Document:

Employment Agreement, effective as of November 2, 2011

 Exhibit 10.5 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is made and entered into by and between Synageva BioPharma Corp. (the “Company”), a Delaware corporation with its principal place of business at 128 Spring Street, Suite 520, Lexington, Massachusetts,
and Mark Goldberg of Massachusetts (the “Executive”), effective as of the Effective Time as defined in the Agreement and Plan of Merger and Reorganization dated as of June 13, 2011 by and among the Company and the other parties
thereto (the “Effective Date”). 
 WHEREAS, the operations of the Company and its Affiliates (as defined below)
are a complex matter requiring direction and leadership in a variety of arenas, including financial, strategic planning, regulatory, community relations and others; 
 WHEREAS, the Executive has previously served the Company as its Senior Vice President of Product Development and possesses certain experience and expertise that qualify him to provide the direction and
leadership required by the Company and its Affiliates; and 
 WHEREAS, the Company therefore wishes to continue to employ the
Executive as its Senior Vice President of Product Development on the terms and conditions set forth in this Agreement, and the Executive wishes to accept such employment; 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree: 

1. Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers, and the Executive hereby
accepts, employment. 
 2. Term. Subject to earlier termination as hereinafter provided, the Executive’s employment
shall commence on the Effective Date, and shall continue until terminated pursuant to Section 5 hereof (the “Term”). 
 3. Capacity and Performance. 
  

	 	a)	During the Term, the Executive shall serve the Company as its Senior Vice President of Product Development, and shall report to the President and Chief Executive
Officer (the “CEO”). In addition, the Executive may be asked from time to time to serve as a director or officer of one or more of the Company’s Affiliates, without further compensation. 

 

	 	b)	 During the Term, the Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively to the
advancement of the business and interests of the Company and its Affiliates and to the discharge of his duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in

	 	
any industry, trade, professional, governmental or academic position during the term of this Agreement, except such activities as shall not interfere with the performance of his duties to the
Company. Notwithstanding the foregoing, the Executive shall be entitled to attend to personal and family affairs and investments, be involved in not for profit, charitable and professional activities and serve on up to two for profit boards,
provided that the foregoing does not, individually or in the aggregate, materially interfere with Executive’s responsibilities under this Agreement. 

 4. Compensation and Benefits. As compensation for all services performed by the Executive during the Term and subject to the Executive’s performance of his duties and obligations to the
Company and its Affiliates, pursuant to this Agreement or otherwise, the Company shall provide the Executive with the following compensation and benefits: 
  

	 	a)	Base Salary. During the Term, the Company shall pay the Executive at the rate of Three Hundred Twenty Thousand Dollars ($320,000) per annum, payable in
accordance with the payroll practices of the Company for its executives and subject to increase from time to time by the Board, in its sole discretion (such base salary, as from time to time increased, the “Base Salary”).

  

	 	b)	Incentive and Bonus Compensation. During the Employment Period, the Executive shall be paid an annual cash bonus (“Annual Bonus”) with a target level
of 40% of Annual Base Salary (the “Target Bonus”). Any such bonus shall be subject in all respects to the terms and conditions of the Synageva BioPharma Corp. Annual Cash Bonus Plan. 

 

	 	c)	Vacations. During the Term, the Executive shall be entitled to earn vacation at the rate of three (3) weeks per year, to be taken at such times and
intervals as shall be determined by the Executive, subject to the reasonable business needs of the Company. Vacation shall otherwise be governed by the policies of the Company, as in effect from time to time. 

 

	 	d)	 Other Benefits. During the term hereof, the Executive shall be entitled to participate in any and all Employee Benefit Plans from time to time
in effect for employees of the Company generally, except to the extent any such Employee Benefit Plan is in a category of benefit otherwise provided to the Executive (e.g., a severance pay plan). Such participation shall be subject to
the terms of the applicable plan documents and generally applicable Company policies. The Company may alter, modify, add to or delete its Employee Benefit Plans at any time as it, in its sole judgment, determines to be appropriate, without recourse
by the Executive. For purposes of this Agreement, “Employee Benefit Plan” shall have the 

	 	
meaning ascribed to such term in Section 3(3) of ERISA, as amended from time to time. 

  

	 	e)	Business Expenses. The Company shall pay or reimburse the Executive for all reasonable and customary business expenses incurred or paid by the Executive in the
performance of his duties and responsibilities hereunder, subject to any maximum annual limit and other restrictions on such expenses set by the Board and to such reasonable substantiation and documentation as may be specified by the Company from
time to time. 

 5. Termination of Employment and Severance Benefits. The Executive’s employment
hereunder shall terminate under the following circumstances: 
  

	 	a)	Death. In the event of the Executive’s death, the Executive’s employment hereunder shall immediately and automatically terminate.

  

	 	b)	Disability. 

  

	 	i.	The Company may terminate the Executive’s employment hereunder, upon notice to the Executive, in the event that the Executive becomes disabled during his
employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder, notwithstanding the provision
of any reasonable accommodation, for ninety (90) days during any period of three hundred and sixty-five (365) consecutive calendar days. 

  

	 	ii.	The Board may designate another employee to act in the Executive’s place during any period of the Executive’s disability. Notwithstanding any such
designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and benefits in accordance with Section 4(d), to the extent permitted by the then-current terms of the applicable benefit plans, until the
Executive becomes eligible for disability income benefits under the Company’s disability income plan or until the termination of his employment, whichever shall first occur. 

 

	 	iii.	While receiving disability income payments under any disability income plan of the Company, the Executive shall not be entitled to receive any Base Salary under
Section 4(a) hereof, but shall continue to participate in Company benefit plans in accordance with Section 4(d) and the terms of such plans, until the termination of his employment. 

 

	 	iv.	 If any question shall arise as to whether during any period the Executive is disabled through any illness, injury, accident or condition of either a
physical or psychological nature so as to be 

	 	
unable to perform substantially all of his duties and responsibilities hereunder, the Executive may, and at the request of the Company shall, submit to a medical examination by a physician
selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable objection to determine whether the Executive is so disabled and such determination shall for the purposes of this Agreement be conclusive of the
issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive. 

 

	 	c)	By the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause at any time upon notice to the Executive setting forth in
reasonable detail the nature of such Cause. The following, as determined by the Board in good faith, shall constitute Cause for termination: 

  

	 	i.	The Executive’s gross negligence or willful misconduct in performance of his duties to the Company, where such gross negligence or willful misconduct has resulted
in material damage to the Company or any of its Affiliates or successors; 

  

	 	ii.	The Executive’s commission of any act of fraud, embezzlement or professional dishonesty with respect to the Company or any of its Affiliates;

  

	 	iii.	The Executive’s commission of a felony or crime involving moral turpitude; 

 

	 	iv.	The Executive’s material breach of any provision of this Agreement or any other written agreement between the Executive and the Company; 

 

	 	v.	The Executive’s failure to comply with lawful directives of the CEO, which has caused damage to the Company or any of its Affiliates or successors.

  

	 	d)	By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon written notice to
the Executive. 

  

	 	e)	 By the Executive. The Executive may terminate his employment hereunder at any time upon sixty (60) days’ notice to the Company. In the
event of termination of the Executive pursuant to this Section 5(e), the Board may elect to waive the period of notice, or any portion thereof. In the event that the Board so waives some or all of the period of notice, and the Executive is not
resigning his employment for the purpose of commencing employment with 

	 	
another employer, the Company shall pay the Executive his Base Salary for the period so waived. 

 6. Severance Payments and Other Matters Related to Separation from Service. 
  

	 	a)	Final Compensation. Following the termination of the Executive’s employment for any reason, the Company shall pay to the Executive: (i) any Base Salary
earned but not paid during the final payroll period of the Executive’s employment through the date of termination, (ii) pay for any vacation time earned but not used through the date of termination, (iii) any unpaid Annual Bonus due
to Executive for the calendar year prior to the year in which the termination occurs, and (iv) any business expenses incurred by the Executive but un-reimbursed on the date of termination, provided that such expenses and required substantiation
and documentation are submitted within thirty (30) days of termination and that such expenses are reimbursable under Company policy (all of the foregoing, “Final Compensation”). Any Base Salary and any earned, unused vacation
time shall be paid to the Executive at the time required by law, but not later than the Company’s next regular pay date following the date of termination. Any business expenses due under this Section 6(a) shall be paid within sixty
(60) days following the date of termination. Other than as expressly provided in Section 6(b), the Company shall have no further obligation to the Executive hereunder. 

 

	 	b)	Severance. In the event the Executive’s employment terminates pursuant to Section 5(a), 5(b) or 5(d) or of this Agreement, in addition to Final
Compensation, the Company shall accelerate the vesting of all unvested equity previously granted to Executive by twelve (12) months and shall pay the Executive (i) a lump sum equal to the Base Salary divided by 12, then multiplied by the
number of months set forth in the Severance Period (as defined below)(such payment, the “Severance Payment”), (ii) the Post-Termination Bonus (as defined below) and, if termination occurs during the twelve (12) month
period following a Change in Control (such period, the “Change in Control Period”) only, (iii) an additional one-time bonus of $16,500 (the “One-Time Bonus”). Subject to Sections 6(e) and 7(a) of this Agreement (i) the
Severance Payment and any One-Time Bonus shall be paid on the sixtieth (60th) day following the date of termination and (ii) the Post-Termination Bonus shall be paid at the time provided in the applicable Bonus Plan or form of annual award
issued thereunder; provided, that if the termination occurs during a Change in Control Period, the Post-Termination Bonus shall be paid at the same time as the Severance Payment. 

 

	 	c)	Severance Period. For the purposes of this Agreement, the Severance Period shall be Twelve Months (12) months; provided, that if the Executive’s
Separation from Service occurs during the twelve (12) month period following a Change in Control (as defined below) Period, then the Severance Period shall be Twelve (12) months. 

	 	d)	Post-Termination Bonus. For the purposes of this Agreement, the Post-Termination Bonus shall be a pro-rata share of the Target Bonus for the year in which the
termination occurs; provided, that if termination occurs during a Change in Control Period, the Post-Termination Bonus shall be equal to the Target Bonus for the year in which termination occurs. 

 

	 	e)	Release of Claims. Any obligation of the Company for the payment of any Severance Payment or Post-Termination Bonus is conditioned, however, on the
Executive’s signing and returning to the Company a general release of claims in the form provided by the Company at the time the Executive’s employment is terminated (the “Employee Release”). The Executive must sign and
return the Employee Release, if at all, by the deadline specified therein, which deadline shall in no event be later than the sixtieth (60th) calendar day following the termination date. The Employee Release shall take effect on the expiration
of any revocation period specified therein, which shall be no longer than seven (7) days from the date of the Executive’s signature. 

  

	 	f)	Effect of Termination. Payment by the Company of Final Compensation, Severance Payment and Post-Termination Bonus, as appropriate, shall constitute the sole
obligations of the Company in connection with the termination of the Executive’s employment hereunder. Except for any right of the Executive to continue medical and dental plan participation in accordance with applicable law, benefits shall
terminate pursuant to the terms of the applicable benefit plans based on the date of termination of the Executive’s employment without regard to the payment of any Severance Payment or Post-Termination Bonus. 

 

	 	g)	Survival. Provisions of this Agreement shall survive any termination if so provided herein or if necessary or desirable to accomplish the purposes of other
surviving provisions, including without limitation the obligations of the Executive under Sections 8, 9, 10 and 11 hereof. The obligation of the Company to make, and the right of the Executive to retain, any Severance Payment or Post-Termination
Bonus is expressly conditioned upon the Executive’s continued full performance of obligations under Sections 8, 9, 10 and 11 hereof. 

 7. Timing of Payments and Section 409A. 
  

	 	a)	Notwithstanding anything to the contrary in this Agreement, if at the time of the Executive’s termination of employment, the Executive is a Specified employee, any
and all amounts payable under Section 6 on account of such Separation from Service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day
following the expiration of such six (6) month period. 

  

	 	b)	 For purposes of this Agreement, “Separation from Service” shall be determined in a manner consistent with subsection (a)(2)(A)(i) of
Section 

	 	
409A, and the term “Specified Employee” shall mean an individual determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A.

  

	 	c)	Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as
a right to a series of separate payments. 

  

	 	d)	The Executive’s right to reimbursement for business expenses hereunder shall be subject to the following additional rules: (i) the amount of expenses eligible
for reimbursement during any calendar year shall not affect the expenses eligible for reimbursement in any other taxable year, (ii) reimbursement shall be made not later than December 31 of the calendar year following the calendar year in
which the expense was incurred, and (iii) the right to reimbursement is not subject to liquidation or exchange for any other benefit. 

  

	 	e)	In no event shall the Company have any liability relating to any payment or benefit under this Agreement failing to comply with, or be exempt from, the requirements of
Section 409A. 

 8. Confidential Information. 

 

	 	a)	The Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that the Executive may develop Confidential Information for
the Company or its Affiliates and that the Executive may learn of Confidential Information during the course of employment. The Executive will comply with the policies and procedures of the Company and its Affiliates for protecting Confidential
Information and shall not disclose to any Person or use, other than as required by applicable law or for the proper performance of his duties and responsibilities to the Company and its Affiliates, any Confidential Information obtained by the
Executive incident to his employment or other association with the Company or any of its Affiliates. The Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such
termination. The confidentiality obligation under this Section 8 shall not apply to information which is generally known or readily available to the public at the time of disclosure or becomes generally known through no wrongful act on the part
of the Executive or any other Person having an obligation of confidentiality to the Company or any of its Affiliates. 

  

	 	b)	 All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or its
Affiliates and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Affiliates. The Executive shall safeguard all
Documents and shall surrender to the Company at the time his employment terminates, or at 

	 	
such earlier time or times as the Board or its designee may specify, all Documents then in the Executive’s possession or control. 

9. Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all Intellectual Property to the
Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any and all
applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to
assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the Company for time spent in complying with these
obligations. All copyrightable works that the Executive creates shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company. 

10. Restricted Activities. The Executive agrees that the following restrictions on his activities during and after his employment
are necessary to protect the good will, Confidential Information, trade secrets and other legitimate interests of the Company and its Affiliates: 
  

	 	a)	During the Term, the Executive will not undertake any outside activity, whether or not competitive with the business of the Company or its Affiliates, that could
reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its Affiliates. 

  

	 	b)	 During the Term and for twenty-four (24) months after his employment terminates (the “Restricted Period”), the Executive shall
not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or any of its Affiliates within any geographic area in which the Company or any of its Affiliates does
business or undertake any planning for any business competitive with the Company or any of its Affiliates. Specifically, but without limiting the foregoing, the Executive agrees not to engage in any manner in any activity that is directly or
indirectly competitive or potentially competitive with the business of the Company or any of its Affiliates as conducted or under consideration at any time during the Executive’s employment and further agrees not to work or provide services, in
any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of the Company or any of its Affiliates for which the
Executive has provided services, as conducted or in planning during his employment. For the purposes of this Section 10, the business of the Company and its Affiliates shall include all Products and the Executive’s undertaking shall
encompass all items, products and services that may be used in substitution for Products. The foregoing, however, shall not prevent the 

	 	
Executive’s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. 

 

	 	c)	During the Restricted Period, the Executive will not directly or indirectly (a) solicit or encourage any customer of the Company or any of its Affiliates to
terminate or diminish its relationship with them; or (b) seek to persuade any such customer or prospective customer of the Company or any of its Affiliates to conduct with anyone else any business or activity which such customer or prospective
customer conducts or could conduct with the Company or any of its Affiliates; provided that these restrictions shall apply (y) only with respect to those Persons who are or have been a customer of the Company or any of its Affiliates at any
time within the immediately preceding one year period or whose business has been solicited on behalf of the Company or any of the Affiliates by any of their officers, employees or agents within said one year period, other than by form letter,
blanket mailing or published advertisement, and (z) only if the Executive has performed work for such Person during his employment with the Company or one of its Affiliates or been introduced to, or otherwise had contact with, such Person as a
result of his employment or other associations with the Company or one of its Affiliates or has had access to Confidential Information which would assist in the Executive’s solicitation of such Person. 

 

	 	d)	During the Restricted Period, the Executive will not, and will not assist any other Person to, (a) hire or solicit for hiring any employee of the Company or any of
its Affiliates or seek to persuade any employee of the Company or any of its Affiliates to discontinue employment or (b) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or
diminish its relationship with them. For the purposes of this Agreement, an “employee” of the Company or any of its Affiliates is any person who was such at any time within the preceding two years. 

11. Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance
of his obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any court
order or other legal obligation that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent.

 12. Indemnification. The Company shall indemnify the Executive to the extent provided in its then current Articles or
By-Laws. The Executive agrees to promptly notify the Company of any actual or threatened claim arising out of or as a result of his employment with the Company. 

 13. Definitions. Words or phrases that are initially capitalized or are within
quotation marks shall have the meanings provided in this Section and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply: 
  

	 	a)	“Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control
may be by management authority, contract or equity interest. 

  

	 	b)	“Change in Control” means (1) a sale of all or substantially all of the Company’s assets, or (2) any merger, consolidation or other
business combination transaction of the Company with or into another corporation, entity or person, other than a transaction in which the holders of at least a majority of the shares of voting capital stock of the Company outstanding immediately
prior to such transaction continue to hold (either by such shares remaining outstanding or by their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented by the shares of voting
capital stock of the Company (or the surviving entity) outstanding immediately after such transaction, or (3) the direct or indirect acquisition (including by way of a tender or exchange offer) by any person, or persons acting as a group, of
beneficial ownership or a right to acquire beneficial ownership of shares representing a majority of the voting power of the then outstanding shares of capital stock of the Company. Notwithstanding the foregoing, a Change of Control shall not be
deemed to occur (A) on account of the acquisition of shares of voting capital stock by any institutional investor or any affiliate thereof or any other person, or persons acting as a group, that acquires the Company’s shares of voting
capital stock in a transaction or series of related transactions that are primarily a private financing transaction for the Company or (B) solely because the level of ownership held by any institutional investor or any affiliate thereof or any
other person, or persons acting as a group (the “Subject Person”), exceeds the designated percentage threshold of the outstanding shares of voting capital stock as a result of a repurchase or other acquisition of shares of voting capital
stock by the Company reducing the number of shares outstanding, provided that if a Change of Control would occur (but for the operating of this sentence) as a result of the acquisition of shares of voting capital stock by the Company, and after such
share acquisition, the Subject Person becomes the owner of any additional shares of voting capital stock that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding shares of voting capital
stock owned by such Subject Person over the designated percentage threshold, then a Change of Control shall be deemed to occur. 

  

	 	c)	 “Confidential Information” means any and all information of the Company and its Affiliates that is not generally known by those with
whom the Company or any of its Affiliates competes or does business, or with whom the Company or any of its Affiliates plans to compete or do business and any and all information, publicly known in whole or in part or not, which, if disclosed

	 	
by the Company or any of its Affiliates would assist in competition against them. Confidential Information includes without limitation such information relating to (i) the development,
research, testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates,
(iv) the identity and special needs of the customers of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business relationships and the nature and substance of those
relationships. Confidential Information also includes any information that the Company or any of its Affiliates has received, or may receive hereafter, belonging to customers or others with any understanding, express or implied, that the information
would not be disclosed. 

  

	 	d)	“Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not
patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises) during
the Executive’s employment that relate to either the Products or any prospective activity of the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its
Affiliates. 

  

	 	e)	“Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or
organization, other than the Company or any of its Affiliates. 

  

	 	f)	“Products” mean all products that the Company is developing, testing, manufacturing, licensing, leasing or otherwise distributing or is planning
(during the time of the Executive’s employment with the Company) to develop, test, manufacture, license, lease or distribute at the time of termination, during the Executive’s employment. 

14. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be
withheld by the Company under applicable law. 
 15. Assignment. 

 

	 	a)	 Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the
prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive in the event that the Executive is transferred to a position with any of the
Affiliates or in the event that the Company shall hereafter effect a reorganization, consolidate with, or merge into, any Person 

	 	
or transfer all or substantially all of its properties or assets to any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective
successors, executors, administrators, heirs and permitted assigns. 

  

	 	b)	The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid. 

 16. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement,
or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable
to the fullest extent permitted by law. 
 17. Waiver. No waiver of any provision hereof shall be effective unless made in
writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement
of such term or obligation or be deemed a waiver of any subsequent breach. 
 18. Notices. Any and all notices, requests,
demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid,
registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chair of the Board, or to such other address as either
party may specify by notice to the other actually received. 
 19. Entire Agreement. This Agreement constitutes the entire
agreement between the parties and supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment. 

20. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly
authorized representative of the Company. 
 21. Headings. The headings and captions in this Agreement are for convenience
only and in no way define or describe the scope or content of any provision of this Agreement. 

 22. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be an original and all of which together shall constitute one and the same instrument. 
 23. Governing Law.
This is a Massachusetts contract and shall be construed and enforced under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without regard to the conflict of laws principles thereof. 

[Signature page follows immediately.] 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company,
by its duly authorized representative, and by the Executive, as of the date first above written. 
  

									
	THE EXECUTIVE:	 		 	THE COMPANY
				
	/s/ Mark Goldberg	 		 	By:	 	/s/ Sanj K. Patel
					
	Title:	 	Senior Vice President of Project Development	 		 		 	President and Chief Executive OfficerProperty Lease Contract

 Exhibit 10.3 
 

 
 

 
 

 
 

 
 

 
 PROPERTY LEASE CONTRACT 
 BETWEEN 
 DONGGUAN CONRAD HI-TECH PARK LTD. 

AND 

NEOPHOTONICS (CHINA) CO., LTD. 

 

 
 

 
 SHENZHEN, CHINA 
 13 May, 2011 

  
 2 

 

 
 TABLE OF CONTRACT 

 

							
	1.	  	

 GENERAL PROVISIONS	  	 	4	  
			
	2.	  	

 LEASE OF THE LEASED PROPERTY	  	 	7	  
			
	3.	  	

 RENT AND OTHER CHARGES	  	 	8	  
			
	4.	  	

 PUBLIC UTILITIES	  	 	14	  
			
	5.	  	

 RESPONSIBILITIES OF LESSOR	  	 	14	  
			
	6.	  	

 RESPONSIBILITIES OF LESSEE	  	 	19	  
			
	7.	  	

 REPRESENTATIONS AND WARRANTIES OF THE PARTIES	  	 	19	  
			
	8.	  	

 CONDITIONS OF THE LEASED PROPERTY, FACTORY BUILDINGS AND SITE	  	 	20	  
			
	9.	  	

 DELIVERY OF LEASED PROPERTY	  	 	21	  
			
	10.	  	

 BREACH OF CONTRACT AND TERMINATION	  	 	22	  
			
	11.	  	

 MISCELLANEOUS	  	 	23	  

  
 3 

 

 
 THIS PROPERTY LEASE CONTRACT (this “Contract”) is made on13thday of May, 2011, in Shenzhen, the People’s Republic of China
(“China”) by and between: 
 

 
 Dongguan Conrad Hi-Tech Park Ltd., a legal person of China, registered with Dongguan Administration of Industry and
Commerce (Business License#: 441900400104128) and with its legal address at South Section of Chang Nan Road, Shangsha Village,Chang’An Town, Dongguan City, Guangdong Province, China (“Lessor”), and 

 
 NeoPhotonics (China) Co., Ltd., a legal person of China, registered with Shenzhen Administration of Industry and
Commerce (Business License#: 440301501123801) and with its legal address at NeoPhotonics Building, No 8, South Keji 12th Road, Nanshan District, Shenzhen China (“Lessee”) 
 

 
 Lessor and Lessee are referred to collectively as the “Parties” and individually as a “Party”

  

	1.	

 GENERAL PROVISIONS 

  

	 	1.1	

 Preliminary Statement 

  

	 	(a)	

 

 Lesser has acquired from the Dongguan Bureau of Land and Resources by way of
assignment, the granted land use right for the Site (as defined below), and owns the Leased Property (as defined below) situated thereon. 
  

	 	(b)	

 

 Lessor now agrees to lease the Leased Property to Lessee to allow Lessee to use
the Leased Property as office and factory according to the terms and conditions hereof. 
  

	 	(c)	

 

 The Parties agree to carry out the lease hereunder in accordance with the terms
and conditions of this Contract. 

  
 4 

	 	1.2	

Definitions 

 

 
 In this Contract, capitalized terms shall have the meanings set forth below. 

 

	 	(a)	

 

 “Affiliate” with respect to a Party, means a corporation,
partnership, joint venture or other entity directly or indirectly controlling, controlled by or under common control with the Party. In this definition of “Affiliate,” “control” means ownership of more than 50% of shares having
the right to vote or the right to appoint a majority of the directors. 
  

	 	(b)	

 

 “Commencement Date” means is the date of delivery by Lessor of
the Phase I Leased Property, which shall be June 1, 2011. However, if the actual delivery date is a later date, the Commencement Date shall be the date of actual delivery; however, that if such actual delivery date is later than
June 1, 2011, then the Lessee shall be entitled to terminate this Contract pursuant to Article 10.2 hereof without any further obligation or liability on the part of the Lessee. Lessor shall provide written notice regarding the Commencement
Date to Lessee ten (10) calendar days prior to the Commencement Date. Prior to the date of delivery, Lessee will inspect the Phase I Leased Properties in accordance with the inspection conditions specified in this Contract. At delivery, both
Parties shall jointly execute an acknowledgement of delivery as the evidence of the Commencement Date. 
  

	 	(c)	

 

 “Leased Property” means the building located at Section B of B9,
Conrad High-Tech Park, South Section of Chang Nan Road, Shangsha Village, Zhen’an, Chang’An Town, Dongguan City, Guangdong Province, China; with total gross floor area of 7,824 square meters (the actual gross floor area shall be determined
according to the Construction planning permit Certificates). Floor plans of the Leased Property are attached in Exhibit 1A. 
  

	 	(d)	

 

 “Month” means a calendar month. 

  
 5 

	 	(e)	

 

 “Phase I Leased Property” means the 1F, 2F and 4F areas of the
Leased Property, with total gross floor area of 5,271 square meters. 
  

	 	(f)	

 

 “Phase I Lease Term” means the leasing period of Phase I Leased
Property as provided under Article 2.4 of this Contract. 
  

	 	(g)	

 

 “Phase II Leased Property” means the 3F and 5F areas of the
Leased Property, with total gross floor area of 2,553 square meters. 
  

	 	(h)	

 

 “Phase II Lease Term” means the leasing period of Phase II
Leased Property as provided under Article 2.4 of this Contract. 
  

	 	(i)	

 

 “Real Estate Certificates” means the Building Title Certificate
and Land Use Right Certificate relating to the Leased Property and the Site, respectively, issued by the competent land and building administrative authorities under Lessor’s name attached hereto as Exhibit 5. (If the Building Title
Certificate has not been obtained, then the Lessor shall provide the Building Title Certificate to Lessee once received it.) 
  

	 	(j)	

 

 “Rent” has the meaning set forth in Article 3.1. 

 

	 	(k)	

 

 “Site” means the land parcel on which the Leased Property is
situated, comprising44,702 square meters gross area, as evidenced by the Land Use Right Certificate attached hereto under Exhibit 5. Plan of the Site is attached in Exhibit 1B. 

 

	 	(l)	

 

 “Additional Equipment and Facilities” means all
the equipment and facilities described under Exhibit 2A. 
  

	 	(m)	

 

 “Utilities” means water, electricity, environmental protection,
fire prevention and other related facilities installed in the Leased Property. 

  
 6 

	2.	

 LEASE OF THE LEASED PROPERTY 

  

	 	2.1	

 Lease 

 

 
 In accordance with the laws and regulations of China and Dongguan Municipality, Lessor agrees to lease
to Lessee the Leased Property. Lessee agrees to pay the Rent and other charges payable under this Contract in accordance with the terms hereof. 
  

	 	2.2	

 Use of the Leased Property 

  

	 	(a)	

 

 Lessee shall use the Leased Property as production factory and office of Lessee.

  

	 	(b)	

 

 Lessor agrees Lessee to display signage on the external walls and the roof of the
Leased Property indicating Lessee’s name. However, the size of the signage shall be prior approved by Lessor. Lessor shall procure that Lessee shall obtain the approval of Lessee’s signage described above from the property management
company and relevant government authorities. 
  

	 	2.3	

 Sub-Lease 

  

	 	(a)	

 

 At any time during the Lease Term or renewal thereof, the Lessee shall have the
right to sublease any portion of the Leased Property to any of its Affiliates; provided that Lessee shall provide the relevant information of such Affiliate to Lessor by 10 days prior written notice. 

 

	 	(b)	

 

 Lessee shall be allowed, in case of the sale of shares or assets, restructuring
or re-organization, to transfer or assign all of its rights and obligation to the respective successor or purchaser in interest of its business or assets. If assigned or transferred pursuant to this section 2.3(b), then the successor or purchaser
must continue to comply with all the terms of this Contract. 
  

	 	2.4	

 Lease Term, Renewal and Reservation of Phase II Leased Property 

  

	 	(a)	

 

 Phase I Lease Term starts from the Commencement Date and ends
on the third (3rd) anniversary date of the
Commencement Date. 

  
 7 

	 	(b)	

 

 Phase II Lease Term starts from the first (1st) anniversary date of the Commencement Date (or such an earlier
date as the Parties may agree upon) and ends on the third (3rd) anniversary date of the Commencement Date. 
  

	 	(c)	

 

 Phase I Lease Term and Phase II Lease Term shall be hereinafter collectively
referred to as the “Lease Term”. 
  

	 	(d)	

 

 Lessee shall be granted a renewal option to renew both Phase I Lease Term and
Phase II Lease Term for an additional 2 years by providing written notice to Lessor no less than 3 months prior to their expiry dates. Lessee shall occupy the Leased Property upon the same terms and conditions hereof, furthermore, the rent of the
Leased Property during such renewal period shall be the same. And after the renewal period expiry, if Lessee would like to continue to rent the Lease Property, the rent will be mutually agreed between the Parties and be equal to the prevailing open
market effective rent subject to a cap of 15% of the previous Leased Property rent (exclusive of the shared expenses of Additional Equipment and Facilities). 
  

	 	(e)	

 

 Lessor undertakes not to lease Phase II Leased Property to any third party or
otherwise allow any third party to occupy Phase II Leased Property within 1 year following the Commencement Date. 
  

	3.	

 RENT AND OTHER CHARGES 

  

	 	3.1	

 Rent 

 

 
 The amount payable by Lessee to Lessor hereunder includes rental of the Leased Property and the shared
expenses of Additional Equipment and Facilities (collectively, the “Rent”), as follows: 
  

	 	(a)	

 

 Monthly rent per m2 of the Leased Property: RMB 16.00/m2/month (inclusive of taxes). 

  
 8 

	 	(b)	

 

 Monthly rent of Phase I Leased Property: RMB 16.00/m2/month×5,271m2 = RMB 84,336

 /month. 
  

	 	(c)	

 

 Month rent of Phase II Leased Property: RMB 16.00/m2/month×2,553m2 = RMB 40,848

/month. 
  

	 	(d)	

 

 Monthly Additional Equipment and Facilities shared expenses : See Exhibit 6
(Monthly Rent Payment Plan of Additional Equipment and Facilities). The rent of the Additional Equipment and Facilities is the same within each section’s depreciation years. If the Lease Term(including renewal period) are longer then
the depreciation years, then Lessor promises the rental of Additional Equipment and Facilities will be free during the exceed period. Also, the maintenance cost of the Additional Equipment and Facilities will be bear by Lessee, and Lessor shall help
Lessee to cooperate with the suppliers. (Details of calculation of shared expenses of Additional Equipment and Facilities are provided under Article 3.2) 
  

	 	(e)	

 

 The Rent shall be payable once every month. Notwithstanding the foregoing
provisions, prior to the commencement of Phase II Lease Term, the Rent payable by Lessee on monthly basis shall only include monthly rent of Phase I Leased Property and monthly Additional Equipment and Facilities shared expenses; and after the
commencement of Phase II Lease Term, the Rent payable by Lessee shall include monthly rent of Phase I Leased Property, monthly rent of Phase II Leased Property and monthly Additional Equipment and Facilities shared expenses. 

 

	 	(f)	

 

 The 3-month period following the Commencement Date is a free rent period, so that
Lessee shall not pay rent to Lessor during such period (nor shall Lessee have any future liabilities for the payment of Rent for such period). If the Commencement Date is later than June 1, 2011, then the expiry date of 3-month rent free period
shall be postponed accordingly. 

  
 9 

 

 
 The first payment of the Rent will be made within 10 working days before the end of the
afore-described free rent period, and each of the following payments shall be made within 15 working days before the beginning of every 1 month period thereafter. Lessor shall provide the relevant tax invoice to Lessee after 3 working days of
the receipt of the payment from Lessee. 
 

 
 

 
  
 Lessor hereby designates that all
payments by Lessee as described under Article 3 shall be made by wire transfer to the following bank account of Lessor. During the Lease Term, if Lessor intends to change the receiving bank account, Lessor shall provide Lessee with prior written
notice. 
 Account Name:

 
 Bank Name:

 
 Account No.: 500061574301018 

 

	 	3.2	

 Additional Equipment and Facilities Shared Expenses 

  

	 	a)	

 

 Pursuant to the Lessee’s request, Lessor will provide Lessee with the
Additional Equipment and Facilities described in Exhibit 2A, which shall be installed in accordance with Exhibit 2B. After Lessor provides the detailed brands, models and quotation of the Additional Equipment and Facilities, Lessor
shall purchase such Additional Equipment and Facilities upon the written confirmation from Lessee. Lessor will provide the Additional Equipment and Facilities to Lessee on the Commencement Date. 

 
 

 
 Lessee will pay monthly shared expenses of Additional Equipment and Facilities to Lessor as part of
the Rent payable by Lessee on monthly basis pursuant to Article 3.1; the calculation of the monthly share expenses of Additional Equipment and Facilities are provided in further details in Exhibit 3. 

 

	 	b)	

 

 During the pricing process for the Additional Equipment and Facilities suppliers,
Lessor shall get Lessee’s written confirmation before proceed the investment and construction. 

  
 10 

	 	3.3	

 Deposit 

  

	 	(a)	

 

 Both Parties agree to divide the Deposit into two parts which are Building
deposit and Additional Equipment and Facilities deposit. The Building deposit will be equal to 3 months rent of Phase I Leased and Phase II Lease Property (RMB375,552), the other is 8% of the total invest of Additional Equipment and Facilities RMB
279,200 as Additional Equipment and Facilities Deposit. Pursuant to Article 2 of the Agreement Relating to Real Property Lease signed by both Parties in 2010, Lessee has paid RMB 250,000 in November, 2010 to Lessor as the deposit, which shall
be applied to offset any deposit payable under this Contract. Therefore, the amount of deposit payable by the Lessee for the Leased Property shall be RMB404,752. 
 

 
 Lessee shall pay the Lease deposit at an amount of RMB404,752 to Lessor within 15 working days after
the signing and delivery of this Contract by both Parties. Lessor shall provide the relevant deposit receipt to Lessee within 3 working days after the receipt of the deposit from Lessee. 

 

	 	(b)	

 

 In the event that Lessee terminates this Contract pursuant to Article 10.2
hereof, Lessor shall, within 3 working days following receipt of Lessee’s termination notice, refund the full amount of the lease deposit described under Article 3.3(a) above RMB375,552 to such bank account designated by Lessee. 

  
 11 

	 	(c)	

 

 In the event that Lessee not continue to lease the Lease Property when the Lease
Term expire, Lessor shall, within 3 working days following receipt of Lessee’s termination notice, refund the full amount of the Building deposit described under Article 3.3(a) above to such bank account designated by Lessee. About the
Additional Equipments and Facilities Deposit, if the leased period is shorter than the depreciation years described under Article 3.1(d), then Lessor will take the Additional Equipment and Facilities Deposit as compensation. If the depreciation
years finished, then Lessor shall refund the Additional Equipment and Facilities Deposit by phases according to Exhibit 3 to such bank account designated by Lessee. 

 

	 	3.4	

 Property Management Fee and Car Park Fee 

 

 
 During the Lease Term (including renewal period thereof), the property management fee of the Leased
Property is included in the Rent of the Leased Property, and no additional fees or charges of the greenery, security, cleaning, electricity and water for the public area in the High-tech park shall be payable by Lessee. 

 
 During the Lease Term (including renewal period thereof), Lessor will not charge any car park fee from
Lessee, and Lessor will provide 15 fixed parking spaces and sufficient public parking spaces to Lessee. 
  

	 	3.5	

 Dormitory 

 

 
 Lessee has the right to require Lessor to undertakes that during the Lease Term, Lessor shall reserve a
pointed number of dormitory to Lessee according Lessee’s requirement. Accordingly, Lessor will require Lessee to pay at least 70% of the required dormitories, then Lessee could execute the above right, The standard of dormitory is with the
capacity of _10-12 persons per room, located at _Conrad Hi-Tech Park_, and the rental of dormitory is RMB1,000/room/month(tax included). 

  
 12 

 

 
 In the event that Lessor can’t provide the sufficient dormitory as promised here, within 30 days
following receipt of Lessee’s notice, then 
  

	 	(a)	

 

 Lessor undertakes that Lessor will provide the relevant dormitory with same
numbers and same standards to Lessee in other places. In the event that the rental of the dormitory is more than RMB 1000/room/month (tax included), then Lessor shall make up the price difference. 

 

	 	(b)	

 

 Lessor might build some new dormitories in time for Lessee’s use. In the
event that Lessor fails to build the dormitory in time, then during the construction period, Lessor shall provide temporary dormitory options to Lessee. 
  

	 	3.6	

 Canteen 

 

 
 Lessor undertakes that during the Lease Term, Lessor shall provide canteen and services to Lessee,
which can accommodate about 1,500 employees. 
  

	 	3.7	

 Other Charges 

  

	 	(a)	

 

 Other than the Rent specified in Article 3.1 (including shared expenses of
Additional Equipment and Facilities) and the lease deposit specified in Article 3.3 hereof, Lessee is not responsible for payment of any other charges to Lessor. Lessor shall be responsible to pay for the land use right grant fee, taxes and any
other costs and assessments in connection with the Leased Property. In the circumstance that any of the foregoing taxes or fees is imposed by the related government authorities or any third party on Lessee, Lessor shall be responsible to reimburse
Lessee for all such expenses incurred by Lessee in an expeditious manner or Lessee will have the right to deduct such expenses from the Rent payable to Lessor. 
  

	 	(b)	

 

 Lessee shall bear charges caused by using of Leased Property, which includes but
not limited to water, electricity, telecommunication, and environmental protection, etc. 
  

	 	(c)	

 

 Each Party hereto shall bear all taxes and governmental surcharges which are
imposed on such Party according to Chinese tax laws and regulations, which includes but not limited to real estate tax, business tax, enterprise income tax and stamp duty. 

  
 13 

	 	3.8	

 Currency 

 

 
 Lessor and Lessee shall pay all the amounts due under this Contract in RMB. 

 

	4.	

 UTILITIES 

  

	 	4.1	

 Connections and Responsibilities 

 

 
 Lessor shall use its best efforts to support that connections are provided directly to the Leased
Property for the continuous uninterrupted supply of Utilities as specified in Exhibits 2 and 4 for the full operating requirements of Lessee. Lessee shall be responsible for all of Lessee’s usage or consumption charges for
Utilities (inclusive of normal share of wear and tear). Lessor shall ensure that separate meters are installed for all Utilities (other than telephones) utilized by Lessee, and no other party’s usage of Utilities shall be computed by such
meters. Lessee shall not be obligated to pay for any Utilities based on any meter reading which includes consumption by any other party. 
  

	 	4.2	

 Payment 

 

 
 Lessor shall use its best efforts to procure that the basic rates charged to Lessee for Utilities are
no less favorable than the public utility rate offered by the suppliers of such Utilities to Lessor himself (inclusive of normal share of wear and tear). To the extent required by applicable law, Lessee shall pay to the respective suppliers of such
Utilities in a timely manner. 
  

	5.	

 RESPONSIBILITIES OF LESSOR 

  

	 	5.1	

 Ownership 

 

 
 Lessor represents and warrants to Lessee that Lessor is the lawful owner of the Leased Property and has
the right to enter into this Contract. 

  
 14 

	 	5.2	

 Peaceful Enjoyment and Exclusive Use 

 

 
 Lessor shall protect Lessee’s exclusive and unimpaired right to the use of the Leased Property and
Site and shall not lease the Leased Property and Site to any third party during the relevant Lease Term. Upon the condition of Lessee comply all the reasonable and legit regulations raised by Lessor, Lessor shall ensure that the activities conducted
by it and its representatives, servants, agents and licensees shall neither cause nor constitute a nuisance nor otherwise disturb or interfere with Lessee’s quiet enjoyment and use of the Leased Property and Site. Lessee and its invitees shall
at all times be provided with unimpaired access to the Leased Property and Site throughout the relevant Lease Term and shall be provided with conditions and access appropriate for Lessee’s ongoing operations. Should Lessor intend to mortgage,
use as security or otherwise dispose of its land use rights or the Leased Property and/or Site during the Lease Term, Lessor shall (1) guarantee that any mortgage or encumbrance shall not affect Lessee’s rights and shall not release
Lessor’s obligations hereunder; and (2) indemnify Lessee for the loss and pay for the damages caused to Lessee and Lessee’s research and development facilities, laboratory, production and operations arising from such sale, transfer,
assignment, mortgage, encumbrance, guarantee or other disposal. 
  

	 	5.3	

 Government Filings 

  

	 	(a)	

 

 If Local Government has the filings regulation, then Lessor shall complete all
registrations and filings of this Contract with the relevant authorities required by applicable laws and regulations within 30 days following the date hereof and provide the copies of the registration documents in form and substance satisfactory to
Lessee. 
  

	 	(b)	

 

 Lessor shall indemnify Lessee against any cost, loss, damage or injury incurred
by Lessee, caused by Lessor’s failure to fulfill in full its obligations set forth in Article 5.3(a) hereto. 

  
 15 

	 	5.4	

 Real Property and Land Use Right 

  

	 	(a)	

 

 Throughout the Lease Term, Lessor shall pay all taxes and fees for the Leased
Property as required in accordance with the applicable law and regulations. 
  

	 	(b)	

 

 In the event that Lessor decides, during the term of this Contract or its
extension to transfer its ownership of the Leased Property to any other third party, it shall provide a written notice to Lessee no later than 90 days before the effective date of such transfer to Lessee. However, Lessor shall ensure that: 1) such
transferee has committed to abide by all the terms and conditions of this Contract and to assume any and all outstanding liabilities and obligations of Lessor; 2) such transferee has the full legal right and capability to perform its obligations as
if it was the party to this Contract; and 3) Lessor shall be jointly liable with the transferee in the event that such transferee refuses or delays the performance of obligation hereunder or breaches the provisions of this Contact in any manner.

  

	 	5.5	

 Maintenance 

  

	 	(a)	

 

  
 16 

 

 
 Starting from the Commence Date and during the minimum warrant period of new buildings as prescribed
in the Quality and Warranty Procedures of the Construction of Buildings and related laws and regulation, normally 5 years from Commencement Date for the Building, Additional Equipments and Facilities according to the warrant period provided by the
suppliers (normally 1 year) as the minimum warrant period. Lessor shall be responsible for the maintenance and repair of the Leased Property and the Site including during the warrant period but not limited to structure and pipes and all equipment,
cables, drainage systems, and other pumping as specified in the Exhibit 2 and Exhibit 4 to this Contract to keep and maintain the same in good repair and condition (save for the easy consumption goods and damages caused by the misuse
of Lessee). Lessee may notify Lessor of any such required repair, and Lessor shall promptly repair the same. If Lessor does not respond to any such notification from Lessee within 3 working days upon receiving of the written notice or sooner if such
situation requires immediate or emergency attention, as determined by Lessee, Lessee may perform or procure such repair activities, and Lessor shall on demand indemnify Lessee for all reasonable costs and expenses arising thereof, or Lessee shall
have the right to deduct such costs and expenses from the Rent payable to Lessor. After the later of the expiration of the respective warranty periods, Lessee shall be responsible for the maintenance and repair of the any part of the Leased Property
at its own cost, other than the structure of the Leased Property, the original systems and drainage systems, for which Lessor shall remain solely responsible in accordance with this Article. Lessor shall be responsible for maintenance and repair of
the structure of the Leased Property and Site, the original systems during the lifetime of the Leased Property and Site (save for the damages caused by the misuse of Lessee). 

 

	 	(b)	

 

 Lessor shall indemnify and hold Lessee harmless against any cost, loss, damage or
injury incurred by Lessee, in respect of its property or to any person, caused by the act, default or negligence of Lessor or its representatives, servants, agents, invitees or licensees in repairing or maintaining the Leased Property and the Site.

  

	 	5.6	

 Environmental Protection Fire Prevention and Health & Safety 

 

 
 The Leased Property and the Site provided by Lessor shall be in compliance with all applicable laws,
regulations and standards relating to environmental protection and fire prevention and the Leased Property and Site shall be approved by the relevant authorities as meeting all such applicable laws and standards. Lessor shall, at its own expense,
install permanent environmental protection, fire prevention and safety 

  
 17 

 
facilities in the Leased Property and Site in accordance with requirements of applicable laws, regulations, and standards prior to the Commencement Date and ensure their normal condition and
operation during the Lease Term (the necessary or normal maintenance and repair is provided in further details under Article 5.5(a)). 
  

	 	5.7	

 Insurance 

  

	 	(a)	

 

 Lessor shall procure and maintain in effect all insurance
against all property risks on the Leased Property and Site, Public liability insurance and other insurance coverage required by applicable law and Lessor shall pay insurance costs for such policies during the Lease Term. Lessor shall provide
evidence of such insurance policies being procured and maintained (i) within 1 month following the date hereof, and (ii) within 15 days following the first (1st) anniversary date of the Commencement Date and the second (2nd) anniversary date of the Commencement Date. If Lessor fails to
provide evidence of such insurance policies being procured during any of the time period described above, Lessee shall be entitled to, at its own cost, procure such insurance policies and deduct from the Rent payable by Lessee pursuant to Article
3.1 hereof the insurance costs incurred by Lessee. Lessee shall procure and maintain in effect all insurance against all property risks on all personal properties and other insurance coverage required by applicable law and Lessee shall pay insurance
costs for such policies. 
  

	 	(b)	

 

 Lessor and Lessee shall also be responsible for coordinating with its respective
insurer and perform its respective obligations as a policy holder under the respective policy. The failure by any Party to perform its obligation under the respective insurance policy shall be deemed as a breach of Contract under this contract and
any damages thus suffered by other Party shall be compensated by the Party in breach; however, in the event of a breach written notice of such breach must be sent to the Party in breach and the Party in breach shall have 90 days from the receipt of
the notice to cure the breach (the “Cure Period”). 

  
 18 

	6.	

 RESPONSIBLITIES OF LESSEE 

 

 
 Throughout the relevant Lease Term, in addition to its other obligations arising hereunder, Lessee
shall perform the following: 
  

	 	6.1	

 Fitting Out and Structural Changes 

  

	 	(a)	

 

 Lessee shall not make any structural changes to the Leased Property without the
prior written consent of Lessor. Lessee shall change and fit out the Leased Property only in accordance with plans and specifications first submitted to Lessor for its approval (such approval not to be unreasonably withheld or delayed); Lessor shall
be deemed to have consented to any such plans and specifications received from Lessee for structural changes or fitting out of the Leased Property in writing if it has not responded to Lessee within 3 working days of Lessee’s provision of such
plans and specifications to Lessor. Lessee shall undertake the quality, safety, environmental protection and other liabilities in connection with such changes described above. 

 

	 	6.2	

 Fire Prevention and Safety 

 

 
 Lessee shall strictly comply with the fire prevention measures and safety protection rules in
accordance with laws and regulations when Lessee uses the Leased Property. Lessee shall bear the relevant obligation in law, if Lessee does not comply with the relevant regulations and measures of fire prevention, safety protection. 

 

	 	6.3	

 Rental Payment 

 

 
 Lessee shall pay rental on time, if Lessee delay to pay the rental exceed 2 months, Lessor has the
right to terminate this contract, and Lessee shall bear the relevant obligation of the Law. 
  

	7.	

 REPRESENTATIONS AND WARRANTIES OF THE PARTIES 

  

	 	7.1	

 

  
 19 

 In addition to their other representations and warranties herein, each Party represents and
warrants to the other Party that: 
  

	 	(a)	

 

 Each Party has the full right, power and authority, and has obtained all
necessary governmental and corporate approvals, for the execution of this Contract and the performance of its obligations hereunder. 
  

	 	(b)	

 

 This Contract constitutes its legal, valid and binding obligation, enforceable in
accordance with its terms. 
  

	 	(c)	

 

 Each Party acknowledges that it is not aware of any litigation, arbitration or
administrative proceeding that is currently taking place or pending or threatened against it or its assets which are the subject of this Contract or which could impact such party’s performance of any of its obligations hereunder. 

 

	8.	

 CONDITIONS OF THE LEASED PROPERTY AND SITE 

 

 
 In addition to its other representations and warranties hereunder, Lessor represents and warrants to
Lessee as follows: 
  

	 	(a)	

 

 No currently existing zoning laws or other applicable laws or regulations would
prevent, or limit Lessee from utilizing the Leased Property and Site as contemplated by this Contract. 
  

	 	(b)	

 

 In connection with the Leased Property and Site, there are no adverse
environmental conditions nor have there been any releases of any contaminant into the soils, surface waters or ground waters which would adversely impact public health or the environment. 

 

	 	(c)	

 

 Lessor shall ensure that the conditions of the Leased Property and the Additional
Equipment and Facilities as set forth in the Exhibit 2 and Exhibit 4, respectively, shall have been met in all material aspects by the Commencement Date. 

  
 20 

	 	(d)	

 

 Lessor is the sole and lawful owner of the Leased Property and the Site. The
Leased Property and Site is free and clear of all mortgages, trust, liens, loans or other encumbrances. 
  

	9.	

 DELIVERY OF LEASED PROPERTY AND SITE 

  

	 	9.1	

 Delivery by Lessor 

  

	 	(a)	

 

 It is agreed by the Parties that Phase I Leased Property that complies with
Exhibit 2 and Exhibit 4 shall be delivered to Lessee on the Commencement Date. 
  

	 	(b)	

 

 It is agreed by the Parties that Phase II Leased Property
that complies with Exhibit 2 and Exhibit 4 shall be delivered to Lessee on the first (1st) anniversary date of the Commencement Date (or such an earlier date as the Parties may agree upon). 
  

	 	(c)	

 

 Lessor and Lessee shall conduct a joint inspection of the Leased Property to
ensure the Leased Property is qualified to be delivered to the Lessee in accordance with Exhibit 2 and Exhibit 4. A written confirmation evidencing the delivery and acceptance of the Leased Property shall be signed by both Parties.

  

	 	(d)	

 

 In case of the actual delivery of Phase I Leased Property is later than the
Commencement Date, the Rent shall be calculated and charged from the date of actual delivery and acceptance of Phase I Leased Property confirmed by the Parties in writing. 

 

	 	9.2	

 Delivery by Lessee 

 

 
 The Lessee shall vacate the Leased Property within 5 working days after the date of expiration of the
Lease Term and return the Leased Property and Site to Lessor. Lessee shall not be under any obligation to restore the Leased Property to their prior condition such as the condition of the Leased Property at the Commencement Date. 

  
 21 

	10.	

 BREACH OF CONTRACT AND TERMINATION 

  

	 	10.1	

 Uncured Breach 

  

	 	(a)	

 

  

	 	

 

 •         

 
 •         

 
 If the actual damages are difficult to calculate in the event of an uncured breach by any Party
of its obligations under this Contract, the breaching Party is liable to pay liquidated damages to the non-breaching Party and such liquidated damages shall be calculated as follows: 

 

	 	•	 	 Daily Liquidated Damages = Daily rental*2; (including the rent of Building and the rent of Additional Equipments & Facilities)

  

	 	•	 	 Days of Breach = Calendar days commencing from such breach until the date the breaching Party has fully remedied the breach or on the date of
termination of this Contract pursuant to the terms of this Contract; 

  

	 	•	 	 Amount of Liquidated Damages = Daily Liquidated Damages × Days of Breach 

 

	 	(b)	

 

 In addition, in the event of a material and an uncured breach by any Party of its
obligations under this Contract, the other Party shall have the right to terminate this Contract (i) if the breach is not cured within 90 days after notice thereof is received or (ii) immediately if the breach is not capable of being
cured. Each of the Parties shall be relieved of their duties and obligations arising under this Contract after the date of the termination; provided that no such termination shall relieve any Party from liability for any uncured breach of this
Agreement as provided under this Article 10.1. 
  

	 	10.2	

 Right to Terminate 

 

 
 In addition to the Lessee’s right of termination provided under Article 2.4 hereof, either Party
may terminate this Contract immediately upon the occurrence of any of the following events: 

  
 22 

	 	(i)	

 

	 	    	The performance of this Contract by such Party has become in any material respect commercially impracticable by virtue of any order, action or regulation of any
government or agency; 

  

	 	(ii)	

 

	 	    	The other Party materially breached its obligations under this Contract, and fails to correct such breach within 30 days after being notified by the non-breaching Party
or such breach is not able to be cured; or 

  

	 	(iii)	

 

	 	    	The actual date of delivery by Lessor of Phase I Leased Property is later than June 1, 2011; 

 

	 	(iv)	

 

	 	    	Any issues in relation to the Property Title that cause Lessee cannot perform this Contract. 

 

	 	10.3	

 Preservation of Rights 

 

 
 The provision of this Article 10 are without prejudice to any other rights or remedies either Party may
have pursuant to other provisions of this Contract and applicable laws by reason of the default of the other Party. 
  

	 	10.4	

 Expiration of Lease Term 

 

 
 This Contract shall terminate on the expiration of the Lease Term, if not terminated earlier in
accordance with Article 10.1 or Article 10.2, or renewed in accordance with Article 2.4(d). 
  

	11.	

 MISCELLANEOUS 

  

	 	11.1	

 Assignment 

 

 

  
 23 

 Neither Party may assign any of its rights or obligations hereunder to any other person
without the express written consent of the other Party unless otherwise provided in this Contract; however, Lessee is permitted to assign this Contract to an Affiliate upon notice to Lessor. 

 

	 	11.2	

 Applicable Law 

 

 
 The formation, validity, interpretation, execution, amendment and termination of this Contract shall be
governed by the laws of China. 
  

	 	11.3	

 Settlement of Disputes 

  

	 	(a)	

 

 All disputes arising from, out of, or in connection with this Contract shall be
settled through friendly consultations between the Parties. Such consultations shall begin immediately after one Party has delivered, in accordance with Article 11.9 to the other Party a written request for such consultation. If within 90 days
following the date on which such notice is given the dispute cannot be settled through consultations, the dispute shall be submitted for arbitration to the China International Economic and Trade Arbitration Commission South China Sub-Commission in
Shenzhen in accordance with its then effective arbitration rules upon the request of either Party with notice to the other Party. The arbitral award is final and binding upon both Parties. The proceeding of arbitration shall be in Chinese. Any award
hereunder may be enforced in any court with competent jurisdiction. 
  

	 	(b)	

 

 During the period when a dispute is being resolved, the Parties shall in all
other respects continue their performance of this Contract. 
  

	 	11.4	

 Amendment and Modification of the Contract 

 

 
 Amendment to this Contract or its exhibits may be made only by a written agreement in Chinese and
English signed by duly authorized representatives of each Party. 
  

	 	11.5	

 Severability 

 

 

  
 24 

 The invalidity of any provision of this Contract shall not affect the validity of any other
provision of this Contract. 
  

	 	11.6	

 Language 

 

 
 This Contract is executed both in Chinese and English in 6 original copies. Both language versions
shall be equally authentic. Each Party hereto shall keep 3 original copies. In case of inconsistency between the Chinese and English of this Contract, Chinese language shall prevail. 

 

	 	11.7	

 Entire Contract 

 

 
 This Contract and the exhibits attached hereto constitute the entire agreement between the Parties with
respect to the subject matter of this Contract and supersede all previous oral and written agreements, contracts, understandings and communications of the Parties in respect of the subject matter of this Contract. The headings of Articles are for
ease of reference only and shall have no legal effect. 
  

	 	11.8	

 Waiver 

 

 
 Failure or delay on the part of any Party hereto to exercise any right, power or privilege under this
Contract, or to require full performance by the other Party, shall not operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude exercise of any other right, power on privilege. 

 

	 	11.9	

 Notices 

  

	 	(a)	

 

 Notices or other communications required to be given by any Party pursuant to
this Contract shall be written in Chinese and may be delivered personally, by registered mail (postage prepaid) or by a recognized courier service to the address of the other Party set forth below. The dates on which notices shall be deemed to have
been effectively given shall be determined as following: 
  

	 	(b)	

 

  
 25 

 Notices given by personal delivery shall be deemed effectively given on the date of
personal delivery. 
  

	 	(c)	

 

 Notices given by registered mail (postage prepaid) shall be deemed
effectively given on receipt. 
  

	 	(d)	

 

 Notices given by courier service shall be deemed effectively given on receipt.

  

	 	(e)	

 

 For the purpose of notices, the addresses of the Parties are as follows:

 

 
 Lessor: DONGGUAN CONRAD HI-TECH PARK CONSTRUCTION LTD. 

Contact Person : Mr. Junhui FANG 
 Address : South Section of Chang Nan Road, Shangsha Village, Chang’An Town, Dongguan City, Guangdong Province, China 
 Telephone : +86 769 85417288 
 Fax : +86 769 85417278 

Email : jh.fang@anlipark.com 
 

 
 Lessee: NeoPhotonics (China) Co., Ltd. 

Contact Person: Mr. Jin-gang CHEN 
 Address: NeoPhotonics Building, No. 8 South Keji 12th Road, Nanshan District, Shenzhen 518057 China 
 Telephone: +86 755 2674 8226 
 Fax: +86 755 2674 8185 

Email: jingang_chen@neophotonics.com.cn 

  
 26 

 

 
 With duplicate Lessee copy to: NeoPhotonics (China) Co., Ltd. 

Attention: Legal Department 
 Address: NeoPhotonics Building, No. 8 South Keji 12th Road, Nanshan District, Shenzhen 518057 China 
 

 
 Either Party may at any time change its address by notice in writing delivered to the other Party in
accordance with the terms hereof. 
  

	 	11.10	

 Exhibits 

 

 
 The exhibits attached hereto are hereby made an integral part of this Contract and are equally binding
upon the Parties. 
  

	 	11.11	

 Effective Date 

 

 
 This Contract shall come into effect on the date of execution by the Parties. 

 
 [Reminder of this page is intentionally left blank] 

  
 27 

 

 
 IN WITNESS WHEREOF, each Party has caused this Contract to be executed by its duly authorized representative on
the date first set forth above. 
 

 
 DONGGUAN CONRAD HI-TECH PARK LTD. 
 

 
 

 
 NEOPHOTONICS (CHINA) CO., LTD. 
 

 
 

 Acknowledged: 
 NEOPHOTONICS CORPORATION 
 By:
                                         
                
 

 

  
 28 

 

 
 EXHIBIT 1A: LEASED PROPERTY FLOOR PLAN (1F-5F AND ROOF) 

 

  
 29 

 

 
 

 

  
 30 

 

 
 

 

  
 31 

 

 
 EXHIBIT 1B: SITE PLAN 
 

 

  
 32 

 

 
 EXHIBIT 2A: ADDITIONAL EQUIPMENT AND FACILITIES 

 
 (Subject to Design Floor Plan under Exhibit 2B) 

 

					
	 

 Item
	  	 

 Requirement
	  	 

 Remarks

	 

 Concrete Construction
	  		  	
	 

 B9 Concrete Construction and Retrofit
	  	 

 Change the passenger and cargo lifts’ door of 1F-3F, top floor surface with waterproof slope, elevator machine room
with steel door.
	  	
			
	 

 Additional Factory Facilities Room
	  	 

 Used area of 172.52 (5m*34.5m), illumination intensity should be not less than 200lx
	  	 

 Water chiller/air compressor/vacuum pump/process cooling water, the roof placed cooling towers request bearing
750KG/m2

			
	 

 Power
	  		  	
			
	 

 Power Supply
	  	 

 1*1600KVA transformer, high and low voltage, In-coming and out-coming cabinets and measure cabinets

(dual-circuits)
	  	 

 Design work according to materials of low-voltage distribution cabinets provided by customers

			
	 

 High-voltage Room and Supporting Concrete Construction
	  	 

 High and low voltage room concrete construction, pipeline and cable channel
	  	
			
	 

 Lifts
	  		  	
			
	 

 HITACHI Passenger Lifts
	  	 

 800 kg
 HITACHI 800 kg
	  	 

 Adopt stainless steel door and door set and cabin

			
	 

 HITACHI Cargo Lifts
	  	 

 8000 kg
 HITACHI 3000 kg
	  	

  
 33 

					
	 

 Lessor Reserve Place
	  	 	  	 
	

Nitrogen Station Foundation	  	 

 Area of 24m2
	  	

Nitrogen storage tank, covering an area of about 16 square meters, with liquid nitrogen weighed about 17000KG total
			
	

Consumable Goods Warehouse	  	 

 Area of 24m2, comply with the national safety regulations
	  	 

 Shacks/B9 top storey (build by NeoPhotonics, Lessor to reserve the place)

			
	 

 Consumable Waster Warehouse
	  	 

 Area of 18m2, comply with the national safety regulations
	  	 

 Shacks/B9 top storey (build by NeoPhotonics, Lessor to reserve the place)

			
	 

 ME Equipment Room
	  	 

 Area of 40m2
	  	 

 Minicomputers processing equipment
 

 Shacks/B9 top storey (build by NeoPhotonics, Lessor to reserve the place)

			
	 

 Production Equipment Spare Parts Warehouse
	  	 

 Area of 40m2
	  	 

 Shacks/B9 top storey (build by NeoPhotonics, Lessor to reserve the place)

			
	 

 Power Spare Parts/Material Warehouses
	  	 

 Area of 32m2
	  	 

 Shacks/B9 top storey (build by NeoPhotonics, Lessor to reserve the place)

			
	 

 Monitoring Center
	  	 

 Area of 20m2
	  	 

 Shacks (build by NeoPhotonics, Lessor to reserve the place)

  
 34 

 

 
 EXHIBIT 2B: DESIGN FLOOR PLAN 

 
 Location of Additional Factory Facilities Room 

 
 

 Design Floor Plan (1-5F) 

  
 35 

 

 
 

 

  
 36 

 

 
 

 

  
 37 

 

 

  
 38 

 

 Layout of High-voltage Room and Supporting Concrete Construction: 
 

 
 

 Layout of Additional Factory Facilities Room: 
 

 

  
 39 

 

 
 EXIHIBIT 3: Additional Equipments & Facilities Deposit Calculation and Return Plan

  

																	
	

No.	  	 

 Item
	  	

Depreciation
years	 	  	

Investment
(RMB)	 	  	

Deposit
(RMB)	 	  	 

 Deposit Return
Schedule

	1	  	 

 High-voltage Room and Supporting Concrete Construction
	  	 	5	  	  	 	980,000.00	  	  	 	78,400.00	  	  	 

 Full returned to Lessee at 64th month of the Commencement Date

	2	  	 

 B9 Concrete Construction and Retrofit
	  	 	5	  	  	  	  
	3	  	 

 Equipments Room Design Fee
	  	 	5	  	  	  	  
	4	  	 

 Equipment Room (water chillers)
	  	 	5	  	  	  	  

  
 40 

																	
	 

 

 No.
	  	 

 Item
	  	

Depreciation
years	 	  	

Investment
(RMB)	 	  	

Deposit
(RMB)	 	  	 

 Deposit Return
Schedule

	5	  	 

 dual-circuits 1*1600KVA transformer, high and low voltage, Incoming and outcoming cabinets and measure
cabinets
	  	 	8	  	  	 	2,100,000.00	  	  	 	168,000.00	  	  	 

 Full returned to Lessee at 100th month of the Commencement Date

						
	6	  	

 Passenger Lift: 800kg	  	 	8	  	  	 	410,000.00	  	  	 	32,800.00	  	  	
						
	7	  	

 Cargo Lift: 3000kg	  				  				  				  	

  
 41 

 

 
 EXHIBIT 4: LEASED PROPERTY HANDOVER CONDITION 

 

									
	 

 Item
	  	 

 B9 workshop project

	 

 Main structure acceptance
	  	 

 Factory Facilities Acceptance Criteria
	  	

remarks	  	

Actual
construction
delivery	  	

Confirm
					
	 

 Main structure
	  	 

 Without leakage
	  		  		  	
					
	 

 Doors and windows
	  	 

 Without leakage and damage
	  		  		  	
					
	 

 power distribution house acceptance
	  	 

 Acceptance Criteria
	  	 	  	 	  	 
					
	 

 Doors and windows
	  	 

 should be open outwardly, preventing small animals measures should be integrated
	  		  		  	
					
	 

 Lighting
	  	 

 illumination intensity should be not less than 250lx , accord with fireproof requirements, and the sign is
obvious
	  		  		  	
					
	 

 Hygiene environment
	  	 

 Without sundry, cavern should plugging intact
	  		  		  	
					
	 

 high-voltage cabinet
	  	 

 Install decently and firm, cabinet door and clapboard are well closed
	  		  		  	
					
	 

 low voltage cabinet
	  	 

 Equipped with insulation board
	  		  		  	
					
	 

 Automatic engine interlock transformation ark
	  	 

 Movements accurately
	  		  		  	
					
	 

 Power supply
	  	 

 dual-circuits power supply
	  		  		  	
					
	 

 Cable, protection, transformer electrical equipment and diesel
generator
	  	 

 The factory test and install inspection report are complete.
	  		  		  	

  
 42 

									
	 

 power distribution house
acceptance
	  	 

 Acceptance Criteria
	  	 

 Actual construction delivery
	  	 

 Confirm

	 

 Lighting
	  	 

 Illumination intensity should be not less than 200lx, should be installed one or more power socket
	  		  	
				
	 

 ventilation
	  	 

 Stale air shall not be discharged into room
	  		  	
				
	 

 Related material
	  	 

 Architectural layout, manufactured products quality certificate and lock device, speed device, safety clamp and buffer
type test certificate copy
	  		  	
					
	 

 Fire control system acceptance
	  	 

 Acceptance Criteria
	  	 

 remarks
	  	 	  	 
					
	 

 Related material
	  	 

 Provide fire control system design, the examination and approval, the completion acceptance certificate
materials
	  		  		  	

 

 Remarks : 

	1,	

 

 The afore-descirbed conditions will be subject to the construction drawings that
shall be confirmed by the Parties; 
  

	2,	

 

 The afore-described conditions may be subject to certain change or adjustment in
accordance with the actual situation, and any such change or adjustment shall be subject to Parties’s mutual agreement. 

  
 43 

 

 
 EXHIBIT 5: REAL ESTATE CERTIFICATES 

 
 State-owned Land Use Certificate 

 

  
 44 

 

 
 Construction Land Planning Permit 

 
 

 
 Construction Engineering Planning Permit of B9 

  
 45 

 

 
 

 
 Final Acceptance of Construction of B9 

 

  
 46 

 

 
 

 
 

 
 Exhibit 6 Monthly Rent Payment Plan of Additional Equipment and Facilities 

 

																					
	 

 #of Month
	  	

Total Amount
of Payment
Monthly	 	  	 	  	

#of Month	  	

Total Amount
of Payment
Monthly	 	  	 	  	

#of Month	  	

Total Amount
of Payment
Monthly	 
	1	  	 	65,093.67	  	  		  	33	  	 	57,285.55	  	  		  	65	  	 	32,532.11	  
	2	  	 	64,849.67	  	  		  	34	  	 	57,041.55	  	  		  	66	  	 	32,381.92	  
	3	  	 	64,605.67	  	  		  	35	  	 	56,797.55	  	  		  	67	  	 	32,231.74	  
	4	  	 	64,361.66	  	  		  	36	  	 	56,553.54	  	  		  	68	  	 	32,081.56	  
	5	  	 	64,117.66	  	  		  	37	  	 	56,309.54	  	  		  	69	  	 	31,931.37	  
	6	  	 	63,873.65	  	  		  	38	  	 	56,065.54	  	  		  	70	  	 	31,781.19	  
	7	  	 	63,629.65	  	  		  	39	  	 	55,821.53	  	  		  	71	  	 	31,631.01	  
	8	  	 	63,385.65	  	  		  	40	  	 	55,577.53	  	  		  	72	  	 	31,480.82	  
	9	  	 	63,141.64	  	  		  	41	  	 	55,333.52	  	  		  	73	  	 	31,330.64	  
	10	  	 	62,897.64	  	  		  	42	  	 	55,089.52	  	  		  	74	  	 	31,180.45	  

  
 47 

																									
	11	  	 	62,653.64	  	  		  	 	43	  	  	 	54,845.52	  	  		  	 	75	  	  	 	31,030.27	  
	12	  	 	62,409.63	  	  		  	 	44	  	  	 	54,601.51	  	  		  	 	76	  	  	 	30,880.09	  
	13	  	 	62,165.63	  	  		  	 	45	  	  	 	54,357.51	  	  		  	 	77	  	  	 	30,729.90	  
	14	  	 	61,921.62	  	  		  	 	46	  	  	 	54,113.51	  	  		  	 	78	  	  	 	30,579.72	  
	15	  	 	61,677.62	  	  		  	 	47	  	  	 	53,869.50	  	  		  	 	79	  	  	 	30,429.54	  
	16	  	 	61,433.62	  	  		  	 	48	  	  	 	53,625.50	  	  		  	 	80	  	  	 	30,279.35	  
	17	  	 	61,189.61	  	  		  	 	49	  	  	 	53,381.50	  	  		  	 	81	  	  	 	30,129.17	  
	18	  	 	60,945.61	  	  		  	 	50	  	  	 	53,137.49	  	  		  	 	82	  	  	 	29,978.98	  
	19	  	 	60,701.61	  	  		  	 	51	  	  	 	52,893.49	  	  		  	 	83	  	  	 	29,828.80	  
	20	  	 	60,457.60	  	  		  	 	52	  	  	 	52,649.48	  	  		  	 	84	  	  	 	29,678.62	  
	21	  	 	60,213.60	  	  		  	 	53	  	  	 	52,405.48	  	  		  	 	85	  	  	 	29,528.43	  
	22	  	 	59,969.60	  	  		  	 	54	  	  	 	52,161.48	  	  		  	 	86	  	  	 	29,378.25	  
	23	  	 	59,725.59	  	  		  	 	55	  	  	 	51,917.47	  	  		  	 	87	  	  	 	29,228.07	  
	24	  	 	59,481.59	  	  		  	 	56	  	  	 	51,673.47	  	  		  	 	88	  	  	 	29,077.88	  
	25	  	 	59,237.58	  	  		  	 	57	  	  	 	51,429.47	  	  		  	 	89	  	  	 	28,927.70	  
	26	  	 	58,993.58	  	  		  	 	58	  	  	 	51,185.46	  	  		  	 	90	  	  	 	28,777.51	  
	27	  	 	58,749.58	  	  		  	 	59	  	  	 	50,941.46	  	  		  	 	91	  	  	 	28,627.33	  
	28	  	 	58,505.57	  	  		  	 	60	  	  	 	50,697.45	  	  		  	 	92	  	  	 	28,477.15	  
	29	  	 	58,261.57	  	  		  	 	61	  	  	 	33,132.84	  	  		  	 	93	  	  	 	28,326.96	  
	30	  	 	58,017.57	  	  		  	 	62	  	  	 	32,982.66	  	  		  	 	94	  	  	 	28,176.78	  
	31	  	 	57,773.56	  	  		  	 	63	  	  	 	32,832.48	  	  		  	 	95	  	  	 	28,026.60	  
	32	  	 	57,529.56	  	  		  	 	64	  	  	 	32,682.29	  	  		  	 	96	  	  	 	27,876.41	  

 

 

  
 48

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