Document:

MASTER LEASE AGREEMENT

 

This Master Lease Agreement (“Master Lease”) is
made January 31, 2012 (“Effective Date”), between Sucampo AG, a Swiss company, with its principal office at Baarerstrasse
14-16, Zug 6300, Switzerland (the "Lessor") and Numab AG, a Swiss company, with its principal office at Einsiedlerstrasse
34, Wädenswil, CH-8820, Switzerland (the "Lessee").

 

		Section 1	DEFINITIONS

 

“Acceptance Certificate” means
a dated document that states that Lessee has tested the functionality of and accepts the Property as set forth in any acceptance
certificate signed by the Lessee which is acceptable to Lessor.

 

“Acceptance Date” shall mean,
except as otherwise provided in Section 6(a) hereof, as to the Property designated on any Schedule, the date Lessee accepts the
Property as set forth in any Acceptance Certificate.

 

“Casualty Loss Value” shall mean
the value of the loss of one hundred percent functionality of the Property resulting from an identifiable event of a sudden, unexpected,
or unusual nature.

 

"Commencement Date" means, as to
the Property designated on any Schedule, where the Acceptance Date for such Schedule falls on the first day of a calendar month,
that date, and in any other case, the first day of the calendar month following the calendar month in which such Acceptance Date
falls.

 

“Event of Default” has the definition
set forth in Section 15.

 

“Initial Period” has the definition
set forth in Section 3.

 

“Lease” has the definition set
forth in Section 2(b).

 

“Lessee” has the definition set
in the Preamble.

 

“Lessor” has the definition set
in the Preamble.

 

“Lessor’s Assignee” has
the definition set forth in Section 11.

 

“Lessor’s Damages” has the
definition set forth in Section 11(g).

 

“License” has the definition set
forth in Section 6(f).

 

“Master Lease” has the definition
set in the Preamble.

 

“Monthly Rental”
for each Lease shall be defined in the applicable Schedule.

 

“Property” has the definition
set forth in Section 2(a).

 

“Schedule” has the definition
set forth in Section 2(a).

 

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“Software” has the definition
set forth in Section 6(f).

 

“Underwriting” has the definition
set forth in Section 11.

 

Section
2           LEASE

 

		a)	Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the property (together with all attachments, replacements,
parts, substitutions, additions, repairs, accessions and accessories, incorporated therein and/or affixed thereto) (collectively,
the "Property") described in any Lease Schedule ("Schedule") executed and delivered by Lessor and Lessee in
connection with this Master Lease. A form of Lease Schedule is provided herein as Master Lease Exhibit A.

 

		b)	Lessor agrees that it is in the sole competence of Lessee to perform any tests required to assess proper functionality of the
Property before such functionality is confirmed by an Acceptance Certificate. Lessor shall not pay any invoices for the Property
unless having received the respective Acceptance Certificate from Lessee.

 

		c)	Each Schedule shall incorporate by reference the terms and conditions of this Master Lease, and together with the Acceptance
Certificate (as defined herein), shall constitute a separate "Lease".

 

		d)	In the event of conflict between the provisions of this Master Lease and any Schedule the provisions of the Schedule shall
govern.

 

		Section 3	TERM OF LEASE 

 

The term of any Lease, as to all Property designated
on the applicable Schedule, shall commence on the Acceptance Date for such Property, and shall continue for all "Initial Period"
ending that number of months from the Commencement Date as specified in the Schedule. Thereafter, Lessee shall have options to
purchase or return the Property or to extend the Lease, all as provided in Section 18(m) of this Master Lease.

 

Any time during the term of the Lease, Lessee shall
have the option to pay all amounts due and to become due under a given Schedule for the full term of the Lease, and upon payment
of such amounts, Lessee shall become the sole owner of the Property, the Lease shall terminate and Lessor won’t have any
rights under the respective Lease and/or to the respective Property whatsoever.

 

		Section 4	RENT AND PAYMENT 

 

		a)	Lessee shall pay as rent for use of the Property, aggregate rentals equal to the sum of all the Monthly Rentals (defined in
the Schedule) and other payments due under the Lease for the entire Initial Period.

 

		b)	The Monthly Rental shall begin on the Acceptance Date and shall be due and payable by Lessee in advance of the first day of
each month throughout the Initial Period. If the Acceptance Date does not fall on the first day of a calendar month, then the first
rental payment shall be calculated by multiplying the number of days from and including the Acceptance Date to the Commencement
Date by a daily rental equal to one-thirtieth (1/30) of the Monthly Rental, and shall be due and payable on the Acceptance Date.

 

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		c)	Lessee shall pay all rentals to Lessor, or its assigns, at Lessor's address set forth above (or as otherwise directed in writing
by Lessor, or its assigns), without notice or demand. LESSEE SHALL NOT ABATE, SET OFF OR DEDUCT ANY AMOUNT OR DAMAGES FROM OR REDUCE
ANY MONTHLY RENTAL OR OTHER PAYMENT DUE FOR ANY REASON. THIS LEASE IS NON-CANCELABLE FOR THE ENTIRE TERM OF THE INITIAL PERIOD
AND ANY EXTENSION PERIODS.

 

		Section 5	TAXES 

 

Lessee shall pay to Lessor when due all taxes, fees,
assessments and charges paid, payable or required to be collected by Lessor, however designated, which are levied or based on the
Monthly Rental or other payment due under the Lease, or on the possession, use, operation, lease, rental, sale, purchase, control
or value of the Property, including without limitation, registration and license fees and assessments, state and local privilege
or excise taxes, documentary stamp taxes or assessments, sales and use taxes, personal and other property taxes, and taxes or charges
based on gross revenue, but excluding taxes based on Lessor's net income (collectively, "taxes"). Lessor shall invoice
Lessee for all taxes in advance of their payment due date, and Lessee shall promptly remit to Lessor all taxes upon receipt of
an invoice from Lessor. Lessee shall pay all penalties and interest resulting from its failure to timely remit all taxes to Lessor
when invoiced by Lessor. Lessor shall file all required sales and use tax and personal property tax returns and reports concerning
the Property with all applicable governmental agencies.

 

		Section 6	USE; ALTERATIONS AND ATTACHMENTS 

 

		a)	After Lessee receives and inspects any Property and is satisfied that the Property is satisfactory, Lessee shall execute and
deliver to Lessor an Acceptance Certificate in form provided by Lessor; provided, however, that Lessee's failure to execute and
deliver an Acceptance Certificate for any Property shall not affect the validity and enforceability of the Lease with respect to
the Property.

 

		b)	Lessee shall at all times keep the Property in its sole possession and control. The Property shall not be moved from the location
stated in the Schedule without the prior written consent of Lessor which consent shall not be unreasonably withheld. Upon any permitted
change in location, Lessee hereby authorizes Lessor to file required regulatory or commercial code financing statements, fixture
filings, real property waivers, and other filings and recordings as may be deemed necessary, by Lessor. If the nature of the Property
is such that it requires frequent removal from the location stated in the Schedule, Lessee may move the Property to another location
or locations upon prior written notice to Lessor, subject to the provisions outlined in this subparagraph (b). To the extent the
Property includes vehicles, such Property shall be home-based at the location in the Schedule.

 

		c)	Lessee shall cause the Property to be installed, used, operated and, at the termination of the Lease, removed (i) in accordance
with any applicable manufacturer's manuals or instructions; (ii) by competent and duly qualified personnel only; and (iii) in accordance
with applicable governmental regulations.

 

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		d)	Lessee may not make alterations or attachments that will detrimentally affect the Property's end-of-Initial Period residual
value without first obtaining the written consent of Lessor. Any such alterations or attachments shall be made at Lessee's expense
and shall not interfere with the normal and satisfactory operation or maintenance of the Property. The manufacturer may incorporate
engineering changes or make temporary alterations to the Property upon request of Lessee. Unless Lessor shall otherwise agree in
writing, all such alterations and attachments paid by the Lessor shall be and become the property of Lessor upon their attachment
to the Property or, at the option of Lessor, shall be removed by Lessee at the termination of the Lease as to such Property and
the Property restored at Lessee's expense to its original condition, reasonable wear and tear only excepted.

 

		e)	The Property is and shall remain personal property during the term of the Lease notwithstanding that any portion thereof may
in any manner become affixed, attached to or located on real property or any building or improvement thereon. Lessee shall not
permit the Property to become an accession to other goods or a fixture to or part of any real property. Upon request by Lessor,
Lessee will use best efforts to obtain and deliver to Lessor a waiver of liens, in form satisfactory to Lessor, from all persons
not a party hereto who might secure an interest, lien or other claim in the Property.

 

		f)	In the event the Property includes software (which Lessee agrees shall include all documentation, later versions, updates,
upgrades, and modifications) (herein "Software"), the following shall apply: (i) Lessee shall possess and use the Software
in accordance with the terms and conditions of any license agreement ("License") entered into with the owner/vendor of
such Software and shall not breach the License (at Lessor's request, Lessee shall provide a complete copy of the License to Lessor);
(ii) Lessee agrees that Lessor has an interest in the License and Software due to its payment of the price thereof and is an assignee
or third-party beneficiary of the License, (iii) as due consideration for Lessor's payment of the price of the License and Software
and for providing the Software to Lessee at a lease rate (as opposed to a debt rate), Lessee agrees that Lessor is leasing (and
not financing) the Software to Lessee; (iv) except for the original price paid by Lessor, Lessee shall, at its own expense, pay
promptly when due all servicing fees, maintenance fees, update and upgrade costs, modification costs, and all other costs and expenses
relating to the License and Software and maintain the License in effect during the term of the Lease; and (v) the Software shall
be deemed Property for all purposes under the Lease.

 

		g)	Lessee shall comply with all applicable laws, regulations, requirements, rules and orders, all manufacturer's instructions
and warranty requirements, and with the conditions and requirements of all policies of insurance with respect to the Property and
the Lease.

 

		h)	The Property is leased solely for commercial or business purposes.

 

		Section 7	MAINTENANCE AND REPAIRS; RETURN OF PROPERTY

 

		a)	During the continuance of each Lease, Lessee shall, at its own expense, and in accordance with all manufacturer maintenance
specifications, (i) keep the Property in good repair, condition and working order; (ii) make all necessary adjustments, repairs
and replacements; (iii) furnish all required parts, mechanisms, devices and servicing; and (iv) not use or permit the Property
to be used for any purpose for which, in the opinion of the manufacturer, the Property is not designed or reasonably suitable.
Such parts, mechanisms and devices shall immediately become a part of the Property for all purposes hereunder and title thereto
shall vest in Lessor. If the manufacturer does not provide maintenance specifications, Lessee shall perform all maintenance in
accordance with industry standards for like Property.

 

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		b)	During the continuance of each Lease, Lessee shall, at its own expense, either (i) enter into and maintain in force a contract
with the manufacturer or other qualified maintenance organization reasonably satisfactory to Lessor for maintenance of each item
of Property that reasonably requires such a contract, or (ii) self-maintain the items of Property in accordance with the manufacturer's
standard maintenance manual. Such contract as to each item shall commence upon the Acceptance Date. Lessee shall furnish Lessor
with a copy of such contract or provide to Lessor satisfactory evidence of self-maintenance, in Lessor's sole discretion, upon
demand.

 

		c)	Lessee shall pay all shipping and delivery charges and other expenses incurred in connection with the Property. Upon default,
or at the expiration or earlier termination of any Lease, Lessee shall, at its own expense, assemble, prepare for shipment and
promptly return the Property to Lessor at the location within Switzerland designated by Lessor. Upon such return, the Property
shall be in the same operating order, repair, condition and appearance as of the Acceptance Date, except for reasonable wear and
tear from proper use thereof, and shall include all engineering changes theretofore prescribed by the manufacturer. If available,
Lessee shall provide maintenance certificates or qualification letters and/or arrange for and pay all costs which are necessary
for the manufacturer to accept the Property under contract maintenance at its then standard rates ("recertification").
The term of the Lease shall continue upon the same terms and conditions until such recertification has been obtained. With regard
to Software, at the expiration or earlier termination of any Lease, or upon demand by Lessor upon the occurrence of an Event of
Default under the Lease, Lessee shall (i) delete from its systems all Software then installed, (ii) destroy all copies or duplicates
of the Software which were not returned to Lessor, and (iii) cease using the Software altogether. Upon its receipt from Lessee,
Lessor shall be responsible to return the Software to the owner/vendor/licensor so that Lessee shall not be in breach of any software
license.

 

		Section 8	OWNERSHIP AND INSPECTION 

 

		a)	The Property shall at all times during the Lease be the property of Lessor or its assigns, and Lessee shall have no right,
title or interest therein except as to the use thereof subject to the terms and conditions of the Lease. For purposes of the foregoing,
Lessee transfers to Lessor all of Lessee's right, title and interest (including all ownership interest) in and to the Property
free and clear of all liens, security interests and encumbrances. Lessor may affix (or require Lessee to affix) tags, decals or
plates to the Property indicating Lessor's ownership, and Lessee shall not permit their removal or concealment. Lessee shall not
permit the name of any person or entity other than Lessor or its assigns to be placed on the Property as a designation that might
be interpreted as a claim of ownership or security interest.

 

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		b)	LESSEE SHALL KEEP THE PROPERTY AND LESSEE'S INTEREST UNDER ANY LEASE FREE AND CLEAR OF ALL LIENS AND ENCUMBRANCES, EXCEPT THOSE
PERMITTED IN WRITING BY LESSOR OR ITS ASSIGNS.

 

		c)	Lessor, its assigns and their agents shall have free access to the Property at all reasonable times during normal business
hours for the purpose of inspecting the Property.

 

		d)	Lessee shall immediately notify Lessor in writing of all details concerning any material damage or loss to the Property, including
without limitation, any damage or loss arising from the alleged or apparent improper manufacture, functioning or operation of the
Property.

 

		Section 9	WARRANTIES 

 

		a)	Lessee acknowledges that Lessor is not the manufacturer of the Property nor manufacturer's agent nor a dealer therein. The
Property is of a size, design, capacity, description and manufacture selected by the Lessee. Lessee is satisfied that the Property
is suitable and fit for its purposes. LESSEE AGREES THAT LESSOR HAS NOT MADE AND DOES NOT MAKE ANY WARRANTY OR REPRESENTATION WHATSOEVER,
EXPRESS OR IMPLIED, AS TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OR REPRESENTATION AS TO: (i) THE DESCRIPTION,
CONDITION, DESIGN, QUALITY OR PERFORMANCE OF THE PROPERTY OR QUALITY OR CAPACITY OF MATERIALS OR WORKMANSHIP IN THE PROPERTY; (ii)
ITS MERCHANTABILITY OR FITNESS OR SUITABILITY FOR A PARTICULAR PURPOSE WHETHER OR NOT DISCLOSED TO LESSOR, AND (iii) DELIVERY OF
THE PROPERTY FREE OF THE RIGHTFUL CLAIM OF ANY PERSON BY WAY OF INFRINGEMENT OR THE LIKE. LESSOR EXPRESSLY DISCLAIMS ALL SUCH WARRANTIES.
If the Software is not properly installed, does not function as represented or warranted by original licensor, or is unsatisfactory
for any reason, Lessee shall make any claim on account thereof solely against original licensor and shall nevertheless pay all
sums payable under the Lease, Lessee hereby waiving the right to make any Such claims against Lessor. Lessor shall not be liable
to Lessee for any loss, damage or expense of any kind or nature caused, directly or indirectly, by the Property or the use, possession
or maintenance thereof, or the repair, service or adjustment thereof, or by any delay or failure to provide any such maintenance,
repair, service or adjustment, or by any interruption of service or loss of use thereof (including without limitation, Lessee's
use of or right to use any Software) or for any loss of business howsoever caused.

 

		b)	NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THE LEASE, LESSOR SHALL NOT, UNDER ANY CIRCUMSTANCES, BE LIABLE TO LESSEE
OR ANY THIRD PARTY, FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR EXEMPLARY DAMAGES ARISING OUT OF OR RELATED TO THE TRANSACTION CONTEMPLATED
HEREUNDER, WHETHER IN AN ACTION BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR ANY OTHER LEGAL THEORY, INCLUDING
WITHOUT LIMITATION, LOSS OF ANTICIPATED PROFITS, OR BENEFITS OF USE OR LOSS OF BUSINESS, EVEN IF LESSOR IS APPRISED OF THE LIKELIHOOD
OF SUCH DAMAGES OCCURRING.

IT IS EXPRESSLY UNDERSTOOD AND AGREED THAT EACH AND EVERY PROVISION OF ANY LEASE WHICH PROVIDES FOR A LIMITATION OF LIABILITY,
DISCLAIMER OF WARRANTIES OR EXCLUSION OF DAMAGES, IS INTENDED BY THE PARTIES TO BE SEVERABLE FROM ANY OTHER PROVISION AND IS A
SEPARABLE AND INDEPENDENT ELEMENT OF RISK ALLOCATION AND IS INTENDED TO BE ENFORCED AS SUCH.

 

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		c)	Lessor assigns to Lessee all assignable warranties on the Property, including without limitation any warranties described in
lessor's purchase contract, which assignment shall be effective only (i) during the Initial Period and any extensions thereof,
and (ii) so long as no Event of Default exists.

 

		Section 10	NET LEASE; LESSEE'S OBLIGATIONS ABSOLUTE AND UNCONDITIONAL

 

This Master Lease is a "net lease" and,
as between Lessor and Lessee, Lessee shall be responsible for and shall indemnify Lessor against, direct costs and expenses related
to the Lease or the Property. Lessee agrees that, except in the event that Lessee exercises its option under Section 3 to buy the
Property, its obligation to pay Monthly Rental and other obligations under the Lease shall be irrevocable, independent, absolute
and unconditional and shall not be subject to any abatement, reduction, recoupment, defense, offset or counterclaim otherwise available
to Lessee; nor, except as otherwise expressly provided herein or as agreed to by Lessor in writing, shall this Master Lease terminate
for any reason whatsoever prior to the end of the Initial Period.

 

		Section 11	ASSIGNMENT BY LESSOR

 

Lessor may not without prior written consent by Lessee,
which consent shall not unreasonably withheld, assign or transfer its rights and interests in the Lease and Property to another
party ("Lessor's Assignee") either outright or as security for loans (collectively, the "Underwriting"). Upon
notice of any such assignment and instructions from Lessor, Lessee shall pay its Monthly Rental and other payments and perform
its other obligations under the Lease to the Lessor's Assignee (or to another party designated by Lessor's Assignee). Upon any
such sale or assignment, LESSEE'S OBLIGATIONS TO LESSOR'S ASSIGNEE UNDER THE ASSIGNED SCHEDULE SHALL BE ABSOLUTE AND UNCONDITIONAL
AND LESSEE WILL NOT ASSERT AGAINST LESSOR'S ASSIGNEE ANY CLAIM, DEFENSE, OFFSET OR COUNTERCLAIM WHICH LESSEE MIGHT HAVE AGAINST
LESSOR. Lessor's Assignee shall have all of the rights but none of the obligations of Lessor under the assigned Lease, and after
such assignment Lessor shall continue to be responsible for all of Lessor's obligations under the Lease. Upon any such assignment,
Lessee agrees to promptly execute and deliver to Lessor: (i) estoppel certificates, acknowledgments of assignment and other documents
requested by Lessor which acknowledge the assignment, affirm provisions of the Lease, or which may be required to effect the Underwriting,
and (ii) any commercial code or regulatory required financing statements or precautionary filings as requested.

 

		Section 12	RISK OF LOSS ON LESSEE 

 

From the earlier of the date the supplier ships the
Property to Lessee or the date Lessor confirms Lessee's purchase order or contract to supplier until the date the Property is returned
to Lessor as provided in the Lease. Lessee hereby assumes and shall bear all risk of loss for theft, damage or destruction to the
Property, howsoever caused. NO SUCH LOSS OR DAMAGE SHALL IMPAIR ANY OBLIGATION OF LESSEE UNDER THIS LEASE WHICH SHALL CONTINUE
IN FULL FORCE AND EFFECT. In the event of damage or loss to the Property (or any part thereof) and irrespective of payment from
any insurance coverage maintained by Lessee, but applying full credit therefore, Lessee shall at the option of Lessee, (a) place
the Property in good repair, condition and working order; or (b) replace the Property (or any part thereof) with like property
of equal or greater value, in good repair, condition and working order and transfer clear title to such replacement property to
Lessor whereupon such replacement property shall be deemed the Property for all purposes under the Lease; or (c) pay to Lessor
the total rent due and owing at the time of such damage or loss plus all amount which is equal to the Casualty Loss Value .

 

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		Section 13	INSURANCE

 

Lessee shall obtain and maintain for the entire term
of this Lease, at its own expense, property damage and liability insurance and insurance against loss or damage to the Property
including without limitation loss by fire (including so called extended coverage), theft, collision and such other risks of loss
as are customarily insured against on the type of Property leased under any Lease and by businesses in which Lessee is engaged,
in such amounts, in such form and with such insurers as shall be satisfactory to Lessor; provided, however, that the amount of
insurance against loss or damage to the Property shall be equal to or greater than the Casualty Loss Value of such items of Property.
Lessee shall furnish to Lessor a certificate of insurance or other evidence satisfactory to Lessor that such insurance coverage
is in effect; provided. All insurance covering loss or damage to the Property shall contain a breach of warranty clause satisfactory
to Lessor.

 

		Section 14	INDEMNIFICATION 

 

Except for the gross negligence or willful misconduct
of Lessor, Lessee shall indemnify and hold Lessor harmless from and against any and all claims, , damages, judgments, suits and
legal proceedings, and any and all costs and expenses in connection therewith, arising from third parties out of or in any manner
connected with or resulting from the Lease, except for non-payment or late payment of the Property. Furthermore, Lessee shall indemnify
and hold Lessor harmless from any claims arising out of any insufficiencies or faulty handling of the Property, including, without
limitation the manufacture, rejection, non-delivery, transportation, delivery, possession, use, operation, maintenance, condition,
return, storage or disposition thereof, including without limitation (a) claims for injury to or death of persons and for damage
to property; (b) claims relating to patent, copyright, or trademark infringement, (c) claims relating to latent or other defects
in the Property whether or not discoverable by Lessor and (d) claims for wrongful, negligent or improper act or misuse by Lessor.
Lessee agrees to give Lessor prompt notice of any such claim or liability. For purposes of this paragraph and any Lease, the term
"Lessor" shall include Lessor, its successors and assigns, shareholders, directors, officers, representatives and agents,
and the provisions of this paragraph shall survive expiration of any Lease with respect to events occurring prior thereto.

 

Upon request of Lessor, Lessee shall assume the defense
of all demands, claims, or actions, suits and all proceedings against Lessor for which indemnity is provided and shall allow Lessor
to participate in the defense thereof. Lessor shall be subrogated to all rights of Lessee for any matter which Lessor has assumed
obligation hereunder, and may settle any such demand, claim, or action without Lessee's prior consent, and without prejudice to
Lessor's right to indemnification hereunder.

 

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		Section 15	EVENTS OF DEFAULT 

 

An "Event of Default" shall occur under
any Lease if Lessee does any of the following and such breach is not cured to Lessor's satisfaction within thirty (30) days after
written notice thereof is provided to Lessee; provided, however, that the thirty (30) day cure period shall not apply for Lessee's
breach of Section 15(e) or failure to maintain insurance as required under section 13 hereof:

 

(a) fails to pay any Monthly
Rental or other payment required under the Lease when the same becomes due and payable and such failure continues for thirty (30)
days after its due date;

 

(b) attempts to or does, remove,
sell, assign, transfer, encumber, sublet or part with possession of any one or more items of the Property or any interest under
any Lease, except as expressly permitted herein, or permits a judgment or other claim to become a lien upon any or all of Lessee's
assets or upon the Property;

 

(c) permits any item of Property
to become subject to any levy, seizure, assignment or execution or Lessee abandons any item of Property;

 

(d) fails to observe or perform
any of its covenants and obligations required to be observed or performed under the Lease and such failure continues uncured for
twenty (20) days after occurrence thereof, except that the twenty (20) day cure period shall not apply and an Event of Default
shall occur immediately upon Lessee's failure to maintain insurance;

 

(e) breaches any of its representations
and warranties made under any Lease, or if any such representations or warranties shall be false or misleading in any material
respect;

 

(f) shall (i) be adjudicated
insolvent or a bankrupt, or cease, be unable, or admit in writing its inability, to pay its debts as they mature, or make a general
assignment for the benefit of creditors or enter into any composition or arrangement with creditors; (ii) apply for or consent
to the appointment of a receiver, trustee or liquidator of it or of a substantial part of its property, or authorize such application
or consent, or proceedings seeking such appointment shall be instituted against it without such authorization, consent or application
and shall continue undismissed for a period of sixty (60) days; (iii) authorize or file a voluntary petition in bankruptcy or apply
for or consent to the application of any bankruptcy, reorganization in bankruptcy, arrangement, readjustment of debt, insolvency,
dissolution, moratorium or other similar law of any jurisdiction, or authorize such application or consent or proceedings to such
end shall be instituted against it without such authorization, application or consent and such proceeding instituted against it
shall continue undismissed for a period of sixty (60) days;

 

(g) shall suffer a material
adverse change in its financial condition which adversely affects Lessee's ability to make rental payments after the date hereof.

 

		Section 16	REMEDIES 

 

Upon the occurrence of any Event of Default and at
any time thereafter, Lessor may, upon giving notice to Lessee and with or without canceling the Lease, do any one or more of the
following:

 

(a) enforce this Master Lease
according to its terms;

 

(b) refuse to deliver the Property
to Lessee;

 

(c) upon notice to Lessee, cancel
this Master Lease and any or all Schedules executed pursuant thereto.

 

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(c) if Lessor determines, in
its sole discretion, not to take possession of the Property, Lessor shall continue to be the owner of the Property and may, but
is not obligated to, dispose of the Property by sale or otherwise, all of which determinations may be made by Lessor in its sole
discretion and for its own account;

 

(e) declare immediately due
and payable all amounts due or to become due hereunder for the full term of the Lease, and upon payment of such amounts, Lessee
shall become the sole owner of the Property;

 

(f) with or without terminating
the Lease, recover the Casualty Loss Value of the Property as of the rent payment date immediately preceding the date of default
together with all costs and expenses incurred by Lessor in the repossession, recovery, and/or repair of the Property;

 

(g) upon notice to Lessee and
upon Lessee has not given notice within thirty (30) days that it wishes to exercise its option under Section 3 herein, repossess
the Property wherever found, with or without legal process, and for this purpose Lessor and/or its agents or assigns may enter
upon any premises of or under the control or jurisdiction of Lessee or any agent of Lessee, without liability for suit, action
or other proceeding by Lessee (any damages occasioned by such repossession being hereby expressly waived by Lessee) and remove
the Property therefrom; Lessee further agrees on demand, to assemble the Property and make it available to Lessor at a place to
be designated by Lessor;

 

(h) upon notice to Lessee and
upon Lessee has not given notice within thirty (30) days that it wishes to exercise its option under Section 3 herein, in its sole
discretion, re-lease or sell any or all of the Property at a public or private sale on such terms and notice as Lessor shall deem
reasonable (such sale may, at Lessor's sole option, be conducted at Lessee's premises), and recover from Lessee liquidated damages
for the loss of a bargain and not as a penalty an amount equal to the Lessor's Damages;

 

(i) if Lessee breaches any of
its obligations under Section 7(c) of this Master Lease with regard to Software, Lessee shall be liable to Lessor for additional
damages claimed by the Software manufacturer or distributor in an amount equal to the original price paid by Lessor for the Software,
and in addition, at Lessor's option. Lessor shall be entitled to injunctive relief;

 

(j) exercise any other right
or remedy which may be available to it under the applicable law;

 

(k) a cancellation hereunder
shall occur only upon notice by Lessor and only as to such items of Property as Lessor specifically elects to cancel and this Lease
shall continue in full force and effect as to the remaining items, if any, provided that different items of Property governed by
a single Lease Schedule shall always be treated as a single item with respect to this paragraph (k);

 

(l) (i) by notice to Lessee,
declare any license agreement with respect to Software terminated, in which event the right and license of Lessee to use the Software
shall immediately terminate, and Lessee shall thereupon cease all use of the Software and return all copies thereof to Lessor or
original licensor; and (ii) have access to and disable the Software by any means deemed necessary by Lessor, for which purposes
Lessee hereby expressly consents to such access and disablement, promises to take no action that would prevent or interfere with
Lessor's ability to perform such access and disablement, and waives and releases any and all claims that it has or might otherwise
have for any and all losses, damages, expenses, or other detriment that it might suffer as a result of such access and disablement.

 

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Lessor may exercise any and
all rights and remedies available at law or in equity. The rights and remedies afforded Lessor hereunder shall not be deemed to
be exclusive, but shall be in addition to any rights or remedies provided by law. Lessor's failure promptly to enforce any right
or remedy hereunder shall not operate as a waiver of such right or remedy, and Lessor's waiver of any default shall not constitute
a waiver of any subsequent or other default. Lessor may accept late payments or partial payments of amounts due under the Lease
and may delay enforcing any of Lessor's rights or remedies hereunder without losing or waiving any of Lessor's rights or remedies
under the Lease.

 

		Section 17	REPRESENTATIONS AND WARRANTIES

 

Lessee represents and warrant as follows:

 

		a)	If Lessee is a corporation, duly organized and validly existing in good standing under the laws of the jurisdiction of its
incorporation, duly qualified to do business in each jurisdiction where any Property is, or is to be located, and has full corporate
power and authority to hold property under lease and to enter into and perform its obligations under any Lease, the execution,
delivery and performance by Lessee of any Lease has been duly authorized by all necessary corporate action on the part of Lessee,
and is not inconsistent with its Articles of Incorporation or By-Laws or other governing instruments;

 

		b)	If Lessee is a partnership, duly organized by written partnership agreement and validly existing in accordance with the laws
of the jurisdiction of its organization, duly qualified to do business in each jurisdiction where the Property is, or is to be
located, and has full power and authority to hold property under lease and to enter into and perform its obligations under any
Lease, the execution, delivery and performance by Lessee of any Lease has been duly authorized by all necessary action on the part
of the Lessee, and is not inconsistent with its partnership agreement or other governing instruments. Upon request, Lessee will
deliver to Lessor certified copies of its partnership agreement and other governing instruments and original certificate of partners
and other instruments deemed necessary or desirable by Lessor. To the extent required by applicable law, Lessee has filed and published
its fictitious business name certificate;

 

		c)	The execution, delivery and performance by Lessee of any Lease does not violate any law or governmental rule, regulation, or
order applicable to Lessee does not and will not contravene any provision, or constitute a default under any indenture, mortgage,
contract, or other instrument to which it is bound and, upon execution and delivery of each Lease, will constitute a legal, valid
and binding agreement of Lessee, enforceable in accordance with its terms;

 

		d)	No action, including any permits or consents, in respect of or by any state, federal or other governmental authority or agency
is required with respect to the execution, delivery and performance by Lessee of any Lease.

 

Lessor represents and warrants that Lessor is a company,
duly organized and validly existing in good standing under the laws of the jurisdiction of its incorporation, duly qualified to
do business in such jurisdiction and has full corporate power and authority to enter into and perform its obligations under any
Lease, the execution, delivery and performance by Lessor of any Lease has been duly authorized by all necessary corporate action
on the part of Lessor, and is not inconsistent with its Articles of Incorporation or By-Laws or other governing instruments.

 

    	Confidential	11	SAG-Numab Lease Agreement

    	 

    

		Section 18	GENERAL 

 

		a)	Entire Agreement. Each Schedule shall incorporate the terms and conditions of this Master Lease and, together with the
Acceptance Certificate (as defined herein), and any amendments to any of the foregoing documents, shall supersede all prior agreements
and constitute the entire understanding and agreement between the Lessor and Lessee with regard to the subject matter hereof and
thereof, and there is no understanding or agreement, oral or written, which is not set forth herein or therein.

 

		b)	Time Is of the Essence; Provisions Severability. Time is of the essence with respect to any Lease. The provisions contained
in any agreement shall be deemed to be independent and severable. The invalidity or partial invalidity of any one provision or
portion of the Lease under the laws of any jurisdiction shall not affect the validity or enforceability of any other provisions
of the Lease. The captions and headings set forth herein are for convenience of reference only and shall not define or limit any
of the terms hereof.

 

		c)	Notice. Notices or demands required to be given hereunder shall be in writing and addressed to the other party at the
address herein or such other address provided by written notice hereunder and shall be effective (i) upon the next business day
if sent by guaranteed overnight express service (such as Federal Express); (ii) on the same day if personally delivered; or (iii)
three days after mailing if sent by certified or registered mail, postage prepaid.

 

		d)	Binding Effect; Survivability. The provisions of each Lease shall inure to the benefit of and shall bind Lessor and
Lessee and their respective permitted successors and assigns. All representations, warranties, covenants and indemnities of Lessee
made or agreed to in the Lease or in any certificates delivered in connection therewith shall survive the expiration, termination
or cancellation of the Lease for any reason.

 

		e)	Further Assurances; Financing Statements. Lessee will cooperate with Lessor in protecting Lessor's interests in the
Property, the Lease and the amounts due under the Lease, including, without limitation, the execution and delivery of statements
and filings, patent and copyright registration documents with respect to proprietary Software (if applicable), and other documents
reasonably requested by Lessor. Lessee shall pay all costs of filing any financing, continuation or termination statements with
respect to the Property and Lease, including without limitation, any intangibles tax, documentary stamp tax or other similar taxes
or charges relating thereto . Lessee will do whatever is reasonably asked for by Lessor to have a statement of the interest of
Lessor in the Property noted on any certificate of title relating to the Property and will deposit said certificate with Lessor.
Lessee will execute and deliver to Lessor such other documents and written assurances and take such further action as Lessor may
request to more fully carry out the implementation, effectuation, confirmation and perfection of the Lease and any rights of Lessor
thereunder.

 

		f)	Financial Statements. Lessee, and any guarantor, shall provide to Lessor a copy of its annual audited financial statements
within one-hundred-twenty (120) days after its fiscal year end.

 

		g)	Security Interest. In the event a court of competent jurisdiction or other governing authority shall determine that
the Lease is not a "true lease" or is a lease intended as security or that Lessor (or its assigns) does not hold legal
title to or is not the owner of the Property, then the Lease shall be deemed to be a security agreement with Lessee, as debtor,
having granted to Lessor, as secured party, a security interest in the Property effective the date of the Lease, and the Property
shall secure all duties and obligations of Lessee under any Lease. As security for the performance by Lessee of its duties and
obligations under any Lease, Lessee hereby grants to Lessor a security interest in all of Lessee's rights under any license agreement
related to any Software, including, without limitation, all of its rights with respect to the Software. With regard to any security
interest created hereunder in any of the Property, Lessee consents and agrees that Lessor shall have all of the rights, privileges
and remedies of a secured party under the applicable law.

 

    	Confidential	12	SAG-Numab Lease Agreement

    	 

    

		h)	Change in Lessee's Name or Address. Lessee shall not change its name or address from that set forth above, unless it
shall have given Lessor or its assigns no less than thirty (30) days prior written notice.

 

		i)	Covenant of Quiet Possession. Lessor agrees that so long as no Event of Default has occurred and is continuing, Lessee
shall be entitled to quietly possess the Property subject to and in accordance with the terms and conditions of this Master Lease.

 

		j)	Lessee's Options at End of Initial Period. Before the end of the Initial Period of any Lease, Lessee shall, provided
at least thirty (30) days prior written notice is received by Lessor from Lessee via certified mail, do one of the following: (1)
purchase the Property for a price set out in the respective Lease Schedule, (2) extend the Lease for twelve (12) additional months
at the rate specified on the respective Schedule, or (3) return the Property to Lessor at Lessee's expense to a destination within
Switzerland specified by Lessor and terminate the Schedule; provided, however, that for option (3) to apply, all accrued but unpaid
late charges, interest, taxes, penalties, and any and all other sums due and owing under the Schedule must first be paid in full,
the provisions of Sections 6(c) and (d) and 7(c) hereof must be specifically complied with, and Lessee must enter into a new Schedule
with Lessor to lease Property which replaces the Property listed on the old Schedule. With respect to option (3), each party shall
have the right in its absolute and sole discretion to accept or reject any terms of any new Schedule, as applicable. In the event
Lessor and Lessee have not agreed to option (3) by the end of the Initial Period and the respective Lease Schedule does not contain
any predefined purchase terms then option (2) shall apply at the end of the Initial Period. In the event if Lessee fails to give
written notice of its option via certified mail until the end of the Initial Period and if the terms for option (1) have been predefined
in the respective Lease Schedule, option (1) shall apply by default. At the end of the extension period provided for in option
(2) above, the Lease shall continue in effect at the rate specified in the respective Schedule for successive periods of six (6)
months each subject to termination at the end of any such successive six-month renewal period by either Lessor or Lessee giving
to the other party at least thirty (30) days prior written notice of termination.

 

		k)	Amendment and Modification. The Lease may not be amended or modified except by a writing signed by a duly authorized
representative of each party, but no such amendment or modification needs further consideration to be binding. Notwithstanding
the foregoing, Lessee authorizes Lessor to amend any Schedule to identify more accurately the Property (including, without limitation,
supplying serial numbers or other identifying data), and such amendment shall be binding on Lessor and Lessee unless Lessee objects
thereto within thirty (30) days after receiving notice of the amendment from Lessor.

 

    	Confidential	13	SAG-Numab Lease Agreement

    	 

    

		l)	Joint and Several Liability. In the event two or more parties execute the Master Lease as Lessee, each party shall be
jointly and severally liable for all Lessee representations, warranties, and obligations (including without limitation, payment
obligations) under this Master Lease or under any Schedule or other document executed in connection herewith.

 

		m)	Governing Law; Jurisdictions; Language. This Master Lease shall be governed by and construed in accordance with the
laws of Switzerland. The courts of the canton of Zug, Switzerland shall have exclusive jurisdiction over any dispute arising out
of or in connection with this Master Lease. This Master Lease is drafted in the English language and the English language interpretation
shall rule in all cases.

 

		Section 19	WAIVERS 

 

To the extent permitted by applicable law, Lessee
hereby waives any and all rights and remedies, including but not limited to Lessee's rights to: (i) cancel the Lease; (ii) repudiate
the Lease; (iii) reject the Property; (iv) revoke acceptance of the Property; (v) claim, grant or permit a security interest in
the Property in Lessee's possession or control for any reason; and (vi) "cover" by making any purchase or lease of or
contract to purchase or lease Property in substitution for those due from Lessor, (vii) No waiver or modification by Lessor of
any of the terms and conditions hereof shall be effective unless in writing signed by an officer of Lessor.

 

		Section 20	ASSIGNMENT BY LESSEE 

 

LESSEE MAY NOT ASSIGN THIS MASTER LEASE OR ANY OF
ITS RIGHTS HEREUNDER OR SUBLEASE THE PROPERTY WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, NO PERMITTED ASSIGNMENT OR SUBLEASE
SHALL RELIEVE LESSEE OF ANY OF ITS OBLIGATIONS HEREUNDER.

 

BY INITIALING THIS SECTION, LESSEE ACKNOWLEDGES THAT
IT HAS READ THE ABOVE PARAGRAPHS UNDER SECTIONS 18, 19 AND 20, AND FULLY UNDERSTANDS THEIR CONTENT AND AGREES TO THEIR PROVISIONS.

 

Initialed__________

 

 

IN WITNESS WHEREOF, the authorized representatives of the Parties
have executed this Master Lease:

 

	LESSOR – SUCAMPO AG	 	LESSEE – NUMAB AG
	By:__________________________________	 	By:__________________________________
	Name:	 	Name:
	Title:	 	Title:
	Date:	 	Date:
	 	 	 
	 	 	 

 

 

    	Confidential	14	SAG-Numab Lease Agreement

    	 

    

 

 

 

 

MASTER LEASE: Exhibit A

 

Form of LEASE SCHEDULE

 

Reference is made to Master Lease Agreement dated January 31,
2012 (the "Master Lease") between SUCAMPO AG (the "Lessor") and NUMAB AG (the "Lessee").

 

This Lease Schedule [insert number] incorporates:

 

		·	Lease Schedule Exhibit A (the "Property Description");

		·	Lease Schedule Exhibit B (the Acceptance Certificate).

 

Together, incorporating the terms and conditions of the Master
Lease, these constitute a separate "Lease" between Lessor and Lessee. All capitalized terms used herein but not defined
herein shall have the same meanings ascribed to them in the Master Lease.

 

1. Property: [insert brief description of property] as further
described in Lease Schedule [number] Exhibit C.

 

2. Property Location: [insert property location].

 

3. Acceptance Date: As specified in the Lease Schedule [number]
Exhibit B (the Acceptance Certificate)

 

4. Initial Period: __ months starting on the Commencement Date

 

5. Monthly Rental: ________[insert monthly cost], plus applicable
VAT

 

6. Deposit: ________ [if any, can be applied to the first Monthly
Rental, plus applicable sales tax]

 

7. Total Cost: [insert total cost]

 

8. Extension monthly rentals [insert cost]

 

9. For purposes of this Lease Schedule only, at the end of the
Initial Period, Lessee shall have the option to purchase the Property on the last day of the Initial Period for an amount equal
to [insert amount], plus applicable sales tax.

 

10. Representation of Lessee: Lessor and Lessee agree that this
Schedule constitutes a "finance lease", in that (a) Lessee has selected the Property in its sole discretion, (b) Lessor
has acquired the Property solely for purposes of leasing such Property under this Schedule, and (c) Lessee has received a copy
of the contract evidencing Lessor's purchase of the Property.

 

    	Confidential	15	SAG-Numab Lease Agreement

    	 

    

 

 

	LESSOR – SUCAMPO AG	 	LESSEE – NUMAB AG
	By: SAMPLE – not for execution	 	By: SAMPLE – not for execution
	Name:	 	Name:
	Title:	 	Title:
	Date:	 	Date:
	 	 	 

 

 

    	Confidential	16	SAG-Numab Lease Agreement

    	 

    

 

 

LEASE SCHEDULE 

 

EXHIBIT B

 

(Acceptance Certificate to be inserted behind
this placeholder and incorporated herein)

 

    	Confidential	17	SAG-Numab Lease AgreementPROLOR BIOTECH LTD.

 

NON COMPETE AGREEMENT

 

This Non Compete Agreement
(the "Agreement") is entered into by and between Prolor Biotech Ltd., an Israeli company (together with any current
and future subsidiaries, affiliates, successors or assigns, the "Company"), and Fuad Fares ("Consultant").

 

In consideration of
Consultant's employment with the Company and the receipt of consideration previously paid, now or hereafter paid to Consultant,
and the covenants and agreements herein contained, the Company and Consultant, intending to be legally bound hereby, agree as follows:

 

 1. Non-competition.
Consultant agrees that, while Consultant is employed by the Company and for a period of one year after termination of Consultant's
employment with the Company for whatever reason, Consultant shall not, directly or indirectly, own, operate, engage in, assist,
be employed by, or have any material interest in any business that is engaged, or planning to be engaged, in the development, manufacturing,
marketing or selling of long-acting therapeutic proteins, provided that this covenant shall not prohibit Consultant from owning
up to five percent of any class of equity securities for which an active public trading market exists.

 

2. Non Solicitation.
Consultant agrees that, while Consultant is employed by the Company and for a period of one year after termination of Consultant's
employment with the Company for whatever reason, Consultant shall not, directly or indirectly, solicit or induce, or attempt to
solicit or induce, any Consultant, consultant, service provider, agent, distributor, customer or supplier of the Company to terminate,
reduce or modify the scope of such person's or entity’s engagement with the Company.

 

3. Acknowledgment.
Consultant confirms that he has carefully reviewed the provisions of this Agreement, fully understands the consequences thereof
and has assessed the respective advantages and disadvantages of entering into this undertaking. In light of the above, Consultant
represents and warrants that if Consultant's employment with the Company were terminated, Consultant could earn a living while
fully complying with the terms of this Agreement and that the restrictions contained in this Agreement are reasonable and necessary
to protect the Company's legitimate interests in its proprietary and confidential information.

 

4. Survival.
The terms of this Agreement survive Consultant's termination of employment for any reason for a period of one year. Wherever this
Agreement contemplates that Consultant will have an obligation or be subject to a restriction at or after the term of Consultant's
employment with the Company, Consultant agrees that that obligation or restriction will exist without regard to which party to
this Agreement terminates the employment relationship, and without regard to the reason (or lack thereof) for the termination of
the employment relationship. In the event that Consultant leaves the employment of the Company, Consultant hereby agrees that the
Company may notify Consultant's new employer (and any party with whom Consultant maintains a consulting relationship) of Consultant's
obligations under this Agreement.

 

5. Not an Employment
Agreement. This Agreement is not a contract for employment with the Company.

 

6. Entire Agreement;
Waiver and Amendment. With respect to the subject matter of this Agreement, this is the entire agreement between Consultant
and the Company, and supersedes all previous oral or written understandings or agreements between Consultant and the Company. No
waiver or modification of any provision of this Agreement shall be effective unless signed by both the Company and Consultant.

 

7. Governing
Law; Jurisdiction. This Agreement shall be governed by the laws of the State of Israel without giving effect to principles
of conflicts of law or choice of law that would cause the laws of any other jurisdiction to apply. Consultant consents to the exclusive
jurisdiction of any court of competent jurisdiction located in Israel and irrevocably agrees that all actions or proceedings relating
to this Agreement may be litigated in such courts. Consultant accepts, generally and unconditionally, the jurisdiction of the aforesaid
courts and waives any defense of forum non conveniens, and irrevocably agrees to be bound by any judgment rendered thereby in connection
with this Agreement.

 

    	 

    	 	

    

 

8. Severability.
If any provision of this Agreement is or is deemed to be invalid, illegal or unenforceable in any jurisdiction, such provision
shall be deemed amended to conform to applicable laws so as to be valid and enforceable and the remainder of this Agreement shall
remain in full force and effect. Consultant agrees that if all or any portion of a covenant is held unreasonable or unenforceable
by a court or agency having valid jurisdiction, Consultant will be bound by any lesser covenant subsumed within the terms of such
covenant, which lesser covenant imposes the maximum duty permitted by law, as if the resulting covenant were separately stated
in and made a part of this Agreement.

 

9. Remedies.
Consultant agrees that if Consultant engages in any activities prohibited by this Agreement or fails to take actions required by
this Agreement, irreparable harm to the Company will likely result, for which a remedy in the form of damages may not be adequate
or otherwise ascertainable. Consequently, the Company will be entitled to temporary, preliminary and permanent injunctive relief
against Consultant. This section will not limit any other legal or equitable remedies that the Company may have against Consultant
for violations of this Agreement.

 

10. Assignment.
This Agreement shall be binding upon, and inure to the benefit of, the Company and Consultant and their respective successors and
permitted assigns. The Company may assign this Agreement to any successor of the Company, including any successor of the Company
by sale of all or substantially all of the Company's assets. Consultant hereby consents to any such assignment. Any successor to
the Company is an intended third-party beneficiary of this Agreement. Consultant may not assign this Agreement.

 

IN WITNESS WHEREOF,
the Company and Consultant have entered into this Agreement as of the Effective Date set forth below.

 

	Prolor Biotech Ltd.	Consultant
	 	 
	 	 
	By: /s/ Shai Novik	/s/ Fuad Fares
	Name: Shai Novik	Fuad Fares
	Title:   President	May 9, 2012

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