Document:

EX-10.22

 Exhibit 10.22 

SECOND AMENDMENT TO LEASE 

THIS SECOND AMENDMENT TO LEASE (this “Amendment”) is made this 4th day of December, 2013, between PRINCETON SOUTH
INVESTORS, LLC, a Delaware limited liability company (“Landlord”) and ANTARES PHARMA, INC., a Delaware corporation (“Tenant”). Landlord and Tenant are each referred to herein as a “Party” and
collectively as the “Parties”. 
 BACKGROUND 

A. Landlord and Tenant entered into that certain Office Lease dated February 3, 2012 as amended by a First Amendment to Lease dated
January 28, 2013 (together, the “Lease”), whereby Tenant is presently in possession of premises identified as Suite 300 consisting of 10,603 rentable square feet located on the third (3rd) floor (the “Existing
Premises”) in the building currently known as Princeton South Corporate Center Condominium – Unit 1, or such other name as Landlord may from time to time designate, located at 100 Princeton South Corporate Center, Ewing, New Jersey,
08628 (the “Building”). 
 B. Tenant desires to expand its leased premises in the Building, and Landlord is willing to lease
such additional space to Tenant, all on and subject to the terms set forth herein. 
 C. Landlord and Tenant desire to modify and amend the
Lease only in the respects and on the conditions hereinafter stated. 
 TERMS 

NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, agree as follows: 
 1.
Definitions. For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Lease unless otherwise defined herein. 

2. Expansion Premises; Expansion Premises Term. 

2.1. Expansion Premises. Tenant hereby leases from Landlord, for the Expansion Premises Term (as defined in Section 2.2(A)
below), certain premises consisting of 2,727 rentable square feet (the “Expansion Premises”) located on the 3rd floor of the Building and directly adjacent to the Existing Premises, which Expansion Premises is generally as shown on
Exhibit “A” attached hereto and made a part hereof. For and during the Expansion Premises Term, the Expansion Premises shall constitute a part of the “Premises” for all purposes under the Lease, and all terms and
conditions set forth in the Lease shall apply to the Expansion Premises, except as otherwise expressly provided herein. As of the Expansion Premises Commencement Date (as defined in Section 2.2(A) below), the Premises shall include the Existing
Premises as of the date of this Amendment (i.e., 10,603 rsf) together with the Expansion Premises (i.e., 2,727 rsf), consisting of 13,330 rentable square feet of space in the aggregate. 

 2.2. Expansion Premises Term. 

A. Term. The term of the Lease for the Expansion Premises (the “Expansion Premises Term”) shall commence (the
“Expansion Premises Commencement Date”) on the earlier of the following: (i) the date of “Substantial Completion of the Expansion Premises”, as defined below, or (ii) the date on which Tenant shall take
possession of the Expansion Premises or any part thereof, or (iii) the date on which Tenant could have taken possession of the Expansion Premises had Tenant not delayed in its obligations to furnish Landlord plans and other drawings pursuant to
the requirements of Exhibit “B” attached hereto or otherwise caused a delay in the Substantial Completion of the Expansion Premises. Unless extended or sooner terminated pursuant to the terms of the Lease, as amended hereby, the
term of the Lease for the Expansion Premises shall continue until, and shall expire on, October 31, 2019 ( the same date as the term of the Lease will expire with respect to the Existing Premises) (the “Expansion Premises Expiration
Date”). 
 B. Substantial Completion of Expansion Premises. The term “Substantial Completion of the Expansion
Premises” shall mean that state of substantial completion of the Expansion Premises which will, except for any improvements or work to be performed by Tenant, allow Tenant to utilize the Expansion Premises for their intended purposes (including
the availability of required utility services) without material interference to the customary business activities of Tenant by reason of the completion of Landlord’s work, all as more fully described in Exhibit “B” attached
hereto. The Expansion Premises shall be deemed substantially complete even though minor or insubstantial details of construction, mechanical adjustment or decoration remain to be performed, the non-completion of which does not materially interfere
with Tenant’s use of the Expansion Premises or the conduct of its business therein. 
 C. Acceptance of Work. On the
Expansion Premises Commencement Date, it shall be presumed that all work theretofore performed by or on behalf of Landlord was satisfactorily performed in accordance with, and meeting the requirements of, this Amendment. The foregoing presumption
shall not apply, however, (i) to required work not actually completed by Landlord and identified and described in a written punch-list to be jointly prepared and initialed by Landlord and Tenant at or about the date on which Tenant shall occupy
the Expansion Premises; or (ii) to deficiencies or inadequacies in the work which Tenant brings to Landlord’s attention in writing, with specificity, on or before the Expansion Premises Commencement Date or within sixty (60) days
thereafter (and all of the work so identified and described on the punch-list or as timely brought to Landlord’s attention as aforesaid which is Landlord’s responsibility shall be completed by Landlord with reasonable speed and diligence).

 D. Early Access. Commencing fifteen (15) days prior to Substantial Completion of the Expansion Premises, Tenant shall
have access to the Expansion Premises solely for the purposes of installing Tenant’s furniture, fixtures and equipment in preparation for Tenant’s occupancy of the Expansion Premises. In connection Tenant’s access to the Expansion
Premises pursuant to this Section 2.2D Tenant agrees (i) to cease promptly upon notice from Landlord any activity or work which has not been approved by Landlord (where such approval is required) or is not in compliance with the provisions
of the Lease or which shall interfere with or delay the performance of the Tenant Improvements (as defined in Exhibit “B”) and (ii) to comply and cause its contractors to comply promptly with all reasonable procedures and

  
 2 

 
regulations prescribed by Landlord from time-to-time for coordinating work being performed by Landlord and work being performed by Tenant, each with the other, and with any other activity or work
in the Building. Such access by Tenant shall be deemed to be subject to all the applicable provisions of the Lease, except that (a) there shall be no obligation on the part of Tenant solely because of such access to pay Minimum Rent or any
additional rent on account of Operating Expenses or Taxes for the Expansion Premises prior to the Expansion Premises Commencement Date, and (b) Tenant shall not be deemed thereby to have taken or accepted possession of the Expansion Premises or
any portion thereof. If Tenant fails or refuses to comply or cause its contractor to comply with any of the obligations described or referred to above following notice and a two (2) business day cure period, then immediately upon notice to
Tenant, Landlord may revoke Tenant’s right of access to the Expansion Premises until the Expansion Premises Commencement Date. 
 E.
Confirmation. When the Expansion Premises Commencement Date is established, Landlord and Tenant shall promptly execute and acknowledge a Confirmation of Lease Term, in the form set forth on Exhibit “C” attached hereto,
containing the information set forth on Exhibit “C” and acknowledging the Expansion Premises Commencement Date. 
 3.
Minimum Rent. Tenant’s obligation to pay minimum rent for the Expansion Premises shall commence (the “Expansion Premises Rent Commencement Date”) on the two (2) month anniversary of the Expansion Premises
Commencement Date and shall continue to accrue during the Expansion Premises Term as follows: 
  

																	
	 FROM
	  	TO	 	  	RATE
PER RSF	 	  	MONTHLY
MINIMUM
RENT	 	  	ANNUAL
MINIMUM
RENT	 
	 Expansion Premises Rent Commencement Date
	  	 	May 31, 2014	  	  	$	28.00	  	  	$	6,363.00	  	  	 	N/A	  
	 June 1, 2014
	  	 	May 31, 2015	  	  	$	28.50	  	  	$	6,476.63	  	  	$	77,719.56	  
	 June 1, 2015
	  	 	May 31, 2016	  	  	$	29.00	  	  	$	6,590.25	  	  	$	79,083.00	  
	 June 1, 2016
	  	 	May 31, 2017	  	  	$	29.50	  	  	$	6,703.88	  	  	$	80,446.56	  
	 June 1, 2017
	  	 	May 31, 2018	  	  	$	30.00	  	  	$	6,817.50	  	  	$	81,810.00	  
	 June 1, 2018
	  	 	May 31, 2019	  	  	$	30.50	  	  	$	6,931.13	  	  	$	83,173.56	  
	 June 1, 2019
	  	 	October 31, 2019	  	  	$	31.00	  	  	$	7,044.75	  	  	$	35,223.75	  

 4. Operating Expenses & Taxes. 

4.1. Base Amount for Taxes and Base Amount for Operating Expenses. With respect only to the Expansion Premises, the terms “Base
Amount for Taxes” and “Base Amount for Operating Expenses” shall mean the total of amount of Taxes and total of amount of Operating Expenses, respectively, allocable and attributable to calendar year 2014. 

  
 3 

 4.2. Tenant’s Proportionate Share. With respect only to the Expansion Premises, the
term “Tenant’s Proportionate Share” shall mean 2.398%. 
 5. Condition; Improvements. Tenant acknowledges that
it accepts the Expansion Premises in its present “AS IS” condition, without any obligation by Landlord to perform any alterations, improvements, redecorating or other work therein, or to provide any construction or monetary allowance with
respect thereto, except as otherwise set forth on Exhibit “B”. 
 6. Security Deposit. As additional security for the
full and prompt performance by Tenant of the terms and covenants of the Lease, as amended by this Amendment, in addition to the Security Deposit provided under Section 3.7 of the Lease (as amended in Section 6 of the First Amendment to
Lease), Tenant has deposited with Landlord the sum of Twelve Thousand Seven Hundred Twenty-Six and 00/100 Dollars ($12,726.00). Provided that no Event of Default has occurred or exists and that no event which, with the passage of time, the giving of
notice or both would constitute an Event of Default then exists, at the end of the thirty-sixth (36th) calendar month of the term of the Lease, Landlord shall return to Tenant Six Thousand
Three Hundred Sixty-Three 00/100 Dollars ($6,363.00) in addition to the Twenty-Four Thousand Two Hundred Thirty-Six and 27/100 Dollars ($24,236.27) which shall be returned to Tenant pursuant to Section 3.7 of the Lease (as amended in
Section 6 of the First Amendment to Lease). Additional security as set forth herein shall be held by Landlord as part of the Security Deposit pursuant to Section 3.7 of the Lease. 

7. Parking. With respect to the Expansion Premises only, Tenant’s employees, business invitees and agents may use up to four
(4) parking spaces for each 1,000 usable square feet comprising the Expansion Premises, or nine (9) spaces in the aggregate based on a usable area of 2,343 square feet (such figure being a maximum number of spaces which may be utilized by
or for Tenant at any one time, but Landlord does not represent or guarantee that such number of spaces will in fact be available at any one time at the Property for Tenant’s use). 

8. Broker. Tenant represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining
of this Amendment, other than The Flynn Company and Mercer Oak Realty, LLC (“Brokers”), and agrees to indemnify, defend and hold Landlord harmless from any and all cost or liability for compensation claimed by any such broker or agent,
other than Brokers, employed or engaged by it or claiming to have been employed or engaged by it. Brokers are entitled to a leasing commission in connection with the making of this Amendment, and Landlord shall pay such commission to each of the
Brokers pursuant to a separate agreement. 
 9. No Default. Tenant represents, warrants and covenants that: (i) Landlord
and Tenant are not in default of any of their respective obligations under the Lease and no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a default by either Landlord or Tenant thereunder,
(ii) the Lease continues to be a legal, valid and binding agreement and obligation of Tenant and (iii) Tenant has no current offset or defense to their performance or obligations under the Lease. Landlord represents, warrants and covenants
that: (i) Landlord and Tenant are not in default of any of their respective obligations under the Lease and no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a default by either Landlord or
Tenant thereunder and (ii) the Lease continues to be a legal, valid and binding agreement and obligation of Landlord. 

  
 4 

 10. Effect of Amendment. Except as modified by this Amendment, the Lease and all
the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. The covenants, agreements, terms, provisions and conditions contained in this Amendment shall bind and
inure to the benefit of the Parties hereto and their respective successors and, except as otherwise provided in the Lease, their respective assigns. In the event of any conflict between the terms contained in this Amendment and the Lease, the terms
herein contained shall supersede and control the obligations and liabilities of the Parties but only with respect to the Expansion Premises. 

11. Anti-Terrorism Statute Compliance. Tenant hereby represents and warrants to Landlord that Tenant is not: (1) in
violation of any Anti-Terrorism Law; (2) conducting any business or engaging in any transaction or dealing with any prohibited Person, including the making or receiving or any contribution of funds, goods or services to or for the benefit of
any Prohibited Person; (3) dealing in, or otherwise engaging in any transaction relating to, any property or interest in property blocked pursuant to Executive Order No. 13221; (4) engaging in or conspiring to engage in any
transaction that evades or avoids, or had the purpose of evading or avoiding, or attempts to violate any of the prohibitions set forth in any Anti-Terrorism Law; or (5) a Prohibited Person, nor are any of its partners, members, managers,
officers or directors a Prohibited Person. As used herein, “Antiterrorism Law” is defined as any law relating to terrorism, anti-terrorism, money laundering or anti-money laundering activities, including Executive Order No. 13224 and
Title 3 of the USA Patriot Act. As used herein “Executive Order No. 13224” is defined as Executive Order No. 13224 on Terrorist Financing effective September 24, 2001, and relating to “Blocking Property and Prohibiting
Transactions With Persons Who Commit or Support Terrorism”. “Prohibited Person” is defined as (1) a person or entity that is listed in the Annex to Executive Order 13224; (ii) a person or entity with whom Tenant or Landlord
is prohibited from dealing or otherwise engaging in any transaction by any Anti Terrorism Law, or (iii) a person or entity that is named as a “specially designated national and blocked person’ on the most current list published by the
U.S. Treasury Department Office Of Foreign Assets Control as its official website, http://www.treas.gov/ofac/t11sdn.pdf or at any replacement website or other official publication of such list. “USA Patriot Act” is defined as the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001” (Public Law 107-56). 

12. Miscellaneous. This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions
of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof. This Amendment supersedes all prior negotiations, agreements,
informational brochures, letters, promotional information, proposals, and other statements and materials made or furnished by Landlord or its agents with respect to the subject matter contained herein. 

  
 5 

 IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the date and year
first above written, and acknowledge the one to the other that they possess the requisite authority to enter into this transaction and to execute this Amendment. 
  

													
		 		 		 		 	LANDLORD:
				
	WITNESS:	 		 		 	PRINCETON SOUTH INVESTORS, LLC,
		 		 		 		 	a Delaware limited liability company
						
	 	 		 		 		 	By:	 	/s/ CRAIG ZOLOT
							
		 		 		 		 		 	Name:	 	Craig Zolot
							
		 		 		 		 		 	Title:	 	Sr. Vice President
					
		 		 		 		 	TENANT:
				
	WITNESS:	 		 		 	ANTARES PHARMA, INC.
						
	 	 		 		 		 	By:	 	/s/ ROBERT APPLE
							
	Name:	 	 	 		 		 		 	Name:	 	Robert Apple
							
		 		 		 		 		 	Title:	 	EVP and CFO

  
 6 

 EXHIBIT A 

EXPANSION PREMISES 

  
 7 

 EXHIBIT B 

TENANT IMPROVEMENTS 
 For
purposes of this Exhibit, capitalized terms shall have the meanings ascribed to them in the Lease unless otherwise defined herein. 

Section 1. Tenant Improvement Definitions. 

The term “Building Standard” or “Building Standards” shall have the meaning stated in Exhibit F of the Lease.

 The term “Expansion Plans” shall mean the preliminary space plan for the Tenant Improvements prepared by JAZD (the
“Architect”), identified as Proposed Option 2, dated November 18, 2013 and the Specifications dated January 12, 2013 (copies of which are attached hereto). 

The term “Tenant Expansion Improvements” shall mean all improvements constructed or installed in or on the Expansion Premises
in accordance with the Drawings and Specifications and Building Standards, as hereinafter defined, other than Tenant Expansion Work. 
 The
term “Tenant Expansion Improvement Costs” shall mean the actual aggregate cost for completing the Tenant Improvements, inclusive of, but not limited to (i) the costs of preparing the Expansion Plans, the Expansion Drawings and
Specifications, and the As Built Plans (all as defined below) and (ii) a three percent (3%) construction management fee. 

The term “Tenant Expansion Work” shall mean (A) any construction and/or installations of improvements, furniture,
fixtures and equipment that (i) is specifically noted in the Expansion Plans, Expansion Drawing and Specifications, or otherwise in this Exhibit “B”, as Tenant Expansion Work, and/or (ii) involves quantities or quality of
materials that are greater than, or more costly than, that applicable to Building Standard improvements, and (B) all installations of wiring and cabling in connection with the installation of Tenant’s telecommunications system(s), computer
network and/or any specialized security systems or other similar systems and facilities installed within the Expansion Premises by Tenant with Landlord’s approval. 

  
 Exhibit B 

 Section 2. Drawings and Specifications. 

Section 2.01. Definition. 

The term “Expansion Drawings and Specifications” shall mean the final drawings, specifications, and finish schedules for the
Tenant Expansion Improvements which shall be prepared by Architect subject to review and approval by Landlord and Tenant in accordance with the following procedure: 

(a) The Architect shall prepare final working drawings and specifications necessary to commence construction of the Tenant Expansion
Improvements based upon the Expansion Plans and Building Standards promptly after execution of this Amendment. As soon as reasonably practicable after Landlord’s approval thereof, Landlord shall cause the Architect to deliver to Tenant the
proposed final working drawings and specifications for the Tenant Expansion Improvements as approved by Landlord, which Tenant shall have the right to review solely for purposes of confirming that such working drawings and specifications
(1) are in substantial conformity with the Expansion Plans, and (2) do not contain any manifest errors, and which shall be subject to Tenant’s approval solely to such extent (which approval shall not be unreasonably withheld,
conditioned or delayed). If Tenant requests any substantive revisions to the Expansion Plans, Tenant shall be responsible for confirming that such changes are in conformity with all Laws. Tenant shall notify Landlord in reasonable detail of any and
all objections to the proposed final drawings and specifications promptly (and in all events within fifteen (15) days) after receiving the same from Landlord or the Architect. If Tenant fails to notify Landlord in writing of such objections (if
any) within fifteen (15) days after receiving such proposed final drawings and specifications (which time period shall be reduced to five (5) days in the case of any resubmitted drawings and specifications, as provided below), Tenant shall
be deemed to have given its approval thereto. Landlord and Tenant will work together with the Architect, in good faith, to resolve any disputes or differences that arise in the event Tenant notifies Landlord in a timely fashion of its
disapproval of any aspect of such drawings and specifications, and Landlord will cause the Architect to resubmit revised drawings and specifications to the parties reflecting the agreed resolution of such issues for their mutual approval promptly
thereafter (which approval shall not be unreasonably withheld, conditioned or delayed). The time period for such approval, and any further resubmissions (and approvals) of revised drawings and specifications, shall be reduced from fifteen
(15) days to five (5) business days. Upon final approval (or deemed approval) of the final drawing and specifications by both Landlord and Tenant in accordance with the foregoing standards, the same shall constitute the “Expansion
Drawings and Specifications” for purposes of this Exhibit. 
 (b) At such time that the Expansion Drawings and Specifications are
approved or deemed approved by Tenant, Landlord shall be deemed fully authorized to proceed with obtaining any necessary approvals and permits and, through Landlord’s Contractor, with the work of constructing and installing the Tenant Expansion
Improvements in accordance with the Expansion Drawings and Specifications. Except as provided herein, no material deviation from the Expansion Drawings and Specifications shall be made by either Party except by written change order approved by the
other Party (“Change Order”), which if such Change Order is 

  
 Exhibit B 

 
requested by Tenant, shall be subject to the same standards of review that apply to Tenant alterations pursuant to Article 6.7 of the Lease, and which shall not otherwise be unreasonably
withheld, conditioned or delayed. If Tenant requests or causes the need for any Change Orders, any net increase in cost associated with such Change Orders shall be at Tenant’s sole cost and expense and shall be payable within ten
(10) business days after Landlord’s written demand (and any delay in the commencement, performance or completion of the Tenant Expansion Improvements occurring as a result thereof shall constitute a “Tenant Delay” hereunder).

 Section 2.02. As-Built Plans 

Following the completion of the Tenant Expansion Improvements and no later than thirty (30) days after the Expansion Premises Commencement
Date, Landlord may, at is option, request that the Architect prepare and deliver as-built plans for the Tenant Expansion Improvements in auto-cad format (together with a hard copy thereof, reflecting all alterations, improvements and other changes
to the Building and Expansion Premises occurring as a result of the construction or installation of the Tenant Expansion Improvements and any Tenant Expansion Work. 

Section 3. Tenant Improvements. 

Section 3.01. Performance of the Tenant Improvements. 

Provided that there is no Event of Default by Tenant or event which, except for the passage of time, the giving of notice, or both, would
constitute an Event of Default by Tenant, Landlord shall, in a good and worker-like manner, cause the Tenant Expansion Improvements to be completed in accordance with the Expansion Drawings and Specifications and the Building Standards. Landlord
shall engage a general contractor selected by Landlord for the performance of the Tenant Expansion Improvements. Landlord reserves the right (i) to make substitutions of material of equivalent grade and quality when and if any specified
material shall not be readily and reasonably available, and (ii) to make changes necessitated by conditions met during the course of construction, provided that Tenant’s approval of any substantial change shall first be
obtained (which approval shall not be unreasonably withheld or delayed so long as there shall be general conformity with the Expansion Drawings and Specifications). 

Section 3.02. Tenant Access. 

Landlord shall afford Tenant and its employees, agents and contractors access to the Expansion Premises, at reasonable times prior to the
Expansion Premises Commencement Date, and at Tenant’s sole risk and expense, for the purposes of inspecting and verifying the performance and completion of the Tenant Expansion Improvements. Tenant shall inspect the performance of Tenant
Expansion Improvements regularly and diligently and shall advise Landlord promptly of any objections to the performance of such work. Access for such purposes shall not be deemed to constitute possession or occupancy. Landlord shall promptly
undertake and diligently prosecute the correction of any defective work of which it has knowledge or is otherwise notified as aforesaid in this Section 3.02. Any entry in the Expansion Premises by the

  
 Exhibit B 

 
Tenant or Tenant’s agents, contractors or employees pursuant to this Section 3.02 prior to Substantial Completion of the Expansion Premises: (i) shall be subject to the insurance
requirements of this Lease as if Tenant were in occupancy of the Expansion Premises; (ii) shall comply with all applicable Laws, as well as any and all reasonable construction scheduling requirements of Landlord; and (iii) shall be
conducted in a manner which does not hinder, disrupt, interfere with or otherwise cause delay in (or increase the cost of) commencing, performing and/or Substantial Completion of the Expansion Premises. In the event of any hindrance, disruption,
interference or delay in commencing, performing and/or Substantially Completing the Expansion Premises due to a breach by Tenant of any of the foregoing requirements, or otherwise due to the acts and/or omissions of Tenant, or its agents, employees,
contractors and/or consultants occurring during the course of any entries into the Expansion Premises under this Paragraph, the same shall be deemed to constitute a Tenant Delay hereunder, and Tenant will pay all additional costs and expenses
arising therefrom. In addition, Tenant shall bear the full risk of loss for all materials, equipment or other property which Tenant has brought into or stored in the Building or the Expansion Premises prior to the Expansion Premises Commencement
Date (which storage shall be subject to Landlord’s approval in its sole discretion). 
 Section 4. Payment of Costs. 

Section 4.01. Landlord’s Costs. 

Landlord shall pay the Tenant Expansion Improvement Costs at its sole cost and expense. 

Section 4.02. Tenant’s Costs. 

Tenant shall pay to Landlord, as additional rental, all costs of Tenant Expansion Work as well as the cost of making any and all changes in and
to the Expansion Drawings and Specifications and the resulting increase in Tenant Expansion Improvement Costs, if any, including construction management fees, resulting therefrom, provided, however, (1) upon Tenant’s request Landlord shall
provide documentation supporting any such increase to Tenant Expansion Improvement Costs and (2) Tenant shall not be liable for any costs incurred as a result of the negligence of any party other than Tenant (or Tenant’s employees, agents
or contractors) in carrying out or executing Tenant Expansion Work or changes to Expansion Drawings and Specifications. The aggregate of all such costs described in this Section 4.02 are hereinafter referred to collectively as
“Tenant’s Expansion Costs.” The parties acknowledge and agree that based solely upon the Expansion Plans (without changes), there are no Tenant Expansion Costs for Tenant Expansion Work [other than for installations of wiring and
cabling in connection with the installation of Tenant’s telecommunications system(s), computer network and/or any specialized security systems or other similar systems and facilities installed within the Expansion Premises by Tenant and any
costs for structural reinforcement and/or fire suppression systems (above Building Standard).] 

  
 Exhibit B 

 Section 4.03. Payment Schedule for Tenant’s Costs. 

Tenant’s Expansion Costs shall be due and payable by Tenant within five (5) business days following Tenant’s receipt of an
invoice therefor (which invoice will include reasonable supporting documentation), and prior to the commencement of construction by Landlord’s Contractor, subject to Tenant’s right to request further information regarding the Tenant’s
Expansion Costs which request must be submitted to Landlord within five (5) days after Tenant receives the documentation referred to in Section 4.02(1) above. 

Section 4.04. Changes in Drawings and Specifications. 

If at any time after the Tenant Expansion Improvement Costs are determined Tenant desires to make changes in the Expansion Drawings and
Specifications, Tenant shall submit to Landlord for approval working drawings and specifications for any and all such desired changes, provided that any delay in the commencement or completion of the Tenant Expansion Improvements as a result of any
such changes requested by Tenant shall be deemed to constitute a Tenant Delay hereunder. 
 Landlord shall review and either approve or
disapprove the working drawings and specifications submitted by Tenant within five (5) business days. If Landlord disapproves of the submittal, Landlord and Tenant will work together with the Architect, in good faith, to resolve any disputes or
differences that arise with respect to Landlord’s disapproval of any aspect of such drawings and specifications, and Tenant will cause the Architect to resubmit revised drawings and specifications to Landlord reflecting the agreed resolution of
such issues for Landlord’s approval promptly thereafter (which approval shall not be unreasonably withheld, conditioned or delayed). 

Once any and all changes and modifications are approved, Landlord shall promptly submit the same to Landlord’s Contractor for pricing.
The procedure for determining an approved cost for such changes shall be as set forth in Section 2 above. Once the cost for such changes has been approved, all references in this Amendment to “Expansion Drawings and Specifications”
shall be to the Expansion Drawings and Specifications adopted pursuant to the procedures of Section 2 above, as changed and modified pursuant to this Section. Once the changes and the costs therefor have been approved, Tenant shall be deemed to
have given full authorization to Landlord to proceed with the work of constructing and installing the Tenant Expansion Improvements (and any Tenant Expansion Work to be performed by Landlord at Tenant’s expense) in accordance with the Expansion
Drawings and Specifications, as so changed and modified. Landlord shall have the optional right to require Tenant to pay in one lump sum to Landlord, in advance of commencement of work, any and all increases in the Tenant Improvement Costs which
result from approved changes to the Expansion Drawings and Specifications. 
 Section 4.05. Failure to Pay Tenant’s
Expansion Costs. 
 Failure by Tenant to pay Tenant’s Expansion Costs in accordance with this Section 4 of this Exhibit B will
constitute a failure by Tenant to pay rent when due under the Lease and shall therefor constitute an Event of Default by Tenant under the Lease, and Landlord shall have all of the remedies available to it under the Lease and at law or in equity for
nonpayment of rent, subject to all other applicable terms and conditions as set forth in the Lease. 

  
 Exhibit B 

 Section 4.06. Landlord’s Payment Obligations. 

Provided that there is no Event of Default by Tenant or event which, except for the passage of time, the giving of notice, or both, would
constitute an Event of Default by Tenant, Landlord agrees to pay the Tenant Expansion Improvement Costs as and when the same become due and payable. Landlord shall be entitled to rely on the accuracy of any and all invoices and fee statements for
labor and materials performed on or furnished to the Expansion Premises in connection with the Tenant Expansion Improvements and to rely, to the extent submitted, on any and all certifications as to Tenant Expansion Improvement Costs submitted by
Landlord’s Contractor and/or Tenant’s Architect. 
 Section 5. Tenant’s Contractors.  

Tenant may, at its sole expense, select and employ its own contractors for specialized or finishing work in the Expansion Premises which is not
to be performed by Landlord and which is reflected as such in the Expansion Plans or Expansion Drawings and Specifications (as the case may be), such as telephone installation, installation of computer and other specialized equipment, special
cabinetwork and millwork, and other similar decoration and installation, all of which shall constitute Tenant Expansion Work under this Exhibit “B”, and all of which shall be subject to the qualifications, conditions and limitations
with respect to the performance of Tenant Work set forth in Article 6.7 of the Lease. 
 Tenant’s contractors and subcontractors shall
be subject to the general administrative supervision of Landlord’s Contractor for scheduling purposes, but Landlord’s Contractor shall not be responsible for any aspect of the work performed by Tenant’s contractors or subcontractors,
or for the coordination of the work of Landlord’s Contractor and subcontractor(s) with Tenant’s contractors or subcontractors. 

Section 6. Tenant Delay. 

A “Tenant Delay” shall be deemed to include, without limitation, any delay in the commencement, performance, Substantial Completion
of the Expansion Premises or final completion of the Tenant Expansion Improvements which is attributable to any one or more of the following causes: (a) late submissions of information to be provided by Tenants and which is needed by Landlord
to perform its obligations hereunder; (b) any changes requested by Tenant to the Expansion Drawings and Specifications or the Tenant Expansion Improvements; (c) delays in obtaining non-Building Standard construction materials requested by
Tenant; (d) Tenant’s failure to timely approve any item requiring Tenant’s approval; (e) delays by Tenant in meeting the deadlines set forth herein; (f) the performance by Tenant or Tenant’s contractors of any
improvement or any other related work at or about the Expansion Premises or the Property; (g) any act or omission of Tenant, Tenant’s Architect or Tenant’s contractors, (h) any breach by Tenant of any provision contained in this
Exhibit or in the Lease, (i) any disruption or 

  
 Exhibit B 

 
interference by Tenant in the performance of the Tenant Expansion Improvements occurring in the course of any entry into the Expansion Premises pursuant to Section 3.02 of this Exhibit
“B”, (j) any failure by Tenant to construct and install any Tenant Expansion Work, or to perform any other installations of furniture, fixtures and equipment in the Expansion Premises properly and in accordance with applicable
Laws which results in a governmental authority denying the issuance of an Occupancy Permit for the Expansion Premises, and/or (k) any failure of Tenant to cooperate with Landlord or otherwise act with diligence and in good faith in order to
cause the Tenant Expansion Improvements to be designed, approved and constructed in a timely manner. Notwithstanding the foregoing, a Tenant Delay shall not have deemed to have occurred to the extent a delay in the commencement, performance,
Substantial Completion of the Expansion Premises or final completion of the Tenant Expansion Improvements is the result of the negligence of any party other than Tenant, or Tenant’s employees, agents or contractors. 

  
 Exhibit B 

 EXHIBIT C 

CONFIRMATION OF LEASE TERM 

THIS CONFIRMATION OF LEASE TERM is made this     day of
            , 20    , by and between PRINCETON SOUTH INVESTORS, LLC, a Delaware limited liability company (“Landlord”) and ANTARES PHARMA,
INC., a Delaware corporation (“Tenant”). 
 RECITALS 

A. Landlord and Tenant are parties to that certain Office Lease dated February 3, 2012 as amended by a First Amendment to Lease dated
January 28, 2013 (together, the “Original Lease”), pursuant to which Landlord leased to Tenant, and Tenant leased from Landlord, certain Premises more particularly identified therein as Suite 300, consisting of 10,603 rentable square
feet located on the 3rd floor of the office building currently known as Princeton South Corporate Center Condominium – Unit 1, or such other name as Landlord may from time to time designate, located at 100 Princeton South Corporate Center,
Ewing, New Jersey, 08628 (the “Building”). Capitalized terms, when used herein without separate definition, will have the same respective meanings as in the Lease. 

B. Under that certain Second Amendment to Lease dated             , 2013 (the
“Amendment”), Landlord leased to Tenant, and Tenant leased from Landlord, an additional 2,727 rentable square feet of space on the 3rd Floor of the Building (the “Expansion Premises”). The Original Lease and the Amendment are
collectively referred to herein as the “Lease”. 
 C. The Amendment provides that the parties shall execute a confirmation of
certain information when the Expansion Premises Commencement Date has been determined. 
 CONFIRMATION 

NOW, THEREFORE, Landlord and Tenant hereby confirm and acknowledge the following: 

1. Term. The term of the Lease with respect to the Expansion Premises commenced on the     day of
            , 20    (the “Expansion Premises Commencement Date”), and shall continue until October 31, 2019 (the “Expansion Premises Expiration
Date”), unless extended or sooner terminated as provided for in the Lease. 
 2. Rent Commencement Date. Tenant’s
obligation to pay minimum rent with respect to the Expansion Premises commenced on                     (the “Expansion Premises Rent
Commencement Date”). 

  
 Exhibit C 

 3. Expansion Premises. Tenant acknowledges that it is in possession of the
Expansion Premises; that rent as specified in the Amendment began accruing from the Expansion Premises Rent Commencement Date; that the tenant improvement work to be performed by Landlord in respect of the Expansion Premises, if any, has been
completed; and that the Expansion Premises, and the tenant improvement work therein so completed, have been accepted by Tenant as being in conformance with the terms of the Lease. 

4. Lease in Effect. Landlord and Tenant each acknowledges that, as of the date hereof, the Lease, is in full force and effect and
neither Party is aware of any default by the other thereunder. 
 [SIGNATURES APPEAR ON NEXT PAGE] 

  
 Exhibit C 

 IN WITNESS WHEREOF, the parties hereto have caused this Confirmation of Lease Term to be duly executed the day
and year first above written. 
  

					
	LANDLORD:
		
		 	 PRINCETON SOUTH INVESTORS, LLC,

a Delaware limited liability company

			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

	
	TENANT:
		
		 	 ANTARES PHARMA, INC,
 a
Delaware corporation

			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

  
 Exhibit CEX-10.23

 Exhibit 10.23 

TABLE OF CONTENTS 
  

							
	 	 	 	  	PAGE	 
	 1.
	 	Premises and Term	  	 	1	  
	 2.
	 	Base Rent, Late Payment Charges and Security Deposit	  	 	1	  
	 3.
	 	Use	  	 	2	  
	 4.
	 	Operating Costs; Additional Rent	  	 	2	  
	 5.
	 	Landlord’s Responsibilities	  	 	4	  
	 6.
	 	Tenant’s Responsibilities	  	 	4	  
	 7.
	 	Alterations; Condition of Premises Upon Expiration	  	 	6	  
	 8.
	 	Signs/Window Coverings	  	 	6	  
	 9.
	 	Inspection	  	 	6	  
	 10.
	 	Utilities	  	 	6	  
	 11.
	 	Assignment and Subletting	  	 	7	  
	 12.
	 	Fire and Casualty Damage	  	 	8	  
	 13.
	 	Liability, Waiver and Release	  	 	9	  
	 14.
	 	Insurance	  	 	9	  
	 15.
	 	Condemnation	  	 	10	  
	 16.
	 	Holding Over	  	 	11	  
	 17.
	 	Quiet Enjoyment	  	 	11	  
	 18.
	 	Events of Default	  	 	11	  
	 19.
	 	Remedies	  	 	12	  
	 20.
	 	Landlord’s Default	  	 	13	  
	 21.
	 	Landlord’s Lien	  	 	13	  
	 22.
	 	Mortgages	  	 	14	  
	 23.
	 	Mechanic’s Liens	  	 	14	  
	 24.
	 	Notices	  	 	14	  
	 25.
	 	Hazardous Substances	  	 	14	  
	 26.
	 	Expense of Enforcement	  	 	15	  
	 27.
	 	Transfer of Landlord’s Interest; Limitation of Liability	  	 	15	  
	 28.
	 	Right of Landlord to Perform	  	 	16	  
	 29.
	 	Miscellaneous	  	 	16	  
	 30.
	 	Force Majeure	  	 	17	  
	 31.
	 	Exhibits	  	 	18	  
	 32.
	 	Right to Terminate	  	 	18	  
	 33.
	 	Right to Extend Term	  	 	18	  

 Exhibit A – Depiction of Premises 

Exhibit B – Rules and Regulations 
 Exhibit C – Form of
Commencement Confirmation 
 Exhibit D – Signage Criteria 

Exhibit E – Move-Out Standards 
 Exhibit F – Work Letter

 Exhibit G – Depiction of Bays 
 Exhibit H –
Estoppel Certificate 

 DATA SHEET 
  

			
	DATE OF LEASE:	  	December 20, 2013
		
	LANDLORD:	  	St. Paul Fire and Marine Insurance Company, a Minnesota corporation
		
	LANDLORD’S ADDRESS FOR RENT:	  	 St. Paul Fire and Marine Insurance Company
 c/o
Cushman & Wakefield/NorthMarq Real Estate Services
 SDS-12-2659, PO Box 86

Minneapolis, MN 55486-2659

		
	TENANT:	  	Antares Pharma, Inc., a Delaware corporation
		
	TENANT’S ADDRESS:	  	Suite 105, 3905 Annapolis Lane North, Plymouth, Minnesota, 55447
		
	PREMISES:	  	18,173 rentable square feet, with a clear height of 12 feet, as designated in Exhibit A.
		
	COMMENCEMENT DATE:	  	The date Landlord tenders possession of the Premises to Tenant with the Work Substantially Completed, as the Work Letter in Exhibit F defines those terms.
		
	ANTICIPATED COMMENCEMENT DATE:	  	March 1, 2014.
		
	RENT COMMENCEMENT DATE:	  	The 211th day after the Commencement Date, subject to adjustment under the Work Letter.
		
	EXPIRATION DATE:	  	If the Commencement Date is the first day of the month, the Expiration Date is the day before the 8th anniversary of the Commencement Date; otherwise, the Expiration Date is the
last day of the month in which the 8th anniversary of the Commencement Date occurs.
		
	TERM:	  	96 full calendar months, plus, if the Commencement Date is not the first day of a month, the partial month that begins on the Commencement Date. The Term begins on the Commencement Date and ends on the Expiration Date, unless
earlier terminated as provided in this Lease.
		
	BASE RENT:	  	Subject to increase for amortization of the allowance under Section 5 of the Work Letter in Exhibit F, Base Rent is due under this Lease as follows:

  

									
	 Lease

Period
	  	Annual
Base Rent	 	  	Monthly
Base Rent	 
	 Commencement Date – Rent Commencement Date
	  	 	none	  	  	 	none	  
	 Rent Commencement Date – end of the 12th calendar month after the
Commencement Date
	  	$	186,273	  	  	$	15,523	  
	 Months 13 - 24
	  	$	190,930	  	  	$	15,911	  
	 Month 25 - 36
	  	$	195,703	  	  	$	16,309	  
	 Month 37 - 48
	  	$	200,596	  	  	$	16,717	  
	 Month 49 - 60
	  	$	205,611	  	  	$	17,134	  
	 Month 61 - 72
	  	$	210,751	  	  	$	17,563	  
	 Month 73 - 84
	  	$	216,020	  	  	$	18,002	  
	 Month 85 - 96
	  	$	221,420	  	  	$	18,452	  

  

					
		 	In this table and throughout this Lease, “months” means full calendar months. If the Commencement Date is not the first day of a month, month 1 is the month after the month in which the Commencement Date
occurs.
		
	USE:	 	Office, laboratory, research and development, and warehouse.

					
	ADDRESSES FOR NOTICES:	 	Landlord:	  	with a copy to Landlord’s Managing Agent:
			
		 	 St. Paul Fire and Marine Insurance Company
 385
Washington Street
 St. Paul, Minnesota 55102
 Attn: Vice
President, Asset Management
	  	 Cushman & Wakefield/NorthMarq
 3500 American
Blvd. West, Suite 200
 Bloomington, Minnesota 55431
 Attn: Vice
President, Property Management

			
		 	Tenant:	  	with a copy to Tenant’s Counsel
			
		 	 Antares Pharma, Inc.
 100 Princeton South Suite
300
 Ewing, New Jersey 08628
 Attn: CFO
	  	 Morgan Lewis & Bockius LLP
 1701 Market
Street
 Philadelphia, PA 19103-2921
 Attn: Joanne R. Soslow,
Esq.

			
		 		  	With an additional copy to Tenant:
			
		 		  	 Antares Pharma, Inc.
 3905 Annapolis Lane
North,
 Plymouth, Minnesota, 55447

		
	SECURITY DEPOSIT:	 	$24,131
		
	PHASE:	 	Phase IV, Plymouth Business Center, which consists of 2 buildings with a combined rentable square footage of 84,584.
		
	TENANT’S PROPORTIONATE SHARE:	 	21.49% of Phase IV, Plymouth Business Center.
		
	BUILDING:	 	3905 Annapolis Lane North, Plymouth, Minnesota, the building in which the Premises are located, which building is a part of Phase IV, Plymouth Business Center.
		
	TENANT’S BROKER:	 	Todd Braufman and Jeff Jones of AREA, LLC
		
	PARKING:	 	Tenant and its employees and visitors may use 50 parking stalls on a non-exclusive, unreserved basis in common with the other tenants of the Plymouth Business Center and their employees and visitors, at no additional
cost.
		
	CONTROLLABLE OPERATING COSTS CAP:	 	“Controllable Operating Costs” means all Operating Costs other than taxes, utilities, insurance, and snow and ice removal. With respect to calendar year 2015, “Controllable Operating Costs
Cap” means 105% of the Controllable Operating Costs Tenant would have paid during 2014 had the Term commenced on January 1, 2014. With respect to each calendar year during the Term after 2015, Controllable Operating Costs Cap means 105% of
the Controllable Operating Costs Cap for the previous calendar year, with the effect that the Controllable Operating Costs Cap will increase 5% per year on a cumulative basis.

 The information in this Data Sheet is incorporated in and made a part of this lease agreement. 

 LEASE AGREEMENT 

THIS LEASE AGREEMENT (“Lease”) is between Landlord and Tenant as of the Date of Lease. 

W I T N E S E T H: 
 1.
Premises and Term. In consideration of the obligation of Tenant to pay Rent (as defined in Paragraph 4(g)), and in consideration of the other terms, provisions and covenants hereof, Landlord hereby leases to Tenant, and Tenant leases from
Landlord, the Premises, together with all rights, privileges, easements, appurtenances, and immunities belonging to or in any way pertaining to the Premises. Tenant and Landlord agree that, for all purposes related to this Lease, the Premises
contain the number of rentable square feet of floor area stated in the Data Sheet, regardless of the actual measurement. By occupying the Premises, Tenant will be deemed to have accepted the Premises and to have acknowledged that the Work has been
completed and the Premises are in the condition this Lease requires, except for items of the Work that have not been fully completed. Tenant and Landlord agree to create a written punchlist, on or about the Commencement Date, of any items of the
Work that remain to be completed or that need to be repaired. Landlord agrees to fully complete the Work as promptly after the Commencement Date as is reasonably practicable, and Tenant agrees to cooperate with Landlord and allow Landlord and its
contractors access to the Premises to do so. If Landlord does not complete the punchlist work within 30 days after the date of the punchlist, together with any additional time required to obtain replacement parts, and as otherwise extended by force
majeure, Tenant may give Landlord a written notice that describes in reasonable detail the remaining incomplete items and states that Tenant intends to complete those items itself and charge Landlord for doing so if Landlord does not complete them
within 15 days. If Landlord does not complete the remaining items of the Work within 15 days after Tenant’s notice, as extended by force majeure, Tenant may complete those items and Landlord will reimburse Tenant for the reasonable
out-of-pocket cost of doing so within 30 days after Tenant delivers an invoice and reasonable backup documentation. Tenant acknowledges and agrees that it does not have the right to offset or deduct the cost of any such work from Rent. 

Tenant agrees, within 10 business days after request by the Landlord, to sign and deliver a “Confirmation of Lease Term” on
the form in Exhibit C acknowledging the Commencement Date, the Rent Commencement Date, and the Expiration Date. In addition, Tenant agrees, within 10 business days after request, to sign and deliver an amendment to this Lease that states the
amount of the allowance under Paragraph 5 of the Work Letter and replaces the table of Base Rent in the Data Sheet with a table of Base Rent that includes amortization of the allowance in accordance with Paragraph 5 of the Work Letter.  

2. Base Rent, Late Payment Charges and Security Deposit. 

(a) Base Rent. Tenant agrees to pay to Landlord Base Rent for the Premises, in advance, without demand, deduction or set
off, starting on the Rent Commencement Date and throughout the rest of the Term, at the rate stated in the Data Sheet, plus amortization of the allowance under Paragraph 5 of the Work Letter in Exhibit F. Starting on the Rent Commencement
Date, Base Rent is due in monthly installments without demand on or before the first day of each calendar month. If the Rent Commencement Date is not the first day of a month, Base Rent for the month in which the Rent Commencement Date occurs will
be pro-rated as of the Rent Commencement Date at the rate of 1/30th of the monthly Base Rent for each day and will be payable on the Rent Commencement Date. Tenant agrees to pre-pay one full
month’s Base Rent on the date Tenant signs and delivers this Lease, and Landlord agrees to credit the prepaid Base Rent against the first installment or installments of Base Rent that come due. 

(b) Late Charge; Interest. If Tenant fails to pay any installment of Rent, including any amount treated as Additional
Rent (as defined in Paragraph 4(g)) of this Lease, or other sums hereunder prior to the date such installment or other charge becomes delinquent pursuant to Paragraph 18, Tenant shall pay to Landlord on demand a late charge of $500.00 for each late
installment or other charge after the first occurrence in any calendar year of the Lease to help defray the additional cost to Landlord for processing such late payments, and such late charge shall be Additional Rent. In addition to the foregoing,
to the extent Rent is not paid on or before the date the same becomes delinquent pursuant to Paragraph 18, all unpaid Rent shall accrue interest from the first day of each month at a rate which is the lesser of (i) 12% per annum; or
(ii) the highest amount permitted by applicable law and such interest shall constitute Additional Rent and shall be payable with the next installment of Base Rent falling due. The provision for the payment of such late charge and interest shall
be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. 

  
 1 

 (c) Security Deposit. Tenant agrees to deposit with Landlord on the date
hereof the Security Deposit as stated on the Data Sheet, which Security Deposit shall be held by Landlord, without interest, as security for the performance of Tenant’s covenants and obligations under this Lease, it being expressly understood
and agreed that such deposit is not an advance rental deposit or a measure of Landlord’s damages in case of Tenant’s default and that Landlord has no obligation to segregate the Security Deposit from any of Landlord’s other funds.
Upon the occurrence of any Event of Default (as defined below) by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, apply such Security Deposit to any arrears of Rent or other payments
due Landlord under this Lease, and any other damage, injury, expense or liability caused by such Event of Default without waiving such Event of Default, and Tenant shall pay to Landlord on demand the amount so applied in order to restore the
Security Deposit to its original amount, which amount shall constitute Additional Rent. To the extent that Landlord has not applied the Security Deposit on account of a failure of Tenant to comply with its obligations under this Lease, the Security
Deposit shall be returned (without interest) to Tenant within 30 days after the expiration of this Lease and the full performance of Tenant hereunder. 

3. Use. The Premises shall be used only for the Use stated in the Data Sheet and for such other lawful purposes as may be
incidental thereto. Outside storage, including without limitation, trucks and other vehicles, garbage containers and outdoor furniture are prohibited without Landlord’s prior written consent. Except for permits and licenses Landlord must obtain
to complete the Base Work (as the Work Letter defines that term) , Tenant shall, at its own cost and expense, obtain any and all licenses and permits necessary for Tenant’s Use prior to the Commencement Date. Tenant shall comply with all
governmental laws, ordinances and regulations applicable to the Use of the Premises, and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of nuisance in or upon, or connected with, the
Premises, all at Tenant’s sole expense. Tenant shall not receive, store or otherwise handle on the Premises any product, material or merchandise which is explosive or highly flammable. Tenant will not permit the Premises to be used for any
purpose or in any manner (including without limitation any method of storage) which would render the insurance on the Building or the property on which the Phase is located (“Property”) void or the insurance risk more hazardous or
cause the State Board of Insurance or other insurance authority to disallow any sprinkler credits. If any increase in the fire and extended coverage insurance premiums paid by Landlord for the Building is directly caused by Tenant’s use and
occupancy of the Premises, then Tenant shall pay to Landlord the amount of such increase, upon demand, as Additional Rent. 
 4. Operating
Costs; Additional Rent. 
 (a) Operating Costs. Upon demand, Tenant shall pay to Landlord, starting on the
Commencement Date and throughout the Term, Tenant’s proportionate share of Operating Costs, as defined below, calculated on the basis of Tenant’s Proportionate Share stated on the Data Sheet, except that Operating Costs in 2015 and each
later calendar year will not include any Controllable Operating Costs that exceed the Controllable Operating Costs Cap for that calendar year. Tenant agrees to pre-pay one full month’s installment of Tenant’s proportionate share of
Operating Costs on the date Tenant signs and delivers this Lease, and Landlord agrees to credit the prepaid payment of Operating Costs against the first installment or installments of Operating Costs that come due. 

As used in this Lease, the term “Operating Costs” shall mean any and all expenses, costs and disbursements of
any kind and nature whatsoever incurred by Landlord in connection with the ownership, management, maintenance, operation and repair of the Property, the Phase or the Building which Landlord shall pay or become obligated to pay in respect of a
calendar year (regardless of when such Operating Costs were incurred). Operating Costs shall include, without limitation, the costs of maintenance, repairs, and, subject to the provisions of Paragraph 5 hereof, replacements to the Building,
including, downspouts, gutters, painting, sprinkler systems, roof and walls; the costs of maintaining and repairing parking lots, parking structures and easements; property management fees, salaries, fringe benefits and related costs payable to
employees of Landlord’s Managing Agent whose duties are connected with the Property; 

  
 2 

 
insurance costs, all heating and air conditioning costs, electricity, sewer and water and other utility costs not separately metered to tenants, landscape maintenance, trash and snow removal,
Taxes, as defined in Paragraph 4(e), and costs and expenses incurred by Landlord in protesting any assessments, levies or the tax rate, provided, however, that Operating Costs shall not include the following: (i) costs of alterations of any
tenant’s premises, including the Premises; (ii) costs of curing construction defects to the base Building; (iii) depreciation; (iv) interest and principal payments on mortgages, and other debt costs; (v) real estate
brokers’ leasing commissions or compensation; (vi) any cost or expenditure (or portion thereof) for which Landlord is reimbursed, whether by insurance proceeds or otherwise; (vii) cost of any service furnished to any other occupant of
the Building which Landlord does not provide to Tenant hereunder; and (viii) the full replacement of (A) roofs, (B) exterior walls (as defined in Paragraph 5) and (C) foundations. Notwithstanding anything contained herein to the
contrary, any capital improvements to the Building, including, without limitation, structural repairs or replacements to the Building, any capital improvements made after the Date of Lease which are intended to reduce Operating Costs or any capital
improvements which are required under any governmental laws, regulations, or ordinances which were not applicable to the Building at the time it was constructed, including, without limitation, the ADA (as defined in Paragraph 5 hereof), shall be
included in Operating Costs. 
 (b) Estimated Operating Costs. Promptly after the commencement of this Lease and
during January of each year or as soon thereafter as practicable, Landlord shall give Tenant written notice of its estimate of amounts payable under Paragraph 4(a) for such calendar year. On or before the first day of each month thereafter, Tenant
shall pay to Landlord one/twelfth (1/12th) of such estimated amounts, provided that if such notice is not given in January, Tenant shall continue to pay on the basis of the prior year’s estimate until the first day of the month after the
month in which such notice is given, at which time, in addition to paying the first installment of the estimated amount provided by Landlord for such year, Tenant shall also pay the difference, if any, between the current year’s estimate and
the previous year’s estimate for the period from January 1 of such year through the last day of the month in which the notice was given. If at any time it appears to Landlord that the amounts payable under Paragraph 4(a) for the then
current calendar year will vary from its estimate by more than five percent (5%), Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised
estimate. 
 Within ninety (90) days after the end of each calendar year, Landlord shall deliver to Tenant a summary of
the total Operating Costs for the previous calendar year and Tenant’s proportionate share thereof which shall be based upon Tenant’s Proportionate Share as stated in the Data Sheet. If such summary shows an amount due from Tenant that is
less than the estimated payments previously paid by Tenant (the “Excess Amount”), Landlord shall credit the Excess Amount against Operating Costs next falling due hereunder until the Excess Amount is exhausted; provided however,
that if the summary shows an Excess Amount for the year in which this Lease expired, the summary shall be accompanied by a refund of the Excess Amount to Tenant. If such summary shows an amount due from Tenant that is more than the estimated
payments previously paid by Tenant, Tenant shall pay the deficiency to Landlord, as Additional Rent, within thirty (30) days after delivery of the summary. 

(c) Right to Audit. Tenant or its representatives shall have the right to examine Landlord’s books and records of
Operating Costs during normal business hours within 60 days following the furnishing of the summary to Tenant. Unless Tenant takes written exception to any item within 60 days following the furnishing of the summary to Tenant (which item shall be
paid in any event), such summary shall be considered as final and accepted by Tenant. 
 (d) Accrual Accounting. If
Landlord selects the accrual accounting method rather than the cash accounting method for operating expense purposes, Operating Costs shall be deemed to have been paid when such expenses have accrued. 

(e) Taxes. Landlord agrees to pay before they become delinquent all taxes, including, without limitation, real estate
taxes, installments of special assessments and governmental charges of any kind and nature whatsoever, (herein collectively referred to as “Taxes”) lawfully due and payable with respect to the Building, the Phase and the Property.
In addition, Tenant shall be liable for all taxes levied or 

  
 3 

 
assessed against personal property, furniture or fixtures placed by Tenant in the Premises. If any such taxes for which Tenant is liable are levied or assessed against Landlord or Landlord’s
property and if Landlord elects to pay the same or if the assessed value of Landlord’s property is increased by inclusion of personal property, furniture or fixtures placed by Tenant in the Premises, and Landlord elects to pay the taxes based
on such increase, Tenant shall pay to Landlord upon demand that part of such taxes, provided, however, Landlord shall provide documentation evidencing taxes for which Tenant is liable. 

(f) Change in Method of Taxation. If at any time during the Term, the present method of taxation shall be changed so
that in lieu of the whole or any part of any Taxes (including personal property taxes described in Paragraph 4(e) hereof), assessments or governmental charges levied, assessed or imposed on real estate and the improvements thereon, there shall be
levied, assessed or imposed on Landlord a capital levy or other tax directly on the Rent or any portion thereof and/or a franchise tax, assessment, levy or charge measured by or based, in whole or in part, upon such Rent, Landlord’s income or
any portion thereof for the present or any future building or buildings on the Property, then all such taxes, assessments, levies or charges, or the part thereof so measured or based, shall be deemed to be included within the term “Taxes”
for the purposes hereof. 
 (g) Definition of “Rent”. Collectively, all amounts other than Base Rent and
Operating Costs that this Lease obligates Tenant to pay to Landlord or for Landlord’s benefit, including, without limitation, any costs Tenant owes under the Work Letter in Exhibit F and any chargebacks for work Landlord performs for
Tenant’s benefit, are, collectively, the “Additional Rent”. All Additional Rent is due and payable upon demand. Base Rent, Operating Costs, and Additional Rent are, collectively, “Rent.” 

5. Landlord’s Responsibilities. Except for reasonable wear and tear and any casualty against which Tenant was obligated to
insure under this Lease, Landlord shall maintain all parts of the Building, other than other tenants’ premises and the Premises, making all necessary repairs and replacements, whether ordinary or extraordinary, structural or nonstructural,
including downspouts, gutters, irrigation sprinkler system; regularly mow any grass, remove weeds and perform general landscape maintenance; remove snow and ice; and maintain and repair the parking lot and driveway areas; provided however, that
Landlord shall be responsible, at its sole cost and expense, for the full replacement of roofs, exterior walls and foundations and for the compliance with Title III of the Americans With Disabilities Act of 1990, as amended as of the Date of Lease
(the “ADA”) solely as to the exterior walls of the Premises, including access to the Building and maintenance of parking. Tenant shall immediately give Landlord written notice of any defect or need for repairs and Landlord shall
take reasonably prompt action to repair such defects. If Landlord defaults in any of its obligations under this Section 5 and does not cure the default within 30 days after Tenant gives Landlord written notice of the default, or, if the default
is not reasonably curable within 30 days, within any longer time that is reasonably necessary to complete the cure, Tenant may give Landlord a second written notice that describes Landlord’s default in reasonable detail and states that, if
Landlord does not cure the default within 15 days, Tenant intends to cure the default and charge Landlord for the reasonable cost of the cure. If Landlord does not cure the default within 15 days after such a second notice, as extended by force
majeure, Tenant may cure the default on Landlord’s behalf and Landlord will reimburse Tenant for its reasonable out-of-pocket cost of the cure within 30 days after Tenant delivers a paid invoice with lien waivers for any lienable work and
reasonable backup documentation. Tenant acknowledges and agrees that it does not have any right to offset or deduct the cost of any such cure from Rent, but, subject to any other limitation in this Lease, Tenant is entitled to pursue any other
remedy available to enforce Landlord’s obligation to pay for such cure costs. Landlord’s liability with respect to any defects, repairs or maintenance for which Landlord is responsible under any of the provisions of this Lease shall be
limited to the cost of such repairs or maintenance or the curing of such defect. The term “exterior walls” as used in this Lease does not include windows, glass or plate glass, doors, special store fronts or office entries. Landlord shall
furnish the Building with water (i) for drinking, lavatory, toilet and sanitary sewer purposes drawn through fixtures installed by Landlord, (ii) necessary for the operation of the Building’s fire safety devices, and (iii) if
required by the Building’s HVAC system, necessary for the operation of such system. 
 6. Tenant’s Responsibilities. 

(a) Maintenance of Premises. Tenant shall, at its own cost and expense, keep and maintain all parts of the Premises
(except as provided in Paragraph 5) in good condition, promptly making all necessary repairs and replacements, including but not limited to, windows, glass and plate glass, doors, any 

  
 4 

 
special entry, interior walls and finish work, floors and floor covering, heating and air conditioning systems, electrical systems, dock boards, truck doors, dock bumpers, dock seals, plumbing
work and fixtures, termite and pest extermination, regular removal of trash and debris and keeping the parking areas, driveways, alleys and the whole of the Premises in a clean and sanitary condition, and Tenant shall comply with the ADA with
respect to the Premises. Tenant shall not be obligated to repair any damage caused by fire, tornado or other casualty covered by the insurance to be maintained by Landlord pursuant to Paragraph 12(a), except that Tenant shall be obligated to repair
all wind damage to glass unless caused by a tornado. 
 (b) Damage to Demising Walls. Tenant shall not damage any
demising wall or disturb the integrity and support provided by any demising wall and shall, at its sole cost and expense, promptly repair any damage or injury to any demising wall caused by Tenant or its employees, agents or invitees. 

(c) Parking. Tenant and its employees, customers and licensees shall have the nonexclusive right to use, in common with
the other parties occupying the Phase, throughout the Term, 50 parking stalls in the common parking areas (exclusive of any parking or work load areas designated or to be designated by Landlord for the exclusive use of Tenant or other tenants
occupying or to be occupying other portions of the Phase), and to use the driveways and alleys adjacent to the Building, subject to such reasonable rules and regulations as Landlord may from time to time prescribe. 

(d) Preventive Maintenance. Tenant shall, at its own cost and expense, enter into a regularly scheduled preventive
maintenance/service contract with a maintenance contractor for servicing all hot water, heating and air conditioning systems and equipment serving the Premises. The maintenance contractor and the contract must be approved by Landlord, such approval
not to be unreasonably withheld, conditioned or delayed. The service contract must include all services suggested by the equipment manufacturer in the operation/maintenance manual and must become effective (and a copy thereof delivered to Landlord)
within sixty (60) days after the Commencement Date. 
 (e) Security Measures. 

(i) Tenant acknowledges and agrees that the Building is an industrial building, and, accordingly, the level of security
services, if any, provided by Landlord are only those commonly provided for industrial buildings. Specifically, and without limitation of the foregoing, Landlord does not provide, and the Rent payable hereunder does not include, the cost of a guard
service, an alarm service or other security measures. 
 (ii) Notwithstanding the foregoing, to the extent Landlord provides
any security measures at any time, such security measures are not intended to be and shall not be treated as a guaranty against crime, property damage, personal or bodily injury or death. Landlord does not make, and Tenant hereby waives any right to
make a claim that Landlord has made any guaranty or warranty, express or implied, with respect to security at the Building or the Project or, if any security measures exist, that the same will prevent the occurrence of and/or the consequences of
criminal or other unlawful activity. 
 (iii) The parties agree that Landlord shall not be liable to Tenant for any injury,
damage or loss from any cause whatsoever which is caused (A) in whole or in part arising from any problem, defect, malfunction or failure of any security measure (if any is provided); or (B) by criminal activity. 

(iv) Tenant assumes full responsibility for protecting the Premises from, among other things, theft, robbery, and pilferage.

 (f) Costs Payable by Tenant. Upon demand by Landlord, Tenant shall pay, as Additional Rent, the cost and expense of
repairing any damage to the Premises resulting from and/or caused in whole or in part by the negligence or misconduct of Tenant, its agents, servants, employees, contractors, patrons, customers, or any other person entering upon the property as a
result of Tenant’s business activities or caused by Tenant’s default hereunder to the extent the cost of repairing such damage is not reimbursed by the insurance to be maintained by Landlord under Paragraph 12(a). 

  
 5 

 7. Alterations; Condition of Premises Upon Expiration. Tenant shall not make any
alterations, additions or improvements to the Premises (including but not limited to roof and wall penetrations) without the prior written consent of Landlord. Tenant may, without the consent of Landlord, but at its own cost and expense and in a
good workmanlike manner erect such shelves, bins, machinery and trade fixtures as it may deem advisable, without altering the basic character of the Building and without overloading or damaging such Building, and in each case complying with all
applicable governmental laws, ordinances, regulations and other requirements. Prior to commencing any such alterations, additions or improvements Tenant shall provide such assurances to Landlord, including, without limitation, waivers of lien,
surety company performance and payment bonds and/or personal guaranties of persons of substance, as Landlord shall require to assure payment of the costs thereof and to protect Landlord against any loss from mechanics’, laborers’,
materialmen’s or other liens. All alterations, additions, installations, improvements and partitions erected by Tenant, including, without limitation, all telephone and data communications cabling (“Cabling”), shall be and
remain the property of Tenant during the Term and Tenant shall, unless Landlord otherwise elects as provided below, remove all alterations, additions, installations, improvements and partitions, including, without limitation, the Cabling, erected or
installed by Tenant and restore the Premises to the condition required by Exhibit E attached hereto and made a part hereof by the earliest of (a) the Expiration Date, (b) the date of termination of this Lease prior to the Expiration
Date or (c) the vacating of the Premises without termination of this Lease (said earliest date may be referred to as the “Restoration Date”); except that if Landlord so elects, in writing, before the Restoration Date, such
alterations, additions, installations, improvements, partitions and Cabling (other than trade fixtures and personal property of Tenant, including but not limited to furniture and fixtures installed by Tenant including without limitation, work
stations and cubicles) will become Landlord’s property on the Restoration Date and Tenant will deliver them Landlord with the Premises. All shelves, bins, machinery and trade fixtures installed by Tenant shall be removed by Tenant by the
Restoration Date if required by Landlord, and upon any such removal Tenant shall restore the Premises to the condition required by Exhibit E. All such removals and restoration shall be accomplished in a good and workmanlike manner and shall
not damage the primary structural qualities of the Building. 
 8. Signs/Window Coverings. All signage visible from the
exterior of the Premises shall, at all times, comply with Exhibit D. Tenant shall not, without the prior written consent of Landlord, install or affix any window coverings, draperies, signs, window or door lettering or advertising media of
any type on the Property, the Building or in or on the Premises which are visible from the exterior of the Building. Tenant shall remove any permitted signs and window coverings, but not blinds, not later than the Restoration Date. Any such
installations and removals shall be made in such manner as to avoid injury or defacement of the Building and other improvements, and Tenant shall repair any injury or defacement, including, without limitation, discoloration caused by such
installation and/or removal. 
 9. Inspection. Landlord and Landlord’s agents and representatives shall have the right to
enter and inspect the Premises at any reasonable time upon reasonable notice for the purpose of ascertaining the condition of the Premises or in order to make such repairs and perform such actions as may be required or permitted to be made by
Landlord under the terms of this Lease. Landlord and Landlord’s agents and representatives shall have the right to enter the Premises at any reasonable time upon reasonable notice for the purpose of showing the Premises to prospective
purchasers and/or lenders and, during the period that is nine (9) months prior to the end of the Term, Landlord and Landlord’s agents shall have the right to erect a sign on the Premises indicating the Premises are available for lease.

 10. Utilities. Starting on the Commencement Date and throughout the Term, Tenant shall pay for all water, gas, heat, light,
power, telephone, sewer and sprinkler charges and other utilities and services used in the Premises, together with any taxes, penalties, surcharges or the like pertaining thereto and shall furnish and install all replacement electric light bulbs and
tubes. Water and sewer service is not separately metered for the Premises, so Operating Costs include water and sewer service. As part of the Work, Landlord will install separate electric and gas, meters for the Premises. Except for water and sewer
service, Tenant will open accounts with all utility providers for all utility services Tenant needs or desires in Tenant’s name with service starting on the Commencement Date. Landlord shall not be liable for any interruption or failure of
utility services, communications or data services serving the Building or the Premises arising from any cause whatsoever except to the extent the interruption or failure is both (a) caused by the negligence or willful misconduct of Landlord,
its subcontractors or agents and (b) results in personal injury or property damage that is covered or coverable by a policy of commercial general liability insurance. 

  
 6 

 11. Assignment and Subletting. 

(a) Assignment and Subletting. Tenant shall not have the right to assign or pledge this Lease or to sublet the whole or
any part of the Premises, whether voluntarily or by operation of law, or permit the use or occupancy of the Premises by anyone other than Tenant, without the prior written consent of Landlord, not to be unreasonably withheld, conditioned or delayed,
and such restrictions shall be binding upon any assignee or subtenant to which Landlord has consented. The foregoing prohibition includes, without limitation, any subletting or assignment which would otherwise occur by merger, consolidation,
reorganization, transfer or other change in Tenant’s corporate, partnership or proprietary structure. Notwithstanding any permitted assignment or subletting, Tenant shall at all times remain directly, primarily and fully responsible and liable
for the payment of the Rent and for compliance with all of its other obligations under the terms, provisions and covenants of this Lease. Upon the occurrence of an Event of Default, if the Premises or any part thereof are then assigned or sublet,
Landlord, in addition to any other remedies herein provided or provided by law, may, at its option, collect directly from any assignee or subtenant all amounts due and becoming due to Tenant under such assignment or sublease and apply such amounts
against any sums due to Landlord from Tenant hereunder, and no such collection shall be construed to constitute a novation or release of Tenant from the further performance of Tenant’s obligations hereunder. Landlord’s acceptance of any
Rent following any assignment or other transfer prohibited by this Paragraph 11 shall not be deemed to be a consent by Landlord to such assignment or other transfer (including, without limitation, a prohibited sublease) nor shall the same be deemed
a waiver of any right or remedy of Landlord hereunder for breach of this Paragraph 11. For the purposes of this Paragraph 11, Landlord shall be deemed to have acted reasonably if it withholds its consent to a proposed assignment or sublease if
(i) the creditworthiness of the proposed assignee or sublessee is less than the greater of (A) Tenant’s net worth as of the date of this Lease; or (B) a net worth of at least the net worth of tenants to whom Landlord is then in
the process of leasing similar square footage in the Building, it being understood and agreed that if Landlord is then requiring new tenants of such similar spaces to enhance their credit by virtue of security deposits, letters of credit or similar
vehicles, Landlord may require that the proposed assignee or sublessee comply with such credit enhancement requirements; and/or (ii) the assignee or sublessee is a tenant of Landlord in the Building or a prospective tenant of the Building then
working with Landlord or Landlord’s leasing agent. 
 If Landlord grants its consent to any sublease or assignment, and
the base rent payable by the assignee or subtenant exceeds the Base Rent then payable under the Lease, Tenant shall pay Landlord, as Additional Rent (i) 50% of such excess net of Tenant’s actual costs payable to third parties to obtain
such sublease or assignment and (ii) Landlord’s attorneys’ fees incurred with respect to such assignment or sublease not to exceed $2,500.00. In addition, Tenant’s option to extend the Term under Paragraph 32, if it is still in
effect, will not be available to any subtenant or assignee, directly or indirectly. If Tenant assigns this Lease or sublets all or a portion of the Premises without first obtaining Landlord’s consent, as required by this Paragraph 11(a), said
assignment or sublease shall be null and void and of no force or effect. Landlord’s consent to an assignment, sublease or other transfer of any interest of Tenant in this Lease or in the Premises shall not be deemed to be a consent to any
subsequent assignment, transfer, use or occupation. 
 Tenant shall, at Tenant’s own cost and expense, discharge in full
any outstanding commission obligation on the part of Landlord with respect to any commissions which may be due and owing as a result of any proposed assignment or subletting. 

(b) Right of Recapture. Subject to this Section 11(b), without limiting Landlord’s right to approve of any
subtenant or assignee, Landlord shall have the option, in its sole discretion, in the event of Tenant’s written request for consent to sublet or assign the Premises, to terminate this Lease, or in the case of Tenant’s written request for
consent to sublet less than the entire Premises, to recapture the portion of the Premises to be sublet, as of the date the subletting or assignment is to be effective. The option shall be exercised, if at all, by Landlord giving Tenant written
notice (“Recapture Notice”) thereof within fifteen 

  
 7 

 
(15) days of Landlord’s receipt of Tenant’s written request for consent to sublet or assign the Premises or a part thereof. In the event that Landlord issues a Recapture Notice, Tenant
shall have the right to withdraw its consent request by providing written notice thereof to Landlord within five (5) days after Tenant’s receipt of Recapture Notice, in which event both Tenant’s request for consent and Landlord’s
Recapture Notice shall be deemed null and void. If this Lease shall be terminated with respect to the entire Premises pursuant to this subparagraph, the Term shall end on the date stated in Tenant’s notice as the effective date of the sublease
or assignment as if that date had been the Expiration Date. If Landlord recaptures only a portion of the Premises under this subparagraph, the Base Rent during the remainder of the Term shall abate proportionately based on the Base Rent payable
hereunder as of the date immediately prior to such recapture. 
 12. Fire and Casualty Damage. 

(a) Notice of Casualty. If the Building should be damaged or destroyed by fire, tornado or other casualty, Tenant shall
give immediate oral and written notice thereof to Landlord’s Managing Agent. 
 (b) Termination of Lease. If the
Building should be damaged or destroyed by fire, tornado or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot in Landlord’s estimation be completed within two hundred (200) days after the date upon
which Landlord is notified by Tenant of such damage, this Lease shall terminate and Base Rent and Operating Costs shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. 

(c) Repair of Premises. If the Building should be damaged by any peril covered by the insurance to be provided by
Landlord under Paragraph 14(a), but only to such extent that rebuilding or repairs can, in Landlord’s estimation, be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage (except
that Landlord may elect not to rebuild if such damage occurs during the last year of the Term), this Lease shall not terminate, and Landlord shall, at its sole cost and expense, proceed with reasonable diligence to rebuild and repair the Building to
substantially the condition in which it existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on
or about the Premises by Tenant. If the Premises are untenantable following such damage, Base Rent and Operating Costs payable hereunder during the period in which the Premises are untenantable shall be abated. In the event that Landlord should fail
to complete such repairs and rebuilding within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage (unless any such delay is due to changes, deletions or additions in construction requested by Tenant,
strikes, lockouts, casualties, force majeure, war, terrorism, material or labor shortages, governmental regulation or control or other causes beyond the reasonable control of Landlord, in which event such period shall be extended for the amount of
time Landlord is so delayed), Tenant may at its option, upon thirty (30) days prior written notice, terminate this Lease as Tenant’s exclusive remedy, whereupon all rights and obligations of the parties to each other under this Lease shall
cease and terminate. 
 (d) Application of Proceeds. Notwithstanding anything herein to the contrary, in the event the
holder of any indebtedness secured by a mortgage or deed of trust covering the Premises or the Building requires that the insurance proceeds be applied to such indebtedness, the Landlord shall have the right to terminate this Lease by delivering
written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations of the parties to each other under this Lease shall cease and terminate. 

(e) Removal of Personal Property. In the event of any damage to the Building or the Premises by any peril contemplated
by this Paragraph 12, Tenant shall, promptly after the occurrence of such damage and at its sole cost and expense, remove from the Premises any personal property on the Premises belonging to any of Tenant, its agents, employees, contractors,
licensees or invitees. Tenant hereby indemnifies, holds harmless and agrees to defend Landlord from any loss, liability, damage, judgment, cost or expense, including attorneys’ fees through all appellate levels arising out of any claim of
damage or injury by any of Tenant, its agents, employees, contractors, licensees or invitees as to itself or themselves or their respective properties arising as a result of the removal or failure to remove such

  
 8 

 
personal property. Landlord and Tenant agree that Landlord shall have no obligation to secure the Building or the Premises in the event of a casualty and that the risk of loss, by destruction,
theft or otherwise, to the personal property of Tenant, its agents, employees, contractors, licensees or invitees shall be borne, as between Landlord and Tenant, entirely by Tenant. 

13. Liability, Waiver and Release. 

(a) No Liability. Landlord shall not be liable for and Tenant will indemnify and hold Landlord harmless from any loss,
liability, claims, suits, costs and expenses, including attorneys’ fees, arising out of any claim of injury or damage on or about the Premises arising from any cause whatsoever other than Landlord’s gross negligence or willful misconduct.
Landlord shall not be liable to Tenant or Tenant’s agents, employees, contractors, licensees or invitees for any damage to persons or property arising from any cause whatsoever except Landlord’s gross negligence or willful misconduct and
Tenant assumes all risks of damage to such persons or property. Landlord shall not be liable or responsible for any loss or damage to any property or person occasioned by any cause whatever except Landlord’s willful acts or gross negligence.

 (b) Waiver and Release. Except as provided below, each of Landlord and Tenant agrees to rely entirely upon its own
property insurance with respect to any damage, loss or injury to its property. 
 Each of Landlord and Tenant hereby releases
the other and the other party’s directors, officers, employees, agents and others acting on the other party’s behalf (collectively, the “released parties”) from all claims and all liability or responsibility to the releasing
party and to any person claiming through or under the releasing party, by way of subrogation or otherwise, for any loss or damage to the releasing party’s business or property caused by fire or other peril, even if such fire or other peril was
caused in whole or in part by the negligence or other act or omission of one or more of the released parties. Notwithstanding the foregoing, the release from liability and waiver or subrogation provided for shall (i) only be effective to the
extent that the loss or damage to the releasing party’s business or property is actually covered by insurance; and (ii) not apply to the extent of any deductible (or deductibles) applying under such insurance. 

14. Insurance. 

(a) Landlord’s Insurance. Landlord shall maintain in effect at all times during the Term a policy or policies of
insurance insuring the Building against loss or damage by fire, explosion or other insurable hazards and contingencies for the full replacement value. Landlord shall not insure any personal property of Tenant or any additional improvements which
Tenant may construct or install on the Premises. Landlord may self-insure the exposures described above. Subject to the provisions of Paragraphs 12(b), 12(c) and 12(d), such insurance shall be for the sole benefit of Landlord and under its sole
control. 
 (b) Tenant’s Insurance. 

(i) Tenant shall, at its sole cost and expense, maintain in effect at all times during the Term a commercial general liability
insurance policy, on an “occurrence” rather than on a “claims made” basis, with a total combined policy limit of at least $2,000,000.00. The policy shall include, but not be limited to, coverages for Bodily Injury, Property
Damage, Personal Injury and Contractual Liability (applying to this Lease), or an equivalent form (or forms) affording coverage at least as broad. Landlord and Landlord’s Managing Agent shall be named as Additional Insureds under the policy.

 (ii) Tenant shall, at its sole cost and expense, maintain in effect at all times during the Term, a policy or polices of
insurance covering all of Tenant’s improvements, fixtures, inventory and other personal property in the Premises against loss by fire and other hazards covered by an “all-risk” form of policy, in an amount equal to the full
replacement cost thereof, without deduction for physical depreciation. Such insurance shall include Valuable papers and 

  
 9 

 
Records coverage providing for the Reproduction Costs measure of recovery and coverage for damage to Electronic Data Processing Equipment and Media, including coverage of the perils of mechanical
breakdown and electronic disturbance. 
 (iii) Tenant shall, at its sole cost and expense, maintain in effect at all times
during the Term, a policy of insurance covering business interruption for a period of at least 365 days. 
 (iv) If the use
of the Premises by Tenant increases the premium rate for insurance carried by Landlord on the Building, Tenant shall pay Landlord, upon demand, as Additional Rent, the amount of such premium increase. 

(v) Tenant, upon actual knowledge or receipt of written notice by Landlord, shall not carry any stock of goods, inventory, or
Hazardous Substances (as defined in this Lease) or do anything in or about the Premises which will in any way impair or invalidate the obligation of the insurer under any policy of insurance required by this Lease. 

(vi) Insurance policies required by this Paragraph 14(b) shall be in a form reasonably acceptable to Landlord, with an insurer
or insurers having a Best rating of A-,X or better and qualified to do business in the State of Minnesota, and shall require at least thirty (30) days prior written notice to Landlord (and, if requested by Landlord, Landlord’s
mortgagee(s)), of termination, cancellation, non-renewal or material alteration. The liability insurance under subparagraph 14(b)(i) shall be primary with respect to Landlord and its agents and not participating with any other available insurance.

 Prior to the Commencement Date, on each anniversary of the Commencement Date, and at such other times as Landlord may
reasonably request, Tenant shall deliver to Landlord a certificate evidencing such policies, or other evidence reasonably satisfactory to Landlord, confirming (A) the terms of the insurance, and (B) that the policies are in full force and
effect. If Tenant has a blanket insurance policy providing coverage for several properties of Tenant, including the Premises, Landlord will accept a certificate of such insurance, provided: 

 

	 	(1)	the certificate states the amounts of insurance and types of coverage; 

  

	 	(2)	the amounts are at least equal to the amounts that would be required in this Lease; and 

  

	 	(3)	the policy complies with the other requirements in this Lease. 

 15. Condemnation. 

(a) Total Taking. If the whole or any substantial part of the Building is taken for any public or quasi-public use under
governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof and the taking would prevent or materially interfere with the use of the Premises or the Building for the purpose of which they are
being used, this Lease shall terminate and the Base Rent and Operating Costs shall be abated during the unexpired portion of this Lease effective when the physical taking of the Property shall occur. 

(b) Partial Taking. If part of the Premises shall be taken for any public or quasi-public use under any governmental
law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, and this Lease is not terminated as provided in the subparagraph above, this Lease shall not terminate but the Base Rent and Operating Costs payable
hereunder during the unexpired portion of this Lease shall be reduced to such extent as may be fair and reasonable under all of the circumstances. 

(c) Awards. In the event of any such taking or private purchase in lieu thereof, Landlord and Tenant shall each be
entitled to receive and retain such separate awards and/or portion of lump sum awards as may be allocated to their respective interests in any condemnation proceedings, provided that Tenant shall not be entitled to receive any award for
Tenant’s loss of its leasehold interest or other property which would have become the property of Landlord upon termination of this Lease; the right to such award being hereby assigned to Landlord. 

  
 10 

 16. Holding Over. Tenant will, at the termination of this Lease by lapse of time or
otherwise, yield up immediate possession to Landlord. If Tenant retains possession of the Premises or any part thereof after such termination, then, subject to the last sentence of this Paragraph, such holding over shall constitute creation of a
month to month tenancy, upon the terms and conditions of this Lease; provided, however, that the monthly rental for such holding over shall, in addition to all other sums which are to be paid by Tenant hereunder, whether or not as Additional Rent,
be equal to one-hundred fifty percent (150%) of the Rent being paid monthly to Landlord under this Lease immediately prior to such termination. In addition to and not in limitation of the foregoing, Tenant shall also pay to Landlord all damages
sustained by Landlord resulting from retention of possession by Tenant, including the loss of any proposed subsequent tenant for any portion of the Premises. The provisions of this Paragraph shall not constitute a waiver by Landlord of any right of
re-entry as herein set forth; nor shall receipt of any rent or other sums or any other act in apparent affirmance of the tenancy operate (a) as an extension of the Term; (b) a waiver of Landlord’s right to terminate Tenant’s
right to possession of the Premises; or (c) a waiver of the right to terminate this Lease for a breach of any of the terms, covenants, or obligations herein on Tenant’s part to be performed. 

17. Quiet Enjoyment. Landlord covenants that it now has, or will acquire before Tenant takes possession of the Premises, insurable title
to the Premises. Landlord represents and warrants that it has full right and authority to enter into this Lease and that Tenant, upon paying the Rent and performing its other covenants and agreements under this Lease, shall peaceably and quietly
have, hold and enjoy the Premises for the Term, subject to the terms and provisions of this Lease. 
 18. Events of Default. Each of
the following events shall be deemed to be an “Event of Default” by Tenant under this Lease: 
 (a) Tenant
shall fail to pay any installment or other payment of Rent required herein when due, and such failure shall continue for a period of 5 days after receipt of notice from Landlord, provided, however, that Landlord shall not be required
to give any such notice more than once within any twelve (12) month period, and if Tenant defaults in paying Rent, each subsequent default within 12 months will be an Event of Default without notice; 

(b) Tenant shall become insolvent, or shall make a transfer in fraud of creditors, or shall make an assignment for the benefit
of creditors; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; 
 (c) Tenant
shall file a petition under any section or chapter of the federal bankruptcy laws, or under any similar law or statute of the United States or any State, including, without limitation, a liquidation, rehabilitation or other insolvency statute,
whether now or hereafter in effect; or an order for relief shall be entered against Tenant in any such bankruptcy or insolvency proceedings filed against Tenant thereunder or Tenant shall be adjudged bankrupt or insolvent in proceedings filed
against Tenant thereunder; 
 (d) Tenant shall vacate or abandon all or a substantial portion of the Premises; provided
however, that such vacation or abandonment shall not constitute a default hereunder unless, in Landlord’s reasonable estimation, Tenant has failed to comply with its obligations to maintain the Premises as required under this Lease; 

(e) Tenant shall fail to discharge any lien placed upon the Premises in violation of Paragraph 22 hereof; 

(f) Tenant fails to provide evidence of insurance in accordance with Paragraph 14(b) within 5 days after written notice of the
default, or Tenant fails to insure in accordance with Paragraph 14(b); 
 (g) Tenant shall fail to comply with any term,
provision or covenant of this Lease (other than the foregoing in this Paragraph 18), and shall not cure such failure within twenty (20) days after written notice thereof from Landlord to Tenant. 

  
 11 

 19. Remedies. Upon the occurrence of any of such Event of Default described in Paragraph
18 hereof, Landlord shall have the option to pursue any one or more of the following remedies without any further written notice or demand. 

(a) Landlord may, at its election, terminate this Lease or terminate Tenant’s right to possession only, without
terminating the Lease; 
 (b) Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any
termination of Tenant’s right to possession without termination of this Lease, Tenant shall surrender possession and vacate the Premises immediately and deliver possession thereof to Landlord, and Tenant hereby grants to Landlord full and free
license to enter into and upon the Premises in such event with or without process of law and to repossess Landlord of the Premises as of Landlord’s former estate and to expel or remove Tenant and any others who may be occupying or within the
Premises and to alter all locks and other security devices at the Premises and to remove any and all property therefrom, without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without incurring any
liability for any damage resulting therefrom. Tenant hereby waives any right to claim damage for such re-entry and expulsion, and such entry and possession shall not terminate this Lease or release Tenant, in whole or in part, from any obligation,
including Tenant’s obligation to pay all Rent payable by Tenant hereunder, for the Term or any other right given to Landlord hereunder or by operation of law; 

(c) Landlord may, but need not, relet the Premises or any part thereof for such Rent and upon such terms as Landlord, in its
sole discretion, shall determine (including the right to relet the Premises as part of a larger area and the right to change the character or the use made of the Premises), and Landlord shall not be required to accept any tenant offered by Tenant or
to observe any instructions given by Tenant about such reletting. In any such case, Landlord may make repairs, alterations and additions in or to the Premises, and redecorate the same to the extent Landlord deems necessary or desirable, in its sole
discretion. All Rent and other sums received by Landlord from any such reletting shall be applied as follows: first, to the payment of any indebtedness other than Rent due hereunder from Tenant to Landlord; second, to the payment of any costs and
expenses of such alterations and repairs; third, to the payment of Landlord’s expenses of reletting, including, without limitation, broker’s commissions, reasonable attorney fees and lease inducements, such as moving or leasehold
improvement allowances; fourth, to the payment of Rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future Rent as the same may become due and payable hereunder. If such Rent and other sums
received from such reletting during any month be less than the Rent to be paid during said month by Tenant hereunder, Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such
re-entry by Landlord, Landlord may at any time hereafter elect to terminate this Lease for such previous breach. 
 (d)
Tenant acknowledges that the damages Landlord would incur in connection with terminating this Lease following a default by Tenant would be difficult to estimate or ascertain. Therefore, Tenant agrees that, in the event Landlord elects to terminate
this Lease, Landlord may, in addition to other remedies available at law or in equity, declare all Rent payable under this Lease immediately due and payable and recover from Tenant, as liquidated damages, and not as a penalty, an amount equal to the
sum of the following: (i) all unpaid Rent that is payable by Tenant hereunder and that accrues through the effective date of termination; plus (ii) the cost of repairs, alterations and/or redecoration of the Premises that Landlord
determines are necessary, in landlord’s sole discretion; plus (iii) a sum of money equal to the entire amount of Rent that would be payable under the Lease for the lesser of (A) the three (3) year period commencing upon the
effective date of termination, or (B) the period commencing upon the effective date of termination and ending upon the original date of the expiration of the Term, which amount shall be immediately due and payable upon demand, but which amount
shall be discounted to present value using a discount rate equal to the discount rate of the Federal Reserve Bank of Minneapolis as of the date of termination plus one percent (1%); plus (iv) to the extent not included in the calculation of
Rent payable pursuant to subparagraph (ii) above, a sum of money equal to the remaining principal balance of the original cost of any leasing commissions and leasehold improvements in the Premises paid for by Landlord

  
 12 

 
on the effective date of termination, together with interest at a rate of twelve percent (12%) per annum amortized over the entire Term, assuming amortization based upon equal monthly
payments of principal and interest. For purposes of calculating the amount of Rent that would be payable under the Lease for the period succeeding the effective date of termination, such Rent shall be computed on the basis of the average monthly
amount of Rent accruing during the twenty-four (24) month period immediately preceding the default to which such termination relates (exclusive of any months in which Tenant received “free” or
abated Base Rent concessions); provided, however, if the default occurs prior to the expiration of the first twenty-four (24) months of the Lease, then the Rent shall be computed on the basis of the
average monthly amount of Rent accruing during all months preceding the month in which said default occurred (exclusive of any months in which Tenant received “free” or abated Base Rent concessions). 

(e) Any and all property which may be removed from the Premises by Landlord pursuant to the authority of the Lease or of law,
to which Tenant is or may be entitled, may be handled, removed and stored, as the case may be, by or at the direction of Landlord at the risk, cost and expense of Tenant, and Landlord shall in no event be responsible for the value, preservation or
safekeeping thereof. Tenant shall pay to Landlord, upon demand, any and all expenses incurred in such removal and all storage charges against such property so long as the same shall be in Landlord’s possession or under Landlord’s control.
Any such property of Tenant not retaken by Tenant from storage within thirty (30) days after removal from the Premises shall, at Landlord’s option, be deemed conveyed by Tenant to Landlord under this Lease as by a bill of sale without
further payment or credit by Landlord to Tenant. 
 (f) Pursuit of any of the foregoing remedies shall not preclude pursuit
of any of the other remedies herein provided or any other remedies provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any Rent due to Landlord hereunder or of any damages accruing to Landlord by
reason of the violation of any of the terms, provisions and covenants herein contained. No act or thing done by the Landlord or its agents during the Term shall be deemed a termination of this Lease or an acceptance of the surrender of the Premises,
and no agreement to terminate this Lease or accept a surrender of said Premises shall be valid unless in writing signed by Landlord. No waiver by Landlord of any violation or breach of any of the terms, provisions and covenants herein contained
shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants herein contained. Landlord’s acceptance of the payment of Rent or other payments hereunder after the occurrence
of an Event of Default shall not be construed as a waiver of such default, unless Landlord so notifies Tenant in writing. Forbearance by Landlord to enforce one or more of the remedies herein provided upon an Event of Default shall not be deemed or
construed to constitute a waiver of such default or of Landlord’s right to enforce any such remedies with respect to such default or any subsequent default. 

20. Landlord’s Default. In the event Landlord fails to keep and perform any of the terms, covenants, conditions, agreements or
provisions of this Lease, Tenant shall give written notice to Landlord and send a copy of such notice to the holder of any mortgage whose address Tenant has been notified of in writing. Landlord shall have a period of thirty (30) days after
receipt of such notice to cure such default; provided, however, if the nature of Landlord’s obligation is such that more than thirty (30) days are required for its performance, then Landlord shall not be deemed in default if it commences
performance within the thirty (30) day period, or as soon after that as is practicable, and thereafter diligently pursues the cure to completion. 

21. Landlord’s Lien. Landlord reserves (and Tenant hereby grants to Landlord) a security interest in all fixtures, equipment,
personal property (tangible and intangible, including, without limitation, accounts) of Tenant now or hereafter located in or on the Premises (the “Collateral”) to secure all sums due from and all obligations to be performed by Tenant
hereunder, which lien and security interest may be enforced by Landlord in any manner provided by law, including, without limitation, under and in accordance with the Uniform Commercial Code, as enacted in the State of Minnesota (the
“UCC”), including without limitation the right to sell the property described in this Paragraph at public or private sale upon ten (10) days prior written notice to Tenant, which sale and the timing thereof shall be deemed
commercially reasonable. Tenant hereby authorizes Landlord to file such financing statements, assignments, and other documents covering the Collateral, including Proceeds (as defined in the UCC), as Lender may reasonably determine is required in
order to create, evidence, perfect, maintain or continue its security interest in the Collateral (including additional Collateral acquired by Tenant after the date hereof). 

  
 13 

 22. Mortgages. This Lease is and shall be subject and subordinate to any mortgage(s) now
or at any time hereafter constituting a lien or charge upon the Property or the Premises, provided, however, that if the holder of any such mortgage elects to have Tenant’s interest in this Lease superior to any such instrument, then by notice
to Tenant from such holder, this Lease shall be deemed superior to such lien, whether this Lease was executed before or after said mortgage. Tenant shall at any time hereafter on demand execute any instruments, releases or other documents which may
be required by any mortgagee for the purpose of subjecting and subordinating this Lease to the lien of any such mortgage. 
 23.
Mechanic’s Liens. Tenant shall keep the Premises and the Property free from any mechanics’, materialmen’s, contractors’ or other liens arising from, or any claims for damages growing out of, any work performed, materials
furnished or obligations incurred by or on behalf of Tenant. If such a lien is filed against the Premises or the Property or any portion thereof as a result of work performed, materials furnished or obligations incurred by or on behalf of Tenant,
Tenant, at its sole cost and expense, shall cause such lien to be removed within five (5) calendar days after Tenant becomes aware of the filing of such lien. Tenant hereby agrees to defend and indemnify Landlord and to hold Landlord harmless
from and against any such lien or claim or action thereon, and shall reimburse Landlord, as Additional Rent for Landlord’s costs of suit and all attorneys’ fees and costs incurred in connection with the removal of any such lien, claim or
action. Landlord hereby reserves the right, at any time and from time to time during the construction of the Premises or any subsequent alteration to enter onto the Premises and post and review notices in accordance with Minn. Stat. §514.06, as
the same may be amended. 
 24. Notices. All Rent payments, bills, statements, notices or communications, required or desired to be
given hereunder shall be in writing and shall be deemed effective and received (a) upon personal delivery; (b) five (5) days after deposit in the United States mail, certified mail, return receipt requested, postage prepaid; or
(c) one (1) business day after deposit with a national overnight air courier, fees prepaid, to Landlord or Tenant, as the case may be, at the notice or Rent payment addresses for each party stated on the Data Sheet. Either party may
designate an additional or another address upon giving written notice to the other party at the address for notices for such party stated on the Data Sheet pursuant to this Paragraph. Any return of any access cards or keys or other similar devices
shall be made to Landlord’s Managing Agent, at the address stated on the Data Sheet or such other address as may be provided pursuant to this Paragraph. Landlord’s Managing Agent shall give and receive notices in the manner prescribed by
this Paragraph, and a copy of all notices given to Landlord shall be given to Landlord’s Managing Agent in the manner prescribed by this Paragraph. For the purposes of this Lease, “business day” shall mean a day which is not a
Saturday, a Sunday or a legal holiday of the State of Minnesota. 
 If and when included within the term “Landlord,” as used in
this instrument, there are more than one person, firm or corporation, all shall jointly arrange among themselves for their joint execution of such a notice specifying some individual at some specific address for the receipt of notices and payments
to Landlord; if and when included within the term “Tenant,” as used in this instrument, there are more than one person, firm or corporation, all shall jointly arrange among themselves for their joint execution of such a notice specifying
some individual at some specific address within the continental United States for the receipt of notices and payments to Tenant. All parties included within the terms “Landlord” and “Tenant,” respectively, shall be bound by
notices given in accordance with the provisions of this paragraph to the same effect as if each had received such notice. 
 25. Hazardous
Substances. Tenant shall at all times comply with all applicable local, state and federal laws, ordinances and regulations relating to Hazardous Substances. “Hazardous Substances” means (1) any oil, petroleum product,
flammable substances, explosives, radioactive materials, hazardous wastes or substances, toxic wastes or substances, infectious wastes or substances or any other wastes, materials or pollutants that (A) pose a hazard to the Premises, Building
or Property or to persons on or about the Premises, Building or Property or (B) cause the Premises, Building or Property to be in violation of any hazardous materials laws; (2) asbestos in any form which, urea-formaldehyde foam insulation,
transformers or other equipment that contains dielectric fluid containing polychlorinated biphenyl, or radon gas; (3) any chemical, materials or substance defined as or included in the definition of “hazardous substances,”
“hazardous wastes,” “hazardous materials,” “extremely hazardous waste,” “restricted hazardous waste,” “infectious waste,” or “toxic substances,” or words of similar import under any
applicable local, state or federal law or under the regulations adopted or publications promulgated pursuant thereto, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42
U.S.C. §§ 9601, et seq.; the Hazardous Materials Transportation Act, as amended, 42 U.S.C. §§ 6901, et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. §§ 1251, et
seq.; 

  
 14 

 
(4) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any governmental authority or may or could pose a hazard to the health and safety of
the occupants of the Premises, Building or Property or the owners and/or occupants of property adjacent to or surrounding the Property, or any other person or entity coming upon the Property or adjacent property; and (5) any other chemical,
material or substance that may or could pose a hazard to the environment. Tenant shall not: (i) use the Premises, Building or Property for the storage of Hazardous Substances except for such activities that are part of the course of
tenant’s ordinary business (the “Permitted Activities”); provided, such Permitted Activities are conducted in accordance with all applicable laws, orders, regulations and ordinances and have been approved in advance in writing by
Landlord; (ii) use the Premises, Building or Property as a landfill or dump; or (iii) install any underground tanks of any type at the Property. Tenant shall at its own expense maintain in effect any and all permits, licenses or other
governmental approvals, if any, required for Tenant’s use of the Premises and require the same of any subtenants. Tenant shall make and cause any subtenant to make all disclosures required of Tenant by any laws, and shall comply and cause
subtenant to comply with all orders concerning Tenant’s use of the Premises issued by any governmental authority having jurisdiction over the Premises and take all action required by such governmental authorities to bring the Tenant’s
activities on the Premises into compliance with all environmental and other laws, rules, regulations and ordinances affecting the Premises. If at any time Tenant shall become aware, or have reasonable cause to believe, that any Hazardous Substance
has been released or has otherwise come to be located on or beneath the Property, Tenant shall give written notice of that condition to Landlord immediately after Tenant becomes so aware. Tenant shall be responsible for, and shall indemnify, defend
and hold Landlord harmless from and against, all environmental claims, demands, damages and liabilities, including, without limitation, court costs and reasonable attorney fees, if any, arising out of, or in connection with, the generation, storage,
disposal or other presence of any Hazardous Substance in, on or about the Premises, Building or Property during the Term or that Tenant or its subtenants caused or permitted. The indemnification provided by this Paragraph shall survive the
termination of this Lease. 
 26. Expense of Enforcement. Tenant shall pay Landlord, upon demand therefor, for all costs and
reasonable attorneys’ fees and expenses incurred by Landlord in seeking enforcement against Tenant, any assignee or sublessee of Tenant, or any guarantor of Tenant’s obligations under this Lease, of Tenant’s or such party’s
obligations under this Lease, including, without limitation, the collection of Rent and the termination of Tenant’s right to possession of the Premises, provided, however, Landlord shall provide documents evidencing such alleged expenses and
enforcement sought was for rights, duties or obligations actually owed to Landlord by Tenant. Such payment shall constitute Additional Rent payable in accordance with Paragraph 4. Notwithstanding the foregoing, if Landlord commences any action
against Tenant, including, without limitation, an action in unlawful detainer, which action settles at or prior to any trial in connection therewith, Landlord shall be entitled to recover from Tenant Landlord’s reasonable attorneys’ fees
and disbursements and the same shall be payable by Tenant to Landlord with the next installment of Rent falling due and shall constitute Additional Rent hereunder. 

27. Transfer of Landlord’s Interest; Limitation of Liability. 

(a) Transfer of Landlord’s Interest. The term “Landlord” shall mean only the owner, at any time of the
Property, and in the event of the transfer by such owner of its interest in the Property, such owner’s grantee or successor shall upon such transfer, become “Landlord” under this Lease. If any owner transfers its interest in the
Premises or the Property or any portion thereof, other than a transfer for security purposes, such owner shall automatically be relieved of any and all obligations and liabilities on the part of such owner as “Landlord” accruing after the
date of such transfer, including, without limitation, such owner’s obligation to return the Security Deposit following assignment or transfer thereof to such owner’s transferee. 

(b) Limitation of Landlord’s Liability. If Landlord is ever adjudged by any court to be liable to Tenant, Tenant
specifically agrees to look solely to Landlord’s interest in the Phase for the recovery of any judgment from Landlord, it being agreed that none of Landlord, its directors, officers, shareholders, managing agents, employees or agents shall be
personally liable for any such judgment. In no event shall Landlord ever be liable to Tenant, Tenant’s agents, servants or employees, or to any person or entity claiming by or through Tenant, for any consequential, indirect, special or similar
types of damages. 

  
 15 

 28. Right of Landlord to Perform. If Tenant shall fail to pay any sum of money other than
Rent required to be paid by it under this Lease, or shall fail to perform any other act on its part to be performed under this Lease, Landlord may, but shall not be so obligated, and without waiving or releasing Tenant from any obligations of
Tenant, after the end of the fifth calendar day after notifying Tenant of Tenant’s obligation to perform, make any such payment or perform any such other act on Tenant’s part to be made or performed; provided, however, that in the event of
emergency, Landlord shall have the right to perform Tenant’s obligations prior to the expiration of the five-day period specified above. If Landlord performs Tenant’s obligations pursuant to this
Paragraph, Landlord shall have the right to use the Security Deposit to pay such expenses, or pay such expenses directly and reimburse itself from the Security Deposit or to the extent the cost of such performance exceeds the Security Deposit,
Landlord may pay for the cost of such performance from its own funds, or from a combination of the Security Deposit and its own funds and all such amounts shall be repaid to Landlord by Tenant as Additional Rent, payable with the next installment of
Base Rent falling due. 
 29. Miscellaneous. 

(a) Gender; etc. Words of any gender used in this Lease shall be held and construed to include any other gender, and
words in the singular number shall be held to include the plural, unless the context otherwise requires. 
 (b) Binding
Effect. The terms, provisions and covenants and conditions contained in this Lease shall apply to, inure to the benefit of, and be binding upon, the parties hereto and upon their respective heirs, legal representatives, successors and permitted
assigns, except as otherwise herein expressly provided. Tenant agrees to furnish promptly upon demand, a corporate resolution, proof of due authorization by partners, or other appropriate documentation evidencing the due authorization of Tenant to
enter into this Lease. Nothing herein contained shall give any other tenant in the Building any enforceable rights either against Landlord or Tenant as a result of the covenants and obligations of either party stated herein. 

(c) Captions. The captions inserted in this Lease are for convenience only and in no way define, limit or otherwise
describe the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease. 

(d) Estoppel. Tenant agrees from time to time within 10 days after request of Landlord, to deliver to landlord, or
Landlord’s designee an estoppel certificate in a form on substantially the same form as set forth in Exhibit H or on any other reasonable form. It is understood and agreed that Tenant’s obligation to furnish such estoppel
certificates in a timely fashion is a material inducement for Landlord’s execution of this Lease, and that, if Tenant fails timely to deliver any estoppel certificate contemplated by this subparagraph (d), Tenant shall be liable to Landlord for
all losses incurred by Landlord as a result of such failure, including, without limitation, attorneys’ fees and court costs through all appellate levels. 

(e) Amendment. This Lease may not be altered, changed or amended except by an instrument in writing signed by both
parties hereto. 
 (f) Survival of Obligations. All obligations of Tenant and Landlord hereunder not fully performed
as of the expiration or earlier termination of the Term shall survive the expiration or earlier termination of the Term, including without limitation, with respect to Tenant all payment obligations with respect to Operating Costs and all obligations
concerning the condition of the Premises, and with respect to Landlord reimbursement of the Security Deposit. Upon the expiration or earlier termination of the Term, Tenant shall pay to Landlord the amount reasonably estimated by an appropriate
contractor that is necessary (i) to the extent Tenant has not completed repairing and restoring the Premises in accordance with Paragraph 7 and Exhibit E, the amount necessary to complete the repair and restoration; and (ii) to
discharge Tenant’s obligation for Operating Costs or other amounts due Landlord. All such amounts shall be used and held by Landlord for payment of such obligations of Tenant, with Tenant being liable for any additional costs upon demand by
Landlord, or with any excess to be returned to Tenant after all such obligations have been determined and satisfied. Any security deposit held by Landlord shall be credited against the amount payable by Tenant under this subparagraph. 

  
 16 

 (g) Joint and Several. If there be more than one Tenant, the obligations
hereunder imposed upon Tenant shall be joint and several. 
 (h) Brokers. Tenant represents and warrants that it has
dealt with no broker, agent or other person in connection with this transaction or that no broker, agent or other person brought about this transaction, other than Tenant’s Broker, if any, listed on the Data Sheet, and Tenant agrees to defend,
indemnify and hold Landlord harmless from and against any claims by any other broker, agent or other person claiming a commission or other form of compensation by virtue of having dealt with Tenant with regard to this leasing transaction. 

(i) Severability. If any clause or provision of this Lease is illegal, invalid or unenforceable under present or future
laws effective during the Term, then and in that event, it is the intention of the parties hereto that the remainder of this Lease shall not be affected thereby, and it is also the intention of the parties to this Lease that in lieu of each clause
or provision of this Lease that is illegal, invalid or unenforceable, there be added as a part of this Lease a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and be legal,
valid and enforceable. 
 (j) Offer to Lease. Because the Premises are on the open market and are currently being
shown, this Lease shall be treated as an offer and shall not be valid or binding unless and until accepted by Landlord in writing. 

(k) Waiver of Jury Trial; Jurisdiction. EACH OF LANDLORD AND TENANT HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION RELATING TO THIS LEASE. At the option of Landlord, this Lease shall be enforced in any United States District Court for the Federal District of Minnesota or state court of the State of Minnesota sitting in Hennepin County, Minnesota, and
Tenant consents to the jurisdiction and venue of any such court and waives any argument that venue in such forums is not proper or convenient. 

(l) Complete Agreement. This Lease contains all of the agreements and understandings relating to the leasing of the
Premises and the obligations of Landlord and Tenant in connection with such leasing. Landlord has not made, and Tenant is not relying upon, any warranties or representations, promises or statements made by Landlord or any agent of landlord, except
as expressly stated herein. This Lease supersedes any and all prior agreements and understandings between Landlord and Tenant and alone expresses the agreement of the parties. 

(m) Governing Law. This Lease, the rights of the parties hereunder and the interpretation hereof shall be governed by,
and construed in accordance with, the internal laws of the State of Minnesota, without giving effect to conflict of laws principles thereof. 

(n) Construction. The parties agree that counsel for both parties have reviewed this Agreement. Accordingly, neither
party shall be deemed to have drafted this Agreement and it shall not be construed against either party by virtue of the drafting thereof in the event of a dispute. 

(o) Time of Essence. Time shall be of the essence with respect to this Lease and each and every provision hereof. 

30. Force Majeure. If either party shall be delayed in the performance or unable to perform any of such party’s obligations under
this Lease because of a “force majeure” event (which shall mean any event beyond the reasonable control of Landlord or Tenant (as applicable) including, without limitation, labor disputes, civil commotion, terrorism, war, war-like
operations, invasion, rebellion, hostilities, military power, sabotage, governmental regulations or controls, fire or other casualty, inability to obtain materials, utilities, or services, inclement weather or other act of God), then, in any such
case, the obligated party shall not be subject to any liability to the other party. Either party’s delay in performance or failure to perform under this Lease as a result of any force majeure event shall not affect the validity of this Lease or
any obligation of the other party hereunder. The terms of this Paragraph shall not apply to either party’s financial obligations under this Lease or Tenant’s obligation to obtain and maintain the insurance required herein, provided,
however, that the terms of this Paragraph shall not supersede any abatement of rent to which Tenant may be entitled. 

  
 17 

 31. Exhibits. Exhibits A, B, C, D, E, F, G, and H are part of this Lease. 

32. Right to Terminate. If Tenant’s business has grown to the point that it needs more space than the Premises, Tenant may give
Landlord notice, during the 58th month of the Term, that it desires to expand into additional space in the Building. Tenant’s notice must specify how many of the additional bays in the
Building shown in Exhibit G Tenant desires to expand into for the rest of the Term. Tenant must request at least 2 additional bays that are contiguous to each other. Landlord will respond within 30 days with an offer of the particular bay or
bays that are then available, if any, that best satisfy Tenant’s request, and Landlord will state the Base Rent Landlord desires for the expansion space for the remainder of the Term, but Landlord is not required to offer any space to Tenant
that will leave Landlord with a single vacant bay or that will leave Landlord with two non separate vacant spaces in the Building. Tenant may accept Landlord’s offer by written notice within 10 business days after it receives Landlord’s
offer. If Landlord does not offer Tenant at least two bays that are contiguous to each other, or if Landlord requests a Base Rent per square foot for the expansion space that is more than the Base Rent per square foot Tenant owes during the same
period for the original Premises, Tenant may terminate this Lease effective on the last day of the 67th month by written notice to Landlord within 30 business days after Tenant receives
Landlord’s offer. Tenant is not obligated to accept an offer Landlord makes, but Tenant may not terminate this Lease under this Paragraph unless Landlord’s offer does not satisfy the criteria in the preceding sentence. 

If Tenant exercises its option to terminate under this Paragraph, the Term will expire on the last day of the 67th month of the Term with the same effect as if that were the originally-scheduled Expiration Date, and Tenant must pay Landlord a termination fee equal to all of Landlord’s transaction costs for
this Lease that remain unamortized at the end of the 67th month of the Term, including the cost of the Work, broker commissions, legal fees, and the allowance under Paragraph 5 of the Work Letter
in Exhibit F, using straight-line amortization over the initial Term plus 8% annual interest, plus 2 months’ gross rent. If Tenant delivers a termination notice, Landlord will invoice Tenant for the unamortized transaction costs and the
2 months’ gross rent and Tenant must pay the invoice within 30 days. If Tenant does not pay the termination payment before the end of the 67th month of the Term, Tenant’s right to
possession of the Premises will end on the last day of the 67th month of the Term, but this Lease will remain unterminated and Tenant will remain obligated to continue to pay monthly Base Rent and
Operating Costs until it pays the termination payment in full, with no credit against the termination payment for the additional monthly rent payments that come due after the 67th month of the
Term. 
 33. Right to Extend Term. Landlord grants Tenant a one-time option to extend the Term on the following terms: 

(a) Tenant may not exercise the option at any time it is in default under this Lease; and 

(b) Tenant must give Landlord written notice that it is exercising its option to extend the Term at least 9 months before the
initial Term is scheduled to expire, time being of the essence. It Tenant does not give Landlord an extension notice at least 9 months before the end of this initial Term, Tenant waives its right to extend the Term. 

If Tenant delivers an extension notice at least 9 months before the initial Term ends: 

(i) the Term will be extended for 5 years; 

(ii) Base Rent for the Premises during the extension Term will be the “Market Base Rent”, as this Paragraph defines
that term, for the extension Term, determined 9 months before the end of the initial Term; and 
 (iii) all of the other
terms and conditions of this Lease will continue to apply during the extension Term. 

  
 18 

 Within 15 days after Landlord’s request, Tenant agrees to sign and deliver to Landlord any
supplement or amendment Landlord requests to evidence the extension of the Term under this Paragraph and the Base Rent during the extension Term. Tenant’s rights under this Paragraph may not be severed from this Lease or separately sold,
assigned, or otherwise transferred, and will expire on the expiration or earlier termination of this Lease or Tenant’s right to possession of the Premises. No assignee, sublessee, or successor to Tenant’s interests in this Lease may
exercise the extension option under this Paragraph except a Permitted Transferee. 
 “Market Base Rent” means the Base Rent
Landlord would receive by renting similar space in Plymouth Business Center, or that the owner of similar class office/showroom properties in the city of Plymouth would receive, taking into consideration all concessions being offered in the market,
including free rent, moving allowances, and tenant improvement allowances and the fact that Landlord will not incur leasing downtime. If Tenant delivers an extension notice, Landlord will deliver to Tenant, by the later of 9 months before the end of
the initial Term or fifteen (15) days after Landlord receives the extension notice, Landlord’s determination of the Market Base Rent for the extension term. If Tenant does not agree with Landlord’s Market Base Rent Notice, Tenant must
notify Landlord in writing within 15 days it receives Market Base Rent Notice that Tenant disagrees with Landlord’s determination of Market Base Rent. If Tenant does so, Landlord and Tenant will, for the next 15 days, negotiate in good faith to
attempt to agree on the Market Base Rent for the extension term. If Landlord and Tenant do not agree on the Market Base Rent within 15 days, Tenant may rescind its extension notice by written notice to Landlord within 20 days after Tenant first
notified Landlord that it disagreed with Landlord’s determination of Market Base Rent, in which case the Term will expire on the originally-scheduled expiration date. If Tenant does not give Landlord written notice that it disagrees with
Landlord’s determination of Market Base Rent within 15 days after Landlord first delivers its determination of Market Base Rent, or if Tenant does not give Landlord written notice that it is rescinding the extension of the Term under the
preceding sentence, Tenant will be deemed to have agreed to Landlord’s determination of Market Base Rent and to have waived its right to rescind its extension notice, and Landlord and Tenant will, within 15 days, sign and deliver an amendment
to this Lease that confirms that the Term has been extended for 5 years at a Base Rent equal to the Market Base Rent in Landlord’s Market Base Rent notice. 

Signature Pages Follow 

  
 19 

 IN WITNESS WHEREOF, the parties have executed this Lease as of the Date of Lease. 

 

			
	 Landlord:

	
	 St. Paul Fire and Marine Insurance Company

		
	By:	 	/s/ Michael D. Elnicky
	Name:	 	MICHAEL D. ELNICKY
	Title:	 	ASSET MANAGER

  
 20 

 Signature Page to Lease 

 

			
	 Tenant:

	
	 Antares Pharma, Inc.

		
	 By:
	 	/s/ Patrick Madsen
	 Name:
	 	PATRICK MADSEN
	 Title:
	 	VP AND GENERAL MANAGER

  
 21 

 EXHIBIT A 

DEPICTION OF PREMISES 

  
 A-1 

 EXHIBIT B 

RULES AND REGULATIONS FOR 

PLYMOUTH BUSINESS CENTER 

1. The sidewalks, passages and stairways, if any, shall not be obstructed by Tenant or used for any purpose other than for ingress to and
egress from the Premises. The passages, entrances, stairways, if any, balconies, if any, and roof are not for the use of the general public, and Landlord shall in all cases retain the right to control and prevent access thereto of all persons whose
presence in the judgment of Landlord shall be prejudicial to the safety, character, reputation and interests to the Building and its tenants; provided that nothing herein contained shall be construed to prevent such access to person with whom Tenant
normally deals in the ordinary course of its business unless such persons are engaged in illegal activities. Tenant and its employees shall not go upon the roof of the Building without the written consent of the Landlord. 

2. The sashes, sash doors, windows, glass lights and any lights or skylights that reflect or admit light into halls, from the building exterior
or other places into the building shall not be covered or obstructed. Any curtains, blinds, shades, or screens attached or hung to any of the prior mentioned areas must have prior approval of Landlord. Landlord will provide standard window coverings
on exterior windows and other glass if appropriate. 
 3. In case of invasion, riot, public excitement or other commotion, Landlord reserves
the right to prevent access to the Building during the continuance of same. Landlord shall in no case be liable for damages for the admission or exclusion of any person to or from the Building. Landlord has the right to evacuate the Building in the
event of an emergency or catastrophe. 
 4. Two door keys for doors to leased premises that are operated by keyed locks, rather than security
cards, shall be furnished at the commencement of lease by Landlord. Tenant shall not alter any exterior lock, or install new or additional locks or bolts, on any door without the prior written approval of Landlord. In the event such alteration or
installation is approved by Landlord, Tenant shall supply Landlord with a key or card key for any such lock or bolt. 
 5. All deliveries,
including intracompany deliveries, must be made via service entrances. Tenant agrees to adhere to floor loading maximum levels as stated by Landlord. All damage done to the Building by the delivery or removal of such items, or by reason of their
presence in the Building, shall be paid to Landlord upon demand by Tenant and shall constitute Additional Rent under the Lease. 
 6. Parking
area and parking policies will be established by Landlord, and Tenant agrees to adhere to said policies. UPON A COMPLAINT BY TENANT AND OTHER TENANTS OF THE BUILDING AND AT ANY OTHER TIME, Landlord reserves the right to IMPLEMENT AND institute new
parking policies as they are determined to benefit overall Building operations. Tenant agrees to leave no cars, vans or other vehicles overnight or over any weekend in any parking area. Tenant further agrees that its employees will not park in the
visitor parking areas at any time. 
 7. If Tenant desires signal, communication, alarm or other utility or service connection installed or
changed, the same shall be made at the expense of Tenant, with approval and under direction of Landlord, it being understood and agreed that (a) no audible alarm shall be installed unless specifically approved in writing by Landlord prior to
installation; and (b) only Tenant shall be obligated to respond to such signal, communication, alarm or other utility or service connection, and none of Landlord, Landlord’s Managing Agent or other employee, agent or contractor of Landlord
shall, under any circumstances have any obligation to Tenant or others to respond to such alarm or be liable to Tenant or any party claiming by or through Tenant for any failure to do so. Any installations, and the boring or cutting for wires, shall
be made at the sole cost and expense of Tenant and under control and direction of Landlord. Landlord retains in all cases the right to require (x) the installation and use of such electrical-protecting devices that prevents the transmission of
excessive current or electricity into or transmission of excessive current or electricity into or through the Building (y) the changing of wires and of their installation and arrangement underground or otherwise as Landlord may direct, and
(z) compliance on the part of all using or seeking access to such wires with such rules as Landlord may establish relating thereto. All such wires used by Tenant must be clearly tagged at the distribution boards and junction box and elsewhere
in the Building, with (h) the number of the Premises to which said wires lead, (i) the purpose for which said wires are used and (j) the name of the company operating same. 

  
 B-1 

 Tenant agrees to instruct all approved communication, and computer and other cabling installers
to attach cable in wire hangers from the deck or in any designated building floor or ceiling system cable location. Tenant will not allow installers to lay any cabling on top of the suspended layer ceiling system. 

8. Tenant shall give Landlord prompt notice of all accidents to or defects in air conditioning equipment, plumbing, electrical facilities or
any part of appurtenances of the Premises. 
 9. Tenant assumes full responsibility for protecting its space from theft, robbery, and
pilferage, which includes keeping doors locked and other means of entry to the space closed and secured. Landlord shall be in no way responsible to Tenant, its agents, employees, licensees, contractors or invitees for any loss of property from the
Premises or public areas or for any damages to any property thereon from any cause whatsoever. 
 10. Tenant shall not install or operate
machinery or any mechanical devices of a nature not directly related to Tenant’s ordinary use of the Premises without the prior written permission of the Landlord. Tenant shall not place in or move about the Premises any safe or other heavy
article which, in Landlord’s reasonable opinion may damage the Premises (including the slab) or overload the floor of the Premises, shall not mark on or drive nails, screw or drill into the partitions, woodwork or plaster (except as may be
incidental to the hanging of wall decorations) and shall not in any way deface the Premises or any part thereof. 
 11. No person or
contractor not employed by Landlord shall be used to perform window washing, decorating, repair or other work in the leased Premises without the express written consent of Landlord. 

12. The directories of the Building shall be used exclusively for the display of the name and location only of the tenants of the Building,
including Tenant, and will be provided at the expense of Landlord. Any additional names requested by Tenant to be displayed in the directories must be approved by Landlord and, if approved, will be provided at the sole expense of Tenant. 

13. Tenant shall not and shall ensure that its agents, servants, employees, licensees, contractors or invitees shall not: 

(a) enter into or upon the roof of the Building or any storage, electrical or telephone closet, or heating, ventilation, air-conditioning, mechanical or elevator machinery housing areas; 
 (b) sweep or throw any
dirt or other substance into ANY passageway, sidewalk or parking area; 
 (c) bring in or keep in or about the Premises any
firearms, vehicles, motorcycles or animals of any kind; 
 (d) deposit any trash, refuse or other substance of any kind
within or out of the Building, except in the refuse containers provided therefor; 
 (e) permit the operation any device that
may produce an odor, cause music, vibrations of air waves to be heard or felt outside the Premises, or which may emit electrical waves that shall impair radio, television or any other form of communication system; or 

(f) permit the carrying of a lighted cigar, cigarette, pipe or any other lighted smoking equipment or permit smoking of
cigarettes, cigars or pipes (i) in the common areas of the Building, including, without limitation, restrooms, except common areas which have been designated by Landlord in writing as smoking areas; or (ii) within ten (10) yards of
any door leading into the Building or any building comprising a part thereof. 

  
 B-2 

 14. Tenant will not install any radio or television antennas or receptor dish or any device on
the roof or grounds without the prior written approval of Landlord. Tenant understands that rentals are charged for roof space in the event any roof installation is approved in writing by Landlord. Landlord reserves the right to require removal of
any approved installed device in the event it is necessary to do so in Landlord’s opinion. 
 15. No sign, light, name placard, poster
advertisement or notice visible from the exterior of any demised premises, shall be placed, inscribed, painted or affixed by Tenant on any part of the Building without the prior written approval of Landlord. All signs or letterings on doors, or
otherwise, approved by Landlord shall be inscribed, painted or affixed at the sole cost and expense of Tenant, by a person approved by Landlord. 

16. The toilet rooms, toilet, urinals, wash bowls and water apparatus shall not be used for any purpose other than those for which they were
constructed or installed, and no sweeping, rubbish, chemicals or other unsuitable substances shall be thrown or placed therein. Tenant shall bear the expense of repairing and cleaning up any breakage, stoppage or damage resulting from violation(s)
of this rule by Tenant or its agents, servants, employees, invitees, licensees or visitors. 
 17. Tenant must have Landlord’s prior
written consent before using the name of the Building and/or pictures of the Building in advertising or other publicity. 
 18. Tenant shall
not make any room-to-room canvass to solicit business from other tenants in the Building, and shall not exhibit, sell or offer to sell, use, rent or exchange in or from the Premises unless ordinarily embraced within Tenant’s use of the Premises
specified herein. 
 19. Tenant shall not do any cooking in the Premises, except that Tenant may install a microwave oven and coffee makers
for the use of its employees in the Premises. Under no circumstances shall Tenant install or use any hot plates. 
 20. No portion of
Tenant’s area or any other part of the Building shall at any time be used or occupied as sleeping or lodging quarters. 
 21. Landlord
has the right to enact trash removal and trash recycling rules and regulations as necessary to control trash removal costs or as required by the laws of the State of Minnesota and/or the United States of America. Tenant agrees to adhere to such
trash removal regulations and to any and all modifications thereof issued by Landlord from time to time. 
 22. Tenant will refer all
contractors, contractors’ representatives and installation technicians rendering any service to Tenant to Landlord for Landlord’s approval and supervision before performance of any contractual service. This provision shall apply to any
work performed in the Building including installations of electrical and electronic devices and attachments and installations of any nature affecting floors, walls, woodwork, trim, windows, ceilings, equipment or any other physical portion of the
Building. 
 23. Tenant shall not permit picketing or other union activity involving its employees in the Building except in those locations
and subject to time and other limitations as to which Landlord may give prior written consent. 
 24. Tenant shall not conduct, or permit to
be conducted on or from the Premises, any auction of Tenant’s personal property, any liquidation sale, any
going-out-of-business sale or other similar activity. 

25. Landlord reserves the right to rescind, make reasonable amendments, modifications and additions to the rules and regulations heretofore set
forth, and to make additional reasonable rules and regulations, as in Landlord’s sole judgment may from time-to-time be needed for the safety, care, cleanliness and preservation of good order of the Building. Landlord shall not be responsible
for any violation of the foregoing rules and regulations by other tenants of the Building and shall have no obligation to enforce the same against other tenants. 

  
 B-3 

 EXHIBIT C 

FORM OF COMMENCEMENT CONFIRMATION 

[Date] 
  

			
	Tenant Name:	  	Antares Pharma, Inc.
		
	Address:	  	 Suite             ,
            Annapolis Lane
 Plymouth, Minnesota 55447

 The undersigned hereby confirms to St. Paul Fire and Marine Insurance Company (“Landlord”)
that the following are the respective dates required to be specified with regard to the Data Sheet of that certain Lease dated December     , 2013 between the undersigned, as tenant, and Landlord, as landlord, for the Premises
described therein, and the undersigned hereby accepts the Premises. 
 Commencement Date:
            , 2014. 
 Month 1:
            , 2014. 
 Rent Commencement Date:
            , 2014. 
 Expiration Date:
            , 2022. 
 Antares Pharma, Inc. 

 

					
	 By:
	 	 
		 	Name:	 	 
		 	Title:	 	 

 Accepted and agreed to this     day of
            , 2014. 
 St. Paul Fire and Marine Insurance Company 

 

					
	 By:
	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 C-1 

 EXHIBIT D 

PLYMOUTH BUSINESS CENTER 

SIGNAGE CRITERIA 
 FRONT
ENTRANCE DOOR 
 White Vinyl Applied Letters Only 

“2 Maximum Height 
 Helvetica
Letters 
 Two or Three Lines Only 

Logos, Script, or Color Variations 

REAR OVERHEAD DOOR 
 Black
Vinyl Applied Letters Only 
 6” Maximum Height 

Helvetica Letters 
 One or Two Lines
Only 
 No Logos, Script, or Color Variations 

REAR ENTRANCE/HOLLOW METAL DOOR 

Black Vinyl Applied Letters Only 

2# Maximum Height 
 Helvetica
Letters 
 Two or Three Lines Only 

No Logos, Script, or Color Variations 

FRONT OVERHEAD SIGN 

Freeway Exposure (mounted below wallpack lighting) 

4’ x 8’ Black Acrylic Background Panel 

White or Gray Copy Only 
 Logo
Reproduction Permitted 
 Non-Freeway Exposure (mounted adjacent to entrance door) 

2.5’ x 3.5’ Black Acrylic Background Panel 

White or Gray copy Only 
 Logo
Reproduction Permitted 
 EMPLOYEE ENTRANCE DOOR 

Black Vinyl Applied Letters Only 

2# Maximum Height 
 Helvetica
Letters 
 Two or Three Lines Only 

No Logos, Script, or Color Variations 
  

 
 NOTE: 

Signage must meet Landlord approval prior to installation. 

Signage contractor must obtain permit from City if required. 

  
 D-1 

 EXHIBIT E 

MOVE-OUT STANDARDS 
 Not later than the
Restoration Date (as defined in the Lease), Tenant shall deliver the Premises to Landlord in the same condition as they were upon delivery of possession thereto under this Lease, reasonable wear and tear excepted, and shall deliver all keys to
Landlord. Before delivery of the Premises to Landlord, Tenant shall remove all of its personal property and all alterations, additions, installations, improvements, partitions, Cabling and trade fixtures, all as and to the extent provided in
Paragraph 7 of this Lease. If Tenant fails to remove its personal property and fixtures upon the expiration of this Lease, the same shall be deemed abandoned and shall become the property of the Landlord. 

The Tenant shall, on the Restoration Date, place the Premises in a condition that shall include, but is not limited to, the following: 

 

					
			
	1.	  	Lights:	  	Office and warehouse lights will be fully operational with all bulbs functioning.
			
	2.	  	Dock Levelers & Roll Up Doors:	  	All dock levelers and roll-up doors will be In good working condition.
			
	3.	  	Dock Seals:	  	All dock seals will be free of tears and any broken backboards repaired.
			
	4.	  	Warehouse Floor:	  	The warehouse floor will swept with no racking bolts or other protrusions left in floor. Cracks will be repaired with an epoxy or polymer.
			
	5.	  	Equipment & Wiring:	  	Unless otherwise specified by Landlord, in writing, all equipment and wiring shall be removed and the Premises returned to original condition, including, without limitation, removal of air lines, junction boxes, conduit,
etc.).
			
	6.	  	Walls:	  	Sheetrock (drywall) damage should be patched and fire-taped so that there are no holes in either office or warehouse.
			
	7.	  	Roof:	  	Any tenant-installed equipment must be removed and roof penetrations properly repaired by a licensed roofing contractor selected or approved by Landlord. Active leaks resulting from Tenant installed equipment or otherwise due to
negligence of Tenant must be fixed and latest Landlord maintenance and repairs recommendation must have been followed.
			
	8.	  	Signs:	  	All exterior signs must be removed and holes patched and paint touched up as necessary. All window signs should likewise be removed.
			
	9.	  	Heating & Air Conditioning System:	  	A written report from a licensed HVAC contractor within the last three months stating that all evaporative coolers within the Premises are operational and safe and in good and safe operating condition.
			
	10.	  	Overall Cleanliness:	  	Clean windows, sanitize bathroom(s), vacuum carpet, and remove any and all debris from office and warehouse. Remove all pallets and debris from exterior premises.
			
	11.	  	Upon Completion:	  	Contact Landlord’s property manager to coordinate date of turning off power, turning in keys, and obtaining final Landlord inspection of Premises.

  
 E-1 

 EXHIBIT F 

WORK LETTER 
 1.
Tenant’s Initial Plans; the Base Work. Tenant desires Landlord to perform certain leasehold improvement work in the Premises in substantial accordance with the plan or plans/working drawings prepared by RJM Construction in conjunction
with Mohagen Hansen Architectural Group dated November 11, 2013 (the “Plan Date”), a copy of which is attached hereto as Schedule 1 (the “Working Drawings”). The work shown in the Working Drawings is the
“Base Work.” 
 All plans, drawings, specifications and other details describing any Additional Work (as defined in
Paragraph 4 of this Work Letter) which have been or are hereafter furnished by or on behalf of Tenant shall be subject to Landlord’s approval, which Landlord agrees shall not be unreasonably withheld, conditioned or delayed. Neither
Landlord’s approval of the Base Work and any Additional Work, the Working Drawings, or any other plans, drawings, specifications or other items associated with the Base Work or any Additional Work, nor Landlord’s performance, supervision
or monitoring of any of such Base Work or Additional Work, is a warranty by Landlord that the design is adequate for Tenant’s intended use of the Premises. 

The Base Work includes nine (9) new roof-top HVAC units, and Tenant will re-use two existing roof-top HVAC units. Landlord represents
that the two re-used HVAC units are less than 5 years old and are in good working order. If Tenant has a qualified HVAC servicer do quarterly maintenance and repairs throughout the initial Term but either of the two re-used HVAC units must be
replaced within 5 years after the Commencement Date, as determined by a qualified independent HVAC engineer, Landlord agrees to replace that unit or those two units at Landlord’s cost. 

2. Performance of the Work. Landlord, at its expense, will complete the Base Work using Landlord’s building standard materials,
quantities and procedures (“Building Standards”), except as expressly stated or shown otherwise in the Working Drawings. Tenant agrees to pay the cost of any Approved Additional Work. To the extent Tenant requests any change to the
Working Drawings, the parties will proceed in accordance with the procedures set forth in Paragraph 4 of this Work Letter. 
 Landlord
agrees to complete the Base Work and any Approved Additional Work in accordance with the Working Drawings and this Work Letter and in material compliance with all applicable laws, ordinances, rules and regulations. Landlord will pay for any permits
or certificates for the Base Work and Tenant will pay for any permits or certificates required for any Approved Additional Work. 
 3.
Substantial Completion. Landlord agrees to Substantially Complete the Base Work before the Anticipated Commencement Date of March 1, 2014, subject to (a) force majeure delays (as defined in Paragraph 30 of the Lease);
(b) Tenant Delays (as defined and described in this Paragraph); and (c) Requested Delays (as defined and described in Paragraph 4 of this Work Letter; force majeure Delays, Tenant Delays and Requested Delays may are, collectively,
“Delays”). All Delays shall be calculated on a business day for day basis unless otherwise expressly stated in the applicable TEO (as defined in Paragraph 4 below). 

The Base Work and any Approved Additional Work are, collectively, the “Work”. The Work will be “Substantially
Completed” when both (i) Landlord’s general contractor issues a written certificate to Landlord and Tenant certifying that the Work has been substantially completed (i.e., completed except for “punchlist” items listed in
such contractor’s certificate) in substantial compliance with the Working Drawings; and (ii) Landlord has obtained and delivered to Tenant a preliminary certificate of occupancy for the Premises. If the Work is not Substantially Complete
on or before the Anticipated Commencement Date Landlord agrees to use all reasonable efforts to complete the Work as soon after that date as is practicable. If the Work is not Substantially Completed on the Anticipated Commencement Date by reason,
either wholly or partly because of any delay attributable to Tenant (“Tenant Delays”), including without limitation, (i) Tenant’s failure to timely comply with this Work Letter, (ii) Tenant’s requirements for
special work or materials, finishes, or installations other than as set forth in the Working Drawings or Building Standards or Tenant’s requirements for special construction staging or phasing; or (iii) the performance of any work in the
Premises by any person, firm or corporation employed by or on behalf of Tenant, or any failure to complete or delay in completion of such work; or (iv) any other act or omission of Tenant, the Rent

  
 F-1 

 
Commencement Date will not be extended beyond the 211th day after the Anticipated Commencement Date for any of such Tenant Delays. If the
Commencement Date does not occur on or before June 1, 2014, as extended by any Tenant Delays, Tenant may terminate this Lease upon written notice to Landlord before the Commencement Date occurs, except that if Tenant delivers a termination
notice under this sentence, Landlord may nullify the termination by causing the Commencement Date to occur within 5 business days, in which case this Lease will remain in full force and effect. If the Commencement Date does not occur on or before
June 1, 2014, as extended by delays other than Tenant Delays, Landlord may terminate this Lease upon written notice to Tenant before the Commencement Date occurs. 

Effective upon the completion of the Work, Landlord assigns to Tenant the right to enforce all manufacturer’s and contractors’
warranties that cover the Work (including, without limitation warranties covering HVAC units), to the extent they are transferrable, but Landlord retains the right to also enforce those warranties on its own behalf, and agrees, upon request, to make
reasonable efforts to enforce them on Tenant’s behalf to the extent Tenant is unable to do so directly. 
 4. Additional Work.
Tenant may hire outside consultants in connection with the design and construction of the Base Work and any Additional Work, at Tenant’s sole cost, and Tenant agrees to cause any such consultants it hires to work in cooperation with
Landlord’s contractor and architect. Upon Tenant’s request and submission by Tenant (at Tenant’s sole cost and expense) of the necessary information and/or plans and specifications for work other than the Base Work (any such work,
including, without limitation, change orders to the Base Work, is “Additional Work”) and the approval by Landlord of such Additional Work under Paragraph 1 of this Work Letter (the “Approved Additional Work”), which
approval Landlord agrees not to unreasonably withhold or delay, Landlord will complete the Approved Additional Work, at Tenant’s sole cost and expense, subject, however, to the following provisions of this Paragraph. 

Before commencing any Approved Additional Work, Landlord will submit to Tenant a written statement of the cost and timing of the Approved
Additional Work, and will specify the number of business days by which the Approved Additional Work will extend the Commencement Date. Concurrently, Landlord will also submit to Tenant a proposed tenant extra order (the “TEO”) for
the Approved Additional Work, including the extension of the Commencement Date and the cost of the Approved Additional Work on Landlord’s standard form. Tenant agrees to either (i) give Landlord written notice that Tenant does not desire
to proceed with the TEO; or (ii) sign and deliver the TEO to Landlord and pay Landlord the entire cost of the Approved Additional Work within 5 business days to confirm. Any extension of the Commencement Date Tenant approves by signing a TEO is
a “Requested Delay”. If Tenant does not sign and deliver a TEO, or does not pay the entire cost of the Approved Additional Work within such 5 business days, Landlord has no obligation to do any of the Approved Additional Work the
TEO describes. 
 5. Allowance. In addition to construction the Base Work at Landlord’s cost, Landlord agrees to pay Tenant an
allowance of up to $100,000 to be used to pay Tenant’s transaction management fees, project management fees, Tenant’s moving costs, and the cost of any Approved Additional Work. The actual amount of the allowance that Landlord pays will be
amortized over the initial Term with interest at 8% per year, and Tenant will pay monthly Base Rent during the initial Term in the amounts in stated in the table of Base Rent in the Data Sheet plus the monthly amount of the amortization of the
allowance over the initial Term plus 8% annual interest. 
 6. Lease Provisions. To the extent anything in this Work Letter conflicts
with anything else in this Lease, this Work Letter controls. All amounts Tenant owes under this Work Letter are Additional Rent. 

  
 F-2 

 SCHEDULE 1 

to Exhibit F 
 COPIES OF
INITIAL PLAN 
 Type description of Initial Plans on this cover sheet and attach copies of such plans after this page. 

  
 F-1-1 

 EXHIBIT G 

Depiction of Bays in the Building 

  
 F-1-2 

 EXHIBIT H 

ESTOPPEL CERTIFICATE 

                         
                            (“Landlord”) 

                          
                   (“Buyer”) 

                         
                            (“Lender”) 

 

	Re:	Lease dated:
                                         
                                    

Tenant:
                                         
                                         
                               

Amendments to the Lease:
                                        
                                         
    
 Premises area: approximately
                                     rentable square feet 

Suite number:
                                         
                                         
                           

Property:
                                         
                                         
                                         
  
 Tenant hereby certifies to Landlord, Buyer, and Lender, as of the date of this Estoppel Certificate, as follows: 

1. An accurate and complete copy of the Lease (including all addenda, riders, amendments, supplements, and other modifications) is
attached to this Estoppel Certificate as Schedule 1. The Lease constitutes the entire agreement between Landlord and Tenant with respect to the Premises and the Lease has not been modified, changed, altered or amended in any respect except as
shown on Schedule 1. 
 2. The Lease is in full force and effect. 

3. Tenant has accepted the Premises, is in possession of the Premises, and is occupying the Premises for the conduct of its business.
Landlord has completed all improvements the Lease obligates it construct, and Tenant has accepted all such improvements. Landlord has paid in full any tenant improvement allowance or other allowance the Lease obligates it to pay to Tenant. 

4. Tenant has not entered into any sublease, assignment or other agreement transferring any of its interest in the Lease or the
Premises. The term of the Lease commenced on             , 20    and, excluding any option or renewal term that Tenant has not yet exercised, will end on
            , 20    . 
 5. Except as set forth in
section(s)         of the Lease, Tenant has no option to extend or renew the term of the Lease. Tenant has no option to expand the Premises, no right with respect to the purchase of all or any part of the
Premises or the Property, and no other interest in the Premises or the Property other than as the tenant under the Lease. 
 6.
Current base monthly rent under the Lease is $        , which has been paid through and including             , 20    .
Tenant’s percentage of operating expenses, real estate taxes and other pass-through expenses is     %. Tenant has not paid rent for more than one month in advance. Tenant is not currently disputing the computation of any
rent, additional rent or other sums payable pursuant to the Lease. 
 7. To Tenant’s knowledge, there are no offsets, deductions
or credits against the payment of rents or other charges Tenant owes under the Lease. Tenant has no claim against Landlord for any security or other refundable deposit except for a security deposit in the amount of
$        . 
 8. Tenant has neither given nor received any written notice of default under the
Lease. To Tenant’s knowledge, there exists no uncured breach or default by Landlord or Tenant under the Lease, nor any state of facts nor any condition that, with notice, the passage of time, or both, would result in a breach or default on the
part of either Landlord or Tenant, and Tenant has no claims or causes of action against Landlord, except as follows: 
  

 
  

 
  

  
 F-1-3 

 9. No actions, whether voluntary or otherwise, are pending against Tenant under the
bankruptcy laws of the United States or any state and there are no claims or actions pending against Tenant which if decided against Tenant would materially and adversely affect Tenant’s financial condition or Tenant’s ability to perform
the tenant’s obligations under the Lease. 
 10. To Tenant’s knowledge, the use, maintenance and operation of the Premises
complies with and will at all times comply with, all applicable federal, state, county or local statutes, laws, rules and regulations of any governmental authorities relating to environmental, health or safety matters (“Environmental
Laws”). Tenant has not used, and does not plan to use, the Premises for any activities which, directly or indirectly, involve the use, generation, treatment, storage, transportation or disposal of any petroleum product or any toxic or
hazardous chemical, material, substance, pollutant or waste, except as expressly permitted by the Lease. Tenant has not received any notices, written or oral, of violation of any Environmental Law or of any allegation which, if true, would
contradict anything contained herein, and there are no writs, injunctions, decrees, orders or judgments outstanding, and no lawsuits, claims, proceedings or investigations pending or threatened relating to the use, maintenance or operation of the
Premises, nor is Tenant aware of a basis for any such proceeding. 
 11. [Tenant acknowledges that Buyer intends to assign to Lender
its right, title and interest in the Lease and to the rents due under the Lease and that Buyer will collect such rents or payments, as the case may be, provided no event of default has occurred under the Loan. Tenant agrees to pay all rents or
payments and other amounts due under the Lease directly to Lender upon receipt of written demand by Lender. Notwithstanding the collateral assignment of the Lease to Lender, and any collection of rents or payments pursuant to such assignment by
Lender, Lender shall have no obligation to perform the landlord’s obligations under the Lease unless and until Lender assumes such obligations in writing. At the Lender’s option, Tenant agrees that the Lease will be subject and subordinate
to the lien and provisions of Lender’s mortgage and Tenant will attorn to and accept all performances by Lender.] 
 12. The
address for notices to Tenant set forth in the Lease is currently correct. 
 Tenant acknowledges that Landlord has requested this Estoppel
Certificate [in connection with the potential sale of the Property to Buyer, to be financed by a loan from Lender, and that Buyer and Lender will rely on this Estoppel Certificate in closing on the purchase and financing of the Property.] 

Dated             , 20     

 

			
	 
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 F-1-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]