Document:

EX-10.1

 Exhibit 10.1 

GARY L. PIERCE 
 AMENDED
AND RESTATED EMPLOYMENT AGREEMENT 
 WITH 

STEIN MART, INC. 
 This
Amended and Restated Employment Agreement (this “Agreement”) entered into in the City of Jacksonville and State of Florida between Stein Mart, Inc., a Florida corporation and its divisions, subsidiaries and affiliates (the
“Company”), and Gary Pierce (“Executive”), is made as of April 4, 2018 to be effective on the “Effective Date” (as defined below). 

Background 
 Executive has
advised the Company that Executive is considering early retirement. The Company has asked the Executive to remain employed during the Term without a title instead of retiring so that the Executive will be in a position to provide advice and
historical information and perspective as requested from time to time by the Company from and after May 1, 2018 (the “Effective Date”). 

Executive acknowledges that the duties he is required to perform under this Agreement, if any, are substantially different and less than those
previously performed and that this restructuring of his duties and the compensation and other benefits provided herein is sufficient consideration for this Agreement, including but not limited to the release(s) of Claims provided for herein. In
consideration of the promises and mutual covenants contained herein, the parties, intending to be legally bound, agree as follows: 

SECTION 1.        TERM OF EMPLOYMENT 

(a)    Term. The Company agrees to employ Executive, and Executive agrees to be employed by the
Company, for a period beginning on the Effective Date and through February 28, 2019 (the “Term”). There shall be no renewal of the Term. 

SECTION 2.        DEFINITIONS 

“Board of Directors” means the Board of Directors of Stein Mart, Inc. and any of its divisions, affiliates or
subsidiaries. 
 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision
of the Code shall be deemed to refer to any successor provision thereto and the regulations promulgated thereunder. 

 “Claims” means all claims arising out Executive’s prior
employment with the company, including but not limited to: (i) any claim for compensation, bonus payment, and other amounts not specifically provided for in this Employment Agreement; (ii) Title VII of the Civil Rights Act of 1964, as
amended; the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”); the Americans with Disabilities Act of 1990; the National Labor Relations Act, as amended; the Employee Retirement Income Security Act of 1974, as amended;
the Civil Rights Act of 1991; 42 U.S.C. §1981, the Family and Medical Leave Act, the Sarbanes-Oxley Act, the Florida Civil Rights Act, the Florida Private Sector Whistleblowers Act, Florida laws related to payment of wages (including but not
limited to Chapter 448, Florida Statutes) and other federal, state and local human rights, fair employment and other laws relating to employment. 

“Disability” means Executive’s incapacity due to physical or mental
illness or cause, which results in the Executive being unable to perform his duties with Company on a full-time basis for a period of six (6) consecutive months. Any dispute as to disability shall be conclusively determined by written opinions
rendered by two qualified physicians, one selected by Executive, and one selected by Company; provided that if such opinions are conflicting, then such physicians shall select a mutually agreeable third physician whose opinion shall be
conclusive and binding. 
 SECTION 3.        RESPONSIBILITIES 

Executive shall assist the Company as requested by the Company by providing advice and historical information and perspective as requested from
time to time by the Company 
 SECTION 4.        COMPENSATION AND BENEFITS 

(a)    Base Salary. Executive’s base salary shall be a total of $312,000.00 for work performed
from May 1, 2018 through February 28, 2019 (“Base Salary”). The Base Salary shall be payable in accordance with the Company’s standard payroll practices and policies and shall be subject to such withholdings as
required by law or as otherwise permissible under such practices or policies. In addition to the services he is to perform, if any, Executive acknowledges that the receipt of the Base Salary is conditioned upon him agreeing to a waiver of Claims at
the inception of this Agreement (covering the period from the beginning of his employment with the Company through the date of executing the Agreement) and a waiver of Claims for the period subsequent to the termination of this Agreement or
Executive’s employment. 
 (b)    Employee Benefit Plans. Executive shall be entitled to
continue to vest all already granted but unvested options, restricted and performance shares which otherwise vest under their terms during the Term. In addition, Executive shall be entitled to continue to participate in, at the Company’s cost,
medical, dental, vision, life and accident insurance plans (Executive Retirement/Executive Deferred Compensation) with coverage consistent with the coverage in effect from time to time as applied to persons in positions in the Company’s Tier 1
positions to the extent permitted by the terms of those plans. If the terms of this Agreement preclude Executive from participating in the Company’s medical or dental plans, the 

  
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Company shall offer Executive continuation coverage with respect to such benefits as required under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). The cost
of medical, dental, vision and life plan coverage provided to Executive, as well as any COBRA premiums, if applicable and if Executive elects COBRA coverage, shall be provided by the Company through the end of the Term. For avoidance of doubt,
Executive shall not participate in any Annual Incentive or Long Term Incentive plans applicable to the Company with respect to any year after the current year. 

(c)    Indemnification. With respect to Executive’s acts or failures to act during his
employment in his capacity as an officer, employee or agent of the Company, Executive shall be entitled to indemnification from the Company, and to liability insurance coverage (if any), on the same basis as other officers of the Company. Executive
shall be indemnified by Company, and Company shall pay Executive’s related expenses when and as incurred, all to the full extent permitted by law. Subject to applicable law, the Company reserves the right to discontinue indemnification in the
event the Company determines that the Executive has breached this Agreement or the Executive has or intends to advance a business or legal position contrary to the Company’s interests. Notwithstanding the foregoing, Executive shall not be
entitled to any indemnification if a judgment or other final adjudication establishes that any act or omission of Executive was material to the cause of action so adjudicated and that such act or omission constituted: (i) a criminal violation,
unless Executive had reasonable cause to believe that Executive’s conduct was lawful or had no reasonable cause to believe that such conduct was unlawful, (ii) a transaction from which Executive derived an improper personal benefit, or
(iii) willful misconduct or a conscious disregard for the best interests of the Company. 

(d)    Other Perquisites. No other perquisites shall be provided during the Term to the Executive.

 SECTION 5.        TERMINATION OF EMPLOYMENT 

(a)    General. The Board of Directors shall have the right to terminate Executive’s employment
and this Agreement at any time with or without cause. In such event, the Company shall pay the Executive the remainder of the Base Salary due hereunder as though such termination had not occurred, in accordance with the Company’s standard
payroll practices and policies and subject to such withholdings as required by law. Executive shall be deemed to have remained employed through the Term for such purposes. If the Board of Directors terminates Executive’s employment as described
herein, the Company shall offer Executive continuation coverage under COBRA with respect to medical and dental coverage. If Executive timely elects such COBRA coverage, the Company will pay the any COBRA premiums related to such coverage for the
remainder of the Term. 

  
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 (b)    Termination for Disability. Subject to the
definitions and requirements of Section 2 (“Disability”), after six (6) consecutive months of such disability leave of absence (“Disability Leave”), Executive’s service may be terminated by Company. In the event
Executive is terminated from employment due to Disability, the Company shall: 
  

	 	(i)	continue to pay Executive his Base Salary through the end of the Term in accordance with the Company’s standard payroll practices and policies and subject to such withholdings as required by law; provided
that if such payment exceeds the applicable dollar amount in effect under Code Section 402(g)(1)(B) for the year in which such termination occurs, then the payment in excess of such applicable dollar amount shall be paid following six
(6) months after the Executive’s Termination; 

  

	 	(ii)	make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan, program and policy in which Executive was a participant; and 

 

	 	(iii)	in the event the Executive has any options or restricted shares (but excluding “performance shares” which shall be governed by the terms set forth in the grant as to such shares) which are not vested on the
date of termination for Disability, then pay to the Executive (i) as to any unvested options, the net value of the excess, if any, of the closing price of the Company’s shares on the NASDAQ for the day on which the termination due to
Disability occurs and the exercise price of such unvested options multiplied by the number of shares subject to options which failed to vest; and (ii) as to any unvested restricted shares, the value of the closing price of the Company’s
shares on the NASDAQ for the day on which the termination due to Disability occurred multiplied by the number of restricted shares, if any, which failed to vest due to such termination of employment for Disability. The Company shall pay these
amounts to Executive in a single lump sum payment to be paid concurrently with the last payment of Base Salary payable to Executive in accordance with Section 5(b)(i), above. 

Notwithstanding the Executive’s Disability, during the period of Disability Leave, Executive shall be paid in full (net of insurance) as
if he or she were actively performing services. Executive agrees to simultaneously utilize available leave under the Family and Medical Leave Act of 1993 during such disability leave of absence. During the period of such Disability leave of absence,
the Board of Directors may designate someone to perform Executive’s duties. Executive shall have the right to return to full-time service so long as he is able to resume and faithfully perform his full-time duties. 

  
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 (c)    Death. If Executive’s employment
terminates as a result of his death, the Company shall: 
  

	 	(i)	continue to pay to Executive’s estate his Base Salary through the end of the Term, in accordance with the Company’s standard payroll practices and policies and subject to such withholdings as required by law,
notwithstanding his death; 

  

	 	(ii)	make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan, program and policy in which Executive was a participant; and 

 

	 	(iii)	in the event the Executive has any options or restricted shares (but excluding “performance shares” which shall be governed by the terms set forth in the grant as to such shares) which are not vested on the
date of termination for death, then pay to the Executive’s estate (i) as to any unvested options, the net value of the excess, if any, of the closing price of the Company’s shares on the NASDAQ for the day on which the death occurred
and the exercise price of such unvested options multiplied by the number of shares subject to options which failed to vest; and (ii) as to any unvested restricted shares, the value of the closing price of the Company’s shares on the NASDAQ
for the day on which the death occurred multiplied by the number of restricted shares, if any, which failed to vest due to such termination of employment for death. The Company shall pay these amounts to Executive’s estate in a single lump sum
payment to be paid concurrently with the last payment of Base Salary payable to Executive in accordance with Section 5(c)(i), above. 

Any amounts payable to Executive under this Agreement which are unpaid at the date of Executive’s death or payable hereunder or otherwise by reason of
his death, shall be paid in accordance with the terms of this Agreement to Executive’s estate; provided that if there is a specific beneficiary designation in place for any specific amount payable, then payment of such amount shall be
made to such beneficiary. 
 (d)    Limitation. Anything in this Agreement to the contrary
notwithstanding, Executive’s entitlement to or payments under any other plan or agreement shall be limited to the extent necessary so that no payment to be made to Executive on account of termination of his employment with the Company will be
subject to the excise tax imposed by Code Section 4999, but only if, by reason of such limitation, Executive’s net after tax benefit shall exceed the net after tax benefit if such reduction were not made. “Net after tax benefit”
shall mean (i) the sum of all payments and benefits that Executive is then entitled to receive under any section of this Agreement or other plan or agreement that would constitute a “parachute payment” within the meaning of
Section 280G of the Code, less (ii) the amount of federal income tax payable with respect to the payments and benefits described in clause (i) above calculated at the maximum marginal income tax rate for each year in which such
payments and benefits shall be paid to Executive (based upon the rate in effect for such year as set forth in the Code at the time of the first payment of the 

  
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foregoing), less (iii) the amount of excise tax imposed with respect to the payments and benefits described in clause (i) above by Section 4999 of the Code. Any limitation under
this Section 5(d) of Executive’s entitlement to payments shall be made in the manner and in the order directed by Executive. 
 SECTION
6.        COVENANTS BY EXECUTIVE 
 (a)    Company
Property. Upon the termination of Executive’s employment for any reason, Executive shall promptly return all Company Property which had been entrusted or made available to Executive by the Company. “Property” means
all records, files, memoranda, communication, reports, price lists, plans for current or prospective business operations, customer lists, drawings, plans, sketches, keys, codes, computer hardware and software and other property of any kind or
description prepared, used or possessed by Executive during Executive’s employment by the Company (and any duplicates of any such Property) together with any and all information, ideas, concepts, discoveries, processes, intellectual property,
inventions and the like conceived, made, developed or acquired at any time by Executive individually or with others during Executive’s employment which relate to the Company or its products or services or operations. 

(b)    Trade Secrets. Executive agrees that Executive shall hold in a fiduciary capacity for the
benefit of the Company and shall not directly or indirectly use or disclose any Trade Secret that Executive may have acquired during the term of Executive’s employment by the Company for so long as such information remains a Trade Secret.
“Trade Secret” means information, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a
drawing or a process that (i) derives economic value, actual or potential, from not being generally known to, and not being generally readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or
use and (ii) is the subject of reasonable efforts by the Company to maintain its secrecy. This Section 6(b) is intended to provide rights to the Company which are in addition to, not in lieu of, those rights the Company has under the
common law or applicable statutes for the protection of trade secrets. 
 (c)    Confidential
Information. During the Employment Term and continuing thereafter indefinitely, Executive shall hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose, any Confidential Information that
Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive is authorized to have access to such information) during the term of, and in the course of, or as a result of Executive’s employment by
the Company without the prior written consent of the Board of Directors unless and except to the extent that such disclosure is (i) made in the ordinary course of Executive’s performance of his duties under this Agreement or
(ii) required by any subpoena or other legal process (in which event Executive will give the Company prompt notice of such subpoena or other legal process in order to permit the Company to seek appropriate protective orders).
“Confidential  

  
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Information” means any secret, confidential or proprietary information possessed by the Company or any of its subsidiaries or affiliates, including, without limitation, trade
secrets, customer or supplier lists, details of client or consultant contracts, current and anticipated customer requirements, pricing policies, price lists, market studies, business plans, operational methods, marketing plans or strategies,
advertising campaigns, information regarding customers or suppliers, computer software programs (including object code and source code), data and documentation data, base technologies, systems, structures and architectures, inventions and ideas,
past current and planned research and development, compilations, devices, methods, techniques, processes, financial information and data, business acquisition plans and new personnel acquisition plans and the terms and conditions of this Agreement
that has not become generally available to the public. 
 (d)    Specific Performance; Independence of
Covenants. The Company shall be entitled to specific performance of the covenants in this Section 6, including entry of a temporary restraining order in state or federal court, preliminary and permanent injunctive relief against activities
in violation of this Section 6, or both, or other appropriate judicial remedy, writ or order, in addition to any damages and legal expenses which the Company may be legally entitled to recover. Executive acknowledges and agrees that the
covenants in this Section 6 shall be construed as agreements independent of any other provision of this Agreement or any other agreement between the Company and Executive, and that the existence of any claim or cause of action by Executive
against the Company, whether predicated upon this Agreement or any other agreement, shall not constitute a defense to the enforcement by the Company of such covenants. 

(e)    Non-Solicitation. During the Employment Term and for
a period of two years hereafter (such period is referred to as the “No Recruit Period”), the Executive will not solicit or attempt to solicit, either directly or indirectly, any person that he knows or should reasonably know to be an
employee of the Company, whether any such employees are now or hereafter through the No Recruit Period so employed or engaged to terminate or alter their employment with the Company.    The foregoing is not intended to limit any
legal rights or remedies that any employee of the Company may have under common law with regard to any interference by Executive at any time with the contractual relationship the Company may have with any of its employees. 

(f)    Reasonable and Continuing Obligations. Executive agrees that Executive’s obligations
under this Section 6 are obligations which will continue beyond the date Executive’s employment terminates and that such obligations are reasonable, fair and equitable in scope. The terms and duration are necessary to protect the
Company’s legitimate business interests and are a material inducement to the Company to enter into this Agreement. Executive further acknowledges that the consideration for this Section 6 is his employment or continued employment.
Executive will not be paid any additional compensation for application or enforcement of the restrictive covenants contained in this Section 6. 

  
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 (g)    Work Product. The term “Work Product”
includes any and all information, programs, concepts, processes, discoveries, improvements, formulas, know-how and inventions, in any form whatsoever, relating to the business or activities of the Company, or
resulting from or suggested by any work developed by the Executive in connection with the Company, or by the Executive at the Company’s request. Executive acknowledges that all Work Product developed during the Term is property of the Company
and accordingly, Executive does hereby irrevocably assign all Work Product developed by the Executive to the Company and agrees: (a) to assign to the Company, free from any obligation of the Company to the Executive, all of the Executive’s
right, title and interest in and to Work Product conceived, discovered, researched, or developed by the Executive either solely or jointly with others during the term of this Agreement and for three (3) months after the termination or
nonrenewal of this Agreement; and (b) to disclose to the Company promptly and in writing such Work Product upon the Executive’s acquisition thereof. 

(h)    Cooperation. During and subsequent to termination of the employment of the Executive, the
Executive will cooperate with Company and furnish any and all complete and truthful information, testimony or affidavits in connection with any matter that arose during the Executive’s employment, that in any way relates to the business or
operations of the Company or any of its subsidiary corporations, divisions or affiliates, or of which the Executive may have any knowledge or involvement; and will consult with and provide information to Company and its representatives concerning
such matters. Subsequent to the termination of the employment of the Executive, the parties will make their best efforts to have such cooperation performed at reasonable times and places and in a manner as not to unreasonably interfere with any
other employment in which Executive may then be engaged. Nothing in this Agreement shall be construed or interpreted as requiring the Executive to provide any testimony, sworn statement or declaration that is not complete and truthful. If Company
requires the Executive to travel outside the metropolitan area in the United States where the Executive then resides to provide any testimony or otherwise provide any such assistance, then Company will reimburse the Executive for any reasonable,
ordinary and necessary travel and lodging expenses incurred by Executive to do so provided the Executive submits all documentation required under Company’s standard travel expense reimbursement policies and as otherwise may be required to
satisfy any requirements under applicable tax laws for Company to deduct those expenses. Nothing in this Agreement shall be construed or interpreted as requiring the Executive to provide any testimony or affidavit that is not complete and truthful.

  
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 SECTION 7.        MISCELLANEOUS 

(a)    Notices. Notices and all other communications shall be in writing and shall be deemed to have
been duly given when personally delivered or when mailed by United States registered or certified mail. Notices to the Company shall be sent to: 

STEIN MART, INC 
 Attention: D.
Hunt Hawkins 
 1200 Riverplace Boulevard, 10th Floor 

Jacksonville, FL 32207 

Facsimile: (904) 346-1297 

Notices and communications to Executive shall be sent to the address Executive most recently provided to the Company. 

(b)    No Waiver. No failure by either the Company or Executive at any time to give notice of any
breach by the other of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of any provisions or conditions of this Agreement. 

(c)    Governing Law. This Agreement shall be governed by Florida law without reference to the
choice of law principles thereof. Any litigation that may be brought by either the Company or Executive involving the enforcement of this Agreement or any rights, duties, or obligations under this Agreement, shall be brought exclusively before a
court of competent jurisdiction in and for Duval County, Florida. 
 (d)    Assignment. This
Agreement shall be binding upon and inure to the benefit of the Company and any successor in interest to the Company or any segment of such business. The Company may assign this Agreement to any affiliate or successor that acquires all or
substantially all of the assets and business of the Company or a majority of the voting interests of the Company. The Company will require any successor (whether direct or indirect, by operation of law, by purchase, merger, consolidation or
otherwise to all or substantially all of the business and/or assets of Company) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Company would be required to perform it if no such succession had
taken place. As used in this Agreement, “Company” shall mean Company as defined above and, unless the context otherwise requires, any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement
by operation of law, or otherwise. Executive’s rights and obligations under this Agreement are personal and shall not be assigned or transferred by him. 

(e)    Other Agreements; Waiver of Claims. This Agreement replaces and merges any and all previous
agreements and understandings regarding all the terms and conditions of Executive’s employment relationship with the Company, and this Agreement constitutes the entire agreement between the Company and Executive with respect to such terms and
conditions. For the period from the beginning of his employment through the date he executes this Agreement, the Executive acknowledges that Executive has no Claims against the Company and does hereby expressly waive any such Claims, known or
unknown or now existing or hereafter arising except for Executives rights under this Agreement. For purposes of 

  
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complying with the Older Workers Benefits Protection Act, the Executive is advised he is to consult with counsel of his choice regarding this Agreement, that he has
twenty-one days to consider whether to sign this Agreement, and seven days after executing it to revoke it. If the Executive does not execute this Agreement and deliver a copy of it Company within the twenty-one day period, or thereafter revokes, all offers contained herein, including employment during the Term, are revoked. If the Executive is or has begun performing services prior to the expiration of the twenty-one day period or the seven day revocation period, and the Executive does not execute this Agreement or revokes it, the Executive’s employment shall immediately terminate upon the expiration of the twenty-one day consideration period or seven-day revocation period, whichever occurs first. Notwithstanding ¶ 5(a) of this Agreement, the Executive will only receive
base salary pro rata for those days on which he actually performed services prior to the termination and no other compensation of any amount or kind thereafter. 

(f)    Post Agreement Waiver of Claims. Notwithstanding anything to the contrary contained herein,
the Executive’s right to retain amounts paid as Base Salary and any other compensation and benefits paid to him during the term of the Agreement shall be conditioned upon (a) Executive having delivered to the Company, within 30 days after
the termination of this Agreement or termination of his employment – whichever is earlier – a valid and binding release, substantially in the form attached as Exhibit A, which is no longer subject to revocation. 

(g)    Amendment. No amendment to this Agreement shall be effective unless it is in writing and
signed by the Company and by Executive. 
 (h)    Invalidity and Severability. If any part of this
Agreement is held by a court of competent jurisdiction to be invalid or otherwise unenforceable, the remaining part shall be unaffected and shall continue in full force and effect, and the invalid or otherwise unenforceable part shall be deemed not
to be part of this Agreement. 
 (i)    Litigation. In the event that either party to this
Agreement institutes litigation against the other party to enforce his or its respective rights under this Agreement, each party shall pay its own costs and expenses incurred in connection with such litigation. As a material part of the
consideration for this Agreement, BOTH PARTIES HERETO WAIVE ANY RIGHT TO A TRIAL BY A JURY in the event of any litigation arising from this Agreement. All legal actions arising out of or connected with this Agreement must be instituted solely in the
Circuit Court of Duval County, Florida, or in the Federal District Court for the Middle District of Florida, Jacksonville Division, and all parties hereto do hereby agree to submit to the exclusive personal jurisdiction of such courts. Each of the
parties hereby expressly and irrevocably submits to the jurisdiction of such courts for the purposes of any such action and expressly and irrevocably waives, to the fullest extent permitted by law, any objection which it may have or hereafter may
have to the laying of venue of any such action brought in any such court and any claim that any such action has been brought in an inconvenient forum. 

  
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 (j)    Counterparts. This Agreement may be executed in
counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 IN
WITNESS WHEREOF, the Company and Executive have executed this Agreement. 
  

							
	STEIN MART, INC.	 		 	GARY PIERCE
				
	By:	 	 /s/ D. Hunt Hawkins
	 		 	 /s/ Gary Pierce

	Name:	 	D. Hunt Hawkins	 		 	
	Title:	 	Chief Executive Officer	 		 	
	Date: April 4, 2018	 		 	Date: April 4, 2018

  
 11EX-4.24

 Exhibit 4.24 

Free translation for information purposes only 
  

			
	LEASE	  	10/15/2015

 AXISPARC 

Office building located at 

2 rue Edouard Belin, 1435 Mont St Guibert 

NON-COMMERCIAL LEASE AGREEMENT – 2,284 m2 

 

			
	BETWEEN:	  	 Immobilière Belin 2 SA, with head office at 2/1.1, rue Fond Cattelain, 1435

Mont St Guibert,

		
		  	Represented by Mr. Henri Fischgrund, Chief Executive Officer,
		
		  	Hereinafter the Lessor,
		
	AND:	  	Celyad SA, with head office at 12 rue Edouard Belin
		
		  	1435 Mont-Saint-Guibert, represented by Christian Homsy, Chief Executive Officer,
		
		  	Hereinafter the Lessee,

 IT IS HEREBY AGREED AS FOLLOWS: 

Article 1: Axisparc 
  

	 	1.1.	Axisparc is a business park comprising 4 zones. 

  

			
	 •        Zone 1:
	  	Axisparc Offices: 9 buildings housing over 30,000 m2 of office space.
		
	 •        Zone 2:
	  	Axisparc Service Center: 1 building housing restaurant facilities + day care center + fitness center + conference rooms.
		
	 •        Zone 3:
	  	Axisparc High Tech: office buildings, workshops and laboratories mainly intended for SME’s.
		
	 •        Zone 4:
	  	Axisparc New Tech: office buildings and laboratories mainly intended for large businesses.

  

	 	1.2.	The building covered by this lease agreement is located in zone 3. 

 This zone, as well as zone 4, is under co-ownership and the users and occupants of the premises are bound by the co-ownership regulations, which are entitled: Axisparc Technology Specifications (see appendix 1).

  

	 	1.3.	The building covered by this lease agreement shall be built by the Lessor on the land located at 2-4 rue Belin, Mont St Guibert. 

The building’s proportional share within Axisparc Technology is 10.01 %. The proportional share of the building occupy by the Lessee is 2.284/4.974.

 Article 2: Leased premises 

 

	a)	The Lessor shall lease to the Lessee, who accepts: 

  

	 	•	 	Offices located on the ground and first floor of the buildings A & C (appendix 2) 

  

	 	•	 	60 parking spaces (appendix 3) 

  

	b)	The lease agreement shall also include an entitlement for the Lessee, its staff and third parties with which it does business, to use, at the same time as the Lessor and all other persons authorized by it, the roads and
thoroughfares within the business park that provide access to the leased premises for them and for any vehicles needed for the operation of its company. 

The Lessee is aware that a part of the building B is occupy by the International Academy of Osteopathy (IAO) – 532m2. IAO has a 3/6/9-year lease agreement with the Lessor (appendix 4). In case the Lessee would want to expand and lease the surfaces occupied by IAO, Lessee will inform the Lessor at least 7 months in advance of the intermediate
terms of the leases, ie February 2018 and February 2021. The Lessor will then terminate the lease agreement with IAO to the benefit of the Lessee. Terms and conditions of the new lease will be identical to the terms of this agreement. 

Article 3: Intended use 
 The premises shall be
leased for use as offices and laboratories. The Lessee agrees to comply with this intended use for the duration of the lease. 
 The Lessee may not modify
this intended use without the prior written consent of the Lessor, who shall always be entitled to reject the modification providing there are just grounds for doing so. It is expressly agreed that the intended used of the premises is an essential
condition of this lease agreement, in the absence of which the Lessor would not have entered into the contract. 
 Under no circumstances may the leased
premises be used to operate a retail business or a handicraft activity that entails direct contact with the general public, even if the premises are used as showrooms, thereby ensuring that this lease agreement is not, and shall never be, governed
by the law of 30 April 1951 on commercial leases. 
 The Lessee shall refrain from performing, on the premises, any activity that could disrupt the
tranquility and peaceful enjoyment of its neighbors and agrees to comply with Axisparc Technology’s specifications. 
 Each parking space shall be
reserved exclusively for the parking of vehicles. It is strictly prohibited to store goods in those spaces or to wash or maintain vehicles. The Lessee shall not be authorized to hold public sales in the parking lot. 

The Lessor reserves the right to modify or switch the designated parking bays, if this becomes necessary as a result of construction or maintenance work, or
tenant turnover or for reasons of security or internal organization within the building, subject to the Lessor notifying the tenant of the change or switch. 

Article 4: Term 
 This lease agreement shall take
effect upon provisional acceptance of the building, which is currently scheduled to take place on July 1st 2016. 

The lease has been concluded for a term of nine consecutive years and shall expire on June 30, 2025 without notice. Upon expiry of the lease agreement,
continued occupation of the premises shall, under no circumstances, be interpreted as tantamount to tacit renewal of the lease. 

 Article 5: Annual rent 
  

													
	 Destination
	  	Unit price	 	 	Surface	 	  	Total	 
	 Offices first floor
	  	 	145	€/m2 	 	 	1.110m2	 	  	 	160,950	€ 
	 Offices ground floor
	  	 	140	€/m2 	 	 	1.174m2	 	  	 	164,360	€ 
	 Parking
	  	 	500	€/lot 	 	 	60	 	  	 	30,000	€ 
		  				 				  	  
	  
	 
		  				 				  	 	355,310	€ 
		  				 				  	  
	  
	 

 The rent shall be payable quarterly at the start of each quarter and shall be paid into Dexia account number IBAN BE30 0682
4737 7511 held by Immobilière Belin 2 SA. 
 As a commercial gesture, the Lessor agrees to a 15.5-month
rent-free period (the first 15.5 months). The first payment will cover the period from October 15, 2017 until end of December 2017. This incentive shall not cover any charges and taxes. 

The charges shall be billed to the Lessee separately, as of the entry into force of the lease or, if the Lessee occupies the premise prior to the entry into
force of the lease, as of the date of occupation of these premises. 
 Article 6: Rent adjustments 

 

	6.1.	Indexations shall be applied as follows: 

  

	6.1.1.	The rent shall be linked to the Kingdom’s health index, as stipulated in the Royal Decree of 12/24/93. 

  

	6.1.2.	Without it ever being lower than the last indexed rent, the rent shall be revised, automatically and as of right, on an annual basis on the anniversary date of entry into force of the lease based on the index for the
month preceding that of the revision and using the formula below, the base index being that of the month preceding the signature of this lease agreement, pursuant to article 1728 a of the Civil Code (base index = August 2015). 

 

	
	New rent = Base rent x index for the month preceding the month of the revision
	Base index

  

	6.1.3.	In the event that the basis for calculating the official health index were to be modified or abolished, the parties expressly agree that the amount of the rent shall be pegged to the conversion rate published in the
Belgian Official Gazette (Moniteur Belge) or to any other system that replaces this index. 

  

	6.2.	It is expressly agreed that any waiver by the Lessor of the rent increases pursuant to this article must be made in writing and signed by the latter. 

 

	6.3.	If, subsequently, VAT were to be applied to this type of lease, the cost shall be borne by the Lessee. 

Article 7: Charges 
 A. Taxes 

Property tax, as well as all other taxes and contributions in general of any kind that may be levied by any authority on the lease or on the occupation of the
buildings, shall be borne by the Lessee. 

 The Lessee shall indemnify the Lessor with regard to any prejudice incurred by the latter as a result of delayed
payment by the Lessee of the taxes for which it is liable. 
 The aforementioned taxes shall be reimbursed to the Lessor within 15 days of their
notification to the Lessee. 
 B. Collective charges relating to Axisparc Technology 

These charges relate mainly to the upkeep of thoroughfares, underground service networks and green areas, as well as the management company’s fees.
Axisparc Technology’s management company shall communicate to the relevant owners and tenants a breakdown of the charges and a quarterly provisional bill for charges. The Lessee shall contribute to these costs proportionately to its share
within the co-ownership, as stipulated in article 1.2 of this lease. 
 C. Collective and individual charges
relating to the building 
 Since the Lessee is the only tenant in the building, there are no communal charges for the building and the tenant shall be
liable for the cost of: 
  

	a)	Water, gas and electricity meter rental and consumption; 

  

	b)	Maintenance and cleaning of the premises, the rear, front and side façades and the inside and outside of the windows 

  

	c)	Premiums paid by the Lessor to insure the building, as specified in article 18, as well as the excess payable in the event of an insurance claim. 

This list is not exhaustive, but rather indicative. 
 The Lessee
shall contribute to these costs proportionately to its share within the co-ownership, as stipulated in article 1.2 of this lease. 

D. Advance payment for collective charges 
  

	 	•	 	The Lessee shall pay the management company of Axisparc Technology an accrual of 5€/m2 of the premises to cover its share of the contribution to the communal charges for the leased premises. This percentage may be
adjusted in light of the communal charges incurred in the previous year. 

 The Lessee shall pay an additional accrual of
19€/m2 of the premises to cover its share of the contribution to the communal charges for the leased premises. This percentage may be adjusted in light of the communal charges incurred in the previous year. 

 

	 	•	 	These advance payments shall be paid within 15 days of the management company sending the provisional bill for charges. 

E. Final settlement of communal and individual charges 

At the end of each year, Axisparc Technology’s management company shall draw up a final breakdown of the various charges mentioned in this article. Each
tenant shall receive a final breakdown of the charges each quarter or, where applicable, each year, and shall pay the management company its outstanding contribution upon receipt of the breakdown of the charges or shall receive a refund in the event
that its advance payments exceed the amount actually owed. 
 The management company may make provision, in its annual accounts, for advance payments for non-recurring charges arising from maintenance work to be carried on the communal areas for a period exceeding one year. 

 The Lessor may change the payment method used by the tenants to make the advance payments for charges in light of
regulatory changes or modifications within Axisparc Technology and the building. 
 Article 8: Payment methods – Late payment 

Rents, taxes, charges and all other sums owed by the Lessee under the terms of this lease shall be payable as of their due date, which shall constitute a
formal notice to pay. They are assignable and shall be paid into the account designated by the Lessor. 
 Without prejudice to any other rights of, and
actions filed by the Lessor, failure by the Lesser to pay any rents, taxes, charges and all other sums owed by it under this lease shall give rise, as of their due date, to the application, as of right and without prior formal notice, of a 7% rate
of annual interest. 
 Article 9: Use of the premises 

The Lessee agrees to make use of the premises with due diligence and, in particular, agrees to use the leased premises and other parts of the building in
conformity with the provisions of article 10 below. 
 The maximum authorized ceiling loads, including the partition weight, may not exceed 350 kg/m2 on the
upper stories, unless otherwise stipulated in the technical documentation. 
 The fitting, installation and use of telephones, radios and televisions, as
well as teleprinters and other technical equipment inside the leased premises shall be done at the sole risk and expense of the Lessee and under its full and sole responsibility. 

If the fitting of the aforementioned equipment is likely to require work outside the building, or in the communal areas, the Lessee shall submit a written
request to the Lessor prior to the work. The Lessee shall ensure that its use of said equipment does not disrupt the enjoyment of the other occupants. This work shall be performed at the sole expense of the Lessee. 

In accordance with the safety regulations, the fire doors shall never be kept open. 

If the Lessee does not comply with its obligations with regard to the maintenance and state of repair of the leased premises, the Lessor shall be entitled,
without prejudice to its other rights, to enter the premises and perform, at the Lessee’s expense, any work that the latter has failed to perform. 

Article 10: Specifications for Axisparc Technology 

The Lessee agrees to comply with the requirements of the specifications for Axisparc Technology, which it acknowledges it has received and agrees to. 

These requirements may be added to, modified or amended by Axisparc Technology’s co-owners, in particular to
preserve the luxury status of the buildings, to improve the conditions under which the buildings operate or to seek a better distribution of the clauses between the co-ownership
by-laws and the other documents that would have to be produced if a new co-ownership were created (basic deed, co-ownership by-laws). 
 Article 11: Inventory of the premises at the start of the lease 

An inventory of the premises at the start of the lease, which shall be final and binding on the parties, shall be drawn up prior to entry into force of the
lease and, at the latest, by the time of effective occupation of the leased premises by the Lessee or finally, in the case of the laboratory to be fitted out by the Lessee on the leased premises pursuant to article 4, prior to the
premises being fitted out for the Lessee. 

 This inventory shall be conducted either by an expert designated by the parties by mutual agreement or jointly by
two experts, with each party designating and remunerating its own expert. The fees owed to the expert(s) shall be borne equally by both parties. 

Article 12: Restitution of the premises 
 An
inventory of the premises at the end of the lease shall be performed in accordance with the same procedure as that described in the previous article, so that the expert or experts can valuate the rental damage and, where applicable, the compensation
to be paid to compensate for the unavailability of the premises. The decision of the expert(s), as at the time of the initial inventory, shall be final and binding on both parties. 

Upon expiry of the lease, the Lessee shall leave the leased premises in the state of repair in which it accepted them, as stipulated in the inventory made at
the start of the lease, allowing for normal wear-and-tear, but without any prejudice whatsoever to the provisions of article 13 below. 

However, if the lease is terminated through the fault of, or due to circumstances attributable to the tenant, in a way other than described in the provisions
article 4 of this lease contract, the tenant shall be deemed liable for all damage, including normal wear-and-tear, caused during the term of the lease. 

It is expressly stipulated that any damage caused by fitting, modifying and removing partitions shall not constitute normal wear-and-tear and shall be attributable to the Lessee, notwithstanding disrepair and normal wear-and-tear. 

The requisite restoration work shall be completed by the Lessee before expiry of the lease. Failing this, the Lessee shall be liable to pay, without prejudice
to its other obligations, an unavailability compensation equivalent to the amount of the monthly rent at the end of the lease, plus charges and taxes, for the period of months of unavailability estimated by the expert(s), which shall be at least 1
month. 
 Insofar as is necessary, it is stipulated that if, for whatever reason, this lease were to be renewed and/or were to remain in force beyond the
term mentioned in article 3 and no new inventory were drawn up on that occasion, the inventory drawn up at the start of this lease, as well as any addenda thereto, shall serve as a basis for determining the rental damage at the end of the lease.

 Article 13: Fitting out, transformations and modifications 

Any construction work, fitting out, embellishments, transformations, placing of advertising boards and/or satellite dishes, or new organization of the space on
the premises shall be subject to the prior, express and written consent of the Lessor, which may not withhold its consent without reasonable cause. 
 The
Lessor hereby declares that it agrees to the Lessee fitting out the laboratory on the leased premises. 
 In its request, the Lessee shall provide the
Lessor with the work plans that it intends to implement or have implemented for it by a third party on the leased premises, as well as the scope of work, the specifications and the list of materials it intends to use. The Lessee agrees to use only
materials that meet the applicable safety standards. 
 The Lessor shall notify the tenant of its position within 15 calendar days. 

If, during and/or subsequent to implementation of the plans, one of the materials used were no longer to meet national or European safety standards and/or
were to be downgraded, the Lessee shall be obliged to ensure its replacement as quickly as possible after the downgrading or the risk thereof has been brought to its attention. The removal work shall be performed by a company specifically authorized
to do such work. 
 The Lessee shall ensure that the removal work does not affect parts of the building not leased under this agreement. Should the Lessee
fail to repair any damage caused by the removal of hazardous materials within 15 working days of receiving a letter of formal notice from the Lessor, the Lessor shall be entitled to repair any damage or replace the damaged parts at the expense of
the Lessee, who shall be bound to refund the Lessor upon presentation of the settled invoice for the work. 

 The work may only be performed at the expense of the Lessee, who shall bear sole liability in this respect. 

The Lessor reserves the right to supervise, at its own expense, any work it has authorized and can require the Lessee to demonstrate proof of a suitable
insurance policy. 
 Moreover, with regard to all work for which a permit is granted, the Lessee shall ensure compliance with all applicable regulations,
particularly in terms of the building, operating or environment permits, as well as with any safety regulations applicable to the building, including the safety standards required by the insurer, the Lessor and the fire service. 

In the event that significant modifications were to be made to the leased premises by the Lessee during the term of the lease and assuming the Lessor agrees
for the leased premises to be delivered in their modified state following the modification work, the Lessor shall be entitled to draw up, at the sole expense of the Lessee, a rider to the inventory established at the start of the lease. 

Upon expiry of the lease, the Lessor shall be entitled, without compensation, to preserve any changes, embellishments and modifications made to the premises,
unless the Lessee wishes to take them when it leaves, or requires them to be removed and the premises restored partially or fully to their original state at the expense of the Lessee, even if the work was performed with the express consent of the
Lessor, providing the latter requests that the Lessee remove these fittings in time to enable the premises to be restored to a pristine state prior to expiry of the contract. The same shall apply to all lighting, bell ringing systems, IT cabling,
partitions, sound-proofing, etc. that the Lessee may have fitted. 
 Article 14: Work, repairs and maintenance 

Only the cost of major repairs, as stipulated in the Civil Code, shall be borne by the Lessor, providing they are not attributable to the Lessee. The cost of
all other repairs shall be borne by the Lessee. 
 The Lessee shall maintain the leased premises, at its own expense, in a good state of repair. It shall
ensure that the premises and the inside of the windows are cleaned, and that they always remain clean. 
 If damage requiring repair by the tenant occurs,
the Lessor may, subject to written notice sent by registered mail, require the Lessee to perform all the necessary repair work and complete it within two months of sending said written notice. Failure to do so shall entitle the Lessor to immediately
have all the work performed at the risk and expense of the defaulting Lessee. 
 In such cases, the Lessee shall grant access to the leased premises to the
Lessor, its representatives and the tradesmen designated by the Lessor, subject to his being forewarned of this, in order to check the state of repair of the leased premises and the building in general and to conduct the necessary inspections and
repairs, even if these repairs affect a neighboring tenant, it being understood that this work shall be performed with due care and diligence. 
 The Lessee
shall notify the Lessor, without delay and by registered mail, of any repairs required and for which the latter is liable. Should it fail to do this, the Lessee shall be held liable for any resulting damage and adverse consequences, for which the
Lessor may not, under any circumstances, be held liable in the absence of said notification. 
 The Lessor shall take all steps necessary at the latest
within two months of receipt of the registered letter mentioned in the previous paragraph. 
 In the event that the cost of the repairs is borne by the
building’s insurers, the Lessee shall bear the cost of the excess charge, providing it is liable for the loss or the loss is attributable to it, and shall pay the difference between the amount paid out by the insurer and the actual price paid.

 The Lessee shall, immediately and at its own expense, replace any broken, cracked or damaged windowpanes. 

Article 15: Change of provisions 
 The Axisparc
complex complies with the legal and regulatory provisions, particularly those pertaining to the environment, which were applicable at the time the building permit was granted. 

The Lessee shall, under no circumstances, be liable for the clean-up or repair costs or for damage it and/or third
parties incurred as a result of a complaint by a third party or an authority or pursuant to a breach of the applicable environmental legislation or regulations, with regard to the presence of pollutants or hazardous (e.g., asbestos) or prohibited
substances on the leased premises, in the ground, the basements or in the groundwater, providing this damage or these costs are not the result of the activity performed by the Lessee on the leased premises subsequent to entry into force of this
lease agreement. 
 The cost of any work required under administrative regulations and arising from the Lessee’s activity shall be borne by the latter,
without there being any possibility for the Lessee to receive reimbursement from the Lessor when it leaves or to argue for termination of the lease on any grounds whatsoever. This work is subject to the provisions of article 13 of this lease
agreement. 
 Article 16: Guarantee 
 In order to
guarantee the performance of all its obligations under the lease agreement, the Lessee shall obtain, at the time of signing the lease and to the benefit of the Lessor, an irrevocable bank guarantee issued by a bank approved by the Lessor for an
amount equal to half a year’s rent, i.e., 177.655 €. The Lessor shall have the right of approval of the guarantor and of the terms and conditions of the guarantee. In the event that the Lessee leases buildings built at later stages, this
guarantee shall be adjusted accordingly. This guarantee shall be payable upon first request and payment shall only be requested in the event of gross negligence on the part of the Lessee. 

The bank guarantee shall constitute an essential condition of this lease agreement, in the absence of which the Lessor would not have entered into the
contract. Any breach of such an obligation shall be deemed serious, which the Lessee expressly accepts. 
 In the event of adjustments to the rent, the
amount of the guarantee shall be adjusted accordingly so that it always equals a sum equivalent to 6 months’ rent. 
 The bank guarantee shall be
issued prior to occupying the leased premises. 
 In any case, said terms and conditions of the guarantee shall stipulate that the guarantee is lodged for a
period that shall expire at the earliest three months after expiry of the lease. 
 This guarantee shall be returned to the Lessee three months after the
end of the lease, providing the latter can demonstrate that it has fully performed all its obligations under the lease. During the term of the lease, the guarantee may not, under any circumstances, be offered or allocated, in full or in part, by the
Lessee in order to pay the rent or other contractual debts. 
 Should the Lessee be declared bankrupt, the guarantee may be used by the Lessor to compensate
for payment arrears or other breaches by the Lessee of its obligations, including rents and communal charges. 
 Without prejudice to this guarantee, and in
accordance with article 1752 of the Civil Code, the Lessee shall still be bound to keep the leased premises fitted with furnishings, the value of which is sufficient to cover at least 6 months’ rent. 

The Lessor reserves the right, at any time, including after early termination of the lease, to request securities that are sufficient to cover the rent if the
Lessee does not furnish the premises sufficiently. 

 Article 17: Assignment and subletting 

The Lessee may only assign this lease agreement or sublet the premises, either in full or in part, after notifying the Lessor in writing, it being understood
that the latter may refuse to authorize the assignment of the lease or the proposed subletting, providing there are justifiable reasons for doing so. 
 In
the event that the Lessor approves the assignment or subletting, the Lessee, the sub-lessee, the assigner and the assignee shall be jointly and severally liable with regard to the Lessor for all obligations
arising from this lease and the co-ownership regulations. The Lessee agrees to ensure that the sub-lessee or the assignee expressly commits to such obligations with
regard to the Lessor. Failing this, the assignment or subletting cannot take place, even if the Lessor had given its prior written consent, except if, in that consent, it had expressly waived the need for such a commitment. 

The term of the sublet shall, under no circumstances, exceed the term of this lease agreement. 

Upon conclusion of the assignment or sublet agreement, providing it has been authorized, the Lessee shall provide the Lessor with a registered copy of the
agreement. 
 Article 18: Hold harmless provision—Insurance 

A. Hold harmless provision 
  

	1.	The Lessee hereby holds the Lessor harmless from any inconvenience and tangible and intangible damage that it might incur as a result of adverse events, such as fire, water damage or accidents. This includes, in
particular, accidental damage and disruptions to water, gas, electricity, heating and bell ringing systems or any other technical systems within the building. 

This provision shall apply to the Lessor, the companies within its group and their staff. 

 

	2.	The Lessee agrees to ensure that the sub-lessees, occupants and their representatives make the same written declaration with regard to the Lessor. 

 

	3.	In return, the Lessor shall, for the duration of the lease, hold the Lessee, the sub-lessees, occupants and their representatives, harmless from any damage covered by the fire
insurance policy stipulated in point B 1 below. 

  

	4.	The aforementioned hold harmless provisions shall, however, be null and void when the person benefiting from them under normal circumstances intentionally caused the damage. 

B. Insurance 
  

	1.	The Lessor shall take out, through the building’s co-ownership structure, and maintain, throughout the term of the lease, an insurance policy covering the leased premises.
This insurance policy shall contain a hold harmless clause, as mentioned in point A.3. of this article; it shall, at all times, provide the broadest possible coverage, as deemed judicious by the Lessor and, in any case, shall cover damage caused as
a result of strikes and riots: it shall also cover the Lessee, as the insured, for damage other than bodily harm caused to third parties by fire, explosion and water when the insurance loss accident originates on the leased premises.

  

	2.	The Lessee shall take out, within one month of receiving the keys, as stipulated in article 26 of this lease agreement, and maintain, throughout the term of the lease, an insurance policy covering the contents of the
leased premises. This policy shall contain a holds harmless clause, as mentioned in point A.l. of this article. 

  

	3.	The Lessor and the Lessee may, at any time, request proof of the existence of the insurance policies mentioned in 1 and 2 above and of the coverage they provide. 

 

	4.	The Lessee shall contribute to the cost of the insurance in accordance with the terms set out in article 7B of this lease. If an insurance loss is attributable to the Lessee, it shall be invoiced for the excess in the
following quarterly bill for charges. 

  

	5.	Should the activities of the Lessee or of those accountable to the latter lead to increased insurance premiums for the Lessor and other tenants in the building, the cost of this increase shall be borne solely by the
Lessee. 

 Article 19: Waiver of liability for the Lessor and its beneficiaries 

The Lessee shall guard and effectively protect the premises it is leasing. It expressly and fully waives the liability of the Lessor and its beneficiaries in
the event of theft at the leased premises. 
 In the event that administrative or judicial proceedings were filed against the Lessor due to the activity or
presence of the Lessee on the leased premises, the Lessee agrees to hold the Lessor harmless and to bear the consequences of any resulting prosecution. 

Article 20: Insolvency – Merger – Division 

In the event that the Lessee is declared bankrupt or in receivership, the Lessor shall be entitled to terminate the lease without notice. The Lessee shall be
obliged to notify the Lessor of any bankruptcy or receivership proceedings. The Lessor shall provide notice of its decision by registered mail within three months of receiving notification of the event justifying termination. 

In such cases, the Lessee shall be liable to pay a basic, irreducible compensation equal to 6 months’ rent (which cannot be cumulated with the
compensation foreseen in article 21), plus charges and its share of taxes, in addition to the rent, charges and taxes for the current quarter, and this without prejudice to the application of all articles in this lease, in particular articles 12, 13
and 14. 
 The Lessee shall notify the Lessor of any merger, absorption or break-up, without this being deemed
grounds for the Lessor to terminate this contract. 
 Article 21: Judicial rescission 

In the event of the judicial rescission of this lease due to the fault of the Lessee, the latter shall be liable to pay a basic, irreducible compensation equal
to 6 months’ rent, plus charges and its share of taxes, in addition to the rent, charges and taxes for the current quarter and in addition to all other expenses that the Lessor is entitled to claim from the Lessee, and this without prejudice to
the application of article 12 above. 
 This provision may, under no circumstances, be invoked by the Lessee in order to relieve itself of its obligations
under this lease agreement. 
 The Lessee acknowledges that it has been apprised of and accepts the fact that any breach of the obligations under articles
3, 5, 7, 8, 13, 16, 17 and 18 shall be deemed sufficiently serious to justify the Lessor instigating proceedings to obtain rescission of this lease through the fault of the Lessee. 

Article 22: Expropriation 
 In the event of
expropriation for reasons of public interest, the lease shall expire on the date at which the expropriating public, private or general interest authority is to take ownership of the premises. 

Under no circumstances may the compensation that the Lessee is entitled to demand from the expropriating authority lead to the reduction of the amount of the
compensation payable to the Lessor by the expropriating authority. The Lessee shall not be entitled to any compensation from the Lessor and shall assert its rights with regard to the expropriating authority under separate proceedings. 

The Lessor shall notify the Lessee, at the earliest opportunity, of any expropriation procedure and update it on the status of said procedure. In the event of
expropriation, the Lessee shall not be bound to restore the leased premises to a state in which they could be leased out again, as stipulated in article 12. 

 Article 23: Access to the premises 

The Lessee shall, at all times, allow access to the leased premises for the Lessor and its representatives, subject to at least two working days’ notice,
in order to enable them to conduct inspections and, where applicable, perform any necessary repairs and maintenance. 
 During the six months preceding the
end of the lease, as well as in the event of the sale of the building, the Lessee shall allow notices and advertising boards mentioning the name and telephone numbers of the real estate agent(s) and the characteristics of the premises to be
displayed in visible parts of the building, where they cause no significant inconvenience for the Lessee, for the purpose of advertising the lease or sale of the building, and shall allow persons accompanied by a representative of the Lessor to
visit the leased premises at all times between 9 a.m. and 5 p.m. from Monday to Friday. 
 Article 24: Registration and lease fees 

This lease shall be registered by and in the name of the Lessee. 

Regarding the collection of the registration fees, the parties estimate that the fees to be borne by the Lessee for this lease amount to 10% of the annual
rent. 
 Article 25: Address for service 
 The
Lessee declares that its address for service shall be the leased premises both during the term of the lease and any renewals, unless, after leaving the premises, it notified the Lessor of a new address for service, which must be in Belgium. 

The Lessor’s address for service shall be its head office, as indicated above. The Lessee shall not be authorized to keep its head office at the leased
premises subsequent to the expiry of the lease and agrees to have its address for service transferred at the latest one month after expiry of the lease. 

Article 26: Key handover 
 The keys shall be
provided to the Lessee, who shall only enjoy the premises after an agreement is reached on the designation of one or two experts responsible for the start-of-lease
inventory and after all the conditions under this lease have been met by the tenant (including, but not restricted to, lodging a bank guarantee, taking out an insurance policy, paying the rent and charges, etc.). 

Article 27: Comprehensive nature of the agreement 

This lease constitutes a comprehensive agreement encompassing all of the agreements reached by the parties relating to its object. 

This lease may only be modified through a mutual, signed agreement between both parties. 

The following documents are an integral part of the lease agreement: 
  

	•	 	Appendix 1: Specifications for Axisparc Technology 

  

	•	 	Appendix 2: Architect’s plan 

  

	•	 	Appendix 3: Scope of work 

 Article 28: Applicable law 

This contract shall be governed by Belgian law. 

 Article 29: Validity of the articles 

The validity of this agreement shall not be affected by the annulment of one of the above articles or a part thereof. 

In such an event, the article or the part thereof shall be deemed unwritten. 

Done in Mont St Guibert, on October 15, 2015, in triplicate, one copy of which is intended for registration purposes. 

 

			
	 The Lessee,
	  	 The Lessor,

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