Document:

EX-10.1

 Exhibit 10.1 
  

					
	LEASE		 		10/31/07
			
	 		  
 AXISPARC 

Office building located at
  

12 rue Edouard Belin, 1435 Mont St Guibert

 

NON-COMMERCIAL LEASE AGREEMENT – 1,680 m2
		

  

					
	BETWEEN:		 Immobilière Belin 12 SA, with head office at 1, rue Edouard Belin, 1435

Mont St Guibert,

			Represented by Mr. Henri Fischgrund, Chief Executive Officer,
			
					Hereinafter the Lessor,
		
	AND:		Cardio3 Biosciences SA, with head office at 9 blvd de France, parc de
			l’Alliance, 1420 Braine l’Alleud, represented by Christian Homsy, Chief Executive Officer,
			
					Hereinafter the Lessee,

 IT IS HEREBY AGREED AS FOLLOWS: 

Article 1: Axisparc 
  

	 	1.1.	Axisparc is a business park comprising 4 zones. 

  

					
	 •
		 Zone 1:
		 Axisparc Offices: 9 buildings housing over 30,000 m2 of office
space.

			
	 •
		 Zone 2:
		 Axisparc Service Center: 1 building housing restaurant facilities + day care center + fitness center + conference rooms.

			
	 •
		 Zone 3:
		 Axisparc High Tech: office buildings, workshops and laboratories mainly intended for SME’s.

			
	 •
		 Zone 4:
		 Axisparc New Tech: office buildings and laboratories mainly intended for large businesses.

  

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

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

 

	 	1.3.	The building covered by this lease agreement shall be built by the Lessor on the land located at 12 rue Belin, Mont St Guibert. 

The building’s proportional share within Axisparc Technology is 3.79 %. 

The adjoining land shall be earmarked for any potential extensions to be built for the lessee (see article 2 (b) below). 

[Translator note: Page initialed by two people at the bottom right of the page and at the bottom right of all subsequent pages, except the
last page. Stamp in top right hand corner of the first page bearing the marking: Received on January 8, 2008] 

  
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 Article 2: Leased premises 

 

	a)	The Lessor shall lease to the Lessee, who accepts (appendix 2), offices, laboratories and parking spaces, as stipulated in the table below (hereinafter the ‘leased premises’). 

 

					
	 	  	 Phase I
	  	 
	Offices	  	 Level 1: 560 m2 

Level 0: 560 m2
	  	
	Labs	  	Level -1 : 560 m2	  	
	Parking lot	  	40 spaces	  	

  

	b)	The Lessor has set aside a plot of land for the Lessee, enabling the latter to expand the surface area of its premises and have the Lessor build on said land one or more buildings during later building phases.

 Nonetheless, this possibility of expanding its premises shall be time limited, i.e.: if, after the first eight months of the
lease agreement, the Lessee has not expressed its intention, by registered letter, to lease a building to be built on that land during a subsequent building phase, this possibility of extending its premises shall lapse and the lessor shall be
entitled to use that land to develop another project for third parties. 
 The lease conditions for buildings built at subsequent stages
shall be those stipulated in this lease agreement for comparable surface areas and technical descriptions, i.e., at the following unit prices: 
  

							
	 •
	  	Zone for semi-buried laboratories:	  	 	90 €/m2	  
			
	 •
	  	Zone for laboratories located above ground:	  	 	105 €/m2	  
			
	 •
	  	Office zone located above ground:	  	 	130 €/m2	  
			
	 •
	  	Additional charge per elevator:	  	 	1.8 €/m2	  
			
		  	(Minimum 3 levels)	  			
			
	 •
	  	Dismantling of façade:	  	 	1,880 €/level	  
			
	 •
	  	Additional charge per bathroom:	  	 	5.60 €/m2/level	  

  

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

Article 3: Intended use 
 The premises shall be
leased for use as offices and laboratories. The Lessee agrees to comply with this intended use for the duration of the lease. 

			
	LEASE		10/31/07

  

 The Lessee may not modify this intended use without the prior written consent of the Lessor, who shall always
be entitled to reject the modification providing there are just grounds for doing so. It is expressly agreed that the intended used of the premises is an essential condition of this lease agreement, in the absence of which the Lessor would not have
entered into the contract. 
 Under no circumstances may the leased premises be used to operate a retail business or a handicraft activity that entails
direct contact with the general public, even if the premises are used as showrooms, thereby ensuring that this lease agreement is not, and shall never be, governed by the law of 30 April 1951 on commercial leases. 

The Lessee shall refrain from performing, on the premises, any activity that could disrupt the tranquility and peaceful enjoyment of its neighbors and agrees
to comply with Axisparc Technology’s specifications. 
 Each parking space shall be reserved exclusively for the parking of vehicles. It is strictly
prohibited to store goods in those spaces or to wash or maintain vehicles. The Lessee shall not be authorized to hold public sales in the parking lot. 

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

Article 4: Term 
 This lease agreement shall take
effect upon provisional acceptance of the building, which is currently scheduled to take place on October 1, 2008, on the understanding that the first lease payment shall be payable only six months after entry in force of this lease agreement.

 The lease has been concluded for a term of nine consecutive years and shall expire on the date of the ninth anniversary of entry into force of the lease
agreement without notice and by the mere fact of the term being reached. Upon expiry of the lease agreement, continued occupation of the premises shall, under no circumstances, be interpreted as tantamount to tacit renewal of the lease. 

The Lessee may terminate this lease agreement at the end of the 3rd and 6th years, subject to written notice sent by registered mail to the Lessor at least
six months prior to the end of the three-year period. 
 Should the Lessee decide to terminate the lease after a period of 3 years, he shall pay out the
full amount of the incentive received, i.e., 6 months’ rent. Should the Lessee decide to terminate the lease after a period of 6 years, it shall pay out half of the amount of the incentive received, i.e., 3 months’ rent. 

In the event that the Lessee leases buildings built during subsequent building phases, the provisions of this lease agreement shall apply to these new
premises. The terms and conditions of the lease agreement shall remain unchanged, such that there is no discrepancy between phase 1 and subsequent phases. 

The date of provisional acceptance of the building is conditioned by the award of the planning permit, which is scheduled to take 3 calendar months,

  
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as well as by the length of the works, which are scheduled to take 120 working days. If, due to circumstances beyond the control of the Lessor, the date of provisional acceptance and, thus, the
start of the lease agreement, are postponed by a period equal to the duration of the disruptions caused, which shall not exceed 40 working days, no compensation shall be owed by either party. However, if the total period of the disruption exceeds 40
working days, a penalty of 3,000 €/working day shall be payable by the party at fault, without prejudice to the latter proving that the damage it incurred is higher than this amount. 

The lessee may start fitting the laboratory approx. 80 working days after the start of the work. 

Article 5: Annual rent 
  

																																																			
	Level -1	 	 	Level 0	 	 	Level +1	 	 	Parking lot	 	 	 	 
	Area	 	 	UP	 	 	Total	 	 	Area	 	 	UP	 	 	Total	 	 	Area	 	 	UP	 	 	Total	 	 	Area	 	 	UP	 	 	Total	 	 	Total	 
	 	560m2	  	 	 	91.8€	  	 	 	51,408€	  	 	 	560m2	  	 	 	131.8€	  	 	 	73,808€	  	 	 	560m2	  	 	 	131.8€	  	 	 	73,808€	  	 	 	40	  	 	 	400€	  	 	 	16,000€	  	 	 	215,024€	  

 Option: raising the ceiling in the laboratory by 100 cm: 1,790 € 

The rent shall be payable quarterly at the start of each quarter and shall be paid into Dexia account n° 068-2450893-21 held by Immobilière Belin
12 SA. 
 As a commercial gesture, the Lessor agrees to a 6-month rent-free period (the first 6 months). This incentive shall not cover any charges and
taxes. 
 The charges shall be billed to the Lessee separately, as of the entry into force of the lease or, if the Lessee occupies the premise prior to the
entry into force of the lease, as of the date of occupation of these premises. 
 Article 6: Rent adjustments 

 

	6.1.	Indexations shall be applied as follows: 

  

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

  

	6.1.2.	Without it ever being lower than the last indexed rent, the rent shall be revised, automatically and as of right, on an annual basis on the anniversary date of entry into force of the lease based on the index for the
month preceding that of the revision and using the formula below, the base index being that of the month preceding the signature of this lease agreement, pursuant to article 1728 a of the Civil Code (base index = September 2007). 

 

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

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

  

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

 

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

Article 7: Charges 
  

	A.	Taxes 

 Property tax, as well as all other taxes and contributions in general of any kind that may be
levied by any authority on the lease or on the occupation of the buildings, shall be borne by the Lessee. 
 The Lessee shall indemnify the Lessor with
regard to any prejudice incurred by the latter as a result of delayed payment by the Lessee of the taxes for which it is liable. 
 The aforementioned taxes
shall be reimbursed to the Lessor within 15 days of their notification to the Lessee. 
  

	B.	Communal charges relating to Axisparc Technology 

 These charges relate mainly to the upkeep of
thoroughfares, underground service networks and green areas, as well as the management company’s fees. Axisparc Technology’s management company shall communicate to the relevant owners and tenants a breakdown of the charges and a quarterly
provisional bill for charges. The Lessee shall contribute to these costs proportionately to its share within the co-ownership, as stipulated in article 1.3 of this lease. The distribution of the shares within the
co-ownership may, however, be modified, subject to a decision approved by more than 75 % of the co-owners of Axisparc Technology. 

The role of the management company shall be performed by the Property Developer until such time as at least 75 % of the
co-ownership shares within Axisparc Technology have been allocated. 
  

	C.	Communal and individual charges relating to the building 

 Since the Lessee is the only tenant in the
building, there are no communal charges for the building and the tenant shall be liable for the cost of: 
  

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

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

  

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

This list is not exhaustive, but rather indicative. 
  

	D.	Advance payment for communal charges 

  

	•	 	The Lessee shall pay the management company of Axisparc Technology 3 % of the value of its rent in advance to cover its share of the contribution to the communal charges for the leased premises. This percentage may
be adjusted in light of the communal charges incurred in the previous year. 

  

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

  

	E.	Final settlement of communal and individual charges 

 At the end of each year, Axisparc Technology’s
management company shall draw up a final breakdown of the various charges mentioned in this article. Each tenant shall receive a final breakdown of the charges each quarter or, where applicable, each year, and shall pay the management company its
outstanding contribution upon receipt of the breakdown of the charges or shall receive a refund in the event that its advance payments exceed the amount actually owed. 

The management company may make provision, in its annual accounts, for advance payments for non-recurring charges arising from maintenance work to be carried
on the communal areas for a period exceeding one year. 
 The Lessor may change the payment method used by the tenants to make the advance payments for
charges in light of regulatory changes or modifications within Axisparc Technology and the building. 
 Article 8: Payment methods – Late payment

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

  
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 Article 9: Use of the premises 

The Lessee agrees to make use of the premises with due diligence and, in particular, agrees to use the leased premises and other parts of the building in
conformity with the provisions of article 10 below. 
 The maximum authorized ceiling loads, including the partition weight, may not exceed 350 kg/m2 on the upper stories and 500 kg/m2 in the basement, unless otherwise stipulated in the technical documentation. 

The fitting, installation and use of telephones, radios and televisions, as well as teleprinters and other technical equipment inside the leased premises
shall be done at the sole risk and expense of the Lessee and under its full and sole responsibility. 
 If the fitting of the aforementioned equipment is
likely to require work outside the building, or in the communal areas, the Lessee shall submit a written request to the Lessor prior to the work. The Lessee shall ensure that its use of said equipment does not disrupt the enjoyment of the other
occupants. This work shall be performed at the sole expense of the Lessee. 
 In accordance with the safety regulations, the fire doors shall never be kept
open. 
 If the Lessee does not comply with its obligations with regard to the maintenance and state of repair of the leased premises, the Lessor shall be
entitled, without prejudice to its other rights, to enter the premises and perform, at the Lessee’s expense, any work that the latter has failed to perform. 

Article 10: Specifications for Axisparc Technology 

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

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

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

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

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

Upon expiry of the lease, the Lessee shall leave the leased premises in the state of repair in which it accepted them, as stipulated in the inventory made at
the start of the lease, allowing for normal wear-and-tear, but without any prejudice whatsoever to the provisions of article 13 below. 
 However, if the
lease is terminated through the fault of, or due to circumstances attributable to the tenant, in a way other than described in the provisions article 4 of this lease contract, the tenant shall be deemed liable for all damage, including normal wear-and-tear, caused during the term of the lease. 
 It is expressly stipulated
that any damage caused by fitting, modifying and removing partitions shall not constitute normal wear-and-tear and shall be attributable to the Lessee, notwithstanding disrepair and normal wear-and-tear. 

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

 Article 13: Fitting out, transformations and modifications 

Any construction work, fitting out, embellishments, transformations, placing of advertising boards and/or satellite dishes, or new organization of the space on
the premises shall be subject to the prior, express and written consent of the Lessor, which may not withhold its consent without reasonable cause. 
 The
Lessor hereby declares that it agrees to the Lessee fitting out the laboratory on the leased premises. 

  
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 In its request, the Lessee shall provide the Lessor with the work plans that it intends to implement or have
implemented for it by a third party on the leased premises, as well as the scope of work, the specifications and the list of materials it intends to use. The Lessee agrees to use only materials that meet the applicable safety standards. 

The Lessor shall notify the tenant of its position within 15 calendar days. 

If, during and/or subsequent to implementation of the plans, one of the materials used were no longer to meet national or European safety standards and/or
were to be downgraded, the Lessee shall be obliged to ensure its replacement as quickly as possible after the downgrading or the risk thereof has been brought to its attention. The removal work shall be performed by a company specifically authorized
to do such work. 
 The Lessee shall ensure that the removal work does not affect parts of the building not leased under this agreement. Should the Lessee
fail to repair any damage caused by the removal of hazardous materials within 15 working days of receiving a letter of formal notice from the Lessor, the Lessor shall be entitled to repair any damage or replace the damaged parts at the expense of
the Lessee, who shall be bound to refund the Lessor upon presentation of the settled invoice for the work. 
 The work may only be performed at the expense
of the Lessee, who shall bear sole liability in this respect. 
 The Lessor reserves the right to supervise, at its own expense, any work it has authorized
and can require the Lessee to demonstrate proof of a suitable insurance policy. 
 Moreover, with regard to all work for which a permit is granted, the
Lessee shall ensure compliance with all applicable regulations, particularly in terms of the building, operating or environment permits, as well as with any safety regulations applicable to the building, including the safety standards required by
the insurer, the Lessor and the fire service. 
 In the event that significant modifications were to be made to the leased premises by the Lessee during the
term of the lease and assuming the Lessor agrees for the leased premises to be delivered in their modified state following the modification work, the Lessor shall be entitled to draw up, at the sole expense of the Lessee, a rider to the inventory
established at the start of the lease. 
 Upon expiry of the lease, the Lessor shall be entitled, without compensation, to preserve any changes,
embellishments and modifications made to the premises, unless the Lessee wishes to take them when it leaves, or requires them to be removed and the premises restored partially or fully to their original state at the expense of the Lessee, even if
the work was performed with the express consent of the Lessor, providing the latter requests that the Lessee remove these fittings in time to enable the premises to be restored to a pristine state prior to expiry of the contract. The same shall
apply to all lighting, bell ringing systems, IT cabling, partitions, sound-proofing, etc. that the Lessee may have fitted. 

  
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 Article 14: Work, repairs and maintenance 

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

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

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

The Lessee shall, under no circumstances, be liable for the clean-up or repair costs or for damage it and/or third parties incurred as a result of a complaint
by a third party or an authority or pursuant to a breach of the applicable environmental legislation or regulations, with regard to the presence of pollutants or hazardous (e.g., asbestos) 

  
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or prohibited substances on the leased premises, in the ground, the basements or in the groundwater, providing this damage or these costs are not the result of the activity performed by the
Lessee on the leased premises subsequent to entry into force of this lease agreement. 
 The cost of any work required under administrative regulations and
arising from the Lessee’s activity shall be borne by the latter, without there being any possibility for the Lessee to receive reimbursement from the Lessor when it leaves or to argue for termination of the lease on any grounds whatsoever. This
work is subject to the provisions of article 13 of this lease agreement. 
 Article 16: Guarantee 

In order to guarantee the performance of all its obligations under the lease agreement, the Lessee shall obtain, at the time of signing the lease and to the
benefit of the Lessor, an irrevocable bank guarantee issued by a bank approved by the Lessor for an amount equal to half a year’s rent, i.e., 107.512 €. The Lessor shall have the right of approval of the guarantor and of the terms and
conditions of the guarantee. In the event that the Lessee leases buildings built at later stages, this guarantee shall be adjusted accordingly. This guarantee shall be payable upon first request and payment shall only be requested in the event of
gross negligence on the part of the Lessee. 
 The bank guarantee shall constitute an essential condition of this lease agreement, in the absence of which
the Lessor would not have entered into the contract. Any breach of such an obligation shall be deemed serious, which the Lessee expressly accepts. 
 In the
event of adjustments to the rent, the amount of the guarantee shall be adjusted accordingly so that it always equals a sum equivalent to 6 months’ rent. 

The bank guarantee shall be issued prior to occupying the leased premises. 

In any case, said terms and conditions of the guarantee shall stipulate that the guarantee is lodged for a period that shall expire at the earliest three
months after expiry of the lease. 
 This guarantee shall be returned to the Lessee three months after the end of the lease, providing the latter can
demonstrate that it has fully performed all its obligations under the lease. During the term of the lease, the guarantee may not, under any circumstances, be offered or allocated, in full or in part, by the Lessee in order to pay the rent or other
contractual debts. 
 Should the Lessee be declared bankrupt, the guarantee may be used by the Lessor to compensate for payment arrears or other breaches by
the Lessee of its obligations, including rents and communal charges. 
 Without prejudice to this guarantee, and in accordance with article 1752 of the
Civil Code, the Lessee shall still be bound to keep the leased premises fitted with furnishings, the value of which is sufficient to cover at least 6 months’ rent. 

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

  
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 Article 17: Assignment and subletting 

The Lessee may only assign this lease agreement or sublet the premises, either in full or in part, after notifying the Lessor in writing, it being understood
that the latter may refuse to authorize the assignment of the lease or the proposed subletting, providing there are justifiable reasons for doing so. 
 In
the event that the Lessor approves the assignment or subletting, the Lessee, the sub-lessee, the assigner and the assignee shall be jointly and severally liable with regard to the Lessor for all obligations arising from this lease and the
co-ownership regulations. The Lessee agrees to ensure that the sub-lessee or the assignee expressly commits to such obligations with regard to the Lessor. Failing this, the assignment or subletting cannot take place, even if the Lessor had given its
prior written consent, except if, in that consent, it had expressly waived the need for such a commitment. 
 The term of the sublet shall, under no
circumstances, exceed the term of this lease agreement. 
 Upon conclusion of the assignment or sublet agreement, providing it has been authorized, the
Lessee shall provide the Lessor with a registered copy of the agreement. 
 Article 18: Hold harmless provision - Insurance 

A. Hold harmless provision 
  

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

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

 

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

 

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

  

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

  
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 B. Insurance 
  

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

 

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

  

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

 

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

  

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

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

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

Article 20: Insolvency - Merger – Division 

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

In such cases, the Lessee shall be liable to pay a basic, irreducible compensation equal to 6 months’ rent (which cannot be cumulated with the
compensation foreseen in article 21), plus charges and its share of taxes, in addition to the rent, charges and taxes for the current quarter, and this without prejudice to the application of all articles in this lease, in particular articles 12, 13
and 14. 

  
 13 

			
	LEASE		10/31/07

  

 The Lessee shall notify the Lessor of any merger, absorption or break-up, without this being deemed grounds
for the Lessor to terminate this contract. 
 Article 21: Judicial rescission 

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

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

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

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

Article 23: Access to the premises 
 The Lessee
shall, at all times, allow access to the leased premises for the Lessor and its representatives, subject to at least two working days’ notice, in order to enable them to conduct inspections and, where applicable, perform any necessary repairs
and maintenance. 
 During the six months preceding the end of the lease, as well as in the event of the sale of the building, the Lessee shall allow
notices and advertising boards 

  
 14 

			
	LEASE		10/31/07

  

 
mentioning the name and telephone numbers of the real estate agent(s) and the characteristics of the premises to be displayed in visible parts of the building, where they cause no significant
inconvenience for the Lessee, for the purpose of advertising the lease or sale of the building, and shall allow persons accompanied by a representative of the Lessor to visit the leased premises at all times between 9 a.m. and 5 p.m. from Monday to
Friday. 
 Article 24: Registration and lease fees 

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

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

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

Article 26: Key handover 
 The keys shall be
provided to the Lessee, who shall only enjoy the premises after an agreement is reached on the designation of one or two experts responsible for the start-of-lease inventory and after all the conditions under this lease have been met by the tenant
(including, but not restricted to, lodging a bank guarantee, taking out an insurance policy, paying the rent and charges, etc.). 
 Article 27:
Comprehensive nature of the agreement 
 This lease constitutes a comprehensive agreement encompassing all of the agreements reached by the parties
relating to its object. 
 This lease may only be modified through a mutual, signed agreement between both parties. 

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

	•	 	Appendix 1: Specifications for Axisparc Technology 

  

	•	 	Appendix 2: Architect’s plan 

  

	•	 	Appendix 3: Scope of work 

  
 15 

			
	LEASE		10/31/07

  

 Article 28: Applicable law 

This contract shall be governed by Belgian law. 
 Article
29: Validity of the articles 
 The validity of this agreement shall not be affected by the annulment of one of the above articles or a part thereof.

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

Article 30: Conditions precedent 
  

	1.	The entry into force of this contract is subject to the conditions precedent that the Lessor obtains the permits needed to build the leased premises and that the construction work is completed within nine months of
signature of this contract. Thereafter, the parties shall be relieved of their respective obligations, without prejudice to the Lessee’s entitlement to claim for the losses and damages incurred. 

 

	2.	As of the date of signature of this contract, the Lessee is awaiting a substantial increase in its equity capital. If this increase is not finalized by 01/31/2008, the Lessee shall be entitled to withdraw from the
contract, subject to written notice sent by registered mail and received by the Lessor at the latest by 02/04/2008, as well as payment of a flat-rate compensation covering the actual costs incurred (for example: building permit application,
architect’s fees, working drawings drawn up by the manufacturer of the pre-fabricated materials), which shall not exceed 40,000 € and which is payable within 30 days of the mailing date of the registered letter. 

Done in Mont St Guibert, on October 31, 2007, in triplicate, one copy of which is intended for registration purposes. 

 

			
	The Lessee,		The Lessor,
		
	

		

  
 

 

  
 16 

			
	LEASE		10/31/07

  

 Appendices: mentioned. 

[Translator note: Some of the handwritten elements of the stamp of the lease registration office (see below) are illegible or
very difficult to read. The lease was registered on December 13, 2007. The rest of the stamp provides details of its entry in the registry and the amount paid (25€) for the registration.] 

			
	LEASE AMENDMENT		12/1//09

 AXISPARC 

Office building located at 
 12 rue
Edouard Belin, 1435 Mont St Guibcrt 
 AMENDMENT No. 15 TO THE LEASE AGREEMENT OF 10/31/07 

 

					
	BETWEEN:		Immobilière Belin 12 SA, with head office at 1, rue Edouard Belin, 1435, Mont St Guibert,
		
			represented by Mr. Henri Fischgrund, Chief Executive Officer,
			
					Hereinafter the Lessor,
		
	AND:		Cardio3 Biosciences, with head office at 12, Rue Edouard Belin, Axis Parc,
			1435 Mont-Saint-Guibert, represented by Mr. Christian Homsy, Chief Executive Officer
			
					Hereinafter the Lessee,

 It is hereby agreed as follows: 

Following a request from the Lessee, the Lessor agrees to have level -1 of the building located at 12 rue Edouard Belin, Mont St Guibert, withdrawn from the
lease agreement of 10/31/07 and inserted into a separate contract between SA Biological Manufacturing Services and SA Immobilière Belin 12 (Lessor), which was signed on December 1, 2009 and took effect on January 1, 2010. 

Consequently, the following amendments shall be made to the lease. 
  

	 	•	 	Article 1.3: 

 Leased premises’ share of the building’s surface area:
66.64 % 
  

	 	•	 	Article 2.a: Leased premises 

  

	 	•	 	Ground floor: 560 m2 

  

	 	•	 	2nd floor: 560 m2  

[Translator note: page initialed in the bottom right-hand corner] 

  
 1 

			
	LEASE AMENDMENT		12/1//09

  

	 	•	 	Article 7: Communal and individual charges relating to the building 

 The Lessee’s
electricity consumption shall be determined by two meters housed in the basement of the building. The Lessee shall pay the basement tenant a quarterly advance of 1,000€ for its electricity consumption. The Lessee agrees to settle the
electricity bills within 15 days of receipt of the bills. 
  

	 	•	 	Article 5: Annual rent 

  

					
	 - Basic rent
		+	215,024.00 €	  
	 - Rent for level – 1
		-	67,000.00 €	  
	 - Lease amendment of 11/27/07
		+	5,310.00 €	  
	 - Lease amendment No. 3
		+	3,464.57 €	  
	 - Lease amendment No. 4
		+	16,678.72 €	  
		  	  
	  
	 
			 	173,477.29 €	  

  

	 	•	 	Article 16: Guarantee 

 The new amount of the guarantee is equal to 86,738.65 € 

Moreover, the limited company Cardio3 Biosciences shall be liable for all the commitments entered into by SA Biological Manufacturing Services under the lease
signed on December 1, 2009, which it acknowledges it has read, and this for the entire term of the rental contract. 
 All other provisions shall
remain unchanged. 
 Done in Mont St Guibert, on December 1, 2009, in triplicate, one copy of which is intended for registration purposes. 

 

					
	[Signature of the Lessee]				[Signature of the Lessor]
			
	The Lessee				The Lessor

  
 2 

 “Axisparc Technology” 

in MONT-SAINT GUIBERT 

“Axisparc Technology” 

SPECIFICATIONS 
 Article 1: INTENT AND
APPLICABILITY 
 These specifications contain requirements and obligations applicable to owners and any who have real and/or personal rights with regard
to buildings located within the boundaries of Axisparc Technology, as defined in the plan prepared by the architectural firm DE SMET & WHALLEY on May 22, 2003, which is appended hereto (Appendix 1). These specifications are also
intended to define the method for calculation and distribution of the costs for the proper functioning and maintenance of Axisparc Technology.  

Article 2: INTENDED PURPOSE OF AXISPARC TECHNOLOGY 

Axisparc Technology is intended to accommodate companies conducting industrial and/or research and/or services activities. 

Priority will be given to any company conducting research, operating laboratories, and creating jobs. 

Article 3: AREAS AND DEFINITIONS (see Appendix) 
 The
Axisparc includes the following areas: 
 3.1 Office area (Axisparc New Tech) 

Theoretically designated for large companies, with the understanding that this guideline can be waived as long as the peaceful and harmonious use of the site
is not negatively affected. 
 3.2 High tech area (Axisparc High Tech) 

Theoretically designated for small and medium-sized companies, with the understanding that this guideline can be waived as long as the peaceful and harmonious
use of the site is not negatively affected. 
 3.3 Public green space 

An area that currently belongs to the Developer. This area is intended to accommodate a recreational park, provided that necessary administrative
authorizations are issued to the Developer. Ultimately, this area will be transferred at no cost to the municipality or to the entire group of Axisparc Technology co-owners. This area is to be completed as soon as more than 50% of Axisparc
Technology is occupied. 
 3.4 Buildings 
 Private
buildings demarcated by external façades. 

  

[Initials]                     

Axiparc Technology in MONT-SAINT-GUIBERT 

 3.5 Public roads 

These roads currently belong to the Developer and will ultimately be transferred at no cost to the municipality, along with the underground utility
infrastructure. 
 3.6 Semiprivate roads 
 Although they
are the private property of property owners, these roads are easements for vehicles. 
 3.7 Private roads 

Privately owned roads and parking areas that are managed jointly. 

3.8 Private green spaces 
 Privately owned green spaces
that are managed jointly. 
 Article 4: PROPORTIONS 

Regarding the rules for calculating and distributing the costs for the proper functioning and maintenance of Axisparc Technology, the costs will be
determined for each property owner on the basis of shares and calculated as follows: 
  

	 	•	 	1 m2 of land in the high tech area = 1 unit 

  

	 	•	 	1 m2 of land in the new tech area = 2 units 

 Land areas
used will be those specified in the deeds. 
 Article 5: ROADS AND UNDERGROUND UTILITY INFRASTRUCTURE 

5.1 
 The Developer will complete: 

 

	 	•	 	Public roads and drainage systems in accordance with the building permit issued on May 22, 2002. 

  

	 	•	 	Underground utility infrastructure (water – gas – electricity) will be installed along these roads up to the entrance of each building. Available capacity will be adequate for the specific needs of each
building, as stipulated in the “Technical Description” for each building. 

 5.2 

Owners must comply with legislation and regulations applicable to urban development and the environment and, more specifically, but not limited to, soil
contamination and disposal of wastewater and gaseous, liquid, or solid materials into public drainage systems. 
 In the event that a building has greater
utility infrastructure needs than initially expected, owners must inform the management, which will contact the appropriate authorities to define the impact of, and budget necessary for the work the owners requested. 

Undertaking the work for such a purpose will be submitted to owners for their approval and they will be solely responsible for the cost. 

  

[Initials]                     

Axiparc Technology in MONT-SAINT-GUIBERT 

 Article 6: JOINT MANAGEMENT 

Shared structures and spaces that are jointly managed include the following: 
  

	 	•	 	high-voltage cabinets that provide service to multiple users and are not under outside control; 

  

	 	•	 	utility infrastructure (water, gas, electricity, telephone) up to building entrances; 

  

	 	•	 	external fire protection; 

  

	 	•	 	public roads and lighting (until transferred to the municipality); 

  

	 	•	 	semi-private roads and lighting 

  

	 	•	 	greenery in public and private green spaces. 

 It is specified that, as soon as public roads are transferred to
the municipality, they and the associated utility infrastructure, fire protection, and public lighting, will be managed by public authorities. 
 Article
7: MANAGEMENT COMPANY 
 In the broadest sense of these two terms, administration and management of common and private areas, as specified in Article 6
and subject to joint management by Axisparc Technology, are to be entrusted to a management company that may or may not be a (joint) owner. 
 Management
will include: 
  

	 	•	 	Property management: accounting, preparation of statements and inventories, personnel supervision and management, and relations with public services; 

 

	 	•	 	Management, maintenance, preservation, organization, and police services. 

 This list is not comprehensive.

 The management company must submit accounting statements at least once per year to all of the joint owners at a plenary meeting. These accounting
statements must indicate the joint and private charges for which each joint owner and/or lessee is responsible. 
 The Developer will serve as property
manager until at least 75% of the joint ownership shares have been allocated. 
 Article 8: MAINTENANCE FUNCTIONS AND SERVICES UNDER JOINT MANAGEMENT

  

	 	•	 	Maintenance of roads and exterior lighting 

  

	 	•	 	Maintenance of high voltage cabinet(s) and utility infrastructure systems 

  

	 	•	 	Maintenance of greenery, including in private areas 

  

	 	•	 	Garbage container (purchase, repair, and removal) 

  

	 	•	 	User signage (name, logo) 

  

	 	•	 	Insurance for common areas 

  

[Initials]                     

Axiparc Technology in MONT-SAINT-GUIBERT 

 As soon as public roads are transferred to the Municipality, maintenance and applicable costs for said roads,
including utility infrastructure, fire protection, and lighting, will be the responsibility of public authorities. 
 Owners may entrust other maintenance
work and services to the management company (for example, cleaning of building facades, monitoring of the site by security guards, etc.). 
 Article 9:
SHARED CHARGES 
  

	9.1	All maintenance work and services for the following areas: 

  

	 	3.4	Buildings 

  

	 	3.7	Private roads 

 3.8 Private green spaces 

Will be billed directly to owners of buildings concerned at 100%. 
  

	9.2	All maintenance work and services for the following areas: 

  

	 	3.3	Public green spaces 

 3.5 Public roads (until transferred to the municipality) 

 

	 	3.6	Semi-private roads 

 Will be billed to owners according to the shares defined by Article 4. 

As long as Axisparc Technology is not fully occupied, the manager will calculate charges to be distributed prorata temporis based on sales of land.

 Article 10: EXTERIOR LIGHTING FOR BUILDINGS 
 All
exterior lighting systems for buildings will have twilight switches and timers. 
 The management will define the schedule for exterior lighting. 

For safety reasons, it is imperative that the entire site be properly lit during the same hours. 

Costs for electricity used for this exterior lighting remain the responsibility of the users. 

Article 11: ROADS—PARKING AREA 
 Everyone (user,
visitor) must comply with the rules of the Traffic Code. 
 Parking outside of parking spaces is prohibited. 

Any items other than vehicles in operating order cannot be left on roads or in parking areas, including those that are private. 

The management company reserves the right to have any unauthorized items or vehicles removed at the expense of the responsible parties. 

  

[Initials]                     

Axiparc Technology in MONT-SAINT-GUIBERT 

 Article 12: LAND 
  

	 	•	 	At no time shall the property be used as a dumpsite or for storage of items of any kind, except for purposes of construction. The property cannot be used for camping or caravanning. 

 

	 	•	 	Temporary structures are prohibited, except for purposes of construction. 

  

	 	•	 	In the event of violation of these provisions, the manager reserves the right to have any undesirable items disassembled and removed at the violator’s expense. 

Article 13: GREENERY 
 The Developer will provide quality
landscaping around each property unit to be incorporated into an architectural design created by a landscape architect. 
 With the aim of preserving a
unified appearance, maintenance of jointly owned and private greenery will be entrusted to the same landscaping company, as specified in prior articles. 

If a property owner wishes to remove greenery, the property owner must submit a request to the manager beforehand. 

If the landscape architect agrees, the building occupant must submit a detailed proposal to the property owner. 

Article 14: EASEMENTS 
 The different easements belonging
to “Axisparc Technology” are specified in the Appendix. 
 These easements provide right of way: 

 

	 	•	 	For any vehicle traveling on semi-private and public roads; 

  

	 	•	 	For any utility infrastructure and drainage systems on semi-private and public roads; 

  

	 	•	 	By electrical power systems in private green spaces. 

 Article 15: ADVERTISING 

Advertising permitted on the site is limited to company names, logos, and activities. 

In an effort to maintain consistent esthetic quality and harmonious use of the site, the Developer will prepare uniform standards defining the media (size,
materials, etc.) upon which companies can display their names, logos, and activities. 
 During construction, temporary advertising for various construction
companies is authorized. 

  

[Initials]                     

Axiparc Technology in MONT-SAINT-GUIBERT 

 Article 16: SIGNAGE 

At its own expense, the Developer will provide signage with the names of companies occupying the premises at the intersections of public and municipal roads.

 In contrast, costs for signage (name – logo – symbol, etc.) located at building entrances or on buildings are the responsibility of each user.

 Nevertheless, users must submit proposals in advance to the Management Company, which, along with the architect, will determine whether a given proposal
can be included in the general construction framework. 
 Justification will be provided for any denials. 

Article 17: MEASURES CONCERNING OCCUPATION OF THE PREMISES 

Users must occupy the premises with appropriate respect, and must also ensure that their subordinates and visitors do the same. 

Causing disturbances to neighbors, such as abnormal noise or unpleasant odors, will not be tolerated on the site. 

Moving in or out, or any construction work undertaken by users must not disturb other users. 

Article 18: LEASING, RESELLING 
 The owner agrees to
ensure that subsequent buyers and future occupants of a given building comply with the provisions of these specifications by including a stipulation for this purpose within any agreements pertaining to a transfer or declaration of rights with regard
to the building. 
 Article 19: AMENDING THESE REGULATIONS 

Any internal amendments to these regulations must be approved by a plenary meeting, which has decision-making power if at least 50% of the joint owners’
quorum is present or represented, and with at least a  3⁄4 majority of votes. 

  

[Initials]                     

Axiparc Technology in MONT-SAINT-GUIBERT 

 

 

 

 

 

 

 Appendix 3 

Succinct technical description 
 (See attached DSW
plan) 
  

	 	1.	Earth work 

  

	 	•	 	Removal of topsoil 

  

	 	•	 	Soil consolidation with addition of lime: possible (according to soil testing) 

  

	 	•	 	Adjustment of level with 20 cm of rock fill 

  

	 	2.	Foundations 

 Reinforced concrete foundation bases possibly upon false pits or drilled
pilings depending on soil study 
  

	 	3.	Floor Slab 

  

	 	•	 	0.2 mm, Visqueen 

  

	 	•	 	Polyurethane insulation: 2.5 cm 

  

	 	•	 	Reinforced concrete slab: 15cm 

  

	 	•	 	Mechanical levelling + sawing joints 

  

	 	4.	Structure 

  

	 	•	 	Reinforced or prestressed concrete 

  

	 	•	 	Prestressed concrete slabs (300 kg/m2 overload) 

5. Facades 
  

	 	•	 	Silex-coated panels of heavy reinforced concrete on outer face 

  

	 	•	 	Curtain walls, super-insulating windows, K = 1.1 

  

	 	•	 	Aluminum frame with thermal breaks 

  

	 	•	 	Burglarproof windows on Levels 0 and -1 

  

	 	6.	Roof 

  

	 	•	 	Galvanized corrugated steel sheeting 

  

	 	•	 	10 cm glass wool insulation 

  

	 	•	 	Multi-layer weatherproofing 

  

	 	7.	Walls-Partitions 

  

	 	•	 	Concrete wall for elevator and freight elevator shafts 

  

	 	•	 	15 cm YTONG blocks according to plans and for apron walls 

  

	 	•	 	Gyproc inner walls + 5 cm glass wool insulation in the office area 

  

	 	8.	Drainage 

 Two separate systems (storm water – sewage) 

  

[Initials]                     

	 	9.	Inner Stairway 

 Solid bluestone (thickness= 18 cm) 

 

	 	10.	False Floor  

 50 x 50 cm compressed wood tiles placed on levelers throughout all office
areas 
  

	 	11.	False Ceiling  

 60 x 120 cm acoustic mineral fiber tiles upon visible lattice for
offices 
 Metal laminate sheets in bathrooms 
  

	 	12.	Electrical System  

  

	 	•	 	Electrical power connection to the utility grid 

  

	 	•	 	Low voltage distribution to building floors 

  

	 	•	 	± 500 lux lighting to be provided by units fitted into the false ceiling 

  

	 	•	 	4 sockets per floor box (every 25 m2) within the false floor 

  

	 	•	 	+ sockets along periphery for low drive force 

  

	 	•	 	Exterior lighting on the building 

  

	 	•	 	Visible (400 lux) fluorescent lighting in labs 

  

	 	•	 	Data + telephone service + intrusion: optional. 

  

	 	13.	Air-Conditioning (only for office areas) 

 General Principles 

 

	 	•	 	System allowing: 

  

	 	•	 	Heating to +20o C from -10o C. 

 

	 	•	 	Cooling with DT = 8o C 

  

	 	•	 	Air diffusers every 3 m with individual adjustment (in open-plan areas: 1 adjustment per zone) 

  

	 	•	 	Fresh air entry by means of special grids within window casements 

  

	 	•	 	Air removal in corridors 

  

	 	•	 	Centralized control by PC 

  

	 	14.	Heating System (Only in the lab area) 

 Installation under lessee’s responsibility

  

	 	15.	Plumbing and Fire Protection System 

  

	 	•	 	Water connection to the utility grid 

  

	 	•	 	Toilets, sinks, and drains according to plans 

  

	•	 	Two hydrants and 30 m hose reels on each floor. 

  

[Initials]                     

 16. Elevator -Freight Elevator 

Single compartment – 630 kg – all finishing included 

Freight elevator: 300 kg (as an option) 
  

	 	17.	Indoor Finishing 

  

	 	•	 	T4 wall-to-wall carpet upon false floor 

  

	 	•	 	MDF cabinets for supplies 

  

	 	•	 	Stratified post-formed windowsills 

  

	 	•	 	Tiles in indoor areas 

  

	 	•	 	Ceramic wall tiling in bathrooms 

  

	 	18.	Access Areas—Roads 

  

	 	•	 	Parking spaces and brick sidewalks 

  

	 	•	 	Asphalt roads (2 layers) 

  

	 	•	 	Turfing + greeneryEX-10.3

 Exhibit 10.3 

SERVICES AGREEMENT 
  

			
	BETWEEN:		1. Cardio3 BioSciences SA, with head office at 9 Boulevard de France, 1420 Braine l’Alleud, and registered with the The Crossroads Bank for Enterprises under number 0891 118 115,
		
			represented by Christian Homsy, in his capacity as Chief Executive Officer,
		
			hereinafter “the Company”;
		
	AND:		2. Patrick Jeanmart SPRL, a consulting company, with head office at 14 Rue Théodore Baron, 5000 Namur, represented by Patrick Jeanmart,
		
			hereinafter “the Consultant”;
		
			The Company and the Consultant are hereinafter jointly “the Parties” or individually “a Party”

 THE FOLLOWING IS HEREBY AGREED: 

The corporate purpose of the Company is as follows: the development of new medical technologies and particularly the research and development, manufacture and
commercialization of elements and systems all directly or indirectly related to biotechnology and particularly cellular therapies and the various scientific, operational, legal and financial matters directly or indirectly related thereto; 

The Consultant has extensive experience in financial management, namely, the management of a company financial department, the maintenance and reading of its
accounts, the management of its cash and treasury, financial reports, balance sheets, cash flow and profit and loss statements, the methods of funding and evaluation of businesses, budget planning and forecasting, as well as the primary related tax
and VAT aspects. 
 The Company has expressed the desire to entrust to the Consultant a paid service position essentially acting as Chief Financial Officer
and the Consultant has agreed to undertake this role; 
 The Parties therefore desire to further define the terms and conditions of their contractual
collaboration pursuant to this agreement (hereinafter “the Agreement”). 

 THE FOLLOWING IS THEREFORE AGREED: 

 

	Article 1	Purpose of the Agreement 

  

	1.1	The Consultant agrees to provide all the services necessary or useful to undertaking the following role: Chief Financial Officer, in accordance with the applicable laws and regulations as well as the
provisions of the Agreement and, more specifically, to carry out the following services on behalf of the Company (hereinafter, collectively, “the Services”): 

 

	 	1.	Provide strong financial leadership, ensuring the finance function is effectively managed, integrated & developed to meet growth plans. 

 

	 	2.	Effectively manage cash & treasury issues, full responsibility on Profit & Loss account. 

  

	 	3.	Participate actively to fund-raising process, investment planning and strategic business development. 

  

	 	4.	Prepare the company for Series B private placement and for Series C private or public placement by establishing links and working relationships with Major Venture Capitalists and Merchant Banks. 

 

	 	5.	Run the Finance and Operations department including coordination of full general ledger accounting, payroll, customer billing, accounts payables and receivables, VAT and Tax. 

 

	 	6.	Lead the planning and budgeting / forecasting exercise, provide management and Board members with monthly financial and operational dashboards as well as Key Performance Indicators. 

 

	 	7.	Comply with established company policies and procedures, and prepare company for compliance with IAS/IFRS/US GAAP accounting standards. 

 

	 	8.	Enhance professional growth and development through participation in educational programs, current literature, in-service meetings and workshops. 

 

	 	9.	Perform other duties as may be assigned. 

  

	1.2	In order to be able to represent and have the power to commit the Company for purposes of performing the Services, the Parties agree to grant a special power of attorney, free and for an unlimited period of time to the
Consultant. The special power of attorney shall be published in accordance with applicable law. 

  

	Article 2	Terms and Conditions for Execution of the Agreement 

  

	2.1	The Consultant shall perform the Services, and the Company accepts that the Consultant shall put its best efforts towards performing those Services. The Consultant shall ensure that the Services are provided
continuously throughout the calendar year and, additionally, the Consultant shall autonomously and independently manage the time spent on the Services. The Consultant shall provide the Services autonomously and independently, while being guided in
the execution of this agreement by the guidelines and the strategic decisions established by the board of directors of the Company, that is, Christian HOMSY, Chief Executive Officer, and Michael LUSSIER, Chairman of the Board. 

  
 2 

 The Parties expressly agree that the Company and its representatives, agents, associates,
shareholders, employees or laborers do not have any management rights with regard to the Consultant. The Parties acknowledge, in this regard, that the execution of the Agreement and the resulting business relationships do not constitute any
employment relationship between the Company and the agents of the Consultant. 
  

	2.2	The Company shall give the Consultant access to all information required for the proper execution of the Agreement. For the proper execution of the Services and within that limit, the Consultant shall have access to all
files, documents, magnetic tapes and other computer media related to the activities of the Company or containing information relating to the Company. 

  

	2.3	The Company shall also make available to the Consultant, in Braine l’Alleud, all of the financial, technical and human resources required or useful for such activities and for the proper execution of the Agreement,
such as furnished premises, a secretarial service and any telecommunications services. 

  

	Article 3	Fees and expenses 

  

	3.1	Fixed fee 

 The Consultant shall receive, as compensation for the performance of the Services and
based on 220 annual working days, an annual fixed gross fee of 120,000.00, payable in twelve equal monthly payments. 
 The fee shall be paid on a monthly
basis, at the end of each calendar month. 
  

	3.2	Variable fee 

 The Consultant may also be entitled to a variable fee, provided that certain
objectives are met. The conditions for granting the variable fee and the definition of the objectives shall be set forth in an attachment to the Agreement. 

Based upon the fixed fee established in Article 3.1, the Consultant may also be entitled to a maximum variable fee of 20%, or the maximum amount of 24,000
euros. 
  

	3.3	Reimbursement of expenses 

 All the expenses reasonably justified by the Consultant for the
performance of the Services shall be reimbursed by the Company upon the production of adequate supporting documents, including travel expenses, accommodation and meals, in Belgium or abroad. 

 

	3.4	Payment methods 

 The fixed and variable fees, reimbursement of the expenses and other amounts
owed to the Consultant shall be paid upon presentation of the fee invoices or expense vouchers. 
 The amounts due shall be paid to the Consultant’s
account No. 363-0271580-20. 

  
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 All amounts due are payable no later than ten days following the date of the invoice. They bear interest at the
legal interest rate in force in Belgium, with no prior notice. 
  

	3.5	Appeal 

 The fixed fee shall be indexed annually pursuant to the health index on the anniversary
date of the entry into force of the Agreement. The parties agree to review each year beginning on January 1, 2009, the amount of the fee based upon the progress of the mission and the objectives given to the Consultant. 

 

	Article 4	Specific obligations of the Consultant 

  

	4.1	Confidentiality obligation 

 Without prejudice to Article 9.2 below, the Consultant agrees, both during
the term of the Agreement and after it ends for any reason whatsoever, for a term of two years, not to disclose or use – without the express written authorization of the Company – directly or indirectly, for its own benefit or for that of
third parties, any confidential information, of any kind, or any business secrets relating to the Company and its activities or that result from its knowledge due to, or during the performance of the Agreement. 

The Parties expressly agree that any information relating to the Company is deemed confidential information, unless the Consultant demonstrates that such
information is public or has been made public by the Company. 
 The Consultant also agrees to return, at the initial request of the Company and, in any
case, no later than the date of the end of the Agreement, all the confidential information, in any form, that it may have come into contact with due to or during the performance of the Agreement. 

 

	4.2	Non-exclusiveness and non-competition 

 During the performance of the Agreement, the Consultant: 

 

	 	(i)	may carry out, directly or indirectly, any other unrelated activity that does not compete with the activities of the Company, provided that such other activity does not affect the good faith execution of the Agreement;

  

	 	(ii)	agrees to not compete directly or indirectly with the Company by carrying out similar activities, whether on its own behalf, or by acting in any capacity or position whether through the intermediary of another person or
legal entity of any nature whatsoever; 

  

	 	(iii)	also agrees not to make preparations for any competing activity during the execution of the Agreement. 

  
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	4.3	Obligation to return Company property 

 All equipment, data and information, in any form, whether
written, verbal or computerized, sent to the Consultant or in its possession, remain the property of the Company. 
 The Consultant agrees to return the
goods mentioned in the paragraph above at the initial request of the Company and no later than the date of the end of the Agreement. 
 The Consultant
agrees not to keep copies or portions of the aforementioned materials, data or information, in any form. 
  

	4.4	Tax and social security obligations 

 The Consultant agrees vis-à-vis the Company to be in good
legal standing, specifically, with regard to its tax and social security obligations arising from the execution of the Agreement. The Company may not, under any circumstances, be held responsible for the Consultant’s breach of its related
obligations. 
  

	Article 5	Responsibilities of the Consultant 

  

	5.1	With regard to the Company, the Consultant is responsible for following the rules of common law. 

However, the Company, at its own expense, shall obtain specific insurance coverage for directors and officers, known as “D&O”
insurance, to cover the actions taken by the Consultant as a legal representative of the Company. 
  

	Article 6	Suspension of the execution of the Agreement and termination in the event of interruption of the Services 

  

	6.1	If the Consultant is unable to perform the Services, for whatever reason, for a continuous period of two (2) months, the Company shall be entitled to suspend the payment of the fee as of the first day of the
following month, until the Consultant is once again able to fully perform the Services. 

  

	6.2	Without prejudice to the provisions of Article 7 below, if the Consultant is unable to perform the Services, for whatever reason, for a continuous or discontinuous period of four (4) months in the same financial
year, the Company is entitled to terminate the Agreement as of the first day of the following financial year. 

  

	Article 7	Term and termination of the Agreement 

  

	7.1	The Agreement is entered into for an indefinite period and is deemed to enter into effect on January 1, 2008. 

  
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	7.2	During the first two (2) months of the execution of the agreement, without prejudice to Articles 7.6 and 7.7, the Consultant may, at any time, terminate this agreement with prior notice of fifteen (15) days.
The prior notice shall be provided by registered letter and will be effective as of the date following the mailing date. During this same period, the Company may also terminate the agreement with prior notice of fifteen (15) days.

  

	7.3	Without prejudice to Articles 7.6 and 7.7, and following that period, the Consultant may terminate, at any time, this Agreement, with prior notice of six (6) months. The prior notice shall be provided by registered
letter and shall become effective as of the date following its mailing date. 

  

	7.4	During the first year of its execution and after the first period of two (2) months described in Article 7.2 of this Agreement, the Company may terminate this Agreement with prior notice of three (3) months.
The term of the prior notice shall, thereafter, be increased by one month each year on the date of the anniversary of the signature of this Agreement up to a maximum of six (6) months. The prior notice shall be provided by means of a registered
letter and shall become effective as of the date following its mailing date. 

  

	7.5	The Party who terminates this agreement without complying with the prior notice described in Articles 7.2 and 7.3 above shall be liable to the other party for a lump sum equivalent to the fee that would have been due
throughout the prior notice period. The lump sum amount shall be calculated based upon the fixed fee due as of the moment of termination. 

  

	7.6	Either Party may terminate this Agreement effective immediately in the event of the serious breach of the other Party of its fundamental obligations. 

Specifically, the following are, without this list being considered exhaustive, deemed a serious breach by the Parties of their fundamental
obligations: 
  

	 	(i)	the Company paying all or part of the agreed-upon fees with a significant or consistent delay in violation of Article 3, without correcting the matter within fifteen days of a formal notice. 

 

	 	(ii)	a repeated breach by the Consultant of its obligations under Article 4, which is not corrected within fifteen days of a formal notice. 

If the Consultant terminates the Agreement due to a serious breach by the Company of its obligations, the former shall be entitled to a lump
sum payment of the fee under Article 3.1 and covering a period of three (3) months. 
 Either Party may terminate the Agreement
effective immediately and without prior notice in any of the following events: 
  

	 	(i)	in the event of the death of the Consultant; 

  

	 	(ii)	in the event of the bankruptcy or the liquidation of the Company. 

  
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	Article 8	Assignment of rights and obligations arising from the Agreement 

 Neither Party may assign to a
third party all or part of the rights and obligations arising from the Agreement without the express written agreement of the other Party in advance. 
  

	Article 9	Various 

  

	9.1	Notices 

 All notices given based upon or in relation to the Agreement shall be sent by registered letter
to the following addresses: 
  

			
	For the Consultant:		Patrick Jeanmart SPRL, 14 Rue Théodore Baron, 5000 Namur
		
	For the Company:		Christian Homsy, Chief Executive Officer, 9 Boulevard de France, 1420 Braine l’Alleud, Belgique
			Fax: +32 2 790 35 35

 The notices shall be deemed validly given as of the tenth business day following the date of their transmission. 

The Parties may notify the other Party of a change of address pursuant to this Article 9.1. 

In the event of a legitimate emergency, the Parties may send a notification via fax, with confirmation by registered letter with return receipt. In such an
event and except as provided for above, the notification shall be deemed validly given as of the first business day following the date indicated on the fax confirmation of receipt. 

 

	9.2	Confidentiality 

 Except in cases required by law and/or regulations, each of the Parties agrees to not
disclose to any third party whatsoever the purpose and the content of the Agreement without the prior written consent of the other Party, in which case the latter shall be informed in advance of the time and nature of the disclosure. This obligation
remains in force for a period of [two] years as of the date of the end of the Agreement. 
  

	9.3	Titles 

 The descriptions and titles of the various articles and paragraphs of this Agreement have been
included solely for purposes of clarity of the text and may not in any way be considered an integral part of the Agreement or as being able to define, limit or circumscribe in any way the scope of the application or the purpose of the article or of
the specific paragraph to which they refer. 

  
 7 

	9.4	Waivers 

 None of the Parties shall be assumed to have waived any right as a result of the Agreement or
of a fault or violation committed by the other Party, unless the first Party has expressly made such a waiver in writing pursuant to Article 9.1. 
 The
waiver of any remedy or right which might be made by one of the Parties pursuant to the preceding paragraph does not imply that that Party waives any other right that may result from the Agreement or from a violation or fault of the other Party,
even if that right or remedy is comparable to the one waived. 
  

	9.5	Partial invalidity 

 Any clause of the Agreement that might be declared contrary to mandatory laws or
public policy shall only be ineffective based upon such invalidity and shall not, under any circumstances, affect the validity of the rest of that clause or provision, or of the other clauses or provisions of the Agreement. 

The Parties agree to negotiate in good faith a valid clause whose scope and financial effects shall be as close as possible to the clause deemed invalid. 

 

	9.6	Prior statements and changes of the Agreement 

 The Agreement is the entire text of the agreement between
the Parties. It replaces any other agreements, proposals, offers or declarations of intent previously prepared by one or the other of the Parties, as well as any other communication between the Parties relating to the content of the Agreement. 

No adaptation or modification of the Agreement shall be mandatory for the Parties, unless said adaptation or modification was made in writing and said
adaptation or modification was approved by each Party. 
  

	9.7	Calculation of the time limits 

 All the time limits set forth in the Agreement are calculated in
business days in Belgium; if a deadline falls on a Saturday, a Sunday or a legal holiday in Belgium, the deadline is moved to the first following business day. 
  

	Article 10	Applicable law and jurisdiction 

  

	10.1	The Agreement is solely governed by the law of Belgium. 

  

	10.2	Only courts and tribunals in the judicial district of Brussels have jurisdiction over litigation relating to the Agreement. 

  
 8 

 Done in Braine l’Alleud on January 7, 2008 in two copies, each of the Parties acknowledging
receipt of its copy. 
  

	
	For the Company:
	
	[Signature]
	
	CHRISTIAN HOMSY, CEO

 The Consultant: 
  

	
	 [hw:] P. JEANMART

	
	 [Signature]

	
	 [hw:] Representative Patrick Jeanmart SPRL

  
 9

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