Document:

Exhibit 10.26

 

INDENTURE OF LEASE

 

THIS INDENTURE
OF LEASE is made in Bangalore on this First Day of October Two Thousand Eighteen (01/10/2018) by and

 

BETWEEN

 

INFORMATION
TECHNOLOGY PARK LIMITED, a Company incorporated under the Companies Act, 1956, having its Registered Office at 3rd
Floor, Discoverer Building, International Tech Park, Whitefield Road, Bangalore 560 066 hereinafter called “ITPL”
(which expression shall unless repugnant to the context or meaning thereof be deemed to include its successors in business
and assigns) of the One Part, represented by its Authorized Signatory Mr. Anirban Choudhury;

 

AND

 

ACHRONIX
SEMICONDUCTORS INDIA PVT LTD., a Company incorporated under the Companies Act, 1956, having its Registered Office at
Unit No 7B & 8, 5th Floor, Creator Building, Bangalore — 560 066, hereinafter called “Lessee” (which
expression shall unless repugnant to the context or meaning thereof be deemed to include its successors in business and assigns)
of the One Part, represented by its Authorized Signatory Ms. Uma Louis;

 

ITPL and Lessee are individually referred
to as “Party” and collectively as “Parties”

 

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Department of Stamps and Registration

 

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WHEREAS

 

	1.	Karnataka Industrial Areas Development Board (hereinafter referred to as KIADB) transferred and
assured unto Information Technology Park Limited, the land measuring about 68 acres 20 guntas with the structures and buildings
thereon comprised in a portion of Survey Numbers 80, 83, 85, 86 in Sadarmangala Village and Survey Numbers 110/1, 110/2, 111/2,
113/1, 113/2, 114/1, 114/3A, 114/3B, 115/1, 115/2, 115/3, 116, 117, 118 & 119 and 114/B in Pattandur Agrahara Village,
Krishnarajapuram Hobli, Bangalore Urban, which is more fully described in SCHEDULE A vide

 

		i)	Sale Deed No. 8857 of 97-98 dated 28.11.1997 registered in the Office of Sub-Registrar, Krishnarajapura,
Bangalore and

 

		ii)	Sale Deed No. 20192 of 2004-05 dated 01.12.1999 registered in the Office of Sub-Registrar,
Krishnarajapura, Bangalore, granting freehold title to ITPL.

 

	2.	In accordance with the various permissions, ITPL has developed the said land by constructing
on the said land inter alia several multi-storied buildings consisting of Office, Production, Commercial and Residential
Units (hereinafter referred to as “the said buildings’) the entire development intended to be used for
Electronics, Information Technology, Telecommunication, IT Enabled Services and other allied activities.

 

	3.	The Lessee being a IT /ITES entity is eligible for allotment of a Unit in the International Tech
Park Bangalore and having evinced an interest in acquiring by way of Lease the Office Unit described in clause 1 herein below and
ITPL is agreeable to lease such Office Unit to the Lessee.

 

	4.	The Parties are now desirous of entering into this Indenture setting out the terms and conditions
on which the Office Unit is to be taken on lease by the Lessee.

 

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NOW THIS INDENTURE WITNESSETH
AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

 

	1.0	UNIT DESCRIPTION:

 

	1.1	Unit No.7B & 8,5th Floor, Creator Building, measuring 9486.56 Sq.Ft SBA (Super
Built up Area) situated at, ITPB, Whitefield Road, Bangalore - 560 066 and more fully described and demarcated on the floor
plan annexed hereto as ANNEXURE 1 and shown surrounded by a red color boundary line.

 

	2.0	USAGE:

 

	2.1	The Lessee shall use the Unit only for the purpose of IT/ITES and shall not use the same for any
other purpose without the prior written consent of ITPL.

 

	2.2	ITPL may, if it deems fit and subject to such terms and conditions as may be specified in writing,
allow the change of or carrying on of additional activities, provided that the same are permitted as per the permissions granted
to ITPL by Government bodies/authorities in connection with the IT Park,

 

	2.3	The Lessee undertakes and represents that it has obtained all necessary permissions and approvals
as required, to carry out its activities in the Unit and is legally competent to enter into this Indenture and shall be solely
responsible and liable for the same.

 

	3.	TENURE, RENT FREE PERIOD & LOCK-IN-PERIOD:

 

	3.1	The Lease shall be for a fixed term of Three (3) years. The lease shall commence on 01st
October, 2018 (Lease Commencement Date) and expires on 30th September, 2021.

 

	3.2	The Lease shall be subject to a Lock-in Period of Two (2) years including 6 months’
notice period, commencing from the lease commencement date implying that the Lessee must give termination notice of six months
at the expiry of 18 months. The Lessee shall give 6 months’ notice to terminate the indenture after the Lock-in Period. If
the Lessee terminates the Indenture during the Lock-in-Period, the Lessee undertakes to pay an amount equivalent to the rental
and Operation & Maintenance charges for the remaining period of the lock in period or six months’ notice period
whichever is higher.

 

	3.3	The Lease shall be renewed on mutually agreeable terms to both the parties. The Lessee shall issue
a written notice to ITPL of its intention to renew at least 180 days prior to the expiration of the lease term. In the absence
of such intimation, ITPL, at its option can proceed to market the space to other prospective clients and extension of lease
in such case will not be considered. Such renewed leases shall be duly stamped and registered, if required, in the jurisdictional
Office of the Sub Registrar.

 

	3.4	It is also clarified that Lessee shall handover vacant, reinstated and de-bonded (if applicable)
possession of the Unit after Six (6) months’ notice failing which holding over charges are applicable as per Holding
Over Charges Clause.

 

	4.	SPECIFICATIONS:

 

	4.1	The specifications of the Unit are enclosed at ANNEXURE-3.

 

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	5.	CONSIDERATION :

 

	5.1	Rental: The Lessee shall pay the monthly lease rentals in the following manner :

 

	a.	Rs. 5,21,761/ * per month for the Unit at the rate of Rs.55/- per square foot per
month from 1st October, 2018 to 30th September, 2019,

 

	b.	Rs. 5,47,849/-* per month for the Unit at the rate of Rs.57.75/- per sft (SBA) per
square foot per month from 1st October, 2019 to 30th September, 2020,

 

	c.	Rs. 5,75,265/-* per month for the Unit at the rate of Rs.60.64/- per sft (SBA) per
square foot per month from 1st October, 2020 to 30th September, 2021

 

	d.	The rental is payable every month in advance on or before the 5th day of the month. The invoice
to be provided by ITPL to the Lessee with regard to the payment of Rent shall not be a pre-condition to such payment of Rent by
the Lessee. In the event of any dispute in the invoice raised by ITPL, the Lessee shall make the payment as per the invoice and
the disputed amount shall be adjusted through a debit/credit note after reconciliation of accounts.

 

	5.2	Security deposit: The Lessee had deposited an interest free refundable security deposit
amounting to Rs.62,61,130/- (Rupees Sixty two lakhs sixty one thousand one hundred and thirty only). From on 2nd
year of lease tenure the Lessee shall pay an additional top-up deposit annually based on the rental escalation. At the start of
2nd Year of the lease tenure, the lessee shall deposit an amount of Rs.3,13,058/- (Rupees Three Lakhs Thirteen
Thousand and Fifty Eight only) as additional top-up deposit and at the start of 3rd year of the lease tenure the lessee
shall deposit an amount of Rs.3,28,992/-(Rupees Three Lakhs Twenty Eight Thousand Nine Hundred and Ninety Two only) as additional
top-up deposit, as and by way of security for the due observance and compliance of terms and conditions of this Indenture. The
Lessor hereby acknowledges and confirms receipt of the said deposit. The amount of such deposit shall be as mentioned in ANNEXURE
 — 2. The Security Deposit shall be returned to the Lessee after handing over the vacant, de-bonded, reinstated and peaceful
possession of the Unit by the Lessee, subject to deduction of such sum as may be due and owing by the Lessee to ITPL under this
Indenture including any dues to the unit. The Security deposit shall be returned by ITPL to the Lessee, within a period of 14 working
days after handing over vacant, reinstated and de-bonded possession of the Unit.

 

	5.3	ITPL shall forfeit the Security Deposit paid until such time, in case the Lessee withdraws any
time before the Lease Commencement Date.

 

	5.4	Late payment: ITPL shall be entitled to charge interest at the rate 2% per month or part
thereof on all delayed payments under the terms of these presents, from the date the said amount is payable by the Lessee, till
the date of payment of the said amount.

 

	5.5	Stamp duty and Others: The Lessee shall pay stamp duty, registration charges and other costs
and expenses incidental to the registration of this Indenture of Lease.

 

	5.6	Payment Date: The rent shall be payable in advance without any deduction on or before the
5th day of every month. The rental for the first month from the date of lease commencement shall be payable in advance on a pro-rata
basis for the remaining part of the month. All other amounts towards payment of electricity etc shall be paid within a period of
7 days from the date of billing.

 

	5.7	Services Agreement : The Lessee shall enter into a separate Services Agreement with the
ITPL or its assignee(s) in relation to the operation and maintenance of the common areas and the use of the car park.

 

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	6.	TERMINATION:

 

	6.1	ITPL shall be entitled to terminate the lease in the event the Lessee commits any breach beyond
by issuing a 30 days notice period in writing.

 

	6.2	In the event the rent and the amounts payable as provided in these presents and any increase therein,
shall be in arrears for the period of 30 days after becoming due, or if the Lessee fails to observe and perform any of the covenants,
terms and conditions, it shall be lawful for ITPL to take legal recourse. The liability to pay interest on delayed payments shall
not affect ITPL’s right to terminate these presents or any other legal right that may accrue to ITPL as a result of such
breach by the Lessee, including the right to claim damages. A failure by the Lessee to make payment of the amounts on the dates
they are due, will be considered as breach of this Indenture and the consequences provided upon such breach shall follow.

 

	6.3	ITPL shall give a 30 days notice in writing to the Lessee before exercising the legal recourse.
The notice shall require the Lessee to pay the amounts payable as provided in these presents or to make good the breach of the
terms and conditions in respect of which the aforesaid right is intended to be exercised by ITPL and the failure by the Lessee
to do so within 30 days from the date of receipt of such notice shall constitute a breach.

 

	7.	LESSEE’S RIGHTS AND COVENANTS:

 

The Lessee shall:

 

	7.1	Be entitled, including its employees/ assigns, to the use of the lifts, entrances, staircases,
corridors passages, common areas and access to the building for the purpose of ingress and egress to and from the said Unit, 24
hours a day and for the entire duration of the lease without any interruption or interference.

 

	7.2	Upon the Lessee paying the rent and the amounts as provided in these presents and observing and
performing the terms and conditions of these presents, the Lessee shall during the said Term, be entitled to quietly enjoy the
said Unit, common areas without any interruption by ITPL or any person or persons claiming by from and under or in trust for it.

 

	7.3	Maintain the Unit at the Lessee’s own cost in good and tenantable repair and condition from
the date the possession of the Unit has been taken and shall not do or suffer to be done anything in or to the building in which
the Unit is situated. The Lessee shall not trespass / acquire into the common areas in any manner without the prior written approval
of the Lessor for business purposes or which may be against the rules and regulations of the local body or authority.

 

	7.4	Not change/alter or make addition in or to the building in which the Unit is situated or in the
Unit itself without the prior written consent of ITPL.

 

	7.5	Not demolish or cause to be demolished the Unit or any part thereof nor cause any alteration in
the elevation and outside colour scheme of the building in which the Unit is situated.

 

	7.6	In the event of committing any act in contravention of the above provision, the Lessee shall be
responsible and liable for the consequences thereof to the concerned local authority and/or other public authority and also under
these presents.

 

	7.7	In the event of generating any e-waste the Licensee shall be responsible to dispose all e-waste
as per the statutory requirements and norms

 

	7.8	Observe the terms and conditions of this Indenture of Lease and the provisions of the Bye-laws
which are subject to change from time to time at the discretion of ITPL and otherwise abide by all such directions of ITPL and
the management of the IT Park for administration and regulation of the IT Park.

 

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	7.9	Perform and observe all the obligations which the Lessee of the Unit may be liable to perform or
observe during the tenure of the Lease.

 

	7.10	In the event the Unit is bonded with Software Technology Parks of India/Customs/Appropriate Authority,
it shall be the Lessee’s sole responsibility to de-bond the Unit and furnish the necessary Certificate to ITPL, prior to
handing back the reinstated vacant possession of the Unit.

 

	7.11	Lease Tax, Lease duties, cess, GST, surcharge pertaining to this Lease Deed (except for property
tax), as may be applicable at any point of time during the lease tenure, shall be borne by the Lessee and shall be legally liable
for such payment. The Lessee shall keep ITPL fully indemnified against the payment of any of the duties as specified in this clause
payable by the Lessee during the Lease Term.

 

	7.12	As part of ITPL’s endeavor to conserve natural resources, the recycled and treated water
(grey water) from the Sewage Treatment Plant is used for irrigation of landscapes and for flushing purposes in the toilets. This
treated water undergoes all required treatment and is regularly monitored and checked at ITPL’s plant to be fit for flushing
usage and is used only for flushing of water closets and urinals. ITPL has taken all precautions to ensure that the storage and
distribution system for both grey water and raw water are independent of each other. The pipelines carrying grey water and raw
water have been painted in green and blue colour respectively for easy identification, grey water will be utilised only for flushing
of water closets and urinals and raw water will be utilised for all other usages like at wash basins and health faucets.

 

	7.13	ITPL has informed and appraised its service providers of the use of grey water and has advised
them to take enough precaution about the usage of the same. The Lessee shall intimate their employees and its Service Providers
about usage of grey water for flushing of water closets and urinals and advise them not to use the same for any other purpose other
than the usage mentioned above.

 

	7.14	The Lessee shall not trespass into or acquire the common areas in any manner without the prior
written approval of ITPL for business purposes or any other purposes other than the space in the Unit. In the event of any such
trespass, ITPL shall without any notice to the Lessee, confiscate those items.

 

	8.	ITPL’S RIGHTS AND COVENANTS:

 

	8.1	ITPL shall always be entitled to the balance Floor Area Ratio (FAR) in respect of the land on which
the Unit is situated and the Lessee shall not have any interest in the same. In the event of the Floor Area Ratio (FAR) being increased
or made transferable, development rights or the equivalent being available in respect of or on the said land, the same shall be
for the benefit of ITPL. However, ITPL shall ensure that any such rights shall not affect the leasehold rights or business
of the Lessee.

 

	8.2	ITPL shall be entitled to make additions, raise storeys, construct additional blocks or structures
as may be permitted and the same shall be the property of ITPL, which shall be free to dispose off the same and the Lessee shall
not be entitled to object to such construction or disposition as long as it does not affect the leasehold rights or business of
the Lessee.

 

	8.3	In the event of the Lessee failing to make any payment, ITPL shall be entitled to cease to
provide the services set out in the Services Agreement and shall also be entitled to disconnect the electricity supply to the Lessee.
However, ITPL would have to serve a fifteen (15) days written notice on the Lessee before disconnecting the services provided
to the Unit.

 

	8.4	In the event of any default in payment of the above mentioned amounts and in the event the Lessee
makes partial payments towards actual amounts outstanding, the amounts received shall be allocated as per ITPL’s discretion
towards settlement/adjustment of various bills and it shall be ITPL’s prerogative to allocate the said amounts towards earlier
bills.

 

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	8.5	The entire IT Park including the said land, the buildings constructed thereon, the Facilities and
Services, open spaces, Common Areas and Common Amenities and the specialized and distinctive services provided in the IT Park shall
be controlled, maintained and managed by ITPL alone.

 

	8.6	ITPL shall be entitled to lease, license, agree to lease, or sell other Units in the IT Park subject
to such terms and conditions as ITPL may think fit and neither the Lessee nor the persons deriving title under the Lessee shall
have the benefit of the right to enforce or to have enforced or to prevent the release or modification of any covenant, agreement
or conditions entered into by the present or future tenant. ITPL shall ensure that any such activity does not affect the rights
and business of the Lessee either directly or indirectly in any manner whatsoever.

 

	8.7	If the Lessee fails to observe any law, direction, order, notice or requirements of any Government
or public body or Authority, ITPL may in its sole discretion perform the same and all expenses and costs incurred thereby
shall be recoverable from the Lessee by ITPL.

 

	8.8	ITPL shall not be liable to the Lessee for any loss, damage or inconvenience caused directly or
indirectly.

 

	8.9	ITPL shall be entitled to transfer, mortgage or dispose of its interest in the said Unit, provided
that the same does not affect or prejudice the rights created in favour of the Lessee and the Lessee shall not be entitled to object
to the same.

 

	8.10	ITPL shall have free ingress egress to the Unit to inspect by giving prior 24 hours prior notice
to the Lessee.

 

	8.11	Holding Over Charges - If on or after expiry or early termination of the term of the Lease, Lessee
fails to hand-over the vacant and peaceful possession of the Unit to the ITPL, the Lessee in that event shall be liable to pay
a monthly holding over charge equivalent to double the amount of operation and maintenance charges paid and the rent paid for the
previous month in lieu of then prevailing Base Rent for the period it remains in possession of the Unit. ITPL shall however be
entitled to avail its legal rights qua the Unit against the Lessee irrespective of the payment of Holding over charges and such
payment shall not entail any right, whatsoever to the Lessee, over the Unit.

 

	9.	DISPUTE RESOLUTION / ARBITRATION:

 

If any dispute, controversy or
claim between the Parties arises out of or in connection with this Agreement, including the breach, termination or invalidity thereof
(“Dispute”), the Parties shall use all reasonable endeavours to negotiate with a view to resolving the Dispute amicably.
if the Parties are unable to resolve the Dispute amicably within 30 days of service of notice relating to the Dispute, then the
Dispute shall be referred to a single arbitrator appointed by both the parties and shall be resolved by arbitration in accordance
with the rules of the India laws under Indian Arbitration and conciliation Act 1996 prevailing at the time. Arbitration shall
be in English. The venue of arbitration shall be Bangalore and the Arbitration shall be subject to the exclusive jurisdiction of
the Courts at Bangalore.

 

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	10.	INSURANCE

 

	10.1	The Lessee shall take out comprehensive third party insurance with respect to the Unit covering
any act or omission by the Lessee and the Lessee shall pay the premium in respect of such insurance.

 

	10.2	The Lessee shall take sufficient and adequate insurance cover with respect to the Unit and its
assets and the Lessee hereby indemnifies ITPL against all claims made as the result of such act or omission by the Lessee.

 

	11.	INDEMNITY

 

	11.1	Either party under all circumstances fully and effectually and effectively indemnifies the other
party against any and all claims, losses, injuries, liabilities, costs, expenses, damages, actions or proceedings whatsoever which
may be made or taken against the other party by any person or which may be suffered by the other party arising out of any action
or non action, accident or otherwise, or by any reason of the either party’s operations and use of the Unit and the various
facilities.

 

	12.	FORCE MAJEURE

 

	12.1	Notwithstanding anything to the contrary, in case of any violence, civil commotion, tempest, flood,
earthquake, or any inevitable accident or any act causing damage to the Unit or the Building housing the Unit, or in the event
of the Unit or the Building housing the Unit or any part thereof is sealed or prohibited to be used by any municipal / governmental/
judicial/ quasi-judicial or local authority resulting in the Lessee, being unable to use and enjoy the Unit for its business for
a continuous period of 30 days and the same not being rectified by the ITPL within 30 days of the same arising, the Lessee shall
be entitled to terminate this Lease, without penalty, by giving fifteen (15) days written notice to the ITPL without assigning
any reason thereof. This clause is applicable even during the lock in period.

 

	13.	SUBLEASE, ASSIGNMENT AND TRANSFER OF RIGHT

 

	13.1	The LESSEE undertakes not to: (a) sublease the Unit; (b) confer on anyone any interest
it may have hereto; (c) enter directly or indirectly into any Agreement or agreement with any third person, association or
corporation in joint venture, partnership or corporation, business of any kind whatsoever, whereby said third party will be allowed
to occupy and transact business in the Unit under any capacity or guise whatsoever, without the prior written consent and approval
of ITPL.

 

	13.2	The Lessee shall not assign, directly or indirectly, all or part of its rights or obligations under
this Deed without the prior written consent of ITPL. Any attempt to assign or transfer any of the rights, duties or obligations
without the consent of ITPL hereunder is void.

 

	14.	NON-WAIVER

 

	14.1	The failure of a Party to insist in one or more instances upon the strict performance of any of
the covenants and conditions of this Lease, or to exercise any right or option herein contained, shall not be construed as a waiver
of any covenant, condition or option, but the same shall continue in full force and effect. The acceptance by ITPL of arrears in
rent or any other monetary obligation of the Lessee in this Agreement, or extension of time of payment thereof or waiver of ITPL
of any provision of this Agreement at any time shall not be deemed a waiver by ITPL of any breach by the Lessee of any other covenant
or condition herein provided or any future breach thereof. Silence on the part of a Party shall not be considered as condonation
or waiver of any breach or default by the other Party of any covenant or condition herein provided. No waiver shall be deemed to
have been made by any Party unless reduced in writing.

 

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	15.	ENTIRE AGREEMENT

 

	15.1	This Agreement, including the Annexes and Schedules hereof, constitutes the complete understanding
between the Parties with respect to the subject matter hereof and supersedes any prior expression of intent, representation or
warranty with respect to this transaction. This Agreement may be amended but only with an instrument in writing signed by the Parties.

 

	16.	NOTICES:

 

	16.1	All notices, to be served on either of the parties as contemplated by these presents and the Bye
laws shall be deemed to have been duly served if sent to the party, by Registered Post A.D./Under Certificate of Posting/Facsimile/hand-delivery
at the respective addresses specified below:

 

The Lessee:

Achronix Semiconductors India Pvt. Ltd.

Unit No 7B & 8, 5th Floor, Creator Building

Bangalore — 560 066

 

ITPL:

Information Technology Park Ltd.

3rd Floor Discoverer Building,

International Tech Park, Bangalore

Whitefield Road, Bangalore 560 066

 

	17.	GOVERNING LAW:

 

	17.1	This Indenture and the Bye laws shall in all respects be governed by the laws of India. The Courts
of Bangalore, Karnataka shall have exclusive jurisdiction over all disputes with respect to this agreement.

 

	18.	GENERAL:

 

	18.1	Words used in this Indenture will have the same meaning assigned to them in the said Bye Laws unless
the context thereof requires to the contrary.

 

	18.2	The terms and conditions laid down in the Bye-laws for the time being and from time to time in
force are supplemental to those laid down herein and are for the purpose of carrying into effect the general terms of these presents.

 

	18.3	Lessee Represents that ;

 

Anti-Corruption Laws

 

Neither the Lessee nor any director
or officer associated with or acting on behalf of the Lessee has used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; or violated or is in violation of any provision of the Anti-Corruption
Laws.

 

“Anti-Corruption Laws”
means all statutes, enactments, by-laws, rules, regulations, notifications, circulars, case-law, orders, ordinances, guidelines,
policies, directions and judgments of any Government Authority, in relation to anti-corruption issued, administered or enforceable
against the Lessee.

 

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Anti-Money Laundering Laws

 

The operations of the Lessee
are and have been conducted at all times in compliance with Anti-Money Laundering Laws and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Lessee with respect to Anti-Money Laundering
Laws is pending and no such actions, suits or proceedings are threatened or contemplated.

 

“Anti-Money Laundering
Laws” means Prevention of Money Laundering Act, 2002 and as amended from time to time and includes all applicable financial
recordkeeping and reporting requirements and any related rules, regulations or guidelines, which in each case are issued, administered
or enforced by any Government Authority having jurisdiction over the Consultant, or to which the Lessee is subject.

 

	18.4	Whistle-Blower Policy :

 

ITPL believes in the conduct
of the affairs of its constituents in a fair and transparent manner by adopting highest standards of professionalism, honesty,
integrity and ethical behavior. Anyone aggrieved or coming to know of an alleged act that constitutes an improper or unethical
activity or conduct by any of our employees can report the same for further investigation and inquiry using the following whistleblowing
channels:

 

		a.	The Chairman at wb-itpl@ascendas-singbridge.com or

		b.	Head, Internal Audit of Ascendas-Singbridge (ASB); or

		c.	The ASB Audit Committee via e-mail to wb-asb@ascendas-singbridge.com; or

		d.	Deloitte’s ASB Vigilant hotline:

Singapore: 800-852-3874

India: 000-800-100-4390

or

		e.	online at www.ascendas-singbridge.com/ASBvigilant or

		f.	Additional channel of reporting- wb-aitrust@ascendas-singbridge.com

 

Your report will be received
and will be handled confidentially, to the extent permitted by law and consistent with the Company’s requirements to investigate
and address the reported conduct.

 

However, upon investigation,
if a complaint is found to be frivolous or made with unsubstantiated allegations, the complainant and/or its associate companies
/ firms may be barred from participating in any tender process or RFQs floated by ITPL or its affiliates for a limited period of
time at the discretion of ITPL.

 

SCHEDULE A

 

All that piece and parcel of land comprised
in Sub Plot No. 111/1, Survey No. 80, 83, 85, 86, 113/1, 113/2, 114/1, 114/3B, 117, 118 & 119 admeasuring 26
Acres 2.88 Guntas (105512 sqmts), land comprised in Sub Plot No. 3, Survey No. 80, 83 & 86 admeasuring 9 Acres
26.34 Guntas (39085 sqmts) and Sub Plot No. 2, 4, 5, 6 & 7, Survey No. 80, 83, 85, 113/1, 113/2, 114/1, 114/3A,
114/3B, 116, 117, 118 & 119 admeasuring 20 Acres 34.78 Guntas (84448 sqmts) Survey No. 110/1, 110/2, 111/2,115/1,115/2 &
115/3 admeasuring 11 Acres 36 Guntas (48168 sqmts) and totally measuring 68 Acres 20 Guntas (2,77,213 sqmts) in the Industrial
Area within the limits of PattandurAgrahara Village, Sadarmangala, KrishnarajapuramHobli, Bangalore Urban, Karnataka.

 

	On or towards North by	Whitefield
Road
	On or towards South by	Sy No. 124
and Tank Bed.
	On or towards East by	Private
Land and Brigades TechPark
	On or towards West	Road leading
to Pattandur Agrahara in SyNos of 85 and 86 of Sadarmangala Village.

 

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SCHEDULE B

(Area leased under this indenture)

 

All that piece and parcel of land comprised
in Plot No.111/1 which comprises of Survey No. 80 in Sadarmangala Village and Survey Nos.113/1,113/2,114/1 and 114/38 at Pattandur
Agrahara Village, Krishnarajapuram Hobli, Bangalore South, within the Schedule A property and Building constructed thereon and
named as ‘Creator’ bearing Khatha No. 356/228 and bounded on the

 

	On or towards East by	:	Road
	On or towards West by	:	Innovator Building.
	On or towards North by	:	Discoverer building and open property.
	On or towards South by	:	Open Space and Bus Bay

 

Unit No.7B & 8, 5th Floor, Creator
Building, measuring 9486.56 Sq.Ft SBA (Super Built up Area) situated at, ITPB, Whitefield Road, Bangalore - 560 066

 

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IN WITNESS
WHEREOF the parties hereto have hereunto set their hands and seal on the day, month and year first hereinabove written.

 

	for INFORMATION

TECHNOLOGY PARK LIMITED	 	for ACHRONIX

SEMICONDUCTORS INDIA

PRIVATE LIMITED
	 	 	 
	
        /s/ Siddanagoud Patil
	 	
        /s/ Uma Louis

	Authorized Signatory	 	Authorized Signatory

 

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    16 

     

    

 

ANNEXURE 2

 

	Lessee	Achronix Semiconductors India Pvt Ltd.
	Location	Creator Building
	Unit	Unit No.7B & 8 at 5th Floor
	Area in Sq Feet	9486.56 Sq.ft Super Built Up Area
	Rent
    Per sq.ft. in Rs. Per Month	As per clause 5 abovec
	Lease Tenure	01.10.2018 to 30.Q4.2021
	Total Security Deposit Paid	Rs.62,61,130/- PLUS additional top-up deposits as per clause 5.2

 

	For Information

Technology Park Ltd.	 	For Achronix Semiconductors

India Pvt Ltd.
	 	 	 
	/s/ Siddanagoud Patil	 	/s/ Uma Louis
	
        

        

         

        Authorized Signatory
	 	
        

        

         

        Authorized Signatory

 

    17 

     

    

 

ANNEXURE-3

 

INTERNATIONAL TECH PARK, BANGALORE

BUILDING SPECIFICATIONS FOR CREATOR BUILDING

 

1.1           Structure

 

Cast insitu post-tensioned beams
and precast Holocor slabs finished with screed is provided for the Offices (Creator) Blocks. Reinforced concrete walls are provided
in the service lift and staircase areas

 

	1.2	Floor Loading, Ceiling Heights and Column Grids

 

		Creator	

 

	SI. no.	Level	Floor

 Loading

in KN/M2	Ceiling Height in

Metres	Column

Grid in

Metres
	1.2.3.1	 	 	Below Slab	Below

Beam	 
	1.2.3.2	Upper

Ground

Floor	12.5	4.56	4.06	12x12
	1.2.3.3	First Floor	7.5	3.57	3.08	12x12
	1.2.3.4	Second

Floor	7.5	3.53	3.06	12x12
	1.2.3.5	Third Floor	7.5	3.54	3.02	12x12
	1.2.3.6	Fourth Floor	7.5	3.50	3.03	12x12
	1.2.3.7	Fifth Floor	7.5	4.71	4.07	12x12

 

1.3          External
Walls

 

	1.3.1	Granite cladding for the bottom three levels in modern dry fixing method.

 

	1.3.2	Aluminium cladding with fluorocarbon coating and heat strengthened solar reflective glazing for the curtain wall system.

 

	1.3.3	Rear facade of Creator is of block work with plaster.

 

1.4          Floor
Finishes

 

	1.4.1	Production Space (Creator)	:	Structural screed with non-metallic hardener

 

	1.4.2	Passenger
lift Lobbies	:	Vitrified Homogeneous glazed tiles with granite borders

 

	1.4.3	Toilets	:	Vitrified Homogeneous ceramic tiles (Non slip)

 

1.5          Internal
Walls

 

	1.5.1	Between Creator and Innovator	:	Tenancy separation walls from Upper Ground Floor to 5th Floor Level made up of block work plaster and paint.

 

	1.5.2	Passenger Lift Lobbies	:	RC wall with tiles finish

 

	1.5.3	Cargo Lift Lobbies	:	RC wall with plaster and paint

 

    18 

     

    

 

	1.5.4	Toilets	:	Block work with tiles finish

 

	1.5.5	Partition Walls	:	72 mm studs with 15 mm GRG (Glass Reinforced Gypsum) Boards on either side.

 

1.6          Ceiling

 

	1.6.1	Production (Creator)	:	No false ceiling (except for 2nd & 3rd floors)

 

	1.6.2	Toilets	:	Gypsum Board Tiles

 

1.7          Spare
Duct Space and Equipment Space at Production Block

 

	1.7.1	Spare duct shafts are provided at all service cores for conveying services such as chilled water
pipes, cables, fresh and exhaust air ducts, etc.

 

	1.7.2	Provision of equipment plinth is also allowed on the open roof for future installation of clients
equipment such as air-conditioning units, cooling towers and other heat rejection machines with the available space.

 

    19Exhibit 10.28

 

April 11, 2011

 

Robert Blake

 

Re:     EMPLOYMENT
AGREEMENT

 

Dear Robert,

 

On behalf of Achronix Semiconductor Corporation,
a Delaware corporation (the “Company”), I am pleased to offer you the position of President and Chief Executive
Officer of the Company. Your employment by the Company shall be governed by the following terms and conditions (this “Agreement”):

 

1.            Duties
and Scope of Employment.

 

(a)            Position.
For the term of your employment under this Agreement (your “Employment”), the Company agrees to employ you in
the position of President and Chief Executive Officer. You will report to the Company’s Board of Directors. You will be working
out of the Company’s office in Santa Clara, California. You will perform the duties and have the responsibilities and authority
customarily performed and held by an employee in your position or as otherwise may be assigned or delegated to you by the Company’s
Board of Directors.

 

(b)            Obligations
to the Company. During your Employment, you shall devote your full business efforts and
time to the Company. During your Employment, without the prior written approval of the Company’s Board of Directors, you
shall not render services in any capacity to any other person or entity and shall not act as a sole proprietor or partner of any
other person or entity or own more than five percent of the stock of any other corporation except for the following prior obligations.
You may continue to act as a technical advisory board member to Qualtre, a MEMs based company developing multi axis gyroscope sensors
for consumer applications. This technical advisory board position requires the participation of a month 2 (two) hour conference
call and one visit to the company head quarters in Marlborough MA per year. All expenses associated with your advisory role at
Qualtre will be directly paid by you. Any travel time and associated meeting time spent at Qualtre will be considered PTO. You
may also continue to remain as a partner and owner of RMBLAKE LLC which is a consulting company provided that you do not personally
render consulting services to any other person or entity while you remain employed by the Company. Notwithstanding the foregoing,
you may serve on corporate, civic or charitable boards or committees, deliver lectures, fulfill speaking engagements, teach at
educational institutions, or manage personal investments without such advance written consent, provided that such activities do
not individually or in the aggregate interfere with the performance of your duties under this Agreement. You shall comply with
the Company’s policies and rules, as they may be in effect from time to time during your Employment.

 

     

     

    

 

(c)            No
Conflicting Obligations. You represent and warrant to the Company that you are under no
obligations or commitments, whether contractual or otherwise, that are inconsistent with your obligations under this Agreement.
In connection with your Employment, you shall not use or disclose any trade secrets or other proprietary information or intellectual
property in which you or any other person has any right, title or interest and your Employment will not infringe or violate the
rights of any other person. You represent and warrant to the Company that you have returned all property and confidential information
belonging to any prior employer.

 

(d)            Commencement
Date. You shall commence full-time Employment as soon as reasonably practicable and in
no event later than April 11, 2011 (the “Commencement Date”).

 

2.            Cash
and Other Compensation.

 

(a)            Salary.
The Company shall pay you as compensation for your services an initial base salary at a gross monthly rate of Thirty Three Thousand
Three Hundred and Thirty Three Dollars ($33,333.34) per month which is equal to Four Hundred Thousand Dollars ($400,000.00) per
annum. Such salary shall be payable in accordance with the Company’s standard payroll procedures. The annual compensation
specified in this subsection (a), together with any modifications in such compensation that the Company may make from time to time,
is referred to in this Agreement as “Base Salary.” The Board or any Compensation Committee of the Board shall review
your Base Salary at least annually. Effective as of the date of any change to your Base Salary, the Base Salary as so changed shall
be considered the new Base Salary for all purposes of this Agreement.

 

(b)            Stock
Options. Subject to the approval of the Company’s Board of Directors (the “Board”),
the Company shall grant you a stock option covering Two Million Eight Hundred Eighty Thousand (2,880,000) shares of the Company’s
Common Stock (the “Option”). In addition, the Compensation Committee will determine a success model of goals
to be accomplished within the first twelve (12) months of employment, should these goals be achieved you will be granted an additional
Three Hundred Twenty Thousand (320,000) shares. If the Board approves the Option, the Option shall be granted as soon as reasonably
practicable after the date of this Agreement or, if later, the date you commence full-time Employment. The exercise price per share
will be equal to the fair market value per share on the date the Option is granted, as determined by the Company’s Board
of Directors in good faith compliance with applicable guidance in order to avoid having the Option be treated as deferred compensation
under Section 409A of the Internal Revenue Code of 1986, as amended. There is no guarantee that the Internal Revenue Service
will agree with this value. You should consult with your own tax advisor concerning the tax risks associated with accepting an
option to purchase the Company’s Common Stock the term of the Option shall be 10 years, subject to earlier expiration in
the event of the termination of your services to the Company. The Option shall vest and become exercisable at the rate of 25% of
the total number of option shares after the first 12 months of continuous service and the remaining option shares shall become
vested and exercisable in equal monthly installments over the next thirty six (36) months of continuous service. The Option will
be an incentive stock option to the maximum extent allowed by the tax code and shall be subject to the other terms and conditions
set forth in the Company’s 2006 Stock Plan (the “Stock Plan”) and in the Company’s standard form
of Stock Option Agreement.

 

    -2-

     

    

 

(c)            Acceleration
Benefit. If there is a Corporate Transaction and you experience an Involuntary Termination
in connection with such Corporate Transaction within two (2) months prior to such Corporate Transaction or at any time subsequent
to such Corporate Transaction causing any outstanding option held by you during your continuing service to the Company to be terminated
(in whole or in part) pursuant to the Stock Plan, the vesting and exercisability of each such options shall accelerate such that
the options shall become vested and exercisable in full at such time and on such conditions as the Administrator shall determine.
Also, if you experience an Involuntary Termination without Cause during the course of your employment with the Company, causing
any outstanding option held by you during your continuing service to the Company to be terminated (in whole or in part) pursuant
to the Stock Plan, the vesting and exercisability of each such option shall accelerate as follows: (1) in the event such Involuntary
Termination takes place on or prior to the one year anniversary of the Commencement Date, the options shall become vested and exercisable
as to 25% of the remaining unvested shares subject to the options, (2) in the event such Involuntary Termination takes place
after the one year anniversary of the Commencement Date and on or prior to the two year anniversary of the Commencement Date, the
options shall become vested and exercisable as to 50% of the remaining unvested shares subject to the options, (3) in the
event such Involuntary Termination takes pace after the two year anniversary of the Commencement Date and on or prior to the three
year anniversary of the Commencement Date, the options shall become vested and exercisable as to 75% of the remaining unvested
shares subject to the options and (4) in the event such Involuntary Termination takes place after the three year anniversary
of the Commencement Date and on or prior to the four year anniversary of the Commencement Date, the options shall become vested
and exercisable as to 100% of the remaining unvested shares subject to the options. The Administrator shall notify you that the
Option will terminate at least three (3) days prior to the date on which the Option will terminate. Provided however,
that in all cases in order for you to be eligible for such acceleration of vesting benefit, you must execute the Company’s
standard form of release of all claims agreement. For purposes of this paragraph, unless a capitalized term used in this paragraph
has a meaning given to it elsewhere in this Agreement, such term shall have the meaning given to it in the Stock Plan.

 

3.            PTO
and Employee Benefits. During your Employment, you shall be eligible to accrue up to Twenty
(20) days of paid time off (“PTO”) in accordance with the Company’s PTO policy, as it may be amended from
time to time. Company holidays as defined in the “Company Holiday Schedule” shall not be considered PTO. During your
Employment, you shall be eligible to participate in the employee benefit plans maintained by the Company and generally available
to similarly situated employees of the Company, subject in each case to the generally applicable terms and conditions of the plan
in question and to the determinations of any person or committee administering such plan.

 

4.            Business
Expenses. The Company will reimburse you for your necessary and reasonable business expenses
incurred in connection with your duties hereunder upon presentation of an itemized account and appropriate supporting documentation,
all in accordance with the Company’s generally applicable policies.

 

    -3-

     

    

 

5.            Termination.

 

(a)            Employment
 “At-Will”. Your Employment shall be “at will,” meaning that either
you or the Company shall be entitled to terminate your Employment at any time and for any reason, with or without Cause. Any contrary
representations that may have been made to you shall be superseded by this Agreement. This Agreement shall constitute the full
and complete agreement between you and the Company on the “at-will” nature of your Employment, which may only be changed
in an express written agreement signed by you and a duly authorized officer of the Company.

 

(b)            Rights
Upon Termination. Except as expressly provided in Section 6, upon the termination
of your Employment, you shall only be entitled to the compensation and benefits earned and the reimbursements described in this
Agreement for the period preceding the effective date of the termination.

 

6.            Termination
Benefits.

 

(a)            General
Release. Any other provision of this Agreement notwithstanding, subsections (b) and
(c) below shall not apply unless and until (i) you have executed (and do not revoke) a full and complete general release
of all claims in a form provided by the Company without alteration and (ii) you have returned all Company property.

 

(b)            Severance
Pay. If, during the term of this Agreement, the Company terminates your Employment for
any reason other than Cause, death or Permanent Disability, then, in addition to the amounts payable in accordance with Section 5(b),
the Company shall pay you severance pay at lump sum equal to your Annual Base Salary in effect at the time of termination of your
Employment. Payment will be made within 10 business days from termination. Such severance pay shall be paid in accordance with
the Company’s standard payroll procedures on the Company’s payroll dates and shall be subject to all applicable withholdings;
provided that, if the Company’s stock becomes publicly traded on an established securities market, such severance pay shall
be paid in a single lump-sum cash payment on the six (6) month anniversary of the employment termination date to the extent
required by Code section 409A.1

 

(c)            Health
Insurance. If subsection (b) above applies, and if you elect to continue and pay
your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the termination
of your Employment, then the Company shall pay your monthly premium under COBRA until the earliest of (i) the expiration of
your continuation coverage under COBRA or (ii) the date when you receive substantially equivalent health insurance coverage
in connection with new employment or self-employment.

 

 

 1
The deferred compensation provisions of Section 409A of the Internal Revenue Code are complex so any changes to this section in
particular should be reviewed by a Compensation & Benefits attorney.

 

    -4-

     

    

 

(d)            Definition
of “Cause.” For all purposes under this Agreement, “Cause” shall
mean:

 

(i)            Any
material breach by you of this Agreement, the Confidential Information and Invention Assignment Agreement between you and the Company,
or any other written agreement between you and the Company if such breach causes material harm to the Company;

 

(ii)            Any
material failure by you to comply with the Company’s written policies or rules, as they may be in effect from time to time
during your Employment, if such failure causes material harm to the Company;

 

(iii)            Commission,
conviction of, or a plea of “guilty” or “no contest” to, a felony under the laws of the United States or
any State by you if such felony is work-related, materially impairs your ability to perform services for the Company, or results
in a material loss to the Company or material damage to the reputation of the Company;

 

(iv)            Your
misappropriation of funds or property of the Company; or

 

(v)            Any
gross or willful misconduct by you resulting in a material loss to the Company or material damage to the reputation of the Company.

(e)            Definition
of “Permanent Disability.” For all purposes under this Agreement, “Permanent
Disability” shall mean your inability to perform the essential functions of your position with or without reasonable accommodation
for a period of One Hundred and Twenty (120) consecutive days because of your physical or mental impairment.

 

7.            Non-Solicitation.
During the period commencing on the date of this Agreement and continuing until six months from the date when your Employment terminated
for any reason, you shall not directly or indirectly, personally or through others, solicit or attempt to solicit (on your own
behalf or on behalf of any other person or entity) either (i) any employee of the Company or any of the Company’s affiliates
or (ii) the business of any customer of the Company or any of the Company’s affiliates on whom you personally called
during your final 60 days of your Employment.

 

8.            Pre-Employment
Conditions.

 

(a)            Confidentiality
Agreement. Your acceptance of this offer and commencement of employment with the Company
is contingent upon the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and
Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidentiality Agreement”),
prior to or on your Start Date.

 

(b)            Right
to Work. For purposes of federal immigration law, you will be required to provide to the
Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided
to us within three (3) business days of your Start Date, or our employment relationship with you may be terminated.

 

    -5-

     

    

 

(c)            Verification
of Information. This offer of employment is also contingent upon the successful verification
of the information you provided to the Company during your application process, as well as a general background check performed
by the Company to confirm your suitability for employment. By accepting this offer of employment, you warrant that all information
provided by you is true and correct to the best of your knowledge, you agree to execute any and all documentation necessary for
the Company to conduct a background check and you expressly release the Company from any claim or cause of action arising out of
the Company’s verification of such information.

 

9.            Successors.

 

(a)            Company’s
Successors. This Agreement shall be binding upon any successor (whether direct or indirect
and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s
business and/or assets. For all purposes under this Agreement, the term “Company” shall include any successor
to the Company’s business or assets that become bound by this Agreement.

 

(b)            Your
Successors. This Agreement and all of your rights hereunder shall inure to the benefit
of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.

 

10.            Miscellaneous
Provisions.

 

(a)            Indemnification.
The Company shall indemnify you to the maximum extent permitted by applicable law with respect to your service.

 

(b)            Least
Fees. The Company shall not pay any expenses (including fees and disbursements of counsel)
incurred by you in negotiating the terms and conditions of this Agreement.

 

(c)            Notice.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given
when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In
your case, mailed notices shall be addressed to you at the home address that you most recently communicated to the Company in writing.
In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed
to the attention of its Secretary.

 

(d)            Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless
the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized officer of the Company (other
than you). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the
other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(e)            Whole
Agreement. No other agreements, representations or understandings (whether oral or written
and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party
with respect to the subject matter hereof. This Agreement and the Confidentiality Agreement contain the entire understanding of
the parties with respect to the subject matter hereof.

 

    -6-

     

    

 

(f)            Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect
taxes or other charges required to be withheld by law.

 

(g)            Choice
of Law and Severability. This Agreement shall be interpreted in accordance with the laws
of the State of California without giving effect to provisions governing the choice of law. If any provision of this Agreement
becomes or is deemed invalid, illegal or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration
of its coverage, then such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as
to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the parties,
then such provision shall be stricken and the remainder of this Agreement shall continue in full force and effect. If any provision
of this Agreement is rendered illegal by any present or future statute, law, ordinance or regulation (collectively, the “Law”)
then that provision shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with
the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation.

 

(h)            No
Assignment. This Agreement and all of your rights and obligations hereunder are personal
to you and may not be transferred or assigned by you at any time. The Company may assign its rights under this Agreement to any
entity that assumes the Company’s obligations hereunder in connection with any sale or transfer of all or a substantial portion
of the Company’s assets to such entity.

 

(i)            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    -7-

     

    

 

We are all delighted to be able to extend
you this offer and look forward to working with you. To indicate your acceptance of the Company’s offer, please sign and
date this letter in the space provided below and return it to me, along with a signed and dated original copy of the Confidentiality
Agreement, on or before March 31, 2011. The Company requests that you begin work in this new position on or before April 4,
2011. Please indicate the date (either on or before the aforementioned date) on which you expect to begin work in the space provided
below (the “Start Date”).

 

	 	Very truly yours,
	 	 
	 	ACHRONIX SEMICONDUCTOR CORP.
	 	 
	 	 
	 	By:	/s/ John Lofton Holt
	 	(Signature)
	 	 
	 	Name:	 John Lofton Holt
	 	 
	 	Title:	 Chairman of the Board of Directors

 

	ACCEPTED AND AGREED:	 
	 	 
	ROBERT BLAKE	 
	 	 
	 	 
	   /s/ Robert Blake	 
	(Signature)	 
	 	 
	   4/11/11	 
	Date	 

 

Anticipated
Start Date: 4/11/11

 

Attachment A: Confidential Information and Invention Assignment
Agreement

 

    -8-

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