Document:

Prepared by MerrillDirect

EXHIBIT 10.21

EMPLOYMENT AGREEMENT

 

          This EMPLOYMENT
AGREEMENT, dated as of May 15, 2000 between BIONEBRASKA, INC., a corporation
incorporated and existing under the laws of Delaware and having its office at
3820 NW 46th Street in Lincoln, Nebraska (hereinafter referred to as
"Company"), and DAVID S. WALKER,
residing currently at 150 Riverview Road, Glastonbury, Connecticut 06033  (hereinafter referred to as the
"Executive").

          WHEREAS the Company
desires to employ the Executive as its Senior Vice President and Chief
Financial Officer and, as such, as a member of its management group; and the
Executive desires to be so employed:

          NOW THEREFORE, in
consideration of the foregoing and of the mutual promises hereinafter set
forth, the parties hereto agree as follows:

1.       Employment: Powers and Duties.

          The Company hereby
employs the Executive as its Senior Vice President and Chief Financial Officer,
pursuant to the provisions of this Agreement. 
The Executive shall generally have the responsibilities, duties and functions
as set forth in Annex A attached.  The
Executive shall perform services in such capacity for the Company and for any
of its affiliates or subsidiaries with such authority and with such powers and
duties as may be prescribed or assigned to him from time to time by the Board
of Directors of the Company and by the Chairman of the Board and the
C.E.O.  In performing his services
hereunder, he shall report to the Chairman of the Board and C.E.O. and consult
with the President, particularly on matters affecting the science of the
Company.

2.       Exclusivity.

          During the term of
his employment hereunder, the Executive will devote his best efforts, energy,
skill and resources to his duties hereunder and to the affairs and interests of
the Company and its affiliates, joint ventures and subsidiaries and will not,
without the approval of the Board of Directors of the Company or the Chairman
of the Board and C.E.O., actively engage in consulting for, or in the conduct
of, any other business for profit.

3.       Direct Compensation

          During his employment hereunder, the Executive shall
receive salary at the annual rate of two hundred twenty thousand dollars
($220,000).  This compensation will be
paid in equal monthly installments. All required tax and other deductions will
be made from such installments.  At the end of each calendar year under this Agreement, the
performance of the Executive will be reviewed. 
In the event that his performance and contributions to the Company have
been in accordance with or exceeding expectations for the particular calendar
year, it is anticipated that, assuming the Company's situation permits, the
Executive will receive a positive adjustment to his salary level over that
obtained in the previous year.

          In addition,
assuming the Company's situation permits, the Board of Directors of the Company
or the CEO (in their sole discretion) may establish for any calendar year an
appropriate incentive or bonus program which can provide to individual members
of the management group of the Company, including the Executive, additional
incentive compensation in the event that certain goals, to be mutually agreed
upon by the Company and each group member, are met or that substantial business
contributions, not in the ordinary course of his or her duties, are made by the
Executive or other members of the management group to the business of the
Company during the calendar year.

4.       Additional Benefits.

          (A)     The Executive shall be provided with such
health and sickness, accident, hospitalization, disability, life and other
insurance benefits as are generally provided under the Company's and/or its
affiliates' group policies. This will include life insurance coverage of at
least $100,000 for the Executive.

          (B)     When
and if instituted, the Executive shall be provided with such savings and
retirement plan benefits as may be provided in general for employees under the
Company's plans, as adopted or amended from time to time, based on his
compensation received from the Company from time to time.  The Company has established a 401(K) Plan
for retirement savings for all employees. 
Initial Company contributions to this Plan are expected to be small or
non-existent until funding or profits of the Company permit (as determined in
the sole discretion of the Board of Directors) one or more of such
contributions from time to time.

5.       Long-Term Stock Option Incentives.

          The Executive shall be allotted an incentive stock option under the
Company's 1993 Stock Plan, as amended, covering a total of fifty thousand
(50,000) shares of the Company's Common Stock. 
This option will be vested and become exercisable thereafter in three
equal annual installments over the three years, beginning as of the date which
is one year after the date of this Agreement. 
The option price will be $12.50 per share, being the fair market value
of the shares at the time the options are granted, as determined by the Board
of Directors.

          The Executive will
be eligible for one or more additional participations under stock plans of the
Company if and to the extent that the Chairman of the Board and C.E.O. or the
Board of Directors at the relevant time, in their respective sole discretion,
shall consider that the work and contributions of the Executive merit such
participation.

 

6.       Expenses.

          The Company shall
reimburse to the Executive all reasonable travel, hotel, entertainment and
other out-of-pocket expenses which he may from time to time incur in the course
of carrying out his duties for the Company and any of its affiliates, joint
ventures or subsidiaries.

          The Company shall
reimburse the Executive's reasonable costs of moving his household to Lincoln
from his current location in Connecticut. 
The Company will also reimburse the reasonable costs for the Executive
and/or his wife to make one or more trips to Lincoln from Connecticut to locate
housing.

7.       Non-Competition.

          (A)     During the term of his employment
hereunder, and for a two-year period thereafter but only in the event that the
Company shall in its sole discretion continue to pay compensation to the Executive
after termination of his employment at a rate per month equal to at least one
half of the monthly salary rate enjoyed by the Executive prior to the
termination of his employment hereunder, the Executive agrees that, unless he
obtains written consent from the Company covering a particular planned
competitive activity, the Executive shall not directly or indirectly engage in,
consult for, be employed by or finance any business activity that is
competitive with the businesses which are being conducted or are planned to be
conducted by the Company or by any affiliate, joint venture or subsidiary or
client or customer of the Company at the particular time. The foregoing
notwithstanding, the Company shall have no obligation, in the event of his
termination of employment for any reason, to pay any continuing compensation
under this Section 7 to the Executive or, in the event such continuing
compensation is paid for one or more months, to continue to pay such
compensation. In the event any such continuing compensation is not paid, or is
terminated after one or more monthly payments, the foregoing restrictions on
competitive activity shall not apply thereafter.

          (B)     In no event without receiving the Company's
prior written consent will the Executive, at any time during his employment
hereunder or within a period which is two years after termination for any
reason of his employment hereunder:

	
  (i)
  	
  preempt, divert, disrupt or otherwise interfere with any business
  relationship of the Company, or of any of its affiliates, joint ventures or
  subsidiaries, with any of the clients, customers or business contacts of the
  Company or of any of its affiliates, joint ventures or subsidiaries; or
  
	 
  	 
  
	
  (ii)
  	
  employ or solicit for employment for his own or another's benefit, as
  employee, partner, consultant, independent contractor or otherwise, or
  directly or indirectly suggest to others to employ or to solicit for
  employment, any person who is at the time employed by the Company or by any
  affiliate, joint venture, subsidiary, client or customer of the Company.
  

 

8.       Intellectual Property Rights.

          (A)     As between the Company or any of its
affiliates, joint ventures or subsidiaries, as the case may be, and the
Executive, all products, know-how, methods, processes, discoveries, materials,
ideas, strategies, creations, inventions, medical or clinical ideas, results or
innovations and properties pertaining or relating to the businesses of the
Company, or of any affiliate, joint venture or subsidiary of the Company, which
the Executive may create by himself or with others or to which he may become
exposed, whether or not developed or invented by the Executive and whether or
not developed or discovered during regular working hours, shall be the sole and
absolute property of the Company or the particular affiliate, joint venture or
subsidiary, for any and all purposes. 
The Executive shall not claim to have, under this Agreement or
otherwise, any right, title or interest of any kind or nature in any of the
foregoing.

          (B)     The Executive acknowledges that in the
course of his employment hereunder he will make use of, be exposed to, acquire
and add to Confidential Information of the Company and its affiliates, joint
ventures and subsidiaries as well as of its customers, clients and other
persons and entities having a business relationship with the Company, relating
to such matters as trade secrets, products, technical systems, processes and
procedures, clinical ideas, results or innovations, know-how, inventions,
manuals, confidential reports, plans, properties, strategies and customer or
investors’ business (referred to as “Confidential Information”); and that such
Confidential Information will have a special and unique nature and value.  The Executive agrees that with respect to
any and all of the foregoing Confidential Information, during and following the
term hereof, and for so long as same remains confidential (and beyond this time
should loss of confidentiality be caused directly or indirectly by the
Executive), he will not, for any purpose (unless otherwise agreed to by the
Company in writing), divulge, disclose, use or otherwise exploit any of such
Confidential Information or let or suffer others to use or otherwise exploit
such Confidential Information for any purpose other than for the benefit of the
Company or its affiliates, joint ventures or subsidiaries, as the case may be.

9.       Term of Employment.

          The Executive's
employment shall continue indefinitely hereunder, unless and until terminated
by either party upon delivery of six months' prior written notice of
termination to the other party.

          Notwithstanding the
foregoing, the Company shall be entitled by notice in writing to the Executive
to terminate forthwith his employment with the Company under this Agreement if
he shall have engaged in any willful misconduct or misconduct involving
negligence or commit any material breach of his obligations or duties to the
Company or the Company’s employees hereunder.

10.     Vacation.

          The Executive shall
be entitled to four weeks of vacation in each calendar year.

11.     Return of Documents in Hard Copy or
Electronically Stored.

          The Executive shall promptly, upon the termination of
his employment with the Company hereunder, deliver and transfer over to the
Company all copies, both in hard copy and electronically created and/or stored, of reports, memoranda, accounts, laboratory,
clinical and other notebooks, records, correspondence and e-mail (“Company
Documents”) which may have been prepared by him or have come into his
possession or control in the course of his employment and the discharge of his
duties hereunder.  Unless otherwise
agreed to in writing by the Company or unless the particular item has been
published in the public domain, the Executive shall not retain any of copies of
Company Documents, either in the form of hard copy or in electronically stored
form.

12.     Notices.

          All notices
hereunder shall be in writing and delivered personally or by registered or
certified mail which shall be addressed to the Company at its principal office,
marked to the attention of the Chairman of the Board and C.E.O. and to the
Executive at the address stated in the first paragraph of this Agreement, or in
either case at such other address as shall have previously designated in
writing by the party to whom the notice is to be sent to the other party.  Any such communication so sent by mail shall
be deemed made or given upon mailing.

13.     Miscellaneous.

          The BioNebraska
Employee Handbook (the “Handbook”) has been furnished to the Executive and
shall form part of this Agreement.  The
Executive agrees to comply with operational rules of the Company as adopted
from time to time and set forth in the 
Handbook.  This Agreement
constitutes the entire agreement of the parties hereto relating to the subject
matter hereof and there are no written or oral terms or representations made by
either party relative to the subject matter hereof other than those contained
herein.  All of the terms and provisions
of this Agreement shall be binding upon, and shall inure to the benefit of and
be enforceable by and against, the parties to this Agreement and their
respective heirs, executors, and successors in interest.  The provisions of Sections 7, 8, 11, 13 and
14 hereunder shall survive the termination of this Agreement to the extent
necessary to accomplish the purposes of the provisions in such Sections.

14.     Governing Law.

          This Agreement
shall be governed by, and construed in accordance with, the laws of Nebraska.

          IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by its duly authorized
officer and the Executive has executed this Agreement, as of the date first
written above.

	 
  	
  BIONEBRASKA, INC.
  
	 
  	 
  
	 
  	
  By
  	
  /s/  Thomas R. Coolidge

  
 
  
	 
  	
  Thomas R. Coolidge
  
	 
  	
  Chairman of the Board and C.E.O.
  
	 
  	 
  
	
  /s/  David S. Walker

  

  	 
  
	
  DAVID S. WALKER
  	 
  
	
  (the Executive)
  	 
  

 

          

               

BIONEBRASKA, INC.

ANNEX A

 

CHIEF FINANCIAL
OFFICER

 

          The
CFO of BioNebraska will have responsibility for implementing and monitoring all
financial activities of the Company. These activities will include
disbursements, appropriate record keeping, report and financial statement
preparations, budgeting and expenditure tracking and continuous attention to
expenditure savings in all activities of the Company. The CFO will be
responsible for liaison with the Company’s independent accountants and, where
appropriate, will be the Company’s spokesman on financial and related matters
with stockholders, potential investors and the financial media. The CFO will
periodically prepare appropriate financial projections for the Company and its
key medical and other programs, will assist the CEO in developing, maintaining
and updating the Company’s business plan. He will be responsible for the
preparation and integration of operating budgets for the Company and its
various departments as well as capital budgets for facilities construction and
other activities. He will also track compliance with budgets. He will assist
the officers of the Company in designing and implementing systems for budgeting
and tracking budgeted operations, as well as capital project activities,
expenditures and implementations. The CFO will have such other responsibilities
as may be assigned to him by the CEO or the Board of Directors and will report
to the CEO.Prepared by MerrillDirect

EXHIBIT 10.22

COMMERCIAL NET
BUILDING AND GROUND LEASE

OF

LINCOLN
AIR PARK WEST

          This Lease
Agreement is executed in duplicate this 17th day of October, 2000,
between Airport Authority of the City of Lincoln, Nebraska, hereinafter
referred to as "Authority", and BioNebraska, Inc., a corporation,
hereinafter referred to as "Lessee".

          WITNESSETH:

          WHEREAS, in
accordance with Article 5, Chapter 3 of the Statutes of Nebraska, the City
Council of the City of Lincoln, Nebraska, by appropriate action in 1959, created
an Airport Authority and transferred to the Authority the right to use, occupy
and manage certain real estate owned by or acquired in the name of the City of
Lincoln, including the land leased herein, located on Lincoln Airport in an
area denominated "Lincoln Air Park West"; and

          WHEREAS, the
Authority deems it advantageous to the support, operation and public purpose of
the Airport to lease to Lessee that certain building and parcel of land
described herein; and

          WHEREAS, the
Lessee proposes to lease on a net basis from the Authority, as herein provided,
the ground area and building all as herein described.

          NOW,
THEREFORE, it is mutually agreed between the parties as follows:

          1.       Authority, in consideration of the rents
to be paid by Lessee as hereinafter set forth, and of the covenants and
agreements hereinafter stipulated to be mutually kept and performed by the
parties hereto, does hereby lease unto Lessee the following-described premises
situated in Lincoln Air Park West upon Lincoln Airport, Lincoln, Nebraska,
to-wit:

Building No. 978 consisting of approximately 12,818 square feet as
outlined in red on the attached Exhibit “A” and approximately 90,000 square
feet of ground area and adjacent sidewalks, drives and grounds as located on a
tract of land as outlined in blue on the attached Exhibit "A";

together
with the improvements and appurtenances thereunto belonging or in any wise
appertaining, including the right of ingress and egress thereto and therefrom
at all times.  Authority agrees to keep
a street open from the leased premises to a public street or highway.

          2.       Lessee shall have and hold said premises
for the basic term of thirteen (13) 
years beginning November 1, 2000, and ending October 31, 2013, unless
sooner terminated as hereinafter provided.

          3.       Lessee shall pay Authority, as rent for
the premises herein leased, as follows:

(a)    for the term of November 1, 2000, through
February 28, 2001, the sum of One Dollar ($1.00) per month, payable in advance
on the first day of each month beginning November 1, 2000, and ending February
28, 2001; and

(b)    for the term of March 1, 2001, through
February 28, 2003, at the rate of Two Dollars and Fifty Cents ($2.50) per
square foot per year for 1,416 square feet of unfinished space, for the sum of
Two Hundred Ninety Five Dollars ($295.00) per month  payable in advance on the first day of each month beginning March
1, 2001, through February 28, 2003; and at the rate of Three Dollars and Ninety
Cents ($3.90) per square foot for 11,402 square feet of finished space, for the
sum of Three Thousand Seven Hundred Five Dollars and Sixty Five Cents
($3,705.65) per month payable in advance on the first day of each month
beginning March 1, 2001, and ending February 28, 2003; in addition Lessee shall
pay the amortization and interest on the funds advanced by Authority for
improvements and remodel as set forth in the Construction Agreement.  During the term specified above, Lessee may
complete work on finishing additional space. 
As space is finished the rental rate shall increase from $2.50 per
square foot to $3.90 per square foot for the newly finished space; and

(c)    for the term of March 1, 2003, through
February 28, 2006, at the rate of Three Dollars and Ninety Cents ($3.90) per
square foot for 12,818 square feet, whether finished or unfinished space, for
the sum of Four Thousand One Hundred Sixty Five Dollars and Eighty Five Cents
($4,165.85) per month payable in advance on the first day of each month
beginning March 1, 2003, and ending February 28, 2006.  In addition, Lessee shall pay the
amortization and interest on the funds advanced by Authority for improvements
and remodel as set forth in the Construction Agreement; and

(d)    for the term of March 1, 2006, through
February 28, 2011, the rental rate will be determined by Authority no later
than December 1, 2005, but the rental rate shall not be more than a fifteen
percent (15%) increase over and above the rental rate set for the term of March
1, 2003, through February 28, 2006; and in addition Lessee shall pay the amortization
and interest on the funds advanced by Authority for improvements and remodel as
set forth in the Construction Agreement.

(e)    for the term of March 1, 2011, through
October 31, 2013, the rental rate will be determined by Authority no later than
December 1, 2010, but the rental rate shall not be more than a fifteen percent
(15%) increase over and above the rental rate set for the term of March 1,
2006, through February 28, 2011; and in addition Lessee shall pay the
amortization and interest on the funds advanced by Authority for improvements
and remodel as set forth in the Construction Agreement.

          4.       In the event that Lessee has complied
with all of the terms and provisions of this Lease, then, in that event,
Authority further gives and grants to Lessee the right, privilege and option of
renewing this Lease at the expiration of the thirteen (13) year term
hereinabove provided, for an additional term of five (5) years beginning
November 1, 2013, and ending October 31, 2018, upon the same terms, conditions
and agreements herein set forth, excepting the rental rate which shall be
determined by Authority no later than July 31, 2013 but the rental rate shall
not be more than a 15% increase over and above the rental rate set for the term
March 1, 2011 to October 31, 2013.  This
option shall be exercised by Lessee giving Authority at least sixty (60) days
written notice prior to the expiration of the current term of Lessee’s
intention to renew the Lease for the additional term.  This Lease shall expire in any event no later than October 31,
2018.

          5.       All rentals due under this lease shall be
paid, without notice to the Lessee, to the Airport Authority of the City of
Lincoln, Nebraska.  An additional charge
of fifteen percent (15%) per annum on unpaid items shall be made by Authority
from the first day of the month due, of any amounts due under this lease which
shall remain unpaid for more than ten (10) days after due date.  Such charge shall not accrue upon any item
about which there exists a bona fide dispute.

          6.       It is understood and agreed that as of
the initial date of this Lease, the leased premises are not subject to real
estate taxes and are not subject to a payment in lieu of taxes.  However, it is agreed that if a law or
ordinance is passed whereby the leased premises become subject to real estate
tax or subject to a payment in lieu of tax, then Lessee shall pay the said tax
or payment in lieu of tax, in addition to any rental fees specified in this
Lease.

          7.       Lessee will use the premises for the
purpose of the business of research and production of bio-technology and other
scientific products, for offices and such other uses as may be incidental and
related thereto.

          8.       Except as herein otherwise specifically
provided, this Lease, in every sense, shall be without cost to Authority for
the development, maintenance and improvement of the leased premises and Lessee
shall, at its sole cost, except as herein otherwise specifically provided,
keep, maintain and repair the entirety of the leased premises, and all improvements
and facilities placed thereon, in good order, condition and repair as may be
required by ordinary and reasonable use or fault on the part of the
Lessee.  By entry hereunder, Lessee
accepts the premises as being in good order, condition and repair and agrees,
upon termination of this Lease, to surrender the premises and appurtenances to
Authority in the same condition as received, reasonable use and wear thereof
and damage by fire, act of God or the elements excepted.

          9.       Lessee shall have the right, during the
term of this Lease, to make alterations, attach fixtures and erect signs in or
upon the premises hereby leased (provided any exterior signs shall be erected
only after written approval of plans by Authority), and all improvements,
appliances, fixtures and all other property, of whatever nature made to or
placed upon said premises by Lessee, shall be and remain the property of Lessee
and may be removed prior to the termination of this Lease, provided only that
Lessee shall restore the premises to the same condition as existing at the time
of entry under this Lease, ordinary wear and tear excepted.

          10.     Authority shall insure or self-insure the
structure and improvements owned by Authority against the perils of fire and
extended coverage.  Lessee shall insure
or self-insure all of its personal property located at the premises.

          11.     If the building leased hereunder is
destroyed, damaged or taken by fire or the elements or other casualty, or by
condemnation, and the destruction or taking is such that, in the exercise of
reasonable effort, it cannot be repaired or replaced by Authority within one
hundred twenty (120) days or, if it is such as to exceed fifty percent (50%) of
the value of the premises, Lessee or Authority may cancel this Lease by written
notice mailed to the other party thirty (30) or more days before the effective
date of cancellation and at any time within sixty (60) days after the damage or
destruction.  If the premises are
totally destroyed or taken, Lessee or Authority may cancel this Lease by
written notice mailed to the other party within thirty (30) days of the
destruction or taking.  If this Lease is
not canceled as provided, Authority, as its expense, shall, with diligence,
repair, rebuild or restore the improvements as nearly as possible to the
conditions existing just prior to the destruction or damage.  Lessee's rental, during the period from the
date of fire, or other casualty or taking, to the date of complete restoration,
shall be abated either in whole or pro rata in part, according to the
percentage of interference with the conduct of Lessee's business in the
premises.

          12.     Lessee shall defend, indemnify and hold
Authority and its agents, officers and employees harmless from and against any
and all claims, suits, demands, actions, liabilities, losses, damages,
judgments or fines arising by reason of injury or death of any person, or
damage to any property, including all reasonable costs for investigation and
defense thereof (including, but not limited to, attorney fees, court costs,
investigator fees, and expert fees) of any nature whatsoever arising out of
Lessee's activities on Authority's property, or in its use or occupancy of the
leased premises, regardless of where the injury, death or damage may occur,
except to the extent such injury, death or damage is caused by the negligent
act or omission or willful misconduct of Authority.  Authority shall give Lessee reasonable notice of, and an
opportunity to defend against, any such claims or actions.  Notwithstanding the above indemnification,
Lessee shall give Authority reasonable notices of any matter covered herein and
shall forward to Authority a copy of every demand, notice, summons or other
process received in any claim or legal proceeding covered hereby.  Lessee agrees to obtain liability insurance
in the amount of One Million Dollars ($1,000,000.00) including the Airport
Authority as an additional insured. 
Said insurance policy shall contain a provision to notify the Airport
Authority in writing thirty (30) days prior to any cancellation or reduction of
coverage.

          13.     Lessee shall pay for all water, sewer,
gas, heat, light, power and telephone service supplied to the said premises,
including standard metering devices for the measurement of such services.  In the event it shall become necessary, as a
condition   of service, to make changes
upon the premises, or within the building covered by this Lease, of any wiring,
plumbing or similar installations, Lessee will make such changes and
installations, at its expense, as directed and required by the utility
organizations.  It is further agreed
that Authority shall have the right, without cost to Lessee, to install and
maintain in, on or across the leased premises, sewer, water, gas, electric,
steam and telephone lines, or other installations necessary to the operation of
the Airport or to service required by other tenants of the Authority; provided,
however, that Authority shall carry out such work and locate any above-ground
structures in a manner so as not to unreasonably interfere with Lessee's use of
the premises.

          14.     Lessee agrees that all storage of
equipment, materials or supplies will be maintained within the building
(temporary storage for loading or unloading excepted), and Lessee will cause to
be removed, at its own expense, all junk, waste, garbage and rubbish and
perform necessary mowing and snow removal and agrees not to deposit the same on
any part of the Airport except, Lessee may deposit the same temporarily on the
leased premises in connection with collection for removal.

          15.     Lessee shall, in the use of the premises,
comply with all applicable requirements of all municipal, state and Federal
authorities now in force, or which may hereafter be in force, and will observe
all applicable municipal ordinances, state and Federal statutes now in force,
or hereafter to be in force, and Lessee and its tenants, employees, agents and
servants shall obey such reasonable rules and regulations as may from time to
time be promulgated by Authority, or its authorized agents in charge of the
Airport, to insure the safe or orderly conduct of operations of the Airport and
traffic to, from and upon the leased premises.

          16.     Authority reserves the right to take any
action it considers necessary to protect the aerial approaches of the Airport
against obstruction, together with the right to prevent Lessee from erecting,
or permitting to be erected, any building or other structure on the Airport
which, in the opinion of Authority, would limit the usefulness of the Airport
or constitute a hazard to aircraft.

          17.     It is understood and agreed that the
rights granted by this Agreement will not be exercised in such a way as to
interfere with or adversely affect the use, operation, maintenance or
development of the Airport.

          18.     There is hereby reserved to Authority,
its successors and assigns, for the use and benefit of the public, a free and
unrestricted right of flight for the passage of aircraft in the airspace above
the surface of the premises herein conveyed, together with the right to cause
in said airspace such noise as may be inherent in the operation of aircraft,
now known or hereafter used for navigation of or flight in the air, using said
airspace or landing at, taking off from, or operating on or about the Airport.

          19.     Lessee shall not assign this Lease, or
any interest therein, and shall not sublet the premises in whole or in part and
any such assignment or subletting shall be void and shall, at the option of
Authority, terminate this Lease.

          20.     Authority shall have free access to the
leased premises at all reasonable times for the purposes of examining or
inspecting the conditions thereof relevant to any right or power reserved by
Authority pursuant to the terms of this Lease.

          21.     The failure of Lessee to surrender the leased
premises on the date provided herein for the termination of this Lease term,
and the subsequent holding over by Lessee, with or without the consent of
Authority, shall result in the creation of a tenancy from month-to-month.  This holding over shall not result in a
renewal or extension of this Lease.  All
other terms and conditions of this Lease shall remain in full force and effect
during any month-to-month tenancy hereunder, except rental rate, which may be increased
by Authority after notice to Lessee.

          22.     Authority may elect to terminate all of
the rights of Lessee hereunder by giving ten (10) days written notice of
termination to Lessee when any of the following shall occur:

          a.       Institution of voluntary bankruptcy
proceedings by Lessee;

          b.       Institution of involuntary bankruptcy
proceedings in which Lessee thereafter is adjudged a bankrupt;

          c.       Assignment for benefit of creditors of
the interest of Lessee under this Lease;

          d.       Appointment of a receiver for the
property or affairs of Lessee;

          e.       Failure or refusal to pay rent as per the
terms of this Agreement;

          f.        Breach of covenants and terms of this
Agreement.

          Any
occurrence set forth above shall constitute a breach of this Lease by Lessee
and Authority shall, in that event, be entitled to exercise all remedies herein
provided for a breach by Lessee, as well as any and all remedies provided by
law or in equity.  It is further agreed
that upon said breach and after notice as provided above, Authority may re-enter
the leased premises and remove all property of Lessee therefrom.

          23.     Lessee agrees that it will, by Lease
Addendum, agree to such additional provisions as may be required by the FAA as
a condition of granting to Authority funds for Airport improvement projects as
or FAA or Authority deem necessary for the operations, safety and security of
the Airport.

          24.     Lessee shall not cause or permit any
hazardous substance or material to be brought upon, kept or used in or about
the premises by Lessee, its agents, employees, contractors or invitees, except
for such use as is in compliance with all laws, ordinances and
regulations.  Authority agrees that to
the best of its knowledge, there was no environmental contamination prior to
Lessee’s occupancy of the premises.  In
the event that contamination resulting from occurrences prior to the date of
Lessee’s occupancy are found, Authority agrees to indemnify Lessee from payment
of any costs related thereto.

          25.     Lessee shall comply with all regulations
promulgated by the Federal Aviation Agency, Environmental Protection Agency,
Nebraska Department of Environmental Quality, Nebraska Department of Health,
the Lincoln-Lancaster County Department of Health and any other agency of
municipal, state or Federal government which regulates Lessee's use of the premises.

          26.     All notices to be given pursuant to this
Lease shall be addressed to the Airport Authority, Lincoln Airport, P.O. Box
80407, Lincoln, Nebraska 68501, or to the Lessee herein named at 3820 SW 46th
Street, Lincoln, Nebraska 68524.  Notice
shall be deemed to have been fully given if and when enclosed in a properly
sealed envelope or wrapper addressed as aforesaid and deposited, postage
prepaid, in a post office regularly maintained by the United States Government.

          IN WITNESS
WHEREOF, the parties have hereunto set their hands the day and year first above
written.

	
  ATTEST:
  	 
  	
  AIRPORT AUTHORITY OF THE CITY OF LINCOLN,
  NEBRASKA, Lessor
  
	
  /s/ 
  Phyllis Chambers

  

  	 
  	
  By:
  	
  /s/ 
  Ed Raines

  

  
	 
  	 
  	
  Secretary
  
	 
  	 
  	
  Chairman
  
	
  ATTEST:
  	 
  	
  BIONEBRASKA, Lessee
  
	
  /s/ 
  Roger Kramer

  

  	 
  	
  By:
  	
  /s/ 
  Thomas R. Coolidge

  

  
	
  Secretary
  	 
  	
  Chairman
  of the Board & CEO
  
	 
  	 
  	 
  
	
  APPROVED AS TO FORM:
  	 
  	 
  
	
  /s/ 
  Michael R. Johnson

  

  	
  of
  	 
  
	
  Johnson & Baker, P.C.

  Legal Counsel for the Airport 

  Authority of the City of Lincoln,

  Nebraska
  	 
  	 
  
	 
  	 
  	 
  
	 
  	 
  	 
  
	 
  	 
  	 
  

 

 

EXHIBIT A

 

THIS IS A DIAGRAM DEPICTING BUILDING NO. 978

AND THE SURROUNDING AREA.

CONSTRUCTION AGREEMENT

          This
Agreement made and entered into as of this 17th day of October,
2000, by and between Airport Authority of the City of Lincoln, Nebraska, a body
politic and corporate, hereinafter referred to as “Authority” and BioNebraska,
Inc., a corporation, hereinafter referred to as “BioNebraska.”

          WITNESSETH:

          WHEREAS,
BioNebraska has entered into a Commercial Net Building and Ground Lease for
Building No. 978 located in Lincoln Air Park West, Lincoln Municipal Airport,
Lincoln, Nebraska; and

          WHEREAS,
BioNebraska desires to construct certain improvements and remodel a portion of
the building; and

          WHEREAS,
Authority agrees to fund said construction up to a maximum sum of Five Hundred
Fifteen Thousand Dollars ($515,000.00).

          NOW,
THEREFORE, it is agreed as follows:

          1.       BioNebraska shall submit plans and
specifications for the construction of improvements and a remodel of a portion
of Building No. 978, to Authority for Authority's approval prior to initiation
of construction, such approval to be acted on in a timely fashion and not to be
unreasonably withheld.  After
Authority's approval of said plans, BioNebraska shall submit said plans to City
Codes Administration for their review and approval.  All construction of the said improvements and remodel shall be
conducted in such a manner as to not impair, interfere or interrupt any utility
or other services for Lincoln Air Park West and shall comply with all
municipal, state and federal codes and regulations.  Construction costs shall include any costs required for the
relocation of or additions to any utility services.

          2.       As work is completed and invoices
received, BioNebraska shall submit them to Authority for payment.  All invoices submitted shall be approved by
BioNebraska and Authority agrees to make payment up to a maximum sum of Five
Hundred Fifteen Thousand Dollars ($515,000.00).  It is understood and agreed that this fund will be used solely
for the costs of construction of the said improvements and remodel and shall
not include equipment other than restroom and other such plumbing fixtures,
lighting, electrical, heating, venting and standard air conditioning equipment,
security equipment, communications switchgear and wiring.

          3.       BioNebraska shall supervise all
construction and will insure that all work is completed in a good workmanlike
manner.  BioNebraska agrees to pay all
costs of construction in excess of Five Hundred Fifteen Thousand Dollars
($515,000.00).  If construction costs
funded by Authority are less than Five Hundred Fifteen Thousand dollars
($515,000.00) the parties shall execute a lease addendum setting forth the
corrected amount.

          4.       BioNebraska shall pay for any and all
off-site improvements directly required by the construction of the said
improvements and remodel on the demised premises.

          5.       All contractors hired by BioNebraska for
the construction of the said improvements and remodel shall maintain liability
insurance in a minimum amount of One Million Dollars ($1,000,000.00).

          6.       Upon completion of construction,
BioNebraska shall convey to Authority all interest it may have in the said
improvements and remodel.  Said
improvements and remodel shall be and remain the property of Authority, however,
BioNebraska shall keep, maintain and repair the said improvements and remodel
at its sole cost during the term of its Lease.

          7.       It is understood and agreed that
BioNebraska is entering into a Lease for Building No. 978 through October 31,
2013.  Authority is willing to fund
construction of the improvements and remodel itemized in this agreement, due to
BioNebraska's commitment to this Lease. 
BioNebraska shall reimburse Authority the sum of Five Hundred Fifteen
Thousand Dollars ($515,000.00) plus interest at the rate of nine percent (9%)
per annum payable in the amount of Five Thousand Six Hundred Eleven Dollars and
Eighty Five Cents ($5,611.85) per month payable in advance on the first day of
each month beginning November 1, 2000, and ending October 31, 2013.  In the event that BioNebraska should fail to
perform the terms of the said Lease and not remain as a tenant for the entire
term, then, BioNebraska agrees to pay to Authority a sum equal to the net
balance of the unamortized principal amount of actual construction costs funded
by Authority, up to Five Hundred Fifteen Thousand Dollars ($515,000.00)
amortized at nine percent (9%) interest over thirteen (13) years, (November 1,
2000, through October 31, 2013) for the term of years remaining on the said
Lease.  Said sum shall be paid by
BioNebraska no later than thirty (30) days from date of billing by Authority.

          8.       In the event that BioNebraska shall be in
breach of the terms of this Agreement and that BioNebraska shall fail to
commence reasonable steps to correct such breach within thirty (30) days of
receiving written notice of such breach from Authority, then Authority may
elect, upon ten (10) days prior written notice to BioNebraska, to declare the
entire amount of the construction costs funded by Authority immediately due and
payable.

          IN WITNESS
WHEREOF, the parties have hereunto executed this agreement the day and year
first above written.

 

	 
  	 
  	 
  
	
  ATTEST:
  	 
  	
  AIRPORT AUTHORITY OF THE CITY OF LINCOLN,
  NEBRASKA, Lessor
  
	
  /s/ 
  Phyllis Chambers

  

  	 
  	
  By:
  	
  /s/ 
  Ed Raines

  

  
	
  Secretary
  	 
  	
  Chairman
  
	 
  	 
  	 
  
	
  ATTEST:
  	 
  	
  BIONEBRASKA, Lessee
  
	
  /s/ 
  Roger Kramer

  

  	 
  	
  By:
  	
  /s/ 
  Thomas R. Coolidge

  

  
	
  Secretary
  	 
  	
  Chairman
  of the Board & CEO
  
	 
  	 
  	 
  
	
  APPROVED AS TO FORM:
  	 
  	 
  
	
  /s/ 
  Michael R. Johnson

  

  	
  of
  	 
  
	
  Johnson & Baker, P.C.
  	 
  	 
  
	
  Legal Counsel for the Airport
  	 
  	 
  
	
  Authority of the City of Lincoln,
  	 
  	 
  
	
  Nebraska

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