Document:

Exhibit
10.2

 

IN
ACCORDANCE WITH THE TERMS OF A SUBORDINATION AGREEMENT, DATED AS OF MAY 11, 2022 (THE “SUBORDINATION AGREEMENT”), BY AND
AMONG THE COMPANY (AS DEFINED HEREIN), THE LENDER (AS DFEINED HEREIN), CERTAIN OTHER PARTIES TO THE SUBORDINATION AGREEMENT, AND SILICON
VALLEY BANK (THE “SENIOR LENDER”), THE LENDER HAS SUBORDINATED THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED UNSECURED
PROMISSORY NOTE (AND ALL PAYMENT AND ENFORCEMENT PROVISIONS HEREIN)(THE “NOTE”) AND ANY SECURITY INTEREST OR LIEN THAT THE
LENDER MAY HAVE IN ANY PROPERTY OF THE COMPANY TO THE INDEBTEDNESS OWED BY THE COMPANY TO SENIOR LENDER AND THE SECURITY INTEREST OF
SENIOR LENDER IN THE ASSETS OF THE COMPANY, NOTWITHSTANDING THE RESPECTIVE DATES OF ATTACHMENT OR PERFECTION OF THE SECURITY INTEREST
OF THE LENDER AND SENIOR LENDER. IN THE EVENT OF ANY INCONSISTENCY BETWEEN THE NOTE AND THE SUBORDINATION AGREEMENT, THE TERMS OF THE
SUBORDINATION AGREEMENT SHALL CONTROL.

 

SUBORDINATED
UNSECURED PROMISSORY NOTE

 

	US$_____________	 	________,
    2022
	 	 	Vista,
    California

 

Pursuant
to the terms of the Credit Facility Agreement (“Credit Facility”), by and between Flux Power Holdings,
Inc., a Nevada corporation (the “Company”),________________ (the “Lender”), and
certain other lenders under the Credit Facility, dated as May 11, 2022, the Company HEREBY UNCONDITIONALLY PROMISES TO PAY to the
order of the Lender, the aggregate unpaid principal amount of all advances (the “Advances”) made by the
Lender to the Company under the terms of this Note, up to a maximum principal amount of _______________________ Dollars ($_______________)
(“Commitment Amount”). The Company shall also pay interest on the aggregate unpaid principal amount of
such Advances at the rates and in accordance with the terms of this Note. Subject to the subordination provisions, the entire
principal amount and all and unpaid accrued interest shall be due and payable on December 31, 2022 (the “Due
Date”), unless such Due Date is extended (i) at the sole election of the Company for one (1) additional one (1) year
period from the Due Date upon the payment of a commitment fee equal to two percent (2%) of the Commitment Amount to the Lender
within thirty (30) days prior to the original Due Date, or (ii) by the Lender in writing. All payments under this Note shall be made
only in lawful money of the United States of America, at such place as the Lender hereof may designate in writing from time to time.
Payment shall be credited first to the accrued interest then due and payable and the remainder to principal.

 

1.
Advances. Subject to the terms and conditions of this Note, the Lender shall provide Advances in increments of up to One Hundred
Thousand Dollars ($100,000), hereunder so long as the total of all unpaid Advances at the time of such request does not exceed the Commitment
Amount, to the Company at such times as the Company may from time to time request from the date of this Note until the Due Date. If,
at any time or for any reason, the amount of Advances pursuant to this Note owed by the Company to the Lender exceeds the Commitment
Amount, the Company shall, to the extent permissible under the Subordination Agreement (as defined below), immediately pay to the Lender,
in cash, the amount of such excess. The Lender is hereby authorized to record the date and amount of each Advance on the grid attached
hereto as Attachment A and incorporated herein and any such recordation shall constitute prima facie evidence of the accuracy
of the information so recorded.

 

    	1

    	 

    

 

2.
Interest. Interest shall accrue on each Advance from and after the date of disbursement of such advance at an annual rate of fifteen
percent (15%) (the “Interest Rate”). The accrued but unpaid interest on the Advances shall be payable on the
Due Date in cash or shares of common stock of the Company (“Common Stock”), at the sole election of the Company,
at the conversion price of $2.53 per share (appropriately adjusted for stock splits, reverse
stock splits and similar type transactions or occurrences with respect to the shares of common stock of the Company); provided, however,
in no event shall the Company be entitled to convert any portion of the accrued but unpaid interest under this Note in excess of (i)
the number of shares of Common Stock beneficially owned by the Lender and its affiliates (other than shares of Common Stock which may
be deemed beneficially owned through the ownership of the unexercised or unconverted portion of any other security of the Company subject
to a limitation on conversion of exercise analogous to the limitations contained herein) and (ii) the number of shares of Common Stock
issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would
result in beneficial ownership by the Lender and its affiliates of more than [4.99%/9.99%] of the outstanding shares of Common Stock
of the Company. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section
13(d) of Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder. The restriction described in this Section 2 may be waived,
in whole or in part, upon sixty-one (61) days’ prior notice from the Lender to the Company to increase such percentage.

 

3.
Subordination. The Lender acknowledges that the indebtedness evidenced by this Note is subject to that certain Subordination Agreement,
dated May 11, 2022 (“Subordination Agreement”) by and among the lenders under the Credit Facility and Silicon Valley Bank,
a California corporation.

 

4.
Prepayment. Subject to the subordination provisions, Advances may be prepaid, in whole or in part, at any time prior to the Maturity
Date without penalty.

 

5.
Default. The occurrence of any of the following events shall constitute an “Event of Default” hereunder:

 

(a)
The non-payment of any principal and/or interest due and owing to the Lender under this Note, or other promissory notes as provided in
the Credit Facility, and such failure to make payment shall continue for a period of five (5) days or longer from the due date; or

 

(b)
Violation by the Company of any covenant or obligation contained in the Credit Facility or this Note, or breach of any representation
or warranty contained in the Credit Facility or herein; or

 

(c)
The Company (i) admits in writing its inability to pay its debts as they become due, (ii) files a petition under any chapter of the Federal
Bankruptcy Code or similar law, state or federal, not or hereafter existing, (iii) makes an assignment for the benefit of its creditors,
or (iv) is adjudged as bankrupt or insolvent.

 

Upon
occurrence of an Event of Default, the Lender shall notify the Company in writing. If the Event of Default is not cured within ten (10)
days after the giving of such notice of default, the Company shall be deemed to be in default under this Note (a “Default”).

 

6.
Default and Acceleration. Upon the occurrence of a Default as set forth in Section 5, at the option of the Lender hereof (i) the
entire outstanding principal balance, all accrued but unpaid interest and/or Late Charges (as defined below) at once shall become due
and payable upon written notice to the Company, and (ii) the Lender may pursue all other rights and remedies available under this Note
or by law.

 

    	2

    	 

    

 

7.
Late Charge. If the Company shall fail to make any payment due under this Note, within five (5) days after the date the same is
due and payable, the Lender, at its option, may require the payment of a late charge (“Late Charge”) in the
amount of two percent (2%) of the delinquent sum.

 

8.
Remedies Cumulative. The rights or remedies of the Lender as provided in this Note shall be cumulative and concurrent and may
be pursued at the sole discretion of the Lender singularly, successively or together against the Company. The failure to exercise any
such right or remedy shall in no event be construed as a waiver or release of such rights or remedies or the right to exercise them at
any later time.

 

9.
Forbearance. Any forbearance of the Lender in exercising any right or remedy hereunder or under the Credit Facility, or otherwise
afforded by applicable law, shall not be a waiver of or preclude the exercise of any right or remedy. The acceptance by the Lender of
payment of any sum payable hereunder after the due date of such payment shall not be a waiver of the Lender’s right to either require
prompt payment when due of all other sums payable hereunder or to declare a Default for failure to make prompt payment. No delay or omission
on the part of the Lender in exercising any right hereunder shall operate as a waiver of such right or of any other right under this
Note.

 

10.
Application of Payments. All payments made on this Note shall be applied first to any collection costs the Lender may have incurred
by procuring the Company’s performance hereunder, then to payment of the Late Charges, then to payment of accrued but unpaid, interest
and the remainder of all such payments shall be applied to the reduction of the outstanding principal balance on this Note.

 

11.
Costs and Expenses. The Company shall reimburse the Lender for all actual attorneys’ fees, costs and expenses arising from
and after the date hereof, incurred by the Lender in connection with the enforcement of the Lender’s rights under this Note and
each of the documents referred to therein, including, without limitation, actual attorneys’ fees, costs and expenses for trial,
appellate proceedings, out of court negotiations, workouts and settlements, or for enforcement of rights under any state or federal statute,
including, without limitation, actual attorneys’ fees, costs and expenses incurred in bankruptcy and insolvency proceedings such
as, but not limited to, in connection with seeking relief from stay in a bankruptcy proceeding. The term “expenses,” as used
herein, means any expenses incurred by the Lender in connection with any of the out of court, state, federal or bankruptcy proceedings
referenced above, including but not limited to, the fees and expenses of any appraisers, consultants and expert witnesses retained or
consulted by the Lender in connection therewith. The Lender shall also be entitled to its attorneys’ fees, costs and expenses incurred
in any post judgment proceedings to collect and enforce the judgment. This provision is separate and several and shall survive the merger
of this Note into any judgment on this Note.

 

12.
Usury. In the event the interest provisions hereof, any exactions provided for herein or in the Credit Facility, shall result
in an effective rate of interest which exceeds the limit of the usury or any other applicable law, all sums in excess of those lawfully
collectible as interest for the period in question shall, without further agreement or notice between or by any party hereto, be applied
upon the outstanding principal balance of this Note immediately upon receipt of such moneys by the Lender, and any such amount in excess
of such outstanding principal balance shall be returned to the Company.

 

13.
Severance. Whenever possible, each provision of this Note shall be interpreted in such a manner as to be effective and valid under
all applicable laws and regulations. However, if any provision of this Note shall be prohibited by or invalid under any such law or regulation
in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation,
or if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity
without affecting the remaining provisions of this Note, or the validity or effectiveness of such provision in any other jurisdiction.

 

    	3

    	 

    

 

14.
No Amendment or Waiver Except in Writing. This Note may be amended or modified only by a writing duly executed by the Company
and the Lender, which expressly refers to this Note and the intent of the parties so to amend this Note. No provision of this Note will
be deemed waived by the Lender, unless waived in writing executed by the Lender, which expressly refers to this Note, and no such waiver
shall be implied from any act or conduct of the Lender or any omission by the Lender to take action with respect to any provision of
this Note. No such express written waiver shall affect any other provision of this Note or cover any default or time period or event,
other than the matter as to which an express written waiver has been given. The Company may not assign or delegate this Note without
the prior written consent of the Lender.

 

15.
Governing Law. This Note shall be construed and enforced in accordance with the laws of the State of California without reference
to principles of conflict of law and, in the event of any litigation or other dispute in connection with this Note or any of the exhibits
attached hereto, the venue and jurisdiction of which shall be in Los Angeles County, California.

 

16.
No Benefit. Nothing expressed in or to be implied from this Note is intended to give, or shall be construed to give, any person
or entity, other than the parties hereto and their permitted successors and assigns hereunder, any benefit or legal or equitable right,
remedy or claim under or by virtue of this Note, or under or by virtue of any provision herein.

 

17.
Agreement in Counterparts; Facsimile Signatures. This Note may be executed in several counterparts and all so executed
shall constitute one Note, binding on all parties hereto, notwithstanding that all the parties are not signatories to the original or
the same counterpart. A signature transmitted by facsimile or other electronic means shall have the same effect as an original signature.

 

18.
Notices. Notices under this Note shall be in writing and shall be valid and sufficient if transmitted as provided in the Credit
Facility.

 

19.
Miscellaneous.

 

(a)
The meaning of defined terms shall be equally applicable to both the singular and plural forms of the terms defined.

 

(b)
References to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications
thereto.

 

(c)
References to statutes or regulations are to be construed as including all statutory and regulatory provisions consolidating, amending
or replacing the statute or regulation referred to.

 

(d)
Any captions and headings are for convenience of reference only and shall not affect the construction of this Note.

 

[Signature
page follows]

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, the undersigned duly authorized officer of the Company has executed this Note as of the date first set forth above.

 

	 	Company
	 	 
	 	Flux
    Power Holdings, Inc.,
	 	a
    Nevada corporation
	 	 	 
	 	By:
    	 
	 	Name:	Ron
    Dutt
	 	Title:	Chief
    Executive Officer

 

    	5

    	 

    

 

ATTACHMENT
A

 

SCHEDULE
OF ADVANCES

 

	Date
    of Advance

    

    
	 	Amount
    Advanced	 	Amount
    Repaid	 	Amount
    AvailableCERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. THE OMISSIONS HAVE BEEN INDICATED BY “[**].”

DATED 12 APRIL 2022
	AG HEXAGON BV

	AND

	SMARTKEM LIMITED

​
ORIGINAL/COUNTERPART
RENEWAL LEASE BY REFERENCE
OF
THE WHOLE OF THE 8TH FLOOR, HEXAGON TOWER, MANCHESTER M98GP
​
​

LON 580546235v1

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. THE OMISSIONS HAVE BEEN INDICATED BY “[**].”

	
GREENBERG TRAURIG, LLP
The Shard, Level 8
32 London Bridge Street
London SE1 9SG

​
​​

LON 580546235v1

​

table of contents
1.DEFINITIONS AND INTERPRETATION‌1

2.DEMISE AND RENT‌2

3.SAME TERMS‌2

4.COVENANTS‌3

5.previous lease‌3

6.TENANT’s option to determine‌3

7.statutory compensation‌3

8.COUNTERPARTS‌4

9.JURISDICTION‌4

​
SCHEDULE 1 – VARIATIOns TO THE PREVIOUS LEASE‌7

annexure 1‌9

COPY OF THE PREVIOUS lease‌9
pLAN 1‌10

​

CONTENTS
LON 580546235v1

​

THIS LEASE is dated ‌12 April 2022
BETWEEN:
	(1)	AG HEXAGON B.V. (incorporated and registered in the Netherlands under company registration number 64764192), the registered office of which is at 8 Sackville Street, London, United Kingdom, W1S 3DG ("Landlord")

	(2)	SMARTKEM LIMITED (incorporated and registered in England and Wales under company registration number 06652152), the registered office of which is at Manchester Technology Center Hexagon Tower, Delaunays Road, Blackley, Manchester, England, M9 8GQ ("Tenant")

	(A)	The Landlord is the freehold owner of the Property.

	(B)	The residue of the term of the Previous Lease is vested in the Tenant. 

	(C)	The Landlord has agreed to grant a new lease of the Property to the Tenant on the terms set out in this lease.

IT IS AGREED that:
	1.	DEFINITIONS AND INTERPRETATION

In this Lease the following words and expressions shall have the following:
"1995 Act" means the Landlord and Tenant (Covenants) Act 1995;
"Base Rate" means the base rate for the time being of Barclays Bank Plc, or any other bank as the Landlord may from time to time nominate, or, if base rates cease to be published, such other rate of interest as the Landlord (acting reasonably) shall from time to time specify;
"Basic Rent" means the sum of [**] per annum (excluding VAT);
“Break Date” means 16 April 2024;
"Incorporated Terms" means all of the terms, requirements, covenants and conditions contained in the Previous Lease:
		(a)	including without limitation:

		(i)	the definitions and rules of interpretation in the Previous Lease;

		(ii)	the tenant covenants in the Previous Lease except those specifically excluded in part (b) below;

		(iii)	the agreements and declarations contained in the Previous Lease;

		(iv)	the rights granted and reserved by the Previous Lease (including the right of re-entry); and

		(v)	the third party rights, restrictions and covenants affecting the Premises ;

		(b)	but excluding:

		(i)	the term granted by the Previous Lease; 

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		(ii)	the rent reserved by the Previous Lease; and

		(iii)	any other terms of the Previous Lease which are specifically excluded or which have been varied by this Lease;

		(c)	and as specifically varied by clause 3 of this Lease;

"Interest Rate" means 4% above the Base Rate;
"Premises" means the land edged red on Plan 1 annexed to the Previous Lease and more fully defined in schedule 1 of the Previous Lease;
"Previous Lease" means a lease dated 16 April 2019 made between (1) AG Hexagon B.V. and (2) Smartkem Limited by which the Premises were demised to the Tenant for a term of 3 years from 16 April 2019, a copy of which is annexed to this Lease;
"Rent Commencement Date" means 16 April 2022;
"Rents" means the rents payable by the Tenant as referred to in clause 2; and
"Term" means a term commencing on the 16 April 2022 and expiring on 15 April 2025.

	2.	DEMISE AND RENT

	2.1	The Landlord lets the Premises to the Tenant for the Term reserving to the Landlord the following sums:

2.1.1subject to Clauses 2.1.2 to 2.1.4 of this Lease, the Basic Rent payable by equal quarterly payments in advance on the usual quarter days in every year, and proportionately for any period of less than a year, the first such payment, being a proportionate sum for the period from and including the Rent Commencement Date to and including the day before the next quarter day after that date, to be paid on the Rent Commencement Date;
2.1.2the Basic Rent for the period from and including 16 April 2022 to and including 15 August 2022 payable by the Tenant to the Landlord shall be reduced to £[**] per annum (excluding VAT); 
2.1.3the Basic Rent for the period from and including 16 April 2023 to and including 15 June 2023 payable by the Tenant to the Landlord shall be reduced £[**] per annum (excluding VAT); and 
2.1.4all other sums due and payable in accordance with the terms of the Previous Lease.
	2.2	The Landlord grants to the Tenant the rights granted by the Previous Lease.

	2.3	The Landlord excepts and reserves to itself the matters excepted and reserved by the Previous Lease.

	3.	SAME TERMS

This Lease is made upon the Incorporated Terms subject to the modifications set out in this Lease (including Schedule 1).

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	4.	COVENANTS

	4.1	The Tenant covenants with the Landlord during the Term to observe and perform all the covenants and conditions on its part contained in the Incorporated Terms.

	4.2	The Landlord covenants with the Tenant during the Term to observe and perform all the covenants and conditions on its part contained in the Incorporated Terms.

	5.	previous lease 

	5.1	The Tenant will remain liable for any outstanding obligations (including excess service charge liability) under the Previous Lease notwithstanding the expiry of its term.

	5.2	If the Landlord so requires the Tenant will remove any alterations carried out by the Tenant during the term of the Previous Lease (including anything fixed to the Premises and any partitioning erected) or during any period of occupation by the Tenant or any predecessor of the Tenant under a previous lease or tenancy) and make good any damage caused by that removal at the expiry of the term of this Lease. 

	6.	TENANT’s option to determine

	6.1	The Tenant may bring this Lease to an end on the Break Date by giving not less than six (6) months prior written notice to the Landlord provided that at the expiry of such notice (the "Break Notice"):

		6.1.1	there are no rent arrears of any rents reserved by or any other sums payable under this Lease (or the Previous Lease): 

		6.1.2	there is no outstanding breach of any of the Tenant's covenants; 

		6.1.3	the Tenant has vacated the Premises and there are no continuing sub-leases or other parties in occupation of the Premises; and

		6.1.4	the Tenant has paid to the Landlord in cleared funds the sum of £14,618.10 (exclusive of VAT). 

	6.2	The Break Notice shall have no effect if the conditions in Clause 6.1.1 to and including 6.1.3 are not satisfied at the date of expiry of the Break Notice provided that the Landlord may waive all or any of such conditions by giving notice to the Tenant at any time.

	6.3	On the date of termination of the Lease pursuant to valid service of the Break Notice by the Tenant, the Tenant will give up occupation of the Premises and remove all items and equipment other than Landlord’s fixtures and the Term will expire but the parties will still be able to bring claims against each other if any of their respective obligations are outstanding at the time.

	6.4	Within 21 days of the termination of the Term, the Landlord shall repay to the Tenant any monies paid by the Tenant in so far as the same are attributable to the period after (but not including) the Break Date provided that the Landlord shall be entitled (acting at all times properly and reasonably) to set off any sums due and outstanding from the Tenant to the Landlord pursuant to this Lease and relating to any period prior to the Break Date.

	7.	statutory compensation

The Tenant shall not be entitled on quitting the Premises to any compensation under section 37 

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Landlord and Tenant Act 1954 (as amended).
	8.	COUNTERPARTS

The parties agree that this Lease may be executed in a number of counterparts each of which shall constitute an original and all the counterparts together shall constitute the same agreement.
	9.	JURISDICTION

This Lease shall be governed by and interpreted in accordance with English Law and the parties irrevocable submit to the exclusive jurisdiction of the English Courts.
EXECUTION
This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.
​

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Executed as a Deed by
As attorney for )
SMARTKEM LIMITED)
Under a power of attorney in the presence of:         )/s/ Robert Bahns
two Directors or)................................................
one Director in the presence of a witness)SMARTKEM LIMITED
​
...................................................
Witness
Name of Witness 
Address 
​
Occupation 
​
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AG HEXAGON B.V. 
	EXECUTED as a deed by AG HEXAGON B.V. being a company incorporated in the Netherlands, acting by Simon Hoad and Richard O’Boyle being persons who, in accordance with the laws of that territory are acting under the authority of the Company:
​
	)            [Signature in name of company]
)
)/s/ Simon Hoad
)[Signature of Authorised Signatory]
) 
)/s/ Richard O’Boyle 
[Signature of Authorised Signatory]
​

​

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SCHEDULE 1 – VARIATIOns TO THE PREVIOUS LEASE
	1.	The following new definitions shall be added to clause 1.1 of the Previous Lease as follows:

	1.1.	"Environmental Management Plan" means any environmental management plan for the Building which may, without limitation, include reasonable annual targets for:

		(a)	the reduction of energy consumption, carbon emissions, water use and waste at the Building;

		(b)	the increase (where possible) of the use of plant and equipment based on renewable technologies, renewable energy, recycled water and captured rainwater for the Building;

		(c)	the increase (where possible) of recycling of waste; and

		(d)	other measures which it is practical to adopt in order to improve the environmental performance of the Building;

provided that the plan and such targets shall have due regard to economic viability;
	1.2.	"Environmental Rating System" means any rating system adopted from time to time by the Landlord (acting reasonably) for the purpose of measuring the environmental efficiency and/or performance of the Premises or the Building;

	2.	The following new clause 1.2.5 shall be added to the Previous Lease:

"references to "sustainable" and "sustainability" shall:
(a)require (without limitation) regard to be had to the sourcing, specification, performance, recycling and suitability for purpose of any materials, processes or methodology; and
(b)the question of whether something is sustainable shall be judged at the time the issue arises and not according to that word's meaning at the date of this Lease.
Any covenants on the part of the Tenant contained in this Lease shall be deemed to apply to the Tenant’s full period of occupation of the Premises, whether pursuant to this Lease or during any prior period of occupation by the Tenant, including during the terms of the Previous Lease."
	3.	Clause 3.12.4 of the Previous Lease shall be deleted and the following new clause shall be included in its place: 

"Where the Tenant is making alterations which are permitted by the Landlord or by the provisions of this clause 3.12, which may have a material and adverse effect on:
(a)the asset rating in any existing EPC; or
		(b)
	the rating of the Premises and/or the Building under any Environmental Rating System; or

(c)the efficiency of the use of energy or water within the Premises or the Building,
to provide such information as the Landlord may reasonably require to enable the Landlord to ascertain the effects of such alterations and to have due regard to any reasonable policy from time to time adopted by the Landlord in relation to environmentally responsible property management and the Environmental Management Plan and or any suggestions the Landlord makes to minimise or, if possible, avoid any such material and adverse effect which the 

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alterations may otherwise have."
	4.	A new clause 3.12.9 shall be added to the Previous Lease to read as follows: 

"If the Tenant carries out alterations which necessitate the provision of a new EPC, to obtain a new EPC at its own cost (with Landlord consent) and to provide a copy of such EPC to the Landlord."
	5.	A new clause 3.35 shall be added to the Previous Lease to read as follows: 

		"3.35.1
	To observe any reasonable regulations made by the Landlord and notified in writing to the Tenant having as their object sustainability and/or energy, water and/or waste efficiency.

		 3.35.2
	To use reasonable endeavours to ensure that refuse comprising glass, metal cans, card, paper or non-contaminated plastic is recycled in accordance with any recycling scheme which may be operated by the Landlord."

	6.	A new clause 5.12 shall be added to the Previous Lease to read as follows

"The Landlord and the Tenant shall co-operate with each other by the Tenant providing to the Landlord whatever information the Landlord reasonably requests relating to the energy and water consumption and waste management statistics for the Premises and by the Landlord providing to the Tenant whatever information the Tenant reasonably requests (but only at reasonable intervals) relating to such statistics for the Common Parts, in all cases on such terms as the parties may reasonably agree."
	7.	The following paragraphs shall be added as new paragraphs to Schedule 3 of the Previous Lease: 

		"9. 
	The right to take reasonable steps to review any Environmental Rating System or to review or measure water use, waste production or waste management, save where up to date information in this respect has already been provided to the Landlord by the Tenant;

		10. 
	The right to carry out works which are aimed at the more effective management of or improving the efficiency of energy or water use or waste production or for setting up and managing recycling schemes (provided that such works cause as little disruption as reasonably possible and when complete do not adversely affect the Tenant's beneficial use and occupation of the Premises);

		11. 
	The right to undertake any measurements required for any Environmental Rating System or undertaking an air conditioning inspection, and for such purposes the right to carry out the necessary tests on Conducting Media and any other plant and machinery in the Premises."

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annexure 1
COPY OF THE PREVIOUS lease

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pLAN 1

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LON 580546235v1

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