenant of any underpayment or
overpayment. Credit will be given for all amounts of Service Charge already paid by the Tenant. Any underpayment by the Tenant will be paid by the Tenant to the Landlord within 10 Working Days of such reconciliation and any overpayment by the Tenant
will be refunded to the Tenant within 10 Working Days of such reconciliation. 

  

	44.4	If the Tenant does not lawfully exercise the right to determine this Lease under clause 44.1, the Principal Rent for the period from and including 16 August 2020 to and including 15 April 2021 shall be
50 percent of the Principal Rent. 

  

	45.	CONTRIBUTION WORKS 

  

	45.1	Upon receipt of a valid Value Added Tax invoice, the Landlord shall pay to the Tenant £2,835 plus Value Added Tax (if applicable) following completion of the Contribution Works to the Landlord’s reasonable
satisfaction. 

 IN WITNESS whereof this Deed has been executed by the parties and is intended to be and is hereby delivered on the date first
written above. 

  
 40 

 SCHEDULE 1 

RIGHTS AND EASEMENTS GRANTED 
  

	1.	Subject to any existing or future regulations made by the Landlord in accordance with the terms of this Lease and to any temporary interruption for repairs, alterations or replacements, the right for the Tenant and all
persons expressly or by implication authorised by the Tenant (in common with the Landlord and all persons having a similar right):- 

  

	1.1	to use such of the Common Parts as shall be reasonably designated from time to time for use by the Tenant for all proper purposes in connection with the use and enjoyment of the Property; 

 

	1.2	to use such of the passenger lifts in the Building as shall be reasonably designated from time to time for use by the Tenant for the purpose only of obtaining access to and egress from the Property; 

 

	1.3	to use such of the lavatories and the kitchens in the Building as shall be reasonably designated from time to time for use by the Tenant; 

 

	2.	Subject to any temporary interruption for repairs, alterations or replacements, the right to the passage of any of the Utilities to and from the Property through any relevant Conduits which are now or at any time in
future may be in, under, or over any other part of the Building, in each case so far as any of the same are necessary for the reasonable use and enjoyment of the Property; 

 

	3.	The right of support and protection from all other parts of the Building as is now enjoyed by the Property; 

  

	4.	The right for the Tenant and any other permitted occupier of any part of the Property to have displayed on the name board provided by the Landlord in the main entrance to the Building the name and location within the
Building of the offices of the Tenant and that occupier in such style as the Landlord in its reasonable discretion permits; 

  

	5.	The right for the Tenant and any permitted occupier to display a sign conforming with its corporate identity of a size and design to be approved by the Landlord (such approval not to be unreasonably withheld or delayed)
on the tenant’s directory board in the ground floor reception and the lift lobby area on the fourth floor of the Building. 

  

	6.	The right to install such Tenant’s Plant as the Landlord approves (such approval not to be unreasonably withheld) in such part of the Tenant’s Plant Area as the Landlord approves (such approval not to be
unreasonably withheld) subject to:- 

  

	6.1	the Tenant obtaining all necessary licences, approvals, permissions and consents from all government departments, local authorities and other competent authorities and the insurers; 

 

	6.2	there being sufficient space within the Tenant’s Plant Area for such installation; 

  

	6.3	any conduits serving the Tenant’s Plant being installed through a route approved by the Landlord (such approval not to be unreasonably withheld); 

 

	6.4	the Tenant’s Plant being affixed and used in a manner which does not interfere with the Landlord’s or other occupiers’ fixtures, plant and/or any other equipment in the Building; 

  
 41 

	6.5	the Tenant’s Plant not damaging or penetrating the roof coverings and not overloading the structure of the Building; 

  

	6.6	the Tenant’s Plant being used solely in connection with the Tenant’s own business and as ancillary to the Permitted Use; 

  

	6.7	the Tenant removing any Tenant’s Plant which becomes redundant; and 

  

	6.8	the right for the Landlord to require the Tenant at the Landlord’s cost to move any Tenant’s Plant to another location on the roof of the Building (such other location in relation to any satellite dish or
aerial to be such as allows the satellite dish or aerial to operate not materially less efficiently than before such move). 

  
 42 

 SCHEDULE 2 

EXCEPTIONS AND RESERVATIONS 
  

	1.	There are excepted and reserved to the Landlord and the tenants and occupiers of the Building and all other persons authorised by the Landlord or having similar rights:- 

 

	1.1	the right to the passage and running of the Utilities through any relevant Conduits which are now, or may at any time be in, under, or over the Property; 

 

	1.2	the right (insofar as there is no reasonable alternative available to the Landlord)on reasonable prior notice and otherwise in compliance within the provisions of clause 3.10 to enter the Property in order to:

  

	 	1.2.1	inspect, clean, maintain, repair, renew, relay, replace, alter or execute any works whatsoever to, or in connection with the air conditioning situated in the Property and any of the Conduits or any other services;

  

	 	1.2.2	execute repairs, decorations, alterations or any other works, and to make installations to, the Property, the Building or to any Adjoining Property; 

 

	 	1.2.3	access any plant/machinery contained in the Building including risers; or 

  

	 	1.2.4	do anything which the Landlord may do under this Lease; 

  

	1.3	the right for as short a period as is reasonably practicable to erect scaffolding for the purpose of repairing or cleaning the Building or any building now, or after the date of this Lease, erected on any Adjoining
Property, or in connection with the exercise of any of the rights mentioned in this Schedule even though such scaffolding may temporarily restrict the access to, or enjoyment or use of, the Property; 

 

	1.4	any rights of light, air, support, protection and shelter or other easements and rights now, or after the date of this Lease, belonging to, or enjoyed by, other parts of the Building or any Adjoining Property;

  

	1.5	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 Building or any buildings on any Adjoining Property, or to
erect any new buildings of any height on any Adjoining Property in such manner as the Landlord or the person exercising the right shall think fit and even though they may obstruct, affect or interfere with the amenity of, or access to, the Property
or the passage of light and air to the Property, but not so that the Tenant’s use and occupation of them is materially affected; 

Provided that any interruption shall be kept to a minimum and that access to the Property shall be maintained at all times. 

  
 43 

 SCHEDULE 3 

USE RESTRICTIONS 
  

	1.	Dangerous materials and use of machinery 

 The Tenant
shall not: 
  

	1.1	bring into the Building or keep in the Property any article or thing which is or may become combustible, dangerous, explosive, inflammable, offensive or radioactive, or which might increase the risk of fire or
explosion; 

  

	1.2	keep or operate in the Property any machinery which is unduly noisy or causes vibration, or which is likely to annoy or disturb any other tenant or occupier of the Building. 

 

	2.	Overloading floors and services 

 The Tenant shall not: 

 

	2.1	overload the floors of the Property or the Building nor suspend any excessive weight from any ceiling, roof, stanchion, structure or wall of the Building nor overload any Utility in or serving it; 

 

	2.2	do anything which may subject the Property or the Building to any strain beyond that which they are designed to bear (with due margin for safety); 

 

	2.3	exceed the weight limits prescribed for any lift in the Building. 

  

	3.	Discharges into Conduits 

 The Tenant shall not discharge into any Conduit
any oil or grease or any noxious or deleterious effluent or substance which may cause an obstruction or might be or become a source of danger, or which might damage any Conduit or the drainage system of the Building or any Adjoining Property. 

 

	4.	Disposal of refuse 

 The Tenant shall not deposit in the Common Parts any
refuse, rubbish or trade empties of any kind other than in proper receptacles and as may be designated by the Landlord, and shall not burn any refuse or rubbish on the Property. 

 

	5.	Obstruction of Common Parts 

 The Tenant shall not do anything as a
result of which the Common Parts or other area over which the Tenant may have rights of access or use may be damaged, or their fair use by others may be obstructed in any way and shall not park any vehicle on any road or open area forming part of
the Building. 
  

	6.	Prohibited uses 

 The Tenant shall not use the Property for any public or
political meeting, or public exhibition or public entertainment, show or spectacle; or for any dangerous, noisy, noxious or offensive business, occupation or trade; or for any illegal or immoral purpose; or for residential or sleeping purposes; or
for betting, gambling, gaming or wagering; or as a betting office; or as a club; or for the sale of any beer, wines or spirits; or for any auction. 

  
 44 

	7.	Nuisance 

 The Tenant shall not:- 

 

	7.1	do anything in the Property or the Building which may be or become a legal nuisance, or which may in the reasonable opinion of the Landlord cause damage to the Landlord or any other tenant or occupier in the Building;

  

	7.2	play any musical instrument, or use any loudspeaker, radio, tape recorder, record or compact disc player or similar apparatus in such a manner as to be audible outside the Property; 

 

	7.3	place outside the Property or in the Common Parts or expose from any window of the Property any articles, goods or things of any kind. 

  
 45 

 SCHEDULE 4 

COVENANTS BY GUARANTOR 
  

	1.	Covenant and indemnity by Guarantor 

 The Guarantor:- 

 

	1.1	covenants with the Landlord, as a primary obligation, that the Present Tenant or the Guarantor shall, at all times during the period in respect of which the Tenant is liable under the covenants in this Lease, duly
perform and observe all the covenants on the part of the Tenant contained in this Lease, including the payment of the Rents and all other sums payable under this Lease in the manner and at the times specified in this Lease; 

 

	1.2	indemnifies, as a primary obligation, 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 out
of any default by the Present Tenant in the performance and observance of any of its obligations or the payment of any rent and other sums; and 

  

	1.3	indemnifies, as a primary obligation, the Landlord against any loss sustained by the Landlord as a result of any of the obligations of the Present Tenant contained in this Lease being or becoming void, voidable,
unenforceable or ineffective for any reason whatsoever and whether or not known to the Landlord, the amount of such loss being the amount which the Landlord would otherwise have been able to recover from the Present Tenant. 

 

	2.	Guarantor’s liability 

 The Guarantor further covenants with the Landlord, as
a primary obligation, that the Guarantor shall be liable (whether before or after any disclaimer by a liquidator or trustee in bankruptcy) for the fulfilment of all the obligations of the Present Tenant under this Lease and agrees that the Landlord,
in the enforcement of its rights under this Lease, may proceed against the Guarantor as if the Guarantor was named as the Tenant in this Lease. 
  

	3.	Waiver by Guarantor 

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

	4.	Postponement of claims by Guarantor against Tenant 

The Guarantor further covenants with the Landlord that the Guarantor shall:- 

 

	4.1	not claim in any liquidation, bankruptcy, composition or arrangement of the Present Tenant in competition with the Landlord and shall remit to the Landlord the proceeds of all judgments and all distributions it may
receive from any liquidator, trustee in bankruptcy or supervisor of the Present Tenant; 

  

	4.2	hold for the benefit of the Landlord all security and rights the Guarantor may have over assets of the Present Tenant whilst any liabilities of the Present Tenant or the Guarantor to the Landlord remain outstanding; and

  

	4.3	not exercise any right or remedy in respect of any amount paid or any liability incurred by the Guarantor in performing or discharging its obligations contained in this Schedule, or claim any contribution from any other
guarantor. 

  
 46 

	5.	Postponement of participation by Guarantor in security 

The Guarantor shall not be entitled to participate in any security held by the Landlord in respect of the Tenant’s obligations to the
Landlord under this Lease or to stand in the place of the Landlord in respect of any such security until all the obligations of the Present Tenant or the Guarantor to the Landlord under this Lease have been performed or discharged. 

 

	6.	No release of Guarantor 

 None of the following, or any combination
of them, shall release, determine, discharge or in any way lessen or affect the liability of the Guarantor as principal obligor under this Lease or otherwise prejudice or affect the right of the Landlord to recover from the Guarantor to the full
extent of this guarantee:- 
  

	6.1	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; 

  

	6.2	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 Property; 

  

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

  

	6.4	(subject to Section 18 of the 1995 Act) any variation of the terms of this Lease or the transfer of the Landlord’s reversion or the assignment of this Lease; 

 

	6.5	any change in the constitution, structure or powers of either the Tenant, the Guarantor or the Landlord or the liquidation, administration or bankruptcy (as the case may be) of either the Tenant or the Guarantor;

  

	6.6	any legal limitation, or any immunity, disability or incapacity of the Tenant (whether or not known to the Landlord) or the fact that any dealings with the Landlord by the Tenant may be outside, or in excess of, the
powers of the Tenant; 

  

	6.7	any other act, omission, matter or thing whatsoever as a result of which, but for this provision the Guarantor would be exonerated either wholly or partly (other than a release executed and delivered as a deed by the
Landlord). 

  

	7.	Disclaimer or forfeiture of Lease 

 The Guarantor further
covenants with the Landlord that:- 
  

	7.1	if a liquidator or trustee in bankruptcy shall disclaim this Lease; or 

  

	7.2	if this Lease shall be forfeited; or 

  

	7.3	if the Present Tenant shall cease to exist; 

 the Guarantor shall, if the Landlord by notice in
writing given to the Guarantor within six (6) months after such disclaimer or other event so requires accept from, and execute and deliver to, the Landlord a counterpart of a new lease of the Property for a term commencing on the date of the
disclaimer or other event and continuing for the residue then remaining unexpired of the Term, such new lease to be at the reasonable and proper cost of the Guarantor and to be at the same Rents and subject to the same covenants and provisions as
are contained in this Lease. 

  
 47 

	8.	Terms of new lease 

 The new lease referred to above is to take
effect from the date of such disclaimer or other event (the “Relevant Event”) and is to be on the following terms: 
  

	8.1	for a term equal to the residue of the Term which would have remained had the Relevant Event not occurred; 

  

	8.2	at the rent reserved by the Lease on the date of the Relevant Event (subject to paragraph 9) and subject to review on the same terms and dates as provided by the Lease; 

 

	8.3	including, where appropriate, provisions reflecting paragraph 9; 

  

	8.4	otherwise subject to the same terms, conditions and provisions contained in the Lease and subject to the Lease if the Lease is still subsisting or the right of any person to have the Lease vested in it.

  

	9.	Rent review in new lease 

 If at the date of the Relevant
Event there is a rent review pending under the Lease, then: 
  

	9.1	the relevant review date in the Lease shall also be a rent review date in the new lease; 

  

	9.2	the rent reserved by the new lease shall be the rent at the relevant review date as agreed or determined in accordance with the new lease (“New Principal Rent”); 

 

	9.3	until the rent is agreed or determined the rent reserved by the new lease shall be payable at the rate that was payable (ignoring any suspension or abatement of rent) under the Lease immediately before the Relevant
Event (“New Initial Rent”); 

  

	9.4	the provisions in the new lease relating to the payment of any shortfall and interest following agreement or determination of a rent review shall apply in relation to any shortfall between the New Initial Rent and the
New Principal Rent of the new lease in respect of the period after the date of the Relevant Event. 

  

	10.	Guarantor to pay sum equal to rents 

 If the
Landlord shall not require the Guarantor to take a new lease pursuant to paragraph 7, the Guarantor shall nevertheless within 10 Working Days of written 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 six (6) months from such date or until the Landlord shall have granted a lease
of the Property to a third party (whichever shall occur first). 
  

	11.	Benefit of guarantee 

 This guarantee shall enure for the benefit of the
successors and assigns of the Landlord under this Lease without the necessity for any assignment. 

  
 48 

	12.	Guarantor to guarantee Authorised Guarantee Agreement 

The Guarantor covenants with the Landlord that the Present Tenant will comply with its obligations under any deed which the Present Tenant is
required to execute and deliver to the Landlord pursuant to clause 19.3.2, and will indemnify the Landlord against any losses, damages, costs and expenses incurred by the Landlord if the Present Tenant fails to do so. 

 

	13.	Invalidity of certain provisions 

 If any term of this guarantee or
the application thereof to any person or circumstances shall to any extent be invalid or unenforceable the same shall be severable and the remainder of this guarantee or the application of such term to persons or circumstances other than those as to
which it is held invalid or unenforceable shad not be affected thereby and each term and provision of this guarantee shall be valid and be enforced to the fullest extent permitted by law. 

  
 49 

 SCHEDULE 5 

ITEMS OF EXPENDITURE AS REFERRED TO IN CLAUSE 30 
  

	1.	Repairs and maintenance 

  

	1.1	Repairing, maintaining, decorating and (where appropriate) cleaning, lighting, heating, servicing and (as and when necessary) altering, reinstating, renewing (by way of repair) or rebuilding each part of the Retained
Parts; 

  

	1.2	Carpeting, furnishing and equipping the Retained Parts as the Landlord may reasonably determine, including providing floral decorations, desks, tables, chairs and other fixtures and fittings in the main entrance halls
and lift lobby areas. 

  

	2.	Plant and machinery 

 Providing, maintaining, repairing, operating,
inspecting, servicing, cleaning, lighting and (as and when necessary) renewing (by way of repair) or replacing (where beyond economic repair) any plant, machinery, apparatus and equipment in the Retained Parts, including any boiler and items
relating to the ventilation, heating, air conditioning and hot and cold water systems, any lift, lift shaft and lift motor room, any fuel and electricity for them and any necessary maintenance contracts and insurance in respect of them. 

 

	3.	Security and emergency systems 

 Providing, maintaining, repairing,
operating, inspecting, servicing, cleaning and (as and when necessary) renewing (by way of repair) or replacing (where beyond economic repair) any security or emergency systems for the Building, including alarm systems, internal telephone systems,
closed circuit television systems, generators, emergency lighting, fire detection or prevention systems, sprinkler systems, any fire escapes for the Building and fire fighting and fire prevention equipment and appliances (other than those for which
a tenant is responsible). 
  

	4.	Staff 

 Providing staff (including such direct or indirect labour as the Landlord
reasonably considers appropriate) for the day-to-day running of the installations and plant in, and the provision of other services to, the Building and for its general
management, operation and security and all other incidental expenditure, including:- 
  

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

  

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

 

	5.	Signs etc. 

 Providing, maintaining and renewing name boards and signs in the main
entrance halls, lift lobby areas and any other parts of the Building, and any directional signs and fire regulation notices and any flags, flag poles, television and radio aerials and satellite dishes. 

  
 50 

	6.	Refuse 

 Providing and (when necessary) renewing (by way of repair) or replacing (where
beyond economic repair) any paladins, compactors or other receptacles for refuse for the Building and the cost of collecting, storing and disposing of refuse. 
  

	7.	Landscaping 

 Maintaining floodlighting and any plants, shrubs, trees or garden or
grassed areas in the Retained Parts. 
  

	8.	Miscellaneous items 

  

	8.1	Leasing or hiring any of the items referred to in this Schedule. 

  

	8.2	Interest, commission and fees at usual standard rates in respect of any monies borrowed to finance the provision of services and any of the items referred to in this Schedule. 

 

	8.3	Enforcing for the general benefit of the tenants of the Building (as reasonably determined by the Landlord) the covenants in any of the other leases of the Building (but not the enforcement of any covenant to pay the
Rents). 

  

	9.	Insurance 

  

	9.1	Periodic valuations of the Building for insurance purposes but not more than once in each calendar year. 

  

	9.2	Works required to the Building in order to satisfy the requirements of any insurer of the Building. 

  

	9.3	Property owner’s liability, third party liability and employer’s liability and such other insurances as the Landlord may, from time to time, reasonably determine. 

 

	9.4	Any amount which may be deducted or disallowed by any insurer of the Building under any excess provision in the insurance policy and which is normal in the market and reasonable in the circumstances on settlement of any
claim by the Landlord. 

  

	10.	Common facilities 

 Making, laying, repairing, maintaining, rebuilding,
decorating, cleaning and lighting (as the case may require), any roads, ways, forecourts, passages, pavements, 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, the Building in common with any Adjoining Property. 
  

	11.	Outgoings 

 All existing or 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 Parts or any part of them (excluding any tax payable by the Landlord occasioned by any disposition of, or dealing with, the reversion of this Lease). 

  
 51 

	12.	Statutory requirements 

 Carrying out any works to the Building required to comply
with any statute (other than works for which any tenant or occupier is responsible). 
  

	13.	Representations 

 Taking any steps reasonably considered desirable or expedient by the
Landlord and in any event proportionate for complying with, making representations against, or otherwise contesting liability under, any statute concerning town planning, public health, highways, streets, drainage and any other matters relating or
alleged to relate to the Building or any part of it for which any tenant is not directly responsible. 
  

	14.	Management 

  

	14.1	The proper and reasonable fees, costs, expenses and disbursements of the Surveyor or any other person employed or retained by the Landlord for, or in connection with, surveying and accounting functions, the performance
of the services and any other duties in and about the Building or any part of it, and relating to the general management, administration, security, maintenance, protection and cleanliness of the Building. 

 

	14.2	The proper and reasonable fees and expenses of the Landlord or a Group Company of the Landlord in connection with the management of the Building and any of the functions and duties referred to in paragraph 14.1 that may
be undertaken by the Landlord or that Group Company, such fees and expenses to include overheads and profits commensurate with current market practice of property companies providing management services. 

Provided that all fees costs and expenses referred to in this paragraph 14 shall not exceed 10% of the other Expenditure. 

 

	15.	Reserve Fund 

 Such annual provision as the Landlord may, acting reasonably,
determine as being proper and reasonable and in the interest of good estate management for the establishment and maintenance of a reserve fund for the replacement of any boilers, plant, machinery, apparatus and equipment or comprising the Retained
Parts. 
  

	16.	Generally 

 Any other reasonable and proper costs and expenses which the Landlord
reasonably and properly incurs in providing such other services and in carrying out such other works as the Landlord may, in its reasonable discretion, consider desirable or necessary for the benefit of the Building or any part of it or the tenants
or occupiers of it, or for securing or enhancing any amenity of, or within, the Building, and in the interest of good estate management. 
  

	17.	Value Added Tax 

 Value Added Tax in respect of any item of expenditure
referred to in this Schedule to the extent that it is not otherwise recoverable by the Landlord. 

  
 52 

 SCHEDULE 6 

DEEDS AND DOCUMENTS CONTAINING MATTERS TO WHICH THE PROPERTY 

ARE SUBJECT 
 All matters contained in the
title registers for Title Number 314084 as at 09:29:29 on 17 April 2015. 

  
 53 

 SCHEDULE 7 

AUTHORISED GUARANTEE AGREEMENT TO BE GIVEN BY TENANT PURSUANT 

TO CLAUSE 19.3.2 
 THIS DEED is made the
[    ] day of [        ] 
 BETWEEN: 

 

	(3)	[                    ] whose registered office is at
[                                        ]
(Company registration number [                    ]) (the “Present Tenant”). 

 

	(4)	[                    ] whose registered office is at
[                                        ]
(Company registration number [                    ]) (the “Landlord”). 

WHEREAS: 
  

	(A)	This Agreement is made pursuant to the lease dated [                    ] and made between
[                    ] (the “Lease”) which expression shall include (where the context so admits) all deeds and documents supplemental to
it (whether expressed to be so or not) relating to the Property at [                    ] (the “Property”). 

 

	(B)	The Present Tenant holds the Property under the Lease and wishes to assign the Lease to [                    ] (the
“Assignee”), and pursuant to the Lease the Landlord’s consent is required to such assignment (the “Assignment”) and such consent is given subject to a condition that the Present Tenant is to enter into a deed in the form of
this Deed. 

 NOW THIS DEED WITNESSES as follows:- 
  

	1.	Authorised Guarantee 

 Pursuant to the condition referred to above, the Present Tenant covenants
with the Landlord, as a primary obligation, that the Assignee or the Present Tenant shall, at all times during the period (the “Guarantee Period”) from the completion of the Assignment until the Assignee shall have ceased to be bound by
the tenant covenants (which in this Deed shall have the meaning attributed by section 28(l) of the Landlord and Tenant (Covenants) Act 1995 (the “1995 Act”)) contained in the Lease (including the payment of the rents and all other sums
payable under the Lease in the manner and at the times specified in the Lease), duly perform and observe the tenant covenants. 
  

	2.	Present Tenant’s Liability 

  

	2.1	The Present Tenant agrees that the Landlord, in the enforcement of its rights under this Deed, may proceed against the Present Tenant as if the Present Tenant were the sole or principal debtor in respect of the tenant
covenant in question. 

  

	2.2	For the avoidance of doubt, notwithstanding the termination of the Guarantee Period the Present Tenant shall remain liable under this Deed in respect of any liabilities which may have accrued prior to such termination.

  
 54 

	2.3	For the avoidance of doubt the Present Tenant shall be liable under this Deed for any reasonable costs and expenses properly incurred by the Landlord in enforcing the Present Tenant’s obligations under this Deed.

  

	3.	Disclaimer of Lease 

 The Present Tenant further covenants with the Landlord that if the Crown
or a liquidator or trustee in bankruptcy shall disclaim the Lease during the Guarantee Period the Present Tenant shall, if the Landlord by notice in writing given to the Present Tenant within six (6) months after such disclaimer so requires
accept from, and execute and deliver to, the Landlord a counterpart of a new lease of the Property for a term commencing on the date of the disclaimer and continuing for the residue then remaining unexpired of the term of the Lease, such new lease
to be at the same rents and subject to the same covenants and provisions as are contained in the Lease. 
  

	4.	Supplementary provisions 

 By way of provision incidental or supplementary to clauses 1, 2 and 3
of this Deed: 
  

	4.1	Postponement of claims by Present Tenant 

 The Present Tenant further covenants with the
Landlord that the Present Tenant shall:- 
  

	 	4.1.1	not claim in any liquidation, bankruptcy, composition or arrangement of the Assignee in competition with the Landlord and shall remit to the Landlord the proceeds of all judgments and all distributions it may receive
from any liquidator, trustee in bankruptcy or supervisor of the Assignee; 

  

	 	4.1.2	hold for the benefit of the Landlord all security and rights the Present Tenant may have over assets of the Assignee whilst any liabilities of the Present Tenant or the Assignee to the Landlord remain outstanding; and

  

	 	4.1.3	not exercise any right or remedy in respect of any amount paid or any liability incurred by the Present Tenant in performing or discharging its obligations contained in this Deed, or claim any contribution from any
other guarantor. 

  

	4.2	Postponement of participation by Present Tenant in security 

 The Present Tenant shall not be
entitled to participate in any security held by the Landlord in respect of the Assignee’s obligations to the Landlord under the Lease or to stand in the place of the Landlord in respect of any such security until all the obligations of the
Present Tenant or the Assignee to the Landlord under the Lease have been performed or discharged. 
  

	4.3	No release of Present Tenant 

 None of the following, or any combination of them, shall release,
determine, discharge or in any way lessen or affect the liability of the Present Tenant as principal obligor under this Deed or otherwise prejudice or affect the right of the Landlord to recover from the Present Tenant to the full extent of this
guarantee:- 
  

	 	4.3.1	any neglect, delay or forbearance of the Landlord in endeavouring to obtain payment of any rents or other amounts required to be paid by the Assignee or in enforcing the performance or observance of any of the
obligations of the Assignee under the Lease; 

  
 55 

	 	4.3.2	any refusal by the Landlord to accept rent tendered by or on behalf of the Assignee 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 Property; 

  

	 	4.3.3	any extension of time given by the Landlord to the Assignee; 

  

	 	4.3.4	(subject to Section 18 of the 1995 Act) any variation of the terms of the Lease or the transfer of the Landlord’s reversion; 

 

	 	4.3.5	any change in the constitution, structure or powers of either the Present Tenant, the Assignee or the Landlord or the liquidation, administration or bankruptcy (as the case may be) of either the Present Tenant or the
Assignee; 

  

	 	4.3.6	any legal limitation, or any immunity, disability or incapacity of the Assignee (whether or not known to the Landlord) or the fact that any dealings with the Landlord by the Assignee may be outside, or in excess of, the
powers of the Assignee; 

  

	 	4.3.7	any other deed, act, omission, failure, matter or thing whatsoever as a result of which, but for this provision, the Present Tenant would be exonerated either wholly or partly (other than a release executed and
delivered as a deed by the Landlord or a release effected by virtue of the 1995 Act). 

  

	4.4	Costs of new lease 

 The Landlord’s reasonable costs in connection with any new lease
granted pursuant to clause 3 of this Deed shall be borne by the Present Tenant and paid to the Landlord (together with Value Added Tax) upon completion of such new lease. 
  

	5.	Guarantor to pay sum equal to rents 

 If the Landlord shall not require the Present Tenant to
take a new lease pursuant to paragraph 4, the Present Tenant shall nevertheless within 10 Working Days of written 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 six (6) months from such date or until the Landlord shall have granted a lease of the Property to a third party
(whichever shall occur first). 
  

	6.	Invalidity of certain provisions 

 If any term of this Deed or the application thereof to any
person or circumstances shall to any extent be invalid or unenforceable the same shall be severable and the remainder of this Deed or the application of such term to persons or circumstances other than those as to which it is held invalid or
unenforceable shall not be affected thereby and each term and provision of this Deed shall be valid and be enforced to the fullest extent permitted by law. 

IN WITNESS whereof this deed has been executed by the Present Tenant and is intended to be and is hereby delivered on the date first above written. 

  
 56 

 EXECUTED as a deed by O & H (CAVENDISH PLACE) LIMITED
acting by a director in the presence of:- 
  

	
	Signature
	
	/s/ Peter Dee-Shapland
	
	Director
	
	  

	 Print name
  

PETER DEE-SHAPLAND

  

			
	Witness signature	 	 /s/ David Lyons

	
	Name (in BLOCK CAPITALS) DAVID LYONS
	
	Address c/o O&H PROPERTIES, 25-28 OLD               BURLINGTON STREET
	              LONDON W1S 3AN
	
	Occupation CHARTERED SURVEYOR

  
 57 

 EXECUTED as a deed by MEREO BIOPHARMA GROUP LIMITED acting by a director in
the presence of:- 
  

	
	Signature
	
	/s/ Denise Scots-Knight
	
	Director
	
	  

	Print name
	
	Denise Scots-Knight

  

			
	Witness signature	 	 /s/ Jessica Doughty

			
	
	Name (in BLOCK CAPITALS) JESSICA DOUGHTY
	
	Address 39 WINTON CRESCENT
	              WD3 3QX
	
	Occupation PERSONAL ASSISTANT

  
 58EX-10.2

 Exhibit 10.2 
  

	 THIS CONTRACT OF EMPLOYMENT dated 
	 29 July 2015 is made 

BETWEEN: 
  

	(1)	MEREO BIOPHARMA GROUPLTD, (a company incorporated in England and Wales and registered under number 9481161, whose registered office is at Green Park House, 15 Stratton Street, London W1J 8LQ (the
“Company”); and 

  

	(2)	Denise Scots-Knight, [XXXXXXXXX] 

 This Contract sets out the terms and conditions of your employment with the
Company at the date of this Contract and supersedes all previous arrangements or agreements whether oral or in writing between you and the Company in relation to the matters dealt with in it. 

 

	1.	Interpretation 

  

	1.1	The definitions and rules of interpretation in this clause 1 apply in this Contract. 

  

	 	1.1.1	Appointment: the employment of the Employee by the Company on the terms of this Contract. 

  

	 	1.1.2	Associated Employer: has the meaning given to it in the Employment Rights Act 1996. 

  

	 	1.1.3	Board: the board of directors of the Company (including any committee of the board duly appointed by it). 

  

	 	1.1.4	Commencement Date 1st July 2015 

  

	 	1.1.5	Confidential Information: all of 

  

	 	(a)	financial information relating to the Company and any Group Company including (but not limited to) management accounts, sales forecasts, dividend forecasts, profit and loss accounts and balance sheets, draft accounts,
results, order schedules, profit margins, pricing strategies and other information regarding the performance or future performance of the Company or any Group Company; 

 

	 	(b)	client or customer lists and contact lists, details of the terms of business with, the fees and commissions charged to or by and the requirements of customers or clients, prospective customers or clients, buyers, and
suppliers of the Company or any Group Company; 

  

	 	(c)	any information relating to expansion plans, business strategy, marketing plans, and presentations, tenders, projects, joint ventures or acquisitions and developments contemplated, offered or undertaken by the Company
or any Group Company; 

  

	 	(d)	details of the employees, officers and workers of and consultants to the Company or any Group Company their job skills and capabilities and of the remuneration and other benefits paid to them; 

	 	(e)	copies or details of and information relating to Know-how, research activities, inventions, creative briefs, ideas, computer programs (whether in source code or object code)
secret processes, designs and formulae or other intellectual property acquired, developed, licensed, undertaken, commissioned or produced by or on behalf of the Company or any Group Company; 

 

	 	(f)	confidential reports or research commissioned by or provided to the Company or any Group Company and any trade secrets and confidential transactions of the Company or any Group Company; 

 

	 	(g)	key metric information such as details of website page hits, visitors, visits, orders per day, total order volumes, average order size, volumes of goods shipped or held in stock, customer acquisition costs, repeat rates
and word of mouth rates; 

  

	 	(h)	details of any marketing, development, pre-selling or other exploitation of any intellectual property or other rights of the Company or any Group Company, any proposed options or
agreements to purchase, licence or otherwise exploit any intellectual property of the Company or any Group Company and any intellectual property which is under consideration for development by the Company or any Group Company, 

 

	 	(i)	details of any advertising, marketing or promotional campaign which the Company or any Group Company is to conduct; and 

  

	 	(j)	any information which you ought reasonably to know is confidential and any information which has been given to the Company or any Group Company in confidence by agents, buyers, clients, consultants, customers, suppliers
or other persons. 

  

	 	1.1.6	Documents: documents, manuals, disks, memory, notebooks, tapes (including copies) or any other medium, whether or not eye-readable, on which information (whether
confidential or otherwise) may from time to time be referred to, written or recorded. 

  

	 	1.1.7	Group Company: the Company, its Subsidiaries or Holding Companies from time to time and any Subsidiary of any Holding Company from time to time. 

 

	 	1.1.8	Incapacity: any sickness, injury or other medical disorder or condition which prevents the Employee from carrying out his duties. 

 

	 	1.1.9	Key Employee: any employee or contractor who is or was (in the Period) employed or engaged to your knowledge: 

  

	 	(a)	at management grade; or 

  
 - 2 - 

	 	(b)	in a senior capacity; or 

  

	 	(c)	in a capacity in which he has access to or obtained Confidential Information and in respect of whom you exercised control or had managerial responsibility. 

 

	 	1.1.10	Know-how: information (including without limitation that comprised in formulae, specifications, designs, drawings, component lists, databases, software (or pre-cursor documents), databases, manuals, instructions and catalogues) held in whatever form relating to the creation, production or supply of any products or services by the Company or any Group Company, or by or
to any of the suppliers, customers, partners or joint ventures of such company. 

  

	 	1.1.11	Manager: Chairman of the Board, Peter Fellner 

  

	 	1.1.12	Period: the period of 6 months immediately prior to the Termination Date. 

  

	 	1.1.13	Permitted Interest: an interest in any class of shares or other securities of any company which are traded on a recognised investment exchange which amount to not more than 3% of such class of issued shares or
securities and an interest in any units of any authorised unit trust. 

  

	 	1.1.14	Restricted Area: England, Scotland, Wales or Northern Ireland. 

  

	 	1.1.15	Restricted Business: any business whether for profit or not-for-profit that has a significant commercial activity in pharmaceuticals
which contain one or more active ingredients that are similar (in drug target specificity and function in relation to modulating that target) to pharmaceutical candidates or products researched, developed or commercialised by the Company at the date
of an individual’s termination of service with the Company in which the Employee has a material involvement. 

  

	 	1.1.16	SSP: statutory sick pay. 

  

	 	1.1.17	Staff Handbook: the Company’s staff handbook as amended from time to time. 

  

	 	1.1.18	Subsidiary and Holding Company: in relation to a company mean “subsidiary” and “holding company” as defined in section 1159 of the Companies Act 2006 and a company shall be treated, for the
purposes only of the membership requirement contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of (a) another person (or its nominee), whether by way
of security or in connection with the taking of security, or (b) a nominee. 

  

	 	1.1.19	Termination Date: the date of termination or expiration of this Contract. 

  
 - 3 - 

	1.2	The headings in this Contract are inserted for convenience only and shall not affect its construction. 

  

	1.3	A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate
legislation for the time being in force made under it. 

  

	1.4	Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders. 

  

	1.5	Unless the context otherwise requires, words in the singular include the plural and in the plural include the singular. 

  

	1.6	The schedules to this Contract form part of (and are incorporated into) this Contract. 

  

	2.	Term of Appointment 

  

	2.1	The Appointment shall commence on the Commencement Date and shall continue, subject to the remaining terms of this Contract, until terminated by either party giving the other not less than 12 months’ prior notice
(or the statutory minimum notice, whichever is the greater) in writing. 

  

	2.2	[This clause intentionally blank]. 

  

	2.3	No employment with a previous employer counts towards the Employee’s period of continuous employment with the Company. 

  

	2.4	The Employee consents to the transfer of his employment under this Contract to an Associated Employer at any time during the Appointment. 

 

	3.	Employee Warranties 

  

	3.1	You represent and warrant to the Company that, by entering into this Contract or performing any of your obligations under it, you will not be in breach of any court order or any express or implied terms of any contract
or other obligation binding on you. 

  

	3.2	You represent and warrant to the Company that you are not bound by or subject to any agreement, arrangement, court order, obligation or undertaking which in any way restricts or prohibits you from entering into this
Contract or from performing your duties for the Company as set out in this Contract. 

  

	3.3	You warrant that you are entitled to work in the UK without any additional approvals and will notify the Company immediately if you cease to be so entitled at any time during the Appointment. 

 

	4.	Job Title and Reporting 

 Your job title is ‘Chief Executive Officer’ and you
will report to the Manager or such other person as may be authorised by the Company and notified to you. 

  
 - 4 - 

	5.	Job Description and Duties 

  

	5.1	Your main tasks and responsibilities are set out in the written job description at Schedule I. The Company reserves the right to require you to change your job title and/or job description and/or reporting structure or
to require you to perform a different job or different or additional duties consistent with your status and any such change will not constitute a change of the terms and conditions of your employment. 

 

	5.2	You must perform your job to the best of your ability and to comply with any duties implied by law. 

  

	5.3	During the Appointment you shall: 

  

	 	5.3.1	unless prevented by Incapacity, devote substantially the whole of your time, attention and abilities to the business of the Company and any Group Company of which you are an officer or consultant; 

 

	 	5.3.2	diligently exercise such powers and perform such duties as may from time to time be assigned to you by the Company together with such person or persons as the Company may appoint to act jointly with you;

  

	 	5.3.3	comply with all reasonable and lawful directions given to you by the Company; 

  

	 	5.3.4	promptly make such reports to your Manager in connection with the affairs of any Group Company on such matters and at such times as are reasonably required; 

 

	 	5.3.5	report your own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of any Group Company to your Manager immediately on becoming aware of it; 

 

	 	5.3.6	use your best endeavours to promote, protect, develop and extend the business of any Group Company; and 

  

	 	5.3.7	consent to the Company monitoring and recording any use that you make of the Company’s electronic communications systems for the purpose of ensuring that the Company’s rules are being complied with and for
legitimate business purposes. 

  

	5.4	You shall comply with the Company’s anti-corruption and bribery policy and related procedures at all times. 

  

	5.5	You shall comply with any rules, policies and procedures set out in the Staff Handbook. The Staff Handbook does not form part of this Contract and the Company may amend it at any time. To the extent that there is any
conflict between the terms of this Contract and the Staff Handbook, this Contract shall prevail. 

  
 - 5 - 

	5.6	All documents, manuals, hardware and software provided for your use by the Company, and any data or documents (including copies) produced, maintained or stored on the Company’s computer systems or other electronic
equipment (including mobile phones), remain the property of the Company. 

  

	6.	Location 

  

	6.1	Your normal place of work is the Company’s offices at Green Park House, 15 Stratton Street, London W1J 8LQ or such other place as the Company may reasonably determine for the proper performance and exercise of your
duties. 

  

	6.2	The Company may require you to perform services for any Group Company wherever situated and without further fees or remuneration and to enter into any separate agreement(s) with such Group Company for such purpose and
any duties that you may have under this Contract will be deemed to extend to such Group Company. 

  

	6.3	You agree to travel on any Group Company’s business (both within the United Kingdom and abroad) as may be required for the proper performance of your duties under the Appointment. 

 

	7.	Hours of Work 

  

	7.1	Your normal working hours are from 09:00 to 17:00 on each week day, excluding public and bank holidays of England and Wales, together with such additional hours, on week days (including public and bank holidays of
England and Wales) or weekends, as may be necessary for the proper performance of your duties. 

  

	7.2	Regulation 4(1) of the Working Time Regulations 1998 (the “WTR”) provides that a worker’s average working time, including overtime, must not exceed 48 hours for each
seven-day period (to be averaged over a period of 17 weeks) unless the worker agrees that this regulation will not apply to his or her employment. 

You acknowledge that you hold an executive position with certain autonomous decision taking powers and therefore are not subject to
regulation 4(1) of the Working Time Regulations 1998 but without prejudice to that you accept that by signing this Contract you have agreed that, insofar as it would apply to your employment with the Company, regulation 4(1) of the Working Time
Regulations 1998 shall not apply. 
  

	7.3	At any time during the Appointment, you or the Company may give three months’ prior written notice that the opt-out of clause 7.2 should no longer apply and it will cease to
apply with effect from the expiry of the said notice. 

  

	7.4	You will comply with any requests made or measures imposed to enable the Company and/or you to monitor and record your working time. 

 

	8.	Salary 

  

	8.1	Your salary is £275,000 per annum (the “Salary”), less statutory and voluntary deduction. The Salary shall accrue from day to day and be payable by equal monthly instalments
in arrears on the last business day of each calendar month directly into your UK bank or building society account. 

  
 - 6 - 

	8.2	You will receive no additional payment for any overtime worked. Your Salary will include any director’s, company secretary’s and other fees and emoluments due to you as an officer of the Company or of any
Group Company. 

  

	8.3	Your Salary will be reviewed by your Manager annually, the first such review taking effect from 1 January 2016 and may be increased from time to time at the Company’s discretion without affecting the other
terms of the Appointment. There is no obligation to award an increase. There will be no review of the Salary after notice has been given by either party to terminate the Appointment. 

 

	8.4	If you are invited to participate in any employees’ share scheme (as defined in section 1166 of the Companies Act 2006) and accept, your membership shall be governed exclusively by the rules of the relevant scheme
from time to time. Your rights and obligations under this Contract shall not be affected by your participation in the scheme or any right which you may have to participate in it and you shall have no claim for compensation or damages under or in
connection with this Contract in consequence of the termination of the Appointment for any reason whatsoever insofar as the termination of the Appointment may end your participation or reduce the value of awards you may receive under it.

  

	8.5	You authorise the Company to deduct from your Salary any sums which you may owe the Company including without limitation any overpayment of salary or expenses, any debt or loans or any other sum or sums which may be
required to be authorised pursuant to Section 13 of the Employment Rights Act 1996. 

  

	9.	Discretionary Bonus 

  

	9.1	You may be considered for a discretionary bonus in relation to each calendar year. The payment of any discretionary bonus is not guaranteed under this Contract and your eligibility for a discretionary bonus shall be
assessed in accordance with and subject to the terms of the Company’s performance related discretionary bonus scheme. 

  

	9.2	The terms of the discretionary bonus scheme are determined by the Company in its absolute discretion and the Company is entitled in its absolute discretion to change the terms of this scheme from year to year.

  

	9.3	The amount of the discretionary bonus, if any, in any particular calendar year shall be determined by the Company in its sole discretion. Payment of a bonus in one calendar year does not entitle you to receive a bonus
in respect of any other calendar year. 

  

	9.4	If you commence employment part way through the calendar year any sum calculated in accordance with clause 9.2 shall be pro-rated, as appropriate. 

 

	9.5	If you are working your period of notice (given by either you or the Company) at the date any bonus is payable to you, or the Appointment is terminated prior to that date, no bonus or
pro-rata bonus shall be payable. 

  

	9.6	Any discretionary bonus payable in accordance with this clause 9 shall not be pensionable. 

  
 - 7 - 

	10.	Expenses 

  

	10.1	The Company will reimburse (or procure the reimbursement of) all expenses properly, necessarily and reasonably incurred by you in the proper performance of your duties, provided that on request you will provide the
Company with such VAT receipts, invoices or other evidence of actual payment of such expenses as the Company may reasonably require. 

  

	10.2	You shall comply with the Company’s expenses policy as set out in the Staff Handbook from time to time. 

  

	10.3	Any expenses charged to a Company credit card must be documented in accordance with Company procedures and approved by the Chief Financial Officer within one month of the date that the credit card statement is received.
No personal expenditure may be charged to Company credit cards. 

  

	11.	Other Employment 

  

	11.1	You must devote substantially the whole of your time, attention and abilities during your normal hours of work to your duties for the Company. 

 

	11.2	Without the prior written approval of the Board, you may not, whether directly or indirectly, undertake any other job (including voluntary work) or carry on a business, of whatever kind, during your hours of work for
the Company. Without the prior written approval of the Board, you may not, whether directly or indirectly, undertake any other job (including voluntary work) or carry on a business, of whatever kind, outside Company hours if in the reasonable
opinion of the Company this is likely to affect your work performance for the Company and you will promptly disclose to the Company sufficient details of any such job or business in order for the Company to consider whether it is likely to affect
your work performance. Nothing in this clause 11.2 will prevent you from holding a Permitted Interest (as defined below) or continuing with your non-executive directorships of; 

 

	 	•	 	OncoMed Pharmaceuticals Inc 

  

	 	•	 	Nabriva Therapeutics Inc 

  

	 	•	 	Albireo Pharma Ltd 

  

	11.3	You may not at any time during the period of your employment by the Company without the prior written consent of the Chairman of the Board engage, whether directly or indirectly, in any business or employment which is
similar to or in any way connected with the business of the Company. Nothing in this clause 11.3 will prevent you from continuing with your activities relating to Phase4 Partners Limited. 

 

	12.	Holidays 

  

	12.1	In addition to the usual public and bank holidays of England and Wales, you shall be entitled to 25 days’ paid holiday in each complete holiday year worked (and pro rata for any holiday year worked in part) to be
taken at such time or times as shall be agreed by your Manager. 

  

	12.2	The holiday year runs from 1 January each year to the following 31 December. 

  
 - 8 - 

	12.3	Although the Company will agree to your proposed holiday dates wherever possible, it reserves the right to withhold approval where necessary to protect the interests of the business. 

 

	12.4	The Company reserves the right to require you to take holiday on certain days to be determined by the Company of up to five days in each holiday year. The Company will notify you of any such requirement prior to the
commencement of each holiday year. 

  

	12.5	A maximum of five days untaken holiday entitlement may be carried forward from one holiday year subject to the prior written agreement of your Manager to the next and no money will be paid in lieu of any such untaken
holiday entitlement. 

  

	12.6	On termination of the Appointment you shall be entitled to be paid in lieu of holiday accrued but untaken in the holiday year in which termination takes place. Your entitlement to holiday will be calculated on the basis
that each day of paid holiday is equal to 1/260 of your salary. Alternatively, you will be required to repay to the Company pay for any holiday taken in excess of your entitlement at the same rate. 

 

	12.7	If in any year you are not employed for the complete holiday year (for example, in the years in which you join and leave the Company), your holiday entitlement will be calculated pro rata based on the number of complete
months worked during the relevant holiday year. 

  

	12.8	The Company may require you to take any outstanding holiday entitlement during your notice period or during any period of garden leave as referred to in clause 20. 

 

	12.9	The holiday year is also the leave year for parental leave purposes. 

  

	13.	Notification of Sickness or Other Absence 

  

	13.1	If you are absent from work for any reason and your absence has not previously been authorised by your Manager you, or someone on your behalf, must inform your Manager by 10.00 am on each day of absence.

  

	13.2	Any unauthorised absence must be properly explained and in the case of an absence of uncertain duration you must keep the Company informed on a daily basis until you have provided the Company with a medical certificate.

  

	13.3	If you are absent from work due to sickness or injury which continues for more than seven days (including weekends) you must provide the Company with a medical certificate on or before the eighth day of sickness or
injury. Thereafter medical certificates must be provided to the Company to cover any continued absence. 

  

	13.4	Immediately following your return to work after any period of absence which has not previously been authorised by your Manager you are required to complete a Self-Certification form stating the date of and the reason
for your absence, including details of sickness on non-working days as this information is required by the Company for calculating Statutory Sick Pay entitlement. Self-Certification forms will be retained in
the Company’s records. 

  
 - 9 - 

	13.5	Failure to comply with the above procedures may result in disciplinary action and/or the loss of Company sick pay (referred to below) and may also disqualify you from receiving Statutory Sick Pay. 

 

	13.6	Your “qualifying days” for Statutory Sick Pay purposes are those days of the week on which you are due to work in accordance with this contract of employment. 

 

	13.7	You shall: 

  

	 	13.7.1	agree to consent to a medical examination (at the Company’s expense) by a doctor nominated by the Company or your GP or any relevant consultant at any time should the Company so require; and 

 

	 	13.7.2	authorise such medical practitioner to disclose to or discuss with the Company (or its medical adviser) any matters arising from such examination. 

 

	13.8	The rights of the Company to terminate the Appointment under the terms of this Contract apply even when such termination would or might cause you to forfeit any entitlement to sick pay, payments under the medical
scheme, or other benefits. 

  

	14.	Sick Pay 

  

	14.1	Provided that you have complied with the Company’s notification and certification procedures and general terms relating to sickness absence referred to in clause 13 above and that you have completed three months of
continuous service prior to the start of the period of sickness, you will be entitled to be paid your normal basic pay for periods of sickness absence up to a maximum of 10 working days in aggregate in any calendar year. Any payments made thereafter
will be at the sole discretion of the Company. Payments of sick pay include Statutory Sick Pay and will be reduced by any state sickness benefit you may be entitled to receive. 

 

	14.2	If you are absent from work due to the actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, you shall immediately notify
your Manager of that fact and of any claim, compromise, settlement or judgment made or awarded in connection with it and all relevant particulars that the Company may reasonably require. In such circumstances any Company sick pay will be paid as a
loan which, if required by the Company, you must repay to the Company if you recover damages in respect of your absence from work. 

  

	14.3	The Company reserves the right to withhold payment of Company sick pay if you fail to comply with the provisions of clause 13 or if you are subject to disciplinary proceedings. 

 

	15.	Other Benefits 

  

	15.1	 Pension. You are eligible to join the Company’s group personal pension scheme. Membership of and
benefits under the scheme are strictly subject to the rules of the scheme as amended from time to time. The Company expressly reserves the right in its discretion to amend or terminate the pension scheme. The Company shall contribute to the
Company’s pension scheme an amount equal to 10% of your Salary provided that you contribute 4% or more to that scheme, subject to the 

  
 - 10 - 

	 	
annual allowance set by HM Revenue & Customs from time to time not being exceeded. In the event that you exceed the annual allowance set by HM Revenue & Customs in any fiscal
year or maximum lifetime allowance, the Company may, at your request, pay a pro-rata amount equal to 10% of your basic salary in lieu of a pension contribution to you as an allowance, subject to deduction of
income tax and national insurance contributions, you certifying and, at the request of the Company, providing evidence satisfactory to the Company that you have exceeded such annual allowance for the applicable fiscal year or the maximum lifetime
allowance and, if necessary, you opting out of auto enrolment. Any pension contribution or allowance shall be paid in equal monthly instalments in arrears. 

  

	15.2	The Company will comply with the employer pension duties in respect of your employment in accordance with Part I of the Pensions Act 2008. 

 

	15.3	A contracting-out certificate under the Pension Schemes Act 1993 is not in force in respect of the Appointment. 

 

	15.4	Subject to the rules and eligibility requirements of each scheme from time to time in force and to your health not being such as to prevent the Company (or the relevant Group Company) from being able to obtain cover on
reasonable terms, you will be entitled to participate in the following schemes: 

  

	 	15.4.1	Medical Scheme. You and your immediate family shall be entitled to participate in the medical insurance scheme maintained from time to time by the Company for the benefit of employees. 

 

	 	15.4.2	Life Assurance Scheme. The Company shall maintain for you life assurance of four times your Salary. 

  

	15.5	Any benefits that may from time to time be provided by the Company to you or your family that are not expressly referred to in this Contract shall be provided at the entire discretion of the Company and, unless so
agreed in writing, shall not form part of your terms and conditions of employment. 

  

	15.6	Participation in any insurance or assurance scheme provided for you under this Contract: 

  

	 	15.6.1	is absolutely subject to its terms and conditions from time to time in force; 

  

	 	15.6.2	is conditional on you satisfying any applicable requirements of the insurers; 

  

	 	15.6.3	is subject to you and any insured dependants satisfying the normal underwriting requirements of the relevant insurance provider and the relevant premium being at a rate which the Company considers reasonable; and

  

	 	15.6.4	will end when you attain whichever is the greater of the age of 65 and the state pensionable age. 

  

	15.7	 The Company reserves the right at any time, on three months’ written notice, to withdraw any insurance or
other benefits set out in this clause 15 or to amend the 

  
 - 11 - 

	 	
terms on which they are provided. If an insurance provider refuses for any reason to provide insurance benefit to you under any insurance scheme the Company shall not be liable to provide you
with any replacement benefit of the same or similar kind or to pay any compensation in lieu of such benefit. 

  

	15.8	You may be required, at the request and expense of the Company, to submit to a medical examination by a medical practitioner nominated by the Company to support applications for insurance set out in this clause 15 or
any other insurance schemes required by the Company, and you hereby authorise such medical practitioner to disclose to or discuss with the Company’s medical adviser and/or the relevant insurer’s medical adviser any matters arising from
such examination and the Company’s medical adviser may notify the Board of any serious matter if, in his opinion, it might materially adversely affect your health or the proper discharge of your duties. 

 

	16.	Intellectual Property 

  

	16.1	You agree and acknowledge that during the course of your employment and in pursuance of the discharge of your duties you will make, create, produce and generate intellectual property rights, including Inventions.

  

	16.2	Inventions 

  

	 	16.2.1	If while employed by the Company you (whether alone or with any other person) make, produce or are responsible for any invention, discovery, process, business idea, or method of any description that relates to or could
be used in any business of the Company (“an Invention”), you shall promptly give to a Director of the Company full written details thereof. 

  

	 	16.2.2	If the Invention is a patentable invention within the meaning of Section 1 of the Patents Act 1977 and, according to the provisions of Section 39 of that Act it belongs to you (“Personal
Invention”), you shall if so requested by the Company no later than six months from disclosure to the Company pursuant to sub-clause 16.2.1 above, negotiate with the Company in good faith for the
assignment or licence of your rights in that Invention to the Company for further consideration. 

  

	 	16.2.3	 Any Invention created in the course of your employment by the Company shall belong to the Company
(“Company Inventions”). Any and all intellectual property rights in or relating to any and all such Company Inventions shall be owned by the Company. You hereby irrevocably assign to the Company (by way of present assignment of
present and future rights) with full title guarantee absolutely and free from all encumbrances all right, title and interest in and to all intellectual property rights in or relating to Company Inventions and all materials embodying such rights to
the fullest extent permitted by law together with all accrued rights of action in respect of any infringement of such rights. Insofar as they do not so vest automatically by operation of law or under this Contract, you shall hold all such rights and
inventions on trust for the exclusive benefit of the Company, and shall not transfer them to a third party or encumber them and shall on demand assign them to the Company without payment or other condition. You shall execute (both during and after
the termination of 

  
 - 12 - 

	 	
your employment) all documents and do all things necessary to substantiate the Company’s rights in Company Inventions and to obtain registration or protection thereof in the Company’s
name in any country. 

  

	 	16.2.4	Save for the disclosure to the Company as provided above or, in the case of a Personal Invention only, as required for the purpose of obtaining patent protection for the Personal Invention, you shall keep all details of
any Invention confidential to yourself and any solicitor, counsel or patent agent instructed by you and you shall not use any Company Invention for any purpose. You shall not without the Company’s prior written consent apply for a patent in any
country in relation to any Company Invention and shall promptly inform the Company if you apply for a patent in any country for a Personal Invention. Notwithstanding the foregoing, you shall not include any Confidential Information in any
application for a patent for a Personal Invention. 

  

	16.3	Copyright and other rights 

  

	 	16.3.1	If while employed by the Company you, whether on your own or with any other person, create any copyright work or design (including without limitation any literary, dramatic, musical or artistic work, and any film, sound
recording, cable programme, broadcast, typographical arrangement of a published edition, computer program, adaptation or design document) or any database or any other work or matter of any description (other than an Invention) capable of protection
under copyright, design right, trademarks, database rights or other intellectual or industrial and commercial property laws of any country, that relates to or could be used in the business of the Company, (a “Protected Work”), you
shall promptly disclose to the Chief Financial Officer or General Counsel full details thereof in writing and shall if requested by the Company deliver to it all copies or representations of the Protected Work in any material form but shall
otherwise keep the Protected Work confidential and not use it for any purpose other than for the Company. 

  

	 	16.3.2	All proprietary rights in any Protected Work created by you in the course of your employment by the Company shall automatically vest in the Company. 

 

	 	16.3.3	To the extent that the Company is not already the owner of the copyright, design rights, trade marks, database rights and other intellectual or industrial and commercial property rights (“the Rights”)
in a Protected Work pursuant to clause 16.3.2 you shall hold the Protected Work and the Rights on trust for the Company and shall assign without payment or any other condition (and, in the case of the UK copyright, design rights, trade marks and
database rights hereby assign by way of future assignment of copyright, design right, trademarks and database rights respectively), the Protected Work and all Rights therein in all countries of the world to the Company absolutely together with all
accrued rights of action in respect of any infringement of the same. 

  

	16.4	 You shall, without charge to but at the cost of the Company, execute all documents and do all acts, things and
matters beneficial to, required or necessary (both during and after the termination of your employment) to vest rights in the Company (or its 

  
 - 13 - 

	 	
successors), or substantiate the Company’s (or its successor’s) rights, in any Company Inventions, the Rights and Protected Works and to obtain protection for the Company Inventions,
Rights and Protected Works in the Company’s (or its successor’s) name in any country. 

  

	16.5	To the extent permitted by law, you hereby irrevocably and unconditionally waive any and all moral rights conferred by Chapter IV of the Copyright Designs and Patents Act 1988 or any rights of a similar nature under
laws now or in the future in force in any other jurisdiction in and to any and all Protected Work, such waiver being given in favour of the Company, its successors in title and assigns. 

 

	16.6	You hereby irrevocably appoint the Company to be your attorney to execute and do any such instrument or thing and generally to use your name for the purpose of giving the Company or its nominee the benefit of this
clause 16 and acknowledge in favour of a third party that a certificate in writing signed by any Director or the Company Secretary that any instrument or act falls within the authority conferred by this clause 16 shall be conclusive evidence that
such is the case. 

  

	16.7	The provisions of this clause 16 will not be affected by the termination of this Contract for whatever reason and will continue after it ends. 

 

	17.	Confidentiality 

  

	17.1	You acknowledge that in the course of the Appointment you will have access to Confidential Information. You therefore agree to accept the restrictions in this clause 17. 

 

	17.2	You shall not (except in the proper course of your duties), either during the Appointment or at any time after its termination (however arising), use or disclose to any person, company or other organisation whatsoever
(and shall use your best endeavours to prevent the publication or disclosure of) any Confidential Information. This shall not apply to: 

  

	 	17.2.1	any use or disclosure authorised by the Board in writing or required by law; 

  

	 	17.2.2	any information which is already in, or comes into, the public domain other than through your unauthorised disclosure; or 

  

	 	17.2.3	any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996. 

  

	17.3	You agree that the restrictions set out in this clause 17 are without prejudice to any other duties of confidentiality owed to the Company or any Group Company whether express or implied and that they shall survive the
termination of this Contract for whatever reason and will continue after it ends. 

  

	18.	Termination 

  

	18.1	You or the Company may terminate the Appointment on written notice of 12 months or the statutory minimum notice, whichever is the greater. 

  
 - 14 - 

	18.2	The Company shall be entitled at its sole and absolute discretion lawfully to terminate your employment at any time and with immediate effect by written notification to you and to pay within one month following the date
of such termination a payment in lieu of notice (PILON) to you. For the avoidance of doubt, the termination of your employment shall be effective on such written notification and shall not be deferred until the PILON is paid. The total PILON will be
equal to the basic salary due under clause 8.1 which you would have been entitled to receive under this Contract during the notice period referred to at clause 2.2 or 18.1 (or, if notice has already been given, during the remainder of such notice
period) (subject to statutory deductions) 

  

	18.3	On termination of the Appointment, for whatever reason, you shall not be entitled to any compensation for the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other profit
sharing scheme operated by the Company or any Group Company in which you may participate. 

  

	18.4	Upon the termination of your employment with the Company for whatever reason or after notice having been served at the request of the Company or if you shall cease for any reason to be a director or officer of the
Company, you shall forthwith, if so required by the Company resign without any claim for compensation or damages from any office or appointment held by you in the Company or in any Group Company, and of all other companies of which he shall have
been appointed a director or officer by the Company or Group Company by virtue of any right of nomination vested in such member. You hereby irrevocably authorise the Company to appoint such person in your place and on your behalf to do all such
things and execute all such documents which you are obliged to execute and do under this Contract (including without limitation those documents which may be necessary for, or incidental to, your resignation from office). 

 

	18.5	You agree that during any period of notice given by either party, you will give to the Company or such person nominated by it all such assistance and co-operation in effecting a
smooth and orderly handover of your duties as the Company may reasonably require. 

  

	18.6	The Company may at its absolute discretion during any period of notice given by either party: 

  

	 	18.6.1	appoint a person to perform your duties jointly with you or, during any period of garden leave pursuant to clause 20 and/or during any period of suspension pursuant to clause 24.2, to perform all or some of your duties
in your place; and/or 

  

	 	18.6.2	suspend or cancel your access to the Company’s IT and telephone systems including, but not limited to, voicemail, email, internet and the Company’s intranet. 

 

	19.	Summary Termination 

  

	19.1	The Company is entitled to terminate the Appointment by summary notice in writing and without payment in lieu of notice if you: 

  

	 	19.1.1	are guilty of any gross misconduct affecting the business of any Group Company; 

  
 - 15 - 

	 	19.1.2	commit any serious breach or repeated or continued (after warning) any material breach of your obligations under this Contract; 

  

	 	19.1.3	commit (by commission or omission) any act which brings or would tend to bring the Company or any Group Company into disrepute; 

  

	 	19.1.4	fail to perform your duties to a satisfactory standard after having received a written warning from the Company relating to the same; 

 

	 	19.1.5	are guilty of any dishonesty, gross misconduct or wilful neglect of duty; 

  

	 	19.1.6	damage Company property maliciously; 

  

	 	19.1.7	falsify attendance or sickness or other records; 

  

	 	19.1.8	falsify any data during the course of your employment; 

  

	 	19.1.9	conduct yourself in a manner materially adverse to the interests of the Company or any Group Company; 

  

	 	19.1.10	are, in the reasonable opinion of the Board, negligent and incompetent in the performance of your duties; 

  

	 	19.1.11	have a bankruptcy order made against you or enter into a voluntary arrangement within the meaning of section 253 Insolvency Act 1986; 

 

	 	19.1.12	consume or distribute narcotics on Company premises; 

  

	 	19.1.13	are convicted of any criminal offence (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is
imposed) whether or not in the course of your employment; 

  

	 	19.1.14	are, in the opinion of a medical practitioner who is treating you, physically or mentally incapable of performing your duties and may remain so for more than three months and the medical practitioner has given a medical
opinion to the Board to that effect; 

  

	 	19.1.15	cease to be eligible to work in the United Kingdom; 

  

	 	19.1.16	knowingly commit any deliberate act which amounts to discrimination, victimisation or harassment on any unlawful ground; 

  

	 	19.1.17	are in breach of the Company’s anti-corruption and bribery policy and related procedures; 

  

	 	19.1.18	are guilty of a serious breach of any rules issued by the Company from time to time regarding its electronic communications systems; 

  
 - 16 - 

	 	19.1.19	are unable by reason of Incapacity to perform his duties under this Contract for an aggregate period of 26 weeks in any 52-week period; or 

 

	 	19.1.20	commit any other offence of a similar gravity to the examples under this clause 19.1, which are neither exclusive nor exhaustive. 

  

	19.2	Any delay by the Company in exercising such right of termination shall not constitute a waiver of that right. 

  

	19.3	The termination by the Company of the Appointment pursuant to this clause 19 will be without prejudice to any claim that the Company may have for damages arising from any breach of this Contract by you that gives rise
to such termination. 

  

	20.	Garden Leave 

  

	20.1	After notice of termination has been given by either party pursuant to clause 18 provided that the Company continues to provide you with your normal Salary and benefits under this Contract until the Appointment
terminates, the Company may at its absolute discretion without breaking the terms of this contract or giving rise to any claim against the Company for all or part of your notice period place you on garden leave and:- 

 

	 	20.1.1	exclude you from the premises of the Company and any Group Company; and/or 

  

	 	20.1.2	require you to carry out specified duties other than your normal duties or to carry out no duties; and/or 

  

	 	20.1.3	withdraw any powers vested in you; and/or 

  

	 	20.1.4	instruct you not to communicate orally or in writing with suppliers, customers, employees, agents/or representatives of the Company or any Group Company until the Appointment has terminated. 

 

	20.2	During any period of garden leave you shall: 

  

	 	20.2.1	continue to receive your Salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement; 

  

	 	20.2.2	remain an employee of the Company and bound by the terms of your contract of employment with the Company; 

  

	 	20.2.3	not, without the prior written consent of your Manager, attend your place of work or any other premises of the Company or any Group Company; 

 

	 	20.2.4	not, without the prior written consent of your Manager, contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser
or other business contact of the Company or any Group Company; 

  

	 	20.2.5	(except during any periods taken as holiday in the usual way) ensure that your Manager knows where you will be and how you can be contacted during each working day and shall comply with any written requests to contact a
specified employee of the Company at specified intervals. 

  
 - 17 - 

	21.	Restrictions after Employment 

  

	21.1	You shall not, save in respect of a Permitted Interest or with the prior written consent of the Company, for a period of 6 months from the Termination Date carry on or be concerned or engaged or interested directly or
indirectly (whether as principal, shareholder, partner, employee, officer, agent or otherwise) in any part of any trade or business carried on within the Restricted Area wholly or partly in competition with the Restricted Business.

  

	21.2	You shall not for a period of 6 months from the Termination Date, in competition with the Company, either on your own behalf or on behalf of any person, firm or company in relation to the Restricted Business, directly
or indirectly: 

  

	 	21.2.1	deal with or accept custom from any person, firm or company who was a client or customer of the Company or any Group Company during the Period with whom you have been actively engaged or involved or of whom you have
acquired Confidential Information or trade secrets by virtue of your duties hereunder during the Period; or 

  

	 	21.2.2	deal with or interfere with any person, firm or company who was a supplier, agent or distributor of the Company or any Group Company during the Period and in each case with whom you have been actively engaged or
involved or of whom you have acquired Confidential Information or trade secrets by virtue of your duties hereunder during the Period; or 

  

	 	21.2.3	deal with or interfere with any company from whom the Company or any Group Company has licensed or acquired intellectual property. 

  

	21.3	You shall not for a period of 9 months from the Termination Date, in competition with the Company, either on your own behalf or on behalf of any person, firm or company in relation to the Restricted Business, directly
or indirectly: 

  

	 	21.3.1	solicit, approach or offer goods or services to or entice away from the Company or any Group Company any person, firm or company who was a client or customer of the Company or any Group Company during the Period with
whom you have been actively engaged or involved or of whom you have acquired Confidential Information or trade secrets by virtue of your duties hereunder during the Period; 

 

	 	21.3.2	solicit or approach or offer goods or services to or entice away from the Company or any Group Company any person, firm or company who was a supplier, agent or distributor of the Company or any Group Company during the
Period with whom you has been actively engaged or involved or of whom you have acquired Confidential Information or trade secrets by virtue of your duties hereunder during the Period; or 

 

	 	21.3.3	interfere or seek to interfere with the continuance, or any of the terms, of the supply of goods or services to the Company or any Group Company; 

  
 - 18 - 

 PROVIDED THAT nothing contained in clauses 21.1 to 21.3 inclusive shall prohibit you from
carrying out any activities that are not in competition with any part of the business of the Company with which you were involved in the Period. 
  

	21.4	You shall not for a period of 6 months from the Termination Date either on your own behalf or on behalf of any person, firm or company directly or indirectly, approach, solicit, endeavour to entice away, employ, offer
employment to or procure the employment of any person who is or was a Key Employee with whom you have had dealings during the Period whether or not such person would commit any breach of his contract of employment by reason of so leaving the service
of the Company or otherwise. 

  

	21.5	You shall not, at any time after the Termination Date, either on your own behalf or on behalf of any other person, firm or company directly or indirectly: 

 

	 	21.5.1	represent yourself as being in any way connected with or interested in the business of the Company or any Group Company (other than as a consultant or a member if such be the case) or use any name which is identical or
similar to or likely to be confused with the name of the Company or any Group Company or any product or service produced or provided by the Company or any Group Company or which might suggest a connection with the Company or any Group Company; or

  

	 	21.5.2	directly or indirectly make, publish or otherwise communicate any statement whatsoever whether in writing or otherwise which may have the effect of damaging or lowering the business interests and/or the reputation of
the Company or any Group Company or any of its or their former or existing agents, clients, consultants, directors, employees, officers, share-holders, suppliers or workers (“Relevant Personnel”) and/or which may be disparaging or
derogatory to any of the Company or any Group Company or any Relevant Personnel. 

  

	21.6	The period of the restrictions in clauses 21.1 to 21.4 inclusive shall be reduced by the period, if any, spent by you during which you are placed on garden leave in accordance with clause 20. 

 

	21.7	You agree to notify your new employer of the restrictions contained within clauses 21.1 to 21.4 inclusive. 

  

	21.8	You acknowledge that, in the course of your employment, you are likely to have dealings with the clients, customers, suppliers and other contacts of the Company. You agree that each of the restrictions in clauses 21.1
to 21.4 inclusive is separate and distinct, is to be construed separately from the other restrictions, and is reasonable as regards its duration, extent and application for the protection of the legitimate business interests of the Company. However,
in the event that any such restriction shall be found to be void or unenforceable but would be valid or enforceable if some part or parts of it were deleted, you agree that such restriction shall apply with such deletions as may be necessary to make
it valid and effective. 

  
 - 19 - 

	22.	Company Property 

  

	22.1	All Documents and other property (including mobile telephones, laptop computers and other technical equipment) provided for your use by the Company, remain the property of the Company or any Group Company.

  

	22.2	Any Documents or other property in your possession and or obtained by you in the course of your employment shall be returned to your Manager at any time on request and in any event prior to the Termination Date.

  

	22.3	At any time upon request and in any event prior to the Termination Date you must irretrievably delete any information relating to the business of the Company or any Group Company stored on any magnetic or optical disk
or memory and all matter derived from such sources which is in your possession or under your control outside the Company’s premises. 

  

	23.	Grievance Procedure 

 The purpose of the grievance procedure is to ensure that any
problem, concern or grievance you have about your work, working environment or working relationships is properly dealt with. The Company’s current grievance procedure, which does not form part of your terms and conditions of employment, is set
out in the Company’s Employee Handbook. Should you have any grievance in relation to the Appointment which you are unable to resolve on an informal basis, you should raise it in the first instance with your Manager. In the event that such
grievance is against your Manager, you should raise it in the first instance with the Chief Financial Officer or General Counsel. 
  

	24.	Disciplinary Procedure 

  

	24.1	The purpose of the disciplinary procedure is to ensure that the standards established by the Company’s rules are maintained and that any alleged failure to observe the Company’s rules is fairly dealt with. The
Company’s current disciplinary procedure, which does not form part of your terms and conditions of employment, is set out in the Company’s Employee Handbook. If you wish to appeal against a disciplinary decision you must do in accordance
with the disciplinary procedure to a Director of the Company. 

  

	24.2	The Company may at any time and from time to time in its discretion suspend you from your duties on payment of full Salary and/or exclude you from any premises of the Company and/or any Group Company whilst it carries
out any investigation or disciplinary process. During any period of suspension: 

  

	 	24.2.1	you shall continue to receive your basic salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement; 

 

	 	24.2.2	you shall remain an employee of the Company and bound by the terms of this Contract; 

  

	24.3	you shall ensure that your Manager knows where you will be and how you can be contacted during each working day (except during any periods taken as holiday in the usual way); 

  
 - 20 - 

	24.4	the Company may exclude you from your place of work or any other premises of the Company or any Group Company; and 

  

	24.5	the Company may require you not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business
contact of the Company or any Group Company. 

  

	25.	Collective Agreements 

 There are no collective agreements affecting your terms and
conditions of employment. 
  

	26.	Work outside the United Kingdom 

  

	26.1	It is not envisaged by the Company that you will be required to travel for work purposes outside the United Kingdom for any periods longer than one month. 

 

	26.2	In the event you are required to work outside the United Kingdom for a period of more than one month, the Company will consult with you and will provide the prescribed information to you. 

 

	27.	Data Protection 

 For the purposes of the Data Protection Act 1998 you agree that
personal data (including sensitive personal data) relating to you which has been or is in the future obtained by the Company may be held and processed by the Company or any Group Company either by computer or manually for all purposes relating to
the performance of your contract of employment and the Company’s legitimate business needs and legal obligations including, but not limited to the following: 
  

	 	27.1.1	administering and maintaining the Company’s personnel records; 

  

	 	27.1.2	paying and reviewing salary and other remuneration and benefits; 

  

	 	27.1.3	providing and administering benefits (including pension) and Private Medical Health Insurance; 

  

	 	27.1.4	undertaking performance appraisals and reviews and setting performance targets; 

  

	 	27.1.5	maintaining sickness and other absence records; 

  

	 	27.1.6	taking decisions as to your fitness for work; 

  

	 	27.1.7	providing references and information to future employers, and if necessary, governmental and quasi-governmental bodies for social security and other purposes, and HM Revenue and Customs; 

 

	 	27.1.8	providing information to future purchasers of the Company or of the business in which you work; and 

  

	 	27.1.9	transferring information concerning you to a country or territory outside the European Economic Area. 

  
 - 21 - 

	28.	Monitoring 

  

	28.1	You shall comply with any electronic communication systems policies that the Company may issue from time to time. 

  

	28.2	To ensure regulatory compliance and for the protection of its workers, clients/customers and business, the Company reserves the right to monitor, intercept, review and access any communication facilities provided by the
Company or any Group Company that you may use during the Appointment. The Company will use this right of access reasonably but it is important that you are aware that communications and activities on the equipment or premises of the Company and any
Group Company cannot be presumed to be private. You consent to the Company and/or any Group Company and its or their duly authorised agents and employees using surveillance equipment. 

 

	29.	Rules, Policies and Procedures 

 You must comply at all times with all the rules,
policies and procedures introduced by the Company from time to time, including but not limited to any contained in the Company’s Employee Handbook. For the avoidance of doubt such rules, policies and procedures are not incorporated by reference
into this Contract and they can be changed, replaced or withdrawn at any time at the discretion of the Company. Breach of Company rules, policies or procedures may result in disciplinary action. 

 

	30.	Health and Safety 

 All employees and workers have a duty in law to act responsibly and
to take reasonable care for the health and safety at work of both themselves and their colleagues. This duty can be carried out by: 
  

	 	(a)	working safely and efficiently; 

  

	 	(b)	using any protective equipment provided and meeting statutory obligations; 

  

	 	(c)	adhering to the Company procedures for securing a safe workplace. 

 Further provisions relating
to health and safety can be found in the Employee Handbook. 
  

	31.	Contracts (Rights of Third Parties) Act 1999 

 The Company or any Group Company may
enforce the terms of this Contract and the Contracts (Rights of Third Parties) Act 1999 shall apply accordingly except that the consent of such Group Companies will not be required to vary or rescind the terms of the Contract. 

 

	32.	Governing Law 

 This Contract shall be interpreted and construed in accordance with the
laws of England and shall be subject to the jurisdiction of the English courts. 

  
 - 22 - 

	33.	Jurisdiction 

 Each party irrevocably agrees that the courts of England and Wales shall
have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Contract or its subject matter or formation (including non-contractual disputes or claims). 

 

	34.	Changes to your Terms of Employment 

 The Company reserves the right to make reasonable
changes to any of your terms of employment. You will be notified in writing of any change as soon as possible and in any event within one month of the change. 
  

	35.	Notices 

  

	35.1	Any notice or other communication given or made under this Contract must be in writing and delivered to the relevant party (including by hand or special delivery) or sent by first class post to the address of that party
specified in this Contract or such other address as may be notified by that party from time to time for this purpose, and shall be effective notwithstanding any change of address not so notified. 

 

	35.2	Unless the contrary shall be proven, each such notice or communication shall be deemed to have been given or made, if sent by first class post, 48 hours after posting and, if delivered by hand, at the time of such
delivery. 

  

	36.	Entire Agreement 

  

	36.1	This Contract constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether
written or oral, relating to its subject matter. 

  

	36.2	Each party acknowledges that in entering into this Contract it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently)
that is not set out in this Contract. 

  

	36.3	Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Contract. 

 

	36.4	Nothing in this clause shall limit or exclude any liability for fraud. 

  

	37.	Counterparts 

  

	37.1	This Contract may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

  

	37.2	No counterpart shall be effective until each party has executed and delivered at least one counterpart. 

  
 - 23 - 

	38.	General 

 You hereby irrevocably and by way of security appoint each director of the
Company from time to time, jointly and severally, to be your attorney in your name and on your behalf and as your act and deed to sign, execute and do all acts, things and documents which you are obliged to execute and do under the provisions of
this Contract (including, but not limited to clause 16.4) and you hereby agree immediately on the request of the Company to ratify and confirm all such acts, things and documents signed, executed or done in the pursuance of this power. 

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it. 

 

							
	Signed by Mereo BioPharma Group Ltd acting by:	 		 		 	 /s/ Peter Fellner

				
	in the presence of	 		 		 	 /s/ Sharon Wilson

		 		 		 	Signature of witness
				
		 		 		 	Sharon Wilson
		 		 		 	Name of witness
		 		 		 	 [XXXXXX] 

		 		 		 	Address of witness
				
	Signed as a deed by	 		 		 	 /s/ Denise Scots-Knight

				
	in the presence of	 		 		 	 /s/ Jessica Doughty

		 		 		 	Signature of witness
				
		 		 		 	 Jessica Doughty

		 		 		 	Name of witness
		 		 		 	[XXXXXX]
		 		 		 	Address of witness

  
 - 24 - 

 SCHEDULE I 

WRITTEN JOB DESCRIPTION 
 The
Employee’s duties and responsibilities shall be as follows:- 

[                     ] 

  
 - 25 -

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