Document:

Exhibit 10.34

 

(Annex 3)

 

 

Long Term Lease Agreement

 

(NeuroBo Co., Ltd.)

 

Room Number: 707, 53.22 m2

 

Invest Korea Plaza

 

 

Long Term Lease Agreement

 

This Long Term Lease Agreement (hereinafter referred to as this “Agreement”) is entered into between Invest Korea Plaza (hereinafter referred to as the “Lessor”), and NeuroBo Co., Ltd. (hereinafter referred to as the “Lessee”).

 

In connection with the use of the Lessor’s Invest Korea Plaza (IKP) office space and business support services located at Heolleung-ro 7, Seocho-gu, Seoul, the Lessor and the Lessee agree as follows:

 

Article 1 (General Provisions)

 

1 The Lessor shall lease a fully furnished office space (hereinafter referred to as “Office”) located in the premise of the Lessor to the Lessee and the Lessee shall rent the Office. The Lessor has the right to transfer the location of the Office leased to the Lessee to another office of the same size by mutual written consent.

 

2 The Lessee agrees to comply with regulations, procedures, and written instructions provided by the Lessor for the facility.

 

3 The Lessor shall designate the use of the leased property as an office and the Lessee shall not use or make profit from the leased Office for purposes other than its original purpose without the prior consent of the Lessor.

 

4 The Lessee shall not lease or sublease the leased Office to anyone who is not an employee or business associate of the Lessee. The Lessee shall, by mutual agreement, take into account the number of employees in proportion to the size of the Office to be leased by the Lessor, and shall provide the name of the employee to the Lessor for identification purposes.

 

5 The Lessee shall not assign this lease to any third party without the prior consent of the Lessor.

 

Article 2 Lease Term

 

1 The term of this lease shall commence on February 21, 2018, and shall terminate on February 20, 2019.

 

2 If the Lessee intends to extend the lease term, written notice thereof must be provided to the Lessor at least one month prior to the expiration of this lease. If the Lessor or the Lessee intends to terminate this Agreement during the lease term under Paragraph 1 due to change in circumstances, the Lessor or the Lessee shall notify the other party in writing of its intention to terminate by no later than one month prior to the intended termination date.

 

2

 

Article 3 Rent and Services

 

1 The Lessor shall assign the right to use the Office and other facilities specified in Exhibit 1 to the Lessee.

 

2 The office space that the Lessor intends to lease to the Lessee is as follows:

 

	
Office Number
    	
:
    	
707
    
	
Purpose of the Office
    	
:
    	
Office for the exclusive use of investors
    
	
Size
    	
:
    	
53.22 m2
    
	
Base Monthly Rent
    	
:
    	
KRW 1,579,400
    

 

The VAT is separate and shall be added to the base monthly rent payment.

 

3 The Lessor shall provide the Lessee the right to use the Office including basic services that are limited to terms specified in Exhibit 1 during the term of this Agreement for the base monthly rent listed in Article 4, Paragraph 1. Furthermore, the Lessee may use additional and professional services at the additional price listed and specified in Exhibit 1.

 

4 The Lessor shall issue an invoice for charges on additional and professional services incurred by the Lessee on the 5th of every month and the Lessee shall pay the bill on the 15th of the month.

 

5 The Lessor has the right to give the Lessee one month’s written notice of any change in additional services due to fluctuations in costs that affect rates of additional services.

 

6 In accordance with the purpose of this Agreement, the Lessor’s Office shall be available 24 hours a day during the lease term. However, secretarial support from the Lessor is provided Monday through Friday, excluding holidays, and is available from 9:00 am to 6:00 pm.

 

Article 4 Security Deposit and Rent Payments

 

1 Upon execution of this Agreement, the Lessee shall pay the Lessor the following amount:

 

1.              Base monthly rent and VAT

 

2.              A refundable security deposit equal to six months of base monthly rent. There is no interest on the security deposit, and the Lessor shall return the security deposit in full to the Lessee upon the termination of this Agreement.

 

	
Base Monthly   Rent
    	
 
    	
KRW
    	
1,579,400
    	
 
    
	
VAT (10%)
    	
 
    	
KRW
    	
157,940
    	
 
    
	
Security Deposit
    	
 
    	
KRW
    	
9,476,400
    	
 
    
	
Total
    	
 
    	
KRW
    	
11,213,740
    	
 
    

 

2 The Lessor shall hold the security deposit mentioned in Paragraph 1 above for the term of this Agreement. Upon termination of this Agreement, the Lessee shall restore the Office and

 

3

 

other facilities of the Lessor to its original condition, and the Lessor shall return the security deposit to the Lesser within 15 days. There is no interest on the security deposit.

 

3 The Lessee shall pay the first base monthly rent and the security deposit before using the Lessor’s facilities and services and the Lessee shall pay the base monthly rent on the 15th of each month (or the following day if it is a holiday). The Lessee shall not deduct from the base monthly rent due under any pretext.

 

4 The base monthly rent payment is calculated on a monthly basis. However, if the lease period does not start on the first day of the month or does not end on the last day of the month, the rent shall be calculated on a daily basis from the commencement date or termination date of this Agreement.

 

5 If the Lessee fails to pay the rent by the due date, the damages for delay calculated from the following day of the due date to the day of payment at 17% per annum on the delayed rent shall be paid to the Lessor.

 

6 In the event that the Lessee acknowledges that the maintenance and repair of the Lessor’s building is inevitable because the Lessee violated or neglected the terms set forth in this Agreement during the term of this Agreement, the Lessor has the right to deduct a portion of the Lessee’s security deposit as repair costs for necessary repairs or actions. The Lessee may pay the repair charges required by the Lessor within seven days of the breach or negligence of the Lessee so that the Lessor may retain the full amount of the security deposit specified in Paragraph 1.

 

7 The deposit equal to one month’s rent shall be paid, and the deposit (free of interest) shall become part of the security deposit at the conclusion of this Agreement, and the deposit shall not be refunded upon cancellation of this Agreement.

 

8 When this Agreement is concluded, the resident company shall pay the monthly rent (VAT not included) and the security deposit (an amount equal to six months of monthly rent) before the move-in date.

 

Article 5 Use of the Office

 

1 The Lessee shall not use the Office for purposes other than office purposes, such as selling goods or leasing to others without written consent. Furthermore, the Lessee shall not permit anyone to sleep or reside in the Office.

 

2 The Lessee shall manage the Lessor’s property by exercising a duty of care as a good user. However, in the event of any damages to or breakages of the Lessor’s property due to the fault of the Lessee, such damage shall be restored to its original condition at the expense of the Lessee.

 

3 Upon termination of this Agreement, the Lessee shall remove all articles of personal property owned or occupied by the Lessee prior to the termination date of this Agreement, and shall restore the Office to its original condition at the time of the execution of this Agreement as required by the Lessor, and vacate the Office to the Lessor.

 

4

 

4 The Lessor may enter the Lessee’s Office after prior notice for regular cleaning, furniture repair, and inspection.

 

5 In the event of damage to or breakage of the Office furniture or other facilities, the Lessee shall replace it with another of the same or similar object as the damaged one or compensate for the damage.

 

6 The Lessee shall not, in any case, exchange or take out any furniture or appendage from the Office without the prior written consent of the Lessor.

 

Article 6 Responsibility (Mandatory Provisions)

 

1 If the Lessee or its employers or customers intentionally or negligently damages the Lessor’s property, the Lessee shall promptly notify the Lessor of the fact and compensate for the damage (the amount of damage is based on the market value, as calculated by the Lessor). In the event of any damages which is not notified by the Lessee or irreparable  during the term of this Agreement, such damage shall be deemed to be the act of the Lessee, and the Lessor may take necessary measures, such as claiming damages.

 

2 The Lessee shall not hire or attempt to hire any employee employed by the Lessor during the term of this Agreement and shall pay a fine of KRW 5 million for violation thereof.

 

3 The Lessee shall maintain one of the requirements set forth in the following subparagraphs:

 

1.              A potential foreign investor who has completed the foreign investment notification process pursuant to the procedures under the provisions of the Foreign Investment Promotion Act for a planned investment of at least USD 300,000, of which the arrived amount is over USD 100,000 within one year of move-in. (Companies that have already notified investment)

 

2.              Those who expect to report investment of at least USD 300,000 within six months after move-in, of which the arrived investment is over USD 100,000 within one year of move-in. (Companies planning to notify investment)

 

3.              As a foreign-invested company, those who reported additional investment amount of at least USD 200,000 by foreign investors, of which the arrived amount is over USD 100,000 within one year of move-in. (Companies that have already executed investment)

 

4 In case of any significant changes to the investment notification during the period of stay, or to the investment project submitted upon arrival or move-in, the resident company shall notify the operation management department of the contents in writing within 15 days of the date when such change took place.

 

Article 7 Termination and Expiration of the Agreement

 

1 The Lessor may terminate this Agreement without prior notice if the Lessee performs any of the acts listed in the following subparagraphs:

 

1.              The Lessee fails to make the payment of base monthly rent and other expenses, and such status of non-payment lasts more than two months from the due date

 

5

 

2.              Documents submitted by the Lessee to move into the Lessor’s Office are false or the Lessee have not completed the investment notification or established a corporation within the fixed period after moving in

 

3.              The Lessee used the Lessor’s property or services for the purpose of conflicting with the laws of the Republic of Korea or violating social order

 

4.              Messages or calls received by the Lessor on behalf of the Lessee are inappropriate under the Lessor’s standard or for maintaining the Lessor’s honor

 

5.              The Lessee does not attempt to remedy the violation within ten days after receiving notice in the event the Lessee violates the Lessor’s regulations and procedures set forth in Article 1, Paragraph 2

 

6.              The Lessee attempts to lease or permits the use of the Lessor’s facilities (including the Office) to anyone other than the Lessee’s employees

 

7.              The Lessee interferes with or harms the honor of other customers’ business, including the Lessor

 

8.              The Lessee illegally uses the Lessor’s name or engages in business similar to the Lessor

 

2 If the Lessor terminates this Agreement for the reasons provided in subparagraphs of Paragraph 1, the Lessee shall withdraw the right to object or file a complaint thereof.

 

3 Upon receipt of notice of termination from the Lessor one month prior to the termination of this Agreement, the Lessee may terminate this Agreement at any time. In such event, the Lessor shall return the security deposit after deducting the unpaid bill and monthly rent upon the Lessee’s vacating the Office to the Lessor.

 

4 If the Lessor intends to terminate this Agreement with the Lessee due to unavoidable reasons, the Lessor shall notify of its intention to terminate by no later than 30 days prior to its intended termination. In such event, the Lessee does not have the right to object or claim for damages thereof.

 

Article 8 Force Majeure

 

1 Except for the obligations to make payments for services already provided, neither the Lessor nor the Lessee shall be liable for failure to perform or delay in performing any of its obligations under this Agreement due to natural disasters including, earthquakes, storms and floods, and war, riots and other force majeure circumstances.

 

Article 9 Governing Law

 

1 This Agreement and the interpretation of this Agreement shall be governed by the laws of the Republic of Korea.

 

2 For any disputes arising from disagreements or interpretation of this Agreement, the Lessor and the Lessee shall first attempt to resolve such dispute through mutual consultation and compromise. However, if not resolved between the parties, the Lessee agrees that the Seoul District Court shall have the jurisdiction for settling any disputes arising from this Agreement.

 

6

 

Article 10 Notice

 

All notices made pursuant to this Agreement shall be in writing and shall be delivered personally or to the address of the Lessee provided in this Agreement or to the address designated by the Lessee.

 

To evidence the parties’ agreement to this Agreement, the contracting parties (the Lessor and the Lessee) confirmed that there is no objection to this Agreement and executed two copies of this Agreement, of which each party keeps one copy.

 

	
“Lessee”   NeuroBo Co., Ltd.
    	
 
    	
“Lessor”   Invest Korea Plaza
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature
    	
 
    	
Signature
    
	
 
    	
 
    	
 
    
	
/s/ Choi Sang-Jin
    	
 
    	
/s/ Kim Jae-Hong
    
	
 
    	
 
    	
 
    
	
Name: Choi Sang-Jin
    	
 
    	
Name: Kim Jae-Hong
    
	
 
    	
 
    	
 
    
	
Title: Senior Executive   Vice President
    	
 
    	
Title:   President & COO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date: February 21,   2018
    	
 
    	
Date: February 21,   2018
    

 

Lessee’s Address: Samsung Raemian Apt # 438-1304, Yeongtong-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do

 

[Exhibit I]

 

7

 

o Basic Free Services

(Basic service is included in the rent.)

 

	
· Fully equipped   with basic furniture and equipment necessary for office work
    
	
· Able to use the   company address
    	
· Available for 24   hours a day
    
	
· Fax receipt   notification
    	
· Scan service
    
	
· Reservation service: hotel, booking flight ticket,   car rental, and restaurant
    
	
· Print / Copy
    	
- Up to 60   pages per month
    
	
· Parking permit:   One permit per each company in principle, however, two permits for the leased   area of 60m2~120m2, and three permits for the leased area exceeding 120m2
    
	
· Access card: Issue   up to the number of IKP support desks (full capacity)
    
	
· Maintenance   service across all facilities
    
	
· Provide free   coffee
    	
• Mail receipt management (Courier fees to be paid   by the business)
    
			

 

	
o   Paid Additional Services
    	
(VAT   not included)
    

 

	
· To send fax
    	
Domestic: KRW 500 (per 1 A4 page)

Overseas: KRW 500 (per 1 A4 page) + communication   fee
    
	
 
    	
 
    
	
· To send call
    	
Base fee: (KRW 2,000 per month) + actual expenses
    
	
 
    	
 
    
	
· Copy / Print
    	
A4: KRW 50/1 page (black&white), KRW 500/1   page (color)

A3: KRW 100/1 page (black&white), KRW   1,000/1 page (color)
    
	
 
    	
 
    
	
· High-speed   internet installation

 

 – (Long-term)   Internet cost per line: KRW 20,000 per month

 –   Short-term and smart offices use for less than 15 days: KRW 10,000
    

 

	
• Access card:
    	
– For the extra card   and re-issuance or non-return of the card

KRW 20,000 per card
    

 

	
• Parking lot: - KRW 70,000/month per car
    	
– Number of days   calculated on a daily basis
    

 

(All prices listed above are subject to change without prior notice.)

 

o Professional Services

 

	
The following professional   services are available upon request. The cost will be calculated as   reimbursement for expenses.
    
	
 
    	
 
    
	
· Support for   establishing a corporation in Korea
    	
· Support for   establishing branches and liaison offices
    
	
· Audit / Accounting   / Bookkeeping
    	
· Professional human   resources consulting and dispatch outstanding personnel
    
	
· Legal and tax   related consulting
    	
· Interpretation and   translation
    
	
· Bank account   opening service
    	
 
    

 

Special terms: The Lessee shall take over the Office with the interior design performed by the former lessee, and upon the termination of this Agreement, the interior design shall be disassembled and restored to its original condition, if requested by the Lessor.

Representative   Choi Sang-Jin    (Signature)

 

8Exhibit 10.35

 

Basic Terms

revised 04/19/2018

 

	
Licensee:
    	
NeuroBo
    	
Licensor:
    	
Business District
    
	
 
    	
John Brooks
    	
 
    	
Attn: Ben Gunther
    
	
 
    	
 
    	
 
    	
177 Huntington Avenue, 17th Floor
    
	
 
    	
 
    	
 
    	
Boston, MA 02115
    
	
 
    	
 
    	
 
    	
 
    
	
Telephone number:
    	
(617) 799-0479
    	
Telephone number:
    	
(617) 982-1010
    
	
E-mail address:
    	
jlbrooksiii@gmail.com
    	
E-mail address:
    	
info@theBDistrict.com
    
	
 
    	
 
    	
 
    	
 
    
	
Primary Billing Contact:
    	
 
    	
 
    	
 
    
	
(if different)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Term:
    	
Start Date:   May 1, 2018
    	
 
    	
End Date:   May 31, 2019
    
	
 
    	
 
    	
 
    	
 
    
	
Notice Date:
    	
March 31, 2019
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Office Number:
    	
1725 (May 2018 only),   1409 & 1411 (June 1, 2018 - May 31, 2019)
    	
 
    
	
 
    	
Maximum number of occupants:
    	
8
    
	
 
    	
Complimentary meeting room usage   per month:
    	
4
    	
Hours
    

 

Monthly Fees:

 

	
Package(s):
    	
 
    	
Package Value
    	
 
    	
 
    	
 
    	
Breakdown of   Recurring Monthly Fees
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Period
    	
 
    	
Discount
    	
 
    	
Monthly Fees*
    
	
1
    	
Professional   Office Solution(s)
    	
 
    	
$3,200.00 
    	
 
    	
(May 2018)
    	
 
    	
05/01/2018   to 05/31/2018
    	
 
    	
 
    	
 
    	
$3,399.00
    
	
1
    	
Meeting   Room Essential
    	
 
    	
$199.00
    	
 
    	
(May 2018)
    	
 
    	
06/01/2018   to 05/31/2019
    	
 
    	
$149.00
    	
 
    	
$6,900.00
    
	
2
    	
Professional   Office Solution(s)
    	
 
    	
$3,450.00
    	
 
    	
(6/1/18-5/31/19)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
4 add’l   hr./mo. in Meeting Room
    	
 
    	
$149.00
    	
 
    	
(6/1/18-5/31/19)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Services Included:
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
0
    	
Telephone   Set with Local Phone Number
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
0
    	
Live Call   Answering (up to 150 calls/mo)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
0
    	
Personalized   Reception Services
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
High   Speed Internet
    	
 
    	
Included
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
Wi-Fi   Access
    	
 
    	
Included
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
Furniture   Package
    	
 
    	
Included
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
Unlimited   Café Access
    	
 
    	
Included
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
24/7   Access to Meeting Rooms/Day Offices
    	
 
    	
Included
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
Online   Meeting Room Booking
    	
 
    	
Included
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
Fast and   Secure Internet Connection
    	
 
    	
Included
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
8 Hours   Private Meeting Rooms, 
    	
 
    	
Included
    	
 
    	
(May 2018   only)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Community   Café, and/or Day Office Use
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Due upon execution of   Agreement:
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Initial   Programming and Installation
    	
 
    	
$250.00
    	
 
    	
Included   Discount:
    	
 
    	
$550.00
    	
 
    	
 
    	
 
    	
 
    
	
Services   Retainer
    	
 
    	
$6,900.00
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
First   Month’s Fee
    	
 
    	
$3,399.00
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Sales Tax
    	
 
    	
To   Be Billed
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total
    	
 
    	
$10,549.00
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

	
 
    	
JLB
    	
 
    	
4/19/18
    
	
 
    	
Client   Initial
    	
 
    	
Date
    

 

* Excludes sales, use and/or other applicable tax.

 

 

Business District License Agreement

 

This Office Use Agreement (“Agreement”) between Business District (“Business District” or “Licensor”) and Client (“Licensee”) (collectively the “Parties”) is a revocable grant of privileges to use assigned office space, common areas, parking (herein referred to as the “Office”), and to request and receive, based upon availability at the time of request, office services that Licensor may provide (herein referred to as the “Services”) with or without cost to Licensee at Licensor’s sole discretion as to services offered, hours of availability, and billable cost to Licensee.  The fees and charges for the use of the Office and the Services are referred to herein as the “Monthly Fees”.  Licensee may not sub-license or otherwise assign rights in this Agreement without written authorization of Licensor, which shall not be unreasonably withheld THIS AGREEMENT IS NOT A LEASE FOR OFFICE SPACE AND DOES NOT GRANT ANY RIGHTS IN REAL ESTATE OR UNDER LANDLORD/TENENT LAW.  IT IS MERELY A REVOCABLE LICENSE TO USE OFFICE SPACE AND AVAILABLE OFFICE SERVICES.

 

1.                                      Office Use Restrictions

 

1.1                               Licensee may use office space(s) assigned to Licensee by Licensor.  Office spaces assigned to Licensee (if any), the term of this License as it relates to the use thereof; and the Monthly Fees currently in effect for the use thereof; are set forth on Basic Terms.  If no office space is assigned, Licensee is to make use of available office space and meeting rooms at the discretion of the Licensor and at the prevailing rate.  Use of unassigned, empty office space(s) may result in pro-rated license fees for the time of use.  Licensor retains the right to relocate Licensee, at Licensor’s expense, to similarly sized or larger office space at the same street address at Licensor’s convenience and at the license fee arrangement in force at the time of reassignment.  Office space usage is restricted to use as an office solely for the benefit of Licensee.  Non-standard office equipment must be pre-approved by Licensor in writing prior to installation and/or use.

 

1.2                               Unless otherwise advised in writing Licensee and Licensee’s guests must adhere to all Premises Rules and Regulations (“Rules”).  Changes to Rules are made at the discretion of the Licensor.  Licensor retains the right to enforce an immediate cessation of Licensee’s access to the premises and parking lot if necessary, in Licensor’s opinion, to maintain a safe and productive work environment.

 

1.3                               Licensee improvements to office space must be pre-approved by Licensor in writing and shall remain with the improved office space for the benefit of Licensor if office space is vacated or the Agreement is terminated.  J heirs * may not use any hard-wired telecommunications equipment or wiring not installed by Licensor and may not install or modify hard-wired telecommunications equipment or wiring.  Licensee may also not change any locks or add additional locking mechanisms to secure any office space.

 

1.4                               Upon any termination of this Agreement, Licensee agrees to vacate the Office and cease all use of the space and Services.  Furthermore, Licensor will not be responsible for providing any further services.  On or before the Notice Dare, Licensee agrees to give us notice of intent to terminate this Agreement or to renew it Any renewal will only be upon such terms or conditions as both parties may agree in writing.  In the event Licensee fails to provide such notice, this Agreement will automatically renew for a Term equal in time to the original Term of and upon the same terns and conditions as this Agreement; provided, the Monthly Fees will be the then applicable Monthly Fees for the Office and Services, and the Monthly Fees may be higher than those previously applicable.  In the event an office has been assigned and Licensee notifies Licensor of intent to vacate the Office and fails to do so on or before the End Date, the terms of this Agreement and the license granted will continue on a month-to-month basis at the then applicable Monthly Fees for the Office (based on a month-to-month term) and Services, and the Monthly Fees may be higher than those previously applicable; Licensor will be liable for any damages resulting from failure to vacate the Office.

 

2.                                      Office Services

 

2.1                               Setup services for each office space shall only be provided by Licensor.  Licensee agrees to pay all applicable set-up fees prior to the time such services are rendered.

 

2.2                               Licensor may, at Licensor’s sole discretion, make certain Office Services available to Licensee either as a courtesy or fee-based service.  Services offered and hours of availability are determined by Licensor and may be discontinued or modified by Licensor without prior notice.  Licensee assumes the responsibility for errors in work services performed by Licensor supplied personnel, and work performed or produced by Licensor operated or maintained equipment and hereby indemnifies Licensor for damages incurred by Licensee or third parties as a result of such errors.

 

2.3                               Mail shall be delivered to the premises and distributed to Licensees by the Licensor within the premises.  Licensees agree to not forward their mail through any mail forwarding instruction or form provided to the US Post Office or its employees or contractors.  Licensee acknowledges that the filing of such a form can disrupt mail services to other Licensees and to the Licensor.  The Licensee acknowledges that it is their sole responsibility to notify all parties of the termination of the use of your office, address and/or phone and facsimile numbers.

 

3.                                      Fees

 

3.1                               Licensee agrees to pay all invoiced charges on or before the 15th of the month Licensee further agrees to pay late fees of flee percent (5%) the total balance owed, or such lower maximum rate as permitted by law if not paid by due date payable with or without any written notice by Licensor.  Licensee agrees to pay all cost and expenses including reasonable attorneys’ fees associated with the collection of any delinquent debt owed by Licensee to Licensor.

 

3.2                               Licensee agrees that the Services Retainer will not be used as payment for Monthly Fees.  In the event Licensee defaults in the performance of any of the terms of this Agreement.  Licensor may immediately and without prior notice, use, apply or retain the whole, or any part, of the Services Retainer for the payment of Monthly Fees, any service fee or any other payment due, or for payment of any other sums due by reason of dekult If, upon termination of this Agreement.  Licensee has fully and faithfully complied with all the terms and provisions of this Agreement, remitted all amounts due and payable, and surrendered all keys, access cards, building passes and all other property provided, the Services Retainer ne any remaining balance, will be returned within 45 days; provided, however, Licensee agrees to pay for repainting and cleaning the carpets in each Office used at a oost not to exceed the Services Retainer.

 

4.                                      Damage to Premises by Licensee & Insurance Coverage

 

4.1                               Licensee agrees to pay 911 costs associated with the repair of damage caused to premises by Licensee’s activities or any act or omission of Licensee or Licensee’s guests that does not, in the opinion of the Licensor, constitute normal wear and scar.  Licensee further agrees to compensate Licensor for any costs incurred as a result of loss of use of any office space, parking space, common space or equipment or related supplies associated with damage caused by the Licensee.

 

4.2                               Licensor retains the right to inspect, repair, and improve office space assigned to Licensee as Licensor deems necessary.  Licensor retains the right to show assigned office space to prospective clients and shall make reasonable efforts to not disrupt the business activities of Licensee

 

4.3                               Licensee assumes all risk of bodily injury and loss of or damage to personal property of Licensee and Licensee’s agents employees, contractors, and guests on the premises and agrees to maintain, at its sole expense, comprehensive commercial general liability insurance.  Licensee agrees to hold Licensor harmless from such losses and indemnify Licensor from such losses by Licensee’s employees, agents.  contractors, and guests.  Licensee waives all claims for recovery against Licensor and Licensor’s agents, employees, officers, directors, and assigns for damage to personal property or for personal injury required to be insured under the terms of this Agreement and waives any claim for recovery.  Licensee waives all claims for recovery against Licensor and Licenser’s agents, employees, officer,

 

 

directors, and assigns of damage to personal property in excess of their insured value.

 

4.4                               Licensee agrees that should office space become unusable or unsuitable due to damage not caused by Licensee or Licensee’s agents, contractors, employees, and guests, Licensor may, at Licensor’s discretion, elect to move Licensee to similar or larger office space until repairs can be completed or terminate the Agreement if repairs cannot render the office space usable or suitable for Licensee within three (3) months.  If repairs can be completed within three (3) months but similar or larger office space is not available, Licensor may choose to repair the office space and abate the Monthly Fees for the period of time the office space is unusable or unsuitable to the Licensee

 

5.                                      Liability and Indemnification

 

5.1                               LICENSEE SHALL INDEMNIFY AND HOLD LICENSOR AND LICENSOR’S AFFILIATES, AGENTS, ASSIGNS, DIRECTORS, EMPLOYEES, MEMBERS, OFFICERS, PARTNERS, AND SHAREHOLDERS HARMLESS FOR ANY ACT OR OMISSION RESULTING IN DIRECT OR INDIRECT DAMAGES WHETHER ACTUAL, CONSEQUENTIAL.  EXEMPLARY, INCIDENTAL, PUNITIVE, OR SPECIAL THAT ARISE FROM THE USE OF THE OFFICE SPACE OR OFFICE SERVICES BY LICENSEE OR LICENSEE’S AFFILIATES, AGENTS, DIRECTORS, EMPLOYEES, GUESTS.  MEMBERS, OFFICERS, PARTNERS, AND SHAREHOLDERS.

 

5.2                               LICENSEE AGREES THAT NEITHER LICENSOR NOR LICENSOR’S AFFILIATES.  AGENTS, ASSIGNS, DIRECTORS, EMPLOYEES, MEMBERS, OFFICERS, PARTNERS, OR SHAREHOLDERS SHALL BE LIABLE FOR ANY DIRECT OR INDIRECT DAMAGES WHETHER ACTUAL, CONSEQUENTIAL.  EXEMPLARY, INCIDENTAL, PUNITIVE, OR SPECIAL THAT ARISE OUT OF LICENSOR’S FAILURE TO PROVIDE ACCESS TO OR THE USE OF OFFICE SPACE.  OFFICE SERVICES, PARKING, ELECTRICITY, HEAT, AIR CONDITIONING, OR WATER AND FURTHER INCLUDING ANY INTERRUPTION TO HE BUSINESS OF LICENSEE OR ANY THIRD PARTY RESULTING THEREFROM OR BODILY OR MENTAL INJURY TO LICENSEE OR LICENSEE’S AFFILIATES, AGENTS, DIRECTORS, EMPLOYEES, GUESTS, MEMBERS, OFFICERS, PARTNERS, AND SHAREHOLDERS; OR DAMAGE TO PERSONAL PROPERTY OF LICENSEE OR LICENSEE’S AFFILIATES, AGENTS, DIRECTORS, EMPLOYEES, GUESTS, MEMBERS, OFFICERS, PARTNERS, AND SHAREHOLDERS UNLESS SUCH DAMAGE IS PROXIMATELY CAUSED BY LICENSOR’S GROSS NEGLIGENCE AND WILLFUL CONDUCT.

 

6.                                      Termination by Default

 

6.1                               Licensee shall be in default if (a) Licensee fails to timely pay arty invoice issued by Licensor; (b) Licensee violates any provision of this Agreement and the violation is not cured within five (5) days after written notice of such violation is mailed to the Licensee or delivered to Licensee’s office space; (c) Licensee makes any assignment of assert for the benefit of its creditors; or (d) Licensee appears, in the opinion of Licensor, to be unable to meet its financial obligations under this Agreement.  The Licensor’s failure to declare a default for any of the conditions set forth herein shall not be deemed a waiver of the Licensor’s right to declare future defaults.

 

6.2                               In event of default, Licensor may terminate this Agreement at will and without notice to Licensee and all amounts owed by Licensee to Licensor shall be immediately due and payable; Licensee herein grants to Licensor a lien on the contents of Licensee’s office space in the event of default which may, at Licensor’s discretion, be deemed abandoned and be sold or held.

 

6.3                               Licensee agrees to pay all costs and expenses, including reasonable attorneys’ fees incurred in connection with the enforcement of this Agreement or the collection of any amounts owed hereunder.  for any declaratory relief sought by Licensor.  or for any action to preserve Licensor’s rights under this Agreement

 

7.                                      Solicitation of Licensor’s Employees Prohibited

 

7.1                               Licensee agrees to not, without Licensor’s prior written authorization, directly or indirectly, individually or on behalf of any other person, entice or induce any employee or agent of the Licensor to leave the employment of the Licensor for the purpose of working for the Licensee while under Agreement with Licensor or for a period of one year after agreement terminates.  Enticement includes engaging in any sort of contact with a Licensor employee or agent for the purpose, directly or indirectly, of causing the Licensor’s employee or agent to leave the employ of the Licensor.  Licensee further agrees that the damage to Licensor caused by a breach of this provision would be extremely difficult to quantify, therefore Licensee agrees to pay to Licensor liquidated damages equal to the annual salary of the affected employee or agent.

 

8.                                      Other Provisions

 

8.1                               This writing, and the Basic Terms accompanying this Agreement, represents the entire agreement between the parties and supersedes all prior agreements.  This Agreement may not be amended except by a writing evidencing the parties’ approval of the amendment and bearing the authorized signatures of Licensee and Licensor.  All waivers must be in writing, identify with particularity the rights being waived, and signed by the party waiving rights.  Failure of the Licensor to enforce any right under law or this Agreement shall not be deemed a waiver of rights by the Licensor.  The correction of any act or omission by Licensee shall not be deemed to cure any default by Licensee.  Licensee agrees that venue is only proper in the jurisdiction where the premises are located.  Licensee further agrees that the taws of the state where the premises are located shall govern this Agreement and all disputes between the parties.  License agrees that if any provision herein is held invalid or unenforceable by a court of competent jurisdiction, the remaining ports shall remain in effect unless the striking of the provision frustrates the purpose of this Agreement.

 

8.2                               This Agreement is subordinate to any Agreement between the Licensor and the holder of rights in real property or a mortgage interest to the premises.  This Agreement shall terminate immediately should the Licensor’s operations cease at the premises where Licensee has licensed the use of office space.  Signatory for Licensee affirms that be/she has sufficient actual authority to enter in to this Agreement on behalf of Licensee, that Licensee has sufficient financial resources to perform its contractual obligations to Licensor, and that Licensee has not defaulted on any mortgage, prior lease, or prior license for the use of office space.  Licensee agrees to maintain and protect all security measures to the premises, including keys, magnetic cards, and access codes.  Loss of such security measures shall be immediately reported to Licensor.

 

                                                8.3                               The Licensee agrees to obtain all certificates, permits, and licenses required by statute, code, regulation, or ordinance for the Licensee to occupy and conduct business from their office space and to hold Licensor harmless from Licensee’s failure to obtain such documentation and approvals.  Licensee further agrees to not bring hazardous waste onto the premises and to minimize the use hazardous substances to those necessary for ordinary and customary for the functioning of a business office and to keep all hazardous substances contained and secured Licensee agrees to report all spills and office space contamination front hazardous substances to Licensor immediately.  Licensee agrees to compensate Licensor for any environmental remediation needed due to a spill or other contamination caused by Licensee or Licensee’s guests.

 

8.4                               Written notices required under this Agreement shall be delivered to Licensee at the Licensee’s address of sword Changes to the Licensee’s address of record must be immediately reported to the Licensor.  Notices delivered to an old address due to Licensee’s failure to provide a current address of record shall be deemed delivered under this Agreement.

 

8.5                               Licensor makes no guarantee as to the accuracy of stated dimensions of any office space Licensee is responsible to determine if office space size is suitable prior to entering into this Agreement.  Licensee may nor install or place signage on or in the office building without prior approval of Licensor.  Licensor has the right to regulate the placement, size, type, and aesthetics of signage.  Licensor also has the right to restrict the number and type of vehicles Liceesee and Licensee’s agents and employees may park in the premises parking

 

 

lot large commercial vans and trucks may only be parked in the parking lot with pre-approval of Licensor and may be assigned spaces at the Licensor’s discretion.

 

8.6                               Terms not otherwise defined in this Agreement shall have their ordinary and customary meaning unless defined in a supplemental writing attached hereto.  This Agreement is assignable without notice to the Licensee and at the will of the Licensor.

 

	
LICENSEE
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ John   L. Brooks III
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
President & CEO
    	
Date:
    	
 4/19/18
    	
 
    

 

BUSINESS DISTRICT

 

	
By:
    	
/s/ Se D.   ColL
    	
 
    
	
 
    	
 
    
	
Title:
    	
Business   Relationship Manager
    	
Date:
    	
4/19/18
    	
 
    
					

 

PERSONAL GUARANTEE OF LICENSEE’S OBLIGATIONS:  Guarantor personally guarantees Licensee’s performance under this Agreement and herby waives all defenses related to a material alternation of the underlying Agreement by the Parties.

 

	
By: 
    	
 
    	
 
    	
Date:
    	
 
    	
 
    

 

 

 

License Agreement Addendum No. 1

 

This Addendum entered into by and between Business District (Licensor) and NeuroBo Pharmaceuticals (Licensee) this 31st day of May 2019, modifies the following documents:

 

·                  Basic Terms and License Agreement executed on April 19, 2018.

 

A.            Office #1415 will be added to NeuroBo Pharmaceuticals’ contract on June 1, 2019. The monthly fee shall for this office shall be $2,200.00.

 

B.            The existing agreement shall be extended with a new End Date of August 31, 2019.

 

C.            Licensee may extend this Agreement on a month-to-month basis with a minimum of 45-day notice. Notice must be given on or before the 15th of the month for termination on the last day of the following month.

 

D.            All other terms and conditions included in the above referenced Basic Terms and License Agreement remain unchanged.

 

	
AGREED:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NeuroBo Pharmaceuticals
    	
 
    	
Business District
    
	
Licensee
    	
 
    	
Licensor
    
	
 
    	
 
    	
 
    
	
/s/   John L. Brooks III
    	
 
    	
/s/ Ben   Gunther
    
	
Signature
    	
 
    	
Signature
    
	
 
    	
 
    	
 
    
	
John L.   Brooks III
    	
 
    	
Ben   Gunther
    
	
Print Name
    	
 
    	
Print Name
    
	
 
    	
 
    	
 
    
	
5/31/19
    	
 
    	
5/31/19
    
	
Date
    	
 
    	
Date
    

 

 

 

License Agreement Addendum No. 2

 

This Addendum entered into by and between Business District (Licensor) and NeuroBo Pharmaceuticals (Licensee) this 1st day of July 2019, modifies the following documents: 

 

·                  Basic Terms and License Agreement executed on April 19, 2018

 

·                  Addendum No 1 executed May 31, 2019

 

A.            Office #1417 will be added to NeuroBo Pharmaceuticals’ contract on July 8, 2019. The monthly fee shall for this office shall be $2,200.00/month (fee for July 2019 will be prorated).

 

B.            All other terms and conditions included in the above referenced Basic Terms, License Agreement and Addendum remain unchanged.

 

AGREED:

 

	
NeuroBo Pharmaceuticals
    	
 
    	
Business District
    
	
Licensee
    	
 
    	
Licensor
    
	
 
    	
 
    	
 
    
	
/s/   John L. Brooks III
    	
 
    	
/s/ Ben   Gunther
    
	
Signature
    	
 
    	
Signature
    
	
 
    	
 
    	
 
    
	
John L.   Brooks III
    	
 
    	
Ben   Gunther
    
	
Print Name
    	
 
    	
Print Name
    
	
 
    	
 
    	
 
    
	
7/1/19
    	
 
    	
7/1/19
    
	
Date
    	
 
    	
Date
    

 

 

 

License Agreement Addendum No. 3

 

This Addendum entered into by and between Business District (Licensor) and NeuroBo Pharmaceuticals (Licensee) this 6th day of August 2019, modifies the following documents:

 

·                  Basic Terms and License Agreement executed on April 19, 2018

 

·                  Addendum No. 1 executed May 31, 2019

 

·                  Addendum No. 2 executed July 1, 2019

 

A.            The existing agreement shall be extended with a new End Date of September 30, 2019.

 

B.            Licensee may extend this Agreement on a month-to-month basis with a minimum of 45-day notice. Notice must be given on or before the 15th of the month for termination on the last day of the following month.

 

C.            All other terms and conditions included in the above referenced Basic Terms, License Agreement and Addenda remain unchanged.

 

	
AGREED:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NeuroBo Pharmaceuticals
    	
 
    	
Business District
    
	
Licensee
    	
 
    	
Licensor
    
	
 
    	
 
    	
 
    
	
/s/   John L. Brooks III
    	
 
    	
/s/ Ben   Gunther
    
	
Signature
    	
 
    	
Signature
    
	
 
    	
 
    	
 
    
	
John L.   Brooks III
    	
 
    	
Ben   Gunther
    
	
Print Name
    	
 
    	
Print Name
    
	
 
    	
 
    	
 
    
	
8/6/19
    	
 
    	
8/6/19
    
	
Date
    	
 
    	
Date

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