Document:

Amended & Restated Employment Agreement (Green)

 EXHIBIT 10.5 
 HARVARD BIOSCIENCE, INC. 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made as of the 18th day of December, 2008, between Harvard Bioscience, Inc., a Delaware
corporation (the “Company”), and David Green (“Executive”). For purposes of this Agreement the “Company” shall refer to the Company and any of its predecessors. 
 WHEREAS, the Company desires to employ Executive and Executive desires to be employed by the Company on the terms contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:
 1. Employment. The term of this
Agreement shall extend from December 5 , 2008 (the “Commencement Date”) until the second anniversary of the Commencement Date; provided, however, that the term of this Agreement shall automatically be extended for two additional years
on each second anniversary of the Commencement Date unless, not less than 90 days prior to each such date, either party shall have given notice to the other that it does not wish to extend this Agreement; provided, further, that if a Change in
Control occurs during the original or extended term of this Agreement, the term of this Agreement shall, notwithstanding anything in this sentence to the contrary, continue in effect for a period of not less than eighteen (18) months beyond the
month in which the Change in Control occurred. The term of this Agreement shall be subject to termination as provided in Paragraph 6 and may be referred to herein as the “Period of Employment.” 
 2. Position and Duties. During the Period of Employment, Executive shall serve as the President of the Company and
member of the Board of Directors of the Company and shall have such powers and duties as may from time to time be prescribed by the Board of Directors (the “Board”) of the Company, provided that such duties are consistent with
Executive’s position or other positions that he may hold from time to time. Executive shall devote his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, Executive may serve on other
boards of directors, with the approval of the Board as long as such service does not materially interfere with Executive’s performance of his duties to the Company as provided in this Agreement. 
 3. Compensation and Related Matters. 
 (a) Base Salary and Incentive Compensation. Executive’s initial annual base salary shall be $441,000 ($ Four hundred forty one thousand) Dollars. Executive’s base salary
shall be redetermined annually by the Board or a Committee thereof. The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in substantially equal installments on a bi-weekly or
more frequent basis. In addition to Base Salary, Executive shall be eligible to receive cash incentive compensation as determined by the Board or a Committee thereof from time to time, and shall also be eligible to participate in such incentive
compensation plans as the Board or a Committee thereof shall determine from time to time for employees of the same status within the hierarchy of the Company. 
 (b) Expenses. Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred
by him in performing services hereunder during the Period of Employment, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers. 
 (c) Other Benefits. During the Period of Employment, Executive shall be entitled to continue
to participate in or receive benefits under all of the Company’s Employee Benefit Plans in effect on the date hereof, or under plans or arrangements that provide no less favorable treatment to the Executive then the Employee Benefit Plans
provided to other members of the Company’s senior management. As used herein, the term 

  

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“Employee Benefit Plans” includes, without limitation, each pension and retirement plan; supplemental pension, retirement and deferred compensation
plan; savings and profit-sharing plan; stock ownership plan; stock purchase plan; stock option plan; life insurance plan; medical insurance plan; disability plan; and health and accident plan or arrangement established and maintained by the Company
on the date hereof for employees of the same status within the hierarchy of the Company. During the Period of Employment, Executive shall be entitled to an automobile or to lease for an automobile (the “Company Car”) for up to
$1,500.00 per month and the cost of automobile insurance for such Company Car. To the extent that the scope or nature of benefits described in this section is determined under the policies of the Company based in whole or in part on the seniority or
tenure of an employee’s service, Executive shall be deemed to have a tenure with the Company equal to the actual time of Executive’s service with the Company. During the Period of Employment, Executive shall be entitled to participate
in or receive benefits under any employee benefit plan or arrangement which may, in the future, be made available by the Company to its executives and key management employees, subject to and on a basis consistent with the terms, conditions and
overall administration of such plan or arrangement. Any payments or benefits payable to Executive under a plan or arrangement referred to in this Subparagraph 3(c) in respect of any calendar year during which Executive is employed by the
Company for less than the whole of such year shall, unless otherwise provided in the applicable plan or arrangement, be prorated in accordance with the number of days in such calendar year during which [he]/[she] is so employed. Should any such
payments or benefits accrue on a fiscal (rather than calendar) year, then the proration in the preceding sentence shall be on the basis of a fiscal year rather than calendar year. 
 (d) Vacations. Executive shall be entitled to twenty (20) paid vacation days in each calendar year, which
shall be accrued ratably during the calendar year. Executive shall also be entitled to all paid holidays given by the Company to its executives. To the extent that the scope or nature of benefits described in this section are determined
under the policies of the Company based in whole or in part on the seniority or tenure of an employee’s service, Executive shall be deemed to have a tenure with the Company equal to the actual time of Executive’s service with Company.

 4. Unauthorized Disclosure. 
 (a) Confidential Information. Executive acknowledges that in the course of his employment with the Company (and, if
applicable, its predecessors), he has been allowed to become, and will continue to be allowed to become, acquainted with the Company’s business affairs, information, trade secrets, and other matters which are of a proprietary or confidential
nature, including but not limited to the Company’s and its affiliates’ and predecessors’ operations, business opportunities, price and cost information, finance, customer information, business plans, various sales techniques, manuals,
letters, notebooks, procedures, reports, products, processes, services, and other confidential information and knowledge (collectively the “Confidential Information”) concerning the Company’s and its affiliates’ and
predecessors’ business. The Company agrees to provide on an ongoing basis such Confidential Information as the Company deems necessary or desirable to aid Executive in the performance of his duties. Executive understands and
acknowledges that such Confidential Information is confidential, and he agrees not to disclose such Confidential Information to anyone outside the Company except to the extent that (i) Executive deems such disclosure or use reasonably necessary
or appropriate in connection with performing his duties on behalf of the Company; (ii) Executive is required by order of a court of competent jurisdiction (by subpoena or similar process) to disclose or discuss any Confidential Information,
provided that in such case, Executive shall promptly inform the Company of such event, shall cooperate with the Company in attempting to obtain a protective order or to otherwise restrict such disclosure, and shall only disclose Confidential
Information to the minimum extent necessary to comply with any such court order; (iii) such Confidential Information becomes generally known to and available for use in the Company’s industry (the “laboratory analytical instruments
industry”), other than as a result of any action or inaction by Executive; or (iv) such information has been rightfully received by a member of the laboratory analytical instruments industry or has been published in a form generally
available to the laboratory analytical instruments industry prior to the date Executive proposes to disclose or use such information. Executive further agrees that he will not during employment and/or at any time thereafter use such
Confidential Information in competing, directly or indirectly, with the Company. At such time as Executive shall cease to be employed by the Company, he will immediately turn over to the Company all Confidential Information, including papers,
documents, writings, electronically stored information, other property, and all copies of them provided to or created by [him]/[her] during the course of his employment with the Company. 
  

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 (b) Heirs, successors, and legal representatives. The foregoing
provisions of this Paragraph 4 shall be binding upon Executive’s heirs, successors, and legal representatives. The provisions of this Paragraph 4 shall survive the termination of this Agreement for any reason. 
 5. Covenant Not to Compete or Solicit or Hire. In consideration for Executive’s employment by the Company under the terms
provided in this Agreement and as a means to aid in the performance and enforcement of the terms of the provisions of Paragraph 4, Executive agrees that 
 (a) during the term of Executive’s employment with the Company and for a period of twelve (12) months
thereafter, regardless of the reason for termination of employment, Executive will not, directly or indirectly, as an owner, director, principal, agent, officer, employee, partner, consultant, servant, or otherwise, carry on, operate, manage,
control, or become involved in any manner with any business, operation, corporation, partnership, association, agency, or other person or entity which is engaged in a business that produces products that compete directly with any of the
Company’s products which are produced by the Company or any affiliate of the Company or which the Company or any affiliate of the Company has active plans to produce as of the date of Executive’s termination of employment with the Company,
in any area or territory in which the Company or any affiliate of the Company conducts or has active plans to conduct operations as of the date of the Executive’s termination of employment with the Company; provided, however, that the foregoing
shall not prohibit Executive from owning up to one percent (1%) of the outstanding stock of a publicly held company engaged in the laboratory analytical instruments industry; and 
 (b) during the term of Executive’s employment with the Company and for a period of twelve (12) months
thereafter, regardless of the reason for termination of employment, Executive will not directly or indirectly solicit or induce any present or future employee of the Company or any affiliate of the Company to accept employment with Executive or with
any business, operation, corporation, partnership, association, agency, or other person or entity with which Executive may be associated, and Executive will not hire or employ or cause any business, operation, corporation, partnership, association,
agency, or other person or entity with which Executive may be associated to hire or employ any present or future employee of the Company. 
 Should Executive violate any of the provisions of this Paragraph, then in addition to all other rights and remedies available to the Company at law or in equity, the duration of this covenant shall automatically be extended for the period
of time from which Executive began such violation until he permanently ceases such violation. 
 6. Termination. Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances: 
 (a) Death. Executive’s employment hereunder shall terminate upon his death. 
 (b) Disability. If, as a result of Executive’s incapacity due to physical or mental illness, Executive
shall have been absent from his duties hereunder on a full-time basis for one hundred eighty (180) calendar days in the aggregate in any twelve (12) month period, the Company may terminate Executive’s employment hereunder. 

(c) Termination by Company For Cause. At any time during the Period of Employment, the Company may terminate
Executive’s employment hereunder for Cause if such termination is approved by not less than a majority of the Board at a meeting of the Board called and held for such purpose. For purposes of this Agreement, “Cause” shall
mean: (A) conduct by Executive constituting a material act of willful misconduct in connection with the performance of his duties, including, without limitation, misappropriation of funds or property of the Company or any of its affiliates
other than the occasional, customary and de minimis use of Company property for personal purposes; (B) criminal or civil conviction of Executive, a plea of nolo contendere by Executive or conduct by Executive that would reasonably be expected
to result in material injury to the reputation of the Company if he were retained in his position with the Company, including, without limitation, conviction of a felony involving moral turpitude; (C) continued, willful and deliberate
non-performance by Executive of his duties hereunder (other than by reason of Executive’s physical or mental illness, incapacity or disability) which has continued for more than thirty (30) days following written notice of such
non-performance from the Board; (D) a breach by Executive of any of the provisions contained in Paragraphs 4 and 5 of this Agreement; or (E) a violation by Executive of the Company’s employment policies which has continued following
written notice of such violation from the Board. 
  

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 (d) Termination Without Cause. At any time during the Period of
Employment, the Company may terminate Executive’s employment hereunder without Cause if such termination is approved by a majority of the Board at a meeting of the Board called and held for such purpose. Any termination by the Company of
Executive’s employment under this Agreement which does not constitute a termination for Cause under Subparagraph 6(c) or result from the death or disability of the Executive under Subparagraph 6(a) or (b) shall be deemed a termination
without Cause. If the Company provides notice to Executive under Paragraph 1 that it does not wish to extend the Period of Employment, such action shall be deemed a termination without Cause. 
 (e) Termination by Executive. At any time during the Period of Employment, Executive may terminate his employment
hereunder for any reason, including but not limited to Good Reason. If Executive provides notice to the Company under Paragraph 1 that he does not wish to extend the Period of Employment, such action shall be deemed a voluntary termination
by Executive and one without Good Reason. For purposes of this Agreement, “Good Reason” shall mean that Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the
following events: (A) a substantial diminution or other substantive adverse change, not consented to by Executive, in the nature or scope of Executive’s responsibilities, authorities, powers, functions or duties; (B) any removal,
during the Period of Employment, from Executive of his title of President; (C) an involuntary reduction in Executive’s Base Salary except for across-the-board reductions similarly affecting all or substantially all management employees;
(D) a breach by the Company of any of its other material obligations under this Agreement and the failure of the Company to cure such breach within thirty (30) days after written notice thereof by Executive; (E) the involuntary
relocation of the Company’s offices at which Executive is principally employed or the involuntary relocation of the offices of Executive’s primary workgroup to a location more than 30 miles from such offices, or the requirement by the
Company that Executive be based anywhere other than the Company’s offices at such location on an extended basis, except for required travel on the Company’s business to an extent substantially consistent with Executive’s business
travel obligations; or (F) the failure of the Company to obtain the agreement from any successor to the Company to assume and agree to perform this Agreement as required by Paragraph 10 (each of which is hereinafter referred to as a “Good
Reason event”). “Good Reason Process” shall mean that (i) Executive reasonably determines in good faith that a “Good Reason” event has occurred; (ii) Executive notifies the Company in writing of the occurrence
of the Good Reason event; (iii) Executive cooperates in good faith with the Company’s efforts, for a period not less than ninety (90) days following such notice, to modify Executive’s employment situation in a manner acceptable
to Executive and Company; and (iv) notwithstanding such efforts, one or more of the Good Reason events continues to exist and has not been modified in a manner acceptable to Executive. If the Company cures the Good Reason event in a manner
acceptable to Executive during the ninety (90) day period, Good Reason shall be deemed not to have occurred. 
 (f) Notice of Termination. Except for termination as specified in Subparagraph 6(a), any termination of Executive’s employment by the Company or any such termination by Executive shall be communicated
by written Notice of Termination to the other party hereto and shall be effective on the Date of Termination (as defined below). For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the
specific termination provision in this Agreement relied upon. 
 (g) Date of Termination. “Date of
Termination” shall mean: (A) if Executive’s employment is terminated by his death, the date of his death; (B) if Executive’s employment is terminated on account of disability under Subparagraph 6(b) or by the Company
for Cause under Subparagraph 6(c), the date on which Notice of Termination is given or such later date as the Company may specify in the Notice of Termination; (C) if Executive’s employment is terminated by the Company under Subparagraph
6(d), sixty (60) days after the date on which a Notice of Termination is given or such later date as the Company may specify in the Notice of Termination (or, if such termination occurs as a result of the Company providing notice to Executive
under Paragraph 1 that it does not wish to extend the Period of Employment, the date of the expiration of the current term of this Agreement); and (D) if Executive’s employment is terminated by Executive under Subparagraph 6(e),
thirty (30) days after the date on which a Notice of Termination is given or, if such termination is without Good Reason, such later date up to sixty (60) days after the date on which such Notice of Termination is given as Executive may
specify in the Notice of Termination (or, if such termination occurs as a result of the Company providing notice to Executive under Paragraph 1 that it does not wish to extend the Period of Employment, the date of the expiration of the current
term of this Agreement). 
  

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 7. Compensation Upon Termination or During Disability. 
 (a) Death. If Executive’s employment terminates by reason of his death, the Company shall, within ninety
(90) days of death, pay in a lump sum amount to such person as Executive shall designate in a notice filed with the Company or, if no such person is designated, to Executive’s estate, Executive’s accrued and unpaid Base Salary to the
date of his death, plus his accrued and unpaid incentive compensation, if any, under Subparagraph 3(a). Upon the death of Executive, all unvested stock options shall immediately vest in Executive’s estate or other legal representatives and
become exercisable. All other stock-based grants and awards held by Executive shall vest or be canceled upon the death of Executive in accordance with their terms. For a period of one (1) year following the Date of Termination, the
Company shall pay such health insurance premiums as may be necessary to allow Executive’s spouse and dependents to receive health insurance coverage substantially similar to coverage they received prior to the Date of Termination. In
addition to the foregoing, any payments to which Executive’s spouse, beneficiaries, or estate may be entitled under any employee benefit plan shall also be paid in accordance with the terms of such plan or arrangement. Such payments, in the
aggregate, shall fully discharge the Company’s obligations hereunder. 
 (b) Disability. During any
period that Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness, Executive shall continue to receive his accrued and unpaid Base Salary and accrued and unpaid incentive compensation, if any,
under Subparagraph 3(a), until Executive’s employment is terminated due to disability in accordance with Subparagraph 6(b) or until Executive terminates his employment in accordance with Subparagraph 6(e), whichever first occurs. Upon the
Date of Termination by reason of Executive’s disability, all unvested stock options shall immediately vest and become exercisable. All other stock-based grants and awards held by Executive shall vest or be canceled upon the Date of
Termination in accordance with their terms. For a period of one (1) year following the Date of Termination, the Company shall pay such health insurance premiums as may be necessary to allow Executive and Executive’s spouse and
dependents to receive health insurance coverage substantially similar to coverage they received prior to the Date of Termination. Upon termination due to death prior to the termination first to occur as specified in the preceding sentence,
Subparagraph 7(a) shall apply. 
 (c) Termination other than for Good Reason. If Executive’s
employment is terminated by Executive other than for Good Reason as provided in Subparagraph 6(e), then the Company shall, through the Date of Termination, pay Executive his accrued and unpaid Base Salary at the rate in effect at the time Notice of
Termination is given. Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement, provided any such termination shall not adversely affect or alter Executive’s rights
under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such employee benefit plan or any agreement or other instrument attendant thereto. 
 (d) Termination by Executive for Good Reason or by the Company without Cause. If Executive terminates his employment
for Good Reason as provided in Subparagraph 6(e) or if Executive’s employment is terminated by the Company without Cause as provided in Subparagraph 6(d), then the Company shall, through the Date of Termination, pay Executive his accrued and
unpaid Base Salary at the rate in effect at the time Notice of Termination is given and his accrued and unpaid incentive compensation, if any, under Subparagraph 3(a). In addition, subject to the Executive’s execution of a general release
of claims in the form attached hereto as Exhibit A within 21 days after the Date of Termination and the expiration of the seven-day revocation period applicable thereto, 
 (i) the Company shall pay Executive an amount equal to two times the sum of Executive’s Average Base Salary and Executive’s
Average Incentive Compensation (the “Severance Amount”). The Severance Amount shall be paid in cash in a single lump sum payment 30 days after the Date of Termination,. For purposes of this Agreement, “Average Base Salary”
shall mean the average of the annual Base Salary received by Executive for each of the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company or 

  

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the amount of Base Salary for the prior fiscal year, whichever is higher. For purposes of this Agreement, “Average Incentive Compensation”
shall mean the average of the annual cash incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been
employed by the Company or the amount of cash incentive compensation for the prior fiscal year, whichever is higher. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special
bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease or become repayable to the Company to the
extent paid. Furthermore, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph
6(f) within thirty (30) days after he has complied with the Good Reason Process; and 
 (ii) upon the Date of
Termination, each unvested stock option that would otherwise vest during the next twenty four (24) months shall accelerate and immediately vest. All other stock-based grants and awards held by Executive that would otherwise vest during the
next twenty four (24) months shall accelerate and immediately vest upon the Date of Termination; and 
 (iii) in
addition to any other benefits to which Executive may be entitled in accordance with the Company’s then existing severance policies, the Company shall, for a period of one (1) year commencing on the Date of Termination, pay such health
insurance premiums as may be necessary to allow Executive and Executive’s spouse and dependents to continue to receive health insurance coverage. 
 (e) Termination for Cause. If Executive’s employment is terminated by the Company for Cause as provided in Subparagraph 6(c), then the Company shall, through the Date of Termination, pay
Executive his accrued and unpaid Base Salary at the rate in effect at the time Notice of Termination is given. Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement,
provided any such termination shall not adversely affect or alter Executive’s rights under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such
employee benefit plan or any agreement or other instrument attendant thereto. In addition, all stock options held by Executive as of the Date of Termination shall immediately terminate and be of no further force and effect, and all other
stock-based grants and awards shall be canceled or terminated in accordance with their terms. 
 Nothing contained in the foregoing Subparagraphs 7(a)
through 7(e) shall be construed so as to affect Executive’s rights or the Company’s obligations relating to agreements or benefits which are unrelated to termination of employment. 
 8. Change in Control Payment. The provisions of this Paragraph 8 set forth certain terms of an agreement reached between
Executive and the Company regarding Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance Executive’s continued attention and
dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. 
 (a) Change in Control. If within eighteen (18) months after the occurrence of the first event constituting a Change in Control, Executive’s employment is terminated by the Company without
Cause as provided in Subparagraph 6(d) or Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), then, subject to the Executive executing a general release of claims in the form attached hereto as Exhibit A
within 21 days after the Date of Termination and the expiration of the seven-day revocation period applicable thereto: 
 (i) In lieu of any amounts otherwise payable pursuant to Subparagraph 7(d)(i),
the Company shall pay Executive a single lump sum in cash on the 30th day following the Date of Termination an amount equal to three times the sum
of (A) Executive’s current or most recent annual Base Salary plus (B) Executive’s most recent annual cash incentive compensation under Subparagraph 3(a) for the most recent fiscal year, excluding any sign-on bonus, retention
bonus or any other special bonus; 
  

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 (ii) Notwithstanding anything to the contrary in any applicable option agreement or
stock-based award agreement and in lieu of any acceleration of vesting that would otherwise occur pursuant to Subparagraph 7(d)(ii), upon a Change in Control, all stock options and other stock-based awards granted to Executive by the Company shall
immediately accelerate and become exercisable or non-forfeitable as of the effective date of such Change in Control. Executive shall also be entitled to any other rights and benefits with respect to stock-related awards, to the extent and upon
the terms provided in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or awards were granted; and 
 (iii) In lieu of the Company’s obligations to pay health insurance premiums pursuant to Subparagraph 7(d)(iii), the Company
shall, for a period of one (1) year commencing on the Date of Termination, pay such health insurance premiums as may be necessary to allow Executive, Executive’s spouse and dependents to continue to receive health insurance coverage
substantially similar to the coverage they received prior to the Date of Termination. 
 (b) Gross Up Payment.

 (i) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any
compensation, payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Severance Payments”), would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with
any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional payment or payments (collectively, the “Gross-Up Payment”) such that the
net amount retained by Executive, after deduction of (x) any Excise Tax on the Severance Payments, (y) any Federal, state, and local income tax, employment tax and Excise Tax, in each case resulting from the Gross-Up Payment provided by
this Subparagraph 8(b)(i), and (z) any interest and/or penalties assessed with respect to such Excise Tax, but without deducting any other amounts that may be payable by Executive as a result of the Severance Payments, including, without
limitation, any Federal, state, and local income tax or employment tax, other than those specifically described clauses (x), (y) and (z) above, due as a result of the Severance Payments, shall be equal to the Severance Payments.

 (ii) Subject to the provisions of Subparagraph 8(b)(iii), all determinations required to be made under this
Subparagraph 8(b)(ii), including whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by KPMG LLP or any other nationally recognized accounting firm selected by the Company (the “Accounting Firm”),
which shall provide detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or
Executive. For purposes of determining the amount of the Gross-Up Payment, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which
the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of Executive’s residence on the Date of Termination, net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local taxes. The Gross-Up Payment, if any, as determined pursuant to this Subparagraph 8(b)(ii), shall be paid to the relevant tax authorities as withholding taxes on behalf
of the Executive at such time or times as when each Excise Tax payment is due. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made (an “Underpayment”). In the event that the
Company exhausts its remedies pursuant to Subparagraph 8(b)(iii) and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred, consistent with the
calculations required to be made hereunder, and any such Underpayment, and any interest and penalties imposed on the Underpayment and required to be paid by Executive in connection with the proceedings described in Subparagraph 8(b)(iii), shall be
promptly paid by the Company to the relevant tax authorities as withholding taxes on behalf of the Executive. 
  

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 (iii) Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after Executive knows of such claim and
shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which he gives such notice to
the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim,
provided that the Company has set aside adequate reserves to cover the Underpayment and any interest and penalties thereon that may accrue, Executive shall: 
 (A) give the Company any information reasonably requested by the Company relating to such claim, 
 (B) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney selected by the Company, 
 (C) cooperate with the Company in good faith in order to effectively contest such claim, and 
 (D) permit
the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and
shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed as a result of such representation and payment of costs and expenses. Without
limitation on the foregoing provisions of this Subparagraph 8(b)(iii), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings,
hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to
prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Executive to pay
such claim and sue for a refund, the Company shall pay such amount to the applicable tax authority on behalf of the Executive as an additional Gross-Up Payment and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise
Tax or income tax, including interest or penalties imposed with respect thereto or with respect to any imputed income; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of
Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issues raised by the Internal Revenue Service or any other taxing authority. 
 (iv) If, after a Gross-Up Payment by the Company on behalf of the Executive pursuant to Subparagraph 8(b)(iii), Executive becomes
entitled to receive any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Subparagraph 8(b)(iii)) promptly pay to the Company the amount of such refund (together with any interest
paid or credited thereon after taxes applicable thereto).
  

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 (c) Definitions. For purposes of this Paragraph 8, the following
terms shall have the following meanings: 
 “Change in Control” shall mean any of the following: 
 (a) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of
securities of the Company representing twenty-five percent (25%) or more of either (A) the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Company’s Board
(“Voting Securities”) or (B) the then outstanding shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) (other than as a result of an acquisition of securities directly from the Company); or

 (b) persons who, as of the Commencement Date, constitute the Company’s Board (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of the
Company subsequent to the Commencement Date shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by a vote of at least a majority of the Incumbent Directors; but provided
further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or
on behalf of a person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 
 (c) the stockholders of the Company shall approve (A) any consolidation or merger of the Company where the stockholders of the
Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate
more than fifty percent (50%) of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or (C) any plan or proposal for the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred for purposes of the foregoing clause
(a) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Common Stock or other Voting Securities outstanding, increases the proportionate number of shares beneficially owned by any
person to twenty-five percent (25%) or more of either (A) the combined voting power of all of the then outstanding Voting Securities or (B) Common Stock; provided, however, that if any person referred to in this sentence
shall thereafter become the beneficial owner of any additional shares of Voting Securities or Common Stock (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the
Company) and immediately thereafter beneficially owns twenty-five percent (25%) or more of either (A) the combined voting power of all of the then outstanding Voting Securities or (B) Common Stock, then a “Change of Control”
shall be deemed to have occurred for purposes of the foregoing clause (a). 
 9. Notice. For purposes of this Agreement,
notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed as
follows: 
 if to the Executive: 
 At his home address as shown 
 in the Company’s personnel records; 
  

 9 

 if to the Company: 
 Harvard Bioscience, Inc. 
 84 October Hill Road 
 Holliston, MA 01746-1371 
 Attention: Board of
Directors of Harvard Bioscience, Inc. 
 with a copy to: 
 H. David Henken 
 Goodwin Procter LLP 
 Exchange Place 
 Boston, MA 02109 

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt. 
 10. Successor to Company. The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform
it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a breach of this Agreement and shall constitute Good Reason if the Executive
elects to terminate employment. 
 11. Miscellaneous. No provisions of this Agreement may be modified, waived, or
discharged unless such waiver, modification, or discharge is agreed to in writing and signed by Executive and such officer of the Company as may be specifically designated by the Board. No waiver by either party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral
or otherwise, express or implied, unless specifically referred to herein, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. The validity, interpretation, construction,
and performance of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts (without regard to principles of conflicts of laws). 
 12. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect. The invalid portion of this Agreement, if any, shall be modified by any court having jurisdiction to the extent necessary to render such portion enforceable. 
 13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument. 
 14. Arbitration; Other Disputes. In the event of any
dispute or controversy arising under or in connection with this Agreement, the parties shall first promptly try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration Association
before resorting to arbitration. In the event such dispute or controversy remains unresolved in whole or in part for a period of thirty (30) days after it arises, the parties will settle any remaining dispute or controversy exclusively by
arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding the above,
the Company shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of Paragraph 4 or 5 hereof. Furthermore, should a dispute occur concerning
Executive’s mental or physical capacity as described in Subparagraph 6(b), 6(c) or 7(b), a doctor selected by Executive and a doctor selected by the Company shall be entitled to examine Executive. If the opinion of the Company’s
doctor and Executive’s doctor conflict, the Company’s doctor and Executive’s doctor shall together agree upon a third doctor, whose opinion shall be binding. 
  

 10 

 15. Third-Party Agreements and Rights. Executive represents to the Company that
Executive’s execution of this Agreement, Executive’s employment with the Company and the performance of Executive’s proposed duties for the Company will not violate any obligations Executive may have to any employer or other party,
and Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 
 16. Litigation and Regulatory Cooperation. During and after Executive’s employment, Executive shall reasonably cooperate with the
Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while Executive was employed by the
Company; provided, however, that such cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal litigation. Executive’s cooperation in connection with such claims
or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after Executive’s employment,
Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while
Executive was employed by the Company. The Company shall also provide Executive with compensation on an hourly basis at a rate equivalent to the hourly rate of the Executive’s last annual Base Salary calculated using a forty (40) hour
week over fifty-two (52) weeks for requested litigation and regulatory cooperation that occurs after his termination of employment, and reimburse Executive for all costs and expenses incurred in connection with his performance under this
Paragraph 16, including, but not limited to, reasonable attorneys’ fees and costs. 
 17. Section 409A of the Code.

 (a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit
that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the
Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the
Executive’s separation from service, or (B) the Executive’s death. 
 (b) The parties intend that this
Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so
that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all
related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 
 (c) The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 
 (d) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of
this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 
 18. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender
unless the context clearly indicates otherwise, and vice versa.
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. 
  

					
	HARVARD BIOSCIENCE, INC.
		
	By:	 	/s/ Chane Graziano
		 	Name:	 	Chane Graziano
		 	Title:	 	CEO
	
	EXECUTIVE
		
		 	/s/ David Green
		 	David Green

  

 12 

 EXHIBIT A- FORM OF GENERAL RELEASE OF CLAIMS 
 This Release Agreement (the “Release Agreement”) is entered into between David Green (the “Executive”) and Harvard Bioscience, Inc.
(the “Company”). This is the Release Agreement referenced in the Agreement between the Executive and the Company dated December 5, 2008 (the “Employment Agreement”). The consideration for the Executive’s
agreement to this Release Agreement consists of certain termination benefits as set forth in the Employment Agreement and the terms of this Release Agreement. The consideration for the Company’s agreement to this Release Agreement consists of
the terms of this Release Agreement. 
 The Executive and the Company (together, the “Parties”) agree as follows: 
 Release. The Executive voluntarily releases and forever discharges the Company and each of its subsidiaries, affiliates, predecessors, successors,
assigns, and current and former directors, officers, employees, representatives, attorneys, agents, and all persons acting by, through, under or in concert with any of the foregoing (any and all of whom or which are hereinafter referred to as
“Company Parties”), from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses
(including attorney’s fees and costs actually incurred), of any nature whatsoever, known or unknown (collectively, “Claims”) that the Executive now has, owns or holds, or claims to have, own, or hold, or that he at any time
had, owned, or held, or claimed to have had, owned, or held against any Company Party or Parties. This general release of Claims includes, without implication of limitation, the release of all Claims: 
  

	 	•	 	 relating to the Executive’s employment by and termination from employment with the Company; 

  

	 	•	 	 of wrongful discharge; 

  

	 	•	 	 of breach of contract; 

  

	 	•	 	 of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of age discrimination or retaliation under the Age
Discrimination in Employment Act, Claims of disability discrimination or retaliation under the Americans with Disabilities Act, Claims of discrimination or retaliation under Title VII of the Civil Rights Act of 1964 and Claims of discrimination or
retaliation under Mass. Gen. Laws ch. 151B); 

  

	 	•	 	 under any other federal or state statute, to the fullest extent that Claims may be released; 

  

	 	•	 	 of defamation or other torts; 

  

	 	•	 	 of violation of public policy; 

  

	 	•	 	 for salary, bonuses, vacation pay or any other compensation or benefits; and 

  

	 	•	 	 for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees.

  

 13 

 1. Limitations on Release. 
 (a) Employment Agreement. Nothing in this Release Agreement limits either Party’s rights under the Employment Agreement.

 (b) Benefit and Enforcement Rights. Nothing in this Release Agreement is intended to release or waive the
Executive’s right to COBRA, unemployment insurance benefits or any accrued and vested retirement benefits, the right to seek enforcement of this Release Agreement or any rights referenced in this Section of this Release Agreement. 

(c) Indemnification. It is further understood and agreed that the Executive’s rights to indemnification as provided in the
Company’s certificate of incorporation, bylaws or any indemnification agreement between the Company and the Executive (it being acknowledged and agreed by the Executive that, as of the date of this Agreement, there are no amounts owing to the
Executive pursuant to any such indemnification rights), remain fully binding and in full effect subsequent to the execution of this Release Agreement. 
 (d) Exceptions. This Release Agreement does not prohibit or restrict the Executive from communicating, providing relevant information to or otherwise cooperating with the EEOC or any other governmental
authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of this Release Agreement
or its underlying facts. This Release Agreement also does not preclude the Executive from benefiting from classwide injunctive relief awarded in any fair employment practices case brought by any governmental agency; provided that such relief does
not result in the Executive’s receipt of any monetary benefit or substantial equivalent thereof. 
 2. No Assignment. Each Party
represents that he or it has not assigned to any other person or entity any Claims against any other Party or, in the case of the Executive, any Claim against any Company Party. 
 3. No Disparagement. The Executive shall not make any disparaging statements about the Company, members of the Board of Directors, any officer of
the Company or any other employee of the Company. The Executive shall direct his immediate family not to make any disparaging statements about any of the foregoing. Any statement by a member of his immediate family shall be deemed to be a statement
by the Executive for purposes of this paragraph. The Executive shall be considered to represent that he has complied and shall continue to comply with he nondisparagement obligations under this paragraph from the Date of Termination (as defined in
the Employment Agreement); provided that this representation shall have no effect if this Release Agreement does not become effective. Notwithstanding the foregoing, nothing in this paragraph shall be construed to apply to any statements made
in the course of testimony in a legal proceeding or in any required written statements in any such proceeding. 
 4. Litigation and
Regulatory Cooperation. The Executive shall reasonably cooperate with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to
events or occurrences that transpired while Executive was employed by the Company; provided, 

  

 14 

 
however, that such cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal
litigation. Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at
mutually convenient times. Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences
that transpired while Executive was employed by the Company. The Company shall also provide Executive with compensation on an hourly basis at a rate equivalent to the hourly rate of the Executive’s last annual Base Salary (as defined in the
Employment Agreement) calculated using a forty (40) hour week over fifty-two (52) weeks for requested litigation and regulatory cooperation that occurs after his termination of employment, and reimburse Executive for all costs and expenses
incurred in connection with his performance under this Section 5, including, but not limited to, reasonable attorneys’ fees and costs. 
 5. Reaffirmation of Post-Employment Restrictive Covenants. The Executive reaffirms the restrictive covenants under the Employment Agreement to which he is subject as follows: [Insert as appropriate.] 
 6. Right to Consider and Revoke Release Agreement. This Release Agreement shall be considered to have been offered to both Parties on the
Termination Date as defined in the Employment Agreement. Each Party acknowledges that he or it has been given the opportunity to consider this Release Agreement for a period ending twenty-one (21) days after the Termination Date. In the event
that either Party has executed this Release Agreement within less than twenty-one (21) days of the Termination Date, such Party acknowledges that such decision was entirely voluntary and that he or it had the opportunity to consider this
Release Agreement until the end of the twenty-one (21) day period. To accept this Release Agreement, the Executive shall deliver a signed Release Agreement to the Company’s Board of Directors within such twenty-one (21) day period. To
accept this Release Agreement, the Company shall deliver a signed Release Agreement to the Executive within such twenty-one (21) day period. Both Parties acknowledge that for a period of seven (7) days from the date when the Executive
executes this Release Agreement (the “Revocation Period”), he shall retain the right to revoke this Release Agreement by written notice that is received by the Board of Directors of the Company before the end of the Revocation
Period. This Release Agreement shall take effect only if it is accepted by both Parties within the twenty-one (21) day period as set forth above and if it is not revoked pursuant to the preceding sentence. If those conditions are satisfied,
this Release Agreement shall become effective and enforceable on the date immediately following the last day of the Revocation Period (the “Effective Date”). 
 7. Other Terms. 
 (a)
Legal Representation; Review of Release Agreement. The Executive acknowledges that he has been advised to discuss all aspects of this Release Agreement with he attorney. Each Party represents that he or it has carefully read and fully
understands all of the provisions of this Release Agreement and that he or it is voluntarily entering into this Release Agreement. 
  

 15 

 (b) Binding Nature of Release Agreement. This Release Agreement shall be binding
upon each of the parties and upon their heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of both parties and to their heirs, administrators, representatives, executors, successors, and
assigns. 
 (c) Modification of Release Agreement; Waiver. This Release Agreement may be amended, revoked, changed, or
modified only upon a written agreement executed by both Parties. No modification waiver of any provision of this Release Agreement will be valid unless it is in writing and signed by the party against whom such waiver is charged. The failure of
either Party to require the performance of any term or obligation of this Release Agreement, or the waiver by either Party of any breach of this Release Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed
a waiver of any subsequent breach. 
 (d) Severability. In the event that at any future time it is determined by a
court of competent jurisdiction that any covenant, clause, provision or term of this Release Agreement is illegal, invalid or unenforceable, the remaining provisions and terms of this Release Agreement shall not be affected thereby and the illegal,
invalid or unenforceable term or provision shall be severed from the remainder of this Release Agreement. In the event of such severance, the remaining covenants shall be binding and enforceable. 
 (e) Enforcement. Sections 4, 5 and 6 of this Release Agreement shall be subject to enforcement pursuant to the same procedures that
apply to a breach of Paragraphs 4 or 5 of the Employment Agreement (as further detailed in Paragraph 14 of the Employment Agreement). Any other disputes concerning this Release Agreement shall be subject to resolution pursuant to Section 14 of
the Employment Agreement. 
 (f) Governing Law and Interpretation. This Release Agreement shall be deemed to be made
and entered into in the Commonwealth of Massachusetts, and shall in all respects be interpreted, enforced and governed under the laws of Massachusetts, without giving effect to the conflict of laws provisions of Massachusetts law. The language of
all parts of this Release Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the Parties. 
 (g) Counterparts. This Release Agreement may be executed in counterparts. Signed counterparts shall together be considered to be
part of the same document. 
 (h) Entire Agreement; Absence of Reliance. This Release Agreement constitutes the entire
agreement between the Executive and the Company concerning any subject matter of this Release Agreement and supersedes all prior agreements between the parties with respect to any related subject matter, except the Employment Agreement. The
Executive acknowledges that he is not relying on any promises or representations by the Company or its agents, representatives or attorneys regarding any subject matter addressed in this Release Agreement. 
 So agreed by the Parties. 
  

 16 

									
	HARVARD BIOSCIENCE, INC.	 		 	
					
	By:	 	 	 		 	 	 	 
		 		 		 	Date	 	
				
	 	 	 	 		 	 
	Executive     David Green	 		 	Date

  

 17Lease of Unit 22 Phase I Cambridge Science Park

 EXHIBIT 10.7 
  

							
		  	DATED 8 May 2008	 	
			
		  	 THE MASTER FELLOWS AND
 SCHOLARS OF TRINITY COLLEGE
 CAMBRIDGE
  
 and
	 	(1)
			
		  	BIOCHROM LIMITED	 	(2)
	
	  
  
 LEASE
  
 Unit 22 Cambridge Science Park,
 Milton Road,
Cambridge

	
	  

			
		  	 Term:
	  	 A term of years from 8 May 2008
 expiring on 28 September 2012

			
		  	 Initial Rent:
	  	 £270,000 per annum

			
		  	 Expiry Date:
	  	 28 September 2012

 

 

 Contents 
  

					
	1    	  	 Definitions and Interpretation
	  	1
			
	2	  	 The demise habendum and reddendum
	  	5
			
	3	  	 Tenant’s covenants
	  	6
			
	4	  	 Landlord’s covenants
	  	6
			
	5	  	 Proviso agreement and declaration
	  	7
			
	6	  	 Exclusion of security of tenure
	  	11
			
	7	  	 No Agreement for Lease
	  	11
			
	8	  	 Proper Law
	  	11
		
	Schedule 1	  	12
		  	 The property and rights included in this demise
	  	12
		  	 Part 1 The property
	  	12
		  	 Part 2 The rights
	  	12
			
	1	  	 Right to services
	  	12
			
	2	  	 Right of way
	  	12
			
	3	  	 Right to park
	  	13
			
	4	  	 Right to Support
	  	13
		
	Schedule 2	  	14
		  	 Part 1 Exceptions and reservations in favour of the Landlord
	  	14
			
	1	  	 Right to services
	  	14
			
	2	  	 Right to light and air
	  	14
			
	3	  	 Right to support
	  	14
			
	4	  	 Right to enter
	  	14
			
	5	  	 Right to enter to cultivate
	  	15
		  	 Part 2 Existing Encumbrances
	  	16
		
	Schedule 3	  	17
		  	 Rents payable upon demand
	  	17
			
	1	  	 Insurance Rent
	  	17
			
	2	  	 Rent for common parts
	  	17

					
	3    	  	 Service rent
	  	17
			
	4	  	 Interest on arrears
	  	19
			
	5	  	 Insurance excess
	  	19
		
	Schedule 4	  	20
		  	 Tenant’s covenants
	  	20
			
	1	  	 To pay rent
	  	20
			
	2	  	 To pay outgoings
	  	20
			
	3	  	 To repair and decorate
	  	20
			
	4	  	 Not to make alterations
	  	21
			
	5	  	 To permit entry
	  	23
			
	6	  	 To repair on notice
	  	24
			
	7	  	 To pay Landlord’s costs
	  	24
			
	8	  	 As to use and safety
	  	25
			
	9	  	 Not to use for unlawful or illegal purposes or cause nuisance
	  	25
			
	10	  	 Not to reside
	  	26
			
	11	  	 As to user
	  	26
			
	12	  	 To keep open and security
	  	27
			
	13	  	 Displays and advertisements
	  	27
			
	14	  	 To keep clean
	  	27
			
	15	  	 To comply with Enactments and give notice
	  	28
			
	16	  	 To comply with the Planning Acts
	  	29
			
	17	  	 Insurance
	  	30
			
	18	  	 To indemnify
	  	31
			
	19	  	 Dealings with the Premises
	  	32
			
	20	  	 To give notice of assignments, devolutions etc.
	  	36
			
	21	  	 As to loss or acquisition of easements
	  	36
			
	22	  	 To produce plans/documents
	  	36
			
	23	  	 Not to interfere with reserved rights
	  	37

					
	24	  	 To permit entry for reletting etc.
	  	37
			
	25	  	 To yield up
	  	37
			
	26	  	 New surety
	  	37
			
	27	  	 As to value added tax
	  	38
			
	28	  	 As to maintenance contracts
	  	39
			
	29	  	 Statutory acquisitions
	  	39
			
	30	  	 Fire fighting appliances
	  	40
			
	31	  	 Existing Encumbrances
	  	40
			
	32	  	 Not to obstruct
	  	40
			
	33	  	 To comply with regulations
	  	40
			
	34	  	 As to water supply
	  	40
			
	35	  	 To comply with Planning Agreements
	  	41
			
	36	  	 To pay cost of damage
	  	41
		
	Schedule 5	  	42
		  	 Landlord’s covenants
	  	42
			
	1	  	 As to quiet enjoyment
	  	42
			
	2	  	 To insure
	  	42
			
	3    	  	 To reinstate
	  	43
			
	4	  	 To carry out works
	  	43
		
	Schedule 6	  	45
		  	 Surety’s covenants and agreements
	  	45
			
	1	  	 Covenants by Surety
	  	45
			
	2	  	 Agreements by Surety
	  	46
		
	Schedule 7	  	48
		  	 Guarantee Agreement
	  	48
			
	1	  	 Definitions and interpretation
	  	48
			
	2	  	 Guarantee
	  	49
			
	3	  	 New lease
	  	50
			
	4	  	 Security taken by Guarantor
	  	51
			
	5	  	 Limitation on Guarantor’s liability
	  	51
			
	6	  	 [Joint and several Guarantors
	  	52

 THIS LEASE is made on 8 May 2008 BETWEEN: 
  

	(1)	(“the Landlord”) THE MASTER FELLOWS AND SCHOLARS OF THE COLLEGE OF THE HOLY AND UNDIVIDED TRINITY WITHIN THE TOWN AND UNIVERSITY OF CAMBRIDGE OF KING HENRY THE
EIGHTH’S FOUNDATION 

  

	(2)	(“the Tenant”) BIOCHROM LIMITED (company number 3526954) whose registered office is at 22 Cambridge Science Park Milton Road Cambridge CB4 0FJ

 WHEREAS the Premises are held by the Landlord which is an exempt charity 
 NOW THIS LEASE WITNESSETH as follows: 
  

	1	Definitions and Interpretation 

  

	1.1	In this Lease unless the context otherwise requires: 

 “Basic Rent” means £270,000 per annum until and including 28 September 2008 and thereafter £300,000 per annum 
 “Connected Person” means any person, firm or company which is connected with the Tenant for the purposes of section 839 Income and Corporation Taxes Act 1988 
 “Consent” means an approval permission authority licence or other relevant form of approval given by the Landlord in writing 

“Enactments” shall include all present and future Acts of Parliament (including but not limited to the Public Health Acts 1875 to 1961
the Factories Act 1961 the Offices Shops and Railway Premises Act 1963 the Fire Precautions Act 1971 the Defective Premises Act 1972 the Health and Safety at Work etc. Act 1974 and the Planning Acts) and all notices directions orders regulations bye
laws rules and conditions under or in pursuance of or deriving effect therefrom and any reference herein to a specific enactment or enactments (whether by reference to its or their short title or otherwise) shall include a reference to any enactment
amending or replacing the same and any future legislation of a like nature 
  

 1 

 “the Estate” shall mean Cambridge Science Park shown edged blue on the Plan situate
adjoining Milton Road partly in the City of Cambridge and partly in the County of Cambridgeshire together with any such further neighbouring area in respect of which the Landlord or its lessees may from time to time or at any time during the Period
of Limitation receive planning permission to develop for uses similar or ancillary to the use of the said area edged blue and which the Landlord during the Period of Limitation elects to include in Cambridge Science Park 
 “Existing Encumbrances” means the matters set out in part 2 of schedule 2 
 “Group Company” means any company of which the Tenant is a Subsidiary or which has the same Holding Company as the Tenant where
Subsidiary and Holding Company have the meanings given to them by section 736 Companies Act 1985 
 “Insured Risks” means at
any particular time the risk of loss or damage by fire storm flood explosion riot civil commotion bursting or overflow of water tanks boilers or apparatus impact by road vehicles or aircraft and other aerial devices or articles dropped therefrom and
the risk of any other kind of loss or damage which the Landlord may from time to time in their absolute discretion deem it desirable to insure against and against which they shall at that particular time have a policy of insurance in effect subject
to such exclusions and limitations as the insurers may impose and subject in every case to the availability of insurance cover against the risk and subject to the conditions on which and to the extent that insurance cover against each risk is
generally available in relation to property such as the Premises 
 “Interest” shall mean interest at the yearly rate of four
per cent above the base rate published from time to time by Barclays Bank PLC or (in the event of base rate or Barclays Bank PLC ceasing to exist) such other equivalent rate of interest as the Landlord may from time to time in writing specify

 “Landlord” includes the immediate reversioner to this Lease from time to time 
 “Landlord’s Neighbouring Premises” means any land or buildings now or hereafter during the Period of Limitation erected adjoining or
neighbouring the Premises (whether beside under or over) which belong to the Landlord now or hereafter during the Period of Limitation 
  

 2 

 “Lettable Unit” shall mean a part of the building on the Premises designed or intended
for letting or exclusive occupation or capable of being used for separate self-contained occupation which does not prejudice the use of the remainder of the building on the Premises for separate self contained occupation 
 “Period of Limitation” means the period of eighty years commencing on the date hereof or such longer period as the law may permit (which
period is hereby specified as the perpetuity period applicable to this Lease under the rule against perpetuities) 
 “the
Plan” means the plan annexed hereto 
 “the Planning Acts” means the Town and Country Planning Acts 1948 to 1990 the
Planning (Hazardous Substances) Act 1990 the Planning (Listed Buildings and Conservation Areas) Act 1990 the Local Government Planning and Land Act 1980 and all notices directions orders regulations byelaws rules and conditions under or in pursuance
of or deriving effect therefrom from time to time and any reference herein to these or any other Act or Acts shall include a reference to any statutory modification or re enactment thereof for the time being in force and any future legislation of a
like nature 
 “the Planning Agreements” shall mean 
  

	 	(a)	an agreement dated 8 November 1971 made pursuant to section 37 of the Town and Country Planning Act 1962 between the County Council of the Administrative County of
Cambridgeshire and Isle of Ely (1) and the Landlord (2) and 

  

	 	(b)	an agreement dated 19 August 1975 made pursuant to section 52 of the Town and Country Planning Act 1971 between the same parties and in the same order as the section 37
agreement and 

  

	 	(c)	an agreement dated 2 February 1982 made pursuant to section 52 of the Town and Country Planning Act 1971 between South Cambridgeshire District Council (1) and the Landlord
(2) and 

  

	 	(d)	an agreement dated 26 June 1984 made pursuant to section 52 of the Town and Country Planning Act 1971 between South Cambridgeshire District Council (1) and the Landlord
(2) and 

  

 3 

	 	(e)	an agreement dated 2 June 1988 made pursuant to section 52 of the Town and Country Planning Act 1971 between South Cambridgeshire District Council (1) and the Landlord (2)

 “the Premises” means the property hereby demised as described in part 1 of schedule 1 including all Service
Channels in on or under such property and fixtures and fittings (other than trade or tenant’s fixtures and fittings) therein together with all additions alterations and improvements to such property 
 “Previous Lease” means a lease of Unit 22 Cambridge Science Park dated 3 March 1999 made between the Landlord (1) the Tenant
(2) and Harvard Apparatus Inc (3) 
 “Service Channels” means all such flues sewers drains ditches pipes wires
watercourses cables channels gutters ducts and other conductors of services and plumbing and ventilating equipment and motors appurtenant thereto as are now existing or which may be constructed or laid during the Term and within the Period of
Limitation as herein defined 
 “the Surety” means a person (if any) who has entered into a guarantee of the Tenant’s
covenants contained in this Lease (whether by separate deed pursuant to the provisions of this Lease or otherwise) and shall include the Surety’s successors whether by substitution or otherwise including personal representatives 
 “Surveyor” means the surveyors consulting engineers and agents for the time being of the Landlord 
 “the Tenant” shall include the person in whom the Term is presently vested 
 “the Tenant’s New Works” shall have the same meaning as that term is defined in the Previous Lease 
 “the Term” means the total period of demise hereby granted and (other than in the case of the references to the term in the habendum of
this Lease) includes any period of holding over or any extension or continuance of the contractual term by Enactment or otherwise 
  

 4 

	1.2	Words importing the masculine gender only include the feminine gender and vice versa and include any body of persons corporate or unincorporate words importing the singular number
only include the plural number and vice versa and the word “person” shall include any body of persons corporate or unincorporate and all covenants by any party hereto shall be deemed to be joint and several covenants where that party is
more than one person and any covenant by the Tenant not to do or not to do or omit to do an act or thing shall be deemed to include an obligation not to permit or suffer such act or thing to be done or omitted 

  

	1.3	     

  

	 	1.3.1	References to numbered clauses and schedules are references to the relevant clause or schedule to this Lease and references to numbered paragraphs are references to the numbered
paragraphs of that schedule or the part of the schedule in which they appear 

  

	 	1.3.2	The clause paragraph and schedule headings do not form part of this lease and are not to be taken into account when construing it 

  

	1.4	This instrument 

  

	 	1.4.1	is executed as a deed and by its execution the parties authorise their solicitors to deliver it for them when it is dated 

  

	 	1.4.2	was delivered when it was dated 

  

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

  

	2	The demise habendum and reddendum 

  

	2.1	 In consideration of the several rents and covenants on the part of the Tenant herein reserved and contained the Landlord HEREBY DEMISES unto the Tenant the
Premises TOGETHER WITH (in common with the Landlord their lessees and assigns and all other persons from time to time having the like rights) the rights set out in part 2 of schedule 1 EXCEPT AND RESERVING UNTO THE LANDLORD and its
successors in title assigns and lessees and all persons from time to time authorised by it the interests rights 

  

 5 

	 	 
reservations and exceptions more particularly set out in part 1 of schedule 2 TO HOLD the Premises unto the Tenant SUBJECT to any or all easements and
other rights (if any) now subsisting over or which may affect the same (including any such as are more particularly set out in part 2 of schedule 2) from 8 May 2008 to 28 September 2012 but determinable nevertheless as hereinafter provided
YIELDING AND PAYING THEREFOR unto the Landlord during the Term by way of rent 

  

	 	2.1.1	yearly and proportionately for any fraction of a year the Basic Rent the first such payment or a proportionate part thereof in respect of the period from 8 May 2008 to the next
quarter day following the date of this Lease (in so far as it has not already been made) to be made on the date hereof and thereafter such rents to be paid by equal quarterly instalments in advance on the four usual quarter days in every year

  

	 	2.1.2	quarterly in advance on the usual quarter days the rents specified in paragraph 3 Schedule 3 in the manner stated therein; 

  

	 	2.1.3	within 14 days of written demand the rents specified in paragraphs 1, 2, 4 and 5 Schedule 3; 

  

	 	2.1.4	any other sums which may become due from the Tenant to the Landlord under the provisions of this Lease 

 all such payments to be made without any deduction 
  

	3	Tenant’s covenants 

  

	3.1	The Tenant HEREBY COVENANTS with the Landlord to observe and perform all the covenants and provisions on the Tenant’s part set out in schedule 4

  

	4	Landlord’s covenants 

  

	4.1	The Landlord HEREBY COVENANTS with the Tenant whilst the reversion to this Lease is vested in the Landlord to observe and perform all the covenants and provisions on the
Landlord’s part set out in schedule 5 but not so as to impose any personal liability upon the Landlord except for the Landlord’s own acts and defaults 

  

 6 

	5	Proviso agreement and declaration 

  

	5.1	Forfeiture 

 Without prejudice to any other rights of the
Landlord if: 
  

	 	5.1.1	the whole or part of the rent remains unpaid twenty one days after becoming due (whether demanded or not) or 

  

	 	5.1.2	any of the Tenant’s covenants in this Lease are not performed or observed or 

  

	 	5.1.3	the Tenant or any guarantor or surety of the Tenant’s obligations under this Lease (including the Surety) 

  

	 	(i)	proposes or enters into any composition or arrangement with its creditors generally or any class of its creditors or 

  

	 	(ii)	is the subject of any judgment or order made against it which is not complied with within seven days or is the subject of any execution distress sequestration or other process
levied upon or enforced against any part of its undertaking property assets or revenue or 

  

	 	(iii)	being a company: 

  

	 	(A)	is the subject of a petition presented or an order made or a resolution passed or analogous proceedings taken for appointing an administrator of or winding up such company (save for
the purpose of and followed within four months by an amalgamation or reconstruction which does not involve or arise out of insolvency or give rise to a reduction in capital and which is on terms previously approved by the Landlord) or

  

	 	(B)	an encumbrancer takes possession or exercises or attempts to exercise any power of sale or a receiver or administrative receiver is appointed of the whole or any part of the
undertaking property assets or revenues of such company or 

  

 7 

	 	(C)	stops payment or agrees to declare a moratorium or becomes or is deemed to be insolvent or unable to pay its debts within the meaning of section 123 Insolvency Act 1986 or

  

	 	(D)	without prior Consent ceases or threatens to cease to carry on its business in the normal course or 

  

	 	(iv)	being an individual: 

  

	 	(A)	is the subject of a bankruptcy petition or bankruptcy order or 

  

	 	(B)	is the subject of an application or order or appointment under section 253 or section 273 or section 286 Insolvency Act 1986 or 

  

	 	(C)	is unable to pay or has no reasonable prospect of being able to pay his debts within the meaning of sections 267 and 268 Insolvency Act 1986 

  

	 	(D)	any event occurs or proceedings are taken with respect to the Tenant or any guarantor of the Tenant’s obligations under this Lease (including the Surety) in any jurisdiction to
which it is subject which has an effect equivalent or similar to any of the events mentioned in clause 5.1(c) 

 then and in any
of such cases the Landlord may at any time (and notwithstanding the waiver of any previous right of re entry) re enter the Premises whereupon this Lease shall absolutely determine but without prejudice to any right of action of the Landlord in
respect of any previous breach by the Tenant of this Lease 
  

	5.2	Notices 

 Any notice under this Lease shall be in writing
and any notice 
  

	 	5.2.1	to the Tenant or the Surety shall be deemed to be sufficiently served if 

  

	 	(i)	left addressed to the Tenant or the Surety on the Premises or 

  

 8 

	 	(ii)	sent to the Tenant or the Surety by post at the last known address or (if a Company) registered office of the Tenant or the Surety and 

  

	 	5.2.2	to the Landlord shall be deemed to be sufficiently served if 

  

	 	(i)	sent to the Landlord by post at the last known address or (if a Company) registered office of the Landlord 

  

	 	(ii)	whilst the reversion immediately expectant on the determination of the Term is vested in the original Landlord (as named herein) addressed to the Landlord’s Senior Bursar and
delivered to him personally or sent to him by post 

  

	5.3	Rent abatement 

  

	 	5.3.1	If the Premises are destroyed or rendered wholly or partly unfit for use by any of the Insured Risks then (provided the destruction or damage is not caused by the act or default of
the Tenant or any person on the Premises with the Tenant’s express or implied authority or any predecessor in title of any of them so that the insurance policy effected by the Landlord is vitiated or payment of any part of the policy money is
withheld) the whole or a fair proportion of the Basic Rent and (in the case of the Premises being wholly unfit for use) the rents specified in paragraphs 2 and 3 of schedule 3 according to the extent of the damage sustained shall cease to be payable
for the shorter of a period of three years or the period during which the Premises remain unfit for use and any dispute with reference to this proviso shall be referred to arbitration in accordance with the Arbitration Act 1996

  

	 	5.3.2	If the Premises are destroyed aforesaid and are not rendered fit for use by the expiration of three years from the date of the damage or destruction the Tenant shall be entitled to
terminate this Lease by notice served at any time within three months of the end of that period and upon service of such notice the Lease shall immediately determine and absolutely cease but without prejudice to any rights or remedies that may have
accrued to either party against the other in respect of any breach of any of its covenants and conditions contained in this Lease 

  

 9 

	5.4	Part II Landlord and Tenant Act 1954 

 If this Lease is
within Part II of the Landlord and Tenant Act 1954 then subject to the provisions of subsection (2) of section 38 of that Act neither the Tenant nor any assignee or undertenant of the Term or of the Premises shall be entitled on quitting the
Premises to any compensation under section 37 of that Act 
  

	5.5	Warranties 

 The Tenant hereby acknowledges and admits that
the Landlord has not given or made any representation or warranty that the use of the Premises herein authorised is or will remain a permitted use under the Planning Acts 
  

	5.6	Landlord’s powers to deal with the Landlord’s Neighbouring Premises 

 Notwithstanding anything herein contained the Landlord and all persons authorised by the Landlord shall have power without obtaining any consent from or making any compensation to the Tenant to deal as the Landlord
may think fit with the Estate and the Landlord’s Neighbouring Premises and to erect thereon or on any part thereof any building whatsoever and to make any repairs alterations or additions and carry out any demolition or rebuilding whatsoever
(whether or not affecting the light or air to the Premises) which the Landlord may think fit or desire to do PROVIDED THAT in the exercise of such power the Landlord will not so far as the Landlord is able substantially restrict access to and from
the Premises to employees and potential customers of the Tenant during normal business hours 
  

	5.7	Arbitration 

 (Unless the Lease otherwise provides) if any
dispute or difference shall arise between the parties hereto touching these presents or the rights or obligations of the parties hereunder such dispute and difference shall in the event of this Lease expressly so providing and otherwise may by
agreement between the parties be referred to a single arbitrator to be agreed upon by the parties hereto or in default of agreement to be nominated by the President or Vice President for the time being of the Royal Institution of Chartered Surveyors
on the application of any party in accordance with and subject to the provisions of the Arbitration Act 1996 
  

 10 

	5.8	Landlord’s obligations 

 Nothing herein contained
shall render the Landlord liable (whether by implication of law or otherwise howsoever) to do any act or thing which the Landlord has not expressly covenanted to carry out provide or do in schedule 5 
  

	5.9	Value added tax proviso 

 Any consideration on supplies
made by the Landlord under this Lease is exclusive of value added tax (or any substituted tax) 
  

	6	Exclusion of security of tenure 

  

	6.1	The Tenant confirms that prior to the grant of this Lease the Landlord served on the Tenant a notice in the form set out in schedule 1 to the Regulatory Reform (Business Tenancies)
(England and Wales) Order 2003 (“2003 Order”) and the Tenant or a person on behalf of the Tenant made a statutory declaration in the form set out in paragraph 8 of schedule 2 to the 2003 Order. The Tenant confirms that the person
who made the declaration on the Tenant’s behalf did so with the Tenant’s authority. 

  

	6.2	The Landlord and the Tenant confirm that there is no agreement for lease to which this Lease gives effect. 

  

	6.3	The Landlord and the Tenant agree pursuant to section 38A(1) Landlord and Tenant Act 1954 that the provisions of sections 24 to 28 of that Act are excluded in relation to the
tenancy created by this Lease. 

  

	7	No Agreement for Lease 

 We hereby certify
that there is no agreement for lease to which this Lease give effect 
  

	8	Proper Law 

  

	8.1	This Lease shall be governed by English Law and the Tenant and the Surety irrevocably submit to the non-exclusive jurisdiction of the English Courts 

  

 11 

 Schedule 1 
 The property and rights included in this demise 
 Part 1 The property 
 ALL THAT piece or parcel of land forming part of Cambridge Science Park known as Unit 22 as the same is more particularly delineated on the Plan and thereon edged
red together with the buildings standing thereon or on some part thereof 
 Part 2 The rights 
  

	1	Right to services 

  

	1.1	At all times hereafter the right of passage and running of appropriate services (including but not limited to gas water electricity telecommunication surface water and foul water)
through the Service Channels now under or across the Estate or the Landlord’s Neighbouring Premises and to make connection with such Service Channels or any of them for the purpose of exercising the said rights and all such rights of access for
the Tenant and the Tenant’s lessees and employees as may from time to time be reasonably required for the purpose of laying inspecting cleansing repairing maintaining renewing or adding to such Service Channels or any of them but the enjoyment
of the aforesaid rights shall be subject to the Tenant or other the person or persons exercising the same or having the benefit thereof being liable to make good all damage to the Estate or the Landlord’s Neighbouring Premises thereby
occasioned with reasonable dispatch 

  

	2	Right of way 

  

	2.1	The right of way for all purposes reasonably necessary for the use and enjoyment of the Premises for the purposes herein authorised but not further or otherwise with or without
vehicles over the roadways coloured brown on the Plan 

  

 12 

	3	Right to park 

  

	3.1	The right to park 82 cars within such areas of the adjoining car park or such other part or parts of the Estate (at the Landlord’s absolute discretion) as are from time to time
specified by the Landlord 

  

	4	Right to Support 

  

	4.1	The right of support and shelter from the Estate and the Landlord’s Neighbouring Premises 

  

 13 

 Schedule 2 
 Part 1 Exceptions and reservations in favour of the Landlord 
  

	1	Right to services 

  

	1.1	At all times hereafter the right of passage and running of appropriate services through the Service Channels forming part of the Premises and to make connection with such Service
Channels or any of them for the purpose of exercising the said rights and all such rights of access following reasonable prior notice (save in emergency) for the Landlord the Surveyor and the Landlord’s lessees and employees and all persons
from time to time authorised by the Landlord as may from time to time be reasonably required for the purpose of laying inspecting cleansing repairing maintaining renewing or adding to such Service Channels or any of them but the enjoyment of the
aforesaid rights shall be subject to the Landlord or other the person or persons exercising the same or having the benefit thereof being liable to make good all damage to the Premises thereby occasioned with reasonable dispatch

  

	2	Right to light and air 

  

	2.1	The Tenant shall not be entitled to any right of access of light or air to the Premises which would restrict or interfere with the user of the Estate or any of the Estate or the
Landlord’s Neighbouring Premises for building or otherwise howsoever 

  

	3	Right to support 

  

	3.1	The right to support and shelter and all other rights and privileges in the nature of easements and quasi easements now or hereafter belonging to or enjoyed by the Estate or the
Landlord’s Neighbouring Premises 

  

	4	Right to enter 

  

	4.1	 At all times during the Term the right with or without the Surveyor the Landlord’s employees and workmen and any persons authorised by them to enter the
Premises for the purpose of doing any act matter or thing in respect of which the Landlord is permitted 

  

 14 

	 	 
entry to the Premises under schedule 4 upon the terms therein stated and for all such other requirements of the Landlord as in the opinion of the Landlord
shall be reasonably necessary such reservation to be in addition to and not in substitution for or limitation of any other rights exceptions or reservations to which the Landlord is entitled hereunder 

  

	5	Right to enter to cultivate 

  

	5.1	A right of access at all times together with the Surveyor the Landlord’s employees servants workmen and all persons authorised by the Landlord to all such parts of the Premises
as shall from time to time be unbuilt upon for the purpose of cultivating planting maintaining and landscaping the same in such manner as shall in the absolute discretion of the Landlord from time to time seem appropriate 

 

 15 

 Part 2 Existing Encumbrances 
  

	1	The easements rights covenants and other matters contained or referred to in the Planning Agreements and the following documents: 

  

					
	 Date
	  	Document	  	 Parties

	28th October 1957	  	Deed	  	The Landlord (1)
			
		  		  	Eastern Gas Board (2)

  

	2	All easements rights covenants and other matters relating to the foul sewer and manhole across the north east corner of the Premises 

  

	3	All other easements rights covenants and other matters affecting the Premises 

  

 16 

 Schedule 3 
 Rents payable upon demand 
  

	1	Insurance Rent 

  

	1.1	A sum or sums of money equal to the amount or amounts which the Landlord shall from time to time incur in or in respect of effecting or maintaining the insurance of the Premises in
accordance with the Landlord’s covenant contained in paragraph 2 of schedule 5 and all professional fees which the Landlord may from time to time incur in connection with the valuation of the Premises for insurance purposes

  

	2	Rent for common parts 

  

	2.1	A proper proportion attributable to the Premises of the reasonable cost and expense properly incurred of making repairing maintaining renewing rebuilding cleansing and operating all
ways roads pavements Service Channels yards bicycle stores vehicle parks and gardens fences party walls and structures and any installations equipment fittings fixtures easements appurtenances or conveniences which shall belong to or be used by the
Premises in common with the Estate and the Landlord’s Neighbouring Premises and with any other premises adjoining or neighbouring or over or under the Premises (or any of them) (but excluding anything comprised in the service rent) including
architect’s and surveyor’s fees properly incurred in connection with such works (such proper proportion to be certified by the Surveyor whose certificate shall be final and binding on the Tenant) 

  

	3	Service rent 

  

	3.1	A service rent in respect of 

  

	 	3.1.1	The maintenance repair cultivation landscaping lighting security (including but not limited to CCTV) and management running and operation of the Estate including all roads ways and
paths service channels amenity grounds and cultivated areas (whether situate thereon or otherwise serving the same) and 

  

 17 

	 	3.1.2	All such other matters whatsoever which in the opinion of the Surveyor (acting reasonably) shall be necessary to maintain high standards for a development of such a character
including (without prejudice to the generality hereof) a notional figure as certified by the Surveyor equivalent to the reasonable market rental for the time being of any premises provided by the Landlord on the Estate being used or occupied
(whether with or without rental) to enable the Landlord the Surveyor and their respective servants or employees to implement and carry out such maintenance repairs cultivation and management of the Estate and all other matters as aforesaid but less
any rental thereof received by the Landlord 

  

	 	3.1.3	such provisions (if any) for anticipated costs in relation to paragraph 3.1.1 and 3.1.2 as the Landlord reasonably considers desirable in the interests of good estate management and

  

	 	3.1.4	the gross costs to the Landlord of borrowing in respect of the costs incurred by the Landlord in carrying out the services in paragraphs 3.1.1 3.1.2 and 3.1.3

 such service rent to be in the reasonable opinion of the Surveyor such as shall be just and equitable in all the
circumstances PROVIDED ALWAYS THAT such service rent shall not include any sum in respect of the cost of the initial laying out or construction of the matters referred to in paragraphs 3.1(a) and 3.1(b) above or any work or costs arising out of or
in connection with such initial construction 
  

	3.2	In this paragraph the following words have the following meanings: 

  

	 	(i)	“Estimated Charge” means the Surveyor’s reasonable estimate of the service rent payable under paragraph 3 of this Schedule for each Service Charge Period

  

	 	(ii)	“Service Charge Date” means 30 June in each year or such other dates or dates as the Landlord may stipulate 

  

	 	(iii)	“Service Charge Period” means the period between two consecutive Service Charge Dates (including the former but excluding the latter) or the determination of the
Term (if sooner) 

  

 18 

	 	3.2.1	The Tenant shall pay the Estimated Charge notified to the Tenant from time to time by equal payments in advance on the quarter days the first payment to be made on the quarter day
immediately following the date of this Lease 

  

	 	3.2.2	As soon as convenient after each Service Charge Date the Landlord will supply the Tenant with a statement showing the costs incurred by the Landlord and the service rent for the
Service Charge Period immediately preceding that date which shall be conclusive as to fact (in the absence of manifest error or fraud) and the Tenant shall be entitled on reasonable notice to inspect the records and vouchers relating to such costs

  

	 	3.2.3	If the service rent exceeds the Estimated Charge the Tenant shall pay the excess to the Landlord within fourteen days of receipt of the statement. If the service rent is less than
the Estimated Charge the shortfall shall be credited against the next payment of Estimated Charge or (following the determination of the Term) paid to the Tenant 

  

	4	Interest on arrears 

  

	4.1	Interest on any monies payable by the Tenant to the Landlord under any covenant or provision of this Lease which remain unpaid for seven days shall be payable by the Tenant such
Interest to be calculated from the date when such monies were due until the date when such monies are received by the Landlord PROVIDED THAT the provisions of this paragraph 4.1 shall not prejudice any rights or remedies of the Landlord in respect
of any breach of any of the covenants on the part of the Tenant herein contained 

  

	5	Insurance excess 

  

	5.1	If a claim arising under any policy of insurance effected by the Landlord upon the Premises shall be subject to any insurance excess the Tenant shall reimburse or otherwise
indemnify the Landlord against the amount of such excess 

  

 19 

 Schedule 4 
 Tenant’s covenants 
  

	1	To pay rent 

  

	1.1	To pay to the Landlord the rents hereby reserved at the times and in the manner herein appointed for payment thereof without any deduction set off or (except as provided by clause
5.3 of this Lease) abatement whatsoever and to pay the Basic Rent by standing order to the U.K. bankers of the Landlord or as it shall direct 

  

	2	To pay outgoings 

  

	2.1	To pay and discharge all rates taxes duties assessments charges impositions and outgoings whatsoever (whether parliamentary local public utility or of any other description and
whether or not of a recurrent nature) now or at any time during the Term taxed assessed charged imposed upon or payable in respect of the Premises or any part thereof or by the Landlord or Tenant or owner or occupier in respect thereof other than in
relation to a dealing with the Landlord’s reversion 

  

	3	To repair and decorate 

  

	3.1	Well and substantially to cleanse maintain and repair the Premises and every part thereof (including all additions thereto and all fixtures fittings plant and machinery therein and
improvements thereto and the Service Channels forming part of the Premises and exclusively serving the Premises and the boundary structures (if any) of the Premises) and the drains connecting the Premises to and as far as the common drain

  

	3.2	As and when reasonably required by the Landlord to clean (and repoint where appropriate) all external surfaces of the buildings from time to time comprised in the Premises

  

	3.3	Without prejudice to the generality of paragraphs 3.1 and 3.2 to paint (or otherwise decorate) with two coats at least of best paint (or other suitable materials) all such parts of
the Premises as have been usually painted (or otherwise decorated) such painting (or other decoration) to be 

  

 20 

	 	3.3.1	as to the outside in the last year of the Term and with such colours as have been approved by the Surveyor and 

  

	 	3.3.2	as to the inside in the last year of the Term 

  

	3.4	Not to remove or damage any of the Landlord’s fixtures and fittings in the Premises and to replace with similar articles of at least equal quality such fixtures and fittings as
may be lost or worn out or become unfit for use 

  

	3.5	PROVIDED THAT all work referred to in this paragraph 3 shall be done in a good and workmanlike manner and to the reasonable satisfaction of the Surveyor AND PROVIDED
FURTHER THAT the liability of the Tenant under this paragraph shall not extend to damage caused by any of the Insured Risks unless the insurance shall have been vitiated or insurance monies rendered irrecoverable in whole or in part by any act
omission neglect or default of the Tenant any undertenant or their respective employees servants agents independent contractors customers visitors licensees invitees or any other person under the Tenant’s or the undertenant’s control AND
PROVIDED FURTHER THAT the liability of the Tenant under this paragraph 3 shall not extend to any work which would result in the Premises being put into a better state of repair and condition than shall exist immediately following completion of the
Tenant’s New Works in accordance with the Previous Lease 

  

	3.6	The Tenant shall give written notice to the Landlord immediately on becoming aware of: 

  

	 	3.6.1	any damage to or destruction of the Premises or 

  

	 	3.6.2	any defect or want of repair in the Premises (including without limitation any relevant defect within the meaning of section 4 Defective Premises Act 1972) which the Landlord is
liable to repair under this Lease or which the Landlord is or may be liable to repair under common law or by virtue of any Enactment 

  

	4	Not to make alterations 

  

	4.1	Not to make any alteration or addition to the Premises which would reduce or otherwise adversely affect the value of the Landlord’s reversionary interest in the Premises or the
prospects of re letting or the letting or re letting value thereof (as to which the decision of the Surveyor shall be conclusive) 

  

 21 

	4.2	Without prejudice to the prohibition in paragraph 4.1 not to demolish the existing buildings comprising the Premises or construct new buildings or make any alteration addition or
improvement to the Premises whether structural or otherwise except as expressly permitted under paragraph 4.3 

  

	4.3	The Tenant may carry out alterations additions or improvements to the Premises which do not affect any part of the exterior or structure of the Premises where:

  

	 	4.3.1	the Tenant has submitted to the Landlord detailed plans and specifications showing the works and 

  

	 	4.3.2	the Tenant has given to the Landlord such covenants relating to the carrying out of the works as the Landlord may reasonably require (including (but not limited to) reinstatement of
the Premises at the expiration or sooner determination of the Term) 

  

	 	4.3.3	the Tenant has if so reasonably required by the Landlord provided the Landlord with suitable security which will allow the Landlord to carry out and complete the works if the Tenant
fails to do so and 

  

	 	4.3.4	the Tenant has obtained Consent to the works (which shall not be unreasonably withheld) 

 PROVIDED THAT the Tenant shall indemnify the Landlord against any liability for any tax assessed upon the Landlord by reason of any such alteration erection or addition to the Premises carried out by or on
behalf of the Tenant 
  

	4.4	Without prejudice to any other rights of the Landlord immediately upon the Landlord by notice in writing to that effect requiring them so to do to remove all additional buildings
erections works alterations or additions whatsoever to the Premises for which Consent has not first been obtained pursuant to the provisions of paragraph 4.3 (herein called “the Unauthorised Works”) and make good and restore the Premises
to the state and condition thereof before the Unauthorised Works were carried out and if the Tenant shall neglect to do so for seven days after such notice then it shall be lawful for the Surveyor the Landlord and the Landlord’s servants
contractors agents and workmen to enter upon the Premises and to remove the Unauthorised Works and to make good and restore the same to the state and condition existing before the carrying out of the Unauthorised Works and all expenses of so doing
shall be repaid to the Landlord by the Tenant within seven days of a written demand in that behalf 

  

 22 

	4.5	The Tenant may erect alter or remove demountable partitioning which does not affect the structure of the Premises or adversely impact on the operation of the plant within the
Premises without Consent PROVIDED THAT the Tenant provides the Landlord with full details of such works within a period of one month after carrying them out 

  

	5	To permit entry 

  

	5.1	To permit the Landlord the Surveyor and their respective workmen and persons duly authorised by them respectively on reasonable notice (except in emergency) at reasonable hours to
enter the Premises for the purposes of 

  

	 	5.1.1	viewing the same 

  

	 	5.1.2	taking Inventories of the fixtures fittings appliances and equipment to be yielded up at the expiration or sooner determination of the Term 

  

	 	5.1.3	inspecting for defects in and recording the condition of the Premises or any other breaches of covenant on the part of the Tenant 

  

	 	5.1.4	inspecting cleansing maintaining repairing altering renewing or adding to the Estate or the Landlord’s Neighbouring Premises or any other premises adjoining the Premises
(whether beside under or over) or any Service Channels not comprised within the Premises 

  

	 	5.1.5	performing any covenant complying with any condition or pursuant to any reservation contained in this Lease 

 or any other reasonable purpose connected with the management of the Premises or the Estate or the Landlord’s Neighbouring Premises or the
Landlord’s interest therein PROVIDED THAT the Landlord shall make good all damage to the Premises caused by such entry as soon as practicable without the payment of compensation to the Tenant 
  

 23 

	6	To repair on notice 

  

	6.1	To make good to the reasonable satisfaction of the Surveyor within two months or sooner if requisite (or immediately in case of emergency) any defect in the repair or decoration of
the Premises for which the Tenant is liable hereunder or any other want of compliance with any of the obligations on the part of the Tenant under this Lease of which the Landlord or the Surveyor has given notice in writing to the Tenant or left
notice in writing at the Premises 

  

	6.2	If the Tenant shall not comply with paragraph 6.1 the Tenant shall permit the Landlord the Surveyor and their respective workmen (without prejudice to any other remedy of the
Landlord) to enter the Premises and make good such defect breach or want of compliance as aforesaid without the payment of any compensation to the Tenant and all expenses of so doing (including legal costs and Surveyor’s fees properly incurred)
shall be paid by the Tenant to the Landlord on demand and shall be recoverable as rent in arrear 

  

	7	To pay Landlord’s costs 

  

	7.1	To pay the Landlord’s costs and expenses (including legal costs and Surveyor’s and other professional fees) which in respect of sub-clauses (d) and (e) shall be
reasonable 

  

	 	7.1.1	In or in contemplation of any proceedings relating to the Premises under sections 146 and/or 147 of the Law of Property Act 1925 or the preparation and service of notices thereunder
(whether or not any right of re entry or forfeiture has been waived by the Landlord or a notice served under the said section 146 is complied with by the Tenant or the Tenant has been relieved under the provisions of the said Act and notwithstanding
that forfeiture is avoided otherwise than by relief granted by the Court) 

  

	 	7.1.2	In the preparation and service of any Schedule of Dilapidations at any time during the Term PROVIDED THAT no Schedule of Dilapidations shall require the Tenant to carry out any
works which would result in the Premises being put in a better state of repair and condition than shall exist immediately following completion of the Tenant’s New Works in accordance with the Previous Lease 

  

 24 

	 	7.1.3	In connection with the recovery of arrears of rent due from the Tenant hereunder (including but not limited to bailiffs’ commission incurred by the Landlord of and incidental
to every distress levied by the Landlord on the Tenant’s goods for the recovery of overdue rent or other sums due under this Lease) 

  

	 	7.1.4	In connection with approving plans and specifications required hereunder and the supervision and inspection of alterations erections additions and any other works carried out by the
Tenant and any undertenant 

  

	 	7.1.5	Reasonably incurred in respect of any application for Consent required by this Lease whether or not such Consent be granted 

  

	8	As to use and safety 

  

	8.1	Not to keep or use or permit or suffer to be kept or used on the Premises any materials which are inflammable explosive or otherwise dangerous nor any machinery apparatus or
equipment or any other thing which may attack or in any way injure by percolation corrosion vibration excessive weight strain or otherwise the surfaces floors ceilings roofs contents or structure of any building comprised therein and in the Estate
or in the Landlord’s Neighbouring Premises (or either of them) the keeping or using whereof may contravene any Enactments PROVIDED THAT small quantities of chemicals and other substances used by the Tenant in connection with the permitted use
of the Premises may be kept and used in accordance with the relevant Enactments and codes of practice and with any recommendations of the Landlord’s insurers which have been notified to the Tenant 

  

	9	Not to use for unlawful or illegal purposes or cause nuisance 

  

	9.1	Not to 

  

	 	9.1.1	 use or permit or suffer the Premises or any part thereof to be used for any unlawful illegal or immoral purpose or for the manufacture sale or consumption of
intoxicating liquors or for the manufacture sale or consumption of Controlled Drugs as defined by the Misuse of Drugs Act 1971 (otherwise than by a practitioner or pharmacist as defined by that Act) or for the manufacture publication or sale of any
article or thing which may in the 

  

 25 

	 	 
opinion of the Landlord be pornographic offensive or obscene or for betting gaming or lotteries or as a hotel club billiards saloon dance hall funfair or
amusement premises or for an auction or for any noisy noxious or offensive trade or business and 

  

	 	9.1.2	do or permit or suffer to be done on the Premises or any part thereof anything which may be or become or cause an annoyance inconvenience nuisance damage disturbance injury or
danger of or to the Landlord or the owners lessees or occupiers of any premises in the neighbourhood or which in the opinion of the Landlord acting reasonably might be detrimental to the use or development of the Premises the Estate and of any
Landlord’s Neighbouring Premises (or any of them) and to pay to the Landlord all reasonable costs charges and expenses which may be properly incurred by the Landlord in abating any nuisance on or arising from the Premises and executing all
works as may be necessary for such purpose 

  

	 	9.1.3	use any radio television video or sound system audible outside the Premises or play or suffer to be played any musical instrument audible outside the Premises

  

	10	Not to reside 

  

	10.1	Not to reside on the Premises and not to create or permit or suffer to be created any residential tenancy or residential occupation of the Premises or any part thereof

  

	11	As to user 

  

	11.1	Not to use the Premises or any part thereof other than for a purpose appropriate to a Science Park that is to say any one or more of the following uses: 

  

	 	11.1.1	  scientific research associated with industrial production 

  

	 	11.1.2	  light industrial production of a kind which is dependent on regular consultation with either or both of the following: 

  

	 	(i)	the Tenant’s own research development and design staff established in the Cambridge Study Area 

  

 26 

	 	(ii)	the scientific staff or facilities of the University or of local scientific institutions 

  

	 	(iii)	ancillary buildings and works appropriate in the sole opinion of the Landlord to the use of the Premises as an integral part of a Science Park 

  

	12	To keep open and security 

  

	12.1	Not to permit the Premises to remain vacant or unattended unless it is first made fully secure 

  

	12.2	To indemnify the Landlord against any empty property rate or penal rate levied or assessed upon the Landlord by reason of the Premises having been left empty

  

	12.3	To ensure that the Landlord at all times has written notice of the name and address and telephone number of at least one keyholder of the Premises 

  

	13	Displays and advertisements 

  

	13.1	Not to display or permit to be displayed on any part of the Premises so as to be visible outside the Premises any name writing notice sign placard sticker or advertisement of
whatsoever nature other than a notice or sign (not being a “Neon” notice or sign or any notice or sign of a similar nature) displaying the name of the Tenant and the name of the building comprised within the demise (if any) first approved
in writing by the Landlord such approval not to be unreasonably withheld or delayed and not to place leave or install any merchandise or display outside the Premises and on any breach by the Tenant the Landlord the Surveyor and their respective
workmen may without notice and without prejudice to any other remedy of the Landlord remove the cause of the breach of this covenant and shall not be liable to make good any loss or pay compensation for so doing 

  

	14	To keep clean 

  

	14.1	Not to allow any rubbish or refuse of any description to accumulate upon the Premises save in suitably located dustbins provided by the Tenant for that purpose and so often as it
shall be necessary or desirable and in any event at least once a week to cause such dustbins to be emptied 

  

 27 

	14.2	Generally to keep the Premises (including but not limited to forecourts roads and paths) clean and tidy and properly lighted internally and externally 

  

	14.3	To clean the inside and outside of all windows in the Premises at least once each month 

  

	14.4	Not to bring or keep or suffer to be brought or kept upon the Premises anything which in the opinion of the Landlord acting reasonably are or may become unclean unsightly or
detrimental to the Premises the Estate or the Landlord’s Neighbouring Premises and nearby premises (or any of them) 

  

	14.5	Not to discharge into any Service Channels oil grease solids or other deleterious matter or any substance which might be or become a source of danger or injury to the drainage
system of the Premises the Estate or the Landlord’s Neighbouring Premises (or any of them) or which may pollute the water of any watercourse so as to render the Landlord liable to action or proceedings by any person or body and generally to
keep the Service Channels comprised within the demise unobstructed 

  

	15	To comply with Enactments and give notice 

  

	15.1	At the Tenant’s own expense to comply with the provisions and requirements of all Enactments or as prescribed or required by any competent authority court or body so far as
they relate to or affect the Premises or the owner or occupier thereof 

  

	15.2	At the Tenant’s own expense to do all works and all other things so as to comply with paragraph 15.1 above including (without prejudice to the generality of the foregoing) the
obtaining of any fire certificate required for the Premises 

  

	15.3	Within seven days of receipt of notice thereof to give to the Landlord particulars of any provision or requirement of all Enactments or as prescribed or required by any competent
authority court or body or proposal therefor relating to the Premises the Estate or the Landlord’s Neighbouring Premises (or any of them) or the condition or use thereof respectively and at the request of the Landlord (but at the cost of the
Tenant) to make or join with the Landlord in making such objection or representation against any such proposal as the Landlord shall deem expedient 

  

 28 

	15.4	To pay to the Landlord upon demand a due proportion of all reasonable costs charges and expenses (including the Surveyor’s and other professional advisers’ fees) properly
incurred by the Landlord of or incidental to 

  

	 	15.4.1	complying with all provisions and requirements of all Enactments or as prescribed or required by any competent authority court or body and 

  

	 	15.4.2	doing all works and other things so as to comply therewith 

 so far as the same relate to any premises capable of being used or enjoyed by the Tenant in common or jointly with any other person or the use thereof 
  

	16	To comply with the Planning Acts 

  

	16.1	At all times during the Term to comply in all respects with the provisions and requirements of the Planning Acts and any regulations or orders made thereunder and all licences
consents permissions and conditions (if any) granted or imposed thereunder so far as the same respectively relate to or affect the Premises or any part thereof and to keep the Landlord fully and effectually indemnified against all actions
proceedings damages costs expenses claims and demands whatsoever in respect of or arising out of any contravention of the Planning Acts and against the cost of any permissions and consents thereunder and the implementation thereof

  

	16.2	In the event of the Landlord giving Consent to any of the matters in respect of which the Landlord’s Consent shall be required pursuant to the provisions of any covenant or
condition contained in this Lease to apply at the cost of the Tenant to the local and planning authorities for all necessary consents and permissions in connection therewith and to give notice to the Landlord of the granting or refusal (as the case
may be) of all such consents and permissions forthwith on the receipt thereof 

  

	16.3	In the event of the said Planning Authority agreeing to grant such necessary consent or permission only with modifications or subject to conditions to give to the Landlord forthwith
full particulars of such modifications or conditions AND if such modifications or such conditions shall in the reasonable opinion of the Landlord be undesirable then the Tenant shall not implement or proceed with the matters works or change of use
to which the application relates 

  

 29 

	16.4	If the Tenant shall receive any compensation in respect of the Premises under or by virtue of the Planning Acts forthwith to make such provision as is just and equitable for the
Landlord to receive their due benefit from such compensation 

  

	16.5	Not to apply for or implement any planning permission in respect of the whole or any part of the Premises if such application or the implementation thereof would or might give rise
to any tax charge or other levy payable by the Landlord 

  

	16.6	Unless the Landlord shall otherwise direct to carry out before the expiration or sooner determination of the Term any works stipulated to be carried out to the Premises by a date
subsequent to such expiration or sooner determination as a condition of the grant of any planning permission obtained by the Tenant during the Term 

  

	17	Insurance 

  

	17.1	Not to do or omit to do (or permit or suffer to be done or omitted to be done) anything whereby the policy or policies of insurance on the Premises against the Insured Risks may
become void or voidable or whereby the rate of premium thereon or upon the Estate or the Landlord’s Neighbouring Premises (or any of them) may be increased or cause the insurers to impose more onerous terms in such policy or policies and to
repay to the Landlord all sums paid by way of increased premiums and any expenses incurred by the Landlord in or about any renewal of such policy or policies consequent upon a breach of this covenant and all such sums shall be added to the rent
herein reserved and be recoverable upon demand as rent and in the event of the Premises or any part thereof being damaged by the Insured Risks and the insurance money under any insurance effected against the same being wholly or partly irrecoverable
by reason solely or in part of any act omission neglect or default of the Tenant or any undertenant or their respective employees servants agents independent contractors customers visitors licensees invitees or any other person under the
Tenant’s or the undertenant’s control then and in every such case the Tenant will forthwith pay to the Landlord the whole or (as the case may require) an appropriate proportion of the costs of completely rebuilding and reinstating the
Premises 

  

	17.2	To comply with any requirements or recommendations of the insurers of the Premises 

  

 30 

	17.3	To insure and keep insured in the joint names of the Landlord and the Tenant the plate and other glass windows doors and partitions in the Premises against breakage or damage
howsoever caused in its full reinstatement value for the time being with some Insurance Office approved in writing by the Landlord and whenever so required to produce to the Landlord the policy of such insurance and the receipt for the current
year’s premium 

  

	17.4	On each occasion that the plate or other glass if broken or damaged to reinstate the same forthwith with glass of at least the same nature thickness and quality

  

	18	To indemnify 

  

	18.1	To keep the Landlord fully and effectually indemnified from and against all liability in respect of losses damages proceedings claims costs expenses and any other liability
whatsoever arising from or in connection with 

  

	 	18.1.1 	the injury or death of any person 

  

	 	18.1.2 	damage to or destruction of any property whatsoever 

  

	 	18.1.3 	the infringement disturbance or destruction of any rights easements or privileges 

  

	 	18.1.4 	the breach by the Tenant of any of the terms covenants and conditions on the part of the Tenant herein contained 

 arising directly or indirectly out of: 
  

	 	(i)	the repair condition or use of the Premises or of any alteration to the Premises or works carried out or in the course of being carried out to the Premises by the Tenant its
undertenants their respective employees customers and invitees and anyone else under their potential control 

  

	 	(ii)	anything now or hereafter attached to or projecting from the Premises 

  

	 	(iii)	any act default or negligence of any person or body other than the Landlord and to insure against such liability in a reputable Insurance Office 

  

 31 

	19	Dealings with the Premises 

  

	19.1	Unless expressly permitted under paragraph 19.9 or by a Consent granted under paragraphs 19.2 19.3 or 19.4 or the Tenant shall not assign underlet charge part with or share
possession or occupation of all or any part of the Premises nor hold the Premises on trust for any other person 

  

	19.2	The Landlord shall not unreasonably withhold Consent to a legal charge of the whole of the Premises 

  

	19.3	The Landlord shall not unreasonably withhold Consent to an assignment of the whole of the Premises but the Landlord and the Tenant agree for the purposes of section 19(1A) Landlord
and Tenant Act 1927 that the Landlord may withhold that Consent unless the following conditions are satisfied: 

  

	 	19.3.1	in relation to either a prospective assignee or any prospective guarantor or guarantors 

  

	 	(i)	that party shall in the reasonable opinion of the Landlord be a substantial and respectable body or person whose registered office principal place of business or address is within
the United Kingdom and 

  

	 	(ii)	that party has submitted references reasonably satisfactory to the Landlord 

  

	 	19.3.2	the prospective assignee is not a Group Company or a Connected Person unless the proposed assignment is to a Group Company in connection with a bona fide reconstruction or
amalgamation of the Tenant’s group of companies 

  

	 	19.3.3	in the reasonable opinion of the Landlord the prospective assignee is of sufficient financial standing to enable it to comply with the Tenant’s covenants in this Lease

  

 32 

	 	19.3.4	the Tenant and the Surety (and any former Tenant or Surety who by virtue of there having been an “excluded assignment” as defined in section 11 of the Landlord and Tenant
(Covenants) Act 1995 has not been released from the Tenant’s covenants in this Lease) enters into an authorised guarantee agreement within the meaning of the Landlord and Tenant (Covenants) Act 1995 with the Landlord in the form set out in
schedule 7 or on such other terms as the Landlord may reasonably require 

  

	 	19.3.5	if the Landlord reasonably requires a guarantor or guarantors acceptable to the Landlord acting reasonably has guaranteed to the Landlord the due performance of the prospective
assignee’s obligations in the form set out in schedule 6 or on such other such terms as the Landlord may reasonably require and 

  

	 	19.3.6	any security for the Tenant’s obligations under this Lease which the Landlord holds immediately before the assignment is continued or renewed if the Landlord reasonably so
requires and in each case on such terms as the Landlord may reasonably require in respect of the Tenant’s liability under the authorised guarantee agreement referred to in paragraph 19.3(d) (but this paragraph shall not apply to any authorised
guarantee agreement entered into by a former Tenant or by any guarantor of a former Tenant) and 

  

	 	19.3.7	any sum due from the Tenant to the Landlord under this Lease (or any deed of variation licence Consent or other document supplemental to or associated with this Lease) is paid and
any other material breach of the Tenant’s covenants in this Lease (or any deed of variation licence Consent or other document supplemental to or associated with this lease) is remedied; and 

  

	 	19.3.8	the Landlord has received an undertaking from the Tenant’s solicitors for an amount not exceeding a fixed sum reasonably estimated by the Landlord’s solicitors in respect
of costs to be incurred in such form as the Landlord may reasonably require to pay the Landlord on demand the reasonable legal and surveyor’s costs and disbursements (including Value Added Tax) incurred by the Landlord in considering the
Tenant’s application and preparing negotiating and entering into any relevant documentation whether or not the application is withdrawn or the Consent is granted 

  

 33 

	19.4	The Landlord shall not unreasonably withhold Consent to an underletting of the whole or any Lettable Unit where all of the following conditions are satisfied:

  

	 	19.4.1	the prospective undertenant has produced references in a form reasonably acceptable to the Landlord 

  

	 	19.4.2	the prospective undertenant has covenanted with the Landlord to observe and perform until it assigns the underlease with Consent as required by the underlease the Tenant’s
covenants and obligations in this Lease (except the covenant to pay rent and insofar only as such covenants affect the underlet premises) 

  

	 	19.4.3	if the Landlord reasonably requires a guarantor or guarantors acceptable to the Landlord has guaranteed the due performance by the undertenant of its above covenant in such terms as
the Landlord may reasonably require and 

  

	 	19.4.4	no fine or premium is taken for the grant of the underlease and 

  

	 	19.4.5	the basic rent payable under the underlease is not less than the best rent reasonably obtainable in the open market for the underlease and 

  

	 	19.4.6	any rent free period or other financial inducements given to the undertenant are no greater than is usual at the time in all the circumstances and 

  

	 	19.4.7	(if required) the form of the underlease has been approved in writing by the Landlord (approval not to be unreasonably withheld or delayed where the provisions of it are consistent
with the provisions of this Lease) 

  

	 	19.4.8	any such underlease shall be excluded from the operation of sections 24 28 Landlord and Tenant Act 1954 

  

	 	19.4.9	the total number of such underleases which may subsist at any time during the Term shall not exceed three and 

  

	 	19.4.10	any such underlease shall contain provisions enabling the Tenant (as lessor) to recover from the undertenant by way of rent a due proportion of the sums due under this Lease in
respect of insurance of the Premises and of the cost to the Tenant of repairing decorating and operating the Premises 

  

 34 

	 	19.4.11	any such underlease shall preclude further underletting of all or part of the underlet premises and 

  

	 	19.4.12	any such underlease shall contain an upwards only rent review at 29 September 2008 

  

	19.5	The Tenant shall: 

  

	 	19.5.1	enforce against any undertenant the provisions of any underlease and shall not waive them and 

  

	 	19.5.2	operate the rent review provisions contained in any underlease so as to ensure that the rent is reviewed at the correct times and in accordance with those provisions

  

	 	19.5.3	not accept a surrender of part only of the underlet premises 

  

	19.6	The Tenant shall not without Consent (which shall not be unreasonably withheld): 

  

	 	19.6.1	vary the terms of any underlease or 

  

	 	19.6.2	agree any review of the rent under any underlease 

  

	19.7	The Tenant shall not require or permit any rent reserved by any underlease to be commuted or to be paid more than one quarter in advance or to be reduced 

 

	19.8	Any Consent granted under this paragraph 19 shall (unless it expressly states otherwise) only be valid if the dealing to which it relates is completed within two months after the
date of the Consent 

  

	19.9	The Tenant may (after giving written notice to the Landlord containing all relevant information) share occupation of the Premises with any Group Company on condition that the
sharing shall not create any relationship of landlord and tenant and that on any occupier ceasing to be a Group Company the occupation shall immediately cease or shall be otherwise documented in accordance with this paragraph 19

  

 35 

	20	To give notice of assignments, devolutions etc. 

  

	20.1	To produce a certified copy of every assignment underlease transfer charge Probate Letters of Administration order instrument or other writing effecting or evidencing any
transmission or devolution of any estate or interest in the Premises or any part thereof to the solicitors of the Landlord for registration within one month from the date thereof and to pay to the Landlord’s solicitors their reasonable fees for
each such registration 

  

	20.2	Within seven days of an assignment of this Lease to give to the Landlord written notice of the person to whom future rent demands should be sent 

  

	20.3	Upon being requested so to do by the Landlord from time to time to supply the Landlord with such details of the occupiers of the Premises and the terms upon which they occupy

  

	21	As to loss or acquisition of easements 

  

	21.1	Not to permit any easement or right comprised in belonging to or used with the Premises or any part thereof from being obstructed or lost 

  

	21.2	Not to give to any third party any acknowledgement that the Tenant enjoys the access of light to any of the windows or openings in the Premises by the consent of such third party
nor to pay to such third party any sum of money nor to enter into any agreement with such third party for the purpose of inducing or binding such third party to abstain from obstructing the access of light to any such windows or openings

  

	21.3	To take all such steps as may be necessary to prevent the acquisition of any easement or right against over upon or under the Premises or any part thereof and any encroachment
thereon and to give to the Landlord immediate notice of any encroachment or threatened encroachment upon the Premises or any attempt to acquire any easement or right under or over the Premises which shall be within the Tenant’s knowledge and to
do all such things as may be necessary to prevent any encroachment being made or any new easement being acquired 

  

	22	To produce plans/documents 

  

	22.1	If and whenever reasonably called upon so to do to produce to the Landlord or the Surveyor all such plans documents or other evidence as the Landlord may from time to time require
to satisfy themselves that the Tenant has complied in all respects with the provisions of the Tenant’s covenants herein 

  

 36 

	23	Not to interfere with reserved rights 

  

	23.1	Not to interrupt or interfere with the reasonable exercise of the rights contained or referred to in schedule 2 

  

	24	To permit entry for reletting etc. 

  

	24.1	During the last six months before the expiration or sooner determination of the Term or after the expiration thereof (or at any time during the Term in the event of a sale of the
Landlord’s interest in the Premises) to permit the Landlord and the Surveyor to enter upon the Premises following reasonable prior notice and to affix upon any suitable part or parts thereof a notice board or boards for reletting or other
disposal of the Premises and not to remove or obscure the same and at all reasonable times in the daytime to permit all persons authorised by the Landlord or the Surveyor to enter and inspect the Premises following reasonable prior notice

  

	25	To yield up 

  

	25.1	At the expiration or sooner determination of the Term peaceably and quietly to surrender and yield up to the Landlord the Premises (together with all keys thereto) with vacant
possession so repaired maintained decorated cleansed glazed painted and kept as herein provided and if so required by the Landlord to remove such tenants and trade fixtures as the Landlord may specify the Tenant making good all damage caused by the
removal of these to the satisfaction of the Surveyor PROVIDED THAT if this Lease shall expire by effluxion of time (but not earlier) then the Tenant shall not be required to carry out any such repairs decoration or other works

  

	26	New surety 

  

	26.1	If during the Term any surety (which expression in this paragraph 26 includes any guarantor) for the time being of the Tenant’s obligations under this lease (or any of them if
there is more than one): 

  

	 	26.1.1	(being an individual) dies has a bankruptcy order made against the surety or an interim receiver appointed in respect of the surety’s property; or 

  

 37 

	 	26.1.2	(being a company) enters into liquidation has an administration order made in respect of the surety or has a receiver (administrative or otherwise) appointed of any of the
surety’s undertaking or assets 

 the Tenant in respect of which the surety was provided will give the Landlord notice of
that fact within fourteen days of occurrence of the event and if required by the Landlord will within twenty eight days of the event procure that some other person acceptable to the Landlord enters into a deed of covenant with the Landlord in the
same terms (mutatis mutandis) as the original surety 
  

	27	As to value added tax 

  

	27.1	On demand to discharge any liabilities of the Landlord relating to value added tax (or any substituted tax) in respect of any supply of goods or services for value added tax
purposes made pursuant to or in consequence of this Lease 

  

	27.2	For the purposes of this paragraph: 

  

	 	27.2.1	“VAT” means value added tax or any tax charged in addition to or substitution for it 

  

	 	27.2.2	“VAT Act” means the Value Added Tax Act 1994 

  

	 	27.2.3	any reference to a statute or statutory instrument includes a reference to any later statute or statutory instrument replacing or amending it 

  

	27.3	The Tenant covenants 

  

	 	27.3.1	to be at the time of grant of this Lease and to remain at all times during the Term and at any time any supply under this Lease is made to the Tenant a taxable person within the
meaning of the VAT Act; and 

  

	 	27.3.2	not to use or intend to use or permit the use of the Premises at any time during the Term for any purpose or purposes other than eligible purposes (as defined in paragraph 3A of
Schedule 10 VAT Act) 

  

 38 

	 	27.3.3	that on any breach of the preceding covenants in this paragraph 27.3 the Tenant shall indemnify the Landlord against: 

  

	 	(i)	any VAT paid or payable by the Landlord to any third party which is irrecoverable; 

  

	 	(ii)	any VAT which the Landlord is or will become liable to pay to H M Revenue & Customs; and 

  

	 	(iii)	any amount for which the Landlord is or may become liable to pay or repay to H M Revenue & Customs under the provisions of Part XIV or Part XV of the Value Added Tax
Regulations 1995; 

 which the Landlord would not otherwise have been liable to pay or repay had there been no breach and also
against any penalties interest or default surcharge due in addition to such liability and against any liability to income or corporation tax on any payment made to the Landlord under this paragraph 27.3 
  

	27.4	The parties intend that the supplies effected by this Lease are standard rated for VAT purposes and the Tenant covenants not to negate or challenge the treatment of such supplies as
standard rated for VAT purposes 

  

	28	As to maintenance contracts 

  

	28.1	Where there are within the Premises any lifts hoists boilers or air conditioning or central heating installations to enter into and maintain throughout the Term maintenance and
safety contracts with reputable engineers for the maintenance and safety of the same and to produce to the Landlord on demand any such contract and the receipt for the current payments or premiums thereunder 

  

	29	Statutory acquisitions 

  

	29.1	Not to do or omit to do any act matter or thing as a consequence whereof the Landlord’s reversion immediately expectant upon the determination of the Term shall become liable
to acquisition pursuant to any Enactments 

  

 39 

	30	Fire fighting appliances 

  

	30.1	To keep the Premises sufficiently supplied and equipped with such suitable fire fighting and extinguishing appliances as shall from time to time be required by law or by the local
or other competent authority and by the Landlord’s insurers and such appliances shall be open to inspection and shall be properly maintained and also not to obstruct the access to or means of working such appliances or the means of escape from
the Premises in case of fire 

  

	31	Existing Encumbrances 

  

	31.1	To observe and perform all covenants in respect of the Premises arising from the Existing Encumbrances so far as they affect the Premises and are still subsisting

  

	32	Not to obstruct 

  

	32.1	Not to permit any vehicles under the Tenant’s express or implied control or that of the Tenant’s undertenants their respective employees customers and invitees or anyone
else under their respective control to stand on the roadways comprised within the Estate or on any other part of the Estate except on such parts as shall from time to time have been authorised by the Landlord or shall have been designated by the
Landlord as a loading bay for the Tenant (but during the period of loading and unloading of vehicles only) and not to park on or obstruct any communal part of the Estate 

  

	33	To comply with regulations 

  

	33.1	To comply with all reasonable regulations made by the Landlord from time to time for the management of the Estate and of any land or premises used or to be used in common or jointly
with any other person and to procure that the Tenant’s employees and all persons under the control of the Tenant shall at all times observe and perform the same 

  

	34	As to water supply 

  

	34.1	Not to use or permit or suffer to be used the supply of water to the Estate for any purpose other than the Tenant’s purposes hereby permitted and not in any event to use the
same or permit or suffer the same to be used for research or industrial purposes without the provision of a proper recirculation system to a specification first approved by the Statutory Water Undertaker or otherwise in compliance with the
reasonable recommendations of the Water Authority 

  

 40 

	35	To comply with Planning Agreements 

  

	35.1	In addition to and not in substitution for or limitation of the covenants contained herein and in particular the Tenant’s covenants as to the use of the Premises or any part
thereof to observe and perform all the covenants on the Landlord’s part in the Planning Agreements respectively contained and the agreements and provisions of the Planning Agreements to the extent that the same affect the Premises or any part
thereof and at all times to indemnify the Landlord against any breach or non observance of the same 

  

	36	To pay cost of damage 

  

	36.1	Without prejudice to any other provisions herein contained to pay to the Landlord on demand the full cost as assessed by the Surveyor of making good any damage to the said roads
coloured brown on Plan A and any road fittings including but not limited to lighting and signs or any other part of the Estate whether occasioned by the Tenant any undertenant or their respective employees servants agents independent contractors
customers visitors licensees invitees or any other person under the Tenant’s or the undertenant’s control 

  

 41 

 Schedule 5 
 Landlord’s covenants 
  

	1	As to quiet enjoyment 

  

	1.1	That the Tenant paying the rents hereby reserved at the times and in the manner herein appointed and performing and observing the covenants on the Tenant’s part and the
conditions agreements and stipulations herein contained may peaceably enjoy the Premises for the Term without any lawful interruption from the Landlord or any person lawfully claiming under or in trust for the Landlord 

  

	2	To insure 

  

	2.1	That the Landlord will during the Term insure and keep insured in some established Insurance Office the Premises (excluding all plate and other glass therein) against the Insured
Risks with a sum assured to cover the following 

  

	 	2.1.1	the full reinstatement value thereof (excluding the amount of any insurance excess for which the Tenant shall be liable) to be determined from time to time by the Landlord and

  

	 	2.1.2	architect’s surveyor’s and other professional fees demolition site clearance and the cost of boarding and propping including a due allowance for cost increases over any
likely rebuilding period and 

  

	 	2.1.3	three years’ loss of rent and 

  

	 	2.1.4	liability attaching to the Landlord as owners or landlords of the Premises 

  

	 	2.1.5	incidental expenses 

 AND where there are within
the Premises goods or passenger lifts hoists air conditioning or central heating installations the Landlord may insure the same (or any of them) separately in such manner and for such amount as the Landlord may from time to time determine

  

 42 

	2.2	The Landlord shall have full power to settle and adjust with the insurers all questions with regard to the liability of the insurers and the amount or amounts payable under any
policy 

  

	2.3	The Landlord will whenever reasonably requested but not more than once in every year produce to the Tenant a copy of the insurance policy (or a summary of the terms of it) and
evidence of payment of the current premium 

  

	3	To reinstate 

  

	3.1	In case the Premises or any part thereof shall at any time during the Term be destroyed or damaged by the Insured Risks so as to be unfit for occupation or use then (unless any
monies payable under any policy of the Landlord shall be refused either by reason of any act omission neglect or default of the Tenant any undertenant or their respective employees servants agents independent contractors customers visitors licensees
invitees or any other person under the Tenant’s or the undertenant’s control or by reason of any breach of the provisions of paragraph 17 of schedule 4) and subject to the Landlord obtaining all necessary consents licences or approvals as
soon as reasonably practicable and when lawful so to do the Landlord will apply all monies received (other than in respect of loss of rent fees demolition site clearance the cost of boarding and propping and any sums paid to the Landlord to
indemnify the Landlord for any liability as owner or as landlord of the Premises or otherwise payable on the occurrence of a risk not involving damage to the Premises all of which shall in all circumstances belong to the Landlord) by virtue of such
insurance as aforesaid towards making good the damage to the Premises caused by the Insured Risks but this obligation shall be conditional upon the Tenant’s performance of the covenants on the Tenant’s part contained in paragraph 17 of
schedule 4 and shall make up out of its own money any shortfall in the insurance money in order to complete such reinstatement 

  

	4	To carry out works 

  

	4.1	The Landlord shall forthwith at its own cost apply for and diligently seek to obtain all licences approvals plans consents and permissions and other things necessary (if any) for
the carrying out of internal secondary glazing to the office windows and insulation to the office area at the Premises (“the Works”) 

  

 43 

	4.2	The Landlord shall use all reasonable endeavours to carry out the Works before 29 September 2008 

  

	4.3	The Works shall be carried out: 

  

	 	4.3.1	At the cost of the Landlord; 

  

	 	4.3.2	In a good and workmanlike manner employing good materials and workmanship; 

  

	 	4.3.3	In accordance with accordance with all licences approvals plans consents and permissions and statutory requirements; 

  

	 	4.3.4	To the reasonable satisfaction of the Tenant; 

  

	 	4.3.5	Causing as little disruption to the Tenant as reasonably practicable. 

  

	4.4	Once completed, the Landlord shall provide the Tenant with copies of any relevant certificates or guarantees in relation to the Works [and shall if reasonably required by the Tenant
enforce such guarantee at the Landlord’s cost] 

  

 44 

 Schedule 6 
 Surety’s covenants and agreements 
  

	1	Covenants by Surety 

  

	1.1	The Surety HEREBY COVENANTS with and guarantees to the Landlord that 

  

	 	1.1.1	at all times during the Term and until this demise is lawfully brought to an end and the Landlord has beneficial occupation of the Premises or until the Tenant assigns this Lease as
a whole with Consent as required by this Lease (if earlier) or otherwise if the Tenant remains liable for payment under the Landlord and Tenant Act 1954 to pay the rents hereby reserved and all other sums and payments covenanted and or agreed to be
paid by the Tenant at the respective times and in manner herein appointed for payment thereof and will also duly perform and observe and keep the several covenants and provisions on the Tenant’s part herein contained and

  

	 	1.1.2	the Surety will pay and make good to the Landlord all losses liabilities costs and expenses sustained by the Landlord through the default of the Tenant in respect of any of the
before mentioned matters and 

  

	 	1.1.3	that any neglect or forbearance of the Landlord in endeavouring to obtain payment of the said several rents and payments as and when the same become due or their delay to take any
steps to enforce performance or observance of the several covenants and provisions herein on the Tenant’s part contained and any time which may be given by the Landlord to the Tenant shall not release or in any way lessen or affect the
liability of the Surety under the guarantee on the Surety’s part herein contained and 

  

	 	1.1.4	 if the Tenant (being a Company) shall become subject to an administration order or be the subject of a winding up order by the Court or otherwise go into
liquidation or if the Tenant (being an individual) shall be adjudged bankrupt and the Liquidator or Administrator or the Trustee of the bankrupt’s estate (as the case may be) shall disclaim this Lease and if the Landlord shall within three
months after such disclaimer by notice in writing require the Surety to 

  

 45 

	 	 
accept a lease of the Premises for a term equal to the residue which if there had been no such disclaimer would have remained of the Term at the same rents
and under the like covenants and provisions as are reserved by and contained in the Lease the said new lease and the rights and liabilities thereunder to take effect as from the date of the said disclaimer then and in such case the Surety shall
accept such lease accordingly and execute and deliver to the Landlord a counterpart thereof in all respects at the sole cost of the Surety and 

  

	 	1.1.5	upon demand to pay to the Landlord Interest on all amounts due under this paragraph 1 from the date the same respectively fell due until the date of payment thereof

  

	2	Agreements by Surety 

  

	2.1	It is hereby agreed and declared that 

  

	 	2.1.1	the Surety covenants as principal debtor and not as guarantor and accordingly (for the avoidance of doubt) 

  

	 	(i)	it shall not be necessary for the Landlord to resort to or seek to enforce any other guarantee or security (whether from the Tenant or otherwise) before claiming payment hereunder
and 

  

	 	(ii)	until all monies and liabilities due or incurred by the Tenant to the Landlord have been paid or discharged in full notwithstanding payment in whole or in part of the amount by the
Surety or any purported release or cancellation hereof the Surety shall not by virtue of any such payment or by any other means or on any other ground 

  

	 	(A)	claim any set off or counter claim against the Tenant in respect of any liability on the part of the Surety to the Landlord and 

  

	 	(B)	make or enforce any claim or right against the Tenant or prove in competition with the Landlord or exercise any right as a preferential creditor against the Tenant or against the
assets of the Tenant and 

  

 46 

	 	2.1.2	the Surety’s covenants herein contained shall not be affected or modified in any way by the liquidation or dissolution of the Tenant or the appointment of any receiver
administrator or manager and 

  

	 	2.1.3	the Landlord shall be at liberty at all times without affecting or discharging the Surety’s liability hereunder 

  

	 	(i)	to vary release or modify the rights of the Landlord against the Tenant hereunder without the Surety’s consent and 

  

	 	(ii)	to compound with discharge release or vary the liability of the Tenant or any other guarantor or other person and 

  

	 	(iii)	to appropriate any payment the Landlord may receive from the Tenant the Surety or any other person towards such monies due under this Lease as the Landlord shall in their absolute
discretion think fit 

  

	 	2.1.4	the Landlord and the Tenant shall be at liberty to review the rent hereunder from time to time in accordance with the provisions of this Lease without reference to the Surety and
the covenants conditions agreements and declarations on the part of the Surety contained in this Lease shall apply to the rent as reviewed from time to time as much as to the rent reserved hereby at the commencement of the Term

  

 47 

 Schedule 7 
 Guarantee Agreement 
 THIS DEED
dated                                 is made BETWEEN: 
  

	(1)	(“the Guarantor”) 

  

	(2)	(“the Landlord”) 

  

	1	Definitions and interpretation 

  

	1.1	In this deed: 

 “Basic Rent”,
“Consent”, “Premises” and “Term” have the same meanings as in the Lease 
 “the Lease” means [this
lease] and includes where relevant any deed of variation licence Consent or other document supplemental to or associated with the Lease by which the Tenant is bound whether presently existing or not 
 “Relevant Variation” means a relevant variation as defined in section 18(4) of the Landlord and Tenant (Covenants) Act 1995 
 “Rent” means 
  

	 	(a)	the Basic Rent 

  

	 	(b)	the rents specified in schedule 3 to the Lease 

  

	 	(c)	any other sums which may become due to the Landlord under the provisions of the Lease 

 “Rent Day” means each of the four usual quarter days in every year 
 “Secured
Obligations” means the obligation to pay all sums from time to time due or expressed to be due to the Landlord from the Tenant under the Lease and to perform all other obligations which from time to time are or are expressed to be obligations
of the Tenant under the Lease “the Tenant” means [the proposed assignee] 
  

 48 

	1.2	In this deed unless the context otherwise requires: 

  

	 	1.2.1	references to the singular include the plural and vice versa any reference to a person includes a reference to a body corporate and words importing any gender include every gender

  

	 	1.2.2	references to numbered clauses are references to the relevant clause in this deed 

  

	1.3	The clause headings do not form part of this deed and are not to be taken into account when construing it 

  

	1.4	This instrument: 

  

	 	1.4.1	is executed as a deed and by its execution the parties authorise their solicitors to deliver it for them when it is dated 

  

	 	1.4.2	was delivered when it was dated 

  

	2	Guarantee 

  

	2.1	This guarantee is given pursuant to a provision in the Lease requiring it to be given and is an authorised guarantee agreement for the purposes of section 16 of the Landlord and
Tenant (Covenants) Act 1995 

  

	2.2	The Guarantor unconditionally and irrevocably covenants with and guarantees to the Landlord that Tenant will until the Tenant assigns the Lease as a whole with Consent pay and
discharge the Secured Obligations when they fall due or are expressed to fall due under the Lease for payment and discharge 

  

	2.3	The Guarantor shall upon being requested to do so by the Landlord enter into any deed of variation licence Consent or other document to which in each case the Tenant is a party and
which is in each case supplemental to the Lease for the purpose of acknowledging that the Guarantor’s liabilities under this deed extend to it but to the extent that the document effects a Relevant Variation paragraph 5.3 shall apply

  

 49 

	2.4	The guarantee and covenant in paragraph 2.2 shall impose on the Guarantor the same liability as if the Guarantor were the principal debtor in respect of the Tenant’s
obligations under the Lease and that liability shall continue notwithstanding (and will not be discharged in whole or in part or otherwise affected by): 

  

	 	2.4.1	any forbearance by the Landlord to enforce against the Tenant the tenant’s covenants in the Lease 

  

	 	2.4.2	the giving of time or other concessions or the taking or holding of or varying realising releasing or not enforcing any other security for the liabilities of the Tenant

  

	 	2.4.3	any legal limitation or incapacity relating to the Tenant 

  

	 	2.4.4	the Tenant ceasing to exist 

  

	 	2.4.5	the giving and subsequent withdrawal of any notice to determine the Lease 

  

	 	2.4.6	any increase or reduction in the extent of the Premises or in the rent payable under the Lease or any other variation to the Lease 

  

	 	2.4.7	the disclaimer of the Lease 

  

	 	2.4.8	any other act or omission of the Landlord or any other circumstances which but for this paragraph 2.4 would discharge the Guarantor 

 and for the purposes of this paragraph 2 the Tenant shall be deemed liable to continue to pay and discharge the Secured Obligations notwithstanding any of
the above matters and any money expressed to be payable by the Tenant which may not be recoverable for any such reason shall be recoverable by the Landlord from the Guarantor as principal debtor 
  

	3	New lease 

  

	3.1	 The Guarantor shall if required by the Landlord in writing within the period beginning on the day of a disclaimer of this lease and expiring three months after the
Landlord has been notified in writing by the Guarantor or the Tenant of that disclaimer accept a lease of the Premises for the residue of the contractual term unexpired at and with effect from 

  

 50 

	 	 
the date of the disclaimer at the same Basic Rent as reserved by the Lease and subject to the same covenants and provisos and the Tenant on execution of the
new lease will pay Rent for the period from the date of the disclaimer to the Rent Day following the date of the lease and the costs of and incidental to the new lease and will execute and deliver to the Landlord a counterpart

  

	3.2	If the Landlord requires more than one guarantor to take a new lease those guarantors shall take that new lease as joint tenants 

  

	4	Security taken by Guarantor 

  

	4.1	Until the Secured Obligations have been paid and discharged in full the Guarantor shall not without Consent exercise any rights: 

  

	 	4.1.1	of subrogation or indemnity in respect of the Secured Obligations 

  

	 	4.1.2	to take the benefit of share in or enforce any security or other guarantee or indemnity for the Secured Obligations 

  

	 	4.1.3	to prove in the liquidation of the Tenant in competition with the Landlord 

  

	4.2	The Guarantor has not taken any security from the Tenant and will not do so 

  

	4.3	Any security taken by the Guarantor in breach of paragraph 4.2 and all money at any time received in respect of it shall be held in trust for the Landlord as security for the
liability of the Guarantor under this deed 

  

	5	Limitation on Guarantor’s liability 

  

	5.1	Nothing in this agreement shall operate so as to make the Guarantor liable for anything in respect of which the Tenant is released from liability by the provisions of the Landlord
and Tenant (Covenants) Act 1995 

  

	5.2	To the extent that this deed purports to impose on the Guarantor any liability for anything in respect of which the Tenant is released from liability by the provisions of the
Landlord and Tenant (Covenants) Act 1995 the relevant provision of this deed shall to that extent be void but that shall not affect: 

  

	 	5.2.1	enforceability of that provision except to that extent or 

  

 51 

	 	5.2.2	the enforceability of any other provision of this deed 

  

	5.3	The Secured Obligations shall not include obligations arising under a Relevant Variation but the making of a Relevant Variation shall not discharge the Guarantor’s liability
under this deed 

  

	6	[Joint and several Guarantors 

  

	6.1	The liability of the Guarantor under this deed shall be the joint and several liability of all parties who have executed this deed as Guarantor and all other parties who from time
to time guarantee the Tenant’s obligations to the Landlord and any demand for payment by the Landlord on any one or more of such persons jointly and severally liable shall be deemed to be a demand made on all such persons

  

	6.2	Each person who has executed this deed as Guarantor or on whose behalf this deed has been so executed agrees to be bound by this deed notwithstanding that the other person intended
to execute or be bound by this deed may not do so or may not be effectually bound and notwithstanding that this deed may be determined or become invalid or unenforceable against any other person whether or not the deficiency is known to the
Landlord.] 

 [Executed by the Guarantor and the Landlord as a deed] 
  

					
	Signed as a deed by BIOCHROM LIMITED	  	)	  	
	acting by a director and its secretary or two directors	  	)	  	

  

	
	
	 /s/ James Heffernan

	 Director

	
	 /s/ Philip Rinaldi

	 Director/Secretary

  

 52

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