Document:

Form of Change of Control Agreement

Exhibit 10.32 
 

	 Name

	 	 Title

	  	 Percentage of
 Base Salary

	 	 Number of Months
 for COBRA

	
	 Marc Collett,
Ph.D.
	 	 Vice President, Discovery
Research
	  	 150%
	 	 18 months

	
	 Thomas F. Doyle
	 	 Vice President, General Counsel and Secretary
	  	 150%
	 	 18 months

	
	 Richard Farley
	 	 Vice President, Human Resources
	  	 100%
	 	 12 months

	
	 Jeffrey Hincks,
Ph.D.
	 	 Vice President, Preclinical Development
	  	 100%
	 	 12 months

	
	 Mark McKinlay,
Ph.D.
	 	 Vice President, Research & Development
	  	 150%
	 	 18 months

	
	 Vincent J. Milano
	 	 Vice President, Chief Financial Officer and Treasurer
	  	 150%
	 	 18 months

 
CHANGE
OF CONTROL AGREEMENT 
 
THIS CHANGE OF CONTROL
AGREEMENT (the “Agreement”), is made on this              day of             , 2003, by and
between VIROPHARMA INCORPORATED (the “Company”) and              (the “Employee”). 
 
WHEREAS, the Employee serves as an employee of the Company; and 
 
WHEREAS, the Company and the Employee desire to establish
certain protections for the Employee in the event of Employee’s termination of employment under the circumstances described herein. 
 
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and promises contained herein, and intending to be bound
hereby, the parties agree as follows: 
 
SECTION 1
Definitions. As used herein: 
 
1.1.
“Base Salary” means, as of any given date, the annual base rate of salary payable to the Employee by the Company, as then in effect; provided, however, that in the case of a resignation by the Employee for the Good Reason
described in Section 1.7.4, “Base Salary” will mean the annual base rate of salary payable to the Employee by the Company, as in effect immediately prior to the reduction giving rise to the Good Reason. 

 
1.2.
“Board” means the Board of Directors of the Company. 
 
1.3. “Cause” means fraud, embezzlement, or any other serious criminal conduct that adversely affects the Company committed intentionally by the Employee in connection with Employee’s employment or the
performance of Employee’s duties as an officer or director of the Company or the Employee’s conviction of, or plea of guilty or nolo contendere to, any felony. 
 
1.4. “Change of Control” means the happening of an event, which shall be deemed to have
occurred upon the earliest to occur of the following events: 
 
1.4.1. the date the stockholders of the Company (or the Board, if stockholder action is not required) approve a plan or other arrangement pursuant to which the Company will be dissolved or liquidated;

 
1.4.2. the date the
stockholders of the Company (or the Board, if stockholder action is not required) approve a definitive agreement to sell or otherwise dispose of all or substantially all of the assets of the Company; 
 
1.4.3. the date the stockholders of the
Company (or the Board, if stockholder action is not required) and the stockholders of the other constituent corporations (or their respective boards of directors, if and to the extent that stockholder action is not required) have approved a
definitive agreement to merge or consolidate the Company with or into another corporation, other than, in either case, a merger or consolidation of the Company in which holders of shares of the Company’s voting capital stock immediately prior
to the merger or consolidation will have more than 50% of the ownership of voting capital stock of the surviving corporation immediately after the merger or consolidation (on a fully diluted basis), which voting capital stock is to be held in the
same proportion (on a fully diluted basis) as such holders’ ownership of voting capital stock of the Company immediately before the merger or consolidation; 
 
1.4.4. the date any entity, person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act), other than (i) the Company, or (ii) any of its subsidiaries, or (iii) any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its subsidiaries, or (iv) any affiliate (as
such term is defined in Rule 405 promulgated under the Securities Act) of any of the foregoing, shall have acquired beneficial ownership of, or shall have acquired voting control over, 50% or more of the outstanding shares of the Company’s
voting capital stock (on a fully diluted basis), unless the transaction pursuant to which such person, entity or group acquired such beneficial ownership or control (i) resulted from the original issuance by the Company of shares of its voting
capital stock, (ii) was approved by at least a majority of Directors who were either members of the Board on the date that this Agreement was originally adopted by the Board or members of the Board for at least twelve (12) months before the date of
such approval and (iii) does not otherwise constitute a Change of Control pursuant to Section 1.4.3 of this Agreement; 
 

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1.4.5. the date the Board determines (in its sole discretion) that based on then-currently available information, the events described in Section 1.4.4 are reasonably likely to occur; or 
 
1.4.6. the first day after the date of this
Agreement when members of the Board (each a “Director”) are elected such that there is a change in the composition of the Board such that a majority of Directors have been members of the Board for less than twelve (12) months, unless the
nomination for election of each new Director who was not a Director at the beginning of such twelve (12) month period was approved by a vote of at least sixty percent (60%) of the Directors then still in office who were Directors at the beginning of
such period; 
 
provided, however, for purposes of
determining the precise date of any Change of Control, an event described above will be deemed to have occurred on the date on which the last condition required for the consummation of that event is fulfilled or otherwise completed. 
 
1.5. “Code” means Internal Revenue Code of
1986, as amended. 
 
1.6.
“Disability” means the Employee’s inability, by reason of any physical or mental impairment, to substantially perform Employee’s regular duties as contemplated by this Agreement, as determined by the Board in its sole
discretion (after affording the Employee the opportunity to present Employee’s case), which inability is reasonably contemplated to continue for at least one year from its commencement and at least 90 days from the date of such determination.

 
1.7. “Good Reason” means,
without the Employee’s prior written consent, any of the following: 
 
1.7.1. a change in the Employee’s role such that his or her authority, duties or responsibilities are not substantially equivalent to the Employee’s authority, duties or responsibilities in
effect immediately prior to such change; 
 
1.7.2. the location of the facility at which Employee is required to perform his or her duties is more than 50 miles from Exton, Pennsylvania, unless such new location does not increase the Employee’s commuting time;

 
1.7.3. a reduction of five
percent (5%) or more in either of the Employee’s Base Salary or the amount of the Employee’s Target Bonus; 
 
1.7.4. the Company’s failure to pay or make available any material payment or benefit due under this Agreement or any
other material breach by the Company of this Agreement. 
 
However,
the foregoing events or conditions will constitute Good Reason only if (A) such event or condition occurs during the period commencing on the date of a Change of Control and continuing for twelve consecutive months thereafter and (B) the Employee
provides the Company with written objection to the event or condition within 60 days following the occurrence thereof, the Company does not reverse or otherwise cure the event or condition 
 

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within 30 days of receiving that written objection and the Employee resigns Employee’s employment within 90 days following the
expiration of that cure period. 
 
1.8.
“Release” means a release substantially identical to the one attached hereto as Exhibit A. 
 
1.9. “Target Bonus” means, with respect to any year, the target amount of the annual bonus that would be payable to the
Employee with respect to that year, whether under an employment or incentive agreement, under any bonus plan or policy of the Company or otherwise, assuming that all applicable performance goals are met and conditions to the payment of such bonus
are satisfied. 
 
SECTION 2 Certain Terminations Following a
Change of Control. If the Employee’s employment with the Company ceases within the twelve (12) month period following the date of a Change of Control as a result of a termination by the Company without Cause, a resignation by the Employee
for Good Reason or due to Employee’s death or Disability, then subject to Section 4 and Section 5: 
 
2.1 the Company will make a lump sum cash payment to the Employee of all accrued but unpaid compensation through the date
of such termination; 
 
2.2 the
Company will make a lump sum cash payment to the Employee equal to      % of the Employee’s Base Salary as in effect on such date (without taking into effect any reduction described in Section 1.7.3 above); and

 
2.3 for a period of
             months commencing from the date of the Employee’s termination of employment, the Company will waive all applicable premiums otherwise due for any group health
continuation coverage elected by the Employee or Employee’s spouse or eligible dependents under COBRA (29 U.S.C. §§ 1161-1169) to the extent the Company would have paid such premiums for Employee during Employee’s term of
employment with the Company; 
 
provided, however, that if
the Company’s obligation to make the payments provided for in clause 2.1 above arises due to the Employee’s death or Disability, the cash payments described in clause 2.1 will be offset by the amount of benefits paid to the Employee (or
Employee’s representative(s), heirs, estate or beneficiaries) pursuant to the life insurance or disability plans, policies or arrangements of the Company by virtue of Employee’s death or Disability (including, for this purpose, only that
portion of such life insurance or disability benefits funded by the Company or by premium payments made by the Company). The payments and benefits described in this section are in lieu of (and not in addition to) any other severance plan, fund,
agreement or other arrangement maintained by the Company. 
 
SECTION 3 Parachute Payments. Payments under Section 2 shall be made without regard to whether the deductibility of such payments (or any other payments) would be limited or precluded by Section 280G of the Internal Revenue
Code of 1986 (the “Code”) and without regard to whether such payments would subject Employee to the federal excise tax levied on certain “excess parachute payments” under Section 4999 of the Code; provided, however, that
if the Total After-Tax Payments (as defined below) would be increased by limitation or elimination 
 

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of any amount payable under Section 2, then the amount payable under such sections will be reduced to the extent necessary to maximize the
Total After-Tax Payments. The determination of whether and to what extent such payments are required to be reduced in accordance with the preceding sentence will be made at the Company’s expense by an independent, certified public accounting
firm selected by the Board. In the event of any underpayment or overpayment under Section 2 (as determined after application of this Section 8), the amount of such underpayment or overpayment will be immediately paid by the Company to Employee or
refunded by Employee to the Company, as the case may be, with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. For purposes of this Section 3, “Total After-Tax Payments” means the total of all
“parachute payments” (as that term is defined in Section 280G(b)(2) of the Code) made to or for the benefit of Employee (whether made hereunder or otherwise), after reduction for all applicable federal taxes (including, without limitation,
the tax described in Section 4999 of the Code). 
 
SECTION 4
Timing of Payments Following Termination. Notwithstanding any provision of this Agreement, the payments and benefits described in Section 2 (other than any amounts payable pursuant to Section 2(a)) are conditioned on the Employee’s
execution and delivery to the Company of the Release in a manner consistent with the Older Workers Benefit Protection Act and any similar state law that is applicable. The amounts described in Sections 2.1, and 2.2 (as applicable) will be paid in a
lump sum, as soon as the Release becomes irrevocable following the Employee’s execution and delivery of the Release. 
 
SECTION 5 Miscellaneous. 
 
5.1. No Liability of Officers and Directors for Severance Upon Insolvency. Notwithstanding any other provision of the Agreement and
intending to be bound by this provision, the Employee hereby (a) waives any right to claim payment of amounts owed to her, now or in the future, pursuant to this Agreement from directors or officers of the Company if the Company becomes insolvent,
and (b) fully and forever releases and discharges the Company’s officers and directors from any and all claims, demands, liens, actions, suits, causes of action or judgments arising out of any present or future claim for such amounts.

 
5.2. Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the Company and Employee and their respective successors, executors, administrators, heirs and/or permitted assigns; provided, however, that neither Employee nor the Company may make
any assignments of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other party, except that, without such consent, the Company may assign this Agreement to any successor to all or
substantially all of its assets and business by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise. 
 
5.3. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania without regard to the application of the principles of conflicts of laws. 
 
5.4. Enforcement. Any legal proceeding arising out of or relating to this Agreement will be instituted in the United States District Court for the Eastern District of 
 

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Pennsylvania, or if that court does not have or will not accept jurisdiction, in any court of general jurisdiction in the Commonwealth of
Pennsylvania, and the Employee and the Company hereby consent to the personal and exclusive jurisdiction of such court(s) and hereby waive any objection(s) that they may have to personal jurisdiction, the laying of venue of any such proceeding and
any claim or defense of inconvenient forum. 
 
5.5.
Waivers; Separability. The waiver by either party hereto of any right hereunder or any failure to perform or breach by the other party hereto shall not be deemed a waiver of any other right hereunder or any other failure or breach by the
other party hereto, whether of the same or a similar nature or otherwise. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing
waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 
 
5.6. Notices. All notices and
communications that are required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when delivered personally or upon mailing by registered or certified mail, postage prepaid, return receipt requested,
as follows: 
 
If to the Company,
to: 
 
ViroPharma Incorporated

405 Eagleview Boulevard 
Exton, PA 19341 
Attn: General Counsel 
Fax: (610) 458-7830 
 
If to Employee, to:  
 
[                       ] 
 
or to such other address as may be specified in a notice given by one party to the other party hereunder. 
 
5.7. Entire Agreement; Amendments. This Agreement and
the attached exhibit contain the entire agreement and understanding of the parties relating to the provision of severance benefits upon termination in connection with a Change of Control, and merges and supersedes all prior and contemporaneous
discussions, agreements and understandings of every nature relating to that subject. 
 

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5.8.
Withholding. The Company will withhold from any payments due to Employee hereunder, all taxes, FICA or other amounts required to be withheld pursuant to any applicable law. 
 
5.9. Headings Descriptive. The headings of sections and paragraphs of this Agreement are inserted for
convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 
 
5.10. Counterparts and Facsimiles. This Agreement may be executed, including execution by facsimile signature, in one or more
counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. 
 
5.11. No Duty to Mitigate. Employee shall not be required to mitigate damages or the amount of any payments provided for under this
Agreement by seeking other employment or otherwise, nor (except as otherwise provided in Section 2) will any payment or benefit hereunder be subject to offset or reduction in the event Employee does mitigate. 
 

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IN WITNESS
WHEREOF, the parties hereto have executed this Agreement on the date and year first above written. 
 

	 VIROPHARMA INCORPORATED

	  
  

	 By:
 Title:

	
	 Employee

	  
  

 

8 

 
Exhibit A

Release and Non-Disparagement Agreement 
 
THIS RELEASE AND NON-DISPARAGEMENT AGREEMENT (this “Release”) is made as of the
         day of             ,              by and between
             (the “Employee”) and VIROPHARMA, INCORPORATED (the “Company”). 
 
WHEREAS, the Employee’s employment as an executive of the Company has terminated; and 
 
WHEREAS, pursuant to Section 2 of the Change of Control
Agreement by and between the Company and the Employee dated as of              (the “Change of Control Agreement”), the Company has agreed to pay the Employee
certain amounts and to provide Employee with certain rights and benefits, subject to the execution of this Release. 
 
NOW THEREFORE, in consideration of these premises and the mutual promises contained herein, and intending to be legally bound hereby, the
parties agree as follows: 
 
SECTION 1 Consideration. The
Employee acknowledges that: (a) the payments, rights and benefits set forth in Section 2 of the Change of Control Agreement constitute full settlement of all of Employee’s rights under the Change of Control Agreement, (b) the Employee has no
entitlement under any other severance or similar arrangement maintained by the Company, and (c) except as otherwise provided specifically in this Release, the Company does not and will not have any other liability or obligation to the Employee. The
Employee further acknowledges that, in the absence of Employee’s execution of this Release, the payments and benefits specified in Section 2 of the Change of Control Agreement would not otherwise be due to the Employee. 
 
SECTION 2 Release and Covenant Not to Sue. The Employee hereby fully
and forever releases and discharges the Company and its parents, affiliates and subsidiaries, including all predecessors and successors, assigns, officers, directors, trustees, Employees, agents and attorneys, past and present, from any and all
claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, obligations, controversies, debts, costs, expenses, damages, judgments, orders and liabilities, of whatever kind or nature, direct or indirect, in law,
equity or otherwise, whether known or unknown, arising through the date of this Release, out of Employee’s employment by the Company or the termination thereof, including, but not limited to, any claims for relief or causes of action under the
Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., or any other federal, state or local statute, ordinance or regulation regarding discrimination in employment and any claims, demands or actions based upon alleged wrongful or
retaliatory discharge or breach of contract under any state or federal law. The Employee expressly represents that he or she has not filed a lawsuit or initiated any other administrative proceeding against the Company (including for purposes of this
Section 2, its parents, affiliates and subsidiaries), and that he has not assigned any claim against the Company (or its parents, affiliates and subsidiaries) to any other person or entity. The Employee further promises not to initiate a lawsuit or
to bring any other claim against the Company (or its parents, affiliates and subsidiaries) arising out of or in any way related to Employee’s employment by the Company or the termination of that employment. The forgoing will not be deemed to
release the Company from (a) claims solely to enforce this Release, (b) claims solely to enforce Section 2 the Change of Control Agreement, (c) claims for indemnification under the Company’s By-Laws, under any indemnification agreement between
the Company and the Employee or under any similar agreement or (d) claims solely to enforce the terms of any equity incentive award agreement between the Employee and the 

Company. This Release will not prevent the Employee from filing a charge with the Equal Employment Opportunity Commission (or similar state
agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar state agency); provided, however, that any claims by the Employee for personal relief in connection with such a charge or
investigation (such as reinstatement or monetary damages) would be barred. 
 
SECTION 3 Survival. The Employee acknowledges that the terms of Section 5 of the Change of Control Agreement will survive the termination of Employee’s employment. 
 
SECTION 4 Non-Disparagement. The Company (meaning, solely for this
purpose, Company’s directors and executive officers and other individuals authorized to make official communications on Company’s behalf) will not disparage the Employee or the Employee’s performance or otherwise take any action which
could reasonably be expected to adversely affect the Employee’s personal or professional reputation. Similarly, the Employee will not disparage Company or any of its directors, officers, agents or Employees or otherwise take any action which
could reasonably be expected to adversely affect the reputation of the Company or the personal or professional reputation of any of the Company’s directors, officers, agents or Employees. 
 
SECTION 5 Cooperation. The Employee further agrees that, subject to
reimbursement of Employee’s reasonable expenses, he will cooperate fully with the Company and its counsel with respect to any matter (including litigation, investigations, or governmental proceedings) which relates to matters with which the
Employee was involved during Employee’s employment with Company. The Employee shall render such cooperation in a timely manner on reasonable notice from the Company. 
 
SECTION 6 Rescission Right. The Employee expressly acknowledges and recites that he or she (a) has read and
understands this Release in its entirety, (b) has entered into this Release knowingly and voluntarily, without any duress or coercion; (c) has been advised orally and is hereby advised in writing to consult with an attorney with respect to this
Release before signing it; (d) was provided 21 calendar days after receipt of the Release to consider its terms before signing it (or such longer period as is required for this Release to be effective under the Age Discrimination in
Employment Act or any similar state law); and (e) is provided seven (7) calendar days from the date of signing to terminate and revoke this Release (or such longer period required by applicable state law), in which case this Release shall be
unenforceable, null and void. The Employee may revoke this Release during those seven (7) days (or such longer period required by applicable state law) by providing written notice of revocation to the Company. 
 
SECTION 7 Challenge. If the Employee violates or challenges the
enforceability of any provisions of the Change of Control Agreement or this Release, no further payments, rights or benefits under Section 2 of the Change of Control Agreement will be due to the Employee. 
 
SECTION 8 Miscellaneous. 
 
8.1. No Admission of Liability. This Release is not to
be construed as an admission of any violation of any federal, state or local statute, ordinance or regulation or of any duty owed by the Company to the Employee. There have been no such violations, and the Company specifically denies any such
violations. 

 
8.2. No
Reinstatement. The Employee agrees that he will not apply for reinstatement with the Company or seek in any way to be reinstated, re-employed or hired by the Company in the future. 
 
8.3. Successors and Assigns. This Release shall inure to the benefit of and be binding upon the
Company and the Employee and their respective successors, executors, administrators and heirs. The Employee may make any assignment of this Release or any interest herein, by operation of law or otherwise. The Company may assign this Release to any
successor to all or substantially all of its assets and business by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise. 
 
8.4. Severability. Whenever possible, each provision of this Release will be interpreted in such manner as to be effective and
valid under applicable law. However, if any provision of this Release is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this Release will be
reformed, construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained. 
 
8.5. Entire Agreement; Amendments. Except as otherwise provided herein, this Release contains the entire agreement and
understanding of the parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating to the subject matter hereof. This Release may not
be changed or modified, except by an Agreement in writing signed by each of the parties hereto. 
 
8.6. Governing Law. This Release shall be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania without regard to the application of the principles of
conflicts of laws. 
 
8.7. Counterparts and
Facsimiles. This Release may be executed, including execution by facsimile signature, in one or more counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument.

 
IN WITNESS WHEREOF, the Company has caused this
Release to be executed by its duly authorized officer, and the Employee has executed this Release, in each case as of the date first above written. 
 

	 VIROPHARMA, INCORPORATED

	  
  

	 By:
 Title:

	
	 Employee<PAGE>

                                                                   EXHIBIT 10.54

                      UNIVERSITY RESEARCH PARK GROUND LEASE

         This Lease is made, executed and delivered as of the 1st day of
October, 1998, by and between University Research Park, Inc., a Wisconsin
nonprofit corporation with its principal place of business located at 1265 WARF
Building, 610 Walnut Street, Madison, Wisconsin 5370S ("Landlord") and PanVera
Corporation, a Wisconsin corporation, located at 545 Science Drive, Madison,
Wisconsin 53711 ("Tenant").

                            ARTICLE I. GRANT AND TERM

         SECTION 1.01. PREMISES. In consideration of rents, terms, covenants and
agreements to be performed and observed by Tenant, as hereinafter set forth,
Landlord rents to Tenant, and Tenant rents from Landlord, certain real estate
located in the City of Madison, Dane County, Wisconsin, described in EXHIBIT A,
attached hereto, together with all rights and appurtenances belonging or
appertaining thereto and all improvements now or hereafter located thereon
("Premises"). Landlord and Tenant acknowledge that improvements constructed by
Tenant on the Premises pursuant to this Lease do not constitute a part of the
Premises subject to this Lease and, except as provided in Section 1.05 hereof,
such improvements shall be the property of Tenant.

         SECTION 1.02. ORIGINAL TERM. The original term of this Lease shall be
for fifty (50) years and approximately three (3) months. The original term shall
commence on, October 7, 1998 and shall end at 12:00 midnight on December 31,
2048, unless otherwise terminated earlier hereunder.

         SECTION 1.03. LEASE YEAR. The term "lease year" shall mean a period of
twelve (12) consecutive calendar months. The first lease year shall begin on
January 1, 1999. The portion of the lease term prior to that date shall not be
considered a lease year.

<PAGE>

         SECTION 1.04. OPTION TO EXTEND. Tenant is hereby granted one (1) option
to extend the term of this Lease for twenty (20) years, such extended term to
begin upon the expiration of the original term of this Lease; and all terms,
covenants and provisions of this Lease shall apply to the extended term with the
exception that Tenant shall not have any further option to extend following the
exercise of the option to extend. If Tenant elects to exercise the option to
extend, Tenant shall do so only by giving Landlord notice in writing of its
intention to do so not later than eighteen (18) months prior to the expiration
of the original term.

         SECTION 1.05. SURRENDER OF PREMISES. At the expiration or any
termination of this Lease, Tenant shall surrender the Premises to Landlord in
the same condition as at the commencement of the term with the exception of
improvements constructed in accordance with the terms of this Lease. Subject to
the provisions of Section 3.03, all alterations, additions and improvements
constructed by or on behalf of Tenant on the Premises and all permanent fixtures
shall, upon the expiration or termination of this Lease, become the property of
the Landlord.

         Notwithstanding the foregoing, on Landlord's written demand given not
less than six (6) months prior to the end of the term of this Lease, Tenant
shall demolish and remove all such improvements as shall be directed by
Landlord. The costs of demolition and removal shall be paid by Tenant. All
demolition and removal shall be completed within ninety (90) days after the
termination or expiration of the I ease.

                                ARTICLE II. RENT

         SECTION 2.01. BASE RENT. Commencing on the commencement date and
continuing during the term of this Lease, Tenant covenants and agrees to pay to
Landlord, in advance on the first day of each month at Landlord's address set
forth in Section 11.05(a), without demand therefor, base monthly rent as
follows:

                                       2

<PAGE>

         (a)      Lease year one (1) - no rent (but all other amounts due as
                  additional rent shall be paid in full during such time); lease
                  year two (2) - $6,055.75 per month; lease year three (3) -
                  $7,872.50 per month; lease year four (4) - $9,689.17 per
                  month, and lease year (5) - $12,111.50 per month. There shall
                  be no rent for any month or portion of a month prior to the
                  first (1st) lease year (but all other amounts due as
                  additional rent shall be paid in full during such time).

         (b)      Lease years six (6) through ten (10) - an amount per month
                  equal to the amount of rent payable in the last month of the
                  fifth (5th) lease year increased or decreased by a percentage
                  equal to the "Consumer Price Index Increase or Decrease" as
                  defined in Section 2.03.

         (c)      Lease years seven (7) through fifteen (15) - an amount per
                  month equal to the amount of rent payable in the last month of
                  the tenth (10th) lease year increased or decreased by a
                  percentage equal to the "Consumer Price Index Increase or
                  Decrease" as defined in Section 2.03.

         (d)      Lease years sixteen (16) through twenty (20) - an amount per
                  month equal to the amount of rent payable in the last month of
                  the fifteenth (15th) lease year increased or decreased by a
                  percentage equal to the "Consumer Price Index Increase or
                  Decrease" as defined in Section 2.03.

         (e)      Lease years twenty-one (21) through twenty-five (25) - an
                  amount per month equal to the amount of rent payable in the
                  last month of the twentieth (20th) lease year increased or
                  decreased by a percentage equal to the "Consumer Price Index
                  Increase or Decrease" as defined in Section 2.03.

                                       3

<PAGE>

         (f)      Lease years twenty-six (26) through thirty (30) - an amount
                  per month computed and established as provided in Section
                  2.04.

         (g)      Lease years thirty-one (31) through thirty-five (35) - an
                  amount per month equal to the amount of rent payable in the
                  last month of the thirtieth (30th) lease year increased or
                  decreased by a percentage equal to the "Consumer Price Index
                  Increase or Decrease" as defined in Section 2.03.

         (h)      Lease years thirty-six (36) through forty (40) - an amount per
                  month equal to the amount of rent payable in the last month of
                  the thirty-fifth (35th) lease year increased or decreased by a
                  percentage equal to the "Consumer Price Index Increase or
                  Decrease" as defined in Section 2.03.

         (i)      Lease years forty-one (41) through forty-five (45) - an amount
                  per month equal to the amount of rent payable in the last
                  month of the fortieth (40th) lease year increased or decreased
                  by a percentage equal to the "Consumer Price Index Increase or
                  Decrease" as defined in Section 2.03.

         (j)      Lease years forty-six (46) through fifty (50) - an amount per
                  month equal to the amount of rent payable in the last month of
                  the forty-fifth (45th) lease year increased or decreased by a
                  percentage equal to the "Consumer Price Index Increase or
                  Decrease" as defined in Section 2.03.

         (k)      Lease years fifty-one (51) through fifty-five (55) - an amount
                  per month computed and established as provided in Section
                  2.04.(1)

         (l)      Lease years fifty-six (56) through sixty (60) - an amount per
                  month equal to the amount of rent payable in the last month of
                  the fifty-fifth (55th) lease year increased

----------------------------------
(1) Provided Tenant has properly exercised its option to extend pursuant to
    Section 1.04 of this Lease.

                                       4

<PAGE>

                  or decreased by a percentage equal to the "Consumer Price
                  Index Increase or Decrease" as defined in Section 2.03.(2)

         (m)      Lease years sixty-one (61) through sixty-five (65) - an amount
                  per month equal to the amount of rent payable in the last
                  month of the sixtieth (60th) lease year increased or decreased
                  by a percentage equal to the "Consumer Price Index Increase or
                  Decrease" as defined in Section 2.03.(3)

         (n)      Lease years sixty-six (66) through seventy (70) - an amount
                  per month equal to the amount of rent payable in the last
                  month of the sixty-fifth (65th) lease year increased or
                  decreased by a percentage equal to the "Consumer Price Index
                  Increase or Decrease" as defined in Section 2.03.(4)

         SECTION 2.02. PAST DUE RENT. If Tenant fails to pay rent when the same
is due, the unpaid amount shall, at Landlord's option and without waiving any
other right of Landlord, bear interest from the due date to the date of payment
at a rate of interest equal to the prime interest rate then in effect from time
to time. The term "prime rate" shall mean the announced consensus prime rate of
interest charged by large commercial banks located in New York or other dominant
financial centers in the United States. If such a consensus prime rate of
interest is not then promulgated, the prime rate shall be a similar index
reflecting the yield obtained by sophisticated investors on short-term
high-grade commercial debt investments.

         SECTION 2.03. "CONSUMER PRICE INDEX INCREASE OR DECREASE". The term
"Consumer Price Index Increase or Decrease" as used in Section 2.01 shall be the
percentage increase or decrease in the Cost of Living Index between the Cost of
Living Index for the last month of the lease year preceding the just completed
five (5) year period and the Cost of Living Index for the

-----------------------------
(2) Provided Tenant has properly exercised its option to extend pursuant to
    Section 1.04 of this Lease.

(3) Provided Tenant has properly exercised its option to extend pursuant to
    Section 1.04 of this Lease.

                                       5

<PAGE>

last month of such five (5) year period. In no event, however, shall the
Consumer Price Index Increase or Decrease for any five (5) year period be more
than forty percent (40%).

         The term "Cost of Living Index" as used herein shall be the index
number in the above-stated month in the column of "All Items" in the table
entitled "Consumer Price Index - All Urban Consumers - U.S. City Average
1967=100" as published in the Monthly Labor Review by the Bureau of Labor
Statistics of the U.S. Department of Labor.

         In the event that the Bureau of Labor Statistics ceases to publish the
Cost of Living Index or materially changes the method of its computations,
Landlord and Tenant shall accept comparable statistics relative to the
purchasing power of the dollar as published at the time of such discontinuation
or change by a responsible financial periodical or recognized authority to be
then chosen by Landlord.

         Examples of rent computations hereunder are contained in EXHIBIT B
attached hereto.

         SECTION 2.04. ESTABLISHMENT OF RENT FOR LEASE YEARS TWENTY-SIX (26)
THROUGH THIRTY (30) AND FOR LEASE YEARS FIFTY-ONE (51) THROUGH FIFTY-FIVE (55).
Monthly rent for lease years twenty-six (26) through thirty (30) and fifty-one
(51) through fifty-five (55) shall be established as follows:

         (a)      At least eighteen (18) months before the commencement of the
                  twenty-sixth (26th) lease year, and at least twenty-five (25)
                  months before the commencement of the fifty-first (51st) lease
                  year, Landlord and Tenant shall each select an independent
                  qualified appraiser to render a written fair market value
                  appraisal of the real estate comprising the Premises excluding
                  all improvements thereon. The two appraisers shall select a
                  third appraiser to render a written fair market value
                  appraisal of the real estate comprising the Premises excluding
                  all improvements thereon. The appraisals

-------------------------------
(4) Provided Tenant has properly exercised its option to extend pursuant to
    Section 1.04 of this Lease

                                       6

<PAGE>

                  shall be submitted jointly to Landlord and Tenant at least
                  twelve (12) months prior to the end of the twenty-fifth (25th)
                  lease year, and at least nineteen (19) months prior to the end
                  of the fiftieth (50th) lease year. Landlord and Tenant shall
                  pay the costs and expenses charged by the respective
                  appraisers selected by them and shall equally share the costs
                  and expenses of the third appraiser.

         (b)      The average of the three appraisals shall constitute the
                  agreed upon "appraised value" of the real estate. In the event
                  that either party neglects or refuses to select an appraiser,
                  the agreed upon "appraised value" of the real estate shall be
                  the appraised value as established by the appraiser selected
                  by the other party.

         (c)      The appraised value shall be multiplied by ten (10%) percent.
                  The resulting figure shall then be divided by twelve (12). The
                  result shall be the monthly rent for lease years twenty-six
                  (26) through thirty (30) and fifty-one (51) through fifty-five
                  (55); provided that the rent for lease years twenty-six (26)
                  through thirty (30) shall in no event be more than one hundred
                  and ten percent (110%), nor the rent for years fifty-one (51)
                  through fifty-five (55) be more than one hundred twenty-five
                  percent (125%), of the hypothetical increased rent that would
                  have resulted from determining the rent for such periods by
                  applying the "Consumer Price Index Increase or Decrease."

         (d)      Examples of computations hereunder are contained in EXHIBIT C
                  attached hereto.

           ARTICLE III. CONSTRUCTION, ALTERATIONS, FIXTURES, EQUIPMENT

         SECTION 3.01. PLANS AND SPECIFICATIONS. Tenant shall, at its own
expense, prepare plans and specifications for a new building and improvements to
be constructed on the Premises, which shall provide for a two story, concrete
and steel type construction of approximately 66,000 gross square

                                       7

<PAGE>

feet. The plans and specifications shall comply with the Architectural Design
Criteria attached hereto as EXHIBIT D and shall contain provision for
landscaping which complies with the Landscaping Standards and Criteria attached
hereto as EXHIBIT F. Within one hundred eighty (180) days of the date of this
Lease, Tenant shall submit the plans and specifications to Landlord for written
approval or disapproval. The approval agent for Landlord is the University
Research Park Design Review Board. Landlord shall in writing approve or
disapprove the plans and specifications within forty-five (45) days of receipt
thereof. If Landlord disapproves of the plans and specifications, Landlord shall
give Tenant an itemized statement of the reason therefor, and Tenant shall make
necessary changes and resubmit the plans and specifications for approval prior
to the commencement of construction. Approved plans and specifications for the
initial construction shall be attached to this Lease as EXHIBIT E at the time of
approval.

         SECTION 3.02. CONSTRUCTION, ALTERATIONS, IMPROVEMENTS AND CHANGES.
Tenant, at its own expense, shall construct a building and/or other improvements
on the Premises pursuant to the plans approved under Section 3.01 for the use
set forth in Section 6.01. After the completion of such initial construction,
Tenant shall have the right to make such alterations, improvements and changes
to such building and/or other improvements as Tenant may deem necessary. Prior
to undertaking any subsequent structural or exterior alterations, improvements
or changes after the initial construction, Tenant shall obtain Landlord's prior
approval of plans and specifications. Any building and/or other improvements
(including initial construction) shall be constructed in full compliance with
any and all laws, ordinances, rules and regulations which may govern the same,
including applicable provisions of the Americans With Disabilities Act, and
shall be constructed in accordance with plans and specifications approved by
Landlord. Tenant shall be solely liable for obtaining and paying the costs of
all governmental permits, licenses and/or approvals necessary to

                                       8

<PAGE>

construct the improvements and/or to operate Tenant's business therein. Tenant
shall promptly pay all contractors and materialmen for work and supplies and
shall not permit any lien to be attached to the Premises. Should any lien be
made, Tenant shall bond against or discharge the same within thirty (30) days
and hold Landlord harmless against any loss or damage by reason of Tenant's
construction of any building or improvement on the Premises. Prior to commencing
construction Tenant shall provide Landlord with satisfactory evidence of
Tenant's ability to pay all costs of construction.

         Subject to the provisions of Section 11.04, initial construction shall
commence no later than September 30, 1999, and shall be substantially completed
no later than eighteen (18) months after the date of commencement. In the event
that such construction is not commenced or completed by Tenant within the
aforesaid time periods, Landlord shall have the option to terminate this Lease
on thirty (30) days' written notice to Tenant given within thirty (30) days
after the expiration of the specified construction commencement or completion
period, as applicable. Said option shall be in addition to any other rights to
Landlord hereunder.

         SECTION 3.03. FIXTURES AND EQUIPMENT. Tenant may, at its own expense,
furnish and install such business and trade fixtures and equipment in and on the
Premises as may be necessary or desirable for Tenant's business. Such fixtures
and equipment shall remain the personal property of Tenant and shall be removed
by Tenant at the expiration or termination of this Lease. Upon removal of such
fixtures and equipment, Tenant shall restore the Premises to its condition at
the beginning of the term, reasonable wear and tear excepted. Tenant's
obligation hereunder shall survive the expiration or termination of this Lease.

                                       9

<PAGE>

          ARTICLE IV. MAINTENANCE, REPAIR, LANDSCAPING AND DESTRUCTION

         SECTION 4.01. MAINTENANCE AND REPAIR BY TENANT. Tenant shall, at its
own cost and expense, keep, maintain and repair the Premises, including all
buildings and improvements of every kind which may be a part thereof, (whether
interior or exterior, structural or non-structural); all heating, electrical,
air conditioning, ventilating and plumbing equipment therein; and all
appurtenances thereto, including sidewalks and parking areas adjacent thereto,
in good condition and repair, and shall repair, restore and replace any such
improvements which may become inoperable or be destroyed or damaged by fire,
casualty or any other cause. Tenant shall comply with all federal, state,
county, municipal and other governmental statutes, ordinances, laws and
regulations affecting the Premises and improvements thereon, or any activity or
condition on or in the Premises. Tenant shall, at its own expense, keep the
Premises in sanitary, clean and neat order and keep the sidewalks and parking
area free of snow and trash.

         At Landlord's option, subsequent to reasonable notice given by Landlord
to Tenant, either generally or with regard to a specific circumstance, Landlord
may undertake to keep and maintain sidewalks, parking areas, and other exterior
improvements other than the exterior portions of buildings upon Tenant's failure
to do so, at Tenant's expense.

         Without limiting any of its other rights hereunder Landlord retains the
right to landscape, construct and maintain drainage and storm water control
swales, construct a fence, and erect signs in accord with applicable landscaping
standards and criteria in the area of the Premises which borders on and is
within fifty feet of roadways or which is designated as a water detention area.
In addition, any lands in restored prairie areas shall be kept and maintained by
Landlord at Landlord's expense and Landlord reserves the right to enter such
areas for the purpose of maintaining the same.

                                       10

<PAGE>

         SECTION 4.02. LANDSCAPING. Within one hundred twenty (120) days
following Tenant's substantial completion of construction of improvements
pursuant to Section 3.02, Tenant shall, at Tenant's sole cost and expense
complete landscaping of the Premises in accordance with the Landscaping
Standards and Criteria attached hereto as EXHIBIT F and the plans and
specifications approved pursuant to Section 3.01.

         Tenant shall at all times during the term of this Lease, keep and
maintain landscaping on the Premises in accordance with the Landscaping
Standards and Criteria set forth in EXHIBIT F and in accordance with such
further and/or additional Standards and Criteria which may be reasonably
established by the Landlord.

         At Landlord's option, subsequent to reasonable notice given by Landlord
to Tenant, either generally or with regard to a specific circumstances, Landlord
may undertake to keep and maintain the landscaping on the Premises, at Tenant's
expense.

         Without limiting any of its other rights hereunder Landlord retains the
right to landscape, construct a fence, and erect signs in accord with applicable
landscaping standards and criteria in the area of the Premises which borders on
and is within fifty feet of roadways or which is designated as a water detention
area. In addition, any lands in restored prairie areas shall be kept and
maintained by Landlord at Landlord's expense and Landlord reserves the right to
enter such areas for the purpose of maintaining the same.

         SECTION 4.03. DAMAGE OR DESTRUCTION. The damage, destruction or partial
destruction of any building or other improvement on the Premises shall not
release Tenant from any obligation under this Lease. In the event of such damage
or destruction, Tenant shall, at its own cost and expense, promptly repair and
restore the same to a condition as good or better than that which existed prior
to the damage or destruction. The foregoing notwithstanding, in the event the

                                       11

<PAGE>

improvements constructed by Tenant are substantially damaged or destroyed at any
time when there remains fewer than five years in the term of this Lease,
including any renewal term then in effect, Tenant may terminate this Lease by
written notice to Landlord provided Tenant is not in default and otherwise
complies with this Lease. Upon such termination and upon the written request of
Landlord, Tenant shall demolish and remove all such improvements as shall be
directed by Landlord. The costs of demolition and removal shall be paid by
Tenant. All demolition and removal shall be completed within ninety (90) days
after the written request of Landlord. In the event Tenant elects to terminate
pursuant to this paragraph any insurance proceeds otherwise payable to Tenant as
a result of the damage to or destruction of the improvements, net of the costs
of demolition and removal, shall become the property of the Landlord.

                         ARTICLE V. UTILITIES AND TAXES

         SECTION 5.01. UTILITIES AND EXPENSES. Tenant shall, during the term of
this Lease, fully and promptly pay for all water, sewer, gas, heat, light,
power, telephone services and other public utilities of every kind furnished to
the Premises and used by Tenant. Tenant shall also pay for hook-up and/or
lateral charges, if any, required to bring utilities from public streets and
access ways. Landlord shall not be liable to Tenant for any interruption in the
aforesaid utility service.

         SECTION 5.02. REAL PROPERTY TAXES. Tenant shall during the term of this
Lease pay and discharge as they become due, promptly and before delinquency, all
taxes, assessments, special assessments, rates, license fees, municipal liens,
levies, excises or imports of every nature and kind levied, assessed, charged or
imposed on or against the Premises, Tenant's leasehold interest in the Premises,
personal property of any kind owned or placed in the Premises by Tenant, or,
except for taxes measured by Landlord's total income, the rents from, or
privilege of renting, the Premises. All

                                       12

<PAGE>

such taxes and charges (with the exception of personal property taxes on
Tenant's personal property) shall be prorated if necessary at the commencement
and expiration of the Lease term. Tenant shall provide Landlord with copies of
paid tax receipts within five (5) days of the date when such taxes, or any
installment thereof, become due. Notwithstanding the foregoing, Tenant shall be
obligated to pay installments of special assessments (using the longest
amortization schedule available) coming due during the term of this Lease.

         In addition, in the event the holder of any mortgage on the Premises or
any improvements thereon does not require, and in the event Tenant shall be in
default with respect to payment of any amounts hereunder, at Landlord's request,
Tenant shall pay monthly, as additional rent, along with regular base rent
payments, an amount equal to one-twelfth (1/12) of Tenant's estimated annual
real estate tax, personal property tax or special assessment obligation next
becoming due with respect to the Premises. Tenant's estimated annual real estate
tax obligation shall not be less than its prior year's real estate-tax
obligation. Landlord shall hold such additional rent payments in escrow, with no
obligation to pay interest thereon, for the sole purpose of satisfying Tenant's
real estate tax obligation.

         Tenant shall have the right at its own cost and expense to initiate and
prosecute any proceedings permitted by law for the purpose of obtaining an
abatement of or otherwise contesting the validity or amount of taxes assessed to
or levied upon the Premises and required to be paid against Landlord's estate
and, if required by law, Tenant may take such action in the name of Landlord who
shall cooperate with Tenant to such extent as Tenant may reasonably require,
provided, however, that Tenant shall fully indemnity and save Landlord harmless
from all loss, cost, damage and expense incurred by or to be incurred by
Landlord as a result thereof, and further

                                       13

<PAGE>

provided Tenant shall, at Landlord's request, escrow or post a bond for the full
amount of the tax claimed pending such proceedings.

                         ARTICLE VI. CONDUCT OF BUSINESS

         SECTION 6.01. CONDITION AND USE. Tenant shall use the Premises only for
a laboratory and office or for any other use permitted under applicable zoning
regulations and recorded building and use restrictions, except with Landlord's
prior written approval. No use shall be permitted, or acts done, which will
cause a cancellation of any insurance policy covering the Premises. Tenant shall
not sell, permit to be kept, used or sold in or about the Premises any article
which may be prohibited by the standard form of fire insurance policy unless
Tenant shall first have furnished Landlord with written confirmation that Tenant
has procured extended insurance coverage permitting such use, storage, or sale,
and thereafter, for as long as such use, storage, or sale continues, furnishes
such confirmation at the time of any renewal of such insurance. Tenant shall, at
its own expense, comply with all requirements of any insurance company necessary
for the maintenance of insurance required in this Lease.

         SECTION 6.02. WASTE AND NUISANCE. Tenant shall comply with all
applicable laws, ordinances, regulations and/or deed and plat restrictions
affecting the use and occupancy of the Premises. Tenant shall not commit, or
permit to be committed, any waste or nuisance on the Premises.

         SECTION 6.03. RIGHT OF ENTRY. Tenant shall permit Landlord and its
agents and employees, upon prior notice, to enter into and upon the Premises at
all reasonable times during business hours for the purpose of inspecting the
same.

                                       14

<PAGE>

                     ARTICLE VII. INSURANCE AND INDEMNITIES

         SECTION 7.01. CASUALTY INSURANCE. Tenant shall, at all times during the
term of this Lease, at Tenant's sole expense, keep all improvements, which are
now or hereafter located on a part of the Premises, insured against loss or
damage by fire and the extended coverage hazards at full insurable value with
loss payable to Tenant and Landlord as their interests may appear. Tenant shall
pay the premiums thereon when due and shall comply with the co-insurance
provisions thereof, if any.

         SECTION 7.02. PUBLIC LIABILITY INSURANCE. Tenant shall, at all times
during the term of this Lease, at Tenant's sole expense, keep in full force and
effect a policy of public liability and property damage insurance with respect
to the Premises and all business operated thereon, with limits of public
liability not less than One Million ($1,000,000.00) Dollars for injury or death
to any one person, and One Million ($1,000,000.00) Dollars for injury or death
in any one occurrence, and property damage liability insurance in the amount of
Three Hundred Thousand ($300,000.00) Dollars. The policies shall name Tenant and
Landlord as co-insureds. Landlord may from time to time during the term of this
Lease require increases in the above-stated coverage limits consistent with
prudent business practices.

         Tenant shall, with respect to any insurance coverage required in this
Lease, furnish Landlord with certificates of insurance stating that Landlord
will be notified in writing thirty (30) days prior to cancellation, material
change or non-renewal of insurance.

         SECTION 7.03. LOSS AND DAMAGE. Tenant shall be solely responsible for
carrying personal property insurance sufficient to cover loss of all personal
property on the Premises. Landlord shall not be liable for any damage to or loss
of property of Tenant or others located on the Premises.

         SECTION 7.04. HOLD HARMLESS. Landlord shall not be liable for any loss,
injury, death, or damage to persons or property which at any time may be
suffered or sustained by Tenant or by any

                                       15

<PAGE>

person whosoever may at any time be using or occupying or visiting the Premises
or be in, or about the same, whether such loss, injury, death, or damage shall
be caused by or in any way result from or arise out of any act, omission, or
negligence of Tenant or of any occupant, subtenant, visitor, or user of any
portion of the Premises, or shall result from or be caused by any other matter
or thing whether of the same kind as or of a different kind than the matters or
things above set forth, and Tenant shall indemnify Landlord against all claims,
liability, loss, or damage whatsoever on account of any such loss, injury, death
or damage. Tenant hereby waives all claims against Landlord for damages to the
building and improvements that are now on or hereafter placed or built on the
Premises and to the property of Tenant in, on, or about the Premises, and for
injuries to persons or property in or about the Premises, from any cause arising
at any time. The two preceding sentences shall not apply to loss, injury, death,
or damage arising by reason of the negligence or misconduct of Landlord, its
agents, or employees.

                      ARTICLE VIII. EFFECT OF CONDEMNATION

         SECTION 8.01. TOTAL CONDEMNATION. In the event that the entire
Premises, or such part of the Premises as will render the remainder untenantable
shall be appropriated or taken under the power of eminent domain by any public
or quasi-public authority, this Lease shall terminate and expire as of the date
of taking.

         SECTION 8.02. PARTIAL CONDEMNATION. In the event of partial
condemnation, not rendering the remainder of the Premises untenantable, this
Lease shall remain in full force and effect, with the exception that the base
rent shall be reduced in proportion to the area of the Premises lost by
condemnation. The foregoing notwithstanding, in the event of such a partial
condemnation at any time when there remains fewer than five years in the term of
this Lease, including any renewal term then in effect, Tenant may terminate this
Lease by written notice to Landlord provided

                                       16

<PAGE>

Tenant is not in default and otherwise complies with this Lease. Upon such
termination and upon the written request of Landlord, Tenant shall demolish and
remove all such improvements as shall be directed by Landlord. The costs of
demolition and removal shall be paid by Tenant. All demolition and removal shall
be completed within ninety (90) days after the written request of Landlord. In
the event Tenant elects to terminate pursuant to this paragraph any condemnation
awards otherwise payable to Tenant as a result of the partial condemnation, net
of the costs of demolition and removal and net of any award to the Tenant for
relocation expenses, shall become the property of the Landlord.

         SECTION 8.03. CONDEMNATION AWARD. In the event of any condemnation and
notwithstanding any provision of this Lease or by operation of law that
leasehold improvements may be or shall become the property of Landlord at the
expiration of the term hereof, but subject to Section 8.02, above, the loss of
all improvements paid for by Tenant, the loss of Tenant's leasehold estate, and
such additional relief as may be provided by law shall be the basis of Tenant's
damages against the condemning authority, if a separate claim therefor is
allowable under applicable law, or the basis of Tenant's claim to a portion of
the total award if only one award is made.

                               ARTICLE IX. DEFAULT

         SECTION 9.01. NOTICE OF DEFAULT TO TENANT. Tenant shall not be deemed
to be in default hereunder in the payment of base rent or in the payment of any
other charges or with respect to any other terms, covenants or conditions as
herein required unless Landlord shall first give Tenant thirty (30) days'
written notice of such default, and Tenant fails to cure the default within
thirty (30) days, or if the default is of such a nature that it cannot
reasonably be cured within thirty (30) days, Tenant fails to commence to cure
the default within thirty (30) days or fails thereafter to proceed to the curing
of such default with all possible diligence. Notwithstanding the foregoing, if
Tenant has

                                       17

<PAGE>

previously failed to pay base rent when due and Landlord shall have given
written notice of such failure for both of the two (2) immediately prior base
rent payments or shall have previously, over the term of this Lease, given an
aggregate of ten (10) prior notices with respect to a failure of Tenant to pay
base rent when due, then no further notice or right to cure shall be required.

         SECTION 9.02. TENANT'S DEFAULT. In the event of Tenant's default in the
payment of base rent or any other charges or with respect to any other terms,
covenants or conditions as herein required, and Tenant's failure to cure,
Landlord, in addition to any other rights or remedies it may have, shall have
the immediate right of re-entry and may remove all persons and property from the
Premises; such property may be removed and stored in a public warehouse or
elsewhere at the cost of, and for the account of, Tenant. Should Landlord elect
to re-enter, as herein provided, or should it take possession pursuant to legal
proceedings or pursuant to any notice provided for by law, Landlord may either
terminate this Lease or it may from time to time, without terminating this
Lease, re-let the Premises, or any part thereof, for such term or terms and at
such rental or rentals and on such other terms and conditions as Landlord, in
its sole discretion, may deem advisable, with the right to make alterations and
repairs to the improvements located on the Premises. On each such re-letting:

         (a)      Tenant shall be immediately liable to pay to Landlord, in
                  addition to any indebtedness other than rent due hereunder,
                  the expenses of such re-letting and of such alterations and
                  repairs incurred by Landlord, and the amount, if any, by which
                  the rent reserved in this Lease for the period of such
                  re-letting (up to, but not beyond, the term of this Lease)
                  exceeds the amount agreed to be paid as rent for the Premises
                  for such period on such re-letting; or

                                       18

<PAGE>

         (b)      At the option of Landlord, rents received by Landlord from
                  such re-letting shall be applied first, to the payment of any
                  indebtedness, other than rent due hereunder from Tenant to
                  Landlord; second, to the payment of any expenses of such
                  re-letting and of such alterations and repairs, third, to the
                  payment of rent due and unpaid hereunder, and the residue, if
                  any, shall be held by Landlord and applied in payment of
                  future rent as the same may become due and payable hereunder.

         If Tenant has been credited with any rent to be received by such
re-letting under option (a) hereof, and such rent shall not be promptly paid to
Landlord by the new tenant, or if such rentals received from such re-letting
under option (b), hereof, during any month is less than that to be paid during
the month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord.
Such deficiency shall be calculated and paid monthly.

         No such re-entry or taking possession of the Premises by Landlord shall
be constructed as an election on the part of Landlord to terminate this Lease
unless a written notice of such intention is given to Tenant or unless the
termination thereof is decreed by a court of competent jurisdiction.
Notwithstanding any such re-letting without termination, Landlord may, at any
time thereafter, elect to terminate this Lease for such previous breach. Should
Landlord at any time terminate this Lease for any breach, in addition to any
other remedy it may have, Landlord may recover from Tenant all damages incurred
by reason of such breach, including the cost of recovering the Premises and
including the worth at the time of such termination of the excess, if any, of
the amount of rent and charges equivalent to rent reserved in this Lease for the
remainder of the stated term over the then reasonable rental value of the
Premises for the remainder of the stated term, all of which amounts shall be
immediately due and payable from Tenant to Landlord.

                                       19

<PAGE>

         SECTION 9.03. NOTICE OF LANDLORD'S DEFAULT. Landlord shall not be
deemed to be in default hereunder with respect to any of the terms, covenants,
or conditions of this Lease unless Tenant shall first give to Landlord thirty
(30) days' written notice of such default, and Landlord fails to cure the
default within the thirty (30) days, or if the default is of such a nature that
it cannot reasonably be cured within thirty (30) days, Landlord fails to
commence to cure such default within such period of thirty (30) days or fails
thereafter to proceed to the curing of such default with all possible diligence.

         SECTION 9.04. PARTIES MAY REMEDY DEFAULTS. In the event of any breach
hereunder by either party (and in lieu of Landlord's terminating this Lease as
hereinbefore provided), Landlord and Tenant respectively, may immediately or at
any time thereafter, after having given the other party the requisite notice to
cure the same and the time for such correction having elapsed, cure such breach
for the account and at the expense of the other party. If Landlord or Tenant at
any time, by reason of such breach, are compelled to pay, or elect to pay, any
sum of money, or incur any expense, including reasonable attorney's fees, in
instituting or prosecuting any action or proceeding to enforce such party's
rights under this paragraph, the sum or sums so paid or incurred by such party,
if paid or incurred by Landlord shall be deemed to be rent hereunder, and shall
be due from Tenant to Landlord on the first day of the month following the
payment of such respective sums, and, if paid or incurred by Tenant shall be
deductible, with interest at the Prime Rate, to the extent thereof from
subsequent payments of rent. This option given to the parties is intended for
their protection and its existence shall not release the parties from the
obligation to perform the terms and covenants herein provided or deprive
Landlord or Tenant of any legal rights which they may have by reason of other
party's default.

                                       20

<PAGE>

                      ARTICLE X. ASSIGNMENT AND SUBLETTING

         SECTION 10.01. TENANT'S ASSIGNMENT. Tenant shall not assign or transfer
this Lease without Landlord's prior written consent. Notwithstanding the
foregoing or anything to the contrary in Section 10.02, below, Tenant shall have
the right, without the consent of Landlord, to assign this Lease or sublet all
or any part of the Premises to (A) any entity succeeding to substantially all
the business and assets of Tenant, or (B) any corporation or entity which is a
parent, subsidiary or division of Tenant, whether by merger, consolidation,
purchase of assets or otherwise. Any such assignment or subletting shall not
release the named Tenant hereunder form any and all obligation under this Lease.

         SECTION 10.02. TENANT'S SUBLEASING. Tenant shall have the right to
sublease portions of the Premises without Landlord's prior approval provided
that such subleasing meets the following requirements:

         (a)      The aggregate total area of the Premises subject to sublease
                  (whether by virtue of one or more subleases) shall not at any
                  time exceed twenty-five percent (25%) of the total floor area
                  of the Premises; and

         (b)      The term of the sublease shall not exceed the original term of
                  this Lease plus any renewal options which have then been
                  exercised; and

         (c)      The sublessee shall execute and deliver to Landlord a document
                  in form and content acceptable to Landlord, acknowledging this
                  Lease and agreeing that a termination or expiration of this
                  Lease shall at Landlord's sole option constitute a termination
                  or expiration of the sublease; and

         (d)      The sublessee's use of the Premises shall be limited to use in
                  conformance with Section 6.01 and Section 6.02.

                                       21

<PAGE>

         Any sublease which does not meet all of the above-stated requirements
shall be subject to Landlord's prior written approval. Tenant shall promptly
provide Landlord with copies of all executed subleases affecting the Premises.
No sublease shall operate to relieve Tenant of any obligation under this Lease.

         SECTION 10.03. LANDLORD'S ASSIGNMENT. Landlord shall have the right to
assign or transfer its interests in this Lease at any time, provided that the
assignee or transferee assumes and agrees to be bound by the terms of this Lease
and further provided that Landlord notifies Tenant of such assignment and
provides Tenant with an executed copy of the agreement whereby the assignee or
transferee agrees to be bound by the terms hereof.

         SECTION 10.04. MORTGAGE BY TENANT.

         (a)      The Tenant and every successor tenant is given and has the
                  right to mortgage or assign its interests in this Lease
                  without the Landlord's prior consent, provided that no other
                  mortgage of this Lease is outstanding at the time such
                  mortgage is granted. If the Tenant or any successor or assign
                  shall mortgage this leasehold, then so long as such mortgage
                  shall remain in effect the following provisions will apply:

                  (i)      NONBINDING EFFECT ON LANDLORD. No mortgage, or
                           assignment of this Lease shall be binding upon the
                           Landlord in the enforcement of its rights under this
                           Lease, nor shall the Landlord be deemed to have any
                           notice thereof, unless and until a fully conformed
                           copy of each instrument affecting such mortgage or
                           assignment, in form proper for record, shall have
                           been delivered to the Landlord.

                                       22

<PAGE>

                  (ii)     LEASE SURRENDER. There shall be no cancellation,
                           surrender, acceptance of surrender, or modification
                           of this Lease, without the prior consent in writing
                           of the leasehold mortgagee.

                  (iii)    NOTICE OF DEFAULT, CURE. The Landlord shall, upon
                           serving on the Tenant any notice of default or any
                           other notice under this Lease, simultaneously serve a
                           copy of such notice upon the leasehold mortgagee, and
                           no notice of such default shall be deemed to have
                           been duly given unless and until a copy thereof has
                           been so served. The mortgagee shall thereupon have
                           the same time within which to remedy or cause to be
                           remedied the defaults complained of as is allowed to
                           the Tenant, and the Landlord shall accept such
                           performance by or at the instigation of the mortgagee
                           as if such performance had been accomplished by the
                           Tenant.

                  (iv)     EXTENSION OF TIME TO CURE. If the Landlord elects to
                           terminate this Lease by reason of any default of the
                           Tenant, the leasehold mortgagee shall not only have
                           and be subrogated to all rights of the Tenant with
                           respect to curing such default, but shall also have
                           the right to postpone and extend the specified date
                           for the termination of this Lease as fixed by the
                           Landlord in its notice of termination, for a period
                           of not more than six months, provided that: (1) the
                           mortgagee shall cure any then existing default and,
                           meanwhile, pay the rent and additional rent and
                           perform all of the other requirements of this Lease
                           required to be performed by the Tenant; (2) no
                           further defaults shall accrue hereunder during such
                           extended period; and (3) the mortgagee

                                       23

<PAGE>

                           forthwith takes steps to acquire the Tenant's
                           interest in this Lease by foreclosure of its
                           mortgagee or otherwise.

                  (v)      INSURANCE. The name of the leasehold mortgagee may be
                           added to the loss payable endorsement of any and all
                           insurance policies required to be carried by the
                           Tenant hereunder. Subject to the provisions of any
                           fee mortgage, the Landlord will make available
                           jointly to the Tenant and to the leasehold mortgagee,
                           all insurance or condemnation proceeds to which the
                           Tenant may be entitled hereunder, for purposes of
                           restoration of the leased property.

                  (vi)     ESTOPPEL CERTIFICATE. The Landlord, within ten days
                           after a request in writing by the Tenant or the
                           leasehold mortgagee, shall furnish a written
                           statement, duly acknowledged, that this Lease is in
                           full force and effect and that there is no default
                           hereunder by the Tenant, or if there is a default
                           such statement shall specify the default which the
                           Landlord claims to exist.

                  (vii)    EXTENSION OF LEASE. If the Tenant fails to exercise
                           any extension or renewal option provided to it in
                           this Lease, the Landlord shall send the leasehold
                           mortgagee notice thereof, and such mortgagee, within
                           ten days after such notice, may exercise any such
                           option on behalf of the Tenant.

         (b)      Landlord shall agree to subordinate its interest in the
                  Premises and improvements thereon to such mortgage provided
                  all of the following requirements are met:

                  (i)      USE OF FUNDS. The proceeds of the same are used for
                           the construction of improvements on the Premises or
                           financing or refinancing such improvements.

                                       24

<PAGE>

                  (ii)     AMOUNT. The appraised value of all improvements on
                           the Premises, including improvements to be
                           constructed with the proceeds of such mortgage,
                           determined in accord with Section 11.11, at the time
                           any such mortgage is created, modified, extended,
                           renewed, increased, or revised shall be no less than
                           1.33 times the maximum principal amount then secured
                           by such mortgage.

                  (iii)    TERM. Such mortgage shall not be for a term or
                           maturity extending beyond thirty (30) years and shall
                           be satisfied and cease to be a lien on the Premises
                           not later than the earlier of thirty (30) years or
                           one (1) year prior to the expiration of the original
                           term of this Lease and the term of any extension or
                           renewal which is in effect at the time such mortgage
                           is created.

                  (iv)     AMORTIZATION. The principal amount secured by such
                           mortgage shall be amortized at least as rapidly as
                           thirty (30) year level payment (including both
                           principal and interest) amortization and the maximum
                           required principal and interest payment in any lease
                           year shall be no more than 1.5 times the lowest
                           required principal and interest payment in any lease
                           year.

                  (v)      INSTITUTIONAL LENDER. Such mortgage shall be held by
                           an institutional lender, namely a bank, savings and
                           loan association, credit union, insurance company,
                           pension fund, annuity fund, or government agency
                           engaged in the business of making commercial first
                           mortgage loans.

                  (vi)     DEBT SERVICE COVERAGE. If Tenant or an assignee
                           permitted under Section 10.01 is not to be the
                           occupant of the Premises, then, on a proforma basis,
                           cash available for debt service during the five (5)
                           lease years succeeding the

                                       25

<PAGE>

                           creation of any such mortgage shall be no less than
                           1.15 times the debt service for such period. Debt
                           service shall include interest and principal
                           amortization on all indebtedness secured by the
                           Premises or incurred for purposes of operating the
                           Premises plus amounts payable on any leases having a
                           term of one (1) year or more, including base rents
                           under this Lease. Cash available for debt service
                           shall mean net income from the Premises determined in
                           accord with generally accepted accounting principles
                           plus depreciation plus interest included in debt
                           service plus any lease payments included in debt
                           service but also included as an expense in
                           determining net income. Compliance with the foregoing
                           shall be demonstrated by a feasibility study and
                           analysis completed within sixty (60) days prior to
                           the creation of such mortgage by a nationally
                           recognized commercial property management consultant
                           or nationally recognized independent firm of
                           certified public accountants satisfactory to
                           Landlord.

                  (vii)    DOCUMENTS. Landlord shall be provided with true and
                           correct copies of all mortgage documents.

                  (viii)   NOTICE OF DEFAULT AND RIGHT TO CURE. The documents
                           for such mortgage shall provide that Landlord shall
                           receive the same notice of default, cure, and
                           extension of time to cure from mortgagee in regard to
                           the mortgage as Landlord is required to furnish to a
                           mortgagee under Section 10.04(a)(iii) and Section
                           10.04(a)(iv) with regard to this Lease.

                  (ix)     SECOND MORTGAGE AND ASSIGNMENT OF RENTS AND LEASES.
                           At Landlord's request, Tenant shall execute and
                           deliver to Landlord a second mortgage in

                                       26

<PAGE>

                           an amount equal to the appraised value of the real
                           estate constituting the Premises without improvements
                           at the time of the creation of such mortgage and an
                           assignment of rents and leases securing the
                           Landlord's interests in the Premises.

                  (x)      NONRECOURSE. Such mortgage shall be nonrecourse in
                           that it is not secured by the personal liability of
                           any individual or partner but, rather, is secured
                           only by the Premises and the income generated
                           therefrom.

                  Notwithstanding anything herein to the contrary Tenant
                  covenants to comply with the terms and requirements of any
                  mortgage on the Premises and that a default on any mortgage
                  shall constitute a default hereunder.

                            ARTICLE XI. MISCELLANEOUS

         SECTION 11.01. ACCORD AND SATISFACTION. No payment received by Landlord
of a lesser amount than the rent or other charges due hereunder shall be deemed
to be other than on account of the earliest stipulated rent or other charges nor
shall any statement on a check or any letter accompanying a payment of rent or
other charges be deemed an accord and satisfaction. Landlord may accept payment
without prejudice to Landlord's right to recover the balance of rent or other
charges or pursue any remedy in this Lease.

         SECTION 11.02. ENTIRE AGREEMENT. This Lease and EXHIBITS A, B, C, D, E
AND F attached hereto, set forth all covenants, promises, agreements, conditions
and understandings between Landlord and Tenant concerning the Premises. There
are no covenants, promises, agreements, conditions or understandings, either
oral or written, between the parties hereto other than as herein set forth. No
subsequent change or addition to this Lease shall be binding upon Landlord or
Tenant unless reduced to writing and signed by them.

                                       27

<PAGE>

         SECTION 11.03. NO PARTNERSHIP. Landlord does not in any way become a
partner, joint venturer or member of a joint enterprise with Tenant.

         SECTION 11.04. FORCE MAJEURE. If either party is delayed from the
performance of any act required hereunder (except the payment of money) by
reason of labor troubles, inability to procure materials, failure of power,
restrictive governmental regulations, riots, insurrection, war or like reasons
not the fault of the party delayed, then the period for performance of the act
shall be extended for a period equivalent to the period of the delay.

         SECTION 11.05. WAIVER. The waiver by Landlord or Tenant of any breach
of any term, covenant, or condition herein shall not be deemed a waiver of the
term, covenant or condition. The acceptance of rent by Landlord shall not be
deemed a waiver of any preceding breach by Tenant of any covenant herein, other
than the failure of Tenant to pay the rent so accepted. No covenant, term or
condition of this Lease shall be waived by Landlord or Tenant, unless the waiver
be in writing.

         (a)      NOTICES. Any notice given or required to be given to Landlord
                  shall be sent or personally delivered as follows:

         UNIVERSITY RESEARCH PARK, INC.
         1265 WARF BUILDING
         610 WALNUT STREET
         MADISON, WI 53705

         With a copy to:

         THOMAS P. SOLHEIM
         SOLHEIM BILLING & GRIMMER, S.C.
         PO BOX 1644,
         ONE SOUTH PINCKNEY STREET, SUITE 750
         MADISON, WI 53701-1644

                                       28

<PAGE>

         Any notices given or required to be given to Tenant shall be sent or
         personally delivered as follows:

         PANVERA CORPORATION
         545 SCIENCE DRIVE
         MADISON, WI 53711
         ATTN: PRESIDENT

         Any notices given or required to be given to Tenant's mortgagee shall
         be sent or personally delivered as follows:

         ASSOCIATED BANK SOUTH CENTRAL
         1720 MONROE STREET
         P.O. BOX 2016
         MADISON, WI 53701-2016

         Notices shall be deemed given when deposited in the U.S. Mail, postage
         prepaid and correctly addressed, certified mail, to the respective
         parties or when personally delivered. Either party may change its
         respective above-stated address by written notice to the other party.

         SECTION 11.06. PARTIAL INVALIDITY. If any provision of this Lease or
any specific application shall be invalid or unenforceable, the remainder of
this Lease, or the application of the provision in other circumstances, shall
not be affected, and each provision of this Lease shall be valid and enforceable
to the fullest extent permitted by law.

         SECTION 11.07. MEMORANDUM OF LEASE. At the commencement of the lease
term, Landlord and Tenant upon the request of either party shall execute a
Memorandum of Lease in a form approved for recording by the laws of the State of
Wisconsin. Either party at its sole cost shall be entitled to record the
Memorandum of Lease with the Office of the Register of Deeds for Dane County,
Wisconsin.

                                       29

<PAGE>

         SECTION 11.08. CONSENT NOT TO BE UNREASONABLY WITHHELD. Where any
provision of this Lease requires prior written consent by either party, such
consent shall not be unreasonably withheld nor unduly delayed.

         SECTION 11.09. QUIET TITLE. Landlord covenants and warrants that, as of
the date Landlord is to deliver occupancy of the Premises, Landlord will be
seized in fee title to the Premises free and clear of all encumbrances,
easements, right of way, reservations, restrictions, covenants, limitations and
conditions which might prohibit or materially restrict or affect the
construction, maintenance or operation of Tenant's business as stated in Section
6.01 with its necessary appurtenances; and that for so long as Tenant fulfills
the conditions and covenants required of Tenant under this Lease, Tenant shall
have peaceful and quiet possession of the Premises subject only to the
provisions hereof and of any recorded restrictions, covenants, and easements,
including, without limitation, Landlord's right to install utilities and other
permitted improvements in easement areas. Landlord further covenants and
warrants that Landlord has good right, full power and lawful authority to enter
into this Lease for the full term and extensions hereof.

         SECTION 11.10. CERTAIN EXPENSES OF LANDLORD. Any out-of-pocket expenses
reasonably incurred by Landlord for purposes of considering or acting upon any
request for consent or waiver under, or modification of, any of the provisions
of this Lease, including reasonable attorney's fees, shall be promptly
reimbursed by Tenant upon Landlord's request.

         SECTION 11.11. REMEDIES CUMULATIVE. All remedies conferred on Landlord
and Tenant by this Lease shall be deemed cumulative and no one exclusive of the
other or of any other remedy conferred by law.

         SECTION 11.12. BINDING EFFECT. The covenants and agreements contained
in this Lease shall bind the respective successors, heirs and legal
representatives of the parties hereto.

                                       30

<PAGE>

         SECTION 11.13. APPLICABLE LAW. This Lease shall be governed by the laws
of the State of Wisconsin.

         SECTION 11.14. HOLDING OVER. Any holding over after the expiration of
the term or any extended term of this Lease with Landlord's consent shall be
construed to be a tenancy from month to month at twice the base rental and
otherwise on the same terms and conditions hereof.

         SECTION 11.15. COUNTERPARTS. This Lease may be executed in any number
of counterparts, each of which when executed and delivered shall be deemed an
original, but such counterparts together shall constitute one and the same
instrument.

         IN WITNESS WHEREOF, this Lease has been made, executed, and delivered
as of the date and year first set forth above.

LANDLORD:                                     TENANT:
         University Research Park, Inc.              PanVera Corporation

By: /s/ WAYNE F. MCGOWN                       By: /s/ RALPH KAUTEN
    --------------------------------              ---------------------------
        Wayne F. McGown
        Assistant Secretary/Treasurer

Date: 10-7-98                                 Date: 10/7/98

LANDLORD ACKNOWLEDGMENT

STATE OF WISCONSIN   )
                     )ss.
COUNTY OF DANE       )

Personally came before me this 7th day of October, 1998. Wayne F. McGown,
Assistant Secretary/Treasurer, of University Research Park, Inc., to me known to
be the person who executed the foregoing instrument, and to me known to be such
Assistant Secretary/Treasurer of said corporation, and acknowledged that he
executed the foregoing instrument as such officer as the deed of said
corporation, by its authority.

                                              /s/ [ILLEGIBLE]
                                              ---------------------------------
                                              NOTARY PUBLIC, State of Wisconsin
                                              My Commission is permanent

                                       31

<PAGE>

TENANT ACKNOWLEDGMENT

STATE OF WISCONSIN )
                   )ss.
COUNTY OF DANE     )

Personally came before me this 7th day of October, 1998, Ralph Kauten, the
President, of the above-named corporation, to me known to be the person who
executed the foregoing instrument, and to me known to be such President of said
corporation, and acknowledged that he/she executed the foregoing instrument as
such officer as the deed of said corporation, by its authority.

                                              /s/ [ILLEGIBLE]
                                              ---------------------------------
                                              NOTARY PUBLIC, State of Wisconsin
                                              My Commission is permanent

Exhibits

A -      Legal Description

B -      Rent Computations - CPI Adjustment

C -      Rent Computations - Reappraisal Adjustment

D -      Architectural Design Criteria

E -      Approved Plans and Specifications

F -      Landscaping Standards and Criteria

                                       32

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