Document:

EX-4.3

 Exhibit 4.3 

ARTHUR J. GALLAGHER & CO. 

EMPLOYEE STOCK PURCHASE PLAN 

Section 1. Purpose. 
 (a) The purpose of the
Arthur J. Gallagher & Co. Employee Stock Purchase Plan (as amended from time to time and including both the 423 Component and Non-423 Component described below, the “Plan”) is to provide the employees of the
Company and its Designated Subsidiaries and Designated Affiliates with an opportunity to purchase shares of Common Stock through accumulated Contributions. 

(b) The Plan includes two components: a Code Section 423 Component (the “423 Component”) and a non-Code Section 423
Component (the “Non-423 Component”). The Company intends to have the 423 Component qualify as an “employee stock purchase plan” under Section 423. The provisions of the 423 Component, accordingly, shall
be construed so as to extend and limit participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423. In addition, the Plan authorizes the grant of options under the Non-423 Component, which does
not qualify as an “employee stock purchase plan” under Section 423; such options granted under the Non-423 Component shall be granted pursuant to rules, procedures or sub-plans adopted by the Administrator designed to achieve
tax, securities laws or other objectives for Eligible Employees and the Company. Except as otherwise provided herein, the Non-423 Component will operate and be administered in the same manner as the 423 Component. Offerings intended to be
made under the Non-423 Component will be designated as such by the Administrator at or prior to the time of such Offering. 
 (c) If a Participant
transfers employment from the Company or any Designated Subsidiary participating in the 423 Component to a Designated Affiliate participating in the Non-423 Component, he or she shall immediately cease to participate in the
423 Component; however, any Contributions made for the Purchase Period in which such transfer occurs shall be transferred to the Non-423 Component, and such Participant shall immediately join the then current Offering under the
Non-423 Component upon the same terms and conditions in effect for his or her participation in the Plan, except for such modifications as may be required by applicable law or otherwise applicable for Participants in such Designated Affiliates.
A Participant who transfers employment from a Designated Affiliate participating in the Non-423 Component to the Company or any Designated Subsidiary participating in the 423 Component shall remain a Participant in the
Non-423 Component until the earlier of (i) the end of the current Offering Period under the Non-423 Component, or (ii) the Enrollment Date of the first Offering Period in which he or she participates following such transfer.
Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment between companies participating in the 423 Component and the Non-423 Component, consistent with the applicable requirements of
Section 423. 
 Section 2. Definitions. 

(a) “Administrator” means the Company or such committee or person to which or whom the Company has appointed to be the Administrator for Plan
purposes. 
 (b) “Affiliate” means (i)any entity that, directly or indirectly, is controlled by, controls or is under common control with,
the Company or (ii)any entity in which the Company has a significant equity interest, in either case as determined by the Administrator, whether now or hereafter existing (which, for avoidance of doubt, shall include any Subsidiary). 

(c) “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock are listed or quoted and the applicable laws of any foreign country or jurisdiction where options are, or will be, granted under
the Plan. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Change in Control” means the occurrence of any of the following events: 

 (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the
Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of
the Company’s stock), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the
Company’s then outstanding securities (other than pursuant to a merger or consolidation described in clause (1) or (2) of Section 2(e)(iii); 

(ii) individuals who, as of the date hereof, constitute the Board (as of the date hereof, the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board, provided that any person becoming a Director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of
the Directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the Directors of
the Company, as such terms are used in Rule 14a-11 of Regulation 14A under the Exchange Act) shall be, for purposes of the Plan, considered as though such person were a member of the Incumbent Board; 

(iii) the Company’s stockholders approve a merger or consolidation of the Company with any other corporation, and such merger or consolidation is
consummated, other than (1)a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 75% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (2)a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined above) acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or 

(iv) the Company’s stockholders approve an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets,
and such sale or disposition is consummated. 
 For the avoidance of doubt, a transaction will not constitute a Change in Control if its sole purpose is
either to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 

(f) “Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific Section of the Code will include the Treasury
Regulations under such Section of the Code. 
 (g) “Committee” means the Compensation Committee of the Board or such other committee
designated by the Board to administer the Plan. 
 (h) “Common Stock” means the common stock, one dollar ($1.00) par value, of the Company.

 (i) “Company” means Arthur J. Gallagher & Co., a Delaware corporation. 

(j) “Compensation” for an Offering means the items of an Eligible Employee’s compensation that the Administrator, in its discretion,
specifies as being included for such Offering, which may include (without limitation) regular base straight time gross earnings, commissions, sales rewards or other sales-related payments, and exclude any items of the Eligible Employee’s
compensation that the Administrator, in its discretion, excludes for such Offering, which may include (without limitation) equity compensation and payments for incentive compensation, bonuses, overtime or any other similar compensation. The
Administrator, in its discretion, may, on a uniform and nondiscriminatory basis for each Offering, establish a different definition of Compensation for a subsequent Offering Period. Further, the Administrator shall have discretion to determine the
application of this definition to Participants outside the United States. 

 (k) “Contributions” means the payroll deductions, any other additional payments that the
Administrator may permit to be made by a Participant and any alternative forms of contributions permitted under Section 6(f) to fund the exercise of options granted pursuant to the Plan. 

(l) “Designated Affiliate” means any Affiliate that has been designated by the Administrator from time to time in its sole discretion as
eligible to participate in the Non-423 Component. 
 (m) “Designated Subsidiary” means any Subsidiary that has been designated by the
Administrator from time to time in its sole discretion as eligible to participate in the 423 Component. 
 (n) “Director” means a
member of the Board. 
 (o) “Eligible Employee” means a person treated as an employee of the Company or a Designated Subsidiary or
Designated Affiliate for purposes of Section 423. For purposes of the Plan, the employment relationship will be treated as continuing intact where a Participant transfers employment between the Company, Designated Subsidiaries and/or Designated
Affiliates and while an individual is on sick leave or other leave of absence that the Employer approves or is legally protected under Applicable Laws. Where a period of leave of absence exceeds three months and the individual’s right to
reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three months and one day following the commencement of such leave. The Administrator, in its discretion, from time to time
may, prior to an Enrollment Date for all options to be granted on such Enrollment Date in an Offering, determine (on a uniform and nondiscriminatory basis or as otherwise permitted by Section 1.423-2 of the Treasury Regulations for options
granted under the 423 Component) that the definition of Eligible Employee will or will not include an individual if he or she: (i) has not completed at least two years of service since his or her last hire date (or such lesser period of
time as may be determined by the Administrator in its discretion), (ii) customarily works not more than 20 hours per week (or such lesser period of time as may be determined by the Administrator in its discretion), (iii) customarily works
not more than five months per calendar year (or such lesser period of time as may be determined by the Administrator in its discretion), (iv) is a highly compensated employee within the meaning of Section 414(q) of the Code, or (v) is
a highly compensated employee within the meaning of Section 414(q) of the Code with compensation above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act. Under the
423 Component, each exclusion shall be applied with respect to an Offering in a manner complying with Section 1.423-2 (e)(2)(ii) of the Treasury Regulations. A Participant shall be deemed to have ceased to be an Eligible Employee either
upon an actual termination of employment or upon the corporation employing the Participant during an Offering Period ceasing to be an Affiliate of the Company, or if the Participant transfers to an Affiliate that is not a Designated Subsidiary or
Designated Affiliate. 
 (p) “Employer” means the Designated Subsidiary or Designated Affiliate that is the employer of the applicable
Eligible Employee in accordance with the definition in Section 2(o). 
 (q) “Enrollment Date” means the first Trading Day of each
Offering Period. 
 (r) “Exchange Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder. 
 (s) “Exercise Date” means the last Trading Day of each Purchase Period. 

(t) “Fair Market Value” of a share of Common Stock as of any date means the closing transaction price of a share of Common Stock as reported
on the New York Stock Exchange on such date, or if there is no reported transactions on such date, on the next preceding date for which a transaction was reported. 

(u) “New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then in progress. 

(v) “Offering” means an offer under the Plan of an option that may be exercised during an Offering Period as further described in
Section 4. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of 

 
the Company, a Designated Subsidiary or a Designated Affiliate shall be deemed a separate Offering (the terms of which Offering under the Non-423 Component need not be identical), even if
the dates and other terms of the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by Section 1.423-2(a)(1) of the Treasury
Regulations, the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Plan and an Offering together satisfy Section 1.423-2(a)(2) and Section 1.423-2(a)(3) of the
Treasury Regulations. 
 (w) “Offering Periods” means the periods established in accordance with Section 4 during which an option
granted pursuant to the Plan may be exercised on one or more Exercise Dates. The duration and timing of Offering Periods may be changed pursuant to Section 4 and Section 21. 

(x) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 

(y) “Participant” means an Eligible Employee that participates in the Plan. 

(z) “Purchase Account” of a Participant means the account created by the Company under the Plan for the Participant which is credited to
reflect the amount of the Participant’s Contributions. 
 (aa) “Purchase Period” means a period of time within an Offering Period, as
may be specified by the Administrator in accordance with Section 4, generally beginning on the Enrollment Date and ending on an Exercise Date. An Offering Period may consist of one or more Purchase Periods. 

(bb) “Purchase Price” for an Offering Period means the purchase price designated by the Administrator for such Offering Period, which may be
an amount equal to (i) 85% or more of the Fair Market Value of a share of Common Stock on the Enrollment Date, (ii) 85% or more of the Fair Market Value of a share of Common Stock on the Exercise Date, or (iii) the lower of an amount
determined under (i) and an amount determined under (ii); provided however, that the Administrator may provide for a different Purchase Price for an Offering Period (subject to compliance with Section 423 and Applicable Laws) or pursuant
to Section 21; provided further, in no event shall the Purchase Price be less than the par value of a share of Common Stock. 
 (cc)
“Section 423” means Section 423 of the Code and the Treasury Regulations thereunder. 
 (dd) “Subsidiary” means
a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424 (f) of the Code. 
 (ee) “Trading
Day” means a day on which the New York Stock Exchange is open for trading. 
 (ff) “Treasury Regulations” means the U.S. Treasury
regulations issued by the Department of Treasury under the Code. 
 Section 3. Eligibility. 

(a) General. Except as otherwise provided in this Section 3 and subject to the requirements of Section 5, any Eligible Employee on a given
Enrollment Date shall be eligible to participate in the Plan. 
 (b) Non-U.S. Employees. Employees who are citizens or residents of a non-U.S.
jurisdiction (without regard to whether they also are citizens or residents of the United States or resident aliens within the meaning of Section 7701(b)(1)(A) of the Code) may be excluded from participation in the Plan or an Offering if the
participation of such Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or an Offering to violate Section 423. Further, in the case of the
Non-423 Component, Eligible Employees may be excluded from participation in the Plan or an Offering if the Administrator has determined that participation of such Eligible Employees is not advisable or practicable. 

 (c) Limitations. Notwithstanding any provisions of the Plan to the contrary, no Eligible Employee will be
granted an option under the Plan (i)to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital
stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing 5% or more of the total combined voting power or value of all classes of the capital stock of the Company or of any
Parent or Subsidiary of the Company, or (ii)to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined in Section 423) of the Company or any Parent or Subsidiary of the Company accrues at a rate,
which exceeds $25,000 USD worth of stock (determined using the Fair Market Value of the stock at the time such option is granted) for each calendar year in which such option is outstanding at any time, as determined in accordance with
Section 423. 
 Section 4. Offering Periods. The Plan will be implemented by consecutive Offering Periods with a new Offering Period
commencing on the first Trading Day on or after January 1, April 1, July 1 and October 1 of each year, and terminating, respectively, on the last Trading Day on or before
March 31, June 30, September 30 and December 31 of each year, or on such other dates as the Administrator will determine. Unless and until the Administrator determines otherwise in its discretion, each Offering Period
shall consist of one three-month Purchase Period, which shall run simultaneously with the Offering Period. The Administrator will have the authority to establish additional or alternative sequential or overlapping Offering Periods, a different
duration for one or more Offerings or Offering Periods or different commencement or ending dates for such Offering Periods with respect to future offerings without stockholder approval if such change is announced prior to the scheduled beginning of
the first Offering Period to be affected thereafter, provided, however, that no Offering Period may have a duration exceeding 27 months. In addition, to the extent that the Administrator establishes overlapping Offering Periods with more than one
Purchase Period in each Offering Period, the Administrator will have the discretion to structure an Offering Period so that if the Fair Market Value of the shares of Common Stock on the first Trading Day of a new Purchase Period within that Offering
Period is less than or equal to the Fair Market Value of the shares of Common Stock on the Enrollment Date, then (i) that Offering Period will terminate immediately as of that first Trading Day, and (ii) the Participants in such terminated
Offering Period will be automatically enrolled in a new Offering Period beginning on the first Trading Day of such new Purchase Period. 

Section 5. Participation. An Eligible Employee may participate in the Plan by (i) submitting to the Company’s designated Human
Resources representative, on or before a date determined by the Administrator prior to an applicable Enrollment Date, a properly completed subscription agreement authorizing Contributions in the form provided by the Administrator for such purpose,
or (ii) following an electronic or other enrollment procedure determined by the Administrator, and in either case completing any other forms and following any procedures for enrollment in the Plan as may be established by the Administrator from
time to time. 
 Section 6. Contributions. 

(a) At the time a Participant enrolls in the Plan pursuant to Section 5, he or she will elect to have payroll deductions made on each pay day or other
Contributions (to the extent permitted by the Administrator) made during the Offering Period in an amount not exceeding 15% of the Compensation which he or she receives on each pay day during the Offering Period, or such different maximum percentage
as may be determined by the Administrator prior to any Offering Period; should a pay day occur on an Exercise Date, a Participant shall have the payroll deductions made on such day applied to his or her Purchase Account under the current Purchase
Period, unless otherwise provided by the Administrator. The Administrator, in its sole discretion, may permit all Participants in a specified Offering to contribute amounts to the Plan through payment by cash, check or other means set forth in the
subscription agreement prior to each Exercise Date of each Offering Period. A Participant’s subscription agreement will remain in effect for successive Offering Periods unless terminated as provided in Section 10. 

(b) Payroll deductions for a Participant will commence on the first pay day following the Enrollment Date and will end on the last pay day of the Offering
Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 10. 

 (c) All Contributions made for a Participant will be credited to his or her Purchase Account and payroll
deductions will be made in whole percentages only. A Participant may not make any additional payments into his or her Purchase Account. 
 (d) A Participant
may discontinue his or her participation in the Plan as provided in Section 10. If permitted by the Administrator, as determined in its sole discretion, for an Offering Period, a Participant may increase or decrease the rate of his or her
Contributions during the Offering Period or Purchase Period by (i) properly completing and submitting to the Company’s designated Human Resources representative, on or before a date determined by the Administrator prior to an applicable
Exercise Date, a new subscription agreement authorizing the change in Contribution rate in the form provided by the Administrator for such purpose, or (ii) following an electronic or other procedure prescribed by the Administrator. If a
Participant has not followed such procedures to change the rate of Contributions, the rate of his or her Contributions will continue at the originally elected rate throughout the Offering Period and future Offering Periods (unless terminated as
provided in Section 10). The Administrator may, in its sole discretion, limit the nature and/or number of Contribution rate changes that may be made by Participants during any Offering Period or Purchase Period, and may establish such other
conditions or limitations as it deems appropriate for Plan administration. Any change in payroll deduction rate made pursuant to this Section 6(d) will be effective as soon as administratively practicable after the date on which the change is
made by the Participant. Notwithstanding the foregoing, unless and until otherwise determined by the Administrator, a Participant shall not be permitted to increase or decrease his or her rate of Contributions during an Offering Period, with the
exception that a Participant may withdraw from the Plan and receive a refund of Contributions in accordance with Section 10. 
 (e) Notwithstanding the
foregoing provisions of this Section 6, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(c)(ii), a Participant’s Contributions may be decreased to 0% at any time during an Offering Period.
Subject to Section 423(b)(8) of the Code and Section 3(c)(ii), Contributions will recommence at the rate originally elected by the Participant effective as of the beginning of the first Offering Period scheduled to end in the following
calendar year, unless terminated by the Participant as provided in Section 10. 
 (f) Notwithstanding any provisions to the contrary in the Plan, the
Administrator may allow Eligible Employees to participate in the Plan via cash, check or other means instead of payroll deductions if payroll deductions are not permitted under applicable local law and, for any Offering under the 423 Component,
the Administrator determines that cash contributions are permissible under Section 423. 
 Section 7. Grant of Option. On the
Enrollment Date of each Offering Period, each Participant in such Offering Period will be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of Common Stock
determined by dividing such Participant’s Contributions accumulated prior to such Exercise Date and retained in the Participant’s Purchase Account as of the Exercise Date by the applicable Purchase Price; provided that in no event will a
Participant be permitted to purchase during a Purchase Period if such purchase would allow the Participant to purchase Common Stock under the Plan and any other employee stock purchase plan of the Company or its Designated Subsidiaries which is
qualified under Section 423, and which, when aggregated, would have a Fair Market Value (as determined on the Enrollment Date for the Purchase Period in which such right is granted) in excess of $25,000 or such other amount as may be specified
under Section 423. The Administrator may, in its discretion and prior to the Enrollment Date of any Offering Period, (i) change the maximum number of shares of Common Stock that may be purchased by a Participant in such Offering Period or
on any Exercise Date within an Offering Period, including the method for determining such maximum, or (ii) specify a maximum aggregate number of shares of Common Stock that may be purchased by all Participants in an Offering Period or on any
Exercise Date within 

 an Offering Period. Further, the Board may limit the number or value of the shares of Common Stock made available
for purchase in a qualified period (e.g., 12-month period) by Participants in specified countries or working for specified Employers, if necessary to avoid securities law filings, achieve tax objectives or to meet other Company compliance
objectives in particular locations outside the United States, provided that any such limitation is imposed under the Non-423 Component or, with respect to any Offering under the 423 Component, is imposed on an equal basis to all
Participants under such Offering or as otherwise permitted in accordance with Section 423. Exercise of the option will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10. The option will expire
on the last day of the Offering Period. 
 Section 8. Exercise of Option. 

(a) Unless a Participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of shares of Common Stock will be exercised
automatically on the Exercise Date, and the maximum number of full shares subject to the option will be purchased for such Participant at the applicable Purchase Price with the accumulated Contributions from his or her Purchase Account. Unless
otherwise determined by the Administrator prior to the Enrollment Date of any Offering Period, fractional shares calculated up to five decimal places will be purchased. In the event that the Administrator determines not to allow the purchase of
fractional shares, any Contributions accumulated in a Participant’s Purchase Account which are not sufficient to purchase a full share may be retained in the Participant’s Purchase Account for the subsequent Offering Period or Purchase
Period, subject to earlier withdrawal by the Participant as provided in Section 10. Any other funds left over in a Participant’s Purchase Account after the Exercise Date will be returned to the Participant. During a Participant’s
lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her. 
 (b) If the Administrator determines that, on a
given Exercise Date, the number of shares of Common Stock with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable
Offering Period, or (ii) the number of shares of Common Stock available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation of the shares
of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options
to purchase shares of Common Stock on such Exercise Date, and continue all Offering Periods then in effect or (y) provide that the Company will make a pro rata allocation of the shares available for purchase on such Enrollment Date or Exercise
Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options to purchase shares of Common Stock on such Exercise Date, and terminate any
or all Offering Periods then in effect pursuant to Section 21. The Company may make a pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any
authorization of additional shares for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. 
 (c) At the time the
option is exercised, in whole or in part, or at the time some or all of the shares of Common Stock issued under the Plan is disposed of (or any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision
for the Company’s or Employer’s federal, state, local or any other tax liability payable to any authority including taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding
obligations, if any, which arise upon the exercise of the option or the disposition of the shares of Common Stock (or any other time that a taxable event related to the Plan occurs), including, for the avoidance of doubt, any liability to pay an
employer tax or social insurance contribution which has been shifted from the Company or any Employer to the Participant as a matter of law or contract. At any time, the Company or the Employer may, but will not be obligated to, withhold from the
Participant’s compensation the amount necessary for the Company or the Employer to meet applicable withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits
attributable to sale or early disposition of shares of Common Stock by the Eligible Employee. In addition, the Company or the Employer may, but will not be obligated to, withhold from the proceeds of the sale of shares of Common Stock or any other
method of withholding the Company or the Employer deems appropriate. 
 Section 9. Delivery. As soon as reasonably practicable after each
Exercise Date on which a purchase of shares of Common Stock occurs, the Company will arrange the delivery to each Participant of the shares purchased upon 

 
exercise of his or her option in a form determined by the Administrator (in its sole discretion) and pursuant to rules established by the Administrator. The Company may permit or require that
shares be deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic or automated methods of share transfer. The Company may require that shares be retained with such
broker or agent for a designated period of time, and/or may establish procedures to permit tracking of dispositions of shares. 
 Section 10.
Withdrawal. 
 (a) A Participant may withdraw all but not less than all the Contributions credited to his or her Purchase Account and not yet used
to exercise his or her option under the Plan at any time by (i) submitting to the Company’s designated Human Resources representative a written notice of withdrawal in the form determined by the Administrator for such purpose, or
(ii) following an electronic or other withdrawal procedure determined by the Administrator. Further, unless otherwise determined by the Administrator, any Participant who elects to decrease the rate of his or her Contributions to 0% during an
Offering Period shall be deemed to withdraw from participation in the Plan. The Administrator may impose, from time to time, a requirement that the applicable notice of withdrawal from the Plan be on file with the Company for a reasonable period
prior to the effectiveness of the Participant’s withdrawal, subject to such prior period not exceeding 45 days after the giving of the notice. All of the Participant’s Contributions credited to his or her Purchase Account will be paid to
such Participant promptly after receipt of notice of withdrawal and such Participant’s option for the Offering Period will be automatically terminated, and no further Contributions for the purchase of shares will be made for such Offering
Period. If a Participant withdraws from an Offering Period, Contributions will not resume at the beginning of the succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the provisions of Section 5. 

(b) A Participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar plan that may
hereafter be adopted by the Company or in succeeding Offering Periods that commence after the termination of the Offering Period from which the Participant withdraws. 

Section 11. Termination of Eligible Employee Status. Upon a Participant’s ceasing to be an Eligible Employee, for any reason, he or
she will be deemed to have elected to withdraw from the Plan and the Contributions credited to such Participant’s Purchase Account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan will be returned to
such Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such Participant’s option will be automatically terminated. 

Section 12. Interest. No interest will accrue on the Contributions of a Participant in the Plan, except as may be required by applicable
law, as determined by the Company, and if so required by the laws of a particular jurisdiction, shall apply to all Participants in the relevant Offering except to the extent otherwise permitted by Treasury Regulation Section 1.423-2(f), or with
respect to any Offering under the Non-423 Component, the payment of interest shall apply as determined by the Administrator. 
 Section 13.
Stock. 
 (a) Basic Limitation. Subject to adjustment upon changes in capitalization of the Company as provided in Section 20, a
maximum of 8,000,000 shares of Common Stock will be made available for sale under the Plan. All or any portion of such maximum number of shares may be issued under the Section 423 Component. 

(b) Rights as an Unsecured Creditor. Until the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of or broker selected by the Company), a Participant will only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder will exist
with respect to such shares. 
 (c) Source of Shares. Any shares of Common Stock issued upon exercise may consist, in whole or in part, of authorized
and unissued shares, treasury shares, shares purchased in the open market (on an exchange or in negotiated transactions) or any combination thereof. 

 Section 14. Administration. The Plan will be administered by the Board or the Committee.
Unless otherwise determined by the Board, in connection with the administration of the Plan, any of the Chief Executive Officer, President, Chief Financial Officer, Chief Accounting Officer, Secretary or Chief Human Resources Officer of the Company,
by and behalf of the Company, shall have the authority (a) to negotiate, fix and vary the terms of, and to execute and deliver, contracts, agreements, assignments, concessions, licenses, options and all other similar instruments, (b) to
engage any agents or contractors, including banks, stock brokers and attorneys, (c) to amend the Plan, and (d) to otherwise do all acts and things necessary or suitable in connection with the exercise of any of the aforementioned powers;
provided, that no such authorization shall extend to any amendment of the Plan that increases the number of shares of Common Stock available for purchase under the Plan or otherwise requires stockholder approval under applicable tax or stock
exchange rules. Notwithstanding the foregoing, the Board or the Compensation Committee of the Board shall administer the Plan to the extent necessary to comply with Applicable Laws. 

Unless otherwise determined by the Board (within the constraints of Applicable Laws), the Administrator will have full and exclusive discretionary authority
to construe, interpret and apply the terms of the Plan, to designate separate Offerings under the Plan, to determine which entities shall be Designated Subsidiaries or Designated Affiliates, to determine eligibility, to adjudicate all disputed
claims filed under the Plan (including making factual determinations), to change the Offering Periods and Purchase Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period or Purchase Period, permit
payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed subscription agreements, establish reasonable waiting and adjustment periods
and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of shares of Common Stock for each Participant properly correspond with Contribution amounts, and establish such other limitations or procedures as the
Administrator determines in its sole discretion advisable that are consistent with the Plan, including adopting amendments to the Plan and/or outstanding options as permitted by Section 21. 

Further, the Administrator, or its delegate to the extent permitted by Applicable Laws, may adopt such rules, procedures and sub-plans as are necessary or
appropriate to permit the participation in the Plan by employees who are foreign nationals or employed outside the United States, the terms of which rules, procedures and sub-plans may take precedence over other provisions of the Plan, with the
exception of Section 13(a), but unless otherwise superseded by the terms of such sub-plan, the provisions of the Plan shall govern the operation of such sub-plan. To the extent inconsistent with the requirements of Section 423, any such
sub-plan shall be considered part of the Non-423 Component, and rights granted thereunder shall not be required by the terms of the Plan to comply with Section 423. Without limiting the generality of the foregoing, the Administrator is
specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation, handling of Contributions, making of Contributions to the Plan (including, without limitation, in forms other than payroll
deductions), establishment of bank or trust accounts to hold Contributions, establishment of trusts to hold shares of Common Stock on behalf of employees or other escrow arrangements in relation to placing appropriate sale restrictions on shares of
Common Stock, payment of interest, establishment of the exchange ratio applicable to Contributions withheld in a currency other than U.S. dollars, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding
procedures and handling of stock certificates that vary with applicable local requirements. The Administrator also is authorized to determine that, to the extent permitted by Section 1.423-2(f) of the Treasury Regulations, the terms of an
option granted under the Plan or an Offering to citizens or residents of a non-U.S. jurisdiction will be less favorable than the terms of options granted under the Plan or the same Offering to employees resident solely in the U.S. Every finding,
decision and determination made by the Administrator will be final and binding upon all parties. 
 Section 15. Death of Participant. In
the event of the death of a Participant, any shares of Common Stock and cash, if any, from the Participant’s Purchase Account will be delivered to the executor, administrator or personal representative of the estate of the Participant, or such
other individual as may be prescribed by applicable law. 
 Section 16. Transferability. Neither Contributions credited to a
Participant’s Purchase Account nor any rights with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws
of descent and distribution or as provided in Section 15) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat such act as an election to withdraw
funds from an Offering Period in accordance with Section 10. 

 Section 17. Use of Funds. The Company may use all Contributions received or held by it under
the Plan for any corporate purpose, and the Company will not be obligated to segregate such Contributions except under Offerings in which applicable local law requires that Contributions to the Plan by Participants be segregated from the
Company’s general corporate funds and/or deposited with an independent third party for Participants in non-U.S. jurisdictions. Until shares of Common Stock are issued, Participants will only have the rights of an unsecured creditor with respect
to such shares. 
 Section 18. Reports. Individual Purchase Accounts will be maintained for each Participant in the Plan. Statements of
account will be given to participating Eligible Employees at least annually, which statements will set forth the amounts of Contributions, the Purchase Price, the number of shares of Common Stock purchased and the remaining cash balance, if any.

 Section 19. No Right to Employment. Participation in the Plan by a Participant shall not be construed as giving a Participant the
right to be retained as an employee of the Company or a Subsidiary or Affiliate, as applicable. Furthermore, the Company or a Subsidiary or Affiliate may dismiss a Participant from employment at any time, free from any liability or any claim under
the Plan. 
 Section 20. Adjustments, Dissolution, Liquidation or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, shares of Common Stock, other securities, or other
property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of shares of Common Stock or other securities of the Company, or other change in the
corporate structure of the Company affecting the shares of Common Stock occurs, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will, in such manner
as it may deem equitable, adjust the number and class of shares of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan that has not yet been
exercised, and the numerical limits of Section 7. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of
the Company, any Offering Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator.
The New Exercise Date will be before the date of the Company’s proposed dissolution or liquidation. The Administrator will notify each Participant in writing or electronically, prior to the New Exercise Date, that the Exercise Date for the
Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as
provided in Section 10. 
 (c) Change in Control. In the event of a Change in Control, each outstanding option will be assumed or an equivalent
option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, then, in the sole discretion of the Administrator,
either (i) all outstanding options will be cancelled by the Administrator as of a date prior to the effective date of the Change in Control and all Contributions shall be refunded to the Participants; or (ii) the Offering Period with
respect to which such option relates will be shortened by setting a New Exercise Date on which such Offering Period shall end. The New Exercise Date will occur before the date of the Company’s proposed Change in Control. The Administrator will
notify each Participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised
automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10. 

 Section 21. Amendment or Termination. 

(a) The Administrator, in its sole discretion (except as provided in Section 14), may amend, suspend, or terminate the Plan, or any part thereof, at any
time and for any reason. If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Exercise
Date (which may be sooner than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 20).
If the Offering Periods are terminated prior to expiration, all amounts then credited to Participants’ Purchase Accounts that have not been used to purchase shares of Common Stock will be returned to the Participants (without interest
thereon, except as otherwise required under local laws, as further set forth in Section 12) as soon as administratively practicable. In addition, an amendment to the Plan must be approved by the stockholders of the Company within 12 months of
the adoption of such amendment if such amendment would authorize the sale of more shares than are then authorized for issuance under the Plan or would change the definition of the corporations that may be designated by the Administrator as
participating companies under the Plan. 
 (b) In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable
financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i) amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board ASC Topic 718 (or any successor thereto),
including with respect to an Offering Period underway at the time; 
 (ii) altering the Purchase Price for any Purchase Period or Offering Period including
a Purchase Period or Offering Period underway at the time of the change in Purchase Price; 
 (iii) shortening any Offering Period by setting a New Exercise
Date, including an Offering Period underway at the time of the Administrator action; 
 (iv) reducing the maximum percentage of Compensation a Participant
may elect to set aside as Contributions; and 
 (v) reducing the maximum number of shares of Common Stock a Participant may purchase during any Offering
Period. Such modifications or amendments will not require stockholder approval or the consent of any Plan Participants. 
 (c) The Administrator may amend
an outstanding option or grant a replacement option for an option previously granted under the Plan if, in the Administrator’s discretion, it determines that (i) the tax consequences of such option to the Company or the Participant differ
from those consequences that were expected to occur on the date the option was granted, (ii) clarifications or interpretations of, or changes to, tax law or regulations permit options to be granted that have more favorable tax consequences than
initially anticipated, or (iii) such amendment is necessary or advisable to comply with applicable local laws. 
 Section 22.
Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan will be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by
the person, designated by the Company for the receipt thereof. 
 Section 23. Notification of Disposition of Shares. As a condition of
participation in the Plan, the Company requires Participants in an Offering under the 423 Component to give the Company prompt notice of any disposition of shares of Common Stock acquired by exercise of an option. The Company may further
require that until such time as a Participant in an Offering under the 423 Component disposes of shares acquired upon exercise of an option, the Participant shall hold all such shares in the Participant’s name (or, if elected by the
Participant, in the name of the Participant and his or her spouse but not in the name of any nominee) until the later of two years after the date of grant of such option or one year after the date of exercise of such option. The Company may direct
that the certificates evidencing shares acquired by exercise of an option refer to such requirement to give prompt notice of disposition. 

 Section 24. Conditions upon Issuance of Shares. Shares of Common Stock will not be issued with
respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933,
as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect
to such compliance. The inability or impracticability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any
shares under the Plan, or the approval of any securities exchange or market system upon which the shares of Common Stock may then be listed, if any, deemed by the Company’s legal counsel to be necessary to the issuance and sale of any shares
under the Plan in compliance with the requirements of such securities exchange or market system, shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority or approval shall
not have been obtained. As a condition to the exercise of an option, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to
make any representation or warranty with respect thereto as may be requested by the Company. 
 Section 25. Section 409A. The Plan
is exempt from the application of Section 409A of the Code and the Plan will be interpreted consistent with such intention. The Non-423 Component is intended to be exempt from the application of Section 409A of the Code under the
short-term deferral exception and the Plan will be interpreted consistent with such intention. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Administrator determines that an option granted
under the Plan may be subject to Section 409A of the Code or that any provision in the Plan would cause an option under the Plan to be subject to Section 409A of the Code, the Administrator may amend the terms of the Plan and/or of an
outstanding option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding option or future option that may be
granted under the Plan from or to allow any such options to comply with Section 409A of the Code, but only to the extent any such amendments or action by the Administrator would not violate Section 409A of the Code. Notwithstanding the
foregoing, the Company shall have no liability to a Participant or any other party if an option to purchase shares of Common Stock under the Plan that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or
compliant or for any action taken by the Administrator with respect thereto. 
 Section 26. Tax-Qualification. Although the Company may
endeavor to (i) qualify an option for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment to Participants, the Company makes no representation to
that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in the Plan, including Section 25. The Company shall be unconstrained in its corporate activities
without regard to the potential negative tax impact on Participants. 
 Section 27. Term of Plan. Subject to Section 28, the Plan
will become effective upon its adoption by the Board, and will continue in effect until terminated under Section 21; provided, however, no Offering Period may commence until after the date that the Plan is approved by the stockholders pursuant
to Section 28. 
 Section 28. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within
12 months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

Section 29. Governing Law. The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware without
regard to its choice of law provisions. 
 Section 30. Severability. If any provision of the Plan is or becomes or is deemed to be
invalid, illegal, or unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as to such
jurisdiction or Participant as if the invalid, illegal or unenforceable provision had not been included. 

 Section 31. Headings. Headings are given to the sections and subsections of the Plan solely as
a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan.Exhibit 10.1

 

DATED April 4, 2011 

 

 

WALLINGFEN PARK LIMITED

 

 

And

 

 

LAKELAND INDUSTRIES EUROPE LIMITED

 

 

COUNTERPART
UNDERLEASE

 

 

Relating to:

 

 

Units 9 & 10, Warehouse 2, Jet Park,
Main Road, Newport

 

East Riding of Yorkshire

 

 

Pepperells Incorporating Ivesons

Solicitors

HULL

 

    	 

    	 

    

 

	
         

        LR1.
        Date of lease

         
	
         

        4th April
        2011
	 
	
         

        LR2.
        Title number(s)
	
         

        LR2.1 Landlord’s title number(s) 

        Title number(s) out of which this lease is granted. Leave
        blank if not registered.

         

        YEA 57100 

         

         

        LR2.2 Other title number(s) 

        Existing title number(s) against which entries of matters
        referred to in LR9, LR10, LR11 and LR13 are to be made.

         
	 
	
         

        LR3.
        Parties to this lease

         

        Give full names, addresses and company’s
        registered number, if any, of each of the parties. For Scottish companies use a SC prefix and for limited liability partnerships
        use an OC prefix. For foreign companies give territory in which incorporated.
	
         

        Landlord

         

        WALLINGFEN PARK LIMITED (Company Number: 03113140) of
        Wallingfen Lodge, 236 Main Road, Newport, Brough, East Yorkshire, HU15 2RH

         

        Tenant

         

        LAKELAND INDUSTRIES EUROPE LIMITED (Company Number: 0450066)
        whose registered office is at Unit 11, Wallingfen Park, 236 Main Road, Newport, Brough, East Yorkshire, HU15 2RH

         

        Other parties 

        Specify capacity of each party, for example “management
        company”, “guarantor”, etc

         
	 
	
         

        LR4.
        Property

         

        Insert a full description of the land
        being leased

         

        or

         

        Refer to the clause, schedule or paragraph
        of a schedule in this lease in which the land being leased is more fully described.

          

        Where there is a letting of part of
        a registered title, a plan must be attached to this lease and any floor levels must be specified

         
	
         

        In
        the case of a conflict between this clause and the remainder of this lease then, for the purposes of registration, this clause
        shall prevail.

         

         

         

        Paragraph 1.4 of the Particulars

         

         
	 
	
         

        LR5.
        Prescribed statements etc.

         

        If this lease includes a statement falling
        within LR5.1, insert under that sub-clause the relevant statement or refer to the clause, schedule or paragraph of a schedule in
        this lease which contains the statement

         

        In LR5.2, omit or delete those Acts
        which do not apply to this lease
	
         

        LR5.1
        Statements prescribed under rules 179 (dispositions in favour of a charity), 180 (dispositions by a charity) or 196 (leases
        under the Leasehold Reform, Housing and Urban Development Act 1993) of the Land Registration Rules 2003

        

         

        NONE

         

        LR5.2. This lease
        is made under, or by reference to, provisions of:

         

        NONE 

         
	 

 

    	2

    	 

    

 

	
         

        LR6.
Term for which the Property is leased

         

        Include only the appropriate statement
        (duly completed) from the three options

         

        NOTE: The information you provide, or
        refer to, here will be used as part of the particulars to identify the lease under rule 6 of the Land Registration Rule 2003.

         
	
         

        The term as specified in this lease at paragraph 1.6

         

	
         

        LR7.
        Premium

         

        Specify the total premium inclusive
        of any VAT where payable

         

         
	
         

        NONE

         

	
         

        LR8. Prohibitions or
        restrictions on disposing of this lease

         

        Include whichever of the two statements
        is appropriate.

         

        Do not set out here the wording of the
        provision.

         
	
         

        This lease contains a provision that prohibit
        or restricts dispositions

         

	
         

        LR9.
        Rights of acquisition etc

         

        Insert the relevant provisions in the
        sub-clauses or refer to the clause, schedule or paragraph of a schedule in this lease which contains the provisions. 
	
         

        LR9.1 Tenant’s
        contractual rights to renew this lease, to acquire the reversion or another lease of the Property, or to acquire an interest in
        other land

         

        NONE

         

        LR9.2 Tenant’s covenant to (or
        offer to) surrender this lease

         

        NONE

         

        LR9.3 Landlord’s contractual rights
        to acquire this lease

         

        NONE

         

 

    	3

    	 

    

 

	
         

        LR10. Restrictive covenants
        given in this lease by the Landlord in respect of land other than the Property

         

        Insert the relevant provisions or refer
        to the clause, schedule or paragraph of a schedule in this lease which contains the provisions

         
	
         

        NONE

         

	
         

        LR11.
        Easements

         

        Refer here only to the clause, schedule
        or paragraph of a schedule in this lease which sets out the easements.
	
         

        LR11.1 Easements
        granted by this lease for the benefit of the Property

         

        FIRST SCHEDULE PART II

         

        LR11.2 Easements granted or reserved
        by this lease over the Property for the benefit of other property

         

        FIRST SCHEDULE PART I

         

	
         

        LR12. Estate rentcharge
        burdening the Property

         

        Refer here only to the clause, schedule
        or paragraph of a schedule in this lease which sets out the rentcharge.

         
	
         

        NONE

         

	
         

        LR13. Application for
        standard form of restriction

         

        Set out the full text of the standard
        form of restriction and the title against which it is to be entered. If you wish to apply for more than one standard form of restriction
        use this clause to apply for each of them, tell us who is applying against which title and set out the full text of the restriction
        you are applying for.

         

        Standard forms of restriction are set
        out in Schedule 4 to the Land Registration Rules 2003

         
	
         

        The
        Parties to this lease apply to enter the following standard form of restriction [against the title of the Property] or [against
        title number                                ]

         

         

        NONE

         

	
         

        LR14. Declaration of
        trust where there is more than one person comprising the Tenant

         

        If the Tenant is one person, omit or
        delete all the alternative statements.

         

        If the Tenant is more than one person,
        complete this clause by omitting or deleting all inapplicable alternative statements.

         
	 

 

    	4

    	 

    

 

A LEASE DATED

 

		1.	THE PARTICULARS

 

	1.1	The Landlord	WALLINGFEN PARK LIMITED (Company Number 03113140) whose registered office is at Wallingfen Lodge, 236 Main Road, Newport, East Yorkshire, HU15 2RH
	 	 	 
	1.2	The Tenant	LAKELAND INDUSTRIES EUROPE LIMITED (Company Number 04500660) whose registered office is at Unit 11, Wallingfen Park, 236 Main Road, Newport aforesaid
	 	 	 
	1.3	The Guarantor	None
	 	 	 
	1.4	The Premises	All that the light industrial unit known as Units 9 & 10 forming part of Warehouse 2 at Jet Park, Main Road, Newport, East Riding of Yorkshire, HU15 2RP shown edged red on the Plan

 

    	5

    	 

    

 

	1.5	The Estate	The land and warehouse buildings situate at Jet Park, Main Road, Newport (of which the Premises forms part) shown for the purposes of identification only edged blue on the Plan together with such additional land and buildings owned or acquired by the Landlord from time to time as shall be brought into use in the Estate
	 	 	 
	1.6	Contractual Term	Twelve
(12) years from and including the                     
	 	 	 
	1.7	Rent Commencement Date	the                      day of             
	 	 	 
	1.8	Initial Rent	Fifty thousand Pounds (£50,000) (exclusive of VAT) for the first year of the Contractual Term
	 	 	 
	1.9	Review Dates	the                 day of                      and on the                           day of                  in each year thereafter and Review Date means any one of the review dates
	 	 	 
	1.10	Interest Rate	4% per year above the base lending rate of Barclays Bank Plc or such other Bank (being a member of the Committee of London and Scottish Bankers) as the Landlord may from time to time nominate in writing
	 	 	 
	1.11	Permitted User	General workshop storage and office use/light industrial use or such other use that falls within classes B1 and/or B8 of the Schedule to the Town and Country Planning (Use Classes) Order 1987 as the Landlord shall from time to time approve (such approval not to be unreasonably withheld or delayed)

 

    	6

    	 

    

 

		2.	DEFINITIONS

 

		2.1	For all purposes of this Lease the terms defined in clauses 1 and 2 have the meanings specified

 

		2.2	"Access Roads" means the roadways, yards and pavements shown hatched green on the Plan

 

		2.3	"Authorised Guarantee Agreement" shall have the same meaning as in the Landlord and Tenant
(Covenants) Act 1995

 

		2.4	"Building(s)" means the warehouse building or buildings now or at any time during the
Term erected on the whole or part of the Estate

 

		2.5	“the Industrial Covenants” means the covenants set out in the Third Schedule

 

		2.6	"the Insurance Rent" means the sums which the Landlord shall from time to time pay or
be required to pay by way of premium

 

		2.6.1	for insuring the Premises (including insuring for loss of Rent) in accordance with its obligations
contained in the Superior Lease and

 

		2.6.2	for insuring in such amount and on such terms (as the
Landlord shall consider appropriate or shall be reasonable) against all liability of the Landlord to third parties arising
out of or in connection with any matter including or relating to the Premises

 

Provided that where any policy
for such insurance includes other property as well as the Premises the Insurance Rent shall be equal to a fair and reasonable proportion
attributable to the Premises (to be assessed by the Surveyor whose decision shall be final and binding on all the parties hereto)
of such sums referred to in sub-clause 2.6.1 and 2.6.2.

 

    	7

    	 

    

 

		2.7	"Insured Risks" means, subject to reasonable and continuing availability of insurance
cover and without limitation, fire lightning explosion riot civil commotion malicious persons and vandals earthquakes storm tempest
flood bursting and over flowing water pipes tanks and other apparatus impact by road vehicles and non-hostile aircraft (including
articles dropped from aircraft) and such other risks or contingencies as the Landlord from time to time in its reasonable discretion
may think fit to insure against subject to any exclusions limitations and conditions contained in the Policy of Insurance

 

		2.8	"Interest" means interest during the period from the date on which the payment is due
to the date of payment both before and after any judgement at the Interest Rate then prevailing or should the base rate referred
to in clause 1.10 cease to exist or not be published at any time such other rate of interest as is most closely comparable with
the Interest Rate to be agreed between the parties or in default of agreement to be determined by the Surveyor acting as an expert
and not as an arbitrator

 

		2.9	“Latent Defect” is reference to any defect in the Building or the Premises or anything
installed in or on the Building attributable to:-

 

		2.9.1.	defective design

 

		2.9.2	defective workmanship or material

 

		2.9.3.	defective supervision of the construction of or the installation of any thing in or on the Building or the Premises; or

 

		2.9.4.	defective preparation of the site of the Premises

 

		2.10	"the 1954 Act" means the Landlord and Tenant Act 1954 (and all statutes regulations and
orders included by virtue of clause 3.14)

 

		2.11	"Pipes" means all pipes sewers drains mains ducts conduits gutters water courses wires
cables channels flues and all other conducting media and includes any fixings louvres cowls and any other ancillary apparatus which
are in on or under or which serve the Premises

 

		2.12	"the Plan" means the plan annexed to this Lease

 

    	8

    	 

    

 

		2.13	"the Planning Acts" means the Town and Country Planning Act 1990 the Planning (Listed
Buildings and Conservation Areas) Act 1990, the Planning (Hazardous Substances) Act 1990 and the Planning (Consequential Provisions)
Act 1990 (and all statutes regulations and orders included by virtue of clause 3.14)

 

		2.14	“Rent" means the Initial Rent and rent ascertained in accordance with the Second Schedule
and such term does not include the Insurance Rent or Service Charge but the term “rents” includes the Rent and the
Insurance Rent and the Service Charge

 

		2.15	"Service Charge" means such proportion as the gross metric area of the Premises bears
to the gross metric area of the Buildings on the Estate from time to time of which it forms part (to be assessed by the Surveyor
whose decision reasonably based and reached shall be final and binding on all the parties hereto) of the annual expenditure referred
to in Part A of the Fourth Schedule

 

		2.16	“Superior Lease” means a Lease dated the eighth day of January 2009 and made between
Michael Robert Kendall of the one part and the Landlord of the other part

 

		2.17	"Surveyor" means any suitability qualified person or firm appointed by the Landlord to
perform any of the functions of the Surveyor under this Lease (including an employee of the Landlord or a company that is a member
of the same group as the Landlord within the meaning of Section 42 of the 1954 Act and including also the person or the firm appointed
by the Landlord to collect the rents)

 

		2.18	“VAT” means Value Added Tax or any tax of a similar nature that may be substituted
for it or levied in addition to it

 

		3.	INTERPRETATION

 

		3.1	The expressions "the Landlord" and "the Tenant" wherever the context so admits
include the person for the time being entitled to the reversion immediately expectant on the determination of the Term and the
Tenants successors in title respectively and any reference to Superior Landlord includes the Landlord's immediate reversioner at
any time

 

    	9

    	 

    

 

		3.2	Where the Landlord the Tenant or the Guarantor for the time being are two or more persons obligations
expressed or implied to be made by or with such party are deemed to be made by or with such persons jointly and severally

 

		3.3	Words importing one gender include all other genders and words importing the singular include the
plural and vice versa

 

		3.4	The expression “Guarantor” includes not only the person referred to in clause 1.3 (if
any) but also any person who enters into covenants with the Landlord pursuant to clauses 5.9.5 or 5.26

 

		3.5	The expression "the Premises" includes but without limitation

 

		3.5.1	all additions alterations and improvements to the Premises

 

		3.5.2	all the Landlord's fixtures and fittings and fixtures of every kind which shall from time to time
be in or upon the Premises (whether originally affixed or fastened to or upon the Premises or otherwise) except any such fixtures
installed by the Tenant

 

		3.5.3	all Pipes in on under or over and exclusively serving the Premises but such expression includes
no air space above the height of the top of the Premises and references to the Premises in the absence of any provision to the
contrary include any part of the Premises

 

		3.6	The expression "the Term" includes the Contractual Term and any period of holding over
or extension or continuance of the Contractual Term whether by statute or common law

 

		3.7	References to "the last year of the Term" include the last year of the Term if the Term
shall determine otherwise than by effluxion of time and references to "the expiration of the Term" include such other
determination of the Term

 

		3.8	References to any right of the Landlord to have access to the Premises shall be construed as extending
to any Superior Landlord and any mortgagee of the Premises and to all persons authorised by the Landlord and any Superior Landlord
or mortgagee (including agents professional advisers contractors or workmen and others) (where the Superior Lease or mortgage grants
such right of access to the Superior Landlord or mortgagee)

 

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		3.9	Any covenant by the Tenant not to do an act or thing shall be deemed to include an obligation not
to permit or suffer such act or thing to be done by another person where the Tenant is aware that such act or thing is being done

 

		3.10	Any provision in this Lease referring to the consent or approval of the Landlord shall be construed
as also requiring the consent or approval of any mortgagee of the Premises and the Superior Landlord where such consent shall be
required but nothing in this Lease shall be construed as implying that any obligation is imposed upon any mortgagee or the Superior
Landlord not unreasonably to refuse any such consent or approval

 

		3.11	References to "consent of the Landlord" or words to similar effect mean a consent in
writing signed by or on behalf of the Landlord and to "approved" and "authorised" or words to similar effect
mean (as the case may be) approved or authorised in writing by or on behalf of the Landlord

 

		3.12	The terms "the parties" or "party" mean the Landlord and/or the Tenant but
except where there is an express indication to the contrary exclude the Guarantor

 

		3.13	"Development" has the meaning given by the Town and Country Planning Act 1990 Section
55

 

		3.14	Any references to a specific statute include any statutory extension or modification amendment
or re-enactment of such statute and any regulations or orders made under such statute and any general reference to "statute"
or "statutes" includes any regulations or orders made under such statute or statutes

 

		3.15	References in this Lease to any clause sub clause or schedule without further designation shall
be construed as a reference to the clause sub clause or schedule to this Lease so numbered

 

		3.16	The clause paragraph and schedule headings do not form part of this Lease and shall not be taken
into account in its construction or interpretation

 

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		4.	DEMISE

 

The Landlord demises to the Tenant the
Premises EXCEPTING AND RESERVING to the Landlord the rights specified in Part I of the First Schedule BUT TOGETHER WITH
the rights specified in Part II of the First Schedule TO HOLD the Premises to the Tenant for the Contractual Term
SUBJECT to all rights easements privileges restrictions covenants and stipulations of whatever nature affecting the Premises
YIELDING AND PAYING to the Landlord

 

		4.1	The Rent payable without deduction by equal monthly payments in advance on the [ ] day in every
month and proportionately for any period of less than a month the first years payment being a proportionate sum in respect of the
period from and including the Rent Commencement Date to and including the day before the first anniversary next after the Rent
Commencement Date and

 

		4.2	By way of further rent the Insurance Rent payable in accordance with clause 7 and the Service Charge
payable in accordance with the Third Schedule

 

		5.	THE TENANT'S COVENANTS

 

The Tenant
covenants with the Landlord

 

		5.1	Rent

 

		5.1.1	to pay the rents on the days and in the manner set out in this Lease and not to exercise or seek
to exercise any right or claim to withhold rent or any right or claim to legal or equitable set-off

 

		5.1.2	if so required in writing by the Landlord to make such payments by banker's order or credit transfer
to any bank account in the United Kingdom that the Landlord may from time to time nominate

 

		5.2	Outgoings and VAT

 

			To pay and to indemnify the Landlord against

 

		5.2.1	all rates taxes assessments duties charges impositions and outgoings which are now or during the
Term shall be charged assessed or imposed upon the Premises or upon the owner or occupier of them (excluding any payable by the
Landlord occasioned by a receipt of rents or by any disposition or dealing with or ownership of any interest reversionary to the
interest created by this Lease) and if the Landlord shall suffer any loss of rating relief which may be applicable to empty premises
after the end of the Term by reason of such relief being allowed to the Tenant in respect of any period before the end of the Term
to make good such loss to the Landlord and

 

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		5.2.2	VAT (or any tax of a similar nature that may be substituted for it or levied in addition to it)
chargeable in respect of any payment made by the Tenant under any of the terms of or in connection with this Lease or in respect
of any payment made by the Landlord where the Tenant agrees in this Lease to reimburse the Landlord for such payment

 

		5.3	Electricity Gas and Other Services Consumed

 

To pay to the suppliers and/or
the Landlord as a supplier all charges for water electricity gas sewage and other services consumed or used at or in relation to
the Premises (including meter rents) and to indemnify the Landlord in respect thereof

 

		5.4	Repair Cleaning Decoration etc

 

		5.4.1	to keep the Premises in good repair and condition excepting damage caused by an Insured Risk save
to the extent that the insurance money is irrecoverable in consequence of any act or default of the Tenant or anyone at the Premises
expressly or by implication with the Tenant's authority and under the Tenant's control and provided that nothing in this Lease
obliged the Tenant to remedy:-

 

		(i)	at any time a Latent Defect relating to the structural steelwork or foundations of the Premises

 

		(ii)	a Latent Defect of which the Tenant has notified the Landlord within the first three years of the
Term

 

		(iii)	any want of repair within such period attributable to such Latent Defect

 

		5.4.2	to replace from time to time the Landlord's fixtures and fittings in the Premises which may be
or become beyond repair at any time during or at the expiration of the Term

 

		5.4.3	to clean the Premises and keep them in a clean condition

 

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		5.4.4	the Tenant must redecorate the Premises in a good and workmanlike manner and with appropriate materials
of good quality as often as is in the reasonable opinion of the Landlord or his Surveyor necessary in order to maintain a high
standard of decorative finish and preserve the premises (provided this is not ordinarily more than once in any 5 years of the Term)
and in the last year of the Term and when in the last year of the Term any change to the tints, colours and patterns of the decoration
are to be first approved by the Landlord in writing, provided that the covenants relating to the last year of the Term are not
to apply where the Tenant has redecorated the Premises less than 18 months before the end of the Term.

 

		5.4.5	not to deposit or permit to be deposited any waste rubbish or refuse on the Access Roads

 

		5.4.6	not to keep or store on the Access Roads any vehicle caravan or movable dwelling

 

		5.4.7	not to cause the Access Roads to be untidy or in a dirty condition and in particular (but without
prejudice to the generality of the above) not to deposit on them refuse or other materials

 

		5.4.8	where the use of Pipes boundary structures or other things is common to the Premises and other
property to be responsible for and to indemnify the Landlord against all sums due from and to undertake all work that is the responsibility
of the owner lessee or occupier of the Premises in relation to those Pipes or other things

 

		5.5	Waste and Alterations

 

		5.5.1	Not to

 

		5.5.1.1	commit any waste

 

		5.5.1.2	make any addition to the Premises

 

		5.5.1.3	unite the Premises with any adjoining premises

 

		5.5.1.4	make any alteration to the Premises save as permitted by the following provisions of this clause

 

		5.5.2	not to make internal structural alterations to the Premises without

 

		5.5.2.1	obtaining and complying with all necessary consents of any competent authority and paying all charges
of any such authority in respect of such consents

 

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		5.5.2.2	making an application supported by drawings and where appropriate a specification in duplicate
prepared by an Architect or member of some other appropriate profession

 

		5.5.2.3	paying the reasonable and properly incurred fees of the Landlord any superior landlord any mortgagee
and their respective professional advisers and

 

		5.5.2.4	entering into such covenants as the Landlord may require as to the execution and reinstatement
of the alterations and in the case of any works of a substantial nature the Landlord may require prior to the commencement of such
works the provision by the Tenant of adequate security in the form of a deposit of money or the provision of a bond as assurance
to the Landlord that any works which may from time to time be permitted by the Landlord shall be fully completed

 

		5.5.3	subject to the provisions of clause 5.5.2 not to make any internal non-structural alterations to
the Premises without the consent of the Landlord (such consent not to be unreasonably withheld or delayed)

 

		5.5.4	to remove any additional buildings additions alterations or improvements made to the Premises at
the expiration of the Term if so requested by the Landlord and to make good any part or parts of the Premises which may be damaged
by such removal

 

		5.5.5	not to make connection with the Pipes that serve the Premises otherwise than in accordance with
plans and specifications approved by the Landlord (such approval not to be unreasonably withheld or delayed) subject to consent
to make such connections having previously been obtained from the competent statutory authority or undertaker

 

		5.6	Aerials Signs and Advertisements

 

		5.6.1	Not to erect any pole mast or wire (whether in connection with telegraphic telephonic radio or
television communication or otherwise) upon the Premises

 

		5.6.2	Not to affix to or exhibit on the outside of the Premises or to or through any window of the Premises
nor display anywhere on the Premises any placard sign notice fascia board or advertisement except any sign permitted by virtue
of any consent given by the Landlord pursuant to a covenant contained in this Lease (such consent not to be unreasonably withheld
or delayed)

 

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		5.7	Statutory Obligations

 

		5.7.1	At the Tenant's own expense to execute all works and provide and maintain all arrangements upon
or in respect of the Premises or the use to which the Premises are being put that are required in order to comply with the requirements
of any statute (already or in the future to be passed) or any government department local authority other public or competent authority
or Court of competent jurisdiction regardless of whether such requirements are imposed on the lessor the lessee or the occupier
provided the Tenant shall not be liable for any costs nor works relating to matters which pre-exist the date of this Lease.

 

		5.7.2	Not to do in or near the Premises any act or thing by reason of which the Landlord may under any
statute incur have imposed upon it or become liable to pay any penalty damages compensation costs charges or expenses

 

		5.7.3	Without prejudice to the generality of the above to comply in all respects with the provisions
of any statutes and any other obligations imposed by law or by any byelaws applicable to the Premises or in regard to carrying
on the trade or business for the time being carried on at the Premises

 

		5.8	Access of Landlord and Notice to Repair

 

		5.8.1	To permit the Landlord on 48 hours written notice (except in case of emergency):

 

		5.8.1.1	to enter upon the Premises for the purpose of ascertaining that the covenants and conditions of
this Lease have been observed and performed

 

		5.8.1.2	to view (and to open up floors under the parts of the Premises where such opening up is required
in order to view) the state of repair and condition of the Premises and

 

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		5.8.1.3	to give to the Tenant (or leave upon the Premises) a notice specifying any repairs cleaning maintenance
or painting that the Tenant has failed to execute in breach of the terms of this Lease and to request the Tenant to execute the
same within such reasonable time as the notice may specify having regard to the nature and extent of the work required to remedy
the breach including the making good of such opening up (if any) providing that any such opening-up shall be made good by and at
the cost of the Landlord where such opening-up reveals no breaches of the terms of this Lease

 

		5.8.2	As soon as reasonably possible to repair cleanse maintain and paint the Premises as required by
such notice

 

		5.8.3	If within one month of the service of such a notice the Tenant shall not have commenced and be
proceeding diligently with the execution of the work referred to in the notice or shall fail to complete the work within two months
or if in the Landlord's Surveyors reasonable opinion the Tenant is unlikely to have completed the work within such period to permit
the Landlord to enter the Premises to execute such work as may be necessary to comply with the notice and to pay to the Landlord
the cost of so doing and all expenses incurred by the Landlord (including legal costs and surveyors fees) within 14 days of a written
demand

 

		5.9	Alienation

 

		5.9.1	Not to hold on trust for another or (save pursuant to a transaction permitted by and effected in
accordance with the provisions of this Lease) part with the possession of the whole or any part of the Premises or permit another
to occupy the whole or any part of the Premises

 

		5.9.2	Not to assign or charge part only of the Premises

 

		5.9.3	Not to assign or charge the whole of the Premises without the prior consent of the Superior Landlord
and the Landlord (such consent of the Landlord not to be unreasonably withheld or delayed) provided that the Landlord shall be
entitled (for the purposes of Section 19(1A) of the Landlord and Tenant Act 1925) in relation to an assignment

 

		5.9.3.1	to withhold its consent in any of the circumstances set out in clause 5.9.4

 

		5.9.3.2	to impose all or any of the matters set out in clause 5.9.5 as a condition of its consent

 

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The provisos to this subclause
shall operate without prejudice to the right of the Landlord to withhold such consent on any other ground or grounds where such
withholding of consent would be reasonable or to impose any further condition or conditions upon the grant of consent where the
imposition of such condition or conditions would be reasonable

 

		5.9.4	The circumstances referred to in clause 5.9.3.1 above are as follows:-

 

		5.9.4.1	where the assignee is an associated company of the Tenant

 

		5.9.4.2.	where in the reasonable opinion of the Landlord the proposed assignee is not responsible or respectable
or of sufficient financial standing to enable it to comply with the tenant’s covenants in the Lease

 

		5.9.4.3	where prior to completion of the intended assignment the Tenant has not paid all of the rents or
other monetary payments due hereunder or had not substantially observed or performed the covenants on the part of the Tenant herein
contains

 

		5.9.5	The matters referred to in clause 5.9.3.2 as conditions are as follows:-

 

		5.9.5.1	that the Tenant enters into an Authorised Guarantee Agreement on or before completion of the assignment
whereby the Tenant covenants by deed with the Landlord to guarantee the performance by the proposed Assignee of all covenants on
the part of the Tenant and conditions contained in this Lease in a form reasonably required by the Landlord to incorporate all
or any of the terms set out in the Fifth Schedule (as if reference therein to “the Guarantor” were reference to the
Tenant) with such amendments or additions as the Landlord may require within the provisions of S.16 of the Landlord and Tenant
(Covenants) Act 1995 save that such guarantee shall not extend to any liability restriction or other requirement arising after
the Assignee is released from its covenants by virtue of the Landlord and Tenant (Covenants) 1995

 

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		5.9.5.2	that the Tenant provides two references confirming that the proposed assignee is responsible and
will be able to pay the Rent and meet the other outgoings and liabilities arising under the Lease from any of the following namely
a former landlord bank trade creditor solicitor or accountant (except where the financial status of the proposes assignee is such
that it would be unreasonable for the Landlord to require such references)

 

		5.9.5.3	that any assignee of the whole of the Premises covenants by deed with the Landlord to pay the rents
reserved by this Lease and to observe and perform all covenants on the part of the Tenant and conditions contained in this Lease
during the Term until released by virtue of the Landlord and Tenant (Covenants) Act 1995

 

		5.9.5.4	that (where it is reasonable so to require) in addition to the guarantee provided by the Tenant
pursuant to sub clause 5.9.5.1 at least two sureties acceptable to the Landlord (acting reasonably) act as sureties for the assignee
in order to covenant jointly and severally with the Landlord that the assignee will pay the rents reserved by this Lease and perform
and observe the covenants on the part of the Tenant and the conditions contained in this Lease and otherwise in the terms set out
in the Fifth Schedule hereto (as if reference therein to “the Guarantor” were reference to the sureties) or such other
terms as the Landlord may reasonable require

 

		5.9.5.5	that the Tenant has with the application for consent to assign produced to the Landlord either
an unconditional undertaking from its solicitors to pay or such other security satisfactory to the Landlord (acting reasonably)
to cover payment of, whether the licence is granted or not, all reasonable costs and disbursements (including irrecoverable VAT)
which may be properly incurred by the Landlord in connection with the application for consent (including without prejudice to the
generality of the foregoing) its solicitors’ costs, it surveyors’ costs and the costs of any accountants employed to
advise in whether the intended assignee satisfies and financial criteria specified in this Lease or is a person of such financial
standing that it is reasonable for the Landlord to grant licence for the assignment of this Lease to it

 

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		5.9.6	Not to underlet the whole or any part of the Premises without the prior consent of the Superior
Landlord and the Landlord (such consent not to be unreasonably withheld or delayed) and provided that the following conditions
and obligations contained in clauses 5.9.7 to 5.9.10 inclusive are to be met failing which consent may be withheld.

 

The provisos to this sub-clause
shall operate without prejudice to the right of the Landlord to withhold such consent on any other ground or grounds where such
withholding of consent would be reasonable or to impose any further condition or conditions upon the grant of consent where the
imposition of such condition or conditions would be reasonable.

 

		5.9.7	An underletting of part of the Premises shall only be permitted in relation to either the entirety
of Unit 9 and/or the entirety of Unit 10.

 

		5.9.8	That each and every permitted underlease shall be granted without any fine or premium at a rent
not less than the then open market rental value of the Premises or relevant Unit to be approved by the Landlord prior to any such
underlease or the Rent (or a pro-rata apportionment of it in the case of an underletting of part) then being paid (whichever shall
be the greater) such Rent being payable in advance on the days on which Rent is payable under this Lease and shall contain provisions
approved by the Landlord.

 

		5.9.8.1	for the upwards only review of the rent reserved by such underlease on the basis and on the dates
on which the Rent is to be reviewed in this Lease

 

		5.9.8.2	prohibiting the under tenant from doing or allowing any act or thing in relation to the underlet
premises inconsistent with or in breach of the provisions of this Lease

 

		5.9.8.3	for re-entry by the underlandlord on breach of any covenant by the undertenant

 

		5.9.8.4	imposing an absolute prohibition against all dispositions of or other dealings whatever with the
Premises other than an assignment of the whole

 

		5.9.8.5	prohibiting any assignment of the whole without the prior consent of the Landlord under this Lease

 

		5.9.8.6	prohibiting the undertenant from permitting another to occupy the whole or any part of the Premises

 

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		5.9.8.7	imposing in relation to any permitted assignment the same obligations for registration with the
Landlord as are contained in this Lease in relation to dispositions by the Tenant

 

		5.9.9	To enforce the performance and observance by every such undertenant of the provisions of the underlease
and not at any time either expressly or by implication to waive any breach of the covenants or conditions on the part of any undertenant
or assignee of any underlease nor (without the consent of the Landlord such consent not to be unreasonably withheld or delayed)
vary the terms or accept a surrender of any permitted underlease.

 

		5.9.10	In relation to any permitted underlease:

 

		5.9.10.1	to ensure that the rent is reviewed in accordance with the terms of the underlease

 

		5.9.10.2	not to agree a reviewed rent with the undertenant without the approval of the Landlord

 

		5.9.10.3	to give notice to the Landlord of the details of the determination of every rent review within
3 days provided that the Landlord’s approval specified above shall not be unreasonably withheld or delayed

 

		5.9.11	Within 28 days of any assignment charge underlease or any transmission or other devolution relating
to the Premises to produce for registration with the Landlord’s solicitors such deed to document or a certified copy of it
and to pay the Landlord’s solicitors reasonable charges for the registration of every such document of no more than £50
plus VAT

 

		5.9.12	Notwithstanding clause 5.9.1 the Tenant may share the occupation of the whole or any part of the
Premises with a company which is a member of the same group as the Tenant (within the meaning of Section 42 of the 1954 Act) for
so long as both companies shall remain members of that group and otherwise than in a manner that transfers or creates a legal estate

 

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		5.10	Nuisance etc and Residential Restrictions

 

		5.10.1	Not to do nor allow to remain upon the Premises anything which may be or become or cause a nuisance
annoyance disturbance inconvenience injury or damage to the Landlord or its tenants or the owners or occupiers of adjacent or neighbouring
premises

 

		5.10.2	Not to use the Premises for a sale by auction or for any dangerous noxious noisy or offensive trade
business manufacture or occupation nor for any illegal or immoral act or purpose

 

		5.10.3	Not to use the Premises as sleeping accommodation or for residential purposes nor keep any animal
fish reptile or bird anywhere on the Premises

 

		5.11	Landlords Costs

 

To pay to the Landlord on an
indemnity basis all costs fees charges disbursements and expenses (including without prejudice to the generality of the above those
payable to counsel solicitors surveyors and bailiffs) properly and reasonably incurred by the Landlord in relation to or incidental
to

 

		5.11.1	every application made by the Tenant for a consent or licence required by the provisions of this
Lease whether such consent or licence is granted or refused or proffered subject to any qualification or condition or whether the
application is withdrawn

 

		5.11.2	the preparation and service of a notice under the Landlord and Tenant [Covenants] Act 1995 Section
17 or under the Law of Property Act 1925 Section 146 or incurred by or in contemplation of proceedings under section 146 or 147
of that Act notwithstanding that forfeiture is avoided otherwise than by relief granted by the court

 

		5.11.3	the recovery or attempted recovery of arrears of rent or other sums due from the Tenant and

 

		5.11.4	any steps taken in contemplation of or in connection with the preparation and service of a schedule
of dilapidations during or within two months after the expiration of the Term (but relating in all cases to dilapidations which
occurred prior to such expiration of the Term)

 

		5.12	The Planning Acts

 

		5.12.1	Not to commit any breach of planning control (such term to be construed as it is used in the Planning
Acts) and to comply with the provisions and requirements of the Planning Acts that affect the Premises whether as to the Permitted
User or otherwise and to indemnify (both during or following the expiration of the Term) and keep the Landlord indemnified against
all liability whatsoever including cost and expenses in respect of any contravention that did not pre-exist the date of this Lease

 

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		5.12.2	At the expense of the Tenant to obtain all planning permissions and to serve all such notices as
may be required for the carrying out of any operations or user on the Premises which may constitute Development provided that no
application for planning permission shall be made without the previous consent of the Landlord (such consent not to be unreasonably
withheld or delayed) in any case where the application for an implementation of such planning permission will not create or give
rise to any tax or other fiscal liability for the Landlord or where the Tenant indemnifies the Landlord against such liability

 

		5.12.3	Subject only to any statutory direction to the contrary to pay and satisfy any charge or levy that
may subsequently be imposed under the Planning Acts in respect of the carrying out or maintenance of any such operations or the
commencement or continuance of any such user

 

		5.12.4	Notwithstanding any consent which may be granted by the Landlord under this Lease not to carry
out or make any alteration or addition to the Premises or any change of use until

 

		5.12.4.1	all necessary notices under the Planning Acts have been served and copies produced to the Landlord

 

		5.12.4.2	all necessary permissions under the Planning Acts have been obtained and produced to the Landlord
and

 

		5.12.4.3	the Landlord has acknowledged that every necessary planning permission is acceptable to it (such
acknowledgement not to be unreasonably withheld) the Landlord being entitled to refuse to acknowledge its acceptance of a planning
permission on the grounds that any condition contained in it or anything omitted from it or the period referred to in it would
be (or be likely to be) prejudicial to the Landlord's interest in the Premises whether during or following the expiration of the
Term

 

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		5.12.5	Unless the Landlord shall otherwise direct to carry out and complete before the expiration of the
Term

 

		5.12.5.1	any works stipulated to be carried out to the Premises by a date subsequent to such expiration
as a condition of any planning permission granted for any Development begun before the expiration of the Term and

 

		5.12.5.2	any Development begun upon the Premises in respect of which the Landlord shall or may be or become
liable for any change or levy under the Planning Acts

 

		5.12.6	In any case where a planning permission is granted subject to conditions and if the Landlord reasonably
so requires to provide security for the compliance with such conditions and not to implement that planning permission until security
has been provided

 

		5.13	Plans Documents and Information

 

		5.13.1	If called upon to do so to produce to the Landlord or the Surveyor all plans documents and other
evidence as the Landlord may reasonably require in order to satisfy itself that the provisions of this Lease have been complied
with

 

		5.13.2	If called upon to do so to furnish to the Landlord the Surveyor or any person acting as the third
party determining the Rent in default of agreement between the parties under any provisions for rent review contained in this Lease
such information as may reasonably be requested in writing in relation to any pending or intended step under the 1954 Act or the
implementation of any provision for rent review

 

		5.14	Indemnities

 

To be responsible for and to
keep the Landlord fully indemnified against all damage damages losses costs expenses actions demands proceedings claims and liabilities
made against or suffered or incurred by the Landlord arising directly or indirectly out of

 

		5.14.1	any act omission or negligence of the Tenant or any persons at the Premises expressly or impliedly
with the Tenant's authority and under the Tenant's control

 

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		5.14.2	any breach or non-observance by the Tenant of the covenants conditions or other provisions of this
Lease or any of the matters to which this demise is subject

 

		5.15	Encroachments

 

		5.15.1	Not to stop up darken or obstruct any windows or light belonging to the Building(s)

 

		5.15.2	To take all reasonable steps to prevent any window light opening doorway path passage pipe or other
encroachment or easement being made or acquired in against out of or upon the Premises and to notify the Landlord immediately if
any such encroachment or easement shall be made or acquired (or attempted to be made or acquired) and at the request of the Landlord
to adopt such means as shall reasonably be required to prevent such encroachment or the acquisition of any such easement

 

		5.15.3	Not in any event to place or store or leave any articles or materials of any description on the
Retained Parts (as defined in clause 5 of Part A of the Fourth Schedule)

 

		5.15.4	Not to allow at any time any vehicular or other obstruction by any employee or invitees of the
Tenant of the highways or the access and service roads or the service areas or forecourts serving the Premises or any other parts
of the Estate

 

		5.16	Yield Up

 

			At the expiration of the Term:

 

		5.16.1	To yield up the Premises in repair and in accordance with the terms of this Lease

 

		5.16.2	To give up all keys of the Premises to the Landlord

 

and

 

		5.16.3	To remove all signs erected by the Tenant in upon or near the Premises and immediately to make
good any damage caused by such removal

 

		5.17	Interest on Arrears

 

		5.17.1	If the Tenant shall fail to pay the rents or any other sum due under this Lease within 14 days
of the date due whether formally demanded or not the Tenant shall pay to the Landlord Interest on the rents or other sum from the
date when they were due to the date on which they are paid (both dates being inclusive) and such interest shall be deemed to be
rents due to the Landlord

 

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		5.17.2	Nothing in the preceding clause shall entitle the Tenant to withhold or delay any payment of the
rents or any other sum due under this Lease after the date upon which they fall due or in any way prejudice affect or derogate
from the rights of the Landlord in relation to such non-payment including (but without prejudice to the generality of the above)
under the proviso for re-entry contained in this Lease

 

		5.18	Statutory Notices Etc

 

To give full particulars to the
Landlord of any notice direction order or proposal for the Premises made given or issued to the Tenant by any local or public authority
within 7 days of receipt and if so required by the Landlord to produce it to the Landlord and without delay to take all necessary
steps to comply with the notice direction or order and at the request of the Landlord but at the cost of the Tenant to make or
join with the Landlord in making such objection or representation against or in respect of any notice direction order or proposal
as the Landlord shall deem expedient

 

		5.19	Sale of Reversion etc

 

			To permit

 

		5.19.1	the Landlord at any time to enter upon the Premises and affix and retain anywhere upon the Premises
(but not so as to obstruct access to or egress from the Premises) a notice for the sale of the Landlord's reversionary interest

 

		5.19.2	upon reasonable notice at any time during the Term prospective purchasers of or agents instructed
in connection with the sale of the Landlord's reversion or of any other interest superior to the Term to view the Premises without
interruption provided they are authorised in writing by the Landlord or its agents and provided in exercising such access as little
disturbance or interference as possible in caused to the Tenant and its Permitted User

 

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		5.20	Reletting Board

 

			To permit the Landlord at any time during the last 6 months of the Contractual Term and at any
time thereafter unless the Tenant shall have made a valid court application under Section 24 of the 1954 or otherwise be entitled
in law to remain in occupation or to a new tenancy of the Premises (or sooner if the Rent reserved by clause 4.1 or any part of
it shall be in arrear and unpaid for longer than 28 days) to enter upon the Premises and affix and retain anywhere upon the Premises
(but not so as to obstruct access to or egress from the Premises) a notice for reletting the Premises and during such period to
permit persons with the written authority of the Landlord or its agent at reasonable times of the day to view the Premises

 

		5.21	Defective Premises

 

			To give notice to the Landlord of any defect in the Premises which might give rise to an obligation
on the Landlord to do or refrain from doing any act or thing in order to comply with the provisions of this Lease or the duty of
care imposed on the Landlord pursuant to the Defective Premises Act 1972 or otherwise and at all times to display and maintain
all notices which the Landlord may from time to time reasonably require to be displayed at the Premises

 

		5.22	Landlords Rights

 

			To permit the Landlord at all times during the Term to exercise without interruption or interference
any of the rights granted to it by virtue of the provisions of this Lease

 

		5.23	The Industrial Covenants

 

			To observe and perform the Industrial Covenants

 

		5.24	Covenants under the Superior Lease

 

			To perform and observe the covenants on the part of the Landlord as tenant contained in the Superior
Lease (save such covenants as to the payment of rent and insurance and repair of the Premises) so far as the same relate to the
Premises as though the same were set out in full herein but save and except so far as the Landlord expressly covenants in this
Lease to observe and perform the same and to indemnify and keep indemnified the Landlord against all claims damages costs and expenses
in any way relating thereto

 

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		5.25	Keyholders

 

			To ensure that at all times the Landlord has written notice of the name address and home telephone
number of at least 2 keyholders of the Premises

 

		5.26	New Guarantor

 

			Within 14 days of the death during the Term of any Guarantor or of such person becoming bankrupt
or having a receiving order made against him or having a receiver appointed under the Mental Health Act 1983 or being a company
passing a resolution to wind up or enter into liquidation or having a receiver to give notice of this to the Landlord and if so
required by the Landlord at the expense of the Tenant within 28 days to produce some other person acceptable to the Landlord to
execute a guarantee in respect of the Tenant’s obligations contained in this Lease in the form of the Guarantor’s covenants
contained in this Lease

 

		6.	THE LANDLORD'S COVENANTS

 

The Landlord
covenants with the Tenant:

 

		6.1	Quiet Enjoyment

 

			To permit the Tenant peaceably and quietly to hold and enjoy the Premises without any interruption
or disturbance from or by the Landlord or any person claiming under or in trust for the Landlord

 

		6.2	Observe Superior Lease

 

		6.2.1	That the Landlord will pay the yearly rent reserved and made payable by the Superior Lease and
will observe and perform or procure the observance and performance of the tenant’s covenants and conditions therein contained
so far as the same are not required to be observed and performed by the Tenant under the covenants on its part hereinbefore contained
and will keep the Tenant indemnified against payment of the said rents and observance and performance of such covenants and conditions
so far as aforesaid and all proceedings costs claims and demands in any way relating thereto

 

		6.2.2	at the request of the Tenant to use its reasonable endeavours to enforce the covenants on the part
of the Superior Landlord contained in the Superior Lease

 

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		6.2.3	At the cost of the Tenant to use its reasonable endeavours to obtain the consent of the Superior
Landlord wherever the Tenant makes application for any consent required under this Lease where the consent of both the Landlord
and the Superior Landlord is needed by virtue of this Lease or the Superior Lease

 

		6.2.4	Not to agree to the variation of any of the terms of the Superior Lease which would be likely to
materially adversely affect the Tenant’s occupation or enjoyment of the Premises without first obtaining the Tenant’s
written consent such consent not to be unreasonably withheld or delayed

 

		6.3	Remedy of Latent Defects

 

			The Landlord must as soon as practicably possible remedy:-

 

		6.3.1	any Latent Defect relating to the structural Steelwork or foundations of the Premises

 

		6.3.2	a Latent Defect of which the Tenant has notified the Landlord in writing within the first three
years of the Term

 

		6.3.3	any want of repair within such period attributable to such Latent Defect

 

		6.4	To observe and perform its obligations contained in the Fourth Schedule

 

		7.	INSURANCE

 

		7.1	Warranty re convictions

 

The Tenant warrants that prior
to the execution of this Lease it has disclosed to the Landlord in writing any conviction judgment or finding of any court or tribunal
relating to the Tenant (or any director other officer or major shareholder of the Tenant) of such a nature as to be likely to affect
the decision of any insurer or underwriter to grant or continue insurance of any of the Insured Risks

 

		7.2	Payment of Insurance Rent

 

The Tenant covenants to pay to
the Landlord the Insurance Rent on the date of this Lease for the period from and including the Rent Commencement Date to the day
before the next policy renewal date and subsequently the Tenant shall pay the Insurance Rent on demand

 

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		7.3	Suspension of Rent

 

		7.3.1	If and whenever during the Term:

 

		7.3.1.1	the Premises or any part of them are damaged or destroyed by any of the Insured Risks except one
against which insurance may not ordinarily be arranged with an insurer of repute for properties such as the Premises unless the
Landlord has in fact insured against that risk so that the Premises or any part of them are unfit for occupation or use and

 

		7.3.1.2	save where payment of the insurance money is refused in whole or in part by reason of any act or
default of the Tenant or anyone at the Premises expressly or by implication with the Tenants authority and under the Tenant's control
the provisions of clause 7.3.2 shall have effect

 

		7.3.2	When the circumstances contemplated in clause 7.3.1 arise the Rent or a fair proportion of the
Rent according to the nature and the extent of the damage sustained shall cease to be payable until the Premises or the affected
part shall have been rebuilt or reinstated so that the Premises or the affected part are made fit for occupation or use or until
the expiration of three years from the destruction or damage whichever period is the shorter (the amount of such proportion and
the period during which the Rent shall cease to be payable to be determined by the Surveyor acting as an expert and not as arbitrator)

 

		7.4	Reinstatement and Termination if prevented:

 

		7.4.1	If and whenever during the Term:

 

		7.4.1.1	the Premises or any part of them are damaged or destroyed by any of the Insured Risks except one
against which insurance may not ordinarily be arranged with an insurer of repute for properties such as the Premises unless the
Landlord has in fact insured against that risk and

 

		7.4.1.2	save where the payment of the insurance money is refused in whole or in part by reason of any act
or default of the Tenant or anyone at the Premises expressly or by implication with the Tenants authority (and under the Tenant's
control)

 

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the Landlord shall use reasonable
endeavours to obtain all planning permissions or other permits and consents that may be required under the Planning Acts or other
statutes (if any) and from the Superior Landlord to enable the Landlord to rebuild and reinstate ("Permissions")

 

		7.4.2	Subject to the provisions of clause 7.4.3 and 7.4.4 the Landlord shall as soon as the Permissions
have been obtained or immediately where no Permissions are required apply all monies received in respect of such insurance to which
the Landlord is entitled (except such sums in respect of loss of Rent) in rebuilding or reinstating the Premises so destroyed or
damaged

 

		7.4.3	For the purposes of this clause the expression "Supervening Events" means

 

		7.4.3.1	the Landlord has failed despite using reasonable endeavours to obtain the Permissions

 

		7.4.3.2	any of the Permissions have been granted subject to a lawful condition with which in all the circumstances
it would be unreasonable to expect the Landlord to comply

 

		7.4.3.3	some defect or deficiency in the site upon which the rebuilding or reinstatement is to take place
would mean that the same could only be undertaken at a cost that would be unreasonable in all the circumstances

 

		7.4.3.4	the Landlord is unable to obtain access to the site for the purposes of rebuilding or reinstating

 

		7.4.3.5	the rebuilding or reinstating is prevented by war act of God Government action strike lock out
or

 

		7.4.3.6	any other circumstances beyond the control of the Landlord

 

		7.4.4	The Landlord shall not be liable to rebuild or reinstate the Premises if and for so long as such
rebuilding or reinstating is prevented by Supervening Events

 

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		7.4.5	If upon the expiry of 3 years commencing on the date of the damage or destruction the Premises
have not been rebuilt or reinstated so as to be fit for the Tenant's occupation and use either party by notice served at any time
within 6 months of the expiry of such period invoke the provisions of clause 7.4.6

 

		7.4.6	Upon service of a notice in accordance with clause 7.4.5

 

		7.4.6.1	the Term will absolutely cease but without prejudice to any rights or remedies that may have accrued
to either party against the other including (without prejudice to the generality of the above) any right that the Tenant may have
against the Landlord for a breach of the Landlords covenants set out in clauses 7.4.1 and 7.4.2

 

		7.4.6.2	all money received in respect of the insurance effected by the Landlord pursuant to this clause
shall as against the tenant belong to the Landlord

 

		7.5	Tenant's Insurance Covenants

 

			The Tenant covenants with the Landlord

 

		7.5.1	To comply with all the requirements of the insurers

 

		7.5.2	Not to do or omit anything that could cause any policy of insurance on or in relation to the Premises
to become void or voidable wholly or in part nor (unless the Tenant shall have previously notified the Landlord and have agreed
to pay the increased premium) anything by which additional or increased insurance premiums may become payable

 

		7.5.3	To keep the Premises supplied with such fire fighting equipment as the insurers and the fire authority
may require and to maintain such equipment to their satisfaction and in efficient working order and that at least once in every
12 months to cause any sprinkler system and other fire fighting equipment to be inspected by a competent person

 

		7.5.4	Not to store or bring on to the Premises any articles substance or liquid of a specially combustible
inflammable or explosive nature and to comply with the requirements and recommendations of the fire authority as to fire precautions
relating to the Premises

 

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		7.5.5	Not to obstruct the access to any fire fighting equipment or means of escape from the Premises
nor to lock any fire door while the Premises are occupied

 

		7.5.6	To give notice to the Landlord immediately upon the happening of any event which might affect any
insurance policy on or relating to the Premises or upon the happening of any event against which the Landlord may have insured
under this Lease

 

		7.5.7	Immediately to inform the Landlord in writing of any conviction judgement or finding of any court
or tribunal relating to the Tenant (or any director or other officer or major shareholder of the Tenant) of such a nature as to
be likely to affect the decision of any insurer or underwriter to grant or to continue any such insurance

 

		7.5.8	If at any time the Tenant shall be entitled to the benefit of any insurance on the Premises (which
is not effected or maintained in pursuance of any obligation contained in this Lease) to apply all money received by virtue of
such insurance in making good the loss or damage in respect of which such money shall have been received

 

		7.5.9	If however during the Term the Premises or any part of them are damaged or destroyed by an Insured
Risk and the insurance money under the policy of insurance effected by the Landlord pursuant to its obligation contained in this
Lease is by reason of any act or default of the Tenant or anyone at the Premises expressly or by implication with the Tenant's
authority and under the Tenant's control wholly or partially irrecoverable immediately in every such case subject to any necessary
Superior Landlords consent required (at the option of the Landlord) either

 

		7.5.9.1	to rebuild and reinstate at its own expense the Premises or the part destroyed or damaged to the
reasonable satisfaction and under the supervision of the Surveyor the Tenant being allowed towards the expenses of so doing upon
such rebuilding and reinstatement being completed the amount (if any) actually received in respect of such destruction or damage
under any such insurance policy or

 

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		7.5.9.2	to pay to the Landlord on demand with Interest the amount of such insurance money so irrecoverable
in which event the provisions of clause 7.3 and 7.4 shall apply

 

		7.6	Landlords Insurance Covenants

 

			The Landlord covenants with the Tenant in relation to the policy of insurance effected by the Landlord
pursuant to its obligations contained in this Lease

 

		7.6.1	To produce to the Tenant on demand a copy of the policy and the last premium renewal receipt or
reasonable evidence of the terms of the policy and the fact that the last premium has been paid

 

		7.6.2	To procure, if possible, that the interest of the Tenant is noted or endorsed on the policy

 

		7.6.3	To notify the Tenant of any material change in the risks covered or requirements by the policy
from time to time

 

		8.	PROVISOS

 

		8.1	Re-entry

 

			If and whenever during the Term

 

		8.1.1	the rents (or any of them or any part of them) under this Lease are outstanding for 14 days after
becoming due whether formally demanded or not or

 

		8.1.2	there is a breach by the Tenant of any covenant or other term of this Lease or any document supplemental
to this Lease or

 

		8.1.3	an individual Tenant becomes bankrupt or

 

		8.1.4	a company Tenant or the Guarantor

 

		8.1.4.1	enters into liquidation whether compulsory or voluntary (but not if the liquidation is for amalgamation
or reconstruction of a solvent company) or

 

		8.1.4.2	has a receiver appointed or

 

		8.1.5	the Tenant enters into an arrangement for the benefit of its creditors or

 

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		8.1.6	the Tenant has any distress or execution levied on its goods

 

the Landlord may re-enter the
Premises (or any part of them in the name of the whole) at any time (and even if any previous right of re-entry has been waived)
then the Term will absolutely cease but without prejudice to any rights or remedies which may have accrued to the Landlord against
the Tenant or the Guarantor or to the Tenant against the Landlord in respect of any breach of covenant or other term of this Lease
(including the breach in respect of which the re-entry is made)

 

		8.2	Exclusion of Use Warranty

 

			Nothing in this Lease or any consent granted by the Landlord under this Lease shall imply or warrant
that the Premises may lawfully be used under the Planning Acts for the purposes authorised in this Lease (or any purpose subsequently
authorised)

 

		8.3	Entire Understanding

 

			This Lease embodies the entire understanding of the parties relating to the Premises and to all
matters dealt with by any of the provisions of this Lease

 

		8.4	Representations

 

			The Tenant acknowledges that this Lease has not been entered into in reliance wholly or partly
on any statement or representation made by or on behalf of the Landlord except any such statement or representation that is expressly
set out in this Lease or in written replies to enquiries give by the Landlord’s Solicitors

 

		8.5	Licences etc under hand

 

			Whilst the Landlord is a limited company or other corporation all licences consents approvals and
notices required to be given by the Landlord shall be sufficiently given if given under the hand of a director the secretary or
other duly authorised officer of the Landlord or the Surveyor on behalf of the Landlord

 

		8.6	Tenant's Property

 

			If after the Tenant has vacated the Premises on the expiry of the Term any property of the Tenant
remains in or on the Premises and the Tenant fails to remove it within 7 days after being requested in writing by Landlord to do
so or if after using its best endeavours the Landlord is unable to make such a request to the Tenant within 14 days from the first
attempt so made by the Landlord

 

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		8.6.1	the Landlord may as the agent of the Tenant sell such property and the Tenant will indemnify the
Landlord against any liability incurred by it to any third party whose property shall have been sold by the Landlord in the mistaken
belief held in good faith (which shall be presumed unless the contrary be proved) that such property belonged to the Tenant

 

		8.6.2	if the Landlord having made reasonable efforts is unable to locate the Tenant the Landlord shall
be entitled to retain such proceeds of sale absolutely unless the Tenant shall claim them within 6 months of the date upon which
the Tenant vacated the Premises and

 

		8.6.3	the Tenant shall indemnify the Landlord against any damage occasioned to the Premises and any actions
claims proceedings costs expenses and demands made against the Landlord caused by or related to the presence of the property in
or on the Premises

 

		8.7	Compensation on Vacating

 

Any statutory right of the Tenant
to claim compensation from the Landlord on vacating the Premises shall be excluded to the extent that the law allows

 

		8.8	Service of Notices

 

			The provisions of the Law of Property Act 1925 Section 196 as amended by the Recorded Delivery
Service Act 1962 shall apply to the giving and service of all notices and documents under or in connection with this Lease except
that Section 196 shall be deemed to be amended as follows:-

 

		8.8.1	the final words of Section 196(4) "and that service...be delivered" shall be deleted
and there shall be substituted "and that service shall be deemed to be made on the third Working Day after the registered
letter has been posted "Working Day" meaning any day from Monday to Friday inclusive other than Christmas Day Good Friday
and any statutory bank or public holiday"

 

    	36

    	 

    

 

		8.8.2	any notice or document shall also be sufficiently served on a party if served on solicitors who
have acted for that party in relation to this Lease or the Premises at anytime within the year preceding the service of the notice
or document

 

		8.8.3	any notice or document shall also be sufficiently served if sent by telex telephonic facsimile
transmission or any other means of electronic transmission to the party to be served (or its solicitors where clause 8.8.2 applies)
and that service shall be deemed to be made on the day of transmission if transmitted before 4 p.m. on a Working Day but otherwise
on the next following Working Day (as defined above)

 

			And in the clause “Party” includes the Guarantor

 

		8.9	Power to Determine

 

		8.9.1	The Tenant may terminate this Lease on the                       day of                            
(“the Break Date”) if the Tenant shall up to the time of such termination have paid Rent and performed and observed
the covenants contained in this Lease by giving notice in writing (“the Break Notice”) to the Landlord not less than
six months before the Break Date

 

		8.9.2	If a Break Notice is given in accordance with clause 8.9.1 this Lease will terminate on the Break
Date but without prejudice to the respective rights of either party in respect of any antecedent claim or breach of covenant

 

		8.10	Jurisdiction

 

This Lease shall be construed
and governed by the Laws of England and Wales to the exclusive jurisdiction of whose Courts the parties hereto unconditionally
submit

 

		8.11	Rights of Third Parties

 

              This
Lease does not create any right enforceable by any person not a party to it who is not the Landlord for the time being or the Tenant
for the time being or (where relevant) the Guarantor for the time being

 

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		9.	New Lease

 

This Lease
is a new tenancy for the purposes of Section 1 of the Landlord & Tenant (Covenants) Act 1995

 

IN WITNESS
WHEREOF the parties hereto have executed this Lease as a deed the day and year first before written

 

FIRST
SCHEDULE

 

Part I

 

(Rights
Reserved)

 

		1.	The free and uninterrupted passage of water and soil through the pipes drains and watercourse and
of electricity, gas and other services through the Pipes which are now or may at any time during the Term be in on or under or
passing through the Premises for the benefit of the remainder of the Estate and any adjoining or neighbouring property and every
part thereof with the right to construct and maintain new services for the benefit of the remainder of the Estate and any adjoining
or neighbouring property and every part thereof the right to repair and maintain and renew such existing and new services and the
right at any time but (except in emergency) after giving reasonable notice to enter upon the Premises in the exercise of such rights

 

		2.	Full right and liberty at any time hereafter or from time to time to execute works services and
erections and buildings upon or to alter, demolish or rebuild any of the erections services or buildings erected on the remainder
of the Estate and any adjoining or neighbouring property or any part thereof providing the Landlord is acting reasonably and to
use the remainder of the Estate and any adjoining neighbouring property or buildings erected or to be erected thereon in such manner
as the Landlord acting reasonably shall think fit notwithstanding that the access of light or air to the Premises may be interfered
with or that access to the Premises may be unavoidably temporarily obstructed provided that the Landlord or the person exercising
such rights shall make good all damage occasioned thereby and shall abate an appropriate amount of rent for any part of the Premises
temporarily inaccessible by reason of such works

 

    	38

    	 

    

 

		3.	The right (upon reasonable prior notice except in emergency) to enter upon the Premises so far
as may be necessary for the purpose of executing repairs or alteration to and maintaining the Retained Parts or to the remainder
of the Estate and any adjoining or neighbouring property owned by the Landlord or any part thereof

 

		4.	The right of support and protection from the Premises for the remainder of the Estate and any adjoining
or neighbouring property and every part thereof

 

		5.	The right at any time during the Term at reasonable times and upon 48 hours written notice except
in cases of emergency to enter (or in cases of emergency to break and enter) the Premises

 

		5.1	to exercise any of the rights granted to the Landlord elsewhere in this Lease

 

		5.2	to inspect the condition and state of repair of the Premises

 

		5.3	to take schedules or inventories of fixtures and fittings and other items to be yielded up on the
expiry of the Term

 

		6.	The right with the Surveyor at any time at convenient hours and on reasonable prior notice to enter
and inspect and measure the Premises for all purposes connected with any pending or intended step or action under the 1954 Act
or the implementation of the provisions for rent review

 

		7.	The right to vary alter or change the route leading to and from the Premises or close or build
upon the Access Roads forming part of the Estate provided that the Landlord shall provide or maintain suitable alternate access
to and from the Premises

 

		8.	The right in case of emergency for itself or others the occupiers or Tenants of the remainder of
the Estate and their visitors or licensees to gain egress through such parts of the Premises (if any) as are classified and maintained
as fire exits or emergency escape routes

 

Part
II

 

(Rights Granted)

 

		1.	The free and uninterrupted passage of water and soil through the pipes drains and watercourse and
of electricity, gas and other services through the Pipes which are now or may at any time during the Term be in or under or passing
through or over the other parts of the Estate or any adjoining or neighbouring property of the Landlord

 

    	39

    	 

    

 

		2.	All necessary rights of subjacent and lateral support and protection for the Premises

 

		3.	A right (upon reasonable prior notice except in emergencies) to enter onto the remainder of the
Estate so far as may be necessary for the purpose of executing repairs to and maintaining the Premises and a right to enter into
such part of the Building in which meters are housed in relation to mains service supplies provided that the Tenant or the person
exercising such rights shall make good all damage occasioned thereby to the remainder of the Estate

 

		4.	A right of way over the Access Roads for the Tenant or any persons expressly or impliedly authorised
by him at all times and for all purposes connected with such Tenant's use and enjoyment of the Premises and so far only as is necessary
and to load and unload in the Access Roads without causing congestion or any permanent or unnecessary obstruction

 

		5.	The right at all usual times of business to park motor vehicles in the parking areas coloured red
on the Plan or in other such places as the Landlord acting reasonably may from time to time designate together with the right to
casual parking in such other parking spaces which the Landlord may provide and designate from time to time and which may be available

 

		6.	All necessary rights in the event of fire or other similar emergency to use the fire and emergency
exits with the necessary egress to a place of safety

 

THE
SECOND SCHEDULE

 

Rent Review

 

		1.	DEFINITIONS

 

			For all purposes of this schedule the terms defined in this paragraph shall have the meanings specified

 

		1.1	“The Base Figure” means being the amount of the latest index figure of the index last
published before the date of this Lease

 

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		1.2	“the Index” means the Index of Retail Prices published by H M Stationary Office or
any official publication substituted for it

 

		1.3	“The New Rent” means that rent to apply after the relevant Review Date until the next
Review Date

 

		1.4	“The Revised Rent” means the rent determined in accordance with this schedule

 

		1.5	“The Review Date Figure” means the amount of the latest index figure of the Index last
published before the relevant Review Date

 

		2.	The New Rent

 

		2.1	The New Rent shall be whichever is the higher of:

 

		2.1.1	An increase of 3% of the Rent then payable and

 

		2.1.2	The Revised Rent

 

		2.2	If the relevant Review Date is not a rent payment day the Tenant shall on that Review Date pay
to the Landlord the amount by which one months rent at the rate payable on the immediately preceding rent payment day is less than
one months Rent at the rate of the New Rent apportioned on a daily basis for that part of the month during which the New Rent is
payable

 

		3.	Revised Rent

 

			The Revised Rent shall be the amount to be determined at the Review Date by multiplying the Initial
Rent by the Review Date Figure and dividing the result by the Base Figure

 

		4.	Provisos

 

		4.1	In the event of any change after the date of this Lease in the reference base used to complete
the Index the figure taken to be shown in the Index after the change shall be the figure which would have been shown in the Index
if the reference base current at the date of this Lease had been retained

 

		4.2	In the event of it becoming impossible by reason of any change after the date of this Lease in
the methods used to compile the Index or for any other reason whatsoever to calculate the Revised Rent by reference to the Index
or if any dispute or question whatsoever arises between the parties to this Lease with respect to the amount of the Revised Rent
or with respect to the construction or effect of this clause the dispute or question shall be determined by a valuer acting as
an expert who shall have full power to determine on such dates as he shall deem apposite what would have been the Review Date Figure
had the Index continued on the basis and giving the information assumed to be available for the operation of this Schedule

 

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		5.	Notification of the Revised Rent 

 

		5.1	The Landlord shall obtain copies of the Index and shall supply the Tenant with a copy of the latest
publication of the Index before the Review Date together with a calculation of the amount of the Revised Rent

 

		5.2	Within one month of receipt of the Tenant shall in writing acknowledge receipt of the copy and
statement and state whether or not he agrees with the calculation

 

		6.	Default Provision

 

		6.1	If the Tenant fails to acknowledge the Landlords calculation of the amount of the Revised Rent
within one month or the procedure laid down in this Schedule is not complied with the Revised Rent shall be the amount stated in
the Landlords calculation

 

		6.2	If it is impossible to determine the Revised Rent in accordance with paragraph 3 of this Schedule
then the Revised Rent shall be determined in accordance with paragraph 4.2 of this Schedule

 

		7.	Payment of the New Rent

 

		7.1	The Tenant shall continue to pay the previous Rent payable in accordance with the terms of this
Lease until ascertainment of the Revised Rent

 

		7.2	Upon ascertainment of the Revised Rent the New Rent shall be payable from the Review Date and the
Tenant shall pay the New Rent until the next relevant Review Date

 

		7.3	Upon ascertainment of the Revised Rent the Tenant shall forthwith pay to the Landlord the amount
of any difference between the rent immediately payable before that Review Date and the New Rent for the period between the Review
Date and the ascertainment of the New Rent with interest at the Interest Rate calculated on a daily basis from the date of ascertainment
of the New Rent to the date of payment

 

		8.	Memorandum of New Rent

 

			When the New Rent have been ascertained in accordance with this Schedule memoranda of the amounts
shall be endorsed on this Lease and the counterpart of it and shall be signed by or on behalf of the Landlord the Tenant and the
Superior Landlord

 

    	42

    	 

    

 

THE
THIRD SCHEDULE

 

The Industrial
Covenants

 

		1.	User.

 

		1.1	To use the Premises for the Permitted User only

 

		1.2	Not to cease carrying on business in the Premises or leave the Premises continuously unoccupied
for more than 1 month without

 

		1.2.1	notifying the Landlord and

 

		1.2.2	providing such caretaking or other security arrangements as the Landlord shall reasonably require
and the insurers shall require in order to protect the Premises from vandalism theft damage or unlawful occupation

 

		2.	Smoke Abatements

 

		2.1	To ensure that every furnace boiler or heater at the Premises (whether using solid liquid or gaseous
fuel) is constructed and used so as substantially to consume or burn the smoke arising from it

 

		2.2	Not to cause or permit any grit or noxious or offensive effluvia to be emitted from any engine
furnace chimney or other apparatus on the Premises without using the best possible means for preventing or counteracting such emission

 

		2.3	To comply with the provisions of the Clean Air Acts 1956 and 1968 the Control of Pollution Act
1974 and the Environmental Protection Act 1996 and with the requirements of any notice of the local authority served under them

 

		3.	Pollution

 

			Not to permit to be discharged into any Pipes serving the Premises or to be spilled or deposited
on the Premises or any neighbouring or adjoining land

 

    	43

    	 

    

 

		3.1	Any oil or grease or any deleterious objectionable dangerous poisonous noxious or explosive matter
or substance and to take all reasonable measures to ensure that any effluent discharged into the Pipes will not be corrosive or
otherwise harmful to the Pipes or cause obstruction or deposit in them or

 

		3.2	Any fluid of a poisonous or noxious nature or other kind likely to or that does in fact destroy
sicken or injure the fish or contaminate or pollute the water of any stream or river

 

		3.3	Any controlled or special waste or any other substance that may produce concentrations or accumulations
of noxious gases or noxious liquids that may cause pollution of the environment or harm to human health

 

		4.	Roof and Floor Weighting

 

		4.1	Not to bring or permit to remain upon the Premises any safes machinery goods or other articles
which shall or may strain or damage the Premises or any part of it

 

		4.2	Not without the consent of the Landlord to suspend any weight from the portal frames stanchions
or roof purlins of the Premises or use the same for the storage of goods or place any weight on them

 

		4.3	On the application by the Tenant for the Landlord's consent under paragraph 4.2 the Landlord shall
be entitled to consult and obtain the advice of an engineer or other person in relation to the roof or floor loading proposed by
the Tenant and the Tenant shall repay to the Landlord on demand the fee of such engineer or other person

 

		5.	Machinery

 

		5.1	To keep all plant apparatus and machinery (including any boilers and furnaces) upon the Premises
properly maintained and in good working order and for that purpose to employ reputable contractors for the regular periodic inspection
and maintenance of them

 

		5.2	To renew all working and other parts as and when necessary or when recommended by such contractors

 

		5.3	To ensure by directions to the Tenants staff and otherwise that such plant apparatus and machinery
are properly operated and

 

		5.4	To avoid damage to the Premises by vibration or otherwise

 

    	44

    	 

    

 

		6.	Signs

 

			At all times to display and maintain a suitable sign showing the Tenant's trading name and business
of the size and kind specified by the Landlord at points designated within the Estate by the Landlord

 

		7.	Parking

 

			Not to permit any vehicles belonging to it or to any persons calling at the Premises expressly
or by implication with its authority to stand on or obstruct the Access Roads

 

		8.	Regulations

 

			To comply with all reasonable regulations made by the Landlord from time to time for the management
of the Estate

 

THE
FOURTH SCHEDULE

 

Service
Charge

 

PART A

 

Definitions

 

		1.	"Services" means the services facilities and amenities specified in Part C of this Schedule

 

		2.	"Annual Expenditure" means

 

		2.1	all costs expenses and outgoings whatever properly incurred by the Landlord during a Financial
Year in or incidental to providing all or any of the Services and

 

		2.2	all sums reasonably and properly incurred by the Landlord during a Financial Year in relation to
the matters specified in Part D of this Schedule ("the Additional Items")

 

and any
VAT payable on such items (save where such VAT is recoverable by the Landlord) but

 

		2.3	excluding any expenditure in respect of any part of the Estate for which the Tenant or any other
Tenant shall be wholly responsible and excluding any expenditure that the Landlord shall recover or which shall be met under any
policy of insurance maintained by the Landlord pursuant to its obligations in this Lease

 

		3.	"Computing Date" means 1st August in every year of the Term or such other date as the
Landlord may from time to time nominate and "Computing Dates" shall be construed accordingly

 

		4.	"Financial Years" means the period

 

		4.1	from the commencement of the Term to and including the first Computing Date and subsequently

 

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		4.2	between 2 consecutive Computing Dates (including the first Computing Date but excluding the second
Computing Date in the period)

 

		5.	"Retained Parts" mean all parts of the Estate not constructed or adapted for letting
including (but without prejudice to the generality of the above):

 

		5.1	any rooms and storage premises used in connection with the provision of services for the Estate

 

		5.2	all Pipes equipment and apparatus used in the Building (except such as are within and solely serve an individual unit which
is let or constructed or adapted for letting)

 

		5.3	Such parts of the structure walls foundations and roofs of the Building that are not included in the Premises and that would
not be included in the Premises demised by leases of all the other units in the Building if let on the same terms as this Lease

 

PART B

 

Performance
of the Services and Payment

 

of the
Service Charge

 

		6.	Performance of the Services

 

			Subject to the Tenant paying to the Landlord the Service Charge the Landlord shall perform the
Services throughout the Term provided that the Landlord shall not be liable to the Tenant in respect of :

 

		6.1	any failure or interruption in any of the Services by reason of repair replacement maintenance
of any installations or apparatus or their damage or destruction or by reason of mechanical or other defect or breakdown or frost
other inclement conditions or shortage of fuel materials water or labour or any other cause beyond the Landlord's control save
as to the extent that any such failure or interruption could have been prevented or shortened by the exercise of proper care attention
and diligence and skill by the Landlord or those undertaking the Services on behalf of the Landlord and provided that the Landlord
uses and continues to use its reasonable endeavours to restore the Services in question as quickly as possible

 

    	46

    	 

    

 

		6.2	any act omission or negligence of any person undertaking the Services or any of them on behalf
of the Landlord provided that this paragraph shall not be construed as relieving the Landlord from liability for breach by the
Landlord of any covenants on the part of the Landlord contained in this Lease

 

		7.	Payment of the Service Charge

 

		7.1	For each Financial Year, the Tenant must pay to the Landlord on account of the Service Charge the
sum of £2,500 or such other sum as the Landlord's Surveyor certifies to be fair and reasonable having regard to the likely
amount of the Service Charge. That sum shall be paid in advance by bankers order (as for Rent), without deduction or set off by
equal monthly instalments on the rent payment days, the first instalment or proportionate part thereof for the period from the
rent commencement date to the next rent payment day being paid on the execution thereof. During any Financial Year the Surveyor
may revise the contribution on account of the service charge for that Financial Year so as to take into account any actual or expected
increase in expenditure, and as soon as reasonably practicable after such revisions the Surveyor must certify the amount of the
revised contribution

 

		7.2	The Landlord shall as soon as convenient after each Computing Date prepare and serve on the Tenant
an account showing the Annual Expenditure for the Financial Year ending on that Computing Date and containing a fair summary of
the expenditure referred to in it and upon such account being certified by the Surveyor it shall be conclusive evidence for the
purposes of this lease of all matters of fact referred to in the account except in the case of manifest error

 

		7.3	The Tenant shall be entitled at any time at its own expense to inspect any vouchers, bills and
receipts relating to the Annual Expenditure

 

		7.4	With the account prepared and served under the provisions of paragraph 7.2 of this Schedule the
Landlord will furnish the Tenant with an account of the service charge payable by him for that Financial Year, credit being given
for payments made on account. Within 14 days of the furnishing of such an account, the Tenant must pay the service charge or the
balance of any balance of it payable, to the Landlord. The Landlord must allow to the Tenant any amount overpaid by him against
future payment of the Service Charge, whether on account or not. At the end of the Financial Year current at the end of the Term
the Landlord must repay to the Tenant any outstanding overpayment of the Service Charge.

 

    	47

    	 

    

 

		7.5	The Tenant shall pay the Service Charge each Financial Year within 14 days after service upon it
of the account certified by the Surveyor as provided by paragraph 7.1 of this Schedule

 

		8.	Variations

 

			The Landlord may withhold add to extend vary or make any alteration in the rendering of the Services
or any of them from time to time provided that the same complies with the principles of good estate management and is reasonable
in all the circumstances

 

PART
C

 

The Services

 

		9.	Maintaining etc Retained Parts

 

			Maintaining repairing renewing where beyond economic repair and reinstating and where appropriate
treating washing down painting and decorating the Retained Parts

 

		10.	Maintaining etc apparatus plant machinery etc

 

			Inspecting servicing maintaining repairing amending overhauling replacing where beyond economic
repair and insuring (save in so far as insured under other provisions of this lease) all apparatus plant machinery and equipment
within the Retained Parts from time to time including (without prejudice to the generality of the above) all (if any) lifts and
lift shafts stand-by generators and boilers and closed-circuit television

 

		11.	Maintaining etc Pipes

 

			Maintaining repairing cleansing emptying draining and renewing where necessary for the purpose
of repair only all Pipes within the Retained Parts

 

    	48

    	 

    

 

		12.	Maintaining etc Fire Alarms etc

 

			Maintaining and renewing where necessary for the purposes of repair only any fire alarms and ancillary
apparatus and fire prevention and fire fighting equipment and apparatus in the Retained Parts

 

		13.	Cleaning etc Retained Parts

 

			Cleaning treating heating and lighting the Retained Parts to such standard as the Landlord may
from time to time consider adequate

 

		14.	Fixtures Fittings, etc

 

			Supplying providing purchasing hiring maintaining renewing where beyond economic repair replacing
where necessary for the purposes of repair only repairing servicing overhauling and keeping in good and serviceable order and condition
all fixtures and fittings bins receptacles tools appliances materials equipment and other things which the Landlord may deem desirable
or necessary for the maintenance appearance upkeep or cleanliness of the Estate or any part of the Estate

 

		15.	Other Services

 

			Any other services relating to the Estate or any part of the Estate provided by the Landlord from
time to time and not expressly mentioned which shall at any time during the Term be in keeping with the principles of good estate
management

 

PART D

 

The Additional
Items

 

		16.	Fees

 

		16.1	The reasonable and proper fees and disbursements (and any VAT payable on them save where recoverable
by the Landlord) of :

 

		16.1.1	the Surveyor and other individual firm or company employed or retained by the Landlord for (or
in connection with) such surveying or accounting functions or the management of the Estate

 

		16.1.2	the managing agents (whether or not the Surveyor) for or in connection with:

 

		16.1.2.1	the management of the Estate

 

    	49

    	 

    

 

		16.1.2.2	the collection of the rents and all other sums due to the Landlord from the tenants of the Estate

 

		16.1.2.3	the performance of the Services and any other duties in and about the Estate or any part of it
relating to (without prejudice to the generality of the above) the general management administration security maintenance protection
and cleanliness of the Estate

 

		16.1.3	any individual firm or company valuing the Estate for the purposes of assessing the full cost of
rebuilding and reinstatement

 

		16.1.4	any individual firm or company providing caretaking or security arrangements and services to the
Estate as a whole

 

		16.1.5	any other individual firm or company employed or retained by the landlord to perform (or in connection
with) any of the Services or any of the functions or duties referred to in this paragraph

 

PROVIDED that such fees and expenses
shall not relate to collecting arrears of rent negotiating new lettings or negotiations or other matters relating to rent reviews
or dilapidations

 

		16.2	The reasonable and proper fees of the Landlord for any of the Services or the other functions and
duties referred to in paragraph 16.1 above that shall be undertaken by the Landlord and not by a third party

 

		17.	Contracts for Services

 

			The cost of entering into any contracts for the carrying out of all or any of the Services and
other functions and duties that the Landlord may in its absolute discretion deem desirable or necessary

 

		18.	Outgoings

 

			All taxes assessments duties charges impositions and outgoings which are now or during the Term
shall be charged assessed or imposed on:

 

		18.1	the whole of the Estate where there is no separate charge assessment or imposition on or in respect
of an individual unit

 

    	50

    	 

    

 

		18.2	the whole of the Retained Parts or any part of them including

 

		19.	Electricity Gas etc

 

			The cost of supply of electricity gas oil or other fuel for the provision of the Services and for
all purposes in connection with the Retained Parts

 

		20.	Road Charges etc

 

			The expense or contribution to cost of making repairing maintaining and rebuilding and cleaning
the Access Roads and any ways roads pavements or structures Pipes or anything which may belong to or be used for the Estate or
any part of it exclusively or in common with other neighbouring or adjoining premises

 

		21.	Regulations

 

			The costs charges and expenses of preparing and supplying to the tenants copies of any regulation
made by the Landlord to the Estate or the use of it

 

		22.	Statutory etc Requirements

 

			The cost of taking all steps deemed desirable or expedient by the Landlord for complying with making
representations against or otherwise contesting the incidence of the provisions of any statute byelaw or notice concerning town
planning public health highways streets drainage or other matters relating to or alleged to relate to the Estate or any part of
it for which any tenant is not directly and exclusively liable

  

		23.	Nuisance

 

			The cost of the Landlord of abating a nuisance in respect of the Estate or any part of it in so
far as the same is not the liability of any individual tenant

 

		24.	Interest

 

			Any reasonable and proper interest and fees in respect of money borrowed to finance the provisions
of the Services of the Additional Items

 

    	51

    	 

    

 

		25.	Anticipated Expenditure

 

			Such Provision (if any) for the anticipated expenditure in respect of any of the Services or the
Additional Items as the Landlord shall in its reasonable discretion consider appropriate.

 

THE
FIFTH SCHEDULE

 

Guarantors
Covenants

 

		1.	That as between the Guarantor and the Landlord the liability of the Guarantor will be as principal
debtor and covenantor

 

		2.	That the Tenant will at all times during the Term (and as well after as before any disclaimer of
this Lease) duly and punctually pay the rents as herein provided and will observe and perform all the tenant's covenants and the
conditions contained in this Lease

 

		3.	That if at any time during the Term the Tenant defaults in paying any of the rents or in observing
or performing any of the covenants and conditions contained in this Lease the Guarantor will pay such rents and observe and perform
the covenants and conditions in respect of which the Tenant is in default and pay and make good to the Landlord on demand all losses
damages and costs and expenses sustained by the Landlord through the default of the Tenant notwithstanding:-

 

		3.1	any time or indulgence granted by the Landlord to the Tenant or any neglect or forbearance of the
Landlord in enforcing the payment of rents or the observance or performance of the Tenant's covenants or other terms of this Lease
or any refusal by the Landlord to accept rents tendered by or on behalf of the Tenant at a time when the Landlord was entitled
(or would after the service of a notice under Section 146 of the Law of Property Act 1925 have been entitled) to re-enter the Premises

 

		3.2	that the terms of this Lease may have been varied by agreement between the parties

 

		3.3	that the Tenant may have surrendered part of the Premises in which event the liability of the Guarantor
hereunder shall continue in respect of the parts of the Premises not so surrendered after making any necessary apportionments under
the Law of Property Act 1925 s.140

 

		3.4	that the Tenant may have ceased to exist

 

    	52

    	 

    

 

		3.5	any other act or thing whereby but for this provision the Guarantor would have been released

 

		4.	If at any time during the Term the Tenant (being an individual) becomes bankrupt or (being a company)
goes into liquidation and the trustee in bankruptcy or liquidator disclaims this Lease or if this Lease is forfeited then this
Schedule will remain in full force and effect notwithstanding such event and the Guarantor will if the Landlord shall by notice
in writing within 60 days after such disclaimer or forfeiture so require take from the Landlord a lease of the Premises for a term
commensurate with the residue of the Contractual Term which would have remained had there been a disclaimer or forfeiture at the
same Rent then being payable and subject to the same covenants and conditions as are reserved by and contained in this Lease to
take effect from the date of the said disclaimer or forfeiture and in such case the Guarantor shall pay the costs of such new Lease
and execute and deliver to the Landlord a counterpart thereof

 

		5.	The parties agree that this guarantee shall only subsist for such period and extend to such liabilities
restrictions and other requirements as may be permitted by the Landlord and Tenant (Covenants) Act 1995

 

	SIGNED AS A DEED AND DELIVERED by	)
	 	 
	by WALLINGFEN PARK LIMITED acting	)
	 	 
	by two Directors or a Director and its Secretary	)
	 	 
	Director:- /s/ M.K. Kendall	 
	 	 
	Director/Secretary:- /s/ June Jarvis	 
	 	 
	SIGNED AS A DEED AND DELIVERED by	)
	 	 
	LAKELAND INDUSTRIES EUROPE	)
	 	 
	LIMITED acting by two Directors or a Director	)
	 	 
	and its Secretary:-	)
	 	 
	Director: /s/ Martin Lill	 
	 	 
	Director/Secretary /s/ Martin Watkin	 

 

    	53

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