Document:

Lease dated as of June 22, 2010

 Exhibit 10.4 

Dated
22nd June 2010 

Dominion Corporate Trustees Limited and Dominion Trust Limited as Trustees of The Yate Shopping Centre 

Unit Trust 
 and

 Lionbridge (UK) Limited 

Lease of 
 Units
3-6, Second Floor Offices, 19 West Walk, 
 Yate Shopping Centre 

South Gloucestershire 

 

 

 Contents 
  

					
	1.	  	Definitions and Interpretation	  	8
			
	2.	  	Demise	  	11
			
	3.	  	Rent	  	11
			
	4.	  	Tenant’s Covenants	  	12
			
	5.	  	Landlord’s Covenants	  	19
			
	6.	  	Insurance	  	19
			
	7.	  	Forfeiture	  	21
			
	8.	  	Notices	  	22
			
	9.	  	No Implied Easements	  	22
			
	10.	  	Tenant's Acknowledgement	  	22
			
	11.	  	Tenant’s Effects	  	22
			
	12.	  	No Compensation	  	23
			
	13.	  	Waiver	  	23
			
	14.	  	Contracts (Rights Of Third Parties) Act 1999	  	23
			
	15.	  	Disclaimer	  	23
			
	16.	  	Lack of Warranty and Non-Exclusivity	  	23
			
	17.	  	Trustees’ Limitation	  	24
			
	18.	  	Tenant Only Break clause	  	24
			
	19.	  	Exclusion of Sections 24 to 28 of the Landlord and Tenant Act 1954 (1954 Act)	  	24
			
		  	Schedule 1 - Rights and Encumbrances	  	25
			
		  	Schedule 2 - Guarantee	  	27

  

			
	Page 1

			
	 Particulars of Lease (incorporating Prescribed Clauses)

 

	 LR1. Date of Lease (insert in full format)

 
	 	22nd June
 2010
	LR2. Title Number(s)	 	 LR2.1 Landlord’s title number(s)
  

Title number(s) out of which this lease is granted. Leave blank if not registered.

 
 GR263543

 
 LR2.2 Other title numbers

 
 Existing title number(s) against which entries of matters referred to in LR9,
LR10, LR11 and LR13 are to be made.
  

GR258019,    GR263550,    GR263548,    GR263545,
GR263544,    GR263549,    GR263546,    GR263547, AV97577,    AV51203,    AV52161,    AV51204,    AV230931,
AV61943,    GR237481,    AV173990,    GR23934,    GR10218
  

	 LR3. Parties to this lease
  

Give full names, addresses and company’s registered number, if any, of each of the parties. For Scottish companies use a SC prefix and for limited
liability partnerships use an OC prefix. For foreign companies give territory in which incorporated.
	 	 Landlord
  

Dominion Corporate Trustees Limited (Company Registration Number 73883 Jersey) and Dominion Trust Limited (Company Registration Number 53805 Jersey) as
Trustees of the Yate Shopping Centre Unit Trust whose registered office is at 47 Esplanade St Helier Jersey JE1 0BD
  

Tenant
  

Lionbridge (UK) Limited whose registered office is at Copthall Terrace Coventry West Midlands CV1 2FP (Company Registration Number 01295207)

 
 Other parties

 
 None

 
 Guarantor

 
 None

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

  

			
	Page 2

			
	 Particulars of Lease (incorporating Prescribed Clauses)

 
	 	
	 LR4. Property
  

Insert a full description of the land being leased
  

Or
  

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

 
	 	In the case of a conflict between this clause and the
remainder of this lease then, for the purposes of registration,
this clause shall prevail.
	 Where there is a letting of part of a registered title, a plan must be attached to this lease and any floor levels must be
specified.
  
 Exclusive use and physical exceptions from the lease
should be included (e.g. exclusive use of a parking space if demised or exceptions of mines and minerals).
	 	 The second floor office at Units 3-6, 19 West Walk as shown edged red on Plan B and any part of it and includes:

 
 (a) all internal surfacing materials, finishes and coverings on the walls, floors
and ceilings of the Property (including on suspended ceilings) and on the other structural parts of the Centre within or bounding the Property;
  

(b) all doors, window frames window and door glazing and doors and door frames of and all (if any) secondary glazing at the Property;

 
 (c) all Landlord’s plant, fixtures and fittings within the Property;

 
 (d) one half severed vertically of any non-structural walls separating the Property
from any adjoining premises;
  
 (e) the entirety of any non-structural walls
wholly within the Property or bounding the same (other than as specified in paragraph (d) above) and false ceilings;
  

(f) all Conduits, plant and machinery within and exclusively serving the Property; and

 
 (g) any false floor and the supports thereof and the space under the false floor at
the Property down to but not including the floor slab;
  
 (h) all
alterations and additions to the Property;
  
 but excludes:

 
 (a) all load-bearing and exterior walls and foundations and the roofs (including any
flat roof which exclusively serves the Property), floors and ceilings of the Property (other than to the extent expressly included as set out above);
  

(b) Tenant’s trade fittings;
  

(c) all structural parts of the Centre;

  

			
	Page 3

			
	 Particulars of Lease (incorporating Prescribed Clauses)

 
	 	
	 	 	 (d) the Landlord’s fire alarms, sprinkler systems, fire prevention
and fire fighting systems, smoke extraction systems and
ancillary
apparatus (if any) up to the point of connection with the Tenant’s
own installations;
  

(e) all conduits, plant and machinery serving the Property in
common with other premises;

 
 (f) the floor slab;

 
 (g) the Canopy together with the means of support therefor and
all electrical
wires and fittings affixed to or supported from the
Canopy, and
  
 (h)
the pilasters immediately outside the Property;
  
 and any reference to the
Property includes any part of it except
where the expression Property is used in clause 4.11
  

	 LR5. Prescribed statements etc.
  

If this lease includes a statement falling within LR5.1, insert under that sub-clause the relevant statement or refer to the clause, schedule or
paragraph of a schedule in this lease which contains the statement.
	 	 LR5.1 Statements prescribed under rules 179 (dispositions in favour of a charity), 180 (dispositions by a charity) or 196 (leases
under the Leasehold Reform, Housing and Urban Development Act 1993) of the Land Registration Rules 2003.
  

None

		
	In LR5.2, omit or delete those Acts which do not apply to this lease (Do not refer to the individual section (s) or schedule(s) of the relevant Act).	 	 LR5.2 This lease is made under, or by reference to, provisions of:

 
 None

 

	 LR6. Term for which the Property is leased
  

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

 
 NOTE: The information you provide, or refer to, here will be used as part of the
particulars to identify the lease under rule 6 of the Land Registration Rules 2003.
  
	 	 From and including 7 May 2010
  

To and including 6 May 2014

	 LR7. Premium
  

Specify the total premium, inclusive of any VAT where payable. (Do not refer to the clause, schedule or paragraph in the body of the lease.) (In the
absence of evidence of the VAT payable Land Registry will assume the consideration or premium and rent includes any VAT element)
	 	None

  

			
	Page 4

			
	 Particulars of Lease (incorporating Prescribed Clauses)

 
	 	
	 LR8. Prohibitions or restrictions on disposing of this lease

 
 Include whichever of the two statements is appropriate.

 
	 	This lease contains a provision that prohibits or restricts
dispositions.
	 LR9. Rights of acquisition etc.
  

Insert the relevant provisions in the sub-clauses or refer to the
clause, schedule or paragraph of a schedule in this lease which
contains the
provisions. (If any contractual right(s) relates to land
in registered title(s) other than the Landlord’s title mentioned in
LR2.1 Land Registry is only obliged to make an entry of the
interest where the additional title number(s) have
been listed in
LR2.2).
  
 (E.g. Options)

 
 (E.g. Rights of pre-emption)

 
	 	 LR9.1 Tenant’s contractual rights to renew this lease, to
acquire the reversion or another lease of the Property, or
to
acquire an interest in other land
  
 None

 
 LR9.2 Tenant’s covenant to (or offer to) surrender this lease

 
 None

 
 LR9.3 Landlord’s contractual rights to acquire this lease

 
 None

 

	 LR10. Restrictive covenants given in this lease by the Landlord in respect of land other than the Property

 
 Insert details of any restrictive covenants in the lease that bind land owned by
the Landlord other than their reversionary interest in the land demised or refer to the clause, schedule or paragraph of a schedule in this lease which contains the provisions. (If any restrictive covenants are referred to in LR10 ensure that the
relevant title number is listed in LR2.2).
  
	 	None
	 LR11. Easements
  

Refer here only to the clause, schedule or paragraph of a schedule in this lease which sets out the easements. (E.g. Parking rights if not demised)

  
 (If any easements granted in the lease bind land in registered titles
other than the Landlord’s title mentioned in LR2.1 Land Registry is only obliged to make an entry of the interest where the additional titles have been listed in LR2.2 or a separate application is made).

 
 (In LR11.2 if any easements benefit land in registered titles other than the
Landlord’s title mentioned in LR2.1 Land Registry is only obliged to make an entry of the interest where the additional title numbers have been listed in LR2.2 or a separate application is made.)

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

 
 Schedule 1 Part 1

 
 LR11.2 Easements granted or reserved by this lease over the Property for the
benefit of other property
  
 Schedule 1 Part II and Schedule 1 Part III

	 LR12. Estate rent charge burdening the Property
  

Refer here only to the clause, schedule or paragraph of a schedule in this lease which sets out the rent charge.
	 	None

  

			
	Page 5

			
	 Particulars of Lease (incorporating Prescribed Clauses)

 
	 	
	 LR13. Application for standard form of restriction

 
 Set out the full text of the standard form of restriction and the
title
against which it is to be entered.
  
 If you wish to apply
for more than one standard form of restriction
use this clause to apply for each of them, tell us who is applying
against which title and set out the full text of the restriction you
are applying for. (If the title number(s) against which
the
restriction is to be registered is not the new leasehold title or the
Landlord’s reversionary title then list the title(s) in LR2.2)
  

Standard forms of restriction are set out in Schedule 4 to the Land
Registration Rules 2003.

 
 (A Form RX1 must be lodged to enter a non-standard restriction

 
 (If the restriction affects only part of a title incorporate a
description of
the affected part within the standard wording of the
restriction sufficient to identify the part of the title intended to be
affected by the restriction either by a verbal description where the
precise extent of that property can be
identified on the Ordnance
Survey map or by reference to the plan attached to the lease)
  
	 	None
	 LR14. Declaration of trust where there is more than one person comprising the Tenant

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

  
 If the Tenant is more than one person, complete this clause by
omitting or deleting all inapplicable alternative statements.
  

(This declaration relates to the original tenants named in LR3 only. Where the number of tenants is two or more and this panel is not completed Land
Registry will enter a Form A restriction by default. If the Tenant is one person holding the property on trust an application may be made in clause LR13 for entry of a standard restriction in Form A.)

 
	 	 The Tenant is more than one person. They are to hold the Property on trust for themselves as joint tenants.

 
 OR
  

The Tenant is more than one person. They are to hold the Property on trust for themselves as tenants in common in equal shares.

 
 OR
  

The Tenant is more than one person. They are to hold the Property on trust (complete as necessary)

 
 Not Applicable

 

	LR15. Centre	 	 Yate Shopping Centre shown for identification edged red on plan A annexed including any part of it and any alteration or addition to
it (or such greater or lesser area as the Landlord shall in its discretion specify)
  

	LR16. Rent	 	 Eleven Thousand One Hundred Pounds (£11,100.00) per annum exclusive of VAT

 

  

			
	Page 6

			
	 Particulars of Lease (incorporating Prescribed Clauses)

 
	 	
	 LR17. Rent Review Date(s)
  
	 	 None
  

		
	 LR18. Rent Commencement Date
  
	 	 7 May 2010
  

		
	 LR19. Permitted Use
  
	 	 As offices within Class B1 of the Town and Country Planning (Use Classes) Order 1987 (as amended)

 

		
	 LR20. Term Expiry Date
  
	 	 6 May 2014
  

		
	 LR21. Dates for Internal Decoration
  
	 	 In accordance with clause 4.5
  

		
	 LR22. Break clause
  

(omit or delete as applicable)
  
	 	 Yes
  

	 LR23. 1954 Act Exclusion
  
	 	 Yes
  

 

			
	Page 7

 LAND REGISTRY 

LAND REGISTRATION ACTS 2002 
  

			
	LANDLORD’S TITLE NUMBER:	 	 GR263543
  

	     PROPERTY LEASED:

 
	 	 Units 3-6, Second Floor Offices, 19 West Walk

 

	    PREMIUM:	 	 None
  

	    YEARLY RENT:	 	 £11,100 plus VAT per annum
  

	    DATE:	 	22nd June
2010

 This Lease is made between the Parties and on the date specified in the Particulars to the Lease. 

 

							
	1.	  	Definitions and Interpretation
		
		  	In this Lease unless the context otherwise requires:
		
	1.1.	  	 Definitions
  

		  	Adjoining Property	  	 means any adjoining or neighbouring premises in which the Landlord or a Group Company of the Landlord holds or shall at any
time during the Term hold a freehold or leasehold interest;
  
  

		  	Base Rate	  	 means the base rate from time to time of Barclays Bank PLC or such other bank as the Landlord may specify in writing, or (if
not available) such comparable rate of interest as the Landlord shall reasonably require;
  

 

		  	Canopy	  	 means the canopy (including any support columns therefor) projecting from and co-extensive with the whole or any part of the
Property;
  
  

		  	Centre Opening Hours	  	 means:
  

		  		  	(a)	  	 6.00 a.m. to 9.00 p.m. every day excluding all public holidays where trading is not allowed under statute and Christmas Day and Easter
Sunday; or
  

		  		  	(b)	  	 such other reasonable hours as the Landlord may nominate from time to time in accordance with the principles of good estate management
and notify to the Tenant;
  

		  	Common Parts	  	means all parts of the Centre not exclusively demised or intended to be so demised to any tenant and available from time to time for the common use of more than one of
the tenants of the Centre or by customers of and visitors to the Centre including without limitation any of the following designated by the Landlord from time to time which fall within this definition: vehicular and pedestrian accesses, passages,
stairways, circulation areas, malls, passenger and goods lifts, escalators, landscaped areas, service yards, fire escapes, toilet facilities, storage areas, refuse collection and disposal areas, management and security
areas;

  

			
	Page 8

							
	 	 	Conduits	 	 	  	 means any existing or future media for the passage of substances or energy or
data and any ancillary apparatus attached to them
and any enclosures for them
and Conduit means any one of them;
  

				
		 	Encumbrances	 		  	 means the obligations and encumbrances (if any) contained in Part III of Schedule 1;

 

		 		 		  	
				
		 	Group Company	 		  	 means a company which is a member of the same group of companies within the meaning of Section 42 of the Landlord and Tenant Act
1954;
  

				
		 	Insured Risks	 		  	 means fire, lightning, explosion, aircraft (other than hostile aircraft) and other aerial devices or articles dropped therefrom,
riot, civil commotion, malicious damage, storm or tempest, bursting or overflowing of water tanks apparatus or pipes, flood and impact by road vehicles, subsidence, heave and landslip, (to the extent in all cases that insurance against such risks
may ordinarily be arranged with an insurer of good repute subject to conditions and at a premium which the Landlord considers acceptable) and such other risks or insurance as may from time to time be reasonably required by the Landlord (subject in
all cases to such exclusions limitations conditions and excesses as may be imposed by the insurers of the Centre or requested by the Landlord), and Insured Risk means any one of them;

 

				
		 	Landlord’s Surveyor	 		  	 means the Landlord’s surveyor or managing agent (who may be an employee of the Landlord or a Group Company of the Landlord or a
Company which is associated with the Landlord or which has an interest in the Landlord);
  

				
		 	Law	 		  	 means any act of Parliament statutory instrument regulation bye-law requirement of a competent authority statutory body utility
company or authority company law or regulation directive or mandatory requirement of the European Union;
  

				
		 	Lease	 		  	 means this lease and any document supplemental to it or entered into pursuant to it;

 

				
		 	Lettable Unit	 		  	 means a part of the Centre which is let, or constructed or adapted for letting, from time to time;

 

				
		 	Particulars of Lease	 		  	 means the Particulars of the Lease (incorporating Prescribed Clauses) at the beginning of this Lease

 

				
		 	Planning Acts	 		  	means The Town and Country Planning Act 1990 the Planning (Listed Buildings and Conservation Areas) Act 1990 the Planning (Hazardous Substances) Act 1990 the Planning
(Consequential Provisions) Act 1990 the Local Government and Land Act 1980 the Local Government (Miscellaneous Provisions) Act 1982 the Housing and Planning Act 1986 and any Act for the time being in force of a similar nature or to regulate the
construction demolition alteration or change of use of land or buildings or to preserve or protect the environment or the national heritage and any future legislation of a similar nature and any statutory modification or re-enactment thereof for the
time being in force and any order instrument planning regulation permission licence consent and directive made or issued or to be made or issued thereunder or deriving validity therefrom;

 

			
	Page 9

					
		  	Quarter Days	  	means 25 March, 24 June, 29 September and 25 December in every year and Quarter Day means any of them;
			
		  	Term	  	means the Term of which details are set out in LR6 of the Particulars of Lease;
			
		  	Term Commencement Date	  	means the date from which the Term commences as set out in LR6 of the Particulars of Lease;
			
		  	VAT	  	means Value Added Tax and any similar tax substituted for it;
			
		  	Working Day	  	means any day from Monday to Friday (inclusive) other than Christmas Day, Good Friday and any public holiday in England;
			
		  	1995 Act	  	means the Landlord and Tenant (Covenants) Act 1995.
		
	1.2.	  	Interpretation
		
	1.2.1.	  	If the Landlord the Tenant or the Guarantor (if any) is more than one person then their covenants are joint and several.
		
	1.2.2.	  	Tenant includes (if an individual) his personal representatives.
		
	1.2.3.	  	Any reference to a statute includes any modification, extension or re-enactment of it and any orders, regulations, directions, schemes and rules made under
it.
		
	1.2.4.	  	Any covenant by the Tenant not to do any act or thing includes an obligation not to permit or suffer such act or thing to be done.
		
	1.2.5.	  	If the Landlord reserves rights of access or other rights over or in relation to the Property then those rights extend to persons authorised by it.
		
	1.2.6.	  	References to the act or default of the Tenant include acts or default or omission or negligence of the Tenant or any undertenant or of anyone at the Property or any
of its undertenants employees agents or invitees at the Centre.
		
	1.2.7.	  	References to the last year of the Term shall mean the twelve months ending on the expiration or earlier termination of the Term.
		
	1.2.8.	  	References to Costs include all liabilities, claims, demands, proceedings, damages, losses and proper costs and expenses including management costs and expenses of
the Landlord and all disbursements.
		
	1.2.9.	  	The description and terms in that part of the Lease headed Particulars of Lease form part of this Lease.
		
	1.2.10.	  	References to clauses and Schedules are to clauses and Schedules in this Lease.
		
	1.2.11.	  	The Table of Contents and clause headings in this Lease are for ease of reference only.
		
	1.2.12.	  	Nothing entitles the Tenant to enforce any obligation given by anyone to the Landlord.
		
	1.2.13.	  	The approval or consent of the Landlord where required shall not have effect unless in writing.
		
	1.2.14.	  	A right granted by the Landlord is granted only so far as the Landlord can lawfully grant it and is granted in common with all other persons entitled to it and/or
authorised by the Landlord to exercise it.

  

			
	Page 10

					
	1.2.15.	  	Where the Landlord is entitled to enter the Property on giving notice it is also entitled to enter without notice in emergency and may break and enter if it considers
it necessary.
		
	1.2.16.	  	Any works (whether of repair decoration alteration or otherwise) that the Tenant is permitted or obliged to carry out in accordance with this Lease must be carried
out with good quality materials and to a high standard and in accordance with good modern practice.
		
	1.2.17.	  	Notwithstanding any other provision in this Lease nothing in this Lease operates so as to impose on any person who was formerly the Tenant liability under this Lease
in respect of any period following its release by virtue of the 1995 Act except as permitted under the 1995 Act.
		
	1.2.18.	  	Wherever and to the extent that any provision of this Lease would or might contravene provisions of Section 25 of the 1995 Act then;
			
		  	(a)	 	such provision is to take effect only in so far as it may do so without contravening Section 25 of the 1995 Act then;
			
		  	(b)	 	where such provision is incapable of having any effect without contravening Section 25 of the 1995 Act this Lease is to be construed and interpreted as if such provision were
deleted; and
			
		  	(c)	 	the legality validity and enforceability of any of the remaining provisions of this Lease is not in any way to be affected or impaired as a result;
		
	1.2.19.	  	A provision of this Lease which is void or unenforceable shall be severed from all other provisions in this Lease and the remaining provisions shall continue to have
effect.
		
	1.2.20.	  	If a provision of this Lease extends beyond the limitations set by any Law or rule of law but if it were not so extended would remain unaffected by the Law or rule of
law the provision is deemed to be varied so as not to extend beyond the limitations.
		
	1.2.21.	  	Sign includes notice display flagpole hoarding aerial satellite dish and advertisements (whether illuminated or not).
		
	2.	  	Demise
		
		  	The Landlord DEMISES the Property to the Tenant for the Term, Together With but to the exclusion of all other rights the rights set out in Part I of Schedule 1 Except
And Reserving as mentioned in Part II of Schedule 1 and subject to the Encumbrances to the Landlord and any easements rights and/or privileges enjoyed by the Centre or any other property over the Property.
		
	3.	  	Rent
		
		  	The Tenant covenants to pay by way of rent during the Term or until released pursuant to the 1995 Act without any deduction, counterclaim or set off (except where
required by law):
		
	3.1.	  	the Rent and any VAT by equal quarterly payments in advance on the Quarter Days the first payment for the period from and including the Rent Commencement Date to (but
excluding) the next Quarter Day to be made on the date hereof;
		
	3.2.	  	the cost of insurance specified in clause 6.2 at the times and in the manner set out in clause 6.2
		
	3.3.	  	all other sums due to the Landlord pursuant to the terms of this Lease;
		
	3.4.	  	any VAT payable by the Tenant in accordance with clause 4.3;
		
	3.5.	  	all interest payable by the Tenant in accordance with clause 4.1 hereof;

  

			
	Page 11

			
		  	and such payments to be made in cleared funds and (if the Landlord so requires) to pay the Rent by electronic transfer or standing order.
		
	4.	  	Tenant’s Covenants
		
		  	The Tenant covenants with the Landlord throughout the Term, or until released pursuant to the 1995 Act, as follows:
		
	4.1.	  	Interest
		
		  	If the Landlord does not receive any sum due to it by the due date, to pay within 5 Working Days of demand interest on such sum at 4 per cent above Base Rate from the due date
until payment (both before and after any judgment) accruing on a daily basis and compounded with quarterly rests on the Quarter Days, provided this clause shall not prejudice any other right or remedy available to the Landlord and whether or not any
such sums have been refused or not demanded by the Landlord so as not to waive any breach of covenant.
		
	4.2.	  	Utilities and Outgoings
		
		  	To pay for all utilities used at the Property and all existing and future duties, rates, taxes, charges, assessments impositions and outgoings (whether assessed or imposed on the
owner or the occupier) and whether or not of a capital or non-recurring nature and including any of a novel nature, in respect of the Property (or in the absence of any direct assessment a fair and reasonable proportion determined by the Landlord of
any of them), except:
		
	4.2.1.	  	any tax (other than VAT) arising as a result of the receipt by the Landlord of the payments under this Lease; and
		
	4.2.2.	  	any tax arising on any dealing by the Landlord with its reversion to this Lease.
		
	4.3.	  	VAT
		
	4.3.1.	  	Any payment or other consideration to be provided to the Landlord is exclusive of VAT, and the Tenant shall in addition pay any VAT chargeable on the date the payment or other
consideration is due and the Landlord shall issue a VAT invoice promptly after it has received such payment.
		
	4.3.2.	  	Any obligation to reimburse or pay the Landlord’s Costs extends to irrecoverable VAT on that expenditure, and the Tenant shall also reimburse or pay such
VAT.
		
	4.4.	  	Repair
		
	4.4.1.	  	To keep and maintain the Property in good and substantial repair and condition (excluding damage by any of the Insured Risks except to the extent that insurance moneys are
irrecoverable as a result of the act or default of the Tenant or its servants agents licensees or invitees).
		
	4.4.2.	  	To make good any disrepair for which the Tenant is liable within 3 months after the date of written notice from the Landlord (or sooner if the Landlord reasonably
requires).
		
	4.4.3.	  	If the Tenant fails to comply with any such notice the Landlord (but without prejudice to its rights of re-entry contained in this Lease) may enter and carry out the work and the
Costs shall be reimbursed by the Tenant on demand and shall be recoverable as rent in arrear.
		
	4.4.4.	  	Immediately to repair and make good any damage caused to the Centre or any Conduit or any part thereof by any act or default of the Tenant or (at the option of the Landlord) to
pay the Landlord’s Costs in repairing or making good any such damage.
		
	4.4.5.	  	To keep and maintain all Signs in good and substantial repair and condition and to clean all Signs regularly.

 

			
	Page 12

			
	4.5.	  	Decoration
		
	4.5.1.	  	Without prejudice to the generality of the foregoing covenants in the last year of the Term and also within three months prior to the expiry or sooner determination of the Term
to paint or otherwise treat as the case may be all the inside wood and metal work and other finishes usually or requiring to be painted or otherwise treated of the Property and to paint or paper in a proper workmanlike manner to the satisfaction of
the Landlord all walls and ceilings of the Property usually painted or papered as the case may be such painting to be with two coats of good quality paint and such decorations in the last three months of the Term to be executed in such colours
patterns and materials as the Landlord may in writing require.
		
	4.6.	  	 Contribution to Maintenance of Common Parts
  

To pay within 10 Working Days of demand in cleared funds and without any deduction, counterclaim or set off (except where required by law) a proper
proportion as conclusively determined by the Landlord’s Surveyor of the expenses of maintaining, repairing and decorating the Common Parts including the exterior and structure of 19 West Walk and of cleaning, heating and lighting the Common
Parts and of repairing, cleansing, emptying, maintaining (where appropriate) extending and amending all party walls and party fences (if any), Conduits and any other services or things the use of which is common to the Property and any Adjoining
Property (including the provision of a caretaker and/ or managing agents) and any VAT thereon

		
	4.7.	  	User
		
	4.7.1.	  	Not to use the Property otherwise than for the Permitted Use.
		
	4.7.2.	  	Not to use the Property for any purpose which is noisy, offensive, dangerous, illegal, immoral or a nuisance or in the reasonable opinion of the Landlord causes damage
inconvenience loss or disturbance or annoyance to the Landlord or its other tenants of the Centre, or to owners or occupiers of any neighbouring property, or which involves any substance which may be harmful, polluting or contaminating other than in
quantities which are normal for and used in connection with the Permitted Use.
		
	4.7.3.	  	Not without the consent of the Landlord to play or use any musical instrument loud speaker tape recorder gramophone radio television set or other equipment or apparatus which
produces sound which is audible outside the Property.
		
	4.7.4.	  	Not to store in the Property any petrol or other specifically inflammable explosive combustible or corrosive substance.
		
	4.7.5.	  	Not to permit live stock or pets of any kind to be kept in the Property and to keep the Property free of rodents and pests.
		
	4.7.6.	  	Not to conduct or allow any auction sale fire sale warehouse sale closing down sale or liquidation sale in the Property.
		
	4.7.7.	  	Not to install or permit any aerials or satellite dishes or booster boxes or other transmitting microsites used for mobile telephones or other media on or in the
Property.
		
	4.8.	  	Signs
		
	4.8.1.	  	Not to erect any Sign, notice, flagpole or advertisement which is visible outside the Property without the prior written consent of the Landlord (not to be unreasonably withheld
or delayed if compliance is made with the rules, regulations or procedures relating to the Centre as made and varied from time to time by the Landlord and notified to the Tenant in writing);
		
	4.8.2.	  	To replace or remove any unauthorised signs notices advertisements or other material at the Property immediately upon notice by the Landlord to the satisfaction of the Landlord
or the Landlord’s Surveyor and in case of default it shall be lawful for workmen or agents of the Landlord (without

  

			
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		  	prejudice to its rights of re-entry contained in this Lease) to enter into the Property and execute such works replacements or removals and the Tenant shall pay to
the Landlord on demand all such Costs so incurred such monies to be recoverable as rent in arrear;
		
	4.9.	  	Alterations
		
	4.9.1.	  	Not to make any alterations or additions to the Property or to the Centre.
		
	4.10.	  	Preservation of Easements
		
	4.10.1.	  	To preserve all rights of light and other easements enjoyed by the Property and not to prejudice the acquisition of any right of light for the benefit of the
Property;
		
	4.10.2.	  	Not to give an acknowledgement that an easement or right benefiting the Property is enjoyed by consent or otherwise;
		
	4.10.3.	  	Not to stop up darken or obstruct any window light or way belonging to the Property;
		
	4.10.4.	  	To give immediate notice to the Landlord of:
			
		  	(a)	 	an encroachment on or circumstance which might result in the acquisition of an easement or other right over the Property; or
			
		  	(b)	 	the obstruction of a right of which the Property has the benefit;
			
		  	(c)	 	and to take or join in such proceedings or take such other steps at the cost of the Tenant as the Landlord may require in connection with the same.
		
	4.11.	  	Alienation
		
	4.11.1.	  	Not to:
			
		  	(a)	 	hold the whole or any part of the Property on trust for another;
			
		  	(b)	 	assign part with possession of part only of the Property nor underlet the whole or any part of the Property nor to agree to do so;
			
		  	(c)	 	charge the whole or any part of this Property nor agree to do so;
			
		  	(d)	 	part with the possession of the whole of the Property except by an assignment permitted by this clause 4.11; or
			
		  	(e)	 	share the possession or occupation of the whole or any part of the Property;
		
	4.11.2.	  	Not to assign or agree to assign the whole of the Property without the Landlord’s prior written consent (not to be unreasonably withheld or delayed) provided
that:
			
		  	(a)	 	the Landlord may withhold consent in circumstances where in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial standing to
enable it to comply with the Tenant’s covenants in this Lease;
			
		  	(b)	 	the Landlord’s consent shall in every case be subject to conditions (unless expressly excluded) requiring:
				
		  		 	(i)	 	that the assignee covenants with the Landlord to observe and perform the Tenant’s covenants in this Lease during the residue of the Term, or until released pursuant to the
1995 Act;

  

			
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		  		 	(ii)	 	that if the assignee is a limited company two directors of the same or such other persons as the Landlord may reasonably require shall act as sureties for such company and shall
covenant jointly and severally with the Landlord in accordance with the provisions set out in Schedule 2;
				
		  		 	(iii)	 	that if reasonably so required by the Landlord the Tenant enters into an authorised guarantee agreement guaranteeing the performance of the Tenant’s covenants in this Lease
by the assignee throughout the Term or until the assignee is released from its covenants pursuant to the 1995 Act, including the provisions set out in Schedule 2 (but omitting paragraph 1.2) or in such other form as the Landlord shall reasonably
require;
				
		  		 	(iv)	 	such other security as the Landlord reasonably requires is provided for the assignee;
				
		  		 	(v)	 	that all rent and other payments due under this Lease are paid before completion of the assignment;
				
		  		 	(vi)	 	that all other material breaches of the Tenant’s Covenants and conditions in this Lease have been remedied.
		
	4.11.3.	  	The provisos to clause 4.11.2 shall not prejudice the Landlord’s right to withhold consent in other circumstances where it would be reasonable to do so or to grant
consent subject to such other conditions as are reasonable.
		
	4.12.	  	Registration
		
		  	Within 20 Working Days to give to the Landlord’s solicitors (or as the Landlord may direct) written notice of any assignment or other devolution of the Property
together with a certified copy of the relevant document and on each occasion to pay a registration fee of such an amount as shall be reasonably required.
		
	4.13.	  	Statutory Requirements and Notices
		
	4.13.1.	  	To supply the Landlord with a copy of any notice order or certificate or proposal for any notice order or certificate affecting or capable of affecting the Property or
its use as soon as it is received by or comes to the notice of the Tenant.
		
	4.13.2.	  	To comply promptly with all notices served by any public, local or statutory authority, and with the requirements of any present or future statute or European Union law,
regulation or directive (whether imposed on the landlord or tenant), which affects the Property or its use and which are consistent with the Tenant’s repairing obligations in this Lease or relate to the Tenant’s business or the
Tenant’s occupation and use of the Property.
		
	4.13.3.	  	At the request of the Landlord, but at the joint cost of the Landlord and the Tenant, to make or join the Landlord in making such objections or representations against
or in respect of any such notice, order or certificate as the Landlord may reasonably require.
		
	4.14.	  	Planning
		
	4.14.1.	  	Not to make any change in the use of the Property within the meaning of the Planning Acts nor to apply for any planning permission relating to the use of the Property or
the carrying out of any building or engineering works at the Property.
		
	4.15.	  	Contaminants and Defects
		
	4.15.1.	  	Not to permit any substance which causes or might cause harm to man or any other living organism supported by the environment or which affects or may affect Adjoining
Property or the Centre or any other property to be brought into the Property or to be on the Property or to be discharged from the Property nor to do anything which cause the insurance of the Property or the Centre or the Adjoining Property or any
other property to be vitiated or the premiums to be increased.

  

			
	Page 15

					
	4.15.2.	  	To give the Landlord immediate written notice of the existence of any contaminant, pollutant or harmful substance on or any defect in the Property or in Adjoining
Properties or in the Centre.
		
	4.15.3.	  	If so requested by the Landlord, to remove from the Property or remedy to the Landlord’s reasonable satisfaction any such contaminant, pollutant or harmful
substance in or on the Property.
		
	4.16.	  	Loading
		
		  	Not to do anything which may throw on the Property or the nearby premises any weight or strain in excess of that which such premises are calculated to bear with due
margin for safety and in particular not to overload the floors or the electrical installations or the other services of in or to the Property or the nearby premises nor suspend any excessive weight from the ceilings walls or stanchions or the
structure thereof.
		
	4.17.	  	Letting Notices
		
		  	To permit the Landlord or its agents to affix upon any part of the Property (but not in a position so as unreasonably to interfere with the user thereof) during the
six months prior to the expiry of the Term a notice as to the proposed reletting of the Property and at any time during the Term a notice as to a proposed sale thereof (which expression shall include the granting of a reversionary lease for a term
of twenty one years or more) and to permit intending tenants or purchasers with written authority from the Landlord or its agents at reasonable times of the day to view the Property.
		
	4.18.	  	Not to accumulate rubbish
		
		  	Not to allow rubbish of any description to accumulate on or outside the Property or on the nearby premises but to place all refuse or rubbish in proper receptacles
therefor and not hang or place or allow to be hung or placed any articles or other goods of any description outside the Property or the entrance door thereof whether on the walkway or otherwise or from the windows of the Property nor expose outside
or from the windows of the Property any clothes articles or other goods of any description.
		
	4.19.	  	Obstruction
		
		  	Not to cause or allow the Common Parts to be damaged, obstructed or used in such a manner as to cause in the opinion of the Landlord any nuisance, damage or
annoyance.
		
	4.20.	  	Indemnities
		
		  	To indemnify and keep indemnified the Landlord in respect of:
		
	4.20.1.	  	All actions proceedings costs claims and demands which may be made by an adjoining owner tenant occupier or any other person whatsoever or any competent authority by
reason of:
			
		  	(a)	  	any defect in the Property for which the Tenant is liable hereunder
			
		  	(b)	  	interference or alleged interference or obstruction of any right of light air drainage or other right or alleged right now existing for the benefit of any Adjoining Property;

			
		  	(c)	  	any stoppage of the drains used in common with the owner or occupier of Adjoining Property due to the act or default of the Tenant;
		
	4.20.2.	  	All liability which may be incurred by the Landlord in respect of any of the matters referred to in clause 4.20.1 above;
		
	4.20.3.	  	Any breach by the Tenant of any of its obligations under this Lease;
		
	4.20.4.	  	Any claims proceedings or demands and the costs and expenses incurred thereby which may be brought against the Landlord by any employees workpeople agents or visitors
of the Tenant in

  

			
	Page 16

			
		  	respect of any accident loss or damage whatsoever to person or property howsoever caused and occurring in or upon the Property and without prejudice to the generality of this
sub-clause to indemnify the Landlord against all liability which the Landlord may incur for nuisance or negligence or breach of statutory duty under the Defective Premises Act 1972 on account of the condition of the Property or any part thereof;

		
	4.20.5.	  	All general rates which are payable by the Landlord as a result of the Tenant vacating the Property at any date prior to the expiry or earlier determination of the Term and this
sub-clause shall remain in force notwithstanding the expiry or earlier determination of the Term as aforesaid.
		
	4.21.	  	Entry by Landlord
		
		  	To permit the Landlord at all reasonable times and on reasonable notice (except in emergency) to enter the Property in order to:
		
	4.21.1.	  	inspect and record the condition of the Property or the Centre or the Adjoining Property;
		
	4.21.2.	  	remedy any breach of the Tenant’s obligations under this Lease;
		
	4.21.3.	  	repair, maintain, clean, alter, replace, install, re-route add to or connect up to any Conduits which serve the Centre or the Adjoining Property;
		
	4.21.4.	  	repair, maintain, inspect, construct, alter or rebuild any part of the Centre or the Adjoining Property including the flat roof of the Property;
		
	4.21.5.	  	comply with any of its obligations under this Lease;
		
	4.21.6.	  	comply with any present or future Law.
		
	4.22.	  	Landlord’s Costs
		
		  	To pay to the Landlord within 10 Working Days of demand amounts equal to such Costs as it may properly incur:
		
	4.22.1.	  	in connection with any application for consent made necessary by this Lease (including where consent is lawfully refused or the application is withdrawn but not where the
Landlord is obliged not to unreasonably withhold its consent and consent is unreasonably withheld) such costs being reasonable and proper;
		
	4.22.2.	  	incidental to or in reasonable contemplation of the preparation and service of a schedule of dilapidations (whether before or within six months after the end of the Term but
relating only to dilapidations occurring during the Term) or a notice or proceedings under Section 146 or Section 147 of the Law of Property Act 1925 (even if forfeiture is avoided other than by relief granted by the Court);
		
	4.22.3.	  	in connection with the enforcement or remedying of any breach of the covenants in this Lease on the part of the Tenant and any guarantor;
		
	4.22.4.	  	incidental to or in reasonable contemplation of the preparation and service of any notice under Section 17 of the 1995 Act.
		
	4.23.	  	Yielding up
		
		  	Immediately before the end of the Term:
		
	4.23.1.	  	to give up the Property with vacant possession repaired and otherwise in accordance with the Tenant’s covenants in this Lease;

 

			
	Page 17

			
	4.23.2.	  	unless the Landlord directs otherwise, to remove all alterations made during the Term or any preceding period of occupation by the Tenant and reinstate the Property as the
Landlord shall reasonably direct and to its reasonable satisfaction;
		
	4.23.3.	  	to remove all signs, tenant’s fixtures and fittings and other goods from the Property, and make good any damage caused thereby to the Landlord’s reasonable
satisfaction;
		
	4.23.4.	  	to replace any damaged or missing Landlord’s fixtures with ones of no less quality and value.
		
	4.24.	  	Encumbrances
		
		  	To perform and observe the Encumbrances so far as they relate to the Property.
		
	4.25.	  	Regulations
		
	4.25.1.	  	To observe all rules, regulations, and procedures relating to the management and control of the Common Parts and/or the Centre and to applications for consents by tenants
(including the Tenant) as made and varied from time to time by the Landlord in accordance with the principles of good estate management and notified in writing to the Tenant;
		
	4.25.2.	  	Not to hold on the Property a political meeting public show spectacle or sale by auction nor to sleep in the Property or permit anyone to do so or use the Property for any
residential use;
		
	4.25.3.	  	To ensure that the Landlord and the local police have written notice of the name and address and telephone number of at least two key holders of the Property;
		
	4.25.4.	  	Not to allow in the Property any machinery or equipment which is not appropriate for the Permitted Use or which causes noise or vibration which can be heard or felt outside the
Property.
		
	4.26.	  	Dedication of Forecourt
		
		  	If and when the Landlord desires to dedicate for public use the walkway and/or any of the precincts forming part of the Centre the Tenant shall make no objection thereto and
shall at the Landlord’s request give any consent thereto which may be required.
		
	4.27.	  	Fire Precautions and Equipment
		
	4.27.1.	  	To comply with the requirements and recommendations of the fire authority and, the insurers of the Centre and the Landlord in relation to fire precautions affecting the Property
and/or the Centre;
		
	4.27.2.	  	To keep the Property supplied and equipped with such fire fighting and extinguishing appliances as shall be required by any statute the local or other fire authority or the
insurers of the Centre or as shall be reasonably required by the Landlord (or at the Landlord’s option to pay to the Landlord on demand the cost of providing and installing any of the same) and such appliances shall be open to inspection and
shall be maintained to the reasonable satisfaction of the Landlord;
		
	4.27.3.	  	Not to obstruct the access to or means of working any fire fighting and extinguishing appliances or the means of escape from the Property or the Adjoining Property in case of
fire or other emergency;
		
	4.27.4.	  	If so required by the Landlord to install and link the Tenant’s fire alarm panel in the Property to the Landlord’s main fire panel for the Centre to the satisfaction of
the Landlord and in accordance with the Landlord’s reasonable requirements.
		
	4.28.	  	Fire Alarm Systems
		
	4.28.1.	  	To permit the Landlord and any company which is responsible for servicing and maintaining the fire alarm system (the Systems) in the Centre to enter the Property upon reasonable
notice (except in cases of emergency) during the Centre Opening Hours for the purpose of servicing and maintaining the Systems, the Landlord or company respectively causing as little disturbance as possible and making good any damage to the Property
and the fixtures fittings of the Tenant caused by such entry;

  

			
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	4.28.2.	  	Not to install in the Property any equipment or apparatus which:
			
		  	(a)	  	is intended to be an extension of any of the Systems and to be connected to any of the Systems, other than such equipment or apparatus as is compatible with the equipment of any
of such Systems and that has been approved in writing by the Landlord, such approval not to be unreasonably withheld; or
			
		  	(b)	  	may affect the performance of the Systems;
			
		  	(c)	  	not to make any connection to any of the Systems in the Property so as to affect any of the Systems outside the Property without the prior consent of the Landlord, such consent
not to be unreasonably withheld.
		
	4.29.	  	Registration procedure at the end of the Term
		
		  	As soon as practicable after the end of the Term (howsoever determined) to ensure that:
		
	4.29.1.	  	the registration of the Tenant’s title to this Lease and/or notice of this Lease (if any) is cancelled at the Land Registry and that the registration of any
rights created by this Lease (which are registered or noted at the Land Registry) is discharged withdrawn or cancelled as appropriate; and
		
	4.29.2.	  	evidence of that discharge withdrawal or cancellation is delivered to the Landlord’s solicitors within one month of completion of the discharge withdrawal or
cancellation; and
		
	4.29.3.	  	the Lease is returned to the Landlord; and
		
	4.29.4.	  	in default of the Tenant’s obligation in clause 4.29 the Tenant shall pay on demand all the Landlord’s costs on an indemnity basis incurred charged or
payable by the Landlord in connection with the Tenant’s default.
		
	5.	  	Landlord’s Covenants
		
		  	The Landlord covenants with the Tenant as follows:
		
	5.1.	  	Quiet Enjoyment
		
		  	That the Tenant may peaceably enjoy the Property during the Term without any interruption by the Landlord or any person lawfully claiming under or in trust for it.

		
	5.2.	  	Landlord’s Rights of Entry
		
		  	That if the Landlord shall exercise any of the rights of entry to the Property in this Lease unless resulting from any act or default of the Tenant:
		
	5.2.1.	  	the Landlord shall make good all physical damage to the Property or to the Tenant’s, trade fittings caused by such entry; and
		
	5.2.2.	  	the Landlord shall cause as little inconvenience as reasonably practicable in the exercise of such rights subject to the Tenant having co operated with the Landlord
in taking steps to minimise any damage to the Property.
		
	6.	  	Insurance
		
	6.1.	  	Landlord’s insurance covenants

  

			
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		  	The Landlord covenants with the Tenant as follows:
		
	6.1.1.	  	So far as available on the open insurance market to insure the Centre (other than tenant’s and trade fixtures and fittings and any plate glass in the Lettable
Units) unless the insurance is invalidated in whole or in part by any act or default of the Tenant:
			
		  	(a)	  	with an insurance office or underwriters of repute;
			
		  	(b)	  	against loss or damage by the Insured Risks;
			
		  	(c)	  	subject to such excesses exclusions and conditions as may be imposed by the insurers;
			
		  	(d)	  	in the full cost of reinstatement of the Centre (in modern form if appropriate) including shoring up, demolition and site clearance, professional fees, VAT and allowance for
building cost increases.
		
	6.1.2.	  	To insure against loss of the Rent payable or reasonably estimated by the Landlord to be payable under this Lease arising from damage to the Property by the Insured
Risks for three years or such longer period as the Landlord may reasonably require having regard to the likely period for reinstating the Centre.
		
	6.1.3.	  	At the request of the Tenant (but not more frequently than once in any year), to produce evidence of the terms of the insurance under this clause 6.1 and of payment
of the current premium.
		
	6.1.4.	  	If any part of the Centre is destroyed or damaged by an Insured Risk so as to adversely affect the Tenant’s use and enjoyment of the Property, then, unless
payment of the insurance moneys is refused in whole or part because of the act or default of the Tenant, and subject to obtaining all necessary planning and other consents, to reinstate the same (other than tenant’s and trade fixtures and
fittings) as quickly as reasonably practicable, in modern form if appropriate but not necessarily identical in layout and (in relation to the Property) substantially as it was before the destruction or damage.
		
	6.2.	  	Tenant’s insurance covenants
		
		  	The Tenant covenants with the Landlord throughout the Term or until released pursuant to the 1995 Act as follows:
		
	6.2.1.	  	To pay by way of additional rent to the Landlord within 20 Working Days of demand sums equal to:
			
		  	(a)	  	such proportion of the amount which the Landlord spends on insurance pursuant to clause 6.1.1 as the Landlord may from time to time determine and notify in writing to the Tenant;

			
		  	(b)	  	the whole of the amount which the Landlord spends on insurance pursuant to clause 6.1.2
		
	6.2.2.	  	To give the Landlord immediate written notice on becoming aware of any event or circumstance which might affect or lead to an insurance claim.
		
	6.2.3.	  	Not to cause the insurance maintained by the Landlord to be invalidated or the premiums to be increased.
		
	6.2.4.	  	To pay to the Landlord within 10 Working Days of demand:
			
		  	(a)	  	any increased premium and any Costs incurred by the Landlord as a result of a breach of clause 6.2.3;
			
		  	(b)	  	the whole of the irrecoverable proportion of the insurance moneys if the Centre or any part is destroyed or damaged by an Insured Risk but the insurance moneys are irrecoverable
in whole or part due to the act or default of the Tenant.
		
	6.2.5.	  	To comply with the requirements of the insurers.

  

			
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	6.2.6.	  	To notify the Landlord of the full reinstatement cost of any fixtures and fittings installed at the Property at the cost of the Tenant which become Landlord’s
fixtures and fittings.
		
	6.2.7.	  	Not to effect any insurance of the Property against an Insured Risk, but if the Tenant effects or has the benefit of any such insurance the Tenant shall hold any
insurance moneys upon trust for the Landlord and pay the same to the Landlord as soon as practicable.
		
	6.3.	  	Suspension of Rent
		
		  	If the Property is unfit for occupation and use because of damage by an Insured Risk to the Property or to the means of access to the Property within the Centre or to
the Services needed for the beneficial use of the Property then (save to the extent that payment of the loss of rent insurance moneys is refused due to the act or default of the Tenant) the Rent (or a fair proportion according to the nature and
extent of the damage and to the extent to which the Tenant has caused insurance to be invalidated) shall be suspended until the date on which the Property is again fit for occupation and use and/or accessible and/or the Services have been
reinstated.
		
	6.4.	  	Determination Right
		
	6.4.1.	  	
		  	(a)	  	If the Property is unfit for occupation and use because of damage by an Insured Risk to the Property or to the means of access to the Property within the Centre or the Services
needed for the beneficial use of the Property the Landlord shall within 6 months of the date of damage or destruction notify the Tenant in writing if it reasonably considers that reinstatement will take longer than 2 years from the date of damage or
destruction.
			
		  	(b)	  	If the Landlord gives the notification referred to in clause 6.4.1(a) either party may within 2 months of such notification terminate this Lease by written notice to the other.

		
	6.4.2.	  	If the Property is unfit for occupation and use because of damage by an Insured Risk to the Property or to the means of access to the Property within the Centre or
the Services needed for the beneficial use of the Property and reinstatement has not been completed by the expiry of the period for which loss of rent insurance has been effected by the Landlord so as to make the Property fit for occupation and use
then either party may (until the date on which the Property is so reinstated) terminate this Lease by notice in writing to the other.
		
	6.4.3.	  	Termination of this Lease pursuant to the provisions of clauses 6.4.1 or 6.4.2 shall be without prejudice to the liability of either party for any antecedent breach
of the covenants and conditions herein contained (save for clause 6.1.4 (Landlord’s covenant to reinstate) which shall be deemed not to have applied).
		
	7.	  	Forfeiture
		
		  	If any of the following events occurs:
		
	7.1.	  	the Tenant fails to pay any of the rents payable under this Lease within 20 Working Days of the due date (whether or not formally demanded); or
		
	7.2.	  	the Tenant or Guarantor (if any) breaches any of its obligations in this Lease; or
		
	7.3.	  	the Tenant or Guarantor (if any) being a company incorporated within the United Kingdom:
		
	7.3.1.	  	has an Administration Order made in respect of it; or
		
	7.3.2.	  	passes a resolution, or the Court makes an Order, for the winding up of the Tenant or the Guarantor, otherwise than a member’s voluntary winding up of a solvent
company for the purpose of amalgamation or reconstruction; or

  

			
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	7.3.3.	  	has a receiver or administrative receiver or receiver and manager appointed over the whole or any part of its assets or undertaking; or
		
	7.3.4.	  	is struck off the Register of Companies; or
		
	7.3.5.	  	is deemed unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986; or
		
	7.4.	  	proceedings or events analogous to those described in clause 7.3 shall be instituted or shall occur where the Tenant or Guarantor is a company incorporated outside the United
Kingdom; or
		
	7.5.	  	the Tenant or Guarantor (if any) being an individual:
		
	7.5.1.	  	has a bankruptcy order made against him; or
		
	7.5.2.	  	appears to be unable to pay his debts within the meaning of Section 268 of the Insolvency Act 1986; then the Landlord may re-enter the Property or any part of the Property in the
name of the whole and forfeit this Lease and the Term created by this Lease shall immediately end, but without prejudice to the rights of either party against the other in respect of any breach of the obligations contained in this
Lease.
		
	8.	  	Notices
		
	8.1.	  	All notices under or in connection with this Lease shall be given in writing.
		
	8.2.	  	Any such notice shall be duly and validly served if it is served (in the case of a company) to its registered office or (in the case of an individual) to its last known address
or (in the case of a notice to the Tenant) to the Property.
		
	8.3.	  	Any such notice shall be deemed to be given when it is:
		
	8.3.1.	  	personally delivered to any of the locations listed in clause 8.28.1; or
		
	8.3.2.	  	sent by registered post or special delivery, in which case service shall be deemed to occur on the Second Working Day after posting;
		
	9.	  	No Implied Easements
		
		  	The grant of this Lease does not confer any rights over the Centre or the Adjoining Property or any other property except those mentioned in Part I of Schedule 1, and Section 62
of the Law of Property Act 1925 is excluded from this Lease, nor shall this Lease impose any restriction on the use of any property not comprised in this Lease.
		
	10.	  	Tenant’s Acknowledgement
		
		  	Nothing in this Lease contained shall imply or warrant that the Property may in accordance with the Planning Acts be used for the purpose herein authorised and the Tenant hereby
acknowledges and admits that the Landlord has not given or made at any time any representation or warranty that any such use is or will be or will remain a permitted user under the Planning Acts.
		
	11.	  	Tenant’s Effects
		
		  	If at such time as the Tenant has vacated the Property on the determination of the Term either by effluxion of time or otherwise any property of the Tenant shall remain in or on
the Property and the Tenant shall fail to remove the same within four days after being requested by the Landlord so to do the Landlord may as the agent of the Tenant (and the Landlord is hereby appointed by the Tenant to act in that behalf) sell
such property and shall then hold the proceeds of the sale after deducting the costs and expenses of removal storage and sale reasonably and properly incurred by it and any other

 

			
	Page 22

			
		  	monies due from the Tenant to the Landlord to the order of the Tenant or apply the same towards sums owed by the Tenant to the Landlord Provided always that if such proceeds of
sale shall be insufficient to meet the costs and expenses as aforesaid the Tenant shall pay the amount of the deficiency on demand and will indemnify the Landlord against any claim or liability in respect thereof Provided further that the Tenant
will indemnify the Landlord against any liability incurred by it to any third party whose property shall have been sold by the Landlord in the bona fide mistaken belief (which shall be presumed unless the contrary be proved) that such property
belonged to the Tenant.
		
	12.	  	No Compensation
		
		  	Any right of the Tenant to claim compensation from the Landlord (whether on quitting the Property or otherwise) is excluded to the extent permitted by law.
		
	13.	  	Waiver
		
		  	The demand for and/or the acceptance of rent by the Landlord or its agents shall not constitute and shall not be construed to mean a waiver of any of the covenants on the part of
the Tenant herein contained or of the penalty attached to the non-performance thereof.
		
	14.	  	Contracts (Rights Of Third Parties) Act 1999
		
		  	A person who is not a party to this Lease has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Lease.
		
	15.	  	Disclaimer
		
		  	So far as allowed by law the Landlord shall not be responsible for any loss accident or damage sustained by the Tenant or any of its servants agents customers or other invitees
or licensees in the Centre whether to person or property nor for any damage caused to the Property nor shall the Tenant have any claim against the Landlord for any stoppage of or interruption in the provision of any Services or for obstruction or
interruption of any easement or right granted by this Lease by accident or by any reason outside the reasonable control of the Landlord or by any works of alteration repair or replacement or by the maintenance of the Centre or any plant machinery or
installations therein and the Landlord shall not be liable for any failure by it to observe and perform any obligation it may have to repair the Centre unless the Landlord has been given notice of the need for and adequate opportunity to undertake
such repair.
		
	16.	  	Lack of Warranty and Non-Exclusivity
		
	16.1.	  	Nothing contained in this Lease shall be deemed to constitute any warranty by the Landlord that the Property or any part thereof are authorised for use under any planning
legislation or are fit or otherwise usable for any specific purpose.
		
	16.2.	  	The Tenant acknowledges that this Lease does not confer on the Tenant the exclusive right to conduct the Permitted Use in the Centre.
		
	16.3.	  	This Lease embodies the entire understanding of the parties to it.
		
	16.4.	  	The Tenant acknowledges that it has not entered into this Lease relying wholly or partly on any statement or representation made by or on behalf of the Landlord unless the
statement:
		
	16.4.1.	  	was not capable of verification by search or enquiry; and
		
	16.4.2.	  	it was either made in this Lease or in writing by the Landlord’s solicitors to the Tenant’s solicitors before its grant.

 

			
	Page 23

			
	17.	  	Trustees’ Limitation
		
	17.1.	  	Dominion Corporate Trustees Limited and Dominion Trust Limited (together the Trustees) are entering into this Lease as Trustees of the Yate Shopping Centre Unit Trust (the
Unit Trust) and, as such, any liability on the part of the Trustees pursuant to this Lease shall be limited to the assets held on trust from time to time for the Unit Trust which are in their possession or under their control as trustees of
the Unit Trust.
		
	17.2.	  	Notwithstanding any other provision of this Lease the Trustees shall have no obligation to meet any claim or liability under this Lease save to the extent that they can properly
meet the claim or liability out of the assets from time to time of the Unit Trust.
		
	17.3.	  	The Tenant acknowledges that the effect of sub-clauses 17.1 and 17.2 above is that the Tenant shall have no recourse to any assets of the Trustees, other than those assets from
time to time comprising the trust fund of the Unit Trust.
		
	18.	  	Tenant Only Break clause
		
	18.1.	  	The Tenant shall be entitled to determine this Lease on the 7th day of May 2013 by giving to the Landlord no less than 3 months prior written notice of such desire (time being of
the essence) (Break Notice) and upon the expiry of such Break Notice and provided that and conditional upon the Pre-conditions as hereinafter defined having previously been satisfied the Term hereby granted shall thereupon cease and determine
but without prejudice to the rights and remedies of either party against the other in respect of any antecedent breach of covenant
		
	18.2.	  	For the purpose of sub-clause 18.1 hereof the Pre-conditions are that on the
7th day of May 2013:-
		
	18.2.1.	  	vacant possession of the whole of the Property is given to the Landlord; and
		
	18.2.2.	  	there are no arrears of rent or other outstanding payments due under the Lease or any document supplemental thereto; and
		
	18.2.3.	  	there are no material breaches by the Tenant of any covenants conditions or obligations on the part of the Tenant contained in the Lease.
		
	19.	  	Exclusion of Sections 24 to 28 of the Landlord and Tenant Act 1954 (1954 Act)
		
	19.1.	  	Notice and Declaration
		
		  	By letter sent by Recorded Delivery on                      2010 the Landlord
served Notice on the Tenant pursuant to the provisions of Section 38A(3) of the 1954 Act as inserted by the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003 and on 2010 a person duly authorised by the Tenant in relation to the
Notice made a statutory declaration pursuant to Schedule 2 of the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003.
		
	19.2.	  	Agreement to Exclude
		
		  	Pursuant to the provisions of Section 38A(1) of the 1954 Act as inserted by the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003 the parties agree that the
provisions of Sections 24 to 28 inclusive of the 1954 Act are to be excluded in relation to the tenancy created by this Lease.
		
	19.3.	  	Due Authorisation
		
		  	The declaration referred to in clause 19.1 having been made by a person other than the Tenant, the declarant was duly authorised by the Tenant to make the declaration on the
Tenant’s behalf.
		
		  	Executed by the parties hereto as their deed the day and year first before written.

  

			
	Page 24

 Schedule 1 - Rights and Encumbrances 

Part I - Easements and Other Rights granted 

There are granted to the Tenant (in common with others authorised by the Landlord): 

 

	1.	During the Centre Opening Hours the right to use in a proper manner the relevant Common Parts for access to and from the Property and for all other reasonable purposes;

  

	2.	Free and uninterrupted use of all existing and future Conduits which are in the Centre and serve the Property, subject to the Landlord’s rights to re-route the
same; 

  

	3.	The right to support and protection from the remainder of the Centre; 

  

	4.	The right to enter the Centre excluding the Lettable Units as necessary to perform clause 4.4 (repair) on reasonable prior written notice to the Landlord, subject to
causing as little inconvenience as practicable and complying with conditions reasonably imposed by the Landlord and making good all physical damage caused; 

 

	5.	The right in emergency of use of any fire escape routes within the Centre; 

 

	5.1	The right to use on foot only to access the Property the common passages and stairways provided for such purpose. 

Part II - Exceptions and Reservations 

There are excepted and reserved to the Landlord: 
  

	1.	The right to carry out any building, rebuilding, alteration or other works to the Centre and the Adjoining Property (including the erection of scaffolding) Provided
that the Landlord shall use reasonable endeavours to ensure that: 

  

	1.1	scaffolding shall only be erected within the Common Parts where reasonably necessary; 

 

	1.2	so far as reasonably practicable, any such works within the Common Parts shall be carried out in a manner which shall cause as little inconvenience as reasonably
practicable. 

  

	2.	Free and uninterrupted use of all existing and future Conduits which are in the Property and serve the Centre or the Adjoining Property and the right to re-route any
Conduits which serve the Property; 

  

	3.	Rights to enter on the Property for the purposes referred to in clause 4.21; 

 

	4.	The right of support and protection for other parts of the Centre; 

  

	5.	The right to close off or divert any service road, mall, Conduit or other part of the Common Parts subject to a reasonable alternative being made available;

  

	6.	The right from time to time to designate areas within the Common Parts for particular purposes such as (without limitation) service areas, car parks and fire escape
routes; 

  

	7.	The right to change the size and location of the Common Parts in any way or manner the Landlord may choose; 

 

	8.	All mines and minerals in or under the Property with full power of working and getting the same but only with the consent of the owner thereof and without (except with
such consent) disturbing the surface land; 

  

			
	Page 25

	9.	The right to build on or into any boundary or party wall of the Property and after giving reasonable prior written notice (except in an emergency) to enter the Property
to place and lay in, under or upon the same such footings for any intended party wall or party structure with the foundations therefor and for such purpose to excavate the Property along the line of the junction between the Property and the
Adjoining Property and also to keep and maintain the said footings and foundations and on completion of the work the Landlord or the person exercising the right shall make good without delay any damage thereby caused to the Property;

  

	10.	The right to place and keep within the Property such machinery for heating cooling and ventilating (being part of the overall system for heating cooling and ventilating
the Centre) and for providing a fire alarm system as may from time to time be necessary in such position as shall be determined by the Landlord; 

  

	11.	All rights of light or air now subsisting or which might (but for this exception and reservation) be acquired over the Centre or Adjoining Property;

 Part III - Encumbrances 

Entries in the Property and Charges Register of Title Number GR263543 

 

			
	Page 26

 Schedule 2 - Guarantee 

 

	1.	The Guarantor covenants with the Landlord as principal debtor that: 

  

	1.1	throughout the Term or until the Tenant is released from its covenants pursuant to the 1995 Act the Tenant will observe and perform its obligations contained in this
Lease and the Guarantor will indemnify the Landlord on demand against all Costs arising from any default of the Tenant in observing and performing its obligations under this Lease; 

 

	1.2	the Tenant will perform its obligations under any authorised guarantee agreement that it gives with respect to the performance of any of the covenants and conditions in
this Lease. 

  

	2.	The liability of the Guarantor shall not be affected by: 

  

	2.1	any time given to the Tenant or any failure by the Landlord to enforce compliance with the Tenant’s covenants and obligations; 

 

	2.2	the Landlord’s refusal to accept rent at a time when it would or might have been entitled to re-enter the Property; 

 

	2.3	subject to the provisions of Section 18 of the 1995 Act so far as they apply any variation of the terms of this Lease; 

 

	2.4	any change in the constitution, structure or powers of the Guarantor, the Tenant or the Landlord or the administration, liquidation or bankruptcy of the Tenant or
Guarantor; 

  

	2.5	any act which is beyond the powers of the Tenant; 

  

	2.6	the surrender of part of the Property but on such a surrender the liabilities of the Tenant will continue in respect of the part not surrendered and all relevant
apportionments shall be made under Section 140 of the Law of Property Act 1925. 

  

	3.	Where two or more persons have guaranteed obligations of the Tenant the release of one or more of them shall not release the others. 

 

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

  

	5.	If this Lease is disclaimed, and if the Landlord within 6 months of the disclaimer requires in writing, the Guarantor will enter into a new lease of the Property at the
cost of the Guarantor on the terms of this Lease (but as if this Lease had continued and so that any outstanding matters relating to rent review or otherwise shall be determined as between the Landlord and the Guarantor) for the residue of the Term
from and with effect from the date of the disclaimer. 

  

	6.	If this Lease is forfeited and if the Landlord within 6 months of the forfeiture requires in writing the Guarantor will (at the option of the Landlord):

  

	6.1	enter into a new lease as in paragraph 5 above with effect from the date of the forfeiture; or 

 

	6.2	pay to the Landlord within 10 Working Days of demand an amount equal to the moneys which would otherwise have been payable under this Lease until the date on which the
Property is fully re-let on terms acceptable to the Landlord (acting reasonably) and the proper costs of such reletting shall be payable by the Guarantor. 

  

			
	Page 27

					
	 Executed as a Deed by

Dominion Corporate Trustees Limited as 
	 		 	
	 Trustee of the Yate Shopping Centre Unit Trust

acting by two Directors or by a
	 		 	
	Director and its Secretary:	 		 	
		
		 	Director /s/ Isabel Ann Robins, Director
		
		 	Director/Secretary /s/ Andrew McNulty, Alternate Director
			
	 Executed as a Deed by

Dominion Trust Limited as Trustee 
 of
the Yate Shopping Centre Unit Trust 
	 		 	
	acting by two Directors or by a Director	 		 	
	and its Secretary:	 		 	
		
		 	Director /s/ Isabel Ann Robins, Director
		
		 	Director/Secretary /s/ Andrew McNulty, Alternate Director
			
	 Executed as a Deed by

Lionbridge (UK) Limited
	 		 	
	acting by two Directors or by	 		 	
	a Director and its Secretary:	 		 	
			
		 	Director	 	/s/ Christopher Wedgwood
			
		 	Director/Secretary	 	/s/ Ian Middlemiss

  

			
	Page 28Form of Warrant

 Exhibit 4.2 

WARRANT 

to purchase 

[            ] 

Shares of Common Stock of 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 

a Massachusetts Corporation 

** Exercisable only if countersigned by the Warrant Agent as Provided Herein** 

 

					
	
No.                    
	 		  	Issue Date:                    

 1. Definitions. Unless the context otherwise requires, when used herein the following terms shall
have the meanings indicated. 
 “Affiliate” means, with respect to any person, any person directly or
indirectly controlling, controlled by or under common control with, such other person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”) when used with respect to any person, means the possession, directly or indirectly, of the power to cause the direction of management or policies of such person, whether through the ownership of voting securities by contract or
otherwise. 
 “Appraisal Procedure” means a procedure whereby two independent appraisers, one chosen by the
Company and one by the Warrantholder (or if there is more than one Warrantholder, a majority in interest of Warrantholders), shall mutually agree upon the determinations then the subject of appraisal. Each party shall deliver a notice to the other
appointing its appraiser within 15 days after the Appraisal Procedure is invoked. If within 30 days after appointment of the two appraisers they are unable to agree upon the amount in question, a third independent appraiser shall be chosen within 10
days thereafter by the mutual consent of such first two appraisers or, if such first two appraisers fail to agree upon the appointment of a third appraiser, such appointment shall be made by the American Arbitration Association, or any organization
successor thereto, from a panel of arbitrators having experience in the appraisal of the subject matter to be appraised. The decision of the third appraiser so appointed and chosen shall be given within 30 days after the selection of such third
appraiser. If three appraisers shall be appointed and the determination of one appraiser is disparate from the middle determination by more than twice the amount by which the other determination is disparate from the middle determination, then the
determination of such appraiser shall be excluded, the remaining two determinations shall be averaged and such average shall be binding and conclusive on the Company and the Warrantholder; otherwise, the average of all three determinations shall be
binding and conclusive on the Company and the Warrantholder. The costs of conducting any Appraisal Procedure shall be borne by the Warrantholder requesting such Appraisal Procedure, except (A) the fees and expenses of the appraiser appointed by
the Company and any other costs incurred by the Company shall be borne by the Company and (B) if such Appraisal Procedure shall result in a determination that is disparate by 5% or more from the Company’s initial determination, all costs
of conducting such Appraisal Procedure shall be borne by the Company. 
 A person shall be deemed to “Beneficially
Own” any securities of which such person is considered to be a “Beneficial Owner” under Rule 13d-3 under the Exchange Act. 

“Board of Directors” means the Board of Directors of the Company. 

“Business Combination” means a merger, consolidation, statutory share exchange or similar transaction that requires
adoption by the Company’s stockholders. 

 “business day” means any day except Saturday, Sunday and any day which
shall be a legal holiday or a day on which banking institutions in the State of New York or in the Commonwealth of Massachusetts generally are authorized or required by law or other governmental actions to close. 

“Capital Stock” means (A) with respect to any person that is a corporation or company, any and all shares,
interests, participations or other equivalents (however designated) of capital or capital stock of such person and (B) with respect to any person that is not a corporation or company, any and all partnership or other equity interests of such
person. 
 “Common Stock” has the meaning set forth in Section 2. 

“Company” means Boston Private Financial Holdings, Inc., a Massachusetts corporation. 

“Company Subsidiary” means any Subsidiary of the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations promulgated thereunder. 
 “Exercise Price” means $6.62; provided, that the foregoing shall
be subject to adjustment or limitation as set forth herein. 
 “Expiration Time” has the meaning set forth in
Section 3. 
 “Fair Market Value” means, with respect to any security or other property, the fair market
value of such security or other property as determined by the Board of Directors, acting in good faith. If the Warrantholder does not accept the Board of Director’s calculation of fair market value and the Warrantholder and the Company are
unable to agree on fair market value, the Appraisal Procedure shall be used to determine Fair Market Value. 

“Fundamental Change” means the occurrence of one of the following: 

(i) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act files a Schedule TO or any
schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect ultimate Beneficial Owner of common equity of the Company representing more than 50% of the voting power of the outstanding Common
Stock; 
 (ii) consummation of any consolidation or merger of the Company or similar transaction or any sale, lease or other
transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any person other than one of the Company’s Subsidiaries, in each case
pursuant to which the Common Stock will be converted into cash, securities or other property, other than pursuant to a transaction in which the persons that Beneficially Owned, directly or indirectly, voting shares of the Company immediately prior
to such transaction Beneficially Own, directly or indirectly, voting shares representing a majority of the total voting power of all outstanding classes of voting shares of the continuing or surviving person immediately after the transaction; or

 (iii) the Company’s stockholders approve and adopt a plan of liquidation or dissolution of the Company or a sale of all
or substantially all of the Company’s assets. 
 “Governmental Entities” means any court, administrative
agency or commission or other governmental authority or instrumentality, whether federal, state, local or foreign, or any applicable industry self-regulatory organization. 

“Group” means a group as contemplated by Section 13(d)(3) of the Exchange Act. 

“Market Price” means, with respect to a particular security, on any given day, the last reported sale price regular way
or, in case no such reported sale takes place on such day, the average of the last closing bid and ask prices regular way, in either case on the principal national securities exchange on which the applicable securities are listed or admitted to
trading, or if not listed or admitted to trading on any national securities exchange, (A) the closing sale price for such day reported by The Nasdaq Global Select Market if 

 

 2 

 
such security is traded over-the-counter and quoted in The Nasdaq Global Select Market, or (B) if such security is so traded, but not so quoted, the average of the closing reported bid and
ask prices of such security as reported by The Nasdaq Global Select Market or any comparable system, or (C) if such security is not listed on The Nasdaq Global Select Market or any comparable system, the average of the closing bid and ask
prices as furnished by two members of the National Association of Securities Dealers, Inc. selected from time to time by the Company for that purpose. If such security is not listed and traded in a manner that the quotations referred to above are
available for the period required hereunder, the Market Price per share of Common Stock shall be deemed to be the fair value per share of such security as determined in good faith by the Board of Directors. 

“Ordinary Cash Dividends” means a regular quarterly cash dividend out of surplus or net profits legally available
therefor (determined in accordance with generally accepted accounting principles, consistently applied) and consistent with past practice. 

“person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act. 
 “Preliminary Fundamental Change” means, with respect to the Company,
(A) the execution of definitive documentation for a transaction or (B) the recommendation that stockholders tender in response to a tender or exchange offer, that could reasonably be expected to result in a Fundamental Change upon
consummation. 
 “Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any
Affiliate thereof pursuant to any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E thereunder, or pursuant to any other offer available to substantially all holders of Common Stock, whether
for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other person or any other property (including, without limitation, shares of Capital Stock, other securities or
evidences of indebtedness of a Company Subsidiary), or any combination thereof, effected while this Warrant is outstanding; provided, however, that “Pro Rata Repurchase” shall not include any purchase of shares by the Company
or any Affiliate thereof made in accordance with the requirements of Rule 10b-18 as in effect under the Exchange Act. The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange
under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 

“Purchaser” means BP Holdco, L.P., a Delaware limited partnership. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Shares” has the meaning set forth in Section 2. 

“Subsidiary” means, with respect to any person, any corporation, partnership, joint venture, limited liability company
or other entity (x) of which such person or a subsidiary of such person is a general partner or (y) of which a majority of the voting securities or other voting interests, or a majority of the securities or other interests of which having
by their terms ordinary voting power to elect a majority of the board of directors or persons performing similar functions with respect to such entity, is directly or indirectly owned by such person and/or one or more subsidiaries thereof.

 “Underlying Security Price” has the meaning set forth in Annex 1. 

“Warrant Agent” has the meaning set forth in Section 3. 

“Warrant Agreement” means the Warrant Agreement, dated as of
[            ], between the Company and the Warrant Agent. 

“Warrant Certificate” means this certificate evidencing the Warrant. 

 

 3 

 “Warrantholder” has the meaning set forth in Section 2. 

“Warrant” means the Warrant issued pursuant to the Warrant Agreement. 

2. Number of Shares; Exercise Price. This certifies that, for value received, [NAME OF HOLDER], its affiliates or its registered
assigns (the “Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from the Company, in whole at any time or in part from time to time,
[            ] fully paid and nonassessable shares of common stock, $1.00 par value per share, of the Company (the “Common Stock”), at a purchase price per
share of Common Stock equal to the Exercise Price. The number of shares of Common Stock (the “Shares”) and the Exercise Price are subject to adjustment as provided herein, and all references to “Common Stock”,
“Shares” and “Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments. This Warrant is issued pursuant to and in accordance with the Warrant Agreement, and will be subject to the additional
terms and conditions set forth in the Warrant Agreement. 
 3. Exercise of Warrant; Term. Subject to the terms and
conditions hereof, to the extent permitted by applicable laws and regulations, the right to purchase the Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time or from time to time after 9:00 a.m.,
New York City time, on the date hereof, but in no event later than 5:00 p.m., New York City time, on the fifth anniversary of the date of issuance of the Warrant (the “Expiration Time”), by (A) the surrender of this Warrant and
Notice of Exercise annexed hereto, duly completed and executed on behalf of the Warrantholder, at the corporate trust office of John A. Beccia, III, or his successor as warrant agent (the “Warrant Agent”), at Boston Private
Financial Holdings, Inc., Ten Post Office Square, Boston, MA 02109 (or such other office or agency of the Warrant Agent in the United States as it or the Company may designate by notice in writing to the Warrantholder at the address of the
Warrantholder appearing on the books of the Company), and (B) payment of the Exercise Price for the Shares thereby purchased at the election of the Warrantholder in one of the following manners: 

(i) by tendering to the Warrant Agent in cash, by certified or cashier’s check or by wire transfer payable to the
order of the Company, or 
 (ii) by having the Warrant Agent withhold shares of Common Stock issuable upon
exercise of this Warrant equal in value to the aggregate Exercise Price as to which this Warrant is so exercised, based on the Market Price of the Common Stock on the trading day immediately prior to the date on which this Warrant is exercised and
the Notice of Exercise is delivered to the Warrant Agent. 
 If the Warrantholder does not exercise this Warrant in its
entirety, the Warrantholder will be entitled to receive from the Warrant Agent, on behalf of the Company, within a reasonable time, and in any event not exceeding three business days, a new Warrant Certificate in substantially identical form for the
purchase of that number of Shares equal to the difference between the number of Shares issuable pursuant to the Warrant evidenced by the Warrant Certificate and the number of Shares as to which the Warrant is so exercised. 

4. Issuance of Shares; Authorization; Listing. Certificates for Shares issued upon exercise of this Warrant will be issued in such
name or names as the Warrantholder may designate and will be delivered to such named person or persons within a reasonable time, not to exceed three business days after the date on which this Warrant has been duly exercised in accordance with the
terms of this Warrant. The Company hereby represents and warrants that any Shares issued upon the exercise of this Warrant in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and
nonassessable and free from all taxes, liens and charges (other than liens or charges created by the Warrantholder or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued will be
deemed to have been issued to the Warrantholder as of the close of business on the date on which the Warrant Certificate and payment of the Exercise Price are delivered to the Warrant Agent in accordance with the terms hereof, notwithstanding that
the stock transfer books of the Company may then be closed or certificates representing such Shares may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued Common
Stock, solely for the purpose of providing for the exercise of this Warrant, the aggregate number of shares of Common Stock issuable upon exercise of this Warrant. The Company will (A) procure, at its sole expense, the listing of the

  

 4 

 
Shares and other securities issuable upon exercise of this Warrant, subject to issuance or notice of issuance on all stock exchanges on which the Common Stock is then listed or traded and
(B) maintain the listing of such Shares after issuance. The Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange
on which the Shares are listed or traded. Before taking any action which would cause an adjustment pursuant to Section 12 to reduce the Exercise Price below the then par value (if any) of the Common Stock, the Company shall take any and all
corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock at the Exercise Price as so adjusted. 

5. No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon any exercise
of this Warrant. In lieu of any fractional Share to which the Warrantholder would otherwise be entitled, the Warrantholder shall be entitled to receive a cash payment equal to the Market Price of the Common Stock on the last trading day preceding
the date of exercise less the Exercise Price for such fractional share. 
 6. No Rights as Stockholders; Transfer Books.
This Warrant does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer books against transfer of this Warrant in any
manner which interferes with the timely exercise of this Warrant. 
 7. Charges, Taxes and Expenses. Issuance of
certificates for Shares to the Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates, all of which
taxes and expenses shall be paid by the Company. 
 8. Transfer/Assignment. Without obtaining the consent of the Company
to assign or transfer this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, upon the books of the Company by the registered holder hereof in person or by duly authorized attorney, and a new warrant shall be made
and delivered by the Company, of the same tenor and date as this Warrant but registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office of the Warrant Agent described in Section 3, and
delivery of the form of assignment annexed hereto, duly completed and executed. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new warrants pursuant to this
Section 8 shall be paid by the Company. 
 9. Exchange and Registry of Warrant. The Warrant evidenced by this
Warrant Certificate is exchangeable, upon the surrender hereof by the Warrantholder to the office of the Warrant Agent referred to in Section 3, for a new warrant or warrants of like tenor and representing the right to purchase the same
aggregate number of Shares. The Warrant Agent shall maintain a registry in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates (showing the name and address of the Warrantholder as the registered
holder of this Warrant) and exchanges and transfers thereof. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at the office of the Warrant Agent referred to in Section 3, and the Company shall be entitled
to rely in all respects, prior to written notice to the contrary, upon such registry. 
 10. Loss, Theft, Destruction or
Mutilation of Warrant. Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the loss, theft, destruction or mutilation of the Warrant Certificate, and in the case of any such loss, theft or destruction,
upon receipt of an indemnity or security reasonably satisfactory to the Warrant Agent and the Company, or, in the case of any such mutilation, upon surrender and cancellation of the Warrant Certificate, the Company shall execute, and an authorized
officer of the Warrant Agent shall manually countersign and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of like tenor and representing the right to purchase the same aggregate number
of Shares as provided for in such lost, stolen, destroyed or mutilated Warrant Certificate. 
  

 5 

 11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 

12. Adjustments and Other Rights. The Exercise Price and the number of Shares issuable upon exercise of this Warrant shall be
subject to adjustment from time to time as follows; provided that no single event shall cause an adjustment under more than one subsection of this Section 12 so as to result in duplication. 

(A) Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) declare and pay a dividend or
make a distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock
into a smaller number of shares, the number of Shares issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be
proportionately adjusted so that the Warrantholder after such date shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled to receive in respect of the shares of Common Stock subject to
this Warrant after such date had this Warrant been exercised immediately prior to such date. In such event, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be adjusted to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment and (2) the Exercise Price in effect
immediately prior to the record or effective date, as applicable with respect to the dividend, distribution, subdivision, reclassification or combination giving rise to this adjustment by (y) the new number of Shares issuable upon exercise of
the Warrant determined pursuant to the immediately preceding sentence. 
 (B) Other Distributions. In case the Company
shall fix a record date for the making of a distribution to all holders of shares of its Common Stock (i) of shares of any class other than its Common Stock, (ii) of evidence of indebtedness of the Company or any Company Subsidiary,
(iii) of assets (excluding Ordinary Cash Dividends or dividends or distributions referred to in Section 12(A)), or (iv) of rights or warrants, in each such case, the Exercise Price in effect prior thereto shall be reduced immediately
thereafter to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the first date on which the Common
Stock trades regular way on The NASDAQ Global Select Market without the right to receive such dividend or distribution, minus the Fair Market Value of the shares or evidences of indebtedness or assets or rights or warrants to be so distributed in
respect of one share of Common Stock, and (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the number of Shares issuable upon the
exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the Exercise Price in effect
immediately prior to the issuance giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the event that such distribution is not so made, the Exercise Price and the
number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights or warrants, as the
case may be, to the Exercise Price that would then be in effect and the number of Shares that would then be issuable upon exercise of this Warrant if such record date had not been fixed. 

(C) Certain Repurchases of Common Stock. In case the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise
Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the effective date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number
of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates
of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall be the product of (i) the number of shares of Common Stock outstanding immediately
prior to such Pro Rata Repurchase minus the number of shares of Common 
  

 6 

 
Stock so repurchased and (ii) the Market Price per share of Common Stock on the trading day immediately preceding the first public announcement of such Pro Rata Repurchase. In such event,
the number of shares of Common Stock issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such
adjustment, and (2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. 

(D) Business Combinations. Subject to Section 13 of this Warrant, in case of any Business Combination or reclassification of
Common Stock (other than a reclassification of Common Stock referred to in Section 12(A)), this Warrant shall be exercisable for the number of shares of stock or other securities or property (including cash) to which a holder of the number of
shares of Common Stock issuable upon exercise of this Warrant immediately prior to such Business Combination or reclassification would have been entitled to receive upon such Business Combination or reclassification; and in any such case, if
necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Warrantholder shall be appropriately adjusted so as to be applicable, as nearly as may reasonably be, to any shares of stock or other securities or
property thereafter deliverable on the exercise of this Warrant. In determining the kind and amount of stock, securities or the property receivable upon exercise of this Warrant following the consummation of such Business Combination, if the holders
of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the Warrantholder shall have the right to make a similar election upon exercise of this Warrant with respect
to the number of shares of stock or other securities or property which the Warrantholder will receive upon exercise of this Warrant. 

(E) Rounding of Calculations; Minimum Adjustments. All calculations under this Section 12 shall be made to the nearest
one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of this Section 12 to the contrary notwithstanding, no adjustment in the Exercise Price or the number of Shares into
which this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto
shall be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more. 

(F) Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which the provisions of this
Section 12 shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (i) issuing to the Warrantholder of this Warrant exercised after such
record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required by such event over and above the shares of Common Stock issuable upon such exercise before
giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however, that the Company upon request shall deliver to such Warrantholder a due
bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment. 

(G) Adjustment for Unspecified Actions. If the Company takes any action affecting the Common Stock, other than actions described
in this Section 12, which in the opinion of the Board of Directors would materially and adversely affect the exercise rights of the Warrantholder, the Exercise Price for the Warrant and/or the number of Shares received upon exercise of the
Warrant shall be adjusted for the Warrantholder’s benefit, to the extent permitted by law, in such manner, and at such time, as such Board of Directors after consultation with the Warrantholder shall reasonably determine to be equitable in the
circumstances. Failure of the Board of Directors to provide for any such adjustment will be evidence that the Board of Directors has determined that it is equitable to make no such adjustments in the circumstances. 

(H) Statement Regarding Adjustments. Whenever the Exercise Price or the number of Shares into which this Warrant is exercisable
shall be adjusted as provided in Section 12, the Company shall forthwith file at the office of the Warrant Agent referred to in Section 3, a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price
that shall be in effect and the number of Shares into which this Warrant shall be exercisable after such adjustment, and the Company shall also cause a copy of such statement to be sent by mail, first-class postage prepaid, to each Warrantholder at
the address appearing in the Warrant registry. 
  

 7 

 (I) Notice of Adjustment Event. In the event that the Company shall propose to take
any action of the type described in this Section 12 (but only if the action of the type described in this Section 12 would result in an adjustment in the Exercise Price or the number of Shares into which this Warrant is exercisable or a
change in the type of securities or property to be delivered upon exercise of this Warrant), the Company shall give notice to the Warrantholders, by first-class mail at their addresses in the Warrant registry, which notice shall specify the record
date, if any, with respect to any such action and the approximate date on which such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise
Price and the number, kind or class of shares or other securities or property which shall be deliverable upon exercise of this Warrant. In the case of any action which would require the fixing of a record date, such notice shall be given at least 10
days prior to the date so fixed, and in case of all other action, such notice shall be given at least 15 days prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of any such action. 
 (J) No Impairment. The Company will not, by amendment of its articles of organization or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by
the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and the Warrant Agreement and in taking of all such action as may be necessary or appropriate in order to protect the rights of the
Warrantholder. 
 (K) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any
action which would require an adjustment pursuant to this Section 12, the Company shall take any action which may be necessary, including obtaining regulatory, NASDAQ or stockholder approvals or exemptions, in order that the Company may
thereafter validly and legally issue as fully paid and nonassessable all shares of Common Stock that the Warrantholder is entitled to receive upon exercise of this Warrant pursuant to this Section 12. 

(L) Adjustment Rules. Any adjustments pursuant to this Section 12 shall be made successively whenever an event referred to
herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount below par value of the Common Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par
value of the Common Stock. 
 13. Fundamental Change. Upon the occurrence of a Preliminary Fundamental Change or
Fundamental Change, and by delivering written notice thereof to the Warrant Agent, the Warrantholder may cause the Company to purchase any Warrant, in whole or in part, acquired hereunder that the Warrantholder then holds, at the higher of
(i) the Fair Market Value of the Warrant and (ii) a valuation based on a computation of the option value of the Warrant using Black-Scholes calculation methods and making the assumptions described in the Black-Scholes methodology described
in Annex 1. Payment by the Company to the Warrantholder of such purchase price shall be due upon the occurrence of the Fundamental Change, subject to the mechanics described in the last paragraph of Annex 1. At the election of the
Company, all or any portion of such purchase price may be paid in cash or shares of Common Stock valued at the Market Price of a share of Common Stock as of (A) the last trading day prior to the date on which this payment occurs or (B) the
first date of the announcement of such Preliminary Fundamental Change or Fundamental Change (whichever is less), so long as such payment does not cause the Company to fail to comply with applicable NASDAQ requirements or the requirements of any
other Governmental Entities. The Company agrees that it will not take any action resulting in a Preliminary Fundamental Change or Fundamental Change in the absence of definitive documentation providing for such election right of the Warrantholder
pursuant to this Section 13. Following a Preliminary Fundamental Change, the Warrantholder shall not be restricted from engaging in any hedging or derivative program reasonably necessary in the opinion of the Warrantholder to secure the option
value of this Warrant so adjusted. For the avoidance of doubt, it is understood and agreed that (i) the reference to “equity securities” in this Section 13 includes preferred stock and (ii), if the Company were to elect to issue
preferred stock in satisfaction of its obligations under this Section 13, it could do so in the form of depositary shares for one or more shares of preferred stock as determined by it in its discretion. 

 

 8 

 14. Governing Law. This Warrant shall be binding upon any successors or assigns of
the Company. This Warrant will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State (except to the extent that mandatory provisions of
Massachusetts law are applicable). The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan, State of New York for any actions, suits or
proceedings arising out of or relating to this Warrant and the transactions contemplated hereby. 
 15. Attorneys’
Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder as the holder of this Warrant relating hereto, the prevailing party shall be entitled to reasonable attorneys’ fees and expenses incurred in
enforcing this Warrant. 
 16. Prohibited Actions. The Company agrees that it will not take any action which would
entitle the Warrantholder to an adjustment of the Exercise Price if the total number of shares of Common Stock issuable after such action upon exercise of this Warrant, together with all shares of Common Stock then outstanding and all shares of
Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and other rights, would exceed the total number of shares of Common Stock then authorized by its articles of organization. 

17. Entire Agreement. This Warrant and the exhibits and attachments hereto contain the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect thereto. 

[Remainder of page intentionally left blank] 
  

 9 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a duly
authorized officer. 
 Dated: 
  

			
	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
	 Address:
	 	
		
	 Attest:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	Countersigned:
	
	[                    ], as Warrant Agent
	  

	
[                    
]

	 Address:
	 	

  

					
	[Signature Page to Warrant]	  	1	  	

 [Form Of Notice Of Exercise] 

Date:                     

 TO:
[                    ] 

Boston Private Financial Holdings, Inc. 

RE: Election to Subscribe for and Purchase Common Stock 

The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of
shares of the Common Stock set forth below covered by such Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay the aggregate Exercise Price for such shares of Common Stock in the manner set forth below. A
new warrant evidencing the remaining shares of Common Stock covered by such Warrant, but not yet subscribed for and purchased, if any, should be issued in the name set forth below. If the new warrant is being transferred, an opinion of counsel is
attached hereto with respect to the transfer of such warrant. 
 Number of Shares of Common Stock:
                                 

Method of Payment of Exercise Price (note if cashless exercise pursuant to Section 
3(ii) of the Warrant):                                  

Name and Address of Person to be 
 Issued New
Warrant:                                  

 

			
	 Holder: 
	 	 
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

					
	[Form of Notice of Exercise]	  	1	  	

 [Form of Assignment To Be Executed If Warrantholder 

Desires To Transfer Warrants Evidenced Hereby] 

FOR VALUE RECEIVED
                     hereby sells, assigns and transfers unto 

 

					
	  
	 		  	
	(Please print name)	 		  	(Please insert social security or other identifying number)
	  
	 		  	
	Address	 		  	
	  
	 		  	
	City, including zip code)	 		  	
	
	the Warrants represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint
                     as attorney to transfer said Warrant Certificate on the books of the Warrant Agent with full power of substitution
in the premises.
			
		 		  	  

		 		  	Signature
		 		  	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate and must bear a signature guarantee by a bank, trust company or
member broker of the New York, Midwest or Pacific Stock Exchange)
	Signature Guaranteed	 		  	
	  
	 		  	

  

					
	[Form of Assignment]	  	1	  	

 ANNEX 1 

Black-Scholes Assumptions 

For the purpose of this Annex 1: 

“Acquiror” means (A) the third party that has entered into definitive document for a transaction, or (B) the
offeror in the event of a tender or exchange offer, which could reasonably result in a Fundamental Change upon consummation. 
  

			
	Underlying Security Price:	  	 •       In the event of a merger or acquisition, (A) in the event of an “all
cash” deal, the cash per share offered to the Company’s stockholders by the Acquiror; (B) in the event of an “all stock” deal, (1) in the event of a fixed exchange ratio transaction, the product of (i) the average of the Market
Price of the Acquiror’s common stock for the ten trading day period ending on the day preceding the date of the Preliminary Fundamental Change and (ii) the number of Acquiror’s shares being offered for one share of Common Stock and (2) in
the event of a fixed value transaction, the value offered by the Acquiror for one share of Common Stock; (C) in the event of a transaction contemplating various forms of consideration for each share of Common Stock, the cash portion, if any, shall
be valued as clause (A) above and the stock portion shall be valued as clause (B) above and any other forms of consideration shall be valued by the Board of Directors of the Company in good faith, without applying any discounts to such
consideration.

		
		  	 •       In the event of all other Fundamental Change events, the average of the Market
Price of the Common Stock for the five trading day period beginning on the date of the Preliminary Fundamental Change.

		
	Exercise Price: 	  	The Exercise Price as adjusted and then in effect for the Warrant.
		
	Dividend Rate: 	  	The Company’s annualized dividend yield as of the date of the Preliminary Fundamental Change in the event of a Fundamental Change (the “Reference Date”).

		
	Interest Rate: 	  	The applicable U.S. 5-year treasury note risk free rate as of the Reference Date.
		
	Model Type: 	  	Black-Scholes
		
	Exercise Type: 	  	American
		
	Put or Call: 	  	Call
		
	Trade Date: 	  	The Reference Date
		
	Expiration Date: 	  	Expiration Time
		
	Settle Date: 	  	The Reference Date
		
	Exercise Delay: 	  	0
		
	Volatility: 	  	The average daily volatility over the previous six months for the Common Stock as listed by Bloomberg L.P., as of the Reference Date

Such valuation of the Warrant based on the Black-Scholes methodology shall not be discounted in any way. If the Warrantholder disputes such Black-Scholes
valuation pursuant to this Annex 1 as calculated by the 
  

 1 

 
Company, the Company and the Warrantholder will choose a mutually-agreeable firm to compute the valuation of the Warrant using the guidelines above, and such valuation shall be final. The fees
and expenses of such firm shall be borne equally by the Company and the Warrantholder. 
 The Company covenants that it will not close a
Fundamental Change transaction or otherwise facilitate the closing of a tender or exchange offer as referenced above until giving the Warrantholder at least five business days to sell or distribute the Common Stock to be received in an exchange and
will cooperate with the Warrantholder to ensure that there is an effective registration statement available to facilitate such a sale during such five business day period or an effective opportunity is provided in the case of a tender or exchange
offer as referenced above to tender such shares in to the offer. 
  

 2

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