Document:

Exhibit 10.17

 

Dated the 3rd day
of July 2015

 

Channor Limited

First Part

 

Blanchardstown Corporate Park Management
Limited

Second Part

 

Flamel Ireland Limited

Third Part

 

Flamel Technologies, S.A.

Fourth Part 

 

 

 

 

 

Lease of Second Floor, Block 10, Unit
1, Blanchardstown Corporate Park 1,

Blanchardstown, Dublin 15

 

 

 

 

AMOSS Solicitors

26 Burlington Road

Ballsbridge

Dublin 4

 

    	 	1	 

     

    

 

COUNTY DUBLIN

 

FOLIO 113065F

 

(Part of)

 

THIS INDENTURE made the day
of                                    
2015

 

		1.	BETWEEN

 

		1.1	CHANNOR LIMITED having its registered office at Block 10, Unit 3, Blanchardstown Corporate
Park, Dublin 15 (hereinafter called "the Landlord" which expression shall where the context so admits or requires
include its successors and assigns) of the First Part;

 

		1.2	BLANCHARDSTOWN CORPORATE PARK MANAGEMENT LIMITED having its registered office at Block 10,
Unit 3, Blanchardstown Corporate Park, Dublin 15 (hereinafter called “the Management Company” which expression
shall where the context so admits or requires include its successors and assigns) of the Second Part;

 

		1.3	FLAMEL IRELAND LIMITED having
its registered office at Arthur Cox Building, Earlsfort Terrace, Dublin 2 (hereinafter called “the Tenant” which
expression shall where the context so admits or requires include its successors and assigns) of the Third Part;

 

		1.4	FLAMEL TECHNOLOGIES, S.A. having its registered office at 33 avenue du Dr. Georges Levy,
69200 Vénissieux, France (hereinafter called “the Guarantor” which expression shall where the context
so admits or requires include its successors and assigns)

 

WITNESSETH

 

		2.	DEFINITIONS

 

In this Lease unless the context
otherwise requires the following expressions shall have the following meanings:-

 

		2.1	“the Base Rate” means the annual rate of interest for the time being chargeable
under Section 22 of the Courts Act 1981;

 

		2.2	“Block” means Block 10, Blanchardstown Corporate Park 1, Blanchardstown, Dublin
15, together with the building erected thereon of which the Demised Premises forms part;

 

		2.3	“Blocks” means all blocks currently constructed at the Park together with the
buildings erected thereon and such other blocks as may be constructed by the Landlord in the Park;

 

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		2.4	“Business Days” means a day(s) (other than a Saturday or a Sunday) on which
banks are normally open for trade in Dublin;

 

		2.5	“the Commencement Date” means ;

 

		2.6	“Common Areas” means all roads, bridges, pedestrian ways, water courses, lakes,
reservoirs, fountains, landscaped areas and recreational areas together with all buildings and other structures erected thereon
as well as all buildings and other structures which are from time to time during the Term designated and allocated by the Landlord
and/or the Management Company for the common use and benefit of occupiers and tenants of the Park and for the purpose of the passage
of such goods and vehicles as the Landlord and/or the Management Company may designate for the time being and from time to time
but does not include the Demised Premises, all other Units (or any parts thereof) in the Park and all Blocks (or any parts thereof)
in the Park (including for the avoidance of doubt the Retained Parts) PROVIDED ALWAYS that if the Park shall in any
way be altered by extension or addition or otherwise then the definition of “the Common Areas” shall, as and where
necessary, be modified accordingly;

 

		2.7	“Common Areas Service Charge” means the aggregate of the costs, expenses
and outgoings paid and incurred or borne or to be paid, incurred or borne as set forth in Part II of the Third Schedule by the
Landlord until the transfer of the Common Areas to the Management Company and thereafter by the Management Company in discharging
the obligations, executing the works and providing the services, amenities and facilities specified in Part I of the Third Schedule,
or all or any of them pursuant to the Landlord’s and/or Management Company's covenant in that behalf contained at Clause
7 of this Lease;

 

		2.8	“Conduits” mean gutters, gullies, pipes, drains, sewers, watercourses, channels,
trunks, ducts, flues, wires, cables and other conducting media and installations of whatsoever nature or kind passing through the
Park, the Block or the Demised Premises or part thereof from time to time;

 

		2.9	“Demised Premises" means the premises hereby demised and more particularly described
in the First Schedule;

 

		2.10	“Gross Internal Floor Area” means the gross internal floor area (as defined
from time to time in the Measuring Practice Guidance Notes issued jointly by the Society of Chartered Surveyors and others) of
the Demised Premises;

 

		2.11	“Group Company” has the same meaning as a related company pursuant to section
140(5)(a)-(d) of the Companies Act, 1990.

 

		2.12	“Initial Rent” means eighty one thousand euros
(€81,000.00) per annum (exclusive of VAT, which is payable);

 

		2.13	“Instalment Days” means 1st January, 1st April, 1st
July and 1st October in each year of the Term;

 

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		2.14	“Insured Risks" means, subject always to such exclusions, excesses and limitations
as are normally available and as may be imposed by the Landlord’s insurers, all or any loss or damage or prospective loss
or damage by fire, flooding, water, storm, tempest, lightning, explosion, earthquake, weather conditions, impact of aircraft and
articles dropped therefrom, impact by road vehicle, civil commotion, malicious damage, bursting or overflowing of water tanks,
apparatus and pipes, riot, affray, civil disturbance, war, revolution, subsidence and such further risks, perils to or in connection
with the Demised Premises forms part and the fixtures and fittings thereof and any such fees, expenses, charges and
monies of and incidental to the rebuilding, re-instatement or loss (whether total or otherwise) of the Demised Premises or any
part thereof as the Landlord may from time to time reasonably deem it desirable to insure against;

 

		2.15	“Internal Decoration Years” mean the year ending on the third anniversary hereof
and the year ending on the sixth anniversary hereof ;

 

		2.16	“Landlord’s Fixtures and Fittings” means the fixtures and fittings set
out in the Fifth Schedule hereto;

 

		2.17	“Lettable Areas” means any area (excluding Common Areas or areas which may be
included within Units but which are not for the exclusive benefit of the occupiers of said Unit) leased, disposed of or intended
to be leased or disposed of to occupiers or occupational tenants;

 

		2.17	“Local Authority” means Fingal County Council or such other body entrusted with
the duties of same;

 

		2.18	“Management Company Agreement” means the Agreement dated 20th
November 1998 made between the Landlord and the Management Company;

 

		2.19	“Park” means the lands, hereditaments and premises known as Blanchardstown Corporate
Park 1, Blanchardstown, Dublin 15, the present boundaries of which are shown edged blue on Plan A annexed hereto and which expression
shall include all additions and extensions to the said lands which are from time to time declared by the Landlord at its discretion
to form part of the Park for the purpose of this Lease and which shall exclude those parts thereof which are from time to time
declared by the Landlord at its discretion not to form part of the Park for the purposes of this Lease;

 

		2.20	“Permitted User” means use as offices;

 

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		2.21	“Planning Acts" shall be deemed to include the Local Government (Planning and
Development) Acts 1963 to 1999, the Planning and Development Acts 2000 to 2014, the Local Government (Sanitary Services) Act 1878
to 1964, the Building Control Acts 1990 - 2007, the Fire Services Act 1981, the Safety Health and Welfare at Work Act 1989 and
any Act or Acts for the time being in force amending, extending or replacing the same and any Orders, Regulations or Directions
issued under or by virtue of the said Acts of the Oireachtas for the time being in force amending or replacing same. Reference
to any other Acts of the Oireachtas shall where necessary or appropriate be deemed to include any Act amending, extending or replacing
the same and any Orders or regulations made thereunder or under any such amending extending or replacing Acts;

 

		2.22	"Rent" means the Initial Rent and such revised rent as may from time to time become
payable under the provisions of the Fourth Schedule hereto;

 

		2.23	“Rent Commencement Date” means the Commencement Date;

 

		2.24	“Retained Parts” means the parts of the Block which do not comprise Lettable
Areas including without prejudice to the generality of the foregoing (1) any parts of the main structure, roof, external walls
and internal load bearing walls, foundations, fire escape and structural parts of the roof along with the lift, stairs, lobbies,
hallways, corridors, ceilings, floors, beams, joists, all party structures, boundary walls, railings, and fences and all exterior
parts of the Block and car parking areas, if any, within the curtilage of the Block, (2) any parts of the Block reserved by the
Landlord for the housing of plant, machinery and equipment or otherwise in connection with or required for the provision of services
and (3) all conduits in, upon, under or within and exclusively serving the Block except any that form part of a Lettable Area;

 

		2.25	“Retained Parts Service Charge” means the aggregate of the costs, expenses and
outgoings paid and incurred or borne to be paid, incurred or borne as set forth in Part IV of the Third Schedule by the Landlord
in discharging the obligations, executing the works and providing the services, amenities and facilities specified in Part III
of the Third Schedule, or all or any of them pursuant to the Landlord’s and/or the Management Company’s covenant in
that behalf contained at Clause 7 of this Lease;

 

		2.26	“Reserved Property” means the Park save the Demised Premises;

 

		2.27	“Service Charge” means together the Common Areas Service Charge and the Retained
Parts Service Charge, which sum is payable by the Tenant as set out herein;

 

		2.28	“Services” means water, soil, air, electricity, telephone transmissions, radio
transmissions, television transmissions, oil, heating fuels and other services servicing the Park;

 

		2.29	“Term” means ten (10) years from the Commencement Date.

 

		2.30	“Tenant’s Proportion of the Common Area Service Charge” means a due proportion
of the Common Areas Service Charge equal to the ratio which the Gross Internal Floor Area of the Demised Premises bears from time
to time to the aggregate of the Gross Internal Floor Areas of all of the Lettable Areas within the Park;

 

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		2.31	“Tenant’s Proportion of the Retained Parts Service Charge” means a due
proportion of the Retained Parts Service Charge equal to the ratio which the Gross Internal Floor Area of the Demised Premises
bears from time to time to the aggregate of the Gross Internal Floor Areas of all of the Lettable Areas within the Block;

 

		2.32	“Tenant’s Proportion of the Utilities Service Charge” means one third
of the Utilities Service Charge;

 

		2.33	“Unit” or “Units” mean any part of the Park (including the Demised
Premises) which is let or intended to be let or disposed of to another tenant, which is comprised of (either wholly or partly)
Lettable Areas;

 

		2.34	“Utilities” means all channels, conduits, ducts, pipes, drains, watercourses,
ditches, gutters, wires, mains, cables, lighting installations and such like for the Services;

 

		2.35	“Utilities Service Charge” means the aggregate of the sums due in respect of
gas and water provided to and used by all occupants of Block 10 and the associated administrative and management fees.

 

		2.36	“VAT” means Value Added Tax.

 

		2.37	“VAT Act” means Value Added Tax Consolidation
Act, 2010;

 

		3.	INTERPRETATION

 

		3.1	Where two or more persons are included in the expression “the Landlord”, “the
Guarantor” and/or “the Tenant”, such expressions include all or any of such persons and the covenants which are
expressed to be made by the Landlord, the Guarantor and/or the Tenant shall be deemed to be made by or with such persons jointly
and severally.

 

		3.2	Words importing the masculine gender only include the feminine gender and words importing the singular
number only include the plural number and vice versa.

 

		3.3	Any covenant by the Tenant not to do any act or thing shall include an obligation not to permit
or suffer such act or thing to be done;

 

		3.4	References to any right of the Landlord to have access to or entry upon the Demised Premises shall
be construed as extending to all persons authorised by the Landlord and its agents, professional advisors, prospective purchasers
of any interest of the Landlord in the Demised Premises or in the Retained Parts, contractors, workmen or others;

 

		3.5	the titles or headings appearing in this Lease are for reference only and shall not affect its
construction or interpretation;

 

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		3.6	any reference to a clause or schedule shall mean a clause or schedule of this Lease;

 

		3.7	if any term or provision in this Lease shall be held to be illegal or unenforceable in whole or
in part, such term shall be deemed not to form part of this Lease but the enforceability of the remainder of this Lease shall not
be affected.

 

		4.	DEMISE

 

In consideration of the Rent
(and all variations thereof as hereinafter provided), and the covenants and conditions hereinafter reserved and contained the Landlord
hereby DEMISES unto the Tenant ALL THAT the Demised Premises TOGETHER WITH the rights specified in Part I
of the Second Schedule and the Management Company hereby confirms the rights specified in Part I of the Second Schedule EXCEPTING
AND RESERVING unto the Landlord, the Management Company as the case may be, the rights specified in Part II of the Second Schedule
TO HOLD the same for the Term YIELDING AND PAYING during the Term the Rent as defined herein, payable quarterly in
advance by equal payments on the Instalment Days and all payments to be made (at the option of the Landlord, which said option
may be exercised on any number of occasions) either by standing order, direct debit, credit transfer or cheque without any deductions,
set-off or counterclaim whatsoever, AND ALSO PAYING to the Landlord and/or the Management Company as the case may be;

 

		4.1	a percentage or due proportion (equivalent to the ratio which the Gross Internal Floor Area of
the Demised Premises bears to the aggregate of the Gross Internal Floor Areas of all of the Lettable Areas within the Block) of
all sums which the Landlord shall from time to time pay for insuring the Block against the Insured Risks pursuant to Clause 6.2
(including the whole of the sums which the Landlord shall from time to time pay for insuring against three years loss of the Rent
or such longer period as the Landlord may, from time to time, reasonably deem to be necessary to insure against and the Service
Charge), all such sums to be paid on demand the first payment to be made on the execution hereof and to be such amount as has been
advised to the Tenant prior to the delivery of this Lease;

 

		4.2	the Service Charge to be paid in accordance with Parts II and IV (as the case may be) of the Third
Schedule quarterly in advance by equal payments on the Instalment Days by direct debit;

 

		4.3	the Tenant’s Proportion of the Utilities Service Charge payable upon demand being made by
the Landlord and in such manner as the Landlord shall direct;

 

		4.4	any other sum recoverable by the Landlord as costs or expenses under this Lease, the same to be
paid at the times and in the manner herein prescribed for the payment of same

 

such sums
to be recoverable by action or distress as rent in arrears.

 

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		5.	TENANT’S COVENANTS

 

AND THE TENANT HEREBY COVENANTS
with the Landlord in the following manner:-

 

		5.1	Rents

 

To pay the Rent referred to at
Clause 4 and any additional sums payable herein at the times and in the manner herein prescribed for the payment of same.

 

		5.2	Interest on Arrears

 

If the Tenant shall fail to pay
the Rent herein reserved or any other sum reserved or made payable hereunder within twenty one (21) days of the date and in the
manner herein prescribed for the payment of same, whether demanded or not, such unpaid rent or sum shall bear interest from and
including the day or days on which the same became due to the date of actual payment at a rate which shall be the Base Rate per
annum which interest shall be recoverable by and be subject to all the rights and remedies of the Landlord for the recovery of
rent subject always and without prejudice to all rights of the Landlord hereunder.

 

		5.3	Outgoings

 

		5.3.1	To pay and indemnify the Landlord against all existing (from the date of this Lease) and future
rates, taxes, duties, charges, assessments, impositions and outgoings whatsoever (whether parliamentary, parochial, local or of
any other description and whether or not of a capital or non-recurring nature) which now are or may at any time during the Term
be charged, levied, assessed or imposed upon or payable in respect of the Demised Premises or upon the owner or occupier of them
(excluding any tax payable by the Landlord upon any of the rents herein received or occasioned by any disposition of or dealing
with the reversion of this Lease);

 

		5.3.2	To pay all charges for electricity, gas (if any), water and other services consumed in the Demised
Premises, including any connection and hiring charges and meter rents and to perform and observe all present and future regulations
and requirements of the electricity, gas and water supply authorities or boards in respect of the supply and consumption of electricity,
gas and water on the Demised Premises and to keep the Landlord indemnified against any breach thereof.

 

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		5.4	Repairs

 

To repair and keep in good and
substantial repair and condition the Demised Premises and, as often as may be necessary, to rebuild, reinstate or renew any part
or parts of the Demised Premises (damage by the Insured Risks excepted) (other than in respect of any amount which may be deducted
or disallowed by the insurers pursuant to any excess provision in the insurance policy upon settlement of any claim by the Landlord)
save to the extent that payment of the insurance moneys shall be withheld by reason of any act, neglect or default of the Tenant
or the servants or agents of the Tenant or any undertenant or any person under its or their control) and, as and when necessary,
to replace any of the Landlord's Fixtures and Fittings which may be or become beyond repair with new ones which are similar in
type and quality AND in case the Demised Premises or any part thereof shall be destroyed or become ruinous and uninhabitable or
incapable of beneficial occupation or enjoyment by for or from any of the Insured Risks the Tenant hereby absolutely waives and
abandons its rights (if any) to surrender this Lease under the provisions of Section 40 of the 1860 Act or otherwise PROVIDED ALWAYS
THAT the Tenant shall not be obliged to maintain the Demised Premises in any better state or condition than exists at the date
hereof as shown in the schedule of condition annexed hereto at the Fifth Schedule.

 

		5.5	Decorations

 

In every Internal Decoration Year
and also in the last three months of the Term (whether determined by effluxion of time or otherwise) in a good and workmanlike
manner to prepare and decorate (with two coats at least of good quality paint) or otherwise treat, as appropriate, all parts of
the Demised Premises required to be so treated and, as often as may be reasonably necessary, to wash down all tiles, glazed bricks
and similar washable surfaces such decorations and treatment in the last three months of the Term to be executed in such colours
and materials as the Landlord may reasonably require.

 

		5.6	Cleaning

 

To keep the Demised Premises in
a clean and tidy condition AND as often as reasonably necessary to clean properly all windows and window frames and all other glass
in the Demised Premises.

 

		5.7	Yield Up

 

		5.7.1	At the expiration or sooner determination of the Term quietly to yield up the Demised Premises
in such good and substantial repair and condition as shall be in accordance with the covenants on the part of the Tenant herein
contained and in any licence or consent granted by the Landlord pursuant to the provisions of this Lease and in case any of the
Landlord's Fixtures and Fittings shall be missing, broken damaged or destroyed to forthwith replace them with others of a similar
kind and of equal value and to remove from the Demised Premises any moulding, sign, writing or painting of the name or business
of the Tenant or occupiers and if so required by the Landlord, but not otherwise, to remove and make good to the original prevailing
condition, all alterations or additions made by the Tenant to and/or within those parts of the Demised Premises shown edged in
blue on the plan annexed at the Sixth Schedule hereto including the making good of any damage caused to the Demised Premises by
the removal of the Tenant’s fixtures, fittings, furniture and effects therein.

 

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		5.7.2	For the avoidance of doubt the Landlord and the Tenant agree to jointly inspect the Demised Premises
prior to the Determination Date or prior to the expiration or sooner determination of the Term to ensure that the Demised Premises
are returned to the original prevailing condition as per the photographic schedule of condition, agreed between the parties, attached
to this lease at the Fifth Schedule BUT PROVIDED ALWAYS that notwithstanding the foregoing provisions, the Tenant shall not be
obliged to remove its fit-out, fixtures and fittings to and/or within the area shown edged in green on the plan annexed at the
Sixth Schedule hereto.

 

		5.8	Rights of entry by Landlord and Management Company

 

To permit the Landlord and/or the
Management Company with all necessary materials and appliances at all reasonable times upon reasonable prior notice (except in
cases of emergency) to enter and remain upon the Demised Premises for any of the following purposes:-

 

		5.8.1	to view and examine the state and condition of the Demised Premises and to take schedules or inventories
of the Landlord's Fixtures;

 

		5.8.2	to exercise any of the rights excepted and reserved by this Lease or of the covenants contained
in this Lease;

 

		5.8.3	for any other purpose connected with the interest of the Landlord or the Management Company in
the Demised Premises or the Block, including but not limited to, valuing or disposing of any interest of the Landlord or the Management
Company.

 

		5.9	To Comply with Notices

 

Whenever the Landlord shall give
written notice to the Tenant of any defects, wants of repair or breaches of covenant (other than covenants for payment of rents
and other sums payable to the Landlord under this Lease), the Tenant shall within sixty (60) days of such notice, or sooner if
requisite, make good and remedy the breach of covenant to the reasonable satisfaction of the Landlord and if the Tenant shall fail
within twenty-one (21) days of such notice, or as soon as reasonably possible in the case of emergency, to commence and then diligently
and expeditiously to continue to comply with such notice, the Landlord may enter the Demised Premises and carry out or cause to
be carried out all or any of the works referred to in such notice and all reasonable and properly vouched costs and expenses thereby
incurred shall be paid by the Tenant to the Landlord on demand, and in default of payment, shall be recoverable as rent in arrears.

 

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		5.10	Dangerous materials and use of machinery

 

		5.10.1	Not to bring into the Block or keep in or on the Demised Premises any article or thing which is
or might become dangerous, offensive, unduly combustible or inflammable, radio-active or explosive or which might unduly increase
the risk of fire or explosion;

 

		5.10.2	Not to keep or operate in the Demised Premises any machinery which shall be unduly noisy or cause
vibration or which is likely to annoy or disturb the other tenants and occupiers of the Block or of the Park.

 

		5.11	Overloading floors and services

 

		5.11.1	Not to overload the floors of the Demised Premises or suspend any excessive weight from the roofs,
ceilings, walls, stanchions or structure of the Block and not to overload the utilities and Conduits in or serving the Block and
the Park;

 

		5.11.2	Not to do anything which may subject the Demised Premises or the Block or any parts thereof to
any strain beyond that which they are designed to bear with due margin for safety;

 

		5.11.3	to observe the weight limits and capacity prescribed for all lifts in the Block.

 

		5.12	Conduits

 

Not to discharge into any Conduits
any oil or grease or any noxious or deleterious effluent or substance whatsoever which may cause an obstruction or might be or
become a source of danger, or which might injure the Conduits or the drainage system of the Block or the Park.

 

		5.13	Disposal of Refuse

 

Not to deposit in or on the Retained
Parts or Common Areas any trade empties, rubbish or refuse of any kind, other than in proper receptacles, provided for the purpose
or as may be designated by the Landlord and/or the Management Company and not to burn any rubbish or refuse on the Demised Premises.

 

		5.14	Obstruction of Common Areas and Retained Parts

 

Not to do anything whereby the
Common Areas or the Retained Parts or other areas over which the Tenant may have rights of access or use may be damaged, or the
fair use thereof by others may be obstructed in any manner whatsoever

 

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		5.15	Prohibited users

 

		5.15.1	Not to use the Demised Premises or any part thereof for any public or political meeting, public
exhibition or public entertainment show or spectacle of any kind, nor for any dangerous, noisy, noxious or offensive trade, business
or occupation whatsoever, nor for any illegal or immoral purpose, nor for residential or sleeping purposes but not so as to prevent
the Lessee from time to time as the need arises to invite selected retailers and other parties to the Demised Premises for the
purpose of performing training seminars and demonstrations of its products and such like activities at the Demised Premises and
not so as to prevent the Lessee holding open days at the Demised Premises as may be required from time to time for such purposes;

 

		5.15.2	Not to use the Demised Premises or any part thereof for gambling, betting, gaming or wagering,
or as a betting office, or as a club, or for the sale of beer, wines and spirits, and not to play or use any musical instrument,
record player, loud speaker or similar apparatus in such a manner as to be audible outside the Demised Premises, and not to hold
any auction on the Demised Premises;

 

		5.15.3	Not to place outside the Demised Premises, nor to expose from the windows of the Demised Premises,
any articles, goods or things of any kind.

 

		5.16	User

 

		5.16.1	Not without the prior written consent of the Landlord (which consent shall not be unreasonably
withheld) to use the Demised Premises or any part thereof except for the Permitted User PROVIDED NEVERTHELESS FIRSTLY THAT
the Landlord shall be entitled to withhold such consent if the Landlord considers that:

 

		(a)	The change of the user would substantially increase the rate of insurance in respect of the Demised
Premises, the Park or nearby or adjoining Units unless the Tenant agrees to pay for any such increase in premium; or

 

		(b)	The alternative user would not be in the interests of good estate management of the Park; or

 

		(c)	If at the time of such application the Landlord is under any legal or contractual obligation which
prohibits the Landlord and/or the Management Company from allowing the alternative user to be carried on in or on the Demised Premises.

 

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		(d)	The proposed new user being similar to a user or users already carried on in the Park and in the
reasonable opinion of the Landlord it would be undesirable for the benefit of the Park to have another Unit or building in the
Park being used for business already carried on therein or similar to a business already carried on in the Park; or

 

AND SECONDLY that the
approval of the Local Authority to the change of user is first obtained (should same be necessary).

 

		5.16.2	Not to leave the Demised Premises continuously unoccupied (other than for normal holiday periods)
without notifying the Landlord and providing such caretaking or security arrangements as the Landlord shall reasonably require
in order to protect the Demised Premises from vandalism, theft or unlawful occupation;

 

		5.16.3	At all times to comply with all requirements of the relevant Local Authority in connection with
the user of the Demised Premises for the purpose of the Tenant's business;

 

		5.16.4	To provide the Landlord with the name, address and home telephone number of at least two authorised
key holders for the time being of the Demised Premises and to notify the Landlord of any changes in the person(s) so authorised
as keyholders of the Demised Premises;

 

		5.17	Nuisance

 

Not to do anything in or about
the Demised Premises or the Block which may be or become a nuisance, or which may cause damage, annoyance, inconvenience or disturbance
to the Landlord or the other tenants in the Block or the owners, tenants or occupiers of the Park, or which may be injurious to
the value, tone, amenity or character of the Block and/or the Park.

 

		5.18	Alterations

 

		5.18.1	Not to make any alterations or additions of any sort to any structural parts of the Demised Premises
and not to make any alterations or additions to the Landlord's Fixtures and Fittings or to any of the Conduits;

 

		5.18.2	Not to make any internal alterations or additions of a non-structural nature to the Demised Premises
without obtaining the prior written consent of the Landlord, (such consent not to be unreasonably withheld or delayed);

 

		5.18.3	The Landlord may, as a condition of giving any such consent, require the Tenant to enter into such
covenants as the Landlord shall reasonably require, regarding the execution of any such works and the reinstatement of the Demised
Premises at the end or sooner determination of the Term.

 

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		5.18.4	If any alterations or additions to or within the Demised Premises result in a variation of the
reinstatement cost of the Demised Premises from the said cost prior to such alterations or additions;

 

		5.18.4.1	Forthwith to give notice in writing to the Landlord of the variation in value so caused to enable
the Landlord to alter the insurance cover in respect of the Demised Premises;

 

		5.18.4.2	To pay or reimburse to the Landlord any shortfall of insurance cover caused by a failure to comply
with the requirements in Sub-Clause 5.18.4.1;

 

		5.18.4.3	Notice under Sub-Clause 5.18.4.1 notifying the variation of the reinstatement cost shall only be
sufficient notice if it refers to the Sub-Clause in question and the Landlord shall not otherwise be deemed to have received such
notice or to be responsible for varying the said insurance cover.

 

		5.18.4.4	When executing any works pursuant to the provisions of this Clause 5.18, the Tenant shall comply
with the Safety, Health and Welfare at Work (Construction) Regulations 1995 and shall supply the Landlord with a copy of any Health
and Safety file required to be maintained by the Tenant under those regulations.

 

		5.19	Signs and advertisements

 

Not without the prior written consent
of the Landlord (such consent not to be unreasonably withheld or delayed) to erect or display on the exterior of the Demised Premises
or in the windows thereof so as to be visible from the exterior, any pole, flag, aerial, advertisement poster, notice or other
sign or thing whatsoever, save that the Tenant may display on the entrance door to the Demised Premises a sign, in keeping with
the existing signage, stating the Tenant's name and business or profession on obtaining the prior written consent of the Landlord
to the size, style and the position thereof and the materials to be used (such consent not to be unreasonably withheld).

 

		5.20	Alienation

 

Not to assign, transfer, mortgage,
charge, underlet, or part with the possession or occupation of the Demised Premises or any part thereof or suffer any person to
occupy the Demised Premises or any part thereof as a licensee BUT SO THAT NOTWITHSTANDING the foregoing the Landlord
shall not unreasonably withhold its consent to an assignment of the entire or to an underletting of the entire of the Demised Premises
to an assignee or underlessee of good and sufficient financial standing and otherwise reasonably acceptable to the Landlord subject
always to the following provisions or such of them as may be appropriate, that is to say:-

 

    	 	14	 

     

    

 

		5.20.1	The Tenant shall prior to any such alienation as aforesaid apply to the Landlord and give all reasonable
information concerning the proposed transaction and concerning the proposed assignee, under-lessee or disponee as the Landlord
may require, including without prejudice to the generality of the foregoing, in a case where the proposed assignee, under lessee
or disponsee is a limited liability company audited accounts showing net profits of at least three times the rent payable for the
three years immediately prior to the year in which the application for consent is made;

 

		5.20.2	The Landlord's consent to any such alienation shall be in writing and shall be given in such manner
as the Landlord shall decide and the Tenant shall pay the reasonable costs of the Landlord in connection with the furnishing of
such consent;

 

		5.20.3	In the case of an assignment to a limited liability company, it shall be deemed reasonable for
the Landlord to require that two sureties of standing satisfactory to the Landlord shall join in such consent as aforesaid as sureties
for such company in order jointly and severally to covenant with the Landlord in the manner described in and in accordance with
such provisions as the Landlord may deem fit;

 

		5.20.4	In the case of an under-lease the same shall be of the entire of the Demised Premises and shall
be made without taking a fine or premium at the then full open market rent and the under-lessee shall, if required by the Landlord,
enter into a direct covenant with the Landlord to perform and observe all the covenants (other than that for payment of the rents
hereby reserved) and conditions herein contained and every such under-lease shall also be subject to the following conditions,
that is to say that it shall contain:-

 

		5.20.4.1	provisions for the review of the rent thereby reserved (which the Tenant hereby covenants to operate
and enforce) at the open market rent corresponding both as to terms and dates and in all other respects (mutatis mutandis) with
the rent review provisions contained in this Lease;

 

		5.20.4.2	a covenant by the undertenant (which the Tenant hereby covenants to enforce) prohibiting the undertenant
from doing or suffering any act or thing upon or in relation to the Demised Premises inconsistent with, or in breach of, the provisions
of this Lease;

 

    	 	15	 

     

    

 

		5.20.4.3	a condition for re-entry on breach of any covenant by the undertenant;

 

		5.20.4.4	the same restrictions as to alienation, assignment, underletting, parting with or sharing the possession
or occupation of the premises underlet;

 

		5.20.4.5	Any sub-lease must be granted in such a manner as will not give rise to rights to a renewal of
a tenancy or other rights or interests in the Demised Premises or any part thereof as provided for under Part II of the Landlord
and Tenant (Amendment) Act 1980 and any under-lessee shall be required to provide a deed of renunciation of such rights on entering
into the under lease.

 

		5.20.5	To enforce at the Tenant's own expense the performance and observance by every such undertenant
of the covenants, provisions and conditions of the under-lease and not, at any time, either expressly or by implication, to waive
any breach of the same;

 

		5.20.6	Not to agree any reviewed rent with the undertennant or any rent payable on any renewal thereof
which is less than the open market rent without the prior written consent of the Landlord (such consent not to be unreasonably
withheld) and to notify the Landlord of the reviewed rent agreed within 14 days of every rent review referred to in this Clause
5.20.6;

 

		5.20.7	Not to vary the terms of any permitted under-lease without the prior written consent of the Landlord,
such consent not to be unreasonably withheld or delayed.

 

		5.20.8	Notwithstanding anything contained in this Lease the Tenant shall be entitled (without requiring
the consent of the Landlord) to share or sub-let the entire or part of the Demised Premises with any Group Company subject to the
following:

 

		5.20.8.1.	prior written notification being provided to the Landlord by the Tenant at least 14 days prior
to occupation by any Group Company;

 

		5.20.8.2	The Tenant procuring a Deed of Renunciation from the Group Company renouncing any entitlement the
Group Company may have pursuant to the provisions of Section 17(1)(a) of the Landlord and Tenant (Amendment) Act 1980 (as amended
by Section 4 of the Landlord and Tenant (Amendment) Act 1994 and further amended by Section 47 of the Civil Law (Miscellaneous
Provisions) Act 2008.

 

    	 	16	 

     

    

 

		5.20.8.3	The Tenant procures that any such Group Company also vacates the Demised Premises on the expiry
or sooner determination of the Term unless the Landlord permits otherwise.

 

		5.20.8.4	For the avoidance of doubt, an assignment of the Demised Premises or part thereof to a Group Company
is expressly prohibited without the Landlords prior written consent such consent not to be unreasonably withheld or delayed.

 

		5.21	Registration of dispositions

 

Within twenty-one (21) days of
every alienation, assignment, transfer, assent, under-lease, assignment of under-lease, mortgage, charge (including lodgement of
the relevant document or instrument as security) or any other disposition, whether mediate or immediate, of or relating to the
Demised Premises or any part thereof, to produce to and leave with the Landlord or its solicitors a certified copy of the deed,
instrument or other document evidencing or effecting such disposition and to pay to the Landlord's solicitors their reasonable
legal costs and other expenses in connection with such alienation.

 

		5.22	Disclosure of information

 

Upon making any application or
request in connection with the Demised Premises or this Lease, to disclose to the Landlord such information as the Landlord may
reasonably require and, whenever the Landlord shall reasonably request, to supply full particulars;

 

		5.23.1	of all persons in actual occupation or possession of the Demised Premises and of the right in which
they are in such occupation or possession, and

 

		5.23.2	of all persons having an interest in the Demised Premises (other than in the reversion to the Term).

 

		5.23	Landlord's costs

 

To pay and indemnify the Landlord
against all reasonable and properly vouched costs, fees, charges, disbursements and expenses properly incurred by the Landlord,
including, but not limited to, those payable to solicitors, counsel, architects, surveyors and sheriffs:

 

		5.23.1	in relation to the preparation and service of a notice under Section 14 of the 1881 Act and of
any proceedings under the 1881 Act and/or the 1860 Act (whether or not any right of re-entry or forfeiture has been waived by the
Landlord or a notice served under Section 14 of the 1881 Act has been complied with by the Tenant and notwithstanding that forfeiture
has been avoided otherwise than by relief granted by the Court);

 

    	 	17	 

     

    

 

		5.23.2	in relation to the preparation and service of all notices and schedules relating to wants of repair,
whether served during or after the expiration of the Term (but relating in all cases only to such wants of repair that accrued
not later than the expiration or sooner determination of the Term);

 

		5.23.3	in connection with the recovery or attempted recovery of arrears of the Rent or other sums due
from the Tenant, or in procuring the remedying of the breach of any covenant by the Tenant;

 

		5.23.4	in relation to any application for consent required or made necessary by this Lease whether or
not the same is granted (except in cases where the Landlord is obliged not to unreasonably withhold its consent and the withholding
of its consent is held to be unreasonable), or whether or not the application has been withdrawn;

 

		5.23.5	In relation to any application made by the Landlord at the request of the Tenant and whether or
not such application is accepted, refused or withdrawn.

 

		5.24	Statutory requirements

 

		5.24.1	At the Tenant's own expense, to comply in all respects with the provisions of all Acts, Statutory
Instruments, Bye Laws and other regulations now in force or which may hereafter be in force and any other obligations imposed by
law relating to the Demised Premises or the user thereof since the date of the Lease;

 

		5.24.2	To execute all works and provide and maintain all arrangements upon or in respect of the Demised
Premises or the user thereof since the date of the Lease, which are directed or required (whether of the Landlord, Tenant or occupier)
by any statute now in force or which may hereafter be in force or by any government department, local or other competent authority
or duly authorised officer or court of competent jurisdiction acting under or in pursuance of any statute and to indemnify and
keep the Landlord indemnified against all costs, charges, fees and expenses of or incidental to the execution of any works or the
provision or maintenance of any arrangements so directed or required;

 

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

 

    	 	18	 

     

    

 

		5.25	Planning Acts, Building Control Act and Public Health Acts

 

		5.25.1	Not to do or omit to do anything on or in connection with the Demised Premises the doing or omission
of which shall be a contravention of the Planning Acts or of any notices, orders, licences, consents, permissions and conditions
(if any) served, made, granted or imposed thereunder and to indemnify (as well after the expiration of the Term by effluxion of
time or otherwise as during its continuance) and keep indemnified the Landlord against all actions, proceedings, damages, penalties,
costs, charges, claims and demands in respect of such acts and omissions or any of them and against the costs of any application
for planning permission, commencement notices, fire safety certificates and the works and things done in pursuance thereof;

 

		5.25.2	In the event of the Landlord giving written consent to any of the matters in respect of which the
Landlord's consent shall be required under the provisions of this Lease or otherwise and in the event of permission or approval
from any local authority under the Planning Acts or the Building Control Act or the Public Health Acts being necessary for any
addition, alteration or change in or to the Demised Premises or for the change of user thereof, to apply, at the cost of the Tenant,
to the relevant local authority for all approvals, certificates, consents and permissions which may be required in connection therewith
and to give notice to the Landlord of the granting or refusal (as the case may be) together with copies of all such approvals,
certificates, consents and permissions forthwith on the receipt thereof and to comply with all conditions, regulations, bye laws
and other matters prescribed by any competent authority either generally or specifically in respect thereof and to carry out such
works at the Tenant's own expense in a good and workmanlike manner to the satisfaction of the Landlord, acting reasonably;

 

		5.25.3	To give notice forthwith to the Landlord of any notice, order or proposal for a notice or order
served on the Tenant under the Planning Acts or the Building Control Act or the Public Health Acts and if so required by the Landlord
to produce the same and at the request of the Landlord but at the cost of the Tenant, to make or join in making such objections
or representations in respect of any proposal as the Landlord may require;

 

		5.25.4	To comply at its own cost with any notice or order served on the Tenant under the provisions of
the Planning Acts or the Building Control Act or the Public Health Acts;

 

		5.25.5	Not to implement any planning permission before it and any necessary fire safety certificates have
been produced to and approved in writing by the Landlord (such approval not to be unreasonably withheld) PROVIDED THAT the
Landlord may refuse to approve such planning permission or fire safety certificate on the grounds that any condition contained
in it or anything omitted from it or the period referred to in it would, in the reasonable opinion of the Landlord, be or be likely
to be, prejudicial to the Landlord's interest in the Demised Premises.

 

    	 	19	 

     

    

 

		5.25.6	To produce to the Landlord within five days of demand all plans, documents and other evidence as
the Landlord may reasonably require in order to satisfy itself that all of the provisions in this covenant have been complied with.

 

		5.26	Statutory notices

 

Within fourteen (14) days of receipt
of the same (or sooner if requisite having regard to the requirements of the notice or order in question or the time limits stated
therein) to produce to the Landlord a true copy and any further particulars required by the Landlord of any notice or order or
proposal for the same given to the Tenant and relevant to the Demised Premises or the occupier thereof by any government department
or local or public or statutory authority, and, without delay, to take all necessary steps to comply with the notice or order in
so far as the same is the responsibility of the Tenant, and, at the request of the Landlord but at the cost of the Tenant, to make
or join with the Landlord in making such objection or representation against or in respect of any such notice, order or proposal
as the Landlord shall deem expedient.

 

		5.27	Fire and safety precautions and equipment

 

		5.27.1	To comply with the requirements and recommendations (whether notified or directed to the Landlord
and/or the Management Company and then to the Tenant or directly to the Tenant) of the appropriate local authority, the insurers
of the Block, the Retained Parts or the Common Areas and the Landlord and/or the Management Company in relation to fire and safety
precautions affecting the Demised Premises, the Block and/or the Park;

 

		5.27.2	Not to obstruct the access to or means of working any fire fighting, extinguishing and other safety
appliances for the time being installed in the Demised Premises, the Block or in the Park or the means of escape from the Demised
Premises, the Block or the Park in case of fire or other emergency.

 

		5.28	Electro-Magnetic Compatibility

 

To ensure that all electrical and
electronic equipment located placed or installed in the Demised Premises is, insofar as it is reasonably practicable and foreseeable
to do so, located, placed or installed and kept and maintained in such place and in such manner as to avoid or minimize electromagnetic
interference, including malfunction in its own or in other electrical and electronic equipment in the Block or the Park, including
in particular (but without prejudice to the generality of the foregoing), data transmission systems;

 

    	 	20	 

     

    

 

		5.29	Encroachments and easements

 

Not to stop up, darken or obstruct
any of the windows or lights belonging to the Demised Premises and not to permit any new window, light, opening, doorway, passage,
Conduit or other encroachment or easement to be made or acquired into, upon or over the Demised Premises or any part thereof, and
in case any person shall attempt to make or acquire any encroachment or easement whatsoever, to give written notice thereof to
the Landlord immediately the same shall come to the notice of the Tenant, and, at the request of the Landlord but at the cost of
the Tenant, to adopt such means as may be reasonably required by the Landlord for preventing any such encroachment or the acquisition
of any such easement.

 

		5.30	Reletting notices

 

To permit the Landlord at all reasonable
times during the last six (6) months of the Term to enter upon the Demised Premises and affix and retain without interference upon
any suitable parts of the Demised Premises or the exterior thereof (but not so as to materially affect the access of light and
air to the Demised Premises) notices for reletting the same and not to remove or obscure the said notices and to permit all persons
with the written authority of the Landlord to view the Demised Premises at all reasonable hours in the daytime, upon prior notice
having been given.

 

		5.31	Tenant’s Effects

 

		5.31.1	The Tenant irrevocably appoints the Landlord to be the Tenant’s agent to store or dispose
of any effects left by the Tenant on the Demised Premises for more than seven days after the expiry or sooner determination of
the Term subject to any condition which the Landlord thinks fit and without the Landlord being liable to the Tenant save to account
for the net proceeds of sale less the costs of storage (if any) and any other expenses reasonably incurred by the Landlord.

 

		5.31.2	Any goods or other effects left at the Demised Premises on or after the expiry or sooner determination
of the Term shall be subject to a lien in favour of the Landlord in respect of any liability of the Tenant to the Landlord pursuant
to or arising out of this Lease and the Landlord shall have power to sell or otherwise dispose of all such goods and effects on
whatever terms the Landlord shall think fit and to apply the net proceeds of such sale or disposal towards satisfaction of such
liability.

 

    	 	21	 

     

    

 

		5.32	Indemnity

 

		5.32.1	To keep the Landlord and the Management Company fully indemnified from and against all actions,
proceedings, claims, demands, losses, costs, expenses, damages and liability arising in any way directly or indirectly out of any
act, omission or negligence of the Tenant or any persons in on or about the Demised Premises expressly or impliedly with the Tenant's
authority or the user of the Demised Premises or any breach of the Tenant's covenants or the conditions or other provisions contained
in this Lease;

 

		5.32.2	To effect and keep in force during the Term such public liability, employer's liability, equipment
insurance and other policies of insurance (to the extent that such insurance cover is available) as may be necessary to cover the
Tenant against any claim arising under this covenant AND whenever required to do so by the Landlord and/or the Management
Company to produce to the relevant party the said policy or policies together with satisfactory evidence that the same is/are valid
and subsisting and that all premiums due thereon have been paid.

 

		5.33	Landlord's Regulations

 

To comply with all reasonable regulations
made by the Landlord and the Management Company from time to time and notified to the Tenant in writing for the general management
and security of the Block and any other areas used or to be used in common with others.

 

		5.34	Stamp Duty and Value Added Tax

 

		5.34.1	To pay to the Landlord the stamp duty payable on this Lease and the counterpart thereof and to
pay and indemnify the Landlord against any Value Added Tax payable on the delivery hereof or on the rents reserved herein.

 

		5.34.2	The Landlord notifies and confirms to the Tenant that the Landlord is hereby exercising the Landlord’s
option to apply VAT to the Rent and other consideration payable in respect of this lease pursuant to section 97(1) of the VAT Act
and that VAT is chargeable on the Rent and such other sums payable by the Tenant reserved by this lease subject to the production
of a valid VAT invoice in advance.

 

		6.	LANDLORD’S COVENANTS 

 

THE LANDLORD
COVENANTS with the Tenant as follows:-

 

		6.1	Quiet Enjoyment

 

That the Tenant paying the Rent
for the Demised Premises, the contribution to the insurance premium, Service Charge and all payments required to be made hereunder
and observing and performing the several covenants and stipulations herein on its part contained shall and may peaceably hold and
enjoy the Demised Premises without any interruption by the Landlord or any person rightly claiming under or in trust for the Landlord.

 

    	 	22	 

     

    

 

		6.2	Insurance

 

		(a)	Subject to the necessary insurance cover being obtainable a reputable insurance company, to effect
insurance in a sum not less than the full reinstatement cost (to be determined from time to time by the Landlord acting reasonably)
of the Block against loss or damage by the Insured Risks and the following;

 

		i.	Architects, Surveyors, Consultants and other professional fees (including Value Added Tax thereon).

 

		ii.	the costs of shoring up, demolishing, site clearing and similar expenses;

 

		iii.	all stamp duty and other taxes or duties exigible on any building or like contract as may be entered
into and all other incidental expenses relative to the reconstruction, reinstatement or repair of the Demised Premises;

 

		iv.	such provision for inflation as the Landlord in its reasonable discretion shall deem appropriate;

 

		v.	the loss of rent and the Service Charge, from time to time payable, or reasonably estimated to
be payable under this Lease (taking account of any review of the rent which may become due under this Lease) following loss or
damage to the Demised Premises by the Insured Risks, for three (3) years or such longer period as the Landlord may, from time to
time, reasonably deem to be necessary to insure against;

 

		vi.	property owners, public, employer’s and other liability of the Landlord arising out of or
in relation to the Demised Premises; and

 

		vii.	such other insurances as the Landlord may, in its reasonable discretion from time to time, deem
necessary to effect.

 

		(b)	To produce to the Tenant on demand the policy or policies of such insurance and the receipt for
the current premiums.

 

    	 	23	 

     

    

 

(c)

 

In case the Block or any part
thereof shall be destroyed or damaged by any of the Insured Risks and insurance cover against such perils has been obtained as
aforesaid and unless payment of the insurance monies shall be refused in whole or in part by reason of any act, neglect or default
of the Tenant or any under-tenant or any person under its control (and subject to the previous compliance by the Tenant with the
provisions of Clause 5 hereof) the Landlord shall take such steps as may be requisite and proper to obtain any necessary planning
permission, building licences and permits under any regulations or enactment for the time being in force to enable the Landlord
to rebuild and reinstate same and will, as soon as such planning permission, building licences and permits have been obtained and
as soon as is reasonably practicable to, and subject to the necessary labour and materials being and remaining available (in respect
of which the Landlord shall use reasonable endeavours to obtain), lay out the proceeds of such insurance to rebuild, reinstate,
replace and make good the same substantially as the same were prior to any such destruction or damage (but not so as to provide
accommodation identical in layout and manner or method of construction if it would not be reasonably practical to do so) provided
that the Landlord shall not be liable to rebuild or reinstate any part of the Block of which the Demised Premises forms part in
respect of which the Landlord is unable (having used all reasonable endeavours) to obtain planning permission, permits and consents
necessary to execute such rebuilding and reinstating and in any such case the Landlord shall then be entitled to retain all insurance
monies received by the Landlord for its own use and benefit absolutely and the Tenant agrees to surrender this Lease.

 

		(d)	If after the commencement of the Term, the Block of which the Demised Premises forms part or any
part thereof or any Part of the Park giving access thereto (thus making the Demised Premises inaccessible) shall be destroyed or
damaged by any of the Insured Risks or it shall be impossible as a consequence of this to access the Demised Premises so as to
render the Demised Premises unfit for occupation or use and the policy or policies of insurance effected by the Landlord shall
not have been vitiated or payment of the policy monies refused in whole or in part in consequence of any act or default of the
Tenant under the terms hereof the Initial Rent and Service Charge hereby reserved or a fair proportion thereof according to the
nature and extent of the damage sustained shall be suspended until the Demised Premises shall have again been rendered fit for
occupation or use by the Tenant or until the expiration of three (3) years from the date of damage or destruction whichever is
the earlier.

 

PROVIDED THAT if any question
shall arise as to whether the Block or any part thereof (including the Demised Premises) or any necessary means of access thereto
shall have been destroyed or damaged by or by any of the Insured Risks so as to interfere with the beneficial occupation thereof
or what proportion of the Rent or Service Charge ought to be suspended on account thereof such question shall be referred to an
independent surveyor to be nominated by agreement of the Landlord and Tenant and the surveyor’s decision shall be final and
binding on the parties hereto. The fees and expenses of the surveyor shall be borne equally by the Tenant and the Landlord.

 

    	 	24	 

     

    

 

AND FURTHER PROVIDED THAT
if the Block and/or the Demised Premises is not reinstated after three years following its destruction then either the Landlord
or the Tenant shall then be entitled to terminate this Lease by written notice given to the other but without prejudice
to any claims by either party against the other in respect of any antecedent breach of covenant.

 

		(e)	To use all reasonable endeavours to:

 

		i.	procure (and keep in full force and effect during the Term) a waiver by the Landlord’s insurers
of all rights and subrogation as against the Tenant, its servants, agents or invitees or a note of the Tenant’s interest
on the Landlord’s insurance policy, whichever is available;

 

and

 

		ii.	to ensure that the Landlord’s insurance policy contains a non-invalidation clause and to
notify the Tenant of all material changes in such insurance from time to time during the term of the Lease.

 

		6.3	Services

 

To use all reasonable
endeavours to provide the services as set out in Part I and III of the Third Schedule in an efficient and cost effective manner
and in accordance with the principles of good estate management.

 

		7.	LANDLORD, AND/OR MANAGEMENT COMPANY COVENANTS

 

THE LANDLORD (until the
transfer of the Common Areas) AND THE MANAGEMENT COMPANY (pursuant to the Management Company Agreement and
from the time when the Common Areas and the Retained Parts have been transferred to the Management Company) HEREBY COVENANTS
with the Tenant to use all reasonable endeavours to provide the services as set out in Part I and Part III of the Third Schedule
in an efficient and cost effective manner and in accordance with the principles of good estate management.

 

		8.	GUARANTOR’S COVENANTS

 

The Guarantor HEREBY COVENANTS
with the Landlord, as a primary obligation, as follows:-

 

		8.1	Covenant and Indemnity

 

That the
Tenant or the Guarantor shall at all times during the Term of the Guarantee duly perform and observe all the covenants on the part
of the Tenant contained in the Lease, including payment of the Rent and all other sums payable under this Lease in the manner and
at the times herein specified and all sums which may be due to the Landlord for the mesne rates or as payment for the use and occupation
of the Demised Premises and the Guarantor hereby indemnifies the Landlord against all claims, demands, losses, damages, liability,
costs, fees and expenses whatsoever sustained by the Landlord by reason of or arising in any way directly or indirectly out of
any default by the Tenant in the performance and observance of any of its obligations or the payment of any rent and other sums
arising before or after the expiration or termination of the Lease.

 

    	 	25	 

     

    

 

		8.2	Joint and several liability

 

That the Guarantor is jointly and
severally liable with the Tenant during the Term (whether before or after any disclaimer by a liquidator of the Tenant) for
the fulfilment of all the obligations of the Tenant under this Lease and agrees that the Landlord, in the enforcement of its rights
hereunder, may proceed during the Term of the Guarantee against the Guarantor as if the Guarantor was named as Tenant in this Lease.

 

		8.3	Waiver

 

That the Guarantor hereby waives
any right to require the Landlord to proceed against the Tenant during the Term or to pursue any other remedy whatsoever which
may be available to the Landlord before proceeding against the Guarantor during the Term.

 

		8.4	Postponement of claims

 

That during the Term of the Guarantee
the Guarantor will not claim in any liquidation, bankruptcy, composition or arrangement of the Tenant in competition with the Landlord
and will remit to the Landlord the proceeds of all judgments and all distributions it may receive from any liquidator of the Tenant
and will hold for the benefit of the Landlord all security and rights the Guarantor may have over assets of the Tenant whilst any
liabilities of the Tenant or the Guarantor to the Landlord remain outstanding.

 

		8.5	Postponement of participation

 

That the Guarantor is not entitled,
during the Term of the Guarantee, to participate in any security held by the Landlord in respect of the Tenant’s obligations
to the Landlord under this Lease or to stand in the place of the Landlord in respect of any such security until all obligations
of the Tenant or the Guarantor to the Landlord during the Term under this Lease have been performed or discharged.

 

		8.6	Release

 

That none of the following, or
any combination thereof, releases, determines, discharges or in any way lessens or affects the liability of the Guarantor as principal
debtor under this Lease or otherwise prejudices or affects the right of the Landlord to recover from the Guarantor to the full
extent of this guarantee during the Term:-

 

    	 	26	 

     

    

 

		8.6.1	any neglect, delay or forbearance of the Landlord in endeavouring to obtain payment of any part
of the Rent or the other amounts required to be paid by the Tenant or in enforcing the performance or observance of any of the
obligations of the Tenant under this Lease;

 

		8.6.2	any refusal by the Landlord to accept rent tendered by or on behalf of the Tenant at a time when
the Landlord was entitled (or would after the service of a notice under section 14 of the Conveyancing Act, 1881 have been entitled)
to re-enter the Demised Premises;

 

		8.6.3	any extension of time given by the Landlord to the Tenant;

 

		8.6.4	any variation of the terms of this Lease (including any reviews of the rent payable under this
Lease) or the transfer of the Landlord’s reversion

 

		8.6.5	any change of the constitution, structure or powers of either the Tenant, the Guarantor or the
Landlord or the liquidation or bankruptcy (as the case may be) of either the Tenant of the Guarantor;

 

		8.6.6	any legal limitation, or any immunity, disability or incapacity of the Tenant (whether or not known
to the Landlord) or the fact that any dealings with the Landlord by the Tenant may be outside or in excess of the powers of the
Tenant;

 

		8.6.7	any other act, omission, matter or thing whatsoever whereby,
but for this provision, the Guarantor would be exonerated either wholly or in part (other than a release under seal
given by the Landlord) and other than as provided for at sub clause 8.10.

 

		8.6.8	Disclaimer or Forfeiture

 

That if a liquidator or Official
Assignee shall disclaim or surrender this Lease or this Lease shall be forfeited or the Tenant shall cease to exist during the
Term THEN the Guarantor shall during the Term, if the Landlord by notice in writing given to the Guarantor within six months
after such disclaimer, or other event so requires, accept from and execute and deliver to the Landlord a new lease of the Demised
Premises subject to and with the benefit of this Lease (if same shall still be deemed to be extant at such time) for a term commencing
on the date of this disclaimer or other event and continuing for the residue then remaining unexpired of the Term, such new lease
to be at the reasonable cost of the Guarantor and to be at the same rents and subject to the same covenants, conditions
and provisions as are contained in this Lease;

 

    	 	27	 

     

    

 

		8.7	If the Landlord does not require the Guarantor to take a new lease, the Guarantor shall nevertheless
upon demand pay to the Landlord a sum equal to the Rent and other sums that would have been payable under this Lease during the
Term but for the disclaimer, forfeiture or other event in respect of the period from and including the date of such disclaimer,
forfeiture or other event until the expiration of twelve months therefrom or until the Landlord has granted a lease of the Demised
Premises to a third party (whichever shall first occur).

 

		8.8	Benefit of Guarantee

 

This guarantee enures for the benefit
of the successors and assigns of the Landlord under this Lease during the Term without the necessity for any assignment thereof.

 

		8.9	Jurisdiction

 

That the Guarantor will submit
to the jurisdiction of the Irish Courts in relation to any proceedings taken against the Guarantor or in relation to any new lease
granted as aforesaid.

 

		8.10	Lapse of Guarantee

 

That this guarantee shall automatically
lapse and have no further force or effect upon the assignment of this Lease by the Tenant provided the prior consent of the Landlord
has been obtained to such assignment and, if required by the Landlord, the Guarantor is replaced by a suitable alternative Guarantor

 

		9.	TENANTS BREAK OPTION

 

		9.1	If the Tenant desires to determine the Term at the expiration of the last day of the fifth (5th)
year of the Term (“the Determination Date”) and gives to the Landlord not less than twelve (12) month’s
prior notice in writing of its intention to so do, such notice to be accompanied by a bank draft payable to the Landlord for a
sum equivalent to three (3) month’s rent and subject to compliance with the following conditions, it shall be entitled to
do so;

 

		9.1.1	it discharging the Rent and all and any other sums due under this Lease duly apportioned up to
the Determination Date.

 

		9.1.2	upon the Tenant being in compliance with the material covenants on the Tenant’s part and
the conditions herein contained up to the Determination Date.

 

		9.1.3	the Tenant discharges, on or prior to the Determination Date, all VAT (if any) arising as a result
of the termination of this Lease which the Tenant is the responsible party for in accordance with the VAT Act;

 

    	 	28	 

     

    

 

		9.1.4	the Tenant delivers up to the Landlord on or before the Determination Date the Demised Premises
with vacant possession of the entire thereof;

 

		9.1.5	the Tenant furnishes to the Landlord, on or prior to the Determination Date, evidence of payment
of rates payable in respect of the Demised Premises up to the Determination Date;

 

		9.1.6	the Tenant furnishes to the Landlord, on or prior to the Determination Date, the original of this
Lease, a duly executed and stamped deed of surrender of this Lease in favour of the Landlord, a duly executed release of any mortgage,
charge or encumbrance thereover, evidence of termination of any sub-leases of the Demised Premises, and the originals of any material
documents relating to this Lease furnished by the Landlord to the Tenant on the execution of this Lease.

 

		9.2	The Term shall cease on the Determination Date, but without prejudice to the remedies of either
the Landlord or the Tenant against the other in respect of any antecedent breach of any of the covenants or conditions contained
in this Lease.

 

		9.3	Time shall be of the essence in the performance of the Tenant’s obligations under this Clause.

 

		9.4	For the avoidance of doubt, the break option provided for in this Clause 9 is for the sole benefit
of Flamel Ireland Limited and shall not be for the benefit of its successors in title or assigns.

 

		10.	AND IT IS HEREBY AGREED BETWEEN THE LANDLORD, THE MANAGEMENT COMPANY AND THE TENANT as follows:

 

		10.1	Warranty

 

Nothing herein contained shall
be deemed to constitute any warranty by the Landlord that the Demised Premises or any part thereof are authorised under the Planning
Acts or otherwise for use for any specific purpose.

 

		10.2	Notice

 

Any notice under this Lease
to be served on any party to the Lease shall, in the case of the Tenant, be in writing addressed to its registered office,
and in the case of the Landlord be in writing to the Landlord’s address listed above, and in the case of the Guarantor be
in writing to its registered office of the Tenant any such notice sent by post must be sent under registered cover and shall be
deemed to have been served at the expiration of forty eight hours after the time of posting. In proving personal service it shall
be sufficient to prove that the envelope containing the notice was duly addressed to the party to be served in accordance with
this clause and left at or posted to the place at which it was so addressed.

 

    	 	29	 

     

    

 

		10.3	Provisions For Dealing With Disputes

 

Save as otherwise herein provided
for any dispute or difference arising between the Tenant and other tenants or occupiers of the Block relating to any easement,
quasi-easement, right, privilege or conduit in connection with the Demised Premises or the Block shall be fairly and reasonably
determined by the Landlord or the Management Company, as the case may be provided always that any easements rights and privileges
granted to the Tenant under this Lease shall not be interfered with.

 

		10.4	Forfeiture

 

Without prejudice to any other
remedy or power herein contained or available to the Landlord

 

		(a)	if the Rent hereby reserved or any part thereof or any other payment hereby reserved shall be unpaid
for twenty one (21) days after they become payable (whether formally demanded or not); or

 

		(b)	if any covenant on the Tenant's part herein contained shall not in a material way be performed
or observed; or

 

		(c)	if the Tenant or the Guarantor (being a company) shall enter into liquidation whether compulsory
or voluntary (save for the purpose of reconstruction or amalgamation without insolvency) or (not being a company) shall become
bankrupt or shall call a meeting of or enter into any composition with creditors or suffer any distress or execution to be levied
on the goods of the Tenant

then and
in any such case it shall be lawful to re-enter upon the Demised Premises or any part thereof in the name of the whole and thereupon
this demise shall absolutely determine but without prejudice to any claim by either the Landlord or the Tenant in respect of any
antecedent breach by the other of any covenant or provision herein contained.

 

		10.5	Governing Law

 

This Lease, together with all schedules,
covenants and conditions contained herein shall be construed and enforced in accordance with the laws of the Republic of Ireland
and the parties hereto submit to the exclusive jurisdiction of the Irish Courts.

 

Name and address for service of
proceedings on the Tenant, the Guarantor and the Landlord:

 

		1.	Tenant: Flamel
Ireland Limited, Arthur Cox Building, Earlsfort Terrace, Dublin
2.

 

		2.	Landlord: Channor Limited, Block 10, Unit 3 Blanchardstown Corporate Park, Blanchardstown,
Dublin 15.

 

		3.	Guarantor: Flamel Technologies, S.A., 33 avenue du Dr. Georges Levy, 69200 Vénissieux, France

 

    	 	30	 

     

    

 

		10.6	Failure By Landlord or Management Company To Provide Services

 

The Landlord or the Management
Company shall not be liable to the Tenant in respect of any failure by either of them to perform any of the Common Areas Services
or the Retained Parts Services referred to in this Lease, whether express or implied, unless and until the Tenant has notified
the relevant party of such failure and either the Landlord or the Management Company (as the case may be) has failed within a reasonable
time to remedy the same and then in such case either the Landlord or the Management Company (as the case may be) shall (subject
to the provisions of Clause 9.7 below) be liable to compensate the Tenant only for actual (but not consequential) loss or damage
sustained by the Tenant after such reasonable time has elapsed.

 

		10.7	Exclusion Of Landlord’s and the Management Company’s Liability

 

The Landlord or the Management
Company shall not, in any circumstances, incur any liability for any failure or interruption in any of the services provided by
either party or for any inconvenience or injury to person or property arising from such failure or interruption due to mechanical
breakdown, failure or malfunction, overhauling, maintenance, repair or replacement, strikes, labour disputes shortages of labour
or materials, inclement weather or any cause or circumstance beyond the reasonable control of the Landlord or the Management Company
but the Landlord or the Management Company shall use their reasonable endeavours to cause the service in question to be reinstated
without delay.

 

		10.8	Representations

 

The Tenant acknowledges that this
Lease has not been entered into in reliance wholly or partly on any statement or representation made by or on behalf of the Landlord,
except any such statement or representation that is expressly set out in this Lease.

 

		10.9	No Implied Easements

 

Nothing herein contained shall
implicitly confer upon or grant to the Tenant any easements rights or privileges other than those expressly granted by this Lease.

 

		10.10	Covenants Relating To The Units

 

Nothing contained in or implied
by this Lease shall give to the Tenant the benefit of or the right to enforce or to prevent the release or modification of any
covenant, agreement or condition entered into by any tenant of the Landlord in respect of the other Lettable Areas within the Block
or the Units.

 

    	 	31	 

     

    

 

		10.11	Effect Of Waiver

 

Each of the Tenant's covenants
shall remain in full force both at law and in equity notwithstanding that the Landlord shall have waived or released temporarily
any such covenant, or waived or released temporarily or permanently, revocably or irrevocably a similar covenant or similar covenants
affecting other property belonging to the Landlord.

 

IT IS HEREBY FURTHER CERTIFIED
for the purposes of Section 29 of the Companies Act 1990 that the Landlord and the Tenant are not bodies corporate connected with
one another in a manner which would require this transaction to be ratified by Resolution of either of them.

 

AND THE LANDLORD HEREBY ASSENTS
to the registration of the within Lease as a burden on Folio 113065F of the Register County Dublin.

 

IN WITNESS whereof the parties
hereto have caused their Common Seal to be affixed and/or have set their hands and affixed their seals as appropriate the day and
year first herein written.

 

    	 	32	 

     

    

 

FIRST SCHEDULE

The Demised Premises

 

ALL THAT AND THOSE the premises
comprising the property known as the Second Floor, Block 10 Unit 1, Blanchardstown Corporate Park 1, Blanchardstown, Dublin 15
being part of the premises more particularly delineated and outlined in red on Plan “1” annexed hereto, being part
of the property comprised in Folio 113065F of the Register of County Dublin.

 

The Demised Premises shall include:-

 

		1.	The floor and ceiling finishes but not any other part of the floor slabs and ceiling slabs that
bound the Demised Premises;

 

		2.	The inner half served medially of the internal non-loadbearing walls that divide the Demised Premises
from any other premises;

 

		3.	The interior plaster and decorative finishes of all walls bounding the Demised Premises;

 

		4.	The doors and windows and doors and window frames of the Demised Premises;

 

		5.	All additions and improvements to the Demised Premises carried out by the Tenant and the Landlord
where so required by this Lease;

 

		6.	All the Landlord’s Fixtures and Fittings and fixtures of any kind that are from time to time
in or on the Demised Premises whether originally fixed or fastened to or on the Demised Premises or otherwise, except any fixtures
installed by the Tenant that can be removed from the Demised Premises without defacing or causing damage to same;

 

		7.	The Conduits and plant in, upon, under or over and exclusively serving the Demised Premises;

 

together with the exclusive right to use
twelve (12) car park spaces identified and coloured yellow on Plan “2” annexed hereto but with the right of the Landlord
and/or Management Company to re-locate the said twelve (12) car parking spaces at any time in the Park provided always that the
Landlord will give the Tenant at least two weeks advance notice of such re-location and the substituted spaces are no more than
300 metres from the Demised Premises.

 

    	 	33	 

     

    

 

SECOND
SCHEDULE

 

Part I

 

The following rights are granted
for the benefit of the Demised Premises;

 

		i.	Full right and liberty for the Tenant, its servants, agents and invitees at all times
by day or by night, with or without vehicles to go, pass or repass over and along the Common Areas for the purpose of gaining access
to and egress from the Demised Premises from and to the public roadway abutting the Park.

 

		ii.	Full right and liberty for Tenant its servants, agents and invitees at all times by day or by night
to go pass and repass on through over such parts of the Retained Parts as is necessary to gain access to and from the Demised Premises
and for the purpose of loading or unloading goods and for the purpose of access to and egress from and for the purpose of repair
and maintenance of any plant or equipment exclusively serving the Demised Premises.

 

		iii.	The free and uninterrupted passage and running of the Utilities to and from the Demised Premises
through the Conduits which are now, or may at any time during the Term be, in, on, under or passing through or over the Reserved
Property.

 

		iv.	The rights of support and protection for the benefit of the Demised Premises as is now enjoyed
from all other parts of the Block.

 

Part II

 

Easements
Rights and Privileges

Excepted
and Reserved out and over the Demised Premises

 

The following rights and easements are
excepted and reserved out of the Demised Premises to the Landlord and tenants and occupiers of the Reserved Property, the Management
Company and all other persons authorised by the Landlord or the Management Company or having the like rights and easements:-

 

		1.	The free and uninterrupted passage and running of the Utilities through the Conduits which are
now, or may at any time during the Term be in, on, under, or passing through or over the Demised Premises.

 

		2.	The right at all reasonable times upon giving not less than 48 hours prior written notice, except
in cases of emergency, to enter the Demised Premises in order to:-

 

		2.1	inspect, cleanse, maintain, repair, connect, remove, lay, renew, relay, replace with others, alter
or execute any works whatsoever to or in connection with the Conduits and any other Services;

 

    	 	34	 

     

    

 

		2.2	execute repairs, decorations, alterations and any other works and to make installations to the
Demised Premises or, the Retained Parts or to do anything whatsoever which the Landlord may or must do under this Lease.

 

		2.3	see that no unauthorised erections, additions or alteration have been made and that authorised
erections, additions and alterations are being carried out in accordance with any consent given herein and any permission or approval
granted by the Local Authority.

 

PROVIDED THAT the Landlord
or the person exercising the foregoing rights shall cause as little inconvenience as possible to the Demised Premises and shall
make good, without delay, any damage thereby caused to the Demised Premises and the Tenants fixtures and fittings situated therein.

 

		3.	The right to erect scaffolding for the purpose of repairing or cleaning the Retained Parts and
any building now or hereafter erected on the Reserved Property or in connection with the exercise of any of the rights mentioned
in this Schedule notwithstanding that such scaffolding may temporarily interfere with the proper access to or the enjoyment and
use of the Demised Premises provided that any damage thereby occasioned shall be made good by the Landlord without delay;

 

		4.	The right to erect and maintain signs on the Demised Premises and on the Retained Parts and any
premises abutting the same advertising the sale or letting of any part of the Demised Premises for the purpose of planning or other
application in respect of the Demised Premises provided that the said signage indicates that the Tenant's occupation is not affected.

 

		5.	The rights of light, air, support, protection and shelter and all other easements and rights now
or hereafter belonging to or enjoyed by other parts of the Block or the adjoining building.

 

		6.	Full right and liberty at any time hereafter to erect any new buildings of any height on the Reserved
Property in such a manner as the Landlord or the person exercising the right shall think fit notwithstanding the fact that the
same may interfere with the passage of light and air to the Demised Premises but not so that the Tenant’s use and occupation
of the Demised Premises is otherwise affected;

 

		7.	The right to enter the Demised Premises (in times
of emergency or during fire-drills) for the purpose of obtaining access to, or using, any of the fire escapes or routes of escape
in the Block whether or not in existence at the date hereof.

 

		8.	Full right and liberty at any time to erect build alter extend or redevelop any part of the Park
(save for the Block or any part thereof) or any adjoining or adjacent property of the Landlord or the Management Company in such
manner as the Landlord or the Management Company may think fit provided there is no material interference with the
access of light or air for the time being enjoyed by the Demised Premises or any part thereof and the right of the
Landlord or the Management Company to vary or permit the variation of the present or any future scheme, layout or use of the Park
including the right to alter the lay-out or extent of the Common Areas and notwithstanding that any such erection, building, alteration,
addition or extension or redevelopment may temporarily interfere in a non material manner with the occupation, use, amenity or
enjoyment of the Demised Premises subject to any damage thereby occasioned being made good by the Landlord with all convenient
speed.

 

    	 	35	 

     

    

 

THIRD
SCHEDULE

PART I

 

Maintenance and Services to
be provided by the Landlord and/or Management Company in respect of the Common Areas.

 

		1.	Repair and Cleaning

 

As often as may be required to
cleanse, repair, renew, maintain and decorate the whole of the Common Areas including the Conduits and the accommodation necessary
to house equipment and personnel used for the maintenance, operating and functioning of the Park and all advertising panels and
information panels but excluding plant, machinery, apparatus and equipment exclusively serving the Demised Premises or any other
Unit in the Park.

 

		2.	Repair - Equipment

 

As often as shall be necessary
to maintain, cleanse, repair and renew all electrical, mechanical and other plant equipment, chattels, features,
fixtures and fittings or ornament or utility in use in the Common Areas for common benefit, cleaning equipment and the direction
and other signs and any fencing or boundary walls in or surrounding the Common Areas.

 

		3.	Operate, maintain and renew

 

To operate, maintain and renew:-

 

		3.1	Fire mains, hydrants and other requisite fire fighting equipment (if any) in relation to the Common
Areas.

 

		3.2	Electric services and power installations to the curtilage of the Demised Premises and lighting
to all the Common Areas and a sprinkler system (if any) to serve the Common Areas.

 

		3.3	Rainwater outlets and all drainage (save to the extent that the Tenant may be liable therefore
under the provisions of the within Lease).

 

		3.4	The insurance (including public liability and employers liability insurance) of the Common Areas
(including demolition and site clearance) and of all necessary equipment, plant and machinery of every kind presently or in the
future situate thereon against such risks as the Landlord at its sole discretion shall consider necessary.

 

		3.5	Emergency lighting in the Common Areas

 

		3.6	Alarm Systems (if any)

 

		3.7	Television aerials, car park control equipment and neon signs.

 

    	 	36	 

     

    

 

		4.	Personnel

 

From time
to time to provide such agent or agents and/or management personnel for the management of the Park as are necessary
and shall pay such agents fees.

 

		5.	Rates

 

To
provide for the cost of rates (if any) charged on the Common Areas and any special costs which may be charged by the Local
Authority on the Park as a whole.

 

		6.	Office Accommodation - Personnel and Equipment

 

To provide the
cost of appropriate accommodation for security staff and personnel (which accommodation will specifically exclude residential accommodation)
and the cost of equipment and plant used in providing management and services for the Park and the cost of providing, repairing,
renewing and maintaining office accommodation situate in or near the Park and car parking used solely for the purposes of the Park
and occupied by the Management Company, its servants or agents.

 

		7.	Payment – Personnel

 

From time to time provide
and discharge the costs of wages, pensions, uniforms and insurance for such manager, porter, attendant, security, maintenance,
cleaning and other staff (excluding the staff of any tenants in the Park) serving the Park.

 

		8.	Benefits - Personnel

 

To discharge such
periodic payments in respect of national health, social welfare, industrial training levies, redundancy and similar or ancillary
payments required by statute to be made by the Management Company in respect of all persons from time to time employed by it for
purposes connected with the Park.

 

		9.	Professional Fees

 

From time to time
to provide for the auditor’s and any surveyor’s fees and on all services provided hereunder.

 

		10.	Reserve Fund

 

The Management Company shall
if it is deemed reasonable and prudent to do so, provide for such sinking or reserve fund as the Management Company shall deem
fit for the replacement and the renewal of the mechanical, electrical or other equipment in the Park and the Management Company
shall have power:

 

		10.1	annually or at such other intervals as the Management Company may determine review the cost or
prospective cost of such replacements and renewals with a view to allowing for all such additional or further costs and expenditures
as may be attributable to the differential in the value of money or inflationary or other like trends and changing technology as
between one date and another, and

 

    	 	37	 

     

    

 

		10.2	to allow for all such amounts as may be determined on review in computing the contribution from
time to time to the sinking or reserve fund provided however that this clause shall not impose upon the Management Company any
obligations to provide for or continue to provide for, if already established, such sinking or reserve fund.

 

PROVIDED ALWAYS that such
sinking or reserve fund shall be placed in a separate account and shall be held as trustee by the Management Company for the benefit
of the tenants of the Park.

 

		11.	Common Areas and the Park

 

To provide for the cost and expense
of repairing, maintaining, renewing and rebuilding any part of the Common Areas of the Park to the extent that such is not wholly
reimbursed by the Tenant or any other tenant of the Landlord or by any third party.

 

		11.1	To provide for the cost of repairing, maintaining and renewing any sprinkler, intruder
alarm, fire alarm, and any closed circuit T.V. system.

 

		11.2	To provide for the cost of operating, repairing, maintaining and renewing the machinery
and all electrical, mechanical and other plant, machinery, apparatus and equipment, chattels, features and fittings of ornament
or utility in use in the Common Areas for the common benefit of the Tenant and the occupiers of the Park.

 

		12.	Finance

 

To make provision
for the cost of financing the maintenance and services specified in this Schedule.

 

		12.1	To make provision for such reasonable expenses of a periodic or recurring nature
as the Landlord and/or Management Company shall think fit together with a reasonable provision for forecast expenditure.

 

		12.2	To provide for the cost of providing such further services as are in the reasonable opinion of
the Landlord and/or Management Company acting in accordance with the principles of good estate management, necessary
for the comfort and convenience of the Tenant or the tenants as occupiers of the Park generally and their customers or for the
amenity of the Park.

 

    	 	38	 

     

    

 

THIRD
SCHEDULE

PART II

 

The Tenant’s
Liability to Contribute to the Common Areas Service Charge

 

		1.	Payment dates

 

The Tenant’s Proportion
of the Common Areas Service Charge for each Service Charge Period shall be discharged by means of equal quarterly payments in advance
to be made on the Instalment Days in each year of the Term or on such date on which a demand therefore is made (whichever shall
be the earlier date) and by such additional payments as maybe required under Clauses 3 and 7 of this Part II of this Schedule.

 

		2.	Service Charge Period

 

For the purposes of this Part
II of this Schedule, “Service Charge Period” means the period of twelve months from 1st January to 31st
December in each year (or such other period not exceeding twelve (12) months as the Landlord and/or the Management Company may
from time to time determine).

 

		3.	Advance Payments

 

Subject to Clause 4 of this Part
II of this Schedule and subject also as hereinafter set out, the amount of each advance payment of the Common Areas Service Charge
shall be one quarter of such amount as the Management Company may reasonably estimate to be the Tenant’s Proportion of the
Common Areas Service Charge for the relevant Service Charge Period and which is notified to the Tenant at or before the time when
the demand for an advance payment is made or such payment falls due, PROVIDED HOWEVER that in the event of the Gross
Internal Floor Area of any of the Blocks or Lettable Areas of the Units being added to, extended or redeveloped from time to time
during the Term, the Tenant’s Proportion of the Common Areas Service Charge payable by the Tenant during the relevant Service
Charge Period and, if necessary, the estimate of the amount of the Common Areas Service Charge for the current Service Charge Period,
shall be amended on the Instalment Day (or on such date on which a demand therefore is made whichever shall be the later date)
next ensuing and the Tenant shall pay on the remaining Instalment Days of such Service Charge Period such sums as the Management
Company shall certify to be necessary to ensure that the Tenant pays the Tenant’s Proportion of the revised Common Areas
Service Charge for the relevant Service Charge Period.

 

		4.	Daily rate of calculation

 

The Common Areas Service Charge
shall be deemed to accrue on a day-to-day basis in order to ascertain yearly rates and for the purposes of apportionment in relation
to periods other than a Service Charge Period. In the event that this Lease shall commence on a day which is not one of the Instalment
Days, then the Tenant’s Proportion of the Common Areas Service Charge shall be the apportioned amount of the Tenant’s
Proportion of the Common Areas Service Charge due up to the next Instalment Day and thereafter the provisions of Clause 3 of this
Part II of this Schedule shall apply.

 

    	 	39	 

     

    

 

		5.	Service cost Statement

 

		5.1	The Management Company as soon as practicable after the end of each Service Charge Period shall
submit to the Tenant the Management Company’s service cost statement duly audited and certified by the Management Company’s
auditors (acting as an expert and not an arbitrator). Such service cost statement shall be prepared on an accruals basis and shall
inter alia disclose:-

 

		5.1.1	the total expenditure for the Service Charge Period ended itemised under the various heads of expense;
and

 

		5.1.2	the balancing payment or allowance due from or credited to the Tenant as the case may be.

 

		6.	Balancing Adjustment

 

If the Tenant’s Proportion
(expressed as a cash amount) of the Common Areas Service Charge as certified shall be more or less than the total of the advance
payments referred to in Clause 3 of this Part II of this Schedule above, then any sum due to or allowable by the Management Company
in respect of the Tenant’s Proportion of the Common Areas Service Charge for the relevant Service Charge Period shall forthwith
be paid or allowed as the case may be.

 

		7.	Exceptional Costs

 

In the event that the Management
Company at any time during any Service Charge Period incurs heavy exceptional expenditure which forms part of the Common Areas
Service Charge, the Management Company shall be entitled to recover from the Tenant the Tenant’s Proportion of the Common
Areas Service Charge representing the whole of that expenditure on the Instalment Day next following.

 

		8.	Claims by third parties in respect of loss or damage in or about the Common Areas:

 

		8.1	The Management Company shall be entitled to include in the Common Areas Service Charge any payments
properly made to third parties in settlement of any claims by such third parties in respect of any loss or damage sustained by
the same in or about the Common Areas to the extent that such claims are not recovered under any policy of insurance effected by
the Management Company on either of the following grounds:-

 

		8.1.1	by reason of the fact that the amount claimed by any third party falls within the excess amount
stipulated on the relevant insurance policy; or

 

    	 	40	 

     

    

 

		8.1.2	by reason of the fact that the cost in terms of any consequential increase for the future in the
premium payable on foot of the relevant policy that will cover any such payments from the relevant policy would in the sole opinion
of the Management Company exceed the amount necessary to settle such claims.

 

		8.2	Notwithstanding any provision to the contrary contained in this Lease, the Common Areas Service
Charge shall include the cost of Common Areas Services in respect of any matter which is either wholly or partly covered by insurance
effected by the Landlord and/or the Management Company in respect of the Park including the Common Areas PROVIDED ALWAYS that if
and when the proceeds of any such insurance are received by the Landlord or the Management Company as the case may be the relevant
proportion thereof shall be deducted from the Tenant’s Proportion of the Common Areas Service Charge payable by the Tenant
on the Instalment Day next following.

 

		9.	Restrictions on objections to Common Areas Service Charge:

 

The service cost statement described
in Clause 5 of this Part II of this Schedule shall be conclusive evidence for the purpose hereof of the matters which it purports
to certify save in the case of manifest error.

 

		10.	Sinking Fund and Reserve:

 

In the event that a sinking fund
is established pursuant to Clause 10 of Part I of this Schedule, the Management Company shall be entitled to include in the Common
Areas Service Charge for any Service Charge Period an amount which the Management Company reasonably determines is appropriate
to build up and maintain such sinking fund.

 

		11.	Service Charge Exclusions

 

There shall be excluded from the
items comprised in the Common Areas Service Charge any liability or expense for which the Landlord, the Tenant or other tenants
or occupiers of Units shall individually be responsible, any liability in respect of vacant Units and any arrears of service charge
due and owing from any other tenant or occupier of any part of the Park.

 

		12.	Management Charges:

 

The Management Company shall be
entitled to include in the Common Areas Service Charge a reasonable fee for the provision of the Common Area Services and any cost
of the Management Company’s auditors for auditing the Common Areas Service Charge or providing other services in connection
with the Common Areas Service Charge.

 

    	 	41	 

     

    

 

THIRD SCHEDULE

PART III

 

Maintenance and services to be provided
by the Landlord and/or the Management Company in relation to the Retained Parts.

 

		1.	Whenever the Landlord regards it as necessary to cleanse, tidy renew, repair, maintain, replace
or decorate the Retained Parts in good substantial repair and condition.

 

		2.	Supplying hot and cold water to any lavatory facilities in the Retained Parts.

 

		3.	Providing reasonable heating and lighting in the Retained Parts and providing air conditioning
to the Retained Parts (if applicable).

 

		4.	Discharging all existing or future rates, taxes, duties, charges, assessments, outgoings and impositions
levied in relation to the Retained Parts.

 

		5.	Inspecting, and maintaining in good working order and where necessary overhauling, decorating,
redecorating, cleaning, treating, replacing, renewing and operating the plant and equipment and the Conduits is so far as they
relate to the Retained Parts.

 

		6.	The Landlord shall if it is deemed reasonable and prudent to do so, provide for such sinking or
reserve fund as the Landlord shall deem fit for the replacement and the renewal of the Retained Parts and the Landlord shall have
power:

 

		6.1	annually or at such other intervals as the Landlord may
determine review the cost or prospective cost of such replacements and renewals with a view to allowing for all such additional
or further costs and expenditures as may be attributable to the differential in the value of money or inflationary or other like
trends and changing technology as between one date and another, and

 

		6.2	to allow for all such amounts as may be determined on review
in computing the contribution from time to time to the sinking or reserve fund provided however that this clause shall not impose
upon the Landlord any obligations to provide for or continue to provide for, if already established, such sinking or reserve fund.

 

    	 	42	 

     

    

 

THIRD SCHEDULE

PART IV

 

The Tenant’s
Liability to Contribute to the Retained Parts Service Charge

 

		1.	Payment dates:

 

The Tenant’s Proportion
of the Retained Parts Service Charge for each Service Charge Period shall be discharged by means of equal quarterly payments in
advance to be made on the Instalment Days in each year of the Term or on such date on which a demand therefore is made (whichever
shall be the earlier date) and by such additional payments as maybe required under Clauses 3 and 7 of this Part IV of this Schedule.

 

		2.	Service Charge Period:

 

For the purposes of this Part
IV of this Schedule, “Service Charge Period” means the period of twelve months from 1st January to 31st
December in each year (or such other period not exceeding twelve (12) months as the Landlord may from time to time determine).

 

		3.	Advance Payments:

 

Subject to Clause 4 of this Part
IV of this Schedule and subject also as hereinafter set out, the amount of each advance payment of the Retained Parts Service Charge
shall be one quarter of such amount as the Landlord may reasonably estimate to be the Tenant’s Proportion of the Retained
Parts Service Charge for the relevant Service Charge Period and which is notified to the Tenant at or before the time when the
demand for an advance payment is made or such payment falls due, PROVIDED HOWEVER that in the event of the Gross
Internal Floor Area of any of the Lettable Areas within the Block being added to, extended or redeveloped from time to time during
the Term, the Tenant’s Proportion of the Retained Parts Service Charge payable by the Tenant during the relevant Service
Charge Period and, if necessary, the estimate of the amount of the Retained Parts Service Charge for the current Service Charge
Period, shall be amended on the Instalment Day (or on such date on which a demand therefore is made whichever shall be the later
date) next ensuing and the Tenant shall pay on the remaining Instalment Days of such Service Charge Period such sums as the Landlord
shall certify to be necessary to ensure that the Tenant pays the Tenant’s Proportion of the revised Retained Parts Service
Charge for the relevant Service Charge Period.

 

		4.	Daily rate of calculation:

 

The Retained Parts Service Charge
shall be deemed to accrue on a day-to-day basis in order to ascertain yearly rates and for the purposes of apportionment in relation
to periods other than a Service Charge Period. In the event that this Lease shall commence on a day which is not one of the Instalment
Days, then the Tenant’s Proportion of the Retained Parts Service Charge shall be the apportioned amount of the Tenant’s
Proportion of the Retained Parts Service Charge due up to the next Instalment Day and thereafter the provisions of Clause 3 of
this Part IV of this Schedule shall apply.

 

    	 	43	 

     

    

 

		5.	Service cost Statement:

 

		5.1	The Landlord as soon as practicable after the end of each Service
Charge Period shall submit to the Tenant the Landlord’s statement duly audited and certified by the Landlord’s auditors
(acting as an expert and not an arbitrator). Such service cost statement shall be prepared
on an accruals basis and shall inter alia disclose:-

 

		5.1.1	the total expenditure for the Service Charge Period ended itemised under the various heads of expense;
and

 

		5.1.2	the balancing payment or allowance due from or credited to the Tenant as the case may be.

 

		6.	Balancing Adjustment:

 

If the Tenant’s Proportion
(expressed as a cash amount) of the Retained Parts Service Charge as certified shall be more or less than the total of the advance
payments referred to in Clause 3 of this Part IV of this Schedule above, then any sum due to or allowable by the Landlord in respect
of the Tenant’s Proportion of the Retained Parts Service Charge for the relevant Service Charge Period shall forthwith be
paid or allowed as the case may be.

 

		7.	Exceptional Costs:

 

In the event that the Landlord
at any time during any Service Charge Period incurs heavy exceptional expenditure which forms part of the Retained Parts Service
Charge, the Landlord shall be entitled to recover from the Tenant the Tenant’s Proportion of the Retained Parts Service Charge
representing the whole of that expenditure on the Instalment Day next following.

 

		8.	Claims by third parties in respect of loss or damage in or about the Retained Parts:

 

		8.1	The Landlord shall be entitled to include in the Retained Parts Service Charge any payments properly
made to third parties in settlement of any claims by such third parties in respect of any loss or damage sustained by the same
in or about the Retained Parts to the extent that such claims are not recovered under any policy of insurance effected by the Landlord
on either of the following grounds:-

 

		8.1.1	by reason of the fact that the amount claimed by any third party falls within the excess amount
stipulated on the relevant insurance policy; or

 

    	 	44	 

     

    

 

		8.1.2	by reason of the fact that the cost in terms of any consequential increase for the future in the
premium payable on foot of the relevant policy that will cover any such payments from the relevant policy would in the sole opinion
of the Landlord exceed the amount necessary to settle such claims.

 

		8.2	Notwithstanding any provision to the contrary contained in this Lease, the Retained Parts Service
Charge shall include the cost of Retained Parts Services in respect of any matter which is either wholly or partly covered by insurance
effected by the Landlord in respect of the Block PROVIDED ALWAYS that if and when the proceeds of any such insurance are
received by the Landlord as the case may be the relevant proportion thereof shall be deducted from the Tenant’s Proportion
of the Retained Parts Service Charge payable by the Tenant on the Instalment Day next following.

 

		9.	Restrictions on objections to Retained Parts Service
Charge:

 

The
service cost Statement described in Clause 5 of this Part IV of this Schedule shall be conclusive
evidence for the purpose hereof of the matters which it purports to certify save in the case of manifest error.

 

		10.	Sinking Fund and Reserve:

 

In the event that a sinking fund
is established pursuant to Clause 6 of Part III of the this Schedule, the Landlord shall be entitled to include in the Retained
Parts Service Charge for any Service Charge Period an amount which the Landlord reasonably determines is appropriate to build up
and maintain such sinking fund. 

 

		11.	Service Charge Exclusions:

 

There shall be excluded from the
items comprised in the Retained Parts Service Charge any liability or expense for which the Landlord, the Tenant or other tenants
or occupiers of Units in the Block shall individually be responsible, any liability in respect of vacant Units and any arrears
of service charge due and owing from any other tenant or occupier of any part of the Park.

 

		12.	Management Charges:

 

The Landlord shall be entitled
to include in the Retained Parts Service Charge a reasonable fee for the provision of the Retained Parts Services and any cost
of the Landlord’s auditors for auditing the Retained Parts Service Charge or providing other services in connection with
the Retained Parts Service Charge.

 

    	 	45	 

     

    

 

FOURTH SCHEDULE

Provisions
for Rent Review

		1.	Definitions

 

In this Schedule, the following
expressions shall have the following meanings:-

 

		1.1	Review Date means the Review Date specified in Clause 2 herein;

 

		1.2	Open Market Rent means the full open market rent without any deductions whatsoever at which the Demised Premises might
reasonably be expected to be let in the open market with vacant possession at the Review Date by a willing landlord to a willing
tenant and without any premium or any other consideration for the grant thereof for a term equal to the Term, subject to break
options at the intervals provided for in this Lease and on the same terms and conditions and subject to the same covenants and
provisions contained in this Lease (other than the amount of the Rent payable hereunder but including these provisions for the
review of rent) and having regard to other open market rental values current at the Review Date in so far as the Surveyor (as defined
in Clause 1.5 of this Schedule) may deem same to be pertinent to the matters under consideration by him and making the Assumptions
but disregarding the Disregarded Matters;

 

		1.3	the Assumptions mean the following assumptions (if not facts) at the Review Date:-

 

		1.3.1	that the Demised Premises are ready and available for immediate
occupation and use by the Tenant and may be lawfully used by any person for the Permitted User;

 

		1.3.2	that no work has been carried out to the Demised Premises by
the Tenant, any undertenant or their respective predecessors in title during the Term, which has diminished the rental value of
the Demised Premises;

 

		1.3.3	that if the Demised Premises or any part or parts thereof have
been destroyed or damaged, they have been fully rebuilt and reinstated;

 

		1.3.4	that the Demised Premises are in a good state of repair and decorative
condition;

 

		1.3.5	that all the covenants on the part of the Tenant contained in
this Lease have been fully performed and observed;

 

		1.3.6	that the Initial Rent paid pursuant to this Lease is eighty one thousand euros (€81,000.00)
per annum (exclusive of VAT, which is payable).

 

    	 	46	 

     

    

 

		1.4	the Disregarded Matters mean:-

 

		1.4.1	any effect on rent of the fact that the Tenant, any permitted
undertenant or their respective predecessors in title have been in occupation of the Demised Premises or any part thereof or of
the terms of any sub lease permitted in accordance with the provisions of Clause 5.20.4;

 

		1.4.2	any goodwill attaching to the Demised Premises by reason of the
business then carried on at the Demised Premises by the Tenant or any permitted undertenant;

 

		1.4.3	any increase in rental value of the Demised Premises attributable
to the existence at the Review Date, of any works (otherwise than in pursuance of an obligation under this Lease or any agreement
therefore) executed by and at the expense of the Tenant (or any party lawfully occupying the Demised Premises under the Tenant)
with the consent of the Landlord (where required under this Lease) in on or to the Demised Premises or any part thereof;

 

		1.4.4	any rent free concession, reduced rent or other inducement which
would or might be given to an incoming tenant on the grant of a lease of the Demised Premises at the Review Date to the intent
that no reduction shall be made in ascertaining the Open Market Rent to reflect such rent free concession, reduced rent or other
inducement to compensate the Tenant for the absence thereof.

 

		1.5	the Surveyor means an independent chartered surveyor who is experienced in the valuation and leasing of property similar
to the Demised Premises and is acquainted with the market in the area in which the Demised Premises are located, appointed from
time to time to determine the Open Market Rent pursuant to the provisions of this Schedule;

 

		1.6	the President means the President for the time being of the Society of Chartered Surveyors and includes the Vice-President
or any person authorised by the President to make appointments on his behalf;

 

		1.7	Rent Restrictions means the restrictions imposed by any statute for the control of rent in force on a Review Date or
on the date on which any reviewed rent is ascertained in accordance with this Schedule and which operate to impose any limitation,
whether in time or amount, on the collection of an increase in the rent first reserved by this Lease or any part thereof.

 

		2.	Rent review

 

The
Initial Rent shall be reviewed on the first day of the sixth (6th) year of the Term (the “Review Date”)
in accordance with the provisions of this Schedule and, from and including the Review Date, the Rent shall be either the Rent contractually
payable immediately before the Review Date or the Open Market Rent on the Review Date, as agreed or determined pursuant to the
provisions of this Schedule.

 

    	 	47	 

     

    

 

		3.	Agreement or determination of the reviewed rent 

 

The
Open Market Rent at the Review Date may be agreed in writing at any time between the Landlord and the Tenant but if, for any reason,
they have not so agreed by the Review Date, either party may (whether before or after the Review Date) by notice in writing to
the other require the Open Market Rent to be determined by the Surveyor.

 

		4.	Appointment of Surveyor

 

In
default of agreement between the Landlord and the Tenant on the appointment of the Surveyor, the Surveyor shall be appointed by
the President on the written application of either party, such application to be made not earlier than twelve (12) months before
and not later than twelve (12) months after the Review Date.

 

		5.	Functions of the Surveyor: The Surveyor shall:-

 

		5.1	at the option of the Landlord act either as an arbitrator in accordance with the Arbitration Act,
2010 or as an expert, such option to be exercised by the Landlord giving written notice to the President at the time of the Landlord's
written application to the President or, if application is made by the Tenant, then within seven (7) days of the Landlord being
notified of the appointment of the Surveyor but if no written notice is given by the Landlord as aforesaid, the Surveyor shall
act as an arbitrator;

 

		5.2	(if acting as an expert) invite the Landlord and the Tenant to submit to him, within such time
limits (not being less than fifteen (15) Business days) as he shall consider appropriate, a valuation accompanied, if desired,
by a statement of reasons and such representations and cross - representations as to the amount of the Open Market Rent with such
supporting evidence as they may respectively wish;

 

		5.3	within sixty (60) days of his appointment, or within such extended period as the Landlord and the
Tenant shall jointly agree in writing, give to each of them written notice of the amount of the Open Market Rent as determined
by him.

 

		6.	Fees of Surveyor 

 

The
fees and expenses of the Surveyor (if acting as an expert), including the costs of his nomination, shall be in the award of the
Surveyor (but this shall not preclude the Surveyor from notifying both parties of his total fees and expenses notwithstanding the
non-publication at that time of his award) and, failing such award, the same shall be payable by the Landlord and the Tenant in
equal shares who shall each bear their own costs, fees and expenses. Without prejudice to the foregoing, both the Landlord and
the Tenant shall each be entitled to pay the entire fees and expenses, due to the Surveyor and thereafter recover as a simple contract
debt the amount (if any) due from the party who failed or refused to pay same.

 

    	 	48	 

     

    

 

		7.	Appointment of new Surveyor 

 

If
the Surveyor fails to give notice of his determination within the time aforesaid, or if he dies, or is unwilling to act, or becomes
incapable of acting, or if, for any other reason, he is unable to act, either party may request the President to discharge the
Surveyor and appoint another surveyor in his place to act in the same capacity, which procedure may be repeated as many times as
necessary.

 

		8.	Interim payments pending determination 

 

In
the event that by the Review Date the amount of the reviewed rent has not been agreed or determined as aforesaid (the date of agreement
or determination being herein called “the Determination Date”) then, in respect
of the period (herein called “the Interim Period”) beginning with the Review
Date and ending on the day before the Quarterly Instalment Day following the Determination Date:

 

		8.1	the Tenant shall pay to the Landlord Rent at the yearly rate
payable immediately before the Review Date, and within twenty one days of the Determination Date, the Tenant shall pay to the Landlord,
as arrears of rent, the amount (if any) by which the reviewed rent exceeds the Rent actually paid during the Interim Period (apportioned
on a daily basis) together with interest thereon at the Base Rate from the Review Date to the date of actual payment; or

 

		8.2	the Landlord shall pay to the Tenant within twenty one days of
the Determination Date the amount by which the reviewed rent is less than the Rent actually paid by the Tenant during the Interim
Period (apportioned on a daily basis) together with interest thereon at the Base Rate from the Review Date to the date of actual
payment.

 

		9.	Rent Restrictions 

 

On
each and every occasion during the Term that Rent Restrictions shall be in force, then and in each and every case:

 

		9.1	the operation of the provisions herein for review of the Rent
shall be postponed to take effect on the first date or dates thereafter upon which such operation may occur, and

 

		9.2	the collection of any increase or increases in the Rent shall
be postponed to take effect on the first date or dates thereafter that such increase or increases may be collected and/or retained
in whole or in part and on as many occasions as shall be required to ensure the collection of the whole increase

 

AND until the Rent Restrictions
shall be relaxed either partially or wholly the rent reserved by this Lease (which if previously reviewed shall be the rent payable
under this Lease immediately prior to the imposition of the Rent Restrictions) shall (subject always to any provision to the contrary
appearing in the Rent Restrictions) be the maximum Rent from time to time payable hereunder.

 

    	 	49	 

     

    

 

		10.	Memoranda of reviewed rent 

 

As
soon as the amount of any reviewed rent has been agreed or determined, memoranda thereof shall be prepared by the Landlord or its
solicitors and thereupon shall be signed by or on behalf of the Tenant and the Landlord, and the Tenant shall be responsible for
and shall pay to the Landlord the stamp duty (if any) payable on such memoranda and any counterparts thereof but the parties shall
each bear their own costs in respect thereof.

 

		11.	Time not of the essence 

 

For
the purpose of this Schedule, time shall not be of the essence.

 

    	 	50	 

     

    

 

FIFTH SCHEDULE

 

Photographic schedule of condition and
Landlord’s Fixtures and Fittings

 

		·	Raised access floors.

		·	Suspended ceilings

		·	Cat 2 recessed strip lighting

		·	3 phase power in a stand-alone Power Distribution Board (PBC)

		·	Fully finished bathrooms

		·	Access control and intercom

		·	Front and rear access 

 

    	 	51	 

     

    

 

SIXTH SCHEDULE

 

Plan (re: Yield Up Obligations)

 

    	 	52	 

     

    

 

PRESENT when the Common Seal of

CHANNOR LIMITED was affixed hereto:-

 

PRESENT when the Common Seal of

BLANCHARDSTOWN CORPORATE PARK MANAGEMENT
LIMITED

was affixed hereto:-

 

	GIVEN under the COMMON SEAL 	 
	of FLAMEL IRELAND LIMITED	 
	and DELIVERED as a DEED:-	/s/ Ross Gorman
	 	Director
	 	 
	 	/s/ Michael S. Anderson
	 	Director

 

FLAMEL TECHNOLOGIES S.A.

Executed by Michael S. Anderson

In his capacity as General Manager (Directeur Général)

	 	 

 

    	 	53	 

     

    

 

DATED THE DAY OF 2015

 

Channor Limited

First Part

 

Blanchardstown Corporate Park Management
Limited

Second Part

 

Flamel Ireland Limited

Third Part

 

Flamel Technologies S.A.

Fourth Part

 

 

 

 

LEASE

 

 

 

AMOSS Solicitors

26 Burlington Road

Ballsbridge

Dublin 4

 

    	 	54Exhibit 10.18

 

EXECUTION COPY

 

EMPLOYMENT

AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into as of the 8th of July, 2015, with the employment to which it pertains
beginning on 29th of June , 2015 (the “Effective Date” ), by and among Sandra Hatten (“Executive”),
a citizen of the United States currently residing at 546 Donne Avenue, University City, MO 63130; FLAMEL TECHNOLOGIES SA, a French
Societe Anonyme with a principal office located at 33, avenue du Dr. Georges Levy, Parc Club du Moulin a Vent, 69200 Venissieux,
France (“Flamel”); and ECLAT PHARMACEUTICALS, LLC, a Delaware limited liability company and affiliate of the
Company with a principal office located at 702 Spirit 40 Park Drive, Suite 108, Chesterfield, MO 63005 (“Eclat”)
together with Flamel (the “Company”).

 

WITNESSETH

 

WHEREAS, Executive is
a citizen of the United States and a resident of the State of Missouri; and

 

WHEREAS, the Company
desires to employ Executive as its Senior Vice President, Quality and Regulatory Affairs; and

 

WHEREAS, Executive desires
to accept such employment with the Company on the terms and conditions contained in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.           EMPLOYMENT
TERMS

 

1.1          Position.

 

(a)          Position at
the Company. Executive shall act as Senior Vice President, Quality and Regulatory Affairs for the Company and shall carry out
such work reasonably required by the Company in the course of its business consistent with this position. Executive shall work
from the Company’s offices in the St. Louis, Missouri area (currently in Chesterfield, MO), but shall also travel to and
work from the Company’s offices in Lyon, France and Dublin, Ireland, to the extent required and appropriate, with the costs
associated with such travel borne by the Company. The Executive will devote substantially all of Executive’s business hours
to the Company, and during such time will make the best use of Executive’s energy, knowledge, and training, to advancing
the Company’s interests. The Executive will accept no other employment during his employment with the Company.

 

(b)          Reporting.
In her capacity as Senior Vice President, Quality and Regulatory Affairs for the Company, Executive shall report directly to the
Chief Executive Officer, currently Michael S. Anderson.

 

    	 	1	 

     

    

 

(c)          Confidentiality.

 

(i)          (A)
To the fullest extent under applicable law, Executive agrees at all times during the term of this Agreement and for a period
of five (5) years after termination of this Agreement, and any applicable extensions thereof, to hold in strictest confidence,
and not to use, except for the benefit of the Company to the extent necessary to perform his obligations to the Company under this
Agreement, and not to disclose to any person, firm, corporation or other entity without written authorization of the Chief Executive
Officer, General Counsel or Board of Directors of the Company, any confidential information of the Company that Executive obtains
or creates. Any breach of this obligation will be considered a material breach of this Agreement.

 

(B)         For
the avoidance of doubt, confidential information shall not include information that (1) is or has been made generally available
to the public through the disclosure thereof in a manner that was authorized by the Company and did not violate any common law
or contractual right of the applicable party; (2) is or becomes generally available to the public other than as a result of a disclosure
by Executive in violation of the provisions hereof; or (3) was already in the possession of Executive without an obligation of
confidentiality prior to becoming a party to this Agreement.

 

(d)          Non-Disparagement.
Executive agrees not to disparage or otherwise refer to Company, its Executives, officers or directors in an unfavorable manner
before, during and after the term of this Agreement, including verbal remarks in public or private and written remarks in paper
or electronic format (e.g., e-mail, Twitter, Facebook, etc). Violation of this provision will result in termination of Employment
and any benefits paid hereunder. Company, together with its executives, officers and directors, agrees not to disparage or otherwise
refer to Executive in an unfavorable manner before, during and after the term of this Agreement, including verbal remarks in public
or private and written remarks in paper or electronic format (e.g., e-mail, Twitter, Facebook, etc).

 

(e)          Non-Solicitation.
For a period of one (1) year after the termination of this Agreement or Executive’s employment with the Company, Executive
will not directly or indirectly solicit any Company employee to perform services for the Executive or for any other business or
entity, whether as an Executive, consultant, partner or participant in any such business or entity. This Section 1.1(e) shall cease
to be applicable to any activity of the Executive from and after such time as the Company has ceased all business activities or
has made a decision to cease all business activities.

 

1.2          Status.
For as long as she remains an Executive of the Company, Executive’s employment shall be governed by the laws of the United
States and the State of Missouri to the fullest extent permitted by law. It is the intent of the parties that at all times during
Executive’s employment with the Company, she will remain a citizen of the United States.

 

1.3          Duration.
This term of this Agreement shall be one (1) year, beginning on the Effective Date, with the Agreement automatically renewing for
successive one (1) year periods, unless Executive or the Company provides written notice to the other of his or its intention not
to renew the Agreement at least thirty (30) days prior to the next upcoming expiration date. At the termination of this Agreement,
Executive’s employment with the Company shall terminate simultaneously.

 

    	 	2	 

     

    

 

2.           COMPENSATION;
BENEFITS

 

2.1          Base
Salary. The Company shall pay to Executive a gross annual base salary of Two Hundred Ninety-Two Thousand Dollars ($292,000)
per year payable in accordance with the Company’s normal payroll practices as are in effect from time to time. The Company
will review the base salary on or about the first of every year, and in the Company’s sole discretion, make any increases
that the Company deems warranted. If the Executive’s base salary is increased, the new increased base salary will be the
base salary for purposes of this Agreement.

 

2.2          Bonus.
The Executive shall be eligible for an annual bonus of up to forty percent (40%) of Executive’s base salary. Payment of the
annual bonus will be based upon Executive’s achievement of certain business and individual performance objectives as well
as the Company’s performance against the Company’s objectives.

 

2.3          Stock
Option.

 

(a)          Grant of Options.
Upon approval of the Board of Directors, the Company shall grant to Executive the option (“Option”) to purchase One
Hundred Thousand (100,000) shares of the Company’s common stock (“Option Shares “) in accordance with this Section
2.3 and the Company’s stock option plan (or other applicable plan), to the extent that such plan is not contrary to this
Agreement.

 

(b)          Vesting.
Executive shall vest in the Option Shares in accordance with the Company’s approved vesting schedule in accordance with the
stock option plan (or other applicable plan).

 

(c)          Exercise of
Option. The Option may be exercised as set forth in the Company’s stock option plan (or other applicable plan). All shares
of the Company’s common stock issuable upon the exercise of the Option shall, when issued, be validly issued, fully paid
and non-assessable.

 

2.4          Insurance
and Benefits.

 

(a)Plan Participation.
The Company shall facilitate Executive’s and his family’s participation in any group medical, health, vision, dental,
hospitalization, and accident insurance, retirement, pension, disability, or similar welfare or pension plan or program of the
Company now existing or hereafter established. Executive acknowledges that the current insurance plans are offered through Eclat
and are subject to reasonable changes at the business discretion of the Company and/or Eclat. At Employee’s discretion, in
lieu of her and her family’s participation in the Company’s Plan, Company shall be reimburse Employee for Employee’s
and her family’s participation in a similar or like Company Plan, including but not limited to COBRA participation in Employee’s
former insurance plan or program.

 

(b)          Vacation and
Paid Time Off. Executive shall be eligible for paid vacation and time off in accordance with the policies of the Company applicable
to other Executives at similar levels of authority (currently fifteen (15) days). Executive shall also be entitled to the Company’s
usual and customary holidays, including two (2) floating holidays each year, to be taken at Executive’s discretion.

 

    	 	3	 

     

    

 

(c)          Indemnification:
General Liability.

 

(i)          To
the fullest extent permitted by applicable law, the Company, its receiver, or its trustee shall indemnify, defend, and hold Executive
harmless from and against any expense, loss, damage, or liability incurred or connected with any claim, suit, demand, loss, judgment,
liability, cost, or expense (including reasonable attorneys’ fees) arising from or related to the services performed by her
under the terms of this Agreement and amounts paid in settlement of any of the foregoing; provided that the same were not the result
of Executive ‘s fraud, gross negligence, or reckless or intentional misconduct. The Company may advance to Executive the
costs of defending any claim, suit, or action against her if she undertakes to repay the funds advanced, with interest, should
it later be determined that s he is not entitled to indemnification under this Section 2.4(c).

 

(ii)         The
Company shall provide coverage to Executive for his general liability, director and officer liability, and professional liability
insurance at the same levels and on the same terms as provided to its other executive officers.

 

3.           TERMINATION
AND SEVERANCE

 

3.1          Termination.

 

(a)          Nothing in this
Agreement shall prevent the Company from terminating Executive’s employment with the Company at any time, with or without
“Cause.” “Cause” means: (i) conviction of Executive or plea to a felony or crime involving moral turpitude;
(ii) fraud, theft, or misappropriation by Executive of any asset or property of the Company, including, without limitation, any
theft or embezzlement or any diversion of any corporate opportunity; (iii) breach of any of the material obligations contained
in this Agreement; (iv) conduct by Executive materially contrary to the material policies of the Company; (v) material failure
by Executive to meet the goals and objectives established by the Company; provided that Executive has failed to cure such failure
within a reasonable period of time after written notice to her regarding such failure; or (vi) conduct by Executive that results
in a material detriment to the Company, its program, or goals or is inimical to the Company’s reputation and interests; provided
that Executive has failed to cure such failure within a reasonable period of time after written notice to her regarding such conduct.
Any reoccurrence of such acts constituting Good Cause within one (1) year of the original occurrence will require no such pre-termination
right of the Executive to cure.

 

(b)          Executive may
terminate Executive’s employment with the Company with or without “Good Reason”. “Good Reason” means:
(i) the failure of the Company to timely pay to the Executive any compensation owed to her under this Agreement; (ii) the Company’s
diminution in the Executive’s duties in any material respect or the Company’s assignment to the Executive of duties
that are materially inconsistent with the duties stated in this Agreement; (iii) the relocation of the Company’s offices
of the Executive’s employment more than sixty (60) miles outside the greater St. Louis metropolitan area; (iv) a material
breach by the Company of this Agreement; (v) the failure of the Company to have this Agreement assumed in full by any successor
in the case of any merger, consolidation, or sale of all or substantially all of the assets of the Company.

 

    	 	4	 

     

    

 

(c)          In the event that
Executive desires to resign from the Company, she shall promptly give the Company written notice of the date that such resignation
will be effective, provided that the notice period shall be no less than thirty (30) days. In the event that Executive desires
to resign from the Company for Good Reason, he shall provide the Company with written notice setting forth the acts constituting
Good Reason within ninety (90) days of the initial occurrence of the Good Reason condition and providing that the Company may cure
such acts within thirty (30) days of receipt of such notice. Any reoccurrence of such acts constituting Good Reason within one
(1) year of the original occurrence will require no such pre-termination right of the Company to cure.

 

(d)          In the event that
the Company desires to terminate Executive’s employment, with or without Cause, the Company shall promptly give Executive
written notice of the date that such termination will be effective, provided that the notice period shall be no less than thirty
(30) days.

 

3.2           Severance.
If Executive terminates this Agreement or his employment with the Company for Good Reason or if Executive’s employment with
the Company is terminated by the Company for any reason other than for Cause, including non-renewal of this Agreement by the Company,
the Company shall pay to Executive a severance indemnity of: (i) severance pay equal to Executive’s then-current annual base
salary, paid in continuous payments in accordance with the Company’s normal payroll practices for a period of twelve (12)
months; and (ii) all accrued but unpaid vacation, expense reimbursement, wages and other benefits due to Executive under any Company
provided plans, policies and arrangements; and (iii) if Executive elects continuation coverage pursuant to the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”), then the Company will pay for Executive’s COBRA premiums
for such coverage (at coverage levels in effect immediately prior to Executive’s termination) until the earlier of: (A) a
period of twelve (12) months from the date of termination or (B) the date upon which Executive becomes covered under similar plans.
Executive’s receipt of the Severance Indemnity is conditioned upon his and the Company’s execution of a reasonable
settlement agreement governing the termination of the employment relationship between Executive and the Company. All payments set
forth in this Section 3.2(i), (ii) and (iii) are defined as (the “Severance Indemnity”).

 

3.3           Change
of Control. If Executive terminates this Agreement or his employment with the Company for Good Reason or if Executive’s
employment with the Company is terminated by the Company for any reason other than for Cause, including non-renewal of this Agreement
by the Company, and such termination occurs during a Change of Control Period, the Company shall pay to Executive a change of control
indemnity of: (i) the Severance Indemnity as defined in Section 3.2; and (ii) a lump-sum payment equal to one hundred percent (100%)
of the higher of: (A) the greater of (x) Executive’s target bonus as in effect for the fiscal year in which the Change of
Control occurs or (y) Executive’s target bonus as in effect for the fiscal year in which Executive’s termination of
employment occurs; or (B) Executive’s actual bonus for performance during the calendar year prior to the calendar year during
which the termination of employment occurs. For avoidance of doubt, the amount paid to Executive pursuant to this Section 3.3 will
not be prorated based on the actual amount of time Executive is employed by the Company during the fiscal year (or the relevant
performance period if something different than a fiscal year) during which this termination occurs; and (iii) one hundred percent
(100%) of Executive’s outstanding and unvested Option Shares will become vested in full. Notwithstanding any other provision
in any applicable equity compensation plan and/or individual stock option plan or agreement, Executive’s outstanding and
vested stock options as of the Executive’s termination of employment date will remain exercisable until the eighteen (18)
month anniversary of the termination of employment date; provided, however, that the post-termination exercise period for any individual
stock option right will not extend beyond its original maximum term of the original date of the grant. All payments set forth in
this Section 3.3 (i), (ii) and (iii) defined as (the “Change of Control Indemnity”).

 

    	 	5	 

     

    

 

3.4           Change
of Control Definitions. For purposes of Section 3.3 above, the following definitions shall apply: (a) “Change of
Control” means the occurrence of any of the following events: (i) A change in the ownership of the Company which occurs on
the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock
of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting
power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock
by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company
will not be considered a Change or Control; or (ii) A change in the effective control of the Company which occurs on the date that
a majority of the members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election
is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this
subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of
the Company by the same Person will not be considered a Change of Control; or (iii) A change in the ownership of a substantial
portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12)
month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total
gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of
the Company immediately prior to such acquisition or acquisitions.

 

(b)          “Change
of Control Period” means the period beginning six (6) months prior to, and ending eighteen (18) months following, a Change
of Control.

 

4.           MISCELLANEOUS

 

4.1          Entire
Agreement. This Agreement (including any exhibits hereto) supersedes any and all other understandings and agreements, either
oral or in writing, among the parties with respect to the subject matter hereof and constitutes the sole agreement among the parties
with respect to the subject matter hereof.

 

4.2          Severability.
If any term or provision of this Agreement or any application of this Agreement shall be declared or held invalid, illegal, or
unenforceable, in whole or in part, whether generally or in any particular jurisdiction, such provision shall be deemed amended
to the extent, but only to the extent, necessary to cure such invalidity, illegality, or unenforceability, and the validity, legality,
and enforceability of the remaining provisions, both generally and in every other jurisdiction, shall not in any way be affected
or impaired thereby.

 

    	 	6	 

     

    

 

4.3          Survival.
Notwithstanding expiration or termination of this Agreement, Sections l.1(c), 1.1(d), 2.3, 2.4(c), Section 3 and Section 4 shall
survive such expiration or termination.

 

4.4          Interpretation
of Agreement.

 

(a)          Unless otherwise
indicated to the contrary herein by the context or use thereof: (i) the words, “herein,” “hereto,” “hereof,”
and words of similar import refer to this Agreement as a whole and not to any particular Article, Section, subsection, or paragraph
hereof; (ii) words importing the masculine gender shall include the feminine and neuter genders and vice versa; and (iii) words
importing the singular shall include the plural, and vice versa.

 

(b)          All parties to
this Agreement have participated fully in the negotiation of this Agreement. This Agreement has been prepared by all parties equally,
and is to be interpreted according to its terms. No inference shall be drawn that the Agreement was prepared by or is the product
of any particular party or parties.

 

4.5          Taxes.
The parties hereto acknowledge that the requirements of Section 409A of the Internal Revenue Code (“Section 409A”)
are still being developed and interpreted by government agencies and that the parties hereto have made a good faith effort to comply
with current guidance under Section 409A. Notwithstanding anything in this Agreement to the contrary, in the event that amendments
to this Agreement are necessary in order to continue to comply with future guidance or interpretations under Section 409A, including
amendments necessary to ensure that compensation will not be subject to tax under Section 409A (which may require deferral of severance
or other compensation), the Company and the Executive agree to negotiate in good faith the applicable terms of such amendments
and to implement such negotiated amendments, on a prospective and/or retroactive basis as needed. Further, to the extent any amount
or benefit under this Agreement is subject to the requirements of Section 409A, then, with respect to such amount or benefit, this
Agreement will be interpreted in a manner to comply with the requirements of Section 409A. Further, a termination of employment
shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or
benefits upon or as a result of a termination of employment unless such termination is also a “separation from service”
within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination”,
“termination of employment”, “Termination Date”, or the like shall mean “separation from service”.

 

The Company makes no warranty regarding
the tax treatment to the Executive of payments provided for under this Agreement, including the tax treatment of such payments
that may be subject to Section 409A. The Executive will be responsible for paying all federal, state, and local income and employment
taxes that may be due on such payment, provided that the Company will be responsible for any withholding obligations under applicable
law.

 

    	 	7	 

     

    

 

4.6          Governing
Law. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly
agree that all of the terms and provisions hereof shall be construed in accordance with and governed by the laws of the State of
Missouri, without giving effect to the principles of choice or conflicts of laws thereof. Each of the parties hereto consents and
agrees to the exclusive personal jurisdiction of any state or federal court sitting in the State of Missouri, and waives any objection
based on venue or forum non conveniens with respect to any action instituted therein, and agreesthat any dispute concerning
the conduct of any party in connection with this Agreement shall be heard only in the courts described above.

 

4.7          Binding
Arbitration.

 

(a)          All disputes arising
under this Agreement or arising out of or relating to Executive’s employment relationship with the Company shall be submitted
to final and binding arbitration. Arbitration of such matters shall proceed consistent with the National Rules for the Resolution
of Employment Disputes as established by the American Arbitration Association. Venue for any arbitration shall be St. Louis, Missouri
or any other location mutually agreed upon by Executive and the Company.

 

(b)          The arbitration
shall be conducted using the Expedited Procedures of the AAA Rules, regardless of the amount in dispute.

 

(c)          The disputing
parties shall agree on an arbitrator qualified to conduct American Arbitration Association (“AAA”) arbitration. If
the disputing parties cannot agree on the choice of arbitrator, then each party shall choose one independent arbitrator. The two
arbitrators so chosen shall jointly select a third arbitrator, who shall conduct the arbitration.

 

(d)          All disputes relating
to this Agreement shall be governed by the laws of the State of Missouri, and the arbitrator shall apply such law without regard
to the principles of choice or conflicts of laws thereof.

 

(e)          All aspects of
the arbitration shall be treated as confidential.

 

(f)          The prevailing
party, as determined by the arbitrator, shall recover his or its reasonable costs and attorneys’ fees associated with the
arbitration. The non-prevailing party shall be liable for the arbitrator’s fees and costs.

 

(g)          The decision of
the arbitrator shall be final, and the parties agree to entry of such decision as judgments in all courts of appropriate jurisdiction.

 

4.8          Amendments.
This Agreement shall not be modified or amended except by a writing signed by all of the parties.

 

4.9          Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of each party
hereto.

 

    	 	8	 

     

    

 

4.10        No
Assignment.

 

(a)          This Agreement
and all of Executive’s rights and obligations hereunder are personal to Executive and may not be transferred or assigned
by her at any time, except that any assets accruing to Executive in connection with this Agreement shall accrue to the benefit
of Executive’s heirs, executors, administrators, successors, permitted assigns, trustees, and legal representatives.

 

(b)          The Company may
assign its rights under this Agreement to any entity that assumes the Company’s obligations hereunder in connection with
merger, consolidation or sale or transfer of all or substantially all of the Company’s assets to such entity.

 

4.11        Waiver.
Any of the terms or conditions of this Agreement may be waived at any time by the party or parties entitled to the benefit thereof,
but only by a writing signed by the party or parties waiving such terms or conditions. No waiver of any provision of this Agreement
or of any right or benefit arising hereunder shall be deemed to constitute or shall constitute a waiver of any other provision
of this Agreement (whether or not similar), nor shall any such waiver constitute a continuing waiver, unless otherwise expressly
so provided in writing.

 

4.12        Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Signatures on this Agreement may be conveyed by facsimile or other electronic transmission and shall
be binding upon the parties so transmitting their signatures. Counterparts with original signatures shall be provided to the other
parties following the applicable facsimile or other electronic transmission; provided, that failure to provide the original counterpart
shall have no effect on the validity or the binding nature of this Agreement.

 

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

 

	 	THE COMPANY
	 	 
	 	FLAMEL TECHNOLOGIES SA
	 	 	 
	 	By: 	/s/ Phil Thompson
	 	Name:	Phil Thompson
	 	Title:	Sr. Vice President, General Counsel
	 	 	 
	 	ECLAT PHARMACEUTICALS, LLC
	 	 	 
	 	By:	/s/ Michael S. Anderson
	 	Name:	Michael S. Anderson
	 	Title:	Chief Executive Officer

 

    	 	9	 

     

    

 

	 	EXECUTIVE
	 	 	 
	 	By: 	/s/ Sandy Hatten
	 	Name:	Sandy Hatten
	 	Title:	SR VP Quality and Reaffairs

 

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