Document:

exhibit43dluthmanemploym

 Verona Pharma, Inc.  E-mail: info@veronapharma.com  Website: www.veronapharma.com  EXECUTION COPY        May 1, 2017   Armi Desiree Elisabeth Luthman 306 Windy Run Road Doylestown, Pennsylvania 18901 USA  Re: Offer of Employment Dear Desiree:  On behalf of Verona Pharma, Inc. (the “Company” or “Verona Pharma”), I am pleased to offer you the position of Vice President, Regulatory Affairs.  This offer letter agreement (the “Agreement”) sets forth the terms of employment the Company is offering you.  If you accept this offer, we anticipate that your first day of employment will be mid-June 2017 (“Commencement Date”). 1. DUTIES.  As the Company’s Vice President, Regulatory Affairs, you will be responsible for the development and implementation of regulatory strategy, and prepare, coordinate, manage and maintain regulatory submissions in accordance with applicable regulations by FDA, EMA and select countries; provide regulatory review of key documents; interface with external regulatory groups and act as liaison between Regulatory Affairs and other functional areas; represent Regulatory Affairs in cross-functional team meetings; author and review standard operating procedures (SOPs) in area of expertise; ensure SOPs are in compliance with current regulatory requirements and provide regulatory support for corporate quality assurance efforts. You will also participate in the oversight of the currently outsourced pharmacovigilance function and perform the other duties associated with this position.  You will report to the Chief Executive Officer (the “Manager”) of Verona Pharma plc, the Company’s parent company (the “Parent”).  You will perform your services at the Company’s office in White Plains, New York and will attend such office on average not less than two full days per week.  In the event that the Company asks you to relocate, the Company will reimburse your relocation expenses on terms to be mutually agreed upon prior to the relocation.  You shall devote your full time and attention to the business affairs of the Company.  2. BASE SALARY.  You will receive an annual base salary of $265,000 for all hours worked, less payroll deductions and withholdings, earned and payable in substantially equal installments in accordance with the Company’s payroll policy from time to time in effect. 

 

2  3. BONUS.  You will be eligible to participate in the Company’s annual bonus plan, with a target bonus of 25% of your base salary, subject to the terms of such plan and on such other terms and conditions as may be determined by the Company.  You must be employed on the date of payment of the bonus in order to be eligible for the bonus. 4.  STOCK OPTIONS.  Subject to the approval of the board of directors of the Parent, and as soon as reasonably practicable after the Commencement Date having regard to the Parent’s Share Dealing Policy, you will be granted, pursuant to, and subject to, Parent’s equity incentive plan, an option to subscribe for a total of 20,000 American Depositary Shares in the capital of Parent (the “Stock Option”). The definitive terms of the Stock Option will be governed by the equity incentive plan, which requires, as a condition of the grant, that you enter into a written option agreement, which will contain the definitive terms of the Stock Option.  The Stock Option shall vest in equal proportions over three years from the date of grant, or earlier in the event of a change in control of Parent (as defined in the equity incentive plan or option agreement), in each case subject to your continued employment through such date or such change in control.   5. BENEFITS.   You will be entitled to participate in the Company’s 401(k) plan and healthcare plan generally available from time to time to employees of the Company, subject to the terms of such plans. In addition, the Company will procure short-term disability insurance for you in accordance with New York state law.  You will be entitled to four (4) weeks of paid time off per year, earned and accrued on a pro rata basis throughout the year, provided that except with the prior written approval of the Manager, you may carry over five days of accrued but unused time into the first quarter of the subsequent year. You will not be paid for any accrued but unused time upon termination of employment.  6. EXPENSES.  You shall be entitled to reimbursement for all ordinary and reasonable out- of-pocket business expenses which are reasonably incurred by you in furtherance of the Company’s business and in accordance with the standard policies of the Company and Parent, provided that you produce to the Company such evidence of actual payment as the Company may require. 7. SEVERANCE BENEFITS. (a) Termination By The Company Without Cause or Termination by the Employee for Good Reason.  If this Agreement is terminated by the Company without Cause (as defined below) or by the Employee for Good Reason (as defined below), and if you sign an agreement acceptable to the Company that (i) waives any rights you may otherwise have against the Company and Parent, (ii) releases the Company and Parent from any actions, suits, claims, proceedings and demands you may have relating to the period of your employment with the Company and/or the termination of your employment, and (iii) contains certain other obligations which will be set forth at the time of the termination, the Company shall provide you with the following severance benefits:  (1) continuation of your base salary less payroll deductions and withholding for a period of eight (8) weeks; (2) continued payment, or reimbursement, as the case may be, of your COBRA premiums at the rate in effect upon termination for a period of eight (8) weeks; and (3) a pro-rated portion of the annual bonus you otherwise would have earned for the year in which termination occurs, if any, based upon actual performance for such year.    

 

3  (b) Termination By The Company With Cause, By Reason of Death or Disability or By Resignation.  If this Agreement is terminated by the Company at any time with Cause, by reason of your death or disability, or if you terminate your employment with the Company under this Agreement, you shall not be entitled to any severance pay, severance benefits, accelerated vesting or any compensation or benefits from the Company whatsoever. (c) Definitions: A. Cause.  “Cause” for purposes of this Agreement shall mean if you:  (1) shall have committed any felony or any other act involving fraud, theft, misappropriation, dishonesty, or embezzlement; (2) shall have committed intentional acts that materially impair the goodwill or business of the Company or Parent or cause material damage to Company’s or Parent’s property, goodwill, or business; (3) shall have refused to, or willfully failed to, perform your material duties hereunder; or (4) shall have violated any written policies or procedures of the Company or Parent.   B. Good Reason.  “Good Reason” for purposes of this Agreement shall mean if (i) the Company moves or relocates the Employee and the Employee is unable to achieve on reasonable terms approximately equivalent living circumstances to his situation in the New York metropolitan area, (ii) the Employee is demoted or assigned duties of less seniority than his duties under this Agreement, or (iii) the Company decreases by 15% or more the Employee’s base salary and target bonus under this Agreement.  In order for the Employee to terminate his Employment for “Good Reason” under this paragraph, immediately after becoming aware of the breach or other event giving rise to the Employee’s right to terminate, the Employee must have provided the Company with written notice of his right to terminate pursuant to this paragraph and the Company must have failed to cure the breach or other event so specified, if curable, within thirty days after receiving such notice.  C. Release Requirement and Timing of Severance Payments.  In order to receive the severance benefits under paragraph (a) above, as applicable, you must sign and tender the release as described above not later than sixty (60) days following your last day of employment, or such earlier date as required by the Company, and if you fail or refuse to do so, you shall forfeit the right to such termination compensation as would otherwise be due and payable.   If the severance payments are otherwise subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), they shall begin on the first pay period following the date that is sixty (60) days after your employment terminates and shall otherwise begin on the first pay period after the release becomes effective (with the initial salary continuation payment to include any unpaid salary continuation payments from the date your employment terminated), subject to your executing and tendering the release on the terms as set forth in the immediately preceding sentence.  The pro-rated bonus, if any, shall be paid when such bonus would have been paid absent the termination of your employment and in all cases in the calendar year following the fiscal year to which the bonus relates.  8. COMPANY POLICIES AND CONFIDENTIALITY AGREEMENT.  As an employee of the Company, you will be expected to abide by all of the applicable policies and procedures of the Company and Parent.  As a condition of your employment, you agree to sign and to abide by the terms of a Protective Agreement with the Company, which is attached hereto as Exhibit A.   

 

4  9. NEW YORK WAGE THEFT PREVENTION ACT NOTICE.  Attached as Exhibit B a notice containing certain information regarding your pay as required by the New York Wage Theft Prevention Act. 10. AT-WILL EMPLOYMENT.  As an employee of the Company, you may terminate your employment at any time and for any reason whatsoever simply by notifying the Company.  Similarly, the Company may terminate your employment at any time and for any reason whatsoever, with or without cause or advance notice.  Your at-will employment relationship with the Company cannot be changed except in writing signed by the Manager. 11. ENTIRE AGREEMENT.  This Agreement, including Exhibit A, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with respect to the terms and conditions of your employment specified herein.  If you enter into this Agreement, you are doing so voluntarily, and without reliance upon any promise, warranty or representation, written or oral, other than those expressly contained herein.  This Agreement supersedes any other such promises, warranties, representations or agreements.  This Agreement may not be amended or modified except by a written instrument signed by you and the CEO.   12. GOVERNING LAW.  This Agreement will be governed by and construed in accordance with the laws of the State of New York. 13. DISPUTE RESOLUTION.  To ensure the timely and economical resolution of disputes that arise in connection with your employment with the Company, you and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance or interpretation of this Agreement, your employment, or the termination of your employment, shall be resolved to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, in New York, New York, conducted by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) under the applicable JAMS employment rules.  By agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding.    Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof in the State of New York.  In reaching his or her decision, the arbitrator shall have no authority (a) to authorize or require the parties to engage in discovery (provided, however, that the arbitrator may schedule the time by which the parties must exchange copies of the exhibits that, and the names of the witnesses whom, the parties intend to present at the hearing) (b) to interpret or enforce the Protective Agreement (which shall not be covered by the dispute resolutions contained in this paragraph), (c) to change or modify any provision of this Agreement, (d) to base any part of his or her decision on the common law principle of constructive termination, or (e) to award punitive damages or any other damages not measured by the prevailing party’s actual damages and may not make any ruling, finding or award that does not conform to this Agreement.  Each party shall bear his, her or its own legal fees, costs and expenses of arbitration and one-half (1⁄2) of the costs of the arbitrator. 

 

5  14. SECTION 409A.  You and the Company intend that the payments and benefits provided for in this letter either be exempt from Section 409A of the Code, or be provided for in a manner that complies with Section 409A of the Code, and any ambiguity herein shall be interpreted so as to be consistent with the intent of this Section 14.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on you by Section 409A of the Code or damages for failing to comply with Section 409A of the Code.  Notwithstanding anything contained herein to the contrary, all payments and benefits under Section 7 above shall be paid or provided only at the time of a termination of your employment that constitutes a “separation from service” from the Company within the meaning of Section 409A of the Code and the regulations and guidance promulgated thereunder (determined after applying the presumptions set forth in Treas. Reg. Section 1.409A-1(h)(1)).  Further, if you are a “specified employee” as such term is defined under Section 409A of the Code and the regulations and guidance promulgated thereunder, any payments described in Section 7 above shall be delayed for a period of six (6) months following your separation of employment to the extent and up to an amount necessary to ensure such payments are not subject to the penalties and interest under Section 409A of the Code.   In addition, (i) in-kind benefits and reimbursements provided under this Agreement during any calendar year shall not affect in-kind benefits or reimbursements to be provided in any other calendar year, other than an arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code, and are not subject to liquidation or exchange for another benefit and (ii) reimbursement requests must be timely submitted by you and, if timely submitted, reimbursement payments shall be promptly made to you following such submission, but in no event later than December 31st of the calendar year following the calendar year in which the expense was incurred.  In no event shall you be entitled to any reimbursement payments after December 31st of the calendar year following the calendar year in which the expense was incurred.  The reimbursement provisions in this Section 14 shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to you. 15. AUTHORIZATION TO WORK AND BACKGROUND CHECK.  Your employment with the Company is contingent upon satisfactory results from any pre-employment background checks that we may deem necessary, including, but not limited to, a credit check, criminal background check, drug screening and confirmation of your legal authorization to work in the United States.  Our offer is also contingent upon you not being subject to any limitation, obligation or agreement, whether imposed by contract, statute or otherwise, that would preclude your employment by the Company or in any way restrict your ability to perform your duties as an employee.  If you have provided the Company with any false information with respect to your employment history, educational background or other credentials, the offer of employment contained herein shall be withdrawn or, if you have already been hired, your employment shall be immediately terminated.  If you choose to accept this Agreement under the terms described above, please sign below and return this letter to me no later than May 15, 2017.      

 

6  We look forward to your favorable reply, and to a productive and enjoyable work relationship.  Very truly yours,  Verona Pharma, Inc.    ____________________________________  Name: Jan-Anders Karlsson  Position: Director  Accepted and Agreed to by:   ____________________________________  Employee Name:  Armi Desiree Elisabeth Luthman  Date:   __________________  

 

   Exhibit A  Protective Agreement  (attached)  

 

    Exhibit B  New York Wage Theft Prevention Act Notice  (attached)exhibit433regus

Renewal Agreement: Copyright ©Regus Group Companies 2009. All rights reserved. Reproduction in whole or in part in any form or medium without express written permission of Regus plc is prohibited. Agreement Date : 19 October 2017 Confirmation No : R­380019 Business Centre Details LONDON, London Bridge ­ More London Sales Manager Max Chapman Client Details Company Name VERONA PHARMA PLC Phone 02032834000 Email piers.morgan@veronapharma.com Service Provision : Start Date 1 January 2018 End Date 31 January 2020 This website is secure. Your personal details are protected at all times. Print Agreement   Office Payment Details (exc.VAT and exc. services) Office Number Number of people Price per Office 145A 6 £ 11,000.00 151 1 £ 2,858.00 All agreements end on the last calendar day of the month. Terms and Conditions We are IW Group Services (UK) Limited [the Provider], please click the link below for terms and conditions. By signing our service Agreement, you agree to provide information and sign relevant documents to allow the Provider to claim any relief on business rates which at the Provider's risk is already included in your service fee with reference to the Business Centre within 2 working days of such request. The Provider has appointed Gerald Eve LLP Rating Payment Management Services to administer such information. Download the terms and conditions Download the house rules

 

1.  This Agreement 1.1 Nature of this agreement:  This agreement is the commercial equivalent of an agreement for accommodation(s) in a hotel.  The whole of the Centre remains in the Provider’s possession and control. THE CLIENT ACCEPTS THAT THIS AGREEMENT CREATES NO TENANCY INTEREST, LEASEHOLD ESTATE OR OTHER REAL PROPERTY INTEREST IN THE CLIENT’S FAVOUR WITH RESPECT TO THE ACCOMMODATION(S).  The Provider is giving the Client the right to share with the Provider the use of the Centre on these terms and conditions, as supplemented by the House Rules, so that the Provider can provide the services to the Client.  This Agreement is personal to the Client and cannot be transferred to anyone else without prior consent from the Provider unless such transfer is required by law.  The Provider will not unreasonably withhold its consent to assignment to a parent, subsidiary or affiliate of Client provided that Client and assignee execute the Provider’s form of Assignment of License Agreement which will require assignee to assume all Client obligations and will not release the Client.  This agreement is composed of the front page describing the accommodation(s), the present terms and conditions, the House Rules and the Service Price Guide (where available). 1.2 Comply with House Rules:  The Client must comply with any House Rules which the Provider imposes generally on users of the Centre.  The House Rules vary from country to country and from Centre to Centre and these can be requested locally. 1.3  AUTOMATIC RENEWAL:  THIS AGREEMENT LASTS FOR THE PERIOD STATED IN IT AND THEN WILL BE EXTENDED AUTOMATICALLY FOR SUCCESSIVE PERIODS EQUAL TO THE CURRENT TERM BUT NO LESS THAN 3 MONTHS (UNLESS LEGAL RENEWAL TERM LIMITS APPLY) UNTIL TERMINATED BY THE CLIENT OR BY THE PROVIDER PERSUANT TO SECTION 1.4.  ALL PERIODS SHALL RUN TO THE LAST DAY OF THE MONTH IN WHICH THEY WOULD OTHERWISE EXPIRE.  THE FEES ON ANY RENEWAL WILL BE AT THE THEN PREVAILING MARKET RATE. THIS CLAUSE DOES NOT APPLY TO MONTH TO MONTH AGREEMENTS. 1.4 CANCELLATION:  EITHER THE PROVIDER OR THE CLIENT CAN TERMINATE THIS AGREEMENT AT THE END DATE STATED IN IT, OR AT THE END OF ANY EXTENSION OR RENEWAL PERIOD, BY GIVING AT LEAST THREE MONTHS WRITTEN NOTICE TO THE OTHER.  HOWEVER, IF THIS AGREEMENT, EXTENSION OR RENEWAL IS FOR THREE MONTHS OR LESS AND EITHER THE PROVIDER OR THE CLIENT WISHES TO TERMINATE IT, THE NOTICE PERIOD IS TWO MONTHS IF THIS AGREEMENT, EXTENSION OR RENEWAL IS FOR TWO MONTHS OR LESS, NOTICE MUST BE GIVEN WITHIN ONE WEEK OF THE START DATE OF THE CURRENT TERM.IF THE CLIENT IS ON A MONTH TO MONTH AGREEMENT EITHER PARTY MAY TERMINATE THIS AGREEMENT BY GIVING NO LESS THAN ONE MONTHS’ NOTICE TO THE OTHER (EFFECTIVE FROM THE START OF ANY CALENDAR MONTH). 1.5 Ending this agreement immediately:  To the maximum extent permitted by applicable law, the Provider may put an end to this agreement immediately by giving the Client notice and without need to follow any additional procedure if (a) the Client becomes insolvent, bankrupt, goes into liquidation or becomes unable to pay its debts as they fall due, or (b) the Client is in breach of one of its obligations which cannot be put right or which  the Provider have given the Client notice to put right and which the Client has failed to put right within fourteen (14) days of that notice, or (c) its conduct, or that of someone at the Centre with its permission or invitation, is incompatible with ordinary office use and (i) such conduct is repeated despite the Client having been given a warning or (ii) such conduct is material enough (in the Provider’s opinion) to warrant immediate termination.   If the Provider puts an end to this agreement for any of these reasons it does not put an end to any outstanding obligations, including additional services used, requested or required under the agreement and the monthly office fee for the remainder of the period for which this agreement would have lasted if the Provider had not ended it. 1.6 If the Centre is no longer available:  In the event that the Provider is permanently unable to provide the services and accommodation(s) at the Centre stated in this agreement then this agreement will end and the Client will only have to pay monthly office fees up to the date it ends and for the additional services the Client has used.  The Provider will try to find suitable alternative accommodation(s) for the Client at another Provider Centre.  1.7 When this agreement ends the Client is to vacate the accommodation(s) immediately, leaving the accommodation(s) in the same condition as it was when the Client took it.  Upon the Client’s departure or if the Client, at its option, chooses to relocate to different rooms within the Centre, the Provider will charge an Office Restoration Service fee to cover normal cleaning and testing and to return the accommodation(s) to its original state.  This fee will differ by country and is listed in the House Rules.   The Provider reserves the right to charge additional reasonable fees for any repairs needed above and beyond normal wear and tear.  If the Client leaves any property in the Centre the Provider may dispose of it at the Client’s cost in any way the Provider chooses without owing the Client any responsibility for it or any proceeds of sale.  If the Client continues to use the accommodation(s) when this agreement has ended the Client is responsible for any loss, claim or liability the Provider incurs as a result of the Client’s failure to vacate on time.  The Provider may, at its discretion, permit the Client an extension subject to a surcharge on the monthly office fee. 1.8 Employees:  While this agreement is in force and for a period of six months after it ends, neither the Provider nor the Client may knowingly solicit or offer employment to any of the other’s staff employed in the Centre.  This obligation applies to any employee employed at the Centre up to that employee’s termination of employment, and for three months thereafter.  It is stipulated that the breaching party shall pay the non-breaching party the equivalent of  six months’ salary for any employee concerned.  Nothing in this clause shall prevent either party from employing an individual who responds in good faith and independently to an advertisement which is made to the public at large.  1.9 Notices:  All formal notices must be in writing, which may include by email, to the address first written above. 1.10 Confidentiality:  The terms of this agreement are confidential.  Neither the Provider nor the Client must disclose them without the other’s consent unless required to do so by law or an official authority.  This obligation continues for a period of 3 years after this agreement ends. 1.11  Applicable law:  This agreement is interpreted and enforced in accordance with the law of the place where the relevant Centre is located.  All dispute resolution proceedings will be conducted in the country, state or province where the Centre is located. If any provision of these terms and conditions is held void or unenforceable under the applicable law, the other provisions shall remain in force.  In the case of Japan all agreements will be interpreted and enforced by the Tokyo District Court, and in the case of France, any dispute regarding this agreement will be settled by the relevant courts of the Paris jurisdiction.   2.  Services and Obligations 2.1 Office accommodation(s):  The Provider is to provide the number of serviced office accommodation(s) for which the Client has agreed to pay in the Centre stated in this agreement.  This agreement lists the accommodation(s) the Provider has initially allocated for the Client’s use.  The Client will have a non-exclusive right to the rooms allocated to it.  Occasionally the Provider may need to allocate different accommodation(s), but these accommodation(s) will be of reasonably equivalent size and the Provider will notify the Client with respect to such different accommodation(s) in advance. 2.2 Office Services:  The Provider is to provide during normal opening hours the services, if requested, described in the relevant service description (which is available on request).  If the Provider decides that a request for any particular service is excessive, it reserves the right to charge an additional fee. 2.3 THE PROVIDER’S IT:  WHILST THE PROVIDER HAS INTERNET SECURITY PROTOCOLS, THE PROVIDER DOES NOT MAKE ANY REPRESENTATIONS AS TO THE SECURITY OF THE PROVIDER’S NETWORK (OR THE INTERNET) OR OF ANY INFORMATION THAT THE CLIENT PLACES ON IT.  The Client should adopt whatever security measures (such as encryption) it believes are appropriate to its circumstances.  The Provider cannot guarantee that a particular degree of availability will be attained in connection with the Client’s use of the Provider’s network (or the internet). The Client’s sole and exclusive remedy shall be the remedy of such failure by the Provider within a reasonable time after written notice.  3.  Providing the Services 3.1 Access to the accommodation(s):  The Provider may need to enter the Client’s accommodation(s) and may do so at any time.  However, unless there is an emergency or the Client has given notice to terminate, the Provider will attempt to notify the Client verbally or electronically in advance when the Provider needs access to carry out testing, repair or works other than routine inspection, cleaning and maintenance.  The Provider will also endeavour to respect reasonable security procedures to protect the confidentiality of the Client’s business.   3.2 Availability at the start of this agreement:  If for any reason the Provider cannot provide the accommodation(s) stated in this agreement by the date when this agreement is due to start it has no liability to the Client for any loss or damages but the Client may cancel this agreement without penalty.  The Provider will not charge the Client the monthly office fee for accommodation(s) the Client cannot use until it becomes available.  The Provider may delay the start date of this agreement provided it provides to the Client alternative accommodation(s) that shall be at least of equivalent size to the accommodation(s) stated in this agreement.  

 

 4. Accommodation(s) 4.1 The Client must not alter any part of its accommodation and must take good care of all parts of the centre, its equipment, fixtures, fittings and furnishings which the Client uses.  The Client is liable for any damage caused by it or those in the Centre with the Client’s permission or at the Client’s invitation whether express or implied, including but not limited to all employees, contractors, agents or other persons present on the premises.   4.2 Office equipment:  The Client must not install any cabling, IT or telecom connections without the Provider’s consent, which the Provider may refuse at its absolute discretion.  As a condition to the Provider’s consent, the Client must permit the Provider to oversee any installations (for example IT or electrical systems) and to verify that such installations do not interfere with the use of the accommodation(s) by other Clients or the Provider or any landlord of the building. 4.3 Insurance:  It is the Client’s responsibility to arrange insurance for its own property which it brings in to the Centre and for its own liability to its employees and to third parties.  The Provider strongly recommends that the Client put such insurance in place.  5. Use 5.1 The Client must only use the accommodation(s) for office purposes.  Office use of a “retail” or “medical” nature, involving frequent visits by members of the public, is not permitted.   5.2 The Client must not carry on a business that competes with the Provider’s business of providing serviced office accommodation(s) or its ancillary services. 5.3 The Client’s name and address:  The Client may only carry on that business in its name or some other name that the Provider previously agrees. 5.4 Use of the Centre Address:  The Client may use the Centre address as its business address.  Any other uses are prohibited without the Provider’s prior written consent.  6.  Compliance 6.1  Comply with the law:  The Client and the Provider must comply with all relevant laws and regulations in the conduct of its business in relation to this agreement. The Client must do nothing illegal in connection with its use of the Business Centre.  The Client must not do anything that may interfere with the use of the Centre by the Provider or by others, (including but not limited to political campaigning or immoral activity), cause any nuisance or annoyance, increase the insurance premiums the Provider has to pay, or cause loss or damage to the Provider (including damage to reputation) or to the owner of any interest in the building which contains the Centre the Client is using.  Both the Client and the Provider shall comply at all times with all relevant anti-bribery and anti-corruption laws.6.2 If the Provider has been advised by any government authority or other legislative body that it has reasonable suspicion that the Client is conducting criminal activities from the Centre then the Provider shall be entitled to terminate this agreement with immediate effect. The Provider confirms that in providing the services it has not employed or used any labour in contravention of the requirements of any anti-slavery laws. 6.3 The Client acknowledges that (a) the terms of this clause are a material inducement in the Provider’s execution of this agreement and (b) any violation by the Client of this clause shall constitute a material default by the Client hereunder, entitling the Provider to terminate this agreement, without further notice or procedure. 6.4 The Provider may collect and process personal data from and of the Client to administer contractual relationship, ensure compliance with applicable laws and regulations, and enable the Provider to provide its services and to manage its business. The Client acknowledges and accepts that such personal data may be transferred or made accessible to all entities of the Provider’s group, wherever located, for the purposes of providing the services herein.    7.  The Provider’s Liability 7.1. The extent of the Provider’s liability:  To the maximum extent permitted by applicable law, the Provider is not liable to the Client in respect of any loss or damage the Client suffers in connection with this agreement, with the services or with the Client’s accommodation(s) unless the Provider has acted deliberately or negligently in causing that loss or damage.  the Provider is not liable for any loss as a result of the Provider’s failure to provide a service as a result of mechanical breakdown, strike, termination of the Provider’s interest in the building containing the Centre or otherwise unless the Provider does so deliberately or is negligent.  In no event shall the Provider be liable for any loss or damage until the Client provides the Provider written notice and gives the Provider a reasonable time to put it right.   If the Provider is liable for failing to provide the Client with any service under this agreement then subject to the exclusions and limits set out immediately below the Provider will pay any actual and reasonable expenses the Client has incurred in obtaining that service from an alternative source.  If the Client believes the Provider has failed to deliver a service consistent with these terms and conditions the Client shall provide the Provider written notice of such failure and give the Provider a reasonable period to put it right. 7.2. EXCLUSION OF CONSEQUENTIAL LOSSES, ETC.: THE PROVIDER WILL NOT IN ANY CIRCUMSTANCES HAVE ANY LIABILITY FOR LOSS OF BUSINESS, LOSS OF PROFITS, LOSS OF ANTICIPATED SAVINGS, LOSS OF OR DAMAGE TO DATA, THIRD PARTY CLAIMS OR ANY CONSEQUENTIAL LOSS UNLESS the Provider OTHERWISE AGREES IN WRITING. THE PROVIDER STRONGLY ADVISES THE CLIENT TO INSURE AGAINST ALL SUCH POTENTIAL LOSS, DAMAGE, EXPENSE OR LIABILITY. 7.3. Financial limits to the Provider’s liability:  In all cases, the Provider’s liability to the Client is subject to the following limits:  Without limit for personal injury or death; • Up to a maximum of £1 million / USD$2 million / €1.3 million (or local equivalent) for any one event or series of connected events for damage to the Client’s personal property; • Up to a maximum equal to 125% of the total fees paid between the date the Client moved into its accommodation(s) and the date on which the claim in question arises or £50,000 / USD$100,000 / €66,000 (or local equivalent) whichever is the higher, in respect of any other loss or damage.  8.  Fees 8.1  Taxes and duty charges:  The Client agrees to pay promptly (i) all sales, use, excise, consumption and any other taxes and license fees which it is required to pay to any governmental authority (and, at the Provider’s request, will provide to the Provider evidence of such payment) and (ii) any taxes paid by the Provider to any governmental authority that are attributable to the accommodation(s), including, without limitation, any gross receipts, rent and occupancy taxes, tangible personal property taxes, stamp tax or other documentary taxes and fees. 8.2 Service Retainer/Deposit: The Client will be required to pay a service retainer/deposit equivalent to two months' of the monthly office fee (plus VAT/Tax where applicable) upon entering into this agreement unless a different amount is specified on the front of this agreement. This will be held by the Provider without generating interest as security for performance of all the Client’s obligations under this agreement.  The service retainer/deposit or any balance will be returned to the Client when the Client has settled its account which includes deducting outstanding fees and other costs due to the Provider. 8.3 The Provider may require the Client to pay an increased retainer if outstanding fees exceed the service retainer/deposit held and/or the Client frequently fails to pay the Provider when due. 8.4 Payment: The Provider is continually striving to reduce its environmental impact and supports its clients in doing the same. Therefore the Provider will send all invoices electronically (where allowed by law) and the Client will make payments via an automated method such as Direct Debit or Credit Card, wherever local banking systems permit unless another form of payment is offered to the Client as a qualified and current Key Account. 8.5 Late payment:  If the Client does not pay fees when due, a fee will be charged on all overdue balances.  This fee will differ by country and is listed in the House Rules.  If the Client disputes any part of an invoice the Client must pay the amount not in dispute by the due date or be subject to late fees.  The Provider also reserves the right to withhold services (including for the avoidance of doubt, denying the Client access to its accommodation(s)) while there are any outstanding fees and/or interest or the Client is in breach of this agreement.   8.6 Insufficient Funds:  The Client will pay a fee for any returned cheque or any other declined payments due to insufficient funds.  This fee will differ by country and is listed in the House Rules.   8.7 If this agreement is for a term of more than 12 months, the Provider will increase the monthly office fee on each anniversary of the start date.  This increase will be by the local Consumer Price Index or such other broadly equivalent index where a consumer price index is not available locally.  If there is a negative index rate, prices will not be decreased.  Renewals are calculated separately from annual indexation increases. Month to Month agreements will use the above stated index or the current month to month office price, whichever is the greater. 8.8 Standard services:  The monthly office fee and any recurring services requested by the Client are payable monthly in advance.  Unless otherwise agreed in writing, these recurring services will be 

 

provided by the Provider at the specified rates for the duration of this Agreement (including any renewal).  Specific due dates will differ by country and are listed in the House Rules.  Where a daily rate applies, the charge for any such month will be 30 times the daily fee.  For a period of less than a month the fee will be applied on a daily basis. 8.9 Pay-as-you-use and Additional Variable Services:  Fees for pay-as-you- use services, plus applicable taxes, in accordance with the Provider’s published rates which may change from time to time, are invoiced in arrears and payable the month following the calendar month in which the additional services were provided.  Specific due dates will differ by country and are listed in the House Rules. 8.10 Discounts, Promotions and Offers:  If the Client benefited from a special discount, promotion or offer, the Provider may discontinue that discount, promotion or offer without notice if the Client materially breaches these terms and conditions.  Global Terms & Conditions, lveber, Jan-17

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