Document:

Agreement
      of Lease,
      made as
      of this 31st day
      of
      January 2006,
      between

    

    CONSTITUTION
      REALTY LLC,
      a New
      York limited liability company having an office at 575 Lexington Avenue, New
      York, New York 10022-6113, party of the first part, hereinafter referred to
      as
Owner,
      and

    

    MMC
      ENERGY NORTH AMERICA, LLC, a
      domestic corporation, having an office at 1114 Avenue of the Americas,
      30th
      Floor,
      New York, New York 10036, party of the second part, hereinafter referred to
      as
Tenant,

    

    Witnesseth: Owner
      hereby leases to Tenant and Tenant hereby hires from Owner

    

    Space
      Numbered 907

    

    in
      the
      building known as 26
      Broadway,
      hereinafter referred to as the "Building",

    in
      the
      Borough of Manhattan, City of New York, for the term of one
      (1) year
      (or
      until such term shall sooner cease and expire as hereinafter provided) to
      commence on the

    

    first
      day of
March
      2006,
      and to
      end on the

    twenty-eighth
      day of
February
      2007
      both
      dates inclusive, at an annual rental rate of

    

    FOUR
      THOUSAND TWO HUNDRED EIGHTY-SIX AND 76/100 ($4,286.76)
      DOLLARS
      per
      annum, payable in equal monthly installments of THREE
      HUNDRED FIFTY-SEVEN AND 23/100 ($357.23) DOLLARS
      for the
      period from the commencement of the term hereof through the 28th
      day of
      February 2006, and then:

    

    THIRTY-EIGHT
      THOUSAND FIVE HUNDRED EIGHTY AND 84/100 ($38,580.84)
      DOLLARS
      per
      annum, payable in equal monthly installments of THREE
      THOUSAND TWO HUNDRED FIFTEEN AND 07/100 ($3,215.07) DOLLARS
from
      the
      1st
      day of
      March 2006 through the balance of the term hereof.

    

    All
      monthly installments of rent shall be due and payable on the first day of each
      and every month in advance without notice during said term and Tenant agrees
      to
      pay said monthly installments of rent and any additional rent that becomes
      due
      pursuant to this Lease or otherwise in lawful money of the United States which
      shall be legal tender in payment of all debts and dues, public and private,
      at
      the time of payment at the office of Owner or such other place as Owner may
      designate, without any set off or deduction whatsoever, except that Tenant
      shall
      pay the first monthly installment(s) on the execution hereof (unless this Lease
      be a renewal).

    

    In
      the
      event that, at the commencement of the term of this Lease, or thereafter, Tenant
      shall be in default in the payment of rent or additional rent to Owner pursuant
      to the terms of another lease with Owner or with Owner's predecessor in
      interest, Owner may at Owner's option and without notice to Tenant add the
      amount of such arrears to any monthly installment of rent payable hereunder
      and
      the same shall be payable to Owner as additional rent.

    

    
      
        
        

      

      
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    The
      parties hereto, for themselves, their heirs, distributees, executors,
      administrators, legal representatives, successors and assigns, hereby covenant
      as follows:

    Rent:

    

    1. Tenant
      shall pay the rent as above and as hereinafter provided.

    

    Occupancy:

    

    2. Tenant
      shall use and occupy demised premises for general
      and executive offices for Tenant’s energy merchant bank and asset management
      business
      and for
      no other purpose.

    

    Tenant
      Alterations:

    

    3. Tenant
      shall make no changes in or to the demised premises of any nature without
      Owner's prior written consent. Subject to the prior written consent of Owner,
      and to the provisions of this numbered Article, Tenant at Tenant's expense,
      may
      make alterations, installations, additions or improvements which are
      non-structural and do not affect utility services or plumbing and electrical
      lines, in or to the interior of the demised premises by using contractors or
      mechanics first approved by Owner. Tenant shall, before making any alterations,
      additions, installations or improvements, at its expense, obtain all permits,
      approvals and certificates required by any governmental or quasi-governmental
      bodies and (upon completion) certificates of final approval thereof and shall
      deliver promptly duplicates of all such permits, approvals and certificates
      to
      Owner and Tenant agrees to carry and will cause Tenant's contractors and
      sub-contractors to carry such worker's compensation, general liability, personal
      and property damage insurance as Owner may require. If any mechanic's lien
      is
      filed against the demised premises, or the Building for work claimed to have
      been done for, or materials furnished to, Tenant, whether or not done pursuant
      to this numbered Article, the same shall be discharged by Tenant within thirty
      (30) days thereafter, at Tenant's sole cost and expense, by filing the bond
      required by law. All fixtures and all paneling, partitions, railings and like
      installations, installed in the demised premises at any time, either by Tenant
      or by Owner in Tenant's behalf, shall, upon installation, become the property
      of
      Owner and shall remain upon and be surrendered with the demised premises unless
      Owner, by notice to Tenant no later than twenty (20) days prior to the date
      fixed as the termination of this Lease, elects to relinquish Owner's right
      thereto and to have them removed by Tenant, in which event the same shall be
      removed from the demised premises by Tenant prior to the expiration of the
      Lease, at Tenant's expense. Nothing in this numbered Article shall be construed
      to give Owner title to or to prevent Tenant's removal of trade fixtures,
      moveable office furniture and equipment, but upon removal of any such trade
      fixtures, moveable office furniture and equipment from the demised premises
      or
      upon removal of other installations as may be required by Owner, Tenant shall
      immediately and at Tenant's sole cost and expense, repair and restore the
      demised premises to the condition existing prior to any such installation and
      repair any damage to the demised premises or the Building due to such removal.
      All property permitted or required to be removed, by Tenant at the end of the
      term hereof, remaining in the demised premises after Tenant's removal shall
      be
      deemed abandoned and may, at the election of Owner, either be retained as
      Owner's property or may be removed from the premises by Owner, at Tenant's
      sole
      cost and expense.

    

    
      
        
        

      

      
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    Maintenance
      and Repairs:

    

    4. Tenant
      shall, throughout the term of this Lease, take good care of the demised premises
      and the fixtures and appurtenances therein. Tenant shall be responsible for
      all
      damage or injury to the demised premises or any other part of the Building
      and
      the systems and equipment thereof, whether requiring structural or nonstructural
      repairs caused by or resulting from carelessness, omission, neglect or improper
      conduct of Tenant, Tenant's subtenants, agents, employees, invitees or
      licensees, or which arise out of any work, labor, service or equipment done
      for
      or supplied to Tenant or any subtenant or arising out of the installation,
      use
      or operation of the property or equipment of Tenant or any subtenant. Tenant
      also shall repair all damage to the Building and the demised premises caused
      by
      the moving of Tenant's fixtures, furniture and equipment. Tenant promptly shall
      make, at Tenant's expense, all repairs in and to the demised premises for which
      Tenant is responsible, using only the contractor for the trade or trades in
      question, selected from a list of at least two (2) contractors per trade
      submitted by Owner. Any other repairs in or to the Building or the facilities
      and systems thereof for which Tenant is responsible shall be performed by Owner
      at Tenant's expense. Owner shall maintain in good working order and repair
      the
      exterior and structural portions of the building, including the structural
      portions of the demised premises, and the public portions of the building
      interior and the building plumbing, electrical, heating and ventilating systems
      (to the extent such systems presently exist) serving the demised premises.
      Tenant agrees to give prompt notice of any defective condition in the premises
      for which Owner may be responsible hereunder. There shall be no allowance to
      Tenant for diminution of rental value and no liability on the part of Owner
      by
      reason of inconvenience, annoyance or injury to business arising from Owner
      or
      others making repairs, alterations, additions or improvements in or to any
      portion of the Building or the demised premises or in and to the fixtures,
      appurtenances or equipment thereof. It is specifically agreed that Tenant shall
      not be entitled to any setoff or reduction of rent by reason of any failure
      of
      Owner to comply with the covenants of this or any other article of this Lease.
      Tenant agrees that Tenant's sole remedy at law in such instance will be by
      way
      of an action for damages for breach of contract. The provisions of this numbered
      Article shall not apply in the case of fire or other casualty which are dealt
      with in Article "9" hereof.

    

    Window
      Cleaning:

    

    5. Tenant
      will not clean nor require, permit, suffer or allow any window in the demised
      premises to be cleaned from the outside in violation of Section 202 of the
      Labor
      Law or any other applicable law or of the Rules of the Board of Standards and
      Appeals, or of any other Board or body having or asserting
      jurisdiction.

    

    
      
        
        

      

      
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    Requirements
      of Law, Fire Insurance, Floor Loads:

    

    6. Prior
      to
      the commencement of the term hereof, if Tenant is then in possession, and at
      all
      times thereafter, Tenant, at Tenant's sole cost and expense, shall promptly
      comply with all present and future laws, orders and regulations of all state,
      federal, municipal and local governments, departments, commissions and boards
      and any direction of any public officer pursuant to law, and all orders, rules
      and regulations of the New York Board of Fire Underwriters, Insurance Services
      Office, or any similar body which shall impose any violation, order or duty
      upon
      Owner or Tenant with respect to the demised premises, whether or not arising
      out
      of Tenant's use or manner of use thereof, (including Tenant's permitted use)
      or,
      with respect to the building if arising out of Tenant's use or manner of use
      of
      the demised premises or the Building (including the use permitted under this
      Lease). Nothing herein shall require Tenant to make structural repairs or
      alterations unless Tenant has, by its manner of use of the demised premises
      or
      method of operation therein, violated any such laws, ordinances, orders, rules,
      regulations or requirements with respect thereto. Tenant may, after securing
      Owner to Owner's satisfaction against all damages, interest, penalties and
      expenses, including, but not limited to, reasonable attorney's fees, by cash
      deposit or by surety bond in an amount and in a company satisfactory to Owner,
      contest and appeal any such laws, ordinances, orders, rules, regulations or
      requirements provided same is done with all reasonable promptness and provided
      such appeal shall not subject Owner to prosecution for a criminal offense or
      constitute a default under any lease or mortgage under which Owner may be
      obligated, or cause the demised premises or any part thereof or the Building
      to
      be condemned or vacated. Tenant shall not do or permit any act or thing to
      be
      done in or to the demised premises or the Building which is contrary to law,
      or
      which will invalidate or be in conflict with public utility, fire or other
      policies of insurance at any time carried by or for the benefit of Owner with
      respect to the demised premises or the Building, or which shall or might subject
      Owner to any liability or responsibility to any person or entity or for property
      damage. Tenant shall not keep anything in the demised premises or the Building
      except as now or hereafter permitted by the Fire Department, Board of Fire
      Underwriters, Fire Insurance Rating Organization or other authority having
      jurisdiction, and then only in such manner and such quantity so as not to
      increase the rate for fire insurance applicable to the Building, nor use the
      demised premises in a manner which will increase the insurance rate for the
      Building or any property located therein over that in effect prior to the
      commencement of Tenant's occupancy. Tenant shall pay all costs, expenses, fines,
      penalties or damages, which may be imposed upon Owner by reason of Tenant's
      failure to comply with the provisions of this numbered Article and if by reason
      of such failure the fire insurance rate shall, at the beginning of this Lease
      or
      at any time thereafter, be higher than it otherwise would be, then Tenant shall
      reimburse Owner, as additional rent hereunder, for that portion of all fire
      insurance premiums thereafter paid by Owner which shall have been charged
      because of such failure by Tenant. In any action or proceeding wherein Owner
      and
      Tenant are parties, a schedule or "make-up" of rate for the Building or demised
      premises issued by the New York Fire Insurance Exchange, or other body making
      fire insurance rates applicable to the Building and the demised premises shall
      be conclusive evidence of the facts therein stated and of the several items
      and
      charges in the fire insurance rates then applicable to the Building and the
      demised premises. Tenant shall not place a load on any floor of the demised
      premises exceeding the floor load per square foot area which it was designed
      to
      carry and which is allowed by law. Owner reserves the right to prescribe the
      weight and position of all safes, business machines and mechanical equipment.
      Such installations shall be placed and maintained by Tenant, at Tenant's
      expense, in settings sufficient, in Owner's judgment, to absorb and prevent
      vibration, noise and annoyance.

    

    
      
        
        

      

      
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    Subordination:

    

    7. This
      Lease is subject and subordinate to all ground or underlying leases and to
      all
      mortgages which may now or hereafter affect such leases or the real property
      of
      which the demised premises are a part and to all renewals, modifications,
      consolidations, replacements and extensions of any such underlying leases and
      mortgages. This numbered Article shall be self-operative and no further
      instrument of subordination shall be required by any ground or underlying lessor
      or by any mortgagee, affecting any lease or the real property of which the
      demised premises are a part. In confirmation of such subordination, Tenant
      shall
      execute promptly any certificate that Owner may request.

    

    Property
      - Loss, Damage, Reimbursement, Indemnity:

    

    8. Owner
      and
      its agents shall not be liable for any damage to the property of Tenant or
      of
      others entrusted to employees of the Building, nor for loss of or damage to
      any
      property of Tenant by theft or otherwise, nor for any injury or damage to
      persons or property resulting from any cause of whatsoever nature, unless caused
      by or due to the negligence of Owner, its agents, servants or employees. Owner
      and its agents will not be liable for any such damage caused by other tenants
      or
      persons in, upon or about the Building or caused by operations in construction
      of any private, public or quasi public work. If at any time any windows of
      the
      demised premises are temporarily closed, darkened or bricked up (or permanently
      closed, darkened or bricked up, if required by law) for any reason whatsoever
      including, but not limited to Owner's own acts, Owner shall not be liable for
      any damage Tenant may sustain thereby and Tenant shall not be entitled to any
      compensation therefor nor abatement or diminution of rent nor shall the same
      release Tenant from its obligations hereunder nor constitute an eviction. Tenant
      shall indemnify and save harmless Owner against and from all liabilities,
      obligations, damages, penalties, claims, costs and expenses for which Owner
      shall not be reimbursed by insurance, including reasonable attorneys fees,
      paid,
      suffered or incurred as a result of any breach by Tenant, Tenant's agents,
      contractors, employees, invitees or licensees, of any covenant or condition
      of
      this Lease, or the carelessness, negligence or improper conduct of Tenant,
      Tenant's agents, contractors, employees, invitees or licensees. Tenant's
      liability under this Lease extends to the acts and omissions of any subtenant,
      and any agent, contractor, employee, invitee or licensee of any subtenant.
      In
      case any action or proceeding is brought against Owner by reason of any such
      claim, Tenant, upon written notice from Owner, will, at Tenant's sole cost
      and
      expense, resist or defend such action or proceeding by counsel approved by
      Owner
      in writing, which approval shall not be unreasonably withheld.

    

    Destruction,
      Fire and Other Casualty:

    

    9. (a) If
      the
      demised premises or any part thereof shall be damaged by fire or other casualty,
      Tenant shall give immediate notice thereof to Owner and this Lease shall
      continue in full force and effect except as hereinafter set forth.

    

    (b) If
      the
      demised premises are partially damaged or rendered partially unusable by fire
      or
      other casualty, the damages thereto shall be repaired by and at the expense
      of
      Owner and the rent, until such repair shall be substantially completed, shall
      be
      apportioned from the day following the casualty according to the part of the
      demised premises which is usable.

    

    
      
        
        

      

      
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    (c) If
      the
      demised premises are totally damaged or rendered wholly unusable by fire or
      other casualty, then the rent shall be proportionately paid up to the time
      of
      the casualty and thenceforth shall cease until the date when the demised
      premises shall have been repaired or restored by Owner, subject to Owner's
      right
      to elect not to restore the same as hereinafter provided.

    

    (d) If
      the
      demised premises are rendered wholly unusable or (whether or not the demised
      premises are damaged in whole or in part) if the Building shall be so damaged
      that Owner shall decide to demolish it or to rebuild it, then, in any of such
      events, Owner may elect to terminate this Lease by written notice to Tenant,
      given within ninety (90) days after such fire or other casualty, specifying
      a
      date for the expiration of the Lease, which date shall not be more than sixty
      (60) days after the giving of said notice, and upon the date specified in said
      notice the term of this Lease shall expire as fully and completely as if said
      date were the date set forth above for the termination of this Lease and Tenant
      shall forthwith quit, surrender and vacate the demised premises without
      prejudice however, to Owner's rights and remedies against Tenant under the
      provisions of this Lease in effect prior to such termination, and any rent
      owing
      shall be paid up to such date and any payments of rent made by Tenant which
      were
      on account of any period subsequent to such date shall be returned to Tenant.
      Unless Owner shall serve a termination notice as provided for herein, Owner
      shall make the repairs and restorations under the conditions of (b) and (c)
      hereof, with all reasonable expedition, subject to delays due to adjustment
      of
      insurance claims, labor troubles and causes beyond Owner's control. After any
      such casualty, Tenant shall cooperate with Owner's restoration by removing
      from
      the demised premises as promptly, as reasonably possible, all of Tenant's
      salvageable inventory and moveable equipment, furniture and other property.
      Tenant's liability for rent shall resume five (5) days after written notice
      from
      Owner that the demised premises are substantially ready for Tenant's
      occupancy.

    

    (e) Nothing
      contained hereinabove shall relieve Tenant from liability that may exist as
      a
      result of damage from fire or other casualty. Notwithstanding the foregoing,
      each party shall look first to any insurance in its favor before making any
      claim against the other party for recovery for loss or damage resulting from
      fire or other casualty, and to the extent permitted by law, Owner and Tenant
      each hereby releases and waives all right of recovery against the other or
      any
      one claiming through or under each of them by way of subrogation or otherwise.
      The foregoing release and waiver shall be in force only if both releasors'
      insurance policies contain a clause providing that such a release or waiver
      shall not invalidate the insurance. If, and to the extent, that such waiver
      can
      be obtained only by the payment of additional premiums, then the party
      benefiting from the waiver shall pay such premium within ten (10) days after
      written demand or shall be deemed to have agreed that the party obtaining
      insurance coverage shall be free of any further obligation under the provisions
      of this numbered Article with respect to waiver of subrogation. Tenant
      acknowledges that Owner will not carry insurance on Tenant's furniture and/or
      furnishings or any fixtures or equipment, improvements or appurtenances
      removable by Tenant and agrees that Owner will not be obligated to repair any
      damage thereto or to replace the same.

     

    
      
        
        

      

      
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    (f) Tenant
      hereby waives the provisions of Section 227 of the Real Property Law and agrees
      that the provisions of this numbered Article shall govern and control in lieu
      thereof.

    

    Eminent
      Domain:

    

    10. If
      the
      whole or any part of the demised premises shall be acquired or condemned by
      Eminent Domain for any public or quasi-public use or purpose, then and in that
      event, the term of this Lease shall cease and terminate from the date of title
      vesting in such proceeding and Tenant shall have no claim for the value of
      any
      unexpired term of this Lease and assigns to Owner Tenant's entire interest
      in
      any such award.

    

    Assignment,
      Mortgage, Etc.:

    

    11. Tenant,
      for itself, its heirs, distributees, executors, administrators, legal
      representatives, successors and assigns, expressly covenants that it shall
      not
      assign, mortgage or encumber this Lease, nor underlet, or suffer or permit
      the
      demised premises or any part thereof to be used by others, without the prior
      written consent of Owner in each instance,
      which
      consent shall not be unreasonably withheld or delayed.
      Transfer of the majority of the stock of a corporate Tenant shall be deemed
      an
      assignment. If this Lease be assigned, or if the demised premises or any part
      thereof be underlet or occupied by anybody other than Tenant, Owner may, after
      default by Tenant and
      the
      expiration of the applicable cure period,
      if any,
      collect rent from the assignee, undertenant or occupant, and apply the net
      amount collected to the rent herein reserved, but no such assignment,
      underletting, occupancy or collection shall be deemed a waiver of the provisions
      of this numbered Article, or a release of Tenant from the further performance
      by
      Tenant of covenants on the part of Tenant herein contained. The consent by
      Owner
      to an assignment or underletting shall not in any way be construed to relieve
      Tenant from obtaining the express consent in writing of Owner prior to any
      further assignment or underletting. Notwithstanding anything to the contrary
      above, Tenant may assign this Lease at any time, or sublease all or part of
      the
      property, without receipt of Owner’s consent, to any entity which acquires all
      or part of Tenant, or which is acquired in whole or in part by Tenant, or which
      is controlled directly or indirectly by Tenant, or which entity controls,
      directly or indirectly, Tenant (“Affiliate”), or which owns or is owned by the
      Affiliate, so long as such transaction was not entered into as a subterfuge
      to
      avoid the obligations and restrictions of this Lease. In any such case the
      net
      asset value of the assignee shall be greater on the day after such assignment
      than that of Tenant on the day before such assignment and Tenant shall provide
      Owner with written notice of any such assignment within ten (10) days of such
      assignment.

    

    
      
        
        

      

      
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    Electric
      Current:

    

    12. The
      parties hereto agree that Tenant will have the right to use electricity on
      a
      rent inclusion basis for ordinary office equipment and lighting, subject to
      adjustments in the event that there is an increase or decrease in the rate
      schedule of the utility company serving the building of which the demised
      premises are a part, or Tenant materially changes the consumption of current
      within its space. In order that the personal safety and property of the tenants,
      occupants and owner of the said premises may not be imperiled by the overtaxing
      of the capacity of the existing electrical distribution system and in
      consideration of like agreements by other tenants, Tenant agrees not to connect
      any additional electrical equipment of any type without Owner's prior written
      consent, nor to permit the consumption of electricity to overtax the capacity
      of
      the said system. Owner shall not be liable to Tenant for any loss, damage or
      expense resulting from change in the quantity or character of the electric
      service or its being no longer suitable for Tenant's requirements, or due to
      cessation or interruption of the supply of current. Upon thirty (30) days prior
      written notice to Tenant, Owner may discontinue service of electricity to Tenant
      without affecting the tenancy or Tenant's liability hereunder and without
      liability for loss or damage caused Tenant by such discontinuance; except that
      in the event of the discontinuance of such service, Tenant shall be entitled
      to
      an appropriate rent adjustment. Owner, in that event, shall permit Tenant to
      purchase electricity directly from the public utility servicing the area where
      the building is located and permit Owner's electrical distribution system to
      be
      used for that purpose to the extent that it is available, suitable, and may
      safely be so used. The amount of rent provided herein as shown on the cover
      of
      this lease that is to be deemed attributable to electricity is FOUR THOUSAND
      TWO
      HUNDRED EIGHTY-SIX AND 76/100 ($4,286.76) DOLLARS per annum, or THREE HUNDRED
      FIFTY-SEVEN AND 23/100 DOLLARS ($357.23) per month.

    

    Access
      to Premises:

    

    13. Owner
      and
      Owner's agents shall have the right (but shall not be obligated) to enter the
      demised premises in any emergency at any time, and, at other reasonable times,
      to examine the same and to make such repairs, replacements and improvements
      as
      Owner may deem necessary and reasonably desirable to the demised premises or
      to
      any other portion of the Building or which Owner may elect to perform. Tenant
      shall permit Owner to use and maintain and replace pipes and conduits therein
      provided they are concealed within the walls, floor or ceiling. Owner may,
      during the progress of any work in the demised premises without the same
      constituting an eviction nor shall the Tenant be entitled to any abatement
      of
      rent while such work is in progress nor to any damages by reason of loss or
      interruption of business or otherwise. Throughout the term hereof Owner shall
      have the right to enter the demised premises at reasonable hours for the purpose
      of showing the same to prospective purchasers or mortgagees of the Building,
      and
      during the last six (6) months of the term hereof for the purpose of showing
      the
      demised premises to prospective tenants. If Tenant is not present to open and
      permit an entry into the premises, Owner or Owner's agents may enter the same
      whenever such entry may be necessary or permissible by master key or forcibly
      and provided reasonable care is exercised to safeguard Tenant's property, such
      entry shall not render Owner or its agents liable therefor, nor in any event
      shall the obligations of Tenant hereunder be affected. If during the last month
      of the term hereof Tenant shall have removed all or substantially all of
      Tenant's property from the demised premises, Owner may immediately enter, alter,
      renovate or redecorate the demised premises without limitation or abatement
      of
      rent, or reincurring liability to Tenant for any compensation and such act
      shall
      have no effect on this Lease or Tenant's obligations hereunder.

    

    
      
        
        

      

      
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    Vault,
      Vault Space, Area:

    

    14. No
      vaults, vault space or area, whether or not enclosed or covered, not within
      the
      property line of the Building is leased hereunder, anything contained in or
      indicated on any sketch, blue print or plan, or anything contained elsewhere
      in
      this Lease to the contrary notwithstanding. Owner makes no representation as
      to
      the location of the property line of the Building. All vaults and vault space
      and all such areas not within the property line of the Building, which Tenant
      may be permitted to use and/or occupy, is to be used and/or occupied under
      a
      revocable license, and if any such license be revoked, or if the amount of
      such
      space or area be diminished or required by any federal, state or municipal
      authority or public utility, Owner shall not be subject to any liability nor
      shall Tenant be entitled to any compensation or diminution or abatement of
      rent,
      nor shall such revocation, diminution or requisition be deemed constructive
      or
      actual eviction. Any tax, fee or charge of municipal authorities for such vault
      space or area shall be paid by Tenant.

    

    Occupancy:

    

    15. Tenant
      will not at any time use or occupy the demised premises in violation of the
      Certificate of Occupancy issued for the Building. Tenant has inspected the
      demised premises and accepts them as is, subject to the riders annexed hereto
      as
      with respect to Owner's work, if any. In any event, Owner makes no
      representation as to the condition of the demised premises and Tenant agrees
      to
      accept the same subject to violations, whether or not of record.

    

    Bankruptcy:

    

    16. (a) Anything
      elsewhere in this Lease to the contrary notwithstanding, this Lease may be
      canceled by Owner by the sending of a written notice to Tenant within a
      reasonable time after the happening of any one or more of the following
      events:

    

    (i) the
      commencement of a case in bankruptcy or under the laws of any state naming
      Tenant as the debtor; or

    

    (ii) the
      making by Tenant of an assignment or any other arrangement for the benefit
      of
      creditors under any state statute.

    

    Neither
      Tenant nor any person claiming through or under Tenant, or by reason of any
      statute or order of court, shall thereafter be entitled to possession of the
      demised premises but shall forthwith quit and surrender the demised premises.
      If
      this Lease shall be assigned in accord with its terms, the provisions of this
      numbered Article shall be applicable only to the party then owning Tenant's
      interest in this Lease.

    

    (b) It
      is
      stipulated and agreed that in the event of the termination of this Lease
      pursuant to paragraph (a) of this numbered Article, Owner shall forthwith,
      notwithstanding any other provisions of this Lease to the contrary, be entitled
      to recover from Tenant as and for liquidated damages an amount equal to the
      difference between the rent reserved hereunder for the unexpired portion of
      the
      term hereof and the fair and reasonable rental value of the demised premises
      for
      the same period. In the computation of such damages the difference between
      any
      installment of rent becoming due hereunder after the date of termination and
      the
      fair and reasonable rental value of the demised premises for the period for
      which such installment was payable shall be discounted to the date of
      termination at the rate of ten (10%) percent per annum. If said demised premises
      or any part thereof are relet by Owner for the unexpired term of said Lease,
      or
      any part thereof, before presentation of proof of such liquidated damages to
      any
      court, commission or tribunal, the amount of rent reserved upon such reletting
      shall be deemed to be the fair and reasonable rental value for the part or
      the
      whole of the premises so relet during the term of the reletting. Nothing herein
      contained shall limit or prejudice the right of Owner to prove for or obtain
      as
      liquidated damages by reason of such termination, an amount equal to the maximum
      allowed by any statute or rule of law in effect at the time when, and governing
      the proceedings in which, such damages are to be proved, whether or not such
      amount is greater, equal to or less than the amount of the difference referred
      to above.

    

    
      
        
        

      

      
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    Default:

    

    17. (a) If
      Tenant
      defaults in fulfilling any of the covenants in this Lease other than the
      covenants for the payment of rent or additional rent; or if the demised premises
      become vacant or deserted; or if any execution or attachment shall be issued
      against Tenant or any of Tenant's property whereupon the demised premises shall
      be taken or occupied by someone other than Tenant; or if this Lease is rejected
      under Section 365 of Title 11 of the U.S. Code (bankruptcy code); or if Tenant
      shall fail to move into or take possession of the demised premises within
      fifteen (15) days of the commencement of the term hereof, then, in any one
      or
      more of such events, upon Owner serving a written five (5) day notice upon
      Tenant specifying the nature of said default and upon the expiration of said
      five (5) days, if Tenant shall have failed to comply with or remedy such
      default, or if the said default or omission complained of shall be of a nature
      that the same cannot be completely cured or remedied within said five (5) day
      period, and if Tenant shall not have diligently commenced curing said default
      within said five (5) day period, and shall not thereafter with reasonable
      diligence and in good faith, proceed to remedy or cure said default, then Owner
      may serve a written three (3) days' notice of cancellation of this Lease upon
      Tenant, and upon the expiration of said three (3) days this Lease and the term
      thereunder shall end and expire as fully and completely as if the expiration
      of
      said three (3) day period were the day herein definitely fixed for the end
      and
      expiration of this Lease and the term hereof and Tenant shall then quit and
      surrender the demised premises to Owner but Tenant shall remain liable as
      hereinafter provided.

    

    (b) If
      the
      notice provided for in paragraph (a) of this numbered Article shall have been
      given, and the term shall expire as aforesaid; or if Tenant shall default in
      the
      payment of the rent reserved herein or any item of additional rent herein
      mentioned or any part of either or in making any other payment herein required;
      then and in any of such events Owner may without notice, re-enter the demised
      premises either by force or otherwise, and the legal representative of Tenant
      or
      other occupant of the demised premises and remove their effects and hold the
      demised premises as if this Lease had not been made, and Tenant hereby waives
      the service of notice of intention to re-enter or to institute legal proceedings
      to that end. If Tenant shall make default hereunder prior to the date fixed
      as
      the commencement of any renewal or extension of this Lease, Owner may cancel
      and
      terminate such renewal or extension agreement by written notice.

    

    
      
        
        

      

      
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    Remedies
      of Owner and Waiver of Redemption:

    

    18. In
      case
      of any such default, re-entry, expiration and/or dispossess by summary
      proceedings or otherwise;

    

    (a) the
      rent
      shall become due thereupon and be paid up to the time of such re-entry,
      dispossess and/or expiration;

    

    (b) Owner
      may
      re-let the premises or any part or parts thereof, either in the name of Owner
      or
      otherwise, for a term or terms, which may at Owner's option be less than or
      exceed the period which otherwise would have constituted the balance of the
      term
      of this Lease and may grant concessions or free rent or charge a higher rental
      value than that in this Lease; and/or

    

    (c) Tenant
      or
      the legal representatives of Tenant shall also pay Owner as liquidated damages
      for the failure of Tenant to observe and perform said Tenant's covenants herein
      contained, any deficiency between the rent hereby reserved and/or covenanted
      to
      be paid by Tenant and the net amount, if any, of the rents collected on account
      of the lease or leases of the demised premises for each month of the period
      which otherwise would have constituted the balance of the term of this
      Lease.

    

    The
      failure of Owner to re-let the demised premises or any part or parts thereof
      shall not release or affect Tenant's liability for damages. In computing said
      liquidated damages there shall be added to the said deficiency such expenses
      as
      Owner may incur in connection with re-letting, such as legal expenses,
      attorneys' fees, brokerage, advertising and for keeping the demised premises
      in
      good order or for preparing the same for re-letting. Any such liquidated damages
      shall be paid in monthly installments by Tenant on the rent day specified in
      this Lease and any suit brought to collect the amount of the deficiency for
      any
      month shall not prejudice in any way the rights of Owner to collect the
      deficiency for any subsequent month by a similar proceeding. Owner, in putting
      the demised premises in good order or preparing the same for re-rental may,
      at
      Owner's option, make such alterations, repairs, replacements and/or decorations
      to the demised premises as Owner, in Owner's sole judgment, considers advisable
      and necessary for the purpose of re-letting the demised premises, and the making
      of such alterations, repairs, replacements and/or decorations shall not operate
      or be construed to release Tenant from liability hereunder as aforesaid. Owner
      shall in no event be liable in any way whatsoever for failure to re-let, for
      failure to collect the rent thereof under any such re-letting, and in no event
      shall Tenant be entitled to receive any excess, if any, of such net rents
      collected over the sums payable by Tenant to Owner hereunder. In the event
      of a
      breach or threatened breach by Tenant of any of the covenants or provisions
      hereof, Owner shall have the right of injunction and the right to invoke any
      remedy allowed at law or in equity as if re-entry, summary proceedings and
      other
      remedies were not provided for herein. Mention in this Lease of any particular
      remedy shall not preclude Owner from any other rights of redemption granted
      by
      or under any present or future laws in the event of Tenant being evicted or
      dispossessed for any cause, or in the event of Owner obtaining possession of
      the
      demised premises, by reason of the violation by Tenant of any of the covenants
      and conditions of this Lease, or otherwise.

    

    
      
        
        

      

      
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    Fees
      and Expenses:

    

    19. If
      Tenant
      shall default in the observance or performance of any term or covenant on
      Tenant's part to be performed under or by virtue of any of the terms or
      provisions in any Article of this Lease, Owner may immediately or at any time
      thereafter and without notice perform the obligation of Tenant thereunder.
      If
      Owner, in connection with the foregoing or in connection with any default by
      Tenant in the covenant to pay rent hereunder, makes any expenditures or incurs
      any obligations for the payment of money, including but not limited to
      attorney's fees, in instituting, prosecuting or defending any action or
      proceeding, then Tenant will reimburse Owner for such sums so paid or
      obligations incurred by reason of Tenant's default shall be deemed to be
      additional rent hereunder and shall be paid by Tenant to Owner within five
      (5)
      days of rendition of any bill or statement to Tenant therefor. If Tenant's
      lease
      term shall have expired at the time of the making of such expenditures or
      incurring of such obligations, such sums shall be recoverable by Owner as
      damages.

    

    Building
      Alterations and Management:

    

    20. 
      Owner
      shall have the right at any time without the same constituting an eviction
      and
      without incurring liability to Tenant therefor to change the arrangement and/or
      location of public entrances, passageways, doors, doorways, corridors,
      elevators, stairs, toilets or other public parts of the building and to change
      the name, number or designation by which the building may be known. There shall
      be no allowance to Tenant for diminution of rental value and no liability on
      the
      part of Owner by reason of inconvenience, annoyance or injury to business
      arising from Owner or other tenants making any repairs in the Building or any
      such alterations, additions and improvements. Furthermore, Tenant shall not
      have
      any claim against Owner by reason of Owner's imposition of such controls of
      the
      manner of access to the building by Tenant's social or business visitors as
      Owner may deem necessary for the security of the building and its
      occupants.

    

    No
      Representations by Owner:

    

    21. (a) Neither
      Owner nor Owner's agents have made any representations or promises with respect
      to the physical condition of the Building, the land upon which it is erected
      or
      the demised premises, the rents, leases, expenses of operation or any other
      matter or thing affecting or related to the demised premises except as herein
      expressly set forth and no rights, easements or licenses are acquired by Tenant
      by implication or otherwise except as expressly set forth in the provisions
      of
      this Lease. Tenant has inspected the Building and the demised premises and
      is
      thoroughly acquainted with their condition and agrees to take the same "as
      is"
      and acknowledges that the taking of possession of the demised premises by Tenant
      shall be conclusive evidence that said demised premises and the Building were
      in
      good and satisfactory condition at the time such possession was so taken, except
      as to latent defects. All understandings and agreements heretofore made between
      the parties hereto are merged in this contract, which alone fully and completely
      expresses the agreement between Owner and Tenant and any executory agreement
      hereafter made shall be ineffective to change, modify, discharge or effect
      an
      abandonment of it in whole or in part, unless such executory agreement is in
      writing and signed by the party against whom enforcement of the change,
      modification, discharge or abandonment is sought.

    

    
      
        
        

      

      
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    (b) Tenant
      agrees to look solely to Owner's interest in the Property for the satisfaction
      of any right or remedy of Tenant for the collection of a judgment (or other
      judicial process) requiring the payment of money by Owner, its partners,
      officers, shareholders or members, in the event of any liability by Owner,
      and
      no other property or assets of Owner, its partners, officers, shareholders
      or
      members shall be subject to levy, execution, attachment or other enforcement
      procedure for the satisfaction of Tenant's remedies under or with respect to
      this Lease, the relationship of Owner, its partners, officers, shareholders
      or
      members and Tenant hereunder, or Tenant's use and occupancy of the demised
      premises, or any other liability of Owner, its partners, officers, shareholders
      or members to Tenant.

    

    End
      of Term:

    

    22. Upon
      the
      expiration or other termination of the term of this Lease, Tenant shall quit
      and
      surrender to Owner the demised premises, broom clean, in good order and
      condition, ordinary wear and damages which Tenant is not required to repair
      as
      provided elsewhere in this Lease excepted, and Tenant shall remove all its
      property. Tenant's obligation to observe or perform this covenant shall survive
      the expiration or other termination of this Lease. If the last day of the term
      of this Lease or any renewal thereof, falls on a Sunday, this Lease shall expire
      at noon on the preceding Saturday unless it be a legal holiday in which case
      it
      shall expire at noon on the preceding business day.

    

    Quiet
      Enjoyment:

    

    23. Owner
      covenants and agrees with Tenant that upon Tenant paying the rent and additional
      rent and observing and performing all the terms, covenants and conditions,
      on
      Tenant's part to be observed and performed, Tenant may peaceably and quietly
      enjoy the premises hereby demised, subject, nevertheless, to the terms and
      conditions of this Lease including, but not limited to Article "31" hereof
      and
      to the ground leases, underlying leases and mortgages hereinbefore
      mentioned.

    

    Failure
      to Give Possession:

    

    24. If
      Owner
      is unable to give possession of the demised premises on the date of the
      commencement of the term hereof, because of the holding-over or retention of
      possession of any tenant, undertenant or occupants or if the demised premises
      are located in a building being constructed, because such building has not
      been
      sufficiently completed to make the demised premises ready for occupancy or
      because of the fact that a Certificate of Occupancy has not been procured or
      for
      any other reason, Owner shall not be subject to any liability for failure to
      give possession on said date and the validity of the Lease shall not be impaired
      under such circumstances, nor shall the same be construed in any wise to extend
      the term of this Lease, but the rent payable hereunder shall be abated (provided
      Tenant is not responsible for Owner's inability to obtain possession) until
      after Owner shall have given Tenant written notice that the demised premises
      are
      substantially ready for Tenant's occupancy. If permission is given to Tenant
      to
      enter into possession of the demised premises or to occupy premises other than
      the demised premises prior to the date specified as the commencement of the
      term
      of this Lease, Tenant covenants and agrees that such occupancy shall be deemed
      to be under all the terms, covenants, conditions and provisions of this Lease,
      except as to the covenant to pay rent. The provisions of this numbered Article
      are intended to constitute "an express provision to the contrary" within the
      meaning of Section 223(a) of the New York Real Property Law.

    

    
      
        
        

      

      
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    No
      Waiver:

    

    25. The
      failure of Owner to seek redress for violation of, or to insist upon the strict
      performance of any covenant or condition of this Lease or of any of the Rules
      or
      Regulations, set forth or hereafter adopted by Owner, shall not prevent a
      subsequent act which would have originally constituted a violation from having
      all the force and effect of an original violation. The receipt by Owner of
      rent
      with knowledge of the breach of any covenant of this Lease shall not be deemed
      a
      waiver of such breach and no provision of this Lease shall be deemed to have
      been waived by Owner unless such waiver be in writing signed by Owner. No
      payment by Tenant or receipt by Owner of a lesser amount than the monthly rent
      herein stipulated shall be deemed to be other than on account of the earliest
      stipulated rent, nor shall any endorsement or statement of any check or any
      letter accompanying any check or payment as rent be deemed an accord and
      satisfaction, and Owner may accept such check or payment without prejudice
      to
      Owner's right to recover the balance of such rent or pursue any other remedy
      in
      this Lease provided. No act or thing done by Owner or Owner's agents during
      the
      term hereby demised shall be deemed an acceptance of a surrender of the demised
      premises, and no agreement to accept such surrender shall be valid unless in
      writing signed by Owner. No employee of Owner or Owner's agent shall have any
      power to accept the keys of said demised premises prior to the expiration or
      other termination of this Lease and the delivery of keys to any such agent
      or
      employee shall not act as a termination of this Lease or a surrender of the
      demised premises.

    

    Waiver
      of Trial by Jury:

    

    26. It
      is
      mutually agreed by and between Owner and Tenant that the respective parties
      hereto shall and they hereby do waive trial by jury in any action, proceeding
      or
      counterclaim brought by either of the parties hereto against the other (except
      for personal injury or property damage) on any matters whatsoever arising out
      of
      or in any way connected with this Lease, the relationship of Owner and Tenant,
      Tenant's use of or occupancy of said demised premises, and any emergency
      statutory or other statutory remedy. It is further mutually agreed that in
      the
      event Owner commences any summary proceeding for possession of the demised
      premises, Tenant will not interpose any counterclaim of whatever nature or
      description in any such proceeding including a counterclaim under Article "4"
      hereof.

    

    
      
        
        

      

      
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    Inability
      to Perform:

    

    27. This
      Lease and the obligation of Tenant to pay rent hereunder and perform all of
      the
      other covenants and agreements hereunder on the part of Tenant to be performed
      shall in no way be affected, impaired or excused because Owner is unable to
      fulfill any of its obligations under this Lease or to supply or is delayed
      in
      supplying any service expressly or impliedly to be supplied or is unable to
      make, or is delayed in making any repair, additions, alterations or decorations
      or is unable to supply or is delayed in supplying any equipment or fixtures
      if
      Owner is prevented or delayed from so doing by reason of strike or labor
      troubles or any cause whatsoever including, but not limited to, government
      preemption in connection with a national emergency or by reason of any rule,
      order or regulation of any department or subdivision thereof of any governmental
      agency or by reason of the conditions of supply and demand which have been
      or
      are affected by war or other emergency.

    

    Bills
      and Notices:

    

    28. Except
      as
      otherwise in this Lease specifically provided, a notice or communication which
      either party is required to give to the other shall be in writing by Certified
      Mail, Return receipt Requested, addressed to the other at the address below
      set
      forth or to such other address as either party may be from time to time direct
      by written notice given in the manner herein prescribed, and the time of mailing
      such notice or communication shall be deemed to be the time when such notice
      is
      given:

    

    To
      Owner:   CONSTITUTION
      REALTY LLC

    575
      LEXINGTON AVENUE

    NEW
      YORK, NEW YORK 10022-6113

    

    To
      Tenant:   MMC
      ENERGY NORTH AMERICA, LLC

    26
      BROADWAY

    NEW
      YORK, NEW YORK 10004

     

    Services
      Provided by Owner:

    

    29. Owner
      shall provide;

    

    (a) necessary
      elevator facilities on business days from 8:00 A.M. to 6:00 P.M. and on
      Saturdays from 8:00 A.M. to 1:00 P.M. and have one (1) elevator subject to
      call
      at all other times;

    

    (b) heat
      to
      the demised premises when and as required by law, on business days from 8:00
      A.M. to 6:00 P.M.;

    

    (c) water
      for
      ordinary lavatory purposes, but if Tenant uses or consumes water for any other
      purpose or in unusual quantities (of which fact Owner shall be the sole judge),
      Owner may install a water meter(s) at Tenant's expense which Tenant shall
      thereafter maintain at Tenant's expense in good working order and repair to
      register such water consumption and Tenant shall pay for water consumed as
      shown
      on said meter(s) as additional rent as and when bills are rendered;

    

    
      
        
        

      

      
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    (d) cleaning
      service for the demised premises on business days at Owner's expense provided
      that said demised premises are kept in order by Tenant. If, however, said
      demised premises are to be kept clean by Tenant, it shall be done at Tenant's
      sole expense, in a manner satisfactory to Owner and no one other than persons
      approved by Owner shall be permitted to enter said demised premises or the
      Building for such purpose. Tenant shall pay Owner the cost of removal of any
      of
      Tenant's refuse and rubbish from the building:

    

    (e) (i) Owner
      at
      its own expense shall, through the use of the Building's air conditioning
      equipment, furnish and distribute in the demised premises cool air from May
      1st
      to October 31st of each year on business days from 8:30 A.M. to 5:30 P.M.
      prevailing time. Tenant agrees to cause to be closed, and to keep closed, all
      windows in the demised premises whenever the air conditioning system is in
      operation and at all times to cooperate with Owner and to abide by all
      reasonable regulations and requirements which Owner may prescribe for the proper
      functioning and protection of the air conditioning equipment.

    

    (ii) Owner
      shall have free and unrestricted access to all air conditioning equipment.
      Owner
      reserves the right to interrupt, curtail, stop or suspend air conditioning
      when
      necessary because of accident, repairs, alterations or improvements which in
      the
      judgment of Owner are desirable or necessary, or to comply with government
      restrictions in the use of materials or in the use of the air conditioning
      system or because of difficulty or inability to secure supplies or labor because
      of strikes or other cause or causes beyond the reasonable control of Owner,
      whether such other cause or causes are similar or dissimilar to those
      hereinbefore mentioned, and no diminution or abatement of rent or other
      compensation shall or will be claimed by Tenant nor shall this Lease or any
      of
      the obligations of Tenant be affected or reduced by reasons of the
      interruptions, curtailment, stoppage or suspension of air conditioning. If
      Tenant requests air conditioning, by timely notice, on days or hours other
      than
      the regular days or hours as above provided, then Tenant shall pay Owner's
      charges at the then current rate per hour for providing such additional air
      conditioning upon being billed by Owner and such charges shall be collectible
      as
      "additional rent". Owner shall have the right to decline to furnish air
      conditioning on hours or days other than the regular hours and days if, in
      the
      opinion of Owner, the furnishing of such service would be impractical or
      detrimental to the operation of the building. Whenever in this numbered Article
      the phrase "timely notice" is used, it shall be deemed to mean notice of at
      least 24 hours prior to the time when additional air conditioning is desired
      by
      Tenant. 

    

    (f) Owner
      reserves the right to stop services of the heating, elevators, plumbing, air
      conditioning, power systems or cleaning or other services, if any, when
      necessary by reason of accident or for repairs, alterations, replacements or
      improvements necessary or desirable in the judgment of Owner for so long as
      may
      be reasonably required by reason thereof. If the Building supplies manually
      operated elevator service, Owner at any time may substitute automatic control
      elevator service and upon ten (10) days' written notice to Tenant, proceed
      with
      alterations necessary therefor without in any way affecting this Lease or the
      obligations of Tenant hereunder. The same shall be done with a minimum of
      inconvenience to Tenant and Owner shall pursue the alteration with due
      diligence.

    

    
      
        
        

      

      
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    Captions:

    

    30. The
      captions are inserted only as a matter of convenience and for reference and
      in
      no way define, limit or describe the scope of this Lease nor the intent of
      any
      provisions hereof.

    

    
      
        
        

      

      
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    Definitions:

    

    31. (a) The
      term
      "office" or "offices", wherever used in this Lease, shall not be construed
      to
      mean premises used as a store or stores, for the sale or display, at any time,
      of goods, wares or merchandise, of any kind, or as a restaurant, shop, booth,
      bootblack or other stand, barber shop, or for other similar purposes or for
      manufacturing.

    

    (b) The
      term
      "Owner" means a landlord or lessor, and as used in this Lease means only the
      owner, or the mortgagee in possession, for the time being of the land and
      Building (or the owner of a lease of the Building or of the land and Building),
      so that in the event of any sale or sales of said land and Building or of said
      lease, or in the event of a lease of said Building, or of the land and Building,
      the said Owner shall be and hereby is entirely freed and relieved of all
      covenants and obligations of Owner hereunder, and it shall be deemed and
      construed without further agreement between the parties or their successors
      in
      interest, or between the parties and the purchaser, at any such sale, or the
      said lessee of the Building, or of the land and Building, that the purchaser
      or
      the lessee of the Building has assumed and agreed to carry out any and all
      covenants and obligations of Owner hereunder.

    

    (c) Wherever
      in this Lease the word Owner or the word Landlord appear, the reference shall
      be
      deemed to mean the party of the first part hereunder.

    

    (d) The
      words
      "re-enter" and "re-entry" as used in this Lease are not restricted to their
      technical legal meaning.

    

    (e) The
      term
      "business days" as used in this Lease shall exclude Saturdays (except such
      portion thereof as is covered by specific hours in Article "29" hereof), Sundays
      and all days observed by the State or Federal Government as legal holidays
      and
      those designated as holidays by the applicable building service union employees
      service contract or by the applicable Operating Engineers contract with respect
      to HVAC service.

    

    Adjacent
      Excavation - Shoring:

    

    32. If
      an
      excavation shall be made upon land adjacent to the Building, or shall be
      authorized to be made, Tenant shall afford to the person causing or authorized
      to cause such excavation, license to enter upon the demised premises for the
      purpose of doing such work as said person shall deem necessary to preserve
      the
      wall or the Building from injury or damage and to support the same by proper
      foundations without any claim for damages or indemnity against Owner, or
      diminution or abatement of rent.

    

    Rules
      and Regulations:

    

    33. Tenant
      and Tenant's servants, employees, agents, visitors and licensees shall observe
      faithfully and comply strictly with the Rules and Regulations and such other
      and
      further reasonable Rules and Regulations as Owner or Owner's agents may from
      time to time adopt. Notice of any additional rules or regulations shall be
      given
      in such manner as Owner may elect. In case Tenant disputes the reasonableness
      of
      any additional Rule or Regulation hereafter made or adopted by Owner or Owner's
      agents, the parties hereto agree to submit the question of the reasonableness
      of
      such Rule or Regulation for decision to the New York office of the American
      Arbitration Association, whose determination shall be final and conclusive
      upon
      the parties hereto. The right to dispute the reasonableness of any additional
      Rule or Regulation upon Tenant's part shall be deemed waived unless the same
      shall be asserted by service of a notice, in writing upon Owner within ten
      (10)
      days after the giving of notice thereof. Nothing in this Lease contained shall
      be construed to impose upon Owner any duty or obligation to enforce the Rules
      and Regulations or terms, covenants or conditions in any other lease, as against
      any other tenant and Owner shall not be liable to Tenant for violation of the
      same by any other tenant, its servants, employees, agents, visitors or
      licensees.

    

    
      
        
        

      

      
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          18

        
          

        

      

      
        
        

      

    

     

    Security:

    

    34. (a) Tenant
      has deposited with Owner the sum of $9,645.21
      as
      security for the faithful performance and observance by Tenant of the terms,
      provisions and conditions of this Lease. It is agreed that in the event Tenant
      defaults in respect of any of the terms, provisions or conditions of this Lease
      including, but not limited to, the payment of rent and additional rent, Owner
      may use, apply or retain the whole or any part of the security so deposited
      to
      the extent required for the payment of any rent and additional rent or any
      other
      sum as to which Tenant is in default or for any sum which Owner may expend
      or
      may be required to expend by reason of Tenant's default in respect of any of
      the
      terms, covenants or conditions of this Lease, including but not limited to,
      any
      damages or deficiency in the re-letting of the demised premises, whether such
      damages or deficiency accrued before or after summary proceedings or other
      re-entry by Owner. In the event that Tenant shall fully and faithfully comply
      with all the terms, provisions, covenants and conditions of this Lease, the
      security shall be returned to Tenant after the date fixed as the end of the
      Lease and after delivery of entire possession of the demised premises to Owner.
      In the event of a sale of the land and Building or leasing of the Building
      Owner
      shall have the right to transfer the security to the vendee or lessee and Owner
      shall thereupon be released by Tenant from all liability for the return of
      said
      security and Tenant agrees to look to the new Owner solely for the return of
      said security and it is agreed that the provisions hereof shall apply to every
      transfer or assignment made of the security to a new Owner. Tenant further
      covenants that it will not assign or encumber or attempt to assign or encumber
      the monies deposited hereunder as security and that neither Owner nor its
      successors or assigns shall be bound by any such assignment, encumbrance,
      attempted assignment or attempted encumbrance.

    

    (b) Supplementing
      the provisions of paragraph (a) of this numbered Article, Owner agrees to hold
      the security deposited by Tenant hereunder in an interest bearing account.
      Owner
      shall be entitled to a part of any of the interest earned as and for a service
      fee. The amount of said service fee shall be limited to the rate permitted
      which
      is presently one (1%) percent. The balance of any interest earned shall be
      retained in the account and be paid over to Tenant at such time when, as and
      if
      the original amount of security is to be returned to Tenant.

    

    
      
        
        

      

      
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    Estoppel
      Certificate:

    

    35. Tenant,
      at any time, and from time to time, upon at least ten (10) days' prior written
      notice by Owner, shall execute, acknowledge and deliver to Owner, and/or to
      any
      other person, firm or corporation specified by Owner, a statement certifying
      that this lease is unmodified and in full force and effect (or, if there have
      been modifications, that the same is in full force and effect as modified and
      stating the modification), stating the dates to which the rent and additional
      rent have been paid and stating whether or not there exists any default by
      Owner
      under this Lease, and, if so, specifying each such default.

    

    Successors
      and Assigns:

    

    36. The
      covenants, conditions and agreements contained in this Lease shall bind and
      inure to the benefit of Owner and Tenant and their respective heirs,
      distributees, executors, administrators, successors, and except as otherwise
      provided in this Lease, their assigns.

    

    Late
      Charge:

    

    37. Without
      prejudice to any of the other rights or remedies available to Owner by the
      terms
      of this Lease or by operation of law, Tenant agrees that if any installment
      of
      rent is not paid within ten (10) days after the date on which it is due, an
      additional charge of ONE HUNDRED ($100.00) DOLLARS shall become due and payable
      to Owner as and for a "late charge" and Tenant agrees to pay such charge as
      additional rent hereunder.

    

    Real
      Estate Tax Escalation:

    

    38. (a) In
      the
      event that the amount of real estate taxes, assessments, sewer rents, rates
      and
      charges, county taxes, transit taxes, or any other governmental charge, general,
      special, ordinary or extraordinary, foreseen or unforeseen (hereinafter
      collectively called taxes) which may now or hereafter be levied or assessed
      against the land upon which the Building stands and upon the Building
      (hereinafter collectively called the real property) attributable to any tax
      year
      (July 1 to June 30) shall be greater than the amount of taxes on the real
      property attributable to the tax year 2005/06 (hereinafter referred to as the
      base year) during the term hereof, then Tenant shall pay Owner as additional
      rent TWO TENTHS OF ONE PER CENTUM (0.2%) of the increase in taxes for such
      tax
      year.

    

    (b) Owner
      may
      take the benefit of the provisions of any statute or ordinance permitting any
      assessment to be paid over a period of time and the installments of any such
      assessment as shall become due and payable during any years of the term of
      this
      Lease or any renewal hereof shall be included in the calculation of Tenant's
      share of the tax increase provided. Any amount due Owner under the provisions
      of
      this numbered Article shall be paid within thirty (30) days after Owner shall
      have submitted a bill and statement to Tenant showing in reasonable detail
      the
      computation of the amount due Owner, but such bill shall not be payable prior
      to
      the payment by Owner of the installment upon which Owner's bill to Tenant is
      based. Any such tax increase for the tax year in which this Lease shall end
      shall be apportioned so that Tenant shall pay its aforesaid share of only that
      portion thereof which corresponds with the portion of said tax year which is
      within the term hereby demised. The amount of taxes for the base year, against
      which Tenant's liability for additional rent in subsequent years is determined,
      shall be the amount thereof finally determined to be legally payable by legal
      proceedings or otherwise.

    

    
      
        
        

      

      
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          20

        
          

        

      

      
        
        

      

    

     

    (c) If
      Owner
      shall receive any tax refund in respect of any tax year following the base
      year
      with respect to which Tenant shall have paid any moneys pursuant to subdivision
      "(a)" of this numbered Article, Owner may retain out of such tax refund any
      reasonable expense incurred by it in obtaining such refund and out of any of
      the
      then remaining balance of such tax refund, Owner shall pay to Tenant, provided
      Tenant is not in default under the covenants or provisions of this Lease, the
      percentage specified in subdivision "(a)" of this numbered Article of such
      remaining balance of such tax refund.

    

    Porter's
      Wage Escalation:

    

    39. (a) At
      any
      time and each time during the term of this Lease that the minimum regular hourly
      wage rate, hereinafter referred to as the RAB Labor Rate, prescribed for Porters
      in office buildings such as the one of which the demised premises forms a part,
      shall be increased by agreement between the Realty Advisory Board on Labor
      Relations, Incorporated (or its successor), hereinafter referred to as the
      RAB,
      and Local 32B-J of the Building Service Employees International Union, AFL-CIO,
      (or its successor), hereinafter referred to as the "Union", above the minimum
      regular hourly wage rate for such employees in effect as of the date hereof,
      Tenant shall pay to Owner as additional annual rent hereunder an amount equal
      to
      the result of the multiplying of the hourly wage increase in terms of cents
      by
      1,319. Said additional rent is to be paid in equal monthly installments of
      1/12
      the annual rate starting with and along with the next monthly installment of
      rent due after the effective date of such increase and shall continue to be
      paid
      along with each monthly installment of rent due until another such increase,
      if
      any, shall become effective in accord with the provisions hereof. Owner shall
      give Tenant written notice of each change in the RAB Labor Rate which will
      effectively change Tenant's obligation for the payment of additional rent and
      the amount of such additional rent pursuant to the provisions of this Article.
      If said notice is given to Tenant after the date upon which such a change in
      the
      RAB Labor Rate shall have become effective (whether prospectively or
      retroactively), then Tenant shall within ten (10) days after the notice, pay
      to
      Owner such additional rent for any period which shall have elapsed prior to
      the
      giving of said notice. Any additional rent due pursuant to the provisions of
      this numbered Article shall be collectible by Owner in the same manner as the
      regular installments of rent due under this Lease. The obligations to make
      any
      payments pursuant to this numbered Article shall survive the expiration or
      other
      termination of this Lease.

    

    (b) Any
      and
      all the benefits required by law or by the applicable union agreement to be
      paid
      to or for Porters or imposed upon or measured by their wages, such as paid
      vacations and holidays, hospital, disability, medical, welfare, pension and
      retirement payments and Social Security, payroll and other taxes, shall be
      apportioned as an average hourly wage rate and shall be included as part of
      the
      RAB Labor Rate.

     

    
      
        
        

      

      
        Lease
          Page
          21

        
          

        

      

      
        
        

      

    

     

    (c) In
      the
      event the regular working time of Porters in the building of which the demised
      premises forms a part shall occur on days or during hours when overtime or
      other
      premium pay rates are in effect pursuant to the RAB-Union agreement, then the
      RAB Labor Rate as used in this numbered Article shall mean the average hourly
      wage rate for the hours in a calendar week during which Porters are regularly
      employed. (e.g., if, pursuant to the RAB-Union agreement the regular employment
      of Porters for forty hours during a calendar week is at the hourly wage rate
      of
      $7.00 for the first thirty hours and at $10.50 for the remaining 10 hours,
      then
      the RAB Labor Rate under this numbered Article shall be the total weekly wage
      rate of $315.00 divided by 40, or $7.875).

    

    (d) If
      Owner
      has negotiated a separate agreement with the Union apart from the RAB or has
      become part of an industry group other than the RAB that has negotiated an
      agreement with the Union covering the Employees formerly covered by the RAB
      Labor Rate, then the minimum regular hourly wage rate prescribed for Porters
      in
      any such new agreement made apart from the RAB shall be considered to be the
      new
      RAB labor rate for the purposes of this Article.

    

    (e) "Porters"
      as used herein shall mean that classification of employee engaged in the general
      maintenance and operation of Office Buildings which is the same or most nearly
      comparable to that classification now applicable to Porters in the current
      RAB-Union agreement. (Under the present agreement such classification is termed
      "Others".)

    

    (f) No
      payments of additional rent shall accrue or become due pursuant to this numbered
      Article before January 1, 2007.

    

    40. INTENTIONALLY
      OMITTED.

    

    Brokerage:

    

    41. Tenant
      warrants to Owner that the only brokers with whom it dealt concerning this
      Lease
      and the Demised Premises were New York Commercial Realty Services, through
      Zara
      Clark, and Koeppel Companies LLC. Owner agrees to pay leasing commissions to
      said brokers pursuant to separate agreements between Owner and said
      brokers.

    

    Relocation-Termination:

    

    42. It
      is
      expressly understood and agreed that Owner, at Owner's sole cost and expense,
      shall have the right to relocate Tenant from the demised premises to comparable
      or better space within the Building in the event that Owner requires the demised
      premises as part of a larger lease transaction. Any such relocation shall not
      unreasonably upset or disturb the normal conduct of Tenant's business and the
      lay-out of the new space shall provide work area(s) that are similar to those
      then in the demised premises. In the event that Tenant does not accept the
      relocation space offered by Owner, Owner may at Owner's sole option terminate
      this Lease by giving ninety (90) days written notice to Tenant.

    

    
      
        
        

      

      
        Lease
          Page
          22

        
          

        

      

      
        
        

      

    

    Lower
      Manhattan Real Property Tax Abatement:

    

    43. It
      is
      understood by Owner and Tenant that:

    

    (a) (i) an
      application for abatement of real property taxes will be made for the demised
      premises;

    

    (ii) the
      rent
      including amounts payable by Tenant for real property taxes will accurately
      reflect any abatement of real property taxes;

    

    (iii) at
      least
      $10.00 per square foot or $35.00 per square foot in the Title 4 abatement zone,
      or at least $5.00 per square foot or $25.00 per square foot in the Title 4A
      abatement zone must be spent on improvements to the demised premises and/or
      the
      common areas, the amount being dependent upon the length of the lease and
      whether it is a new, renewal or expansion lease;

    

    (iv) all
      abatements granted will be revoked if, during the benefit period, real estate
      taxes, water or sewage charges or other lienable charges are unpaid for more
      than one (1) year, unless such delinquent amounts are paid as provided in the
      relevant law.

    

    (b) The
      lease
      for the eligible premises does not provide for an option to terminate the
      lease prior
      to
      the initial lease term except as provided for in the applicable
      law.

    

    Lower
      Manhattan Energy Program:

    

    44. Owner
      and
      Tenant acknowledge that Owner may be applying for benefits available pursuant
      to
      the Lower Manhattan Energy Program (LMEP). In the event that the Building is
      eligible the LMEP benefits will be passed on to Tenant as specified by the
      law.

    

    Landmark
      Status:

    

    45. Pursuant
      to Local Law 92 of the City of New York, which was signed into law on December
      13,1996, the notice required thereby that the facade of the Building of which
      the demised premises form a part has been given landmark designation by the
      Landmarks Preservation Commission of the City of New York. In accord with said
      local law, Owner hereby gives Tenant further notice that in accord with the
      administrative code, Tenant must obtain a permit from the Landmarks Preservation
      Commission prior to commencing any exterior or interior work on the improvement
      or the property, except for ordinary repair and maintenance as defined in the
      code. Any lease or sublease commencing on or after December 13, 1996 must
      contain the language contained in this numbered Article.

    

    
      
        
        

      

      
        Lease
          Page
          23

        
          

        

      

      
        
        

      

    

     

    Smoking:

    

    46. Tenant
      represents to Owner that Tenant is fully knowledgeable regarding the
      "No-Smoking" laws for commercial office buildings promulgated by the City of
      New
      York. Tenant throughout the term of this Lease shall comply with all laws
      regarding smoking in office buildings and prevent its employees and invitees
      from smoking anywhere within the public areas inside the Building or the demised
      premises (including but not limited to bathrooms, fire stairs etc...) except
      within a smoking room within the demised premises that complies with any and
      all
      City, State or Federal laws and regulations regarding smoking rooms and Tenant
      shall use its best efforts to prevent its employees who smoke, if any, to stand
      in or near the interior or exterior sides of the Building
      entrances/exits.

    

    Insurance:

    

    47. Tenant
      covenants to provide, on or before the commencement date of the term hereof,
      and
      keep in force during the term of this Lease for the benefit of the Owner, a
      comprehensive Liability policy of insurance covering the demised premises and
      any appurtenances thereto. Such policy is to be written by a good and solvent
      insurance company authorized to do business in the State of New York in a
      minimum amount of One Million ($1,000,000.00) Dollars Combined Single Limit
      Coverage on a per occurrence basis covering both personal liability and property
      damage.

    

    48. In
      the
      event of a monetary default or other material default which continues beyond
      any
      applicable notice and or cure period, Karl Miller of 411 Bradley Creek Point
      Road, Wilmington, North Carolina 28403; SSN ###-##-####, covenants and agrees
      to
      be liable for both the payment of all amounts of rent and any additional rent
      that accrue and remain unpaid from the time of the original uncured monetary
      or
      other material default through the last day of the month in which Tenant vacates
      the demised premises and delivers possession of same to Owner (in accord with
      the terms hereof) and for the performance of the terms and conditions hereunder
      through the last day of the month in which Tenant vacates the demised premises
      and delivers possession of same to Owner (in accord with the terms hereof).
      The
      provisions of this numbered Article shall survive the termination of this Lease,
      unless the named individual has made all payments required to be made up to
      the
      vacating and delivery of possession of the demised premises or performed the
      obligation(s) to be performed prior to said vacating and delivery of possession
      of the demised premises, and said provisions shall not be effected in any manner
      by the provisions contained in Article "34" hereof. The security described
      in
      said Article "34" shall not be used or considered as a set-off against any
      amounts due under this numbered Article. During the term hereof, the
      aforementioned individual shall notify Owner within thirty (30) days of any
      change in his/her address as shown above. Failure to give the requisite notice
      of an address change shall be deemed a material event of default hereunder.
      The
      Social Security Number provided herein only shall be used by Owner in connection
      with the enforcement of Owner’s rights pursuant to the provisions of this
      numbered Article. Other than as used by Owner pursuant to the provisions of
      this
      numbered Article Owner shall not disclose the Social Security Number unless
      pursuant to governmental or court order and in any such case shall give the
      party responsible pursuant to this numbered Article notice of any governmental
      request or court order prior to any disclosure.

    

    
      
        
        

      

      
        Lease
          Page
          24

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      Owner
      and Tenant have respectively signed and sealed this Lease as of the day and
      year
      first above written.

     

    
       

      
        	 	 	 
	 	
                CONSTITUTION
                  REALTY LLC

                Owner

              
	 
 	 
 	 
 
	 	BY: 	/s/ Caleb D. Koeppel 
	 	
                
Caleb
                D. Koeppel,
                Manager-Member

      

       

      
        	 	 	 
	 	
                MMC
                  ENERGY NORTH AMERICA, LLC
Tenant

              
	 
 	 
 	 
 
	 	BY: 	/s/ Karl Miller 
	 	
                
Karl
                Miller, Managing
                Partner

      

       

      
        	 	 	 
	 	As
                to the
                provisions of Article “48” only:
	 
 	 
 	 
 
	 	X:   	/s/ Karl Miller 
	 	
                
Karl
                Miller

      

       

      
        
          
          

        

        
          Lease
            Page
            25

          
            

          

        

        
          
          

        

      

      

      ACKNOWLEDGMENTS

      

      Owner

      

      STATE
        OF NEW YORK,

      COUNTY
        OF NEW YORK

      

      On
        the
        ________ day
        of
        January in the year 2006 before me, the undersigned, a Notary Public in and
        of
        said State, personally appeared Caleb D. Koeppel, personally known to me
        or
        proved to me on the basis of satisfactory evidence to be the individual(s)
        whose
        name(s) is (are) subscribed to the within instrument and acknowledged to
        me that
        he/she/they executed the same in his/her/their capacity (ies), and that by
        his/her/their signature (s) on the instrument, the individual (s), or the
        person
        upon behalf of which the individual (s) acted, executed the
        instrument.

       

      
        	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                
                  
Notary
                  Public

              

      Tenant

      

      STATE
        OF NORTH CAROLINA,

      COUNTY
        OF      

      

      On
        the
        ________ day
        of
        January in the year 2006 before me, the undersigned, a Notary Public in and
        of
        said State, personally appeared Karl
        Miller,
        personally known to me or proved to me on the basis of satisfactory evidence
        to
        be the individual(s) whose name(s) is (are) subscribed to the within instrument
        and acknowledged to me that he/she/they executed the same in his/her/their
        capacity (ies), and that by his/her/their signature (s) on the instrument,
        the
        individual (s), or the person upon behalf of which the individual (s) acted,
        executed the instrument.

       

      
        
          	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                  
Notary
                  Public

        
          
            
            

          

          
            Lease
              Page
              26

            
              

            

          

          
            
            

          

        

      

      As
        to the provisions of Article “48” only:

      

      STATE
        OF NORTH CAROLINA,

      COUNTY
        OF      

      

      On
        the________ day
        of
        January in the year 2006 before me, the undersigned, a Notary Public in and
        of
        said State, personally appeared Karl
        Miller,
        personally known to me or proved to me on the basis of satisfactory evidence
        to
        be the individual(s) whose name(s) is (are) subscribed to the within instrument
        and acknowledged to me that he/she/they executed the same in his/her/their
        capacity (ies), and that by his/her/their signature (s) on the instrument,
        the
        individual (s), or the person upon behalf of which the individual (s) acted,
        executed the instrument.

       

      
        
          	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                  
Notary
                  Public

        

         

        
          
            
            

          

          
            Lease
              Page
              27

            
              

            

          

          
            
            

          

           

        

      

    

    IMPORTANT
      - PLEASE READ

    

    RULES
      AND REGULATIONS ATTACHED TO AND FORMING A PART OF THIS LEASE IN
      ACCORD WITH
      ARTICLE "33" HEREOF.

    

    1. The
      sidewalks, entrances, driveways, passages, courts, elevators, vestibules,
      stairways, corridors or halls of the building shall not be obstructed or
      encumbered by any tenant or used for any purpose other than for ingress or
      egress from the demised premises and for delivery of merchandise and equipment
      in a prompt and efficient manner using elevators and passageways designated
      for
      such delivery by Owner. There shall not be used in any space or in the public
      hall of the Building, either by any tenant or by jobbers or others in the
      delivery or receipt of merchandise, any hand trucks, except those equipped
      with
      rubber tires and side guards. If said premises are situated on the ground floor
      of the Building, Tenant thereof shall further, at Tenant's expense, keep the
      sidewalk and curb in front of said premises clean and free from ice, snow,
      dirt
      and rubbish.

    

    2. The
      water
      and wash closets and plumbing fixtures shall not be used for any purposes other
      than those for which they were designed or constructed and no sweepings,
      rubbish, rags, acids or other substances shall be deposited therein, and the
      expense of any breakage, stoppage, or damage resulting from the violation of
      this rule shall be borne by the Tenant who, or whose clerks, agents, employees
      or visitors, shall have caused it.

    

    3. No
      carpet, rug or other article shall be hung or shaken out of any window of the
      Building; and no tenant shall sweep or throw or permit to be swept or thrown
      from the demised premises any dirt or other substances into any of the corridors
      or halls, elevators, or out of the doors or windows or stairways of the Building
      and Tenant shall not use, keep or permit to be used or kept any foul or noxious
      gas or substance in the demised premises, or permit or suffer the demised
      premises to be occupied or used in a manner offensive or objectionable to Owner
      or other occupants of the Building by reason of noise, odors, and/or vibrations,
      or interfere in any way with other tenants or those having business therein,
      nor
      shall any animals or birds be kept in or about the Building. Smoking or carrying
      lighted cigars or cigarettes in the Building is prohibited.

    

    4. No
      awnings or other projections shall be attached to the outside walls of the
      Building without the prior written consent of Owner.

    

    5. No
      sign,
      advertisement, notice or other lettering shall be exhibited, inscribed, painted
      or affixed by any tenant on any part of the outside of the demised premises
      or
      the Building or on the inside of the demised premises if the same is visible
      from the outside of the demised premises without the prior written consent
      of
      Owner, except that the name of Tenant may appear on the entrance door of the
      demised premises. In the event of the violation of any of the foregoing by
      any
      tenant, Owner may remove same without any liability, and may charge the expense
      incurred by such removal to the tenant or tenants violating this rule. Interior
      signs on doors and directory tablet shall be inscribed, painted or affixed
      for
      each tenant by Owner at the expense of such tenant, and shall be of a size,
      color and style acceptable to Owner.

    

    6. No
      tenant
      shall mark, paint, drill into, or in any way deface any part of the demised
      premises or the Building. No boring, cutting or stringing of wires shall be
      permitted, except with the prior written consent of Owner, and as Owner may
      direct. No tenant shall lay linoleum, or other similar floor covering, so that
      the same shall come in direct contact with the floor of the demised premises,
      and, if linoleum or other similar floor covering is desired to be used an
      interlining of builder's deadening felt shall be first affixed to the floor,
      by
      a paste or other material, soluble in water, the use of cement or other similar
      adhesive material being expressly prohibited.

    

    7. No
      additional locks or bolts of any kind shall be placed upon any of the doors
      or
      windows by any tenant, nor shall any changes be made in existing locks or
      mechanism thereof. Each tenant must, upon the termination of its tenancy,
      restore to Owner all keys of stores, offices, and toilet rooms, either furnished
      to, or otherwise procured by, such Tenant, and in the event of the loss of
      any
      keys, so furnished, such Tenant shall pay to Owner the cost
      thereof.

    

    
      
        
        

      

      
        Lease
          Page
          28

        
          

        

      

      
        
        

      

    

     

    8. Freight,
      furniture, business equipment, merchandise and bulky matter of any description
      shall be delivered to and removed from the demised premises only on the freight
      elevators and through the service entrances and corridors, and only during
      hours
      and in a manner approved by Owner. Owner reserves the right to inspect all
      freight to be brought into or out of the Building and to exclude from the
      Building all freight which violates any of these Rules and Regulations or the
      Lease of which these Rules and Regulations are a part.

    

    9. Canvassing,
      soliciting and peddling in the Building is prohibited and each Tenant shall
      cooperate to prevent the same.

    

    10. Owner
      reserves the right to exclude from the Building between the hours of 6:00 P.M.
      and 8:00 A.M. and at all hours on Sundays, and legal holidays all persons who
      do
      not present a pass to the Building signed by Owner. Owner will furnish passes
      to
      persons for whom any tenant requests same in writing. Each tenant shall be
      responsible for all persons for whom it requests such pass and shall be liable
      to Owner for all acts of such persons.

    

    11. Owner
      shall have the right to prohibit any advertising by any tenant which in Owner's
      opinion, tends to impair the reputation of the Building or its desirability
      as a
      building for offices, and upon written notice from Owner, Tenant shall refrain
      from or discontinue such advertising.

    

    12. Tenant
      shall not bring or permit to be brought or kept in or on the demised premises
      any inflammable, combustible or explosive fluid, material, chemical or
      substance, or cause or permit any odors of cooking or other processes, or any
      unusual or other objectionable odors to permeate in or emanate from the demised
      premises.

    

    13. If
      the
      Building contains central air conditioning and ventilation, Tenant agrees to
      keep all windows closed at all times and to abide by all rules and regulations
      issued by Owner with respect to such services. If Tenant requires air
      conditioning or ventilation after the usual hours, Tenant shall give notice
      in
      writing to the Building superintendent prior to 3:00 P.M. in the case of
      services required on weekdays, and prior to 3:00 P.M. on the business day prior
      in the case of after hours service required on weekends or on
      holidays.

    

    14. Tenant
      or
      Tenant's agent(s) shall not move any safe, heavy machinery, heavy equipment,
      bulky matter, or fixtures into or out of the Building without Owner's prior
      written consent. If such safe, machinery, equipment, bulky matter or fixtures
      requires special handling, all work in connection therewith shall comply with
      the Administrative Code of the City of New York and all other laws and
      regulations applicable thereto and shall be done during such hours as Owner
      may
      designate.

     

    
      
        
        

      

      
        Lease
          Page
          29

        
          

        

      

      
        
        

      

    

    EXHIBIT
      “A”

    

    Owner
      and
      Tenant hereby agree as follows:

    

    1. Owner
      shall perform all of the following work (collectively, the “Owner’s Work”) at
      Owner’s sole cost and expense. Owner's Work shall be:

    

    a) 
      Installation of carpet throughout the Demised Premises in Tenant’s choice of
      color and style to be chosen from samples provided by Owner. The allowance
      for
      carpet shall be $20.00 per square yard. Any upgrades in the carpet shall be
      at
      Tenant’s sole cost and expense.

    

    b) Patching,
      preparation and painting of walls, doors, trim and using Benjamin Moore or
      similar quality paint in Tenant’s choice of building standard color to be chosen
      from samples provided by Owner.

    

    c) Removal
      of extraneous cabling/wiring and stove from the Demised Premises.

    

    d) Demolition
      of wall.

    

    
      
        
        

      

      Lease
        Page
        30Exhibit
      10.1

     

    CONFIDENTIAL
      TREATMENT REQUESTED. Confidential portions of this document have been redacted
      and have been separately filed with the Commission.

    
 

    LICENSE
      AGREEMENT

    

    

    This
      Agreement made and entered into as of the 29th
      day of
      September 2006 (the “Effective
      Date”)
      by and
      between Kyowa
      Hakko Kogyo Co., Ltd.,
      a
      Japanese corporation having its principal office at 1-6-1 Ohtemachi, Chiyoda-ku,
      Tokyo, 100-8185, Japan (hereinafter referred to as “KYOWA”)
      and
KERYX
      Biopharmaceuticals, Inc.,
      a
      Delaware corporation having its principal office at 750 Lexington Avenue,
      20th
      Floor,
      New York, New York 10022, the United States of America (hereinafter referred
      to
      as “KERYX”).
      KYOWA
      and KERYX may be individually referred to as a “Party”
      or
      collectively referred to as “Parties”.

    

    

    WITNESSETH

    

    

    WHEREAS,
      KYOWA
      has developed the Compound, and acquired certain intellectual property rights
      relating to such Compound;

    

    WHEREAS,
      KYOWA
      has entered into a clinical trials agreement with the National Cancer Institute
      under which development of the Compound has been conducted;

    

    WHEREAS,
      KERYX
      wishes to obtain a right and license from KYOWA to such intellectual property
      rights in the Field and the KERYX Territory; 

    

    WHEREAS,
      KYOWA
      is
      willing to grant such right and license to KERYX, and KERYX is willing to accept
      such right and license;

    

    NOW,
      THEREFORE,
      the
      Parties agree as follows:

    
 

    SECTION
      1. DEFINITIONS

    

    In
      this
      Agreement the following terms shall have the following meanings:

     

    
      
        
          	1.1.	
                  “Affiliates”
                    shall mean, with respect to either Party, any business entity
                    which
                    controls, is controlled by, or is under common control with such
                    Party. A
                    corporation or non-corporate business entity shall be regarded
                    as in
                    control of another corporation if it owns or directly or indirectly
                    controls more than fifty percent (50%) of the voting stock of
                    the other
                    corporation.

                

        

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              1.2.

            	
              “Annual
                Payment” shall
                have the meaning set forth in Section
                8.6.

            

    

    
      	
              1.3.

            	
              “Approval”
                shall mean the technical, medical and scientific license, registrations,
                authorizations and approvals of any national, supra-national, regional,
                state or local regulatory agency, necessary for the development,
                testing,
                commercial manufacture, distribution, marketing, promotion, offer
                for
                sale, use, import, export and sale of a
                Product.

            

    

    
      	
              1.4.

            	
              “Authority”
                shall mean a governmental authority having jurisdiction over import,
                export, development, manufacture, marketing or sales of pharmaceutical
                products, not limited to the FDA.

            

    

    
      	
              1.5.

            	
              “Business
                Day”
                shall mean a day other than a Saturday, Sunday, national or bank
                holiday
                in Japan or the United States of
                America.

            

    

    
      	
              1.6.

            	
              “Combination
                Product” shall
                mean any pharmaceutical product in finished form which contains the
                Compound and one or more active pharmaceutical ingredients other
                than the
                Compound, which is used in the Field.

            

    

    
      	
              1.7.

            	
              “Combination
                Therapy”
                shall mean the use of Compound as an active pharmaceutical ingredient
                in
                the Product, which is used with other pharmaceutical products in
                the
                Field.

            

    

    
      	
              1.8.

            	
              “Compound”
                shall
                mean KW-2401 (UCN-01), the chemical structure of which is specified
                in
                Exhibit 1 hereof. 

            

    

    
      	
              1.9.

            	
              “Control”,
                or
                “Controlled”
                means, with respect to a particular information or intellectual property
                right, (i) that the Party owns and has the ability to grant to the
                other
                Party the licenses to such item provided for herein, without violating
                the
                terms of any agreement or other arrangement with any Third Party,
                and/or
                (ii) that the Party has a license to such item and has the ability
                to
                grant to the other Party the licensees to such item provided for
                herein,
                without violating the terms of any agreement or other arrangement
                with any
                Third Party.

            

    

    
      	
              1.10.

            	
              “Data”
                shall
                mean and include all data relating to the Compound and the Product,
                and
                all chemistry, manufacturing and control data relating to the development
                and manufacture of the Compound and the Product, results of pre-clinical
                and clinical studies and all other documentation containing or embodying
                any pre-clinical, clinical and chemistry and manufacturing and control
                data relating to any application for any Approval for a Product.
                

            

    

    
      	
              1.11.

            	
              “Development
                Plan”
                shall mean a written plan to be prepared by KERYX for all activities
                that
                are reasonably required to obtain MAA and/or NDA for the Product
                in the
                KERYX Territory. The Development Plan as of the Effective Date is
                attached
                hereto as Exhibit 5.

            

    

    
      	
              1.12.

            	
              “EMEA”
                shall
                mean the European Agency for the Evaluation of Medicinal Products
                in the
                European Union.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              1.13.

            	
              “Expiration”
                of
                a patent shall mean the expiration, abandonment or cancellation of
                all of
                the claims of the patent which are being practiced, or, the declaration
                of
                invalidity or non-enforceability of all the claims of the patent
                being
                practiced by a court or other governmental authority of competent
                jurisdiction (including final rejection in re-examination or re-issue
                proceedings) for which the period to file an appeal has expired,
                and from
                which no further appeal has been taken during the applicable appeal
                period
                or is not allowed to be taken against such
                declaration.

            

    

    
      	
              1.14.

            	
              “FDA”
                shall mean the Food and Drug Administration of the United States
                Department of Health and Human
                Services.

            

    

    
      	
              1.15.

            	
              “Field”
                shall mean the treatment and prevention of any diseases in human
                beings.
                

            

    

    
      	
              1.16.

            	
              “Gross
                Sales”
                of
                the Product made by KERYX or the Sublicensees shall mean the aggregate
                total amount of the invoice prices charged for such Product in Product
                sales, computed in respect of invoice applicable to the transfer
                between
                parties constituting an arm’s-length sales transaction. Sales, transfer or
                other disposition of the Product among KERYX, the Sublicensees and
                their
                respective Affiliates shall not be considered at-arm’s-length.
                

            

    

    
      	
              1.17.

            	
              “Improvement”
                shall mean any invention and/or Know-How made or developed after
                the
                Effective Date, whether patentable or not, that improves any
                characteristics or use of the Compound and/or the Product, including
                but
                not be limited to, the use of the Compound in Combination Product
                or in
                Combination Therapy, or any new Indications of the
                Product.

            

    

    
      	
              1.18.

            	
              “Indication”
                shall mean a recognized disease or condition, sign or symptom of
                a disease
                or condition, or symptom associated with the disease and symptom
                for which
                use of a Product is indicated. For purposes of this Agreement and
                the
                payment of milestones, all cancer disease, conditions or symptoms
                shall
                collectively qualify as one
                indication.

            

    

    
      	
              1.19.

            	
              “KERYX
                Data”
                shall mean any Data Controlled by KERYX, which has been developed
                or
                acquired by KERYX or the Sublicensees during the Term. KERYX Data
                shall
                include, but not be limited to, the Data regarding KERYX Improvements.
                

            

    

    
      	
              1.20.

            	
              “KERYX
                Improvements”
                shall mean any Improvements Controlled by KERYX, which have been
                developed
                by or otherwise brought under the Control of KERYX or the Sublicensees
                during the Term. 

            

    

    
      	
              1.21.

            	
              “KERYX
                Territory”
                shall mean any and all countries of the world other than the KYOWA
                Territory.

            

    

    
      	
              1.22.

            	
              “Know-How”
                shall mean any technical and other information, whether patentable
                or not,
                including without limitation technology, experience, formulae, concepts,
                discoveries, trade secrets, inventions, modifications, improvements,
                data,
                results, designs, formulae, ideas, analyses, methods, techniques,
                assays,
                research plans, procedures, tests, processes (including manufacturing
                processes, specifications and techniques), laboratory records, chemical,
                pharmacological, toxicological, clinical, analytical and quality
                control
                data, reports, summaries, and information contained in submissions
                to, and
                information from, regulatory authorities which are not generally
                known.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              1.23.

            	
              “KYOWA
                Data”
                shall mean any Data in the Field which has been developed or acquired
                by
                KYOWA and under KYOWA’s Control as of the Effective Date or which has been
                developed by or brought under the Control of KYOWA during the Term.
                KYOWA
                Data shall include, but not limited to, any documents filed with
                regulatory agencies and the Data regarding KYOWA Improvements. For
                clarity, KYOWA Data shall not include the NCI
                Data.

            

    

    
      	
              1.24.

            	
              “KYOWA
                Improvements”
                shall mean any Improvements in the Field Controlled by KYOWA, which
                have
                been developed by or otherwise brought under the Control of KYOWA
                during
                the Term. For clarity, KYOWA Improvements shall not include the NCI
                Data.
                

            

    

    
      	
              1.25.

            	
              “KYOWA
                Know-How”
                shall mean any Know-How relating to the Compound in the Field Controlled
                by KYOWA and KYOWA Data which has been developed or acquired by KYOWA
                as
                of the Effective Date. 

            

    

    
      	
              1.26.

            	
              “KYOWA
                Patent Rights A”
                shall mean the Patent Rights in the Field owned or Controlled by
                KYOWA as
                of the Effective Date relating to the Compound as listed in Exhibit
                2, and
                any additional Patent Rights in the Field to which KYOWA acquires
                rights
                during the Term , which pertain in any way to the Compound or the
                Product.
                Exhibit 2 shall be updated from time to time by KYOWA.
                

            

    

    
      	
              1.27.

            	
              “KYOWA
                Patent Rights B”
                shall mean the Patent Rights in the Field owned or Controlled by
                KYOWA as
                of the Effective Date as listed in Exhibit 3, and any additional
                Patent
                Rights in the Field to which KYOWA acquires rights during the Term,
                which
                pertain in any way to the subject matter claimed or disclosed in
                the
                Patent Rights listed in Exhibit 3. Exhibit 3 shall be updated from
                time to
                time by KYOWA.

            

    

    
      	
              1.28.

            	
              “KYOWA
                Patent Rights”
                shall mean any Patent Rights of KYOWA Patent Rights A and KYOWA Patent
                Rights B. 

            

    

    
      	
              1.29.

            	
              “KYOWA
                Territory” shall
                mean Japan.

            

    

    
      	
              1.30.

            	
              “Launch
                Date” shall
                mean the date set forth in Section
                8.4.

            

    

    
      	
              1.31.

            	
              “Lonza”
                shall
                mean Lonza Ltd. headquartered at Basel,
                Switzerland.

            

    

    
      	
              1.32.

            	
              “MAA”
                shall mean the Market Authorization Application to be filed with
                the
                EMEA.

            

    

    
      	
              1.33.

            	
              “Major
                Countries” shall
                mean the United Kingdom, Germany, France, Italy, Spain and
                Switzerland.

            

    

    
      	
              1.34.

            	
              “NCI”
                shall mean National Cancer
                Institute.

            

    

    
      	
              1.35.

            	
              “NCI
                Agreement”
                shall mean the Clinical Trials Agreement executed between KYOWA and
                NCI on
                September 24, 1999 including its amendments
                thereafter.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              1.36.

            	
              “NCI
                Data”
                shall mean the Data which has been developed or acquired by NCI under
                NCI
                Agreement.

            

    

    
      	
              1.37.

            	
              “NDA”
                shall mean the new drug application to be filed with the
                FDA.

            

    

    
      	
              1.38.

            	
              “Net
                Sales” shall
                mean the Gross Sales of the Product made by KERYX or the Sublicensees,
                less the following deductible items to the extent that they are documented
                on the applicable invoice or other related document and have in fact
                been
                paid or credited in relation to sales of such
                Product:

            

    

    
      	 	
              1.

            	
              the
                cost of transportation and
                insurance;

            

    

    
      	 	
              2.

            	
              the
                cost of rebates, and allowances 

            

    

    
      	 	
              3.

            	
              the
                sum of trade, quantity and cash
                discounts;

            

    

    
      	 	
              4.

            	
              the
                cost of refunds as cash, credit or free goods supplied due to price
                reduction, including retroactive price reduction, or billing
                errors;

            

    

    
      	 	
              5.

            	
              the
                cost of refunds as cash, credit or free goods supplied in compensation
                for
                the Product damaged, rejected, returned or recalled;
                

            

    

    
      	 	
              6.

            	
              the
                sum of taxes, tariffs, customs duties and other governmental charges
                including mandated credits, refunds and rebates paid with respect
                to such
                sales, however, excluding income or franchise taxes of any kind;
                and

            

    

    
      	 	
              7.

            	
              all
                other reasonable and customary allowances and adjustments actually
                credited to customers.

            

    

    The
      Net
      Sales shall be calculated according to the generally accepted accounting
      principles consistently applied in the United States of America. In the case
      the
      Product is a Combination Product, the Net Sales of the Combination Product
      shall
      be the Gross Sales thereof (after the above deductible items) multiplied by
      the
      fraction which the Parties determine by mutual written agreement, estimating
      each relative contribution in value that the Compound and other active
      pharmaceutical ingredients contained in such Combination Product would make
      to
      the total value of such Combination Product, as well as, the cost of
      development, the cost of goods and other relevant information with respect
      to
      such Combination Product, provided that such fraction should not go below one
      half (0.5).

    The
      sale
      of a Product between KERYX and any of its Sublicensees solely for the research
      and testing of such Product shall be excluded from the computation of Net
      Sales.

    
      	
              1.39.

            	
              “Patent
                Rights”
                shall mean all issued patents and patent applications, certificates
                of
                invention, or applications for certificates of invention, together
                with
                any extensions, registrations, provisionals, divisionals, continuations,
                continuations-in-part (to the extent the claims in such
                continuation-in-part application are directed to subject matter
                specifically described in such prior patent application), and patents
                issuing therefrom, reissues, divisions, continuations, or
                continuations-in-part, reexaminations, substitutions, renewals,
                restorations, additions, registrations, as well as extensions and
                supplementary protection certificates based thereon, and any government
                Approvals or authorizations relating
                thereto.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              1.40.

            	
              “Product”
                shall
                mean any pharmaceutical product in finished form which contains the
                Compound as an active pharmaceutical ingredient. For avoidance of
                doubt,
                the Combination Product is a
                Product.

            

    

    
      	1.41.	
              “Royalty”
                or“Royalties”
                shall mean the royalties set forth in Sections 8.3, 8.4 and
                8.5.

            

    

    
      	1.42.	
              “SPC”
                shall mean the supplementary protection certificates in Europe and
                any
                similar rights elsewhere in the
                world.

            

    

    
      	1.43.	
              “Strain”
                shall mean the strain which produces the starting material (staurosporine)
                for the Compound. The identification of the strain and the quantity
                to be
                transferred is set forth in Exhibit
                4.

            

    

    
      	1.44.	
              “Sublicensee”
                shall mean any Third Party to which KERYX grants a sublicense under
                the
                KYOWA Patent Rights and the KYOWA Know-How according to Section
                4.

            

    

    
      	1.45.	
              “Term”
                shall
                mean the term set forth in Section
                27.1.

            

    

    
      	1.46.	
              “Third
                Party” shall
                mean any entity other than KYOWA, KERYX and their respective Affiliates.
                .

            

    

    

    SECTION
      2.
      INTERPRETATION

    

    In
      this
      Agreement:

    
      	2.1.	
              Headings
                and titles are inserted for convenience only and shall not affect
                the
                interpretation hereof; 

            

    

    
      	2.2.	
              Unless
                the context requires otherwise, neither singular nor plural of a
                word
                shall not affect the interpretation
                hereof;

            

    

    

    SECTION
      3.
      LICENSE

    

    
      	3.1.	
              KYOWA
                hereby grants to KERYX an exclusive right and license, with the right
                to
                sublicense, under the KYOWA Patent Rights
                A
                and KYOWA Patent Rights B (subject to Sections 8.6 and 27.3) and
                the KYOWA
                Know-How to make, have made, use, have used, sell, offer for sale,
                have
                sold and distribute the Product in the KERYX Territory within the
                Field.
                

            

    

    
      	3.2.	
              KYOWA
                hereby grants to KERYX an exclusive right and license, with the right
                to
                sublicense, under the KYOWA Patent Rights A and KYOWA Patent Rights
                B
                (subject to Sections 8.6 and 27.3) and the KYOWA Know-How to make
                and have
                made, use and have used the Compound in the KERYX Territory within
                the
                Field. 

            

    

    
      	3.3.	
              KYOWA
                hereby grants to KERYX an exclusive right and license, with the right
                to
                sublicense, under the KYOWA Improvements to make, have made, use,
                have
                used, sell, have sold, offer for sale and distribute the Product
                in the
                KERYX Territory within the Field.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	3.4.	
              KYOWA
                hereby grants to KERYX an exclusive right and license, with the right
                to
                sublicense, under the KYOWA Improvements to make and have made, use
                and
                have used the Compound in the KERYX Territory within the Field.
                

            

    

    
      	3.5.	
              KYOWA
                hereby grants to KERYX a non-exclusive right and license, with the
                right
                to sublicense in the KERYX Territory to use, have used the Strain
                in order
                to make, or have made the Compound within the
                Field.

            

    

    
      	3.6.	
              Notwithstanding
                the above Sections 3.1 to 3.5, KYOWA reserves the right to make and
                have
                made the Compound and/or the Product in the KERYX Territory for the
                sole
                purpose of developing and marketing the Product in the KYOWA
                Territory.

            

    

    
      	3.7	
              Except
                as otherwise expressly provided in this Agreement, KYOWA hereby grants
                to
                KERYX the right to file with the appropriate Authorities all applications
                and other materials needed to obtain the Approvals necessary to implement
                this Agreement and protect the respective rights of the Parties,
                and KYOWA
                shall provide KERYX with reasonable assistance in such
                filings.

            

    

    

    SECTION
      4.
      DILIGENCE

    

    
      	4.1	
              KERYX
                shall make and shall have Sublicensees make commercially reasonable
                efforts to develop, to manufacture, to market, and to sell the Product
                within the KERYX Territory. When KERYX makes any changes to the
                Development Plan, KERYX shall notify KYOWA and update Exhibit 5
                accordingly. By the end of the month immediately following the month
                of
                the yearly anniversary of the Effective Date, KERYX shall provide
                KYOWA
                with a written report outlining such efforts made by KERYX and the
                Sublicensees during the previous one (1) year period between anniversaries
                of the Effective Date.

            

    

    
      	4.2	
              KERYX
                shall immediately notify KYOWA in writing upon commencement of each
                phase
                in clinical studies conducted by KERYX or, if applicable, by Sublicensees.
                KERYX shall provide any relevant documents, upon request from
                KYOWA.

            

    

    
      	4.3	
              Within
                ten (10) Business Days after KERYX or the Sublicensee is officially
                notified by the Authority that the Approval for sales of the Product
                in
                the KERYX Territory is granted by such Authority, KERYX shall notify
                or
                have such Sublicensee notify KYOWA in writing, and shall send or
                have such
                Sublicensee send to KYOWA a copy of (1) the certificates for such
                grant
                and (2) any related documentation.

            

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    SECTION
      5.
      SUBLICENSE

    

    KERYX
      shall have the right to grant a sublicense under the license granted hereunder,
      provided:

    
      	5.1.	
              that
                KERYX shall obtain KYOWA’s prior written approval, which shall not be
                unreasonably withheld;

            

    

    
      	5.2.	
              that,
                KERYX shall notify KYOWA in writing of (a) the identity of such intended
                Sublicensee and (b) the key terms and conditions of such intended
                sublicense;

            

    

    
      	5.3.	
              that,
                KERYX shall not substantially change the key terms and conditions
                of the
                sublicense without prior written consent of KYOWA, which shall not
                be
                unreasonably withheld;

            

    

    
      	5.4.	
              that,
                the Sublicensee shall not grant a further sublicense hereunder without
                KYOWA’s prior written consent, provided that KYOWA shall not unreasonably
                withhold such consent.

            

    

    
      	5.5.	
              that
                KERYX shall be responsible for the Sublicensee’s compliance with all the
                obligations under this Agreement which apply to such
                Sublicensee;

            

    

    
      	5.6.	
              that,
                KERYX shall defend and indemnify KYOWA with respect to any claims
                arising
                out of KERYX’s acts or failure to act relating to such sublicense;
                

            

    

    
      	5.7.	
              that
                such sublicense shall be subject to termination upon expiration or
                early
                termination of this Agreement for any cause;
                and

            

    

    
      	5.8.	
              that
                the Royalties shall be payable to KYOWA from KERYX with respect to
                the Net
                Sales by any Sublicensee, regardless of whether or not the Sublicensee
                has
                actually paid any royalties due to KERYX.

            

    

    

    SECTION
      6.
      DATA TRANSFER AND ASSISTANCE

    

    
      	6.1.	
              KYOWA
                shall provide KERYX with KYOWA Data and KYOWA Know-How reasonably
                required
                for production, development and regulatory approval of the Product
                in the
                field of the treatment and prevention of cancer (“Cancer-field”), at
                KYOWA’s reasonable judgment, within one (1) month of the Effective Date.
                KYOWA shall continue providing any KYOWA Data in the Cancer-field
                during
                the Term. KYOWA shall also provide KERYX with KYOWA Data in the field
                other than Cancer-field, if any, when KYOWA completes the preparation
                for
                clinical studies, at the latest, Provided however, KYOWA has no
                obligations to acquire any new KYOWA Data. KERYX agrees that any
                KYOWA
                Data shall be held in confidence pursuant to Section 15
                below.

            

    

    
      	6.2.	
              KYOWA
                Data shall be transferred on “as is” basis. Notwithstanding the foregoing,
                in the event that KERYX requests KYOWA to translate KYOWA Data from
                Japanese to English, and KYOWA accepts such request, such KYOWA Data
                may
                be transferred to KERYX from KYOWA in English after a reasonable
                period
                for such translation. KERYX shall bear the costs and expenses of
                such
                translation. 

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	6.3.	
              The
                ownership of KYOWA Data transferred to KERYX from KYOWA hereunder
                shall
                remain with KYOWA. KERYX may utilize such KYOWA Data only for exercise
                of
                the rights granted to KERYX by KYOWA hereunder and for no other
                Purpose.

            

    

    
      	6.4	
              Within
                three (3) months from the Effective Date, at a time mutually agreed
                by the
                Parties, KYOWA will host a technical review meeting (up to two days)
                in
                Tokyo to provide KERYX an opportunity to discuss and ask questions
                about
                the KYOWA Data and KYOWA Know-How with knowledgeable KYOWA staff
                to ensure
                no misunderstanding or confusion exists. To facilitate the meeting
                KERYX
                will provide to KYOWA, at least two (2) weeks in advance of the meeting,
                a
                written summary of questions or areas to be discussed. Each Party
                shall
                bear their own expenses for the
                meeting.

            

    

    
      	6.5.	
              During
                the first two (2) years from the Effective Date, KYOWA will answer
                by
                letter, facsimile or email to the questions which KERYX may have
                regarding
                the KYOWA Data. KERYX shall notify KYOWA in writing as to whom KERYX
                designates among its employees, officers and directors as its contact
                person for such assistance. 

            

    

    

    SECTION
      7. STRAIN TRANSFER, TECHNICAL ASSISTANCE AND MANUFACTURE 

    

    
      	7.1.	
              KYOWA
                shall provide KERYX with technical information concerning the cultivation
                of the Strain and instruction for maintenance of Strain purity and
                potency
                (“Strain Information”) within one (1) month of the Effective
                Date.

            

    

    KYOWA
      shall provide KERYX or a contract manufacturer designated by KERYX with the
      Strain within thirty (30) days after specific site is instructed to KYOWA by
      KERYX. Such thirty (30)-day period shall exclude the period of time required
      to
      obtain permission from the Authorities for the transfer of the Strain, if
      necessary. Upon request of KERYX, KYOWA may arrange culture media for the Strain
      as set forth in Exhibit 4 for KERYX at KERYX’s cost.

    The
      Parties acknowledge that the Strain and the Strain Information are a part of
      KYOWA Know-How.

    KERYX
      shall be responsible for maintaining the cell bank of the Strain. In the case
      KERYX requests additional supply of the Strain, KYOWA may charge reasonable
      costs for such supply.

    
      	7.2.	
              During
                the two (2) year period immediately following the Effective Date,
                KYOWA
                shall, at KERYX’s written request and KYOWA’s reasonable consent as to
                timing, duration and the number of employees, KYOWA shall send its
                employees to KERYX’s designated premises during KERYX’s normal business
                hours, to instruct KERYX’s employees, officers or directors for
                cultivation of the Strain and manufacture of the Compound on
                non-commercial scale. 

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

      *****Confidential
        material redacted and filed separately with the Commission.

    

     

    The
      total
      working man-hours shall not exceed two hundred (200) working man-hours. At
      one
      premise, the working man-hours per day per person shall be at least eight (8)
      hours. 

    The
      rate
      of man-hour is ***** per working man-hour. No charge shall be payable for *****
      (other than out-of-pocket disbursements). Travel time shall not be considered
      the time for such technical assistance. 

    KERYX
      shall bear KYOWA’s out-of-pocket costs and disbursements including translation
      costs for relevant documents incurred in connection with the technical
      assistance, including hotel accommodation and business class air transportation.
      

    KERYX
      shall make payment for these items specified in this Section 7.2 in US Dollars
      within two (2) months of KERYX’s receipt of KYOWA’s invoice
      therefor.

    
      	7.3.	
              KYOWA
                shall make reasonable efforts to provide the technical assistance
                to make
                the information understood by KERYX, provided however, KYOWA shall
                not
                guarantee the manufacture of the Compound by KERYX or its designated
                contract manufacturer. KERYX shall be solely responsible for manufacture
                of the Compound, and KYOWA will not supply any Compound to KERYX
                for the
                purposes of conducting clinical trials. KYOWA will supply to KERYX
                reasonable quantity of Compound for the purposes of demonstration
                of
                regulatory equivalency or as analytical standard. KYOWA will charge
                KERYX
                for such Compound at *****.

            

    

     

     

    SECTION
      8. CONSIDERATIONS

    

    
      	8.1.	
              (Initial
                Payment) 

            

    

    KERYX
      shall pay to KYOWA a non-refundable, one-time payment of Six Hundred Thousand
      US
      Dollars (US$600,000) within fifteen (15) days of the Effective
      Date.

    
      	8.2.	
              (Milestone
                Payment) 

            

    

    In
      consideration for the rights and license granted to KERYX by KYOWA with respect
      to KYOWA Patent Rights A and related KYOWA Know-How pursuant to Section 3,
      KERYX
      shall pay to KYOWA the following non-refundable, one-time milestone
      payments:

    1.
      *****
      within twenty-four (24) months of the Effective Date;

    2.
      For
      the first Indication:

    (i)
      *****
      within ninety (90) days of KERYX’s or its Sublicensee’s initiation of the Phase
      III clinical trial for the Product;

    (ii)
      ***** within ninety (90) days of the earlier to occur of the following: (a)
      KERYX’s or its Sublicensee’s filing of NDA for the Product in the USA, or
      (b)KERYX’s or its Sublicensee’s filing of MAA for the Product in the EU.

    (iii)
      ***** within ninety (90) days from the day KERYX or its Sublicensee obtains
      the
      first marketing Approval from FDA for the Product;

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
           

        

      

    

    

      *****Confidential
        material redacted and filed separately with the Commission.

    

     

    (iv)
      ***** within ninety (90) days from the day KERYX or its Sublicensee obtains
      the
      first marketing Approval for the Product in a first country of the Major
      Countries. 

    3.
      For
      the second Indication:

    (i)
      *****
      within ninety (90) days of KERYX’s or its Sublicensee’s initiation of the Phase
      I clinical trial for the Product;

    (ii)
      ***** within ninety (90) days of KERYX’s or its Sublicensee’s initiation of the
      Phase III clinical trial for the Product;

    (iii)
      ***** within ninety (90) days of the earlier to occur of the following: (a)
      KERYX’s or its Sublicensee’s filing of NDA for the Product in the USA, or
      (b)KERYX’s or its Sublicensee’s filing of MAA for the Product in the EU.

    (iv)
      ***** within ninety (90) days from the day KERYX or its Sublicensee obtains
      the
      first marketing Approval from FDA for the Product;

    (v)
      *****
      within ninety (90) days from the day KERYX or its Sublicensee obtains the first
      marketing Approval for the Product in a first country of the Major
      Countries.

    
      
        
          	8.3	
                  (Royalty
                    Payment)

                

        

      

    

    
      
        In
          consideration for the rights and license granted to KERYX by KYOWA with
          respect
          to KYOWA Patent Rights A and related KYOWA Know-How pursuant to Section
          3, KERYX
          shall pay to KYOWA a royalty fee of ***** the annual Net Sales in each
          country.

        
          	8.4 	
                  The payment set forth in
                    8.3 shall begin
                    from the first commercial sales of the Product in each country
                    (“Launch
                    Date”)
                    and continue with respect to each Product until the later to
                    occur of the
                    following: *****.

                

        

      

    

    
      	
              8.5

            	
              Upon
                occurrence of (a) or (b) set forth in Section 8.4, and for additional
                ***** from such date, KERYX shall pay to KYOWA a royalty fee of *****
                the
                annual Net Sales of the Product in such
                country.

            

    

    
      	8.6	
              (Annual
                Payment)

            

    

    KERYX
      shall pay to KYOWA a non-refundable, annual payment of ***** each year in
      consideration for the rights and license granted to KERYX by KYOWA pursuant
      to
      Section 3 with respect to KYOWA Patent Rights B and related KYOWA Know-How
      (“Annual
      Payment”).
      The
      first payment shall be made within fifteen (15) days of the Effective Date,
      and
      thereafter to be made within fifteen (15) days of each anniversary date of
      the
      Effective Date during the Term of this Agreement, unless earlier terminated
      in
      accordance with Section 27.3. 

    
      	8.7	
              (Mode
                of Payment) 

            

    

    All
      payments to KYOWA hereunder shall be made in US Dollars in the stated amount
      by
      wire transfer or such other mode agreed upon between the Parties. KERYX shall
      bear the transfer costs or other fees arising from such transaction. Each
      Royalty payment shall be accompanied by a report summarizing in reasonable
      detail the total Net Sales for each Product during the relevant calendar year
      and the calculation of Royalties, if any, due thereon. For purposes of computing
      Royalty payments for Net Sales made outside of the US, such Royalty shall be
      converted into US Dollars, by applying the rate of exchange quoted in the New
      York edition of The Wall Street Journal on the last Business Day of the
      applicable payment period, or such other conversion rate approved by KYOWA.
      

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

      *****Confidential
        material redacted and filed separately with the Commission.

    

     

    
      	8.8	
              (Records
                and Audit) 

            

    

    With
      respect to any Product for which Royalties are due pursuant to this Agreement,
      KERYX shall keep and shall have the Sublicensees keep, for five (5) years after
      the end of the calendar year when the Net Sales for Royalty occur, records
      of
      quantities, sales and deductions, in sufficient detail to confirm the accuracy
      of the Royalty calculations hereunder. During the Term and for three (3) years
      thereafter, upon written notice from KYOWA, KERYX shall permit either KYOWA
      representatives or an independent certified public accountant of
      nationally-recognized standing, appointed and paid by KYOWA, at reasonable
      times
      during normal business hours to enter KERYX’s offices or other facilities to
      examine these records solely to the extent necessary to verify such
      calculations. Such examination shall occur only once per year. Such KYOWA
      representatives or public accountant shall be permitted to make copies of such
      records only if a discrepancy is discovered and only to the extent necessary
      to
      explain and pursue the discrepancy. Such investigation shall be at the expense
      of KYOWA, unless it reveals a discrepancy in KERYX’s favor of more than *****,
      in which event KERYX shall pay all reasonable expenses related thereto.

    
      	8.9	
              (Tax
                Withholding)  

            

    

    The
      Parties shall use all reasonable and legal efforts to reduce tax withholding
      on
      payments made to KYOWA hereunder. The Parties shall cooperate in good faith
      to
      provide each other with such documents and certificates as are reasonably
      necessary so as to minimize any withholding tax obligations. KERYX shall provide
      to KYOWA documentation of the payment of any withholding taxes that cannot
      be
      avoided and have therefore been paid so that KYOWA can obtain credit.

    
      	8.10	
              (Blocked
                Payments)  

            

    

    In
      the
      event that, by reason of applicable law or regulations in any country, and
      KERYX
      or Sublicensees are unable to pay KYOWA Royalties or other payments shall be
      deposited in local currency in the relevant country to the credit of KYOWA
      in a
      recognized banking institution designated by KYOWA or, if none is designated
      by
      KYOWA within a period of thirty (30) days, the deposit to the credit of KYOWA
      shall be made in a recognized banking institution selected by KERYX or
      Sublicensees, as the case may be, and identified in a notice in writing given
      to
      KYOWA.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    SECTION
      9. PATENT PROSECUTION

    

    
      	9.1	
              KYOWA
                shall, at its own cost and discretion, use its commercially reasonable
                efforts to prosecute and to maintain the KYOWA Patent Rights, subject
                to
                Section 9.2. 

            

    

    
      	9.2	
              Concerning
                the patent application Publ.No. EP0850646A1 listed in the Exhibit
                2, KYOWA
                shall, at the request and expense of KERYX, take commercially reasonable
                steps required to prosecute and to maintain in certain countries
                in Europe
                selected by KERYX, other than the Major
                Countries.

            

    

    
      	9.3	
              KYOWA
                shall give notice to KERYX of the grant (allowance), registration
                (issuance), revocation, invalidation, opposition or abandonment of
                any
                KYOWA Patent Rights. In the event that KYOWA desires to discontinue
                maintenance or prosecution of the KYOWA Patent Rights A, KYOWA shall
                upon
                request and confirmation of KERYX’s willingness to pay transfer costs,
                assign such KYOWA Patent Rights A to KERYX at no consideration. Attorney’s
                fees and cost of the assignment of such rights, and the prosecution
                and
                maintenance shall thereafter be borne by KERYX. If requested, KYOWA
                shall
                reasonably assist KERYX in such maintenance and prosecution. KYOWA
                shall
                update any relevant exhibits hereto in writing to include any additional
                KYOWA Patent Rights.

            

    

    
      	9.4	
              In
                the event KYOWA is notified in writing by patent offices that any
                interference, revocation, opposition or similar proceedings are instituted
                against the Patent Rights by a Third Party, KYOWA shall immediately
                inform
                KERYX in writing. KYOWA shall retain the right to take any necessary
                actions in its own discretion and expense. Notwithstanding the above,
                in
                the event that KYOWA advises KERYX that KYOWA declines to defend
                or
                contest such challenge to the Patent Rights and KERYX in writing
                requests
                KYOWA, within ten (10) Business Days after being so informed, to
                undertake
                such defense or contest, the cost of such defense or contest ( “Defense
                Cost”) should be borne by KERYX. KERYX shall pay to KYOWA the Defense
                Cost
                within one (1) month after KERYX’s receipt of KYOWA’s invoice therefor. In
                such case, KYOWA shall not enter into any agreement that would impose
                any
                monetary or other responsibilities or liabilities on KERYX or limit
                or
                reduce KERYX’s rights hereunder without KERYX’s prior written consent
                thereto.

            

    

     

     

    SECTION
      10. PATENT INFRINGEMENT

    

    
      	10.1.	
              Either
                Party shall immediately notify the other Party in writing of any
                infringement or possible infringement on the KYOWA Patent Rights,
                by a
                Third Party, of which they become aware of, and shall simultaneously
                provide the other Party with relevant information. KYOWA is under
                no
                obligation to take any action against such infringement or to bear
                the
                cost of such prevention. KERYX may take legal action against such
                infringement in the KERYX Territory at KERYX’s expense, provided that
                KERYX shall notify KYOWA in writing of such intent in advance and
                regarding developments of the proceedings thereafter. KYOWA shall
                provide
                reasonable assistance to KERYX at KERYX’s written request and expense.
                Notwithstanding the foregoing, KYOWA shall retain the right to take
                any
                necessary actions in its own discretion and expense. Any damages
                or other
                compensation which KERYX may obtain from the Third Party as a result
                of
                such proceedings in the KERYX Territory shall be first allocated
                proportionally to reimbursement for the Parties respective costs
                if any,
                and the remainder shall inure to the benefit of KERYX.
                

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	10.2.	
              Either
                Party shall immediately notify the other Party in writing of any
                allegation that the Product may infringe any Third Party patents
                or patent
                applications in the KERYX Territory, of which they become aware of,
                and
                shall simultaneously provide the other Party with relevant information.
                Neither Party shall be obligated to defend the other Party or such
                Product
                against or to contest such allegation, nor shall either Party bear
                the
                cost of the other Party for such defense or contest. However, each
                Party
                may, at their own cost defend itself or such Product against such
                allegation. Either Party may settle such case, provided that such
                settlement shall not impose any monetary or other responsibilities
                or
                liabilities upon the other Party. 

            

    

    
 

    SECTION
      11. PATENT
      TERM EXTENSION

    

    KERYX
      agrees to apply for and to exercise due diligence in obtaining an extension
      of
      the term of any patent included in the KYOWA Patent Rights under the applicable
      laws of any country where such extensions are available, including but not
      limited to, the Drug Price Competition and Patent Term Restoration Act in the
      United States. KYOWA agrees to execute such documents and take such additional
      actions as KERYX reasonably request in connection therewith. Each Party shall
      bear its own expenses in connection with the application for such patent term
      extensions. 

    

    

    SECTION
      12. THIRD
      PARTY CONTRACT 

    

    
      	12.1	
              KERYX
                acknowledges the existence of the NCI Agreement under which NCI has
                been
                conducting certain clinical studies of the Compound in the US. If
                KERYX
                intends to obtain the NCI Data, KERYX shall be solely responsible
                for
                negotiation with NCI provided that, if necessary, KYOWA will grant
                permission to NCI to release NCI Data to KERYX.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	12.2	
              The
                NCI Agreement will expire on August 10, 2006. If NCI intends to continue
                the agreement, KERYX may be requested to become a party to the NCI
                Agreement in the place of KYOWA. In such case, KERYX shall be solely
                responsible for negotiation with NCI provided that KYOWA will give
                consent
                to NCI for KERYX to become a party to the NCI
                Agreement.

            

    

    
      	12.3	
              Under
                the NCI Agreement KYOWA had supplied NCI with the Compound for its
                clinical studies. For such supply KYOWA selected Lonza as a contract
                manufacturer of the Compound. The agreement between KYOWA and Lonza
                has
                expired, and if KERYX intends to have Lonza manufacture the Compound,
                KERYX shall be solely responsible for negotiation with Lonza provided
                that
                KYOWA will authorize Lonza to use the technology to manufacture the
                Compound as well as to make use of the Drug Master File relating
                to the
                Compound thereof.

            

    

    
      	12.4	
              KERYX
                acknowledges that Third Parties may have Patent Rights or Know-How
                relevant to the commercialization of a Product containing the Compound.
                KERYX agrees that KERYX shall be solely responsible to negotiate
                with any
                Third Party, (such Third Party including but not be limited to
                Sloan-Kettering Institute for Cancer Research and Washington State
                University) a license under any patents, technology, know-how and/or
                data.
                

            

    

    
 

    SECTION
      13.
      IMPROVEMENTS

    

    
      	13.1	
              KYOWA
                shall notify KERYX in the event KYOWA makes any Improvements, and
                KYOWA
                shall grant to KERYX an exclusive, irrevocable, royalty-free license,
                with
                the right to sublicense, to make, have made, use, have used, sell,
                have
                sold, offer for sale and distribute the Product under KYOWA Improvements
                in the KERYX Territory in the
                Field.

            

    

    
      	13.2	
              Upon
                discovery by KERYX or its Affiliates, or Sublicensees of any Improvements,
                including but not be limited to the use of Compound in Product for
                Combination Therapy or in Combination Product, KERYX shall immediately
                notify KYOWA in writing. All rights to the KERYX Improvements shall
                belong
                to KERYX, including the right to seek Patent Rights throughout the
                world.

            

    

    
      	13.3	
              KERYX
                shall grant to KYOWA and shall cause its Sublicensees to grant to
                KYOWA an
                exclusive, irrevocable, royalty-free license, with the right to
                sublicense, under KERYX Improvements for any purposes in the KYOWA
                Territory.

            

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

      

        *****Confidential
          material redacted and filed separately with the Commission.

      

       

    

    SECTION
      14. KERYX DATA AND SUPPLY

     

    
      	14.1	
              Upon
                KYOWA’s request, KERYX shall transfer to KYOWA all KERYX Data necessary
                for submission to Authorities in the KYOWA Territory. KYOWA agrees
                that
                such data shall be held in confidence pursuant to Section 15. KYOWA
                shall
                have an exclusive, paid-up license, with the right to grant sublicenses,
                to use such KERYX Data for KYOWA’s development and marketing of the
                Product in KYOWA Territory.

            

    

    
      	14.2	
              For
                KYOWA’s development and marketing in KYOWA Territory, KYOWA reserves the
                rights to purchase the Compound or the Product which KERYX manufactures
                or
                has its contract manufacturer make at
                *****.

            

    

    
      	14.3	
              In
                the event KYOWA chooses to purchase the Compound or the Product from
                KERYX
                as set forth in 14.2, KERYX shall supply to KYOWA with such Compound
                or
                the Product as long as KYOWA markets the Product in the KYOWA Territory,
                or until KYOWA requests termination of the supply with twelve (12)
                months
                prior written notice to KERYX, provided that KYOWA shall provide
                KERYX
                with at least nine (9) month prior notification of its requirement
                of
                Compound or Product with ±
                15% accuracy. If KERYX ceases to manufacture or commission the manufacture
                of the Compound, or if, despite KERYX’s good faith efforts to ensure an
                adequate supply of the Compound, such supply is not readily obtainable,
                KERYX shall have no obligation to provide or obtain Compound to meet
                KYOWA’s needs, and KYOWA shall be free to seek alternative sources, but
                at
                no expense to KERYX.

            

    

    

    SECTION
      15. CONFIDENTIALITY

    

    
      	15.1	
              During
                the Term and for a period of five (5) years after the expiration
                or early
                termination of this Agreement, either Party shall not disclose to
                any
                Third Party any information disclosed by the other Party under this
                Agreement, in written or electronic form, that is marked “confidential” or
                designated in writing as confidential within thirty (30) Business
                Days of
                oral or visual disclosure, or is understood by the Parties to be
                confidential (“Confidential
                Information”).
                

            

    

    
      	15.2	
              Either
                Party shall maintain the Confidential Information in strict confidence,
                and shall use the Confidential Information solely for the purpose
                of this
                Agreement. The receiving Party shall prevent unauthorized use or
                reproduction of the Confidential Information by taking all necessary
                measures, including limiting access to the Confidential Information
                to its
                directors, officers and employees to whom disclosure is necessary
                to
                perform or facilitate the purpose of this Agreement, and who shall
                be
                bound by the confidentiality obligations in this
                Section.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	15.3	
              The
                foregoing obligations of confidentiality and limited use shall not
                apply
                to information  which,
                the receiving Party can establish by reasonable proof;
                

            

    

    
      	
            	1.	
              is
                in the public domain at the time of disclosure;
                or

            

    

    
      	
            	2.	
              becomes
                part of the public domain by publication or otherwise after disclosure
                not
                due to any breach hereof by the receiving Party;
                or

            

    

    
      	
            	3.	
              is
                in the possession of the receiving Party at the time of disclosure
                without
                obligations of confidentiality; or

            

    

    
      	
            	4.	
              is
                provided to the receiving Party by a Third Party legally and without
                confidentiality; or

            

    

    
      	
            	5.	
              is
                independently developed by the receiving Party without any knowledge
                or
                access to the disclosing Party’s Confidential Information; or
                

            

    

    
      	
            	6.	
              is
                required by judicial or administrative authorities to disclose; provided,
                however, that the receiving Party shall promptly notify the other
                Party of
                such requirement so that the other Party may seek an appropriate
                protective order; or

            

    

    
      	
            	7.	
              is
                required by any Authority for the purposes of obtaining Approval;
                however
                the providing Party shall endeavor to have that Authority treat the
                information as confidential.

            

    

    
      	15.4	
              Notwithstanding
                Section 15.1, 15.2 and 15.3, KERYX may disclose KYOWA’s Confidential
                Information to its Sublicensees for the purpose of Section 4, provided
                that KERYX shall assure that such Sublicensees comply with the
                confidentiality obligations and limited use set forth in this Section
                15.
                In the event such Sublicensee has ceased to be the Sublicensee after
                KYOWA’s Confidential Information has been disclosed, KERYX shall have such
                Sublicensee immediately return to KERYX or destroy such Confidential
                Information.

            

    

    
      	15.5	
              Upon
                request from the disclosing Party, or upon expiration or early termination
                of this Agreement, the receiving Party shall either return or destroy,
                at
                the discretion of the disclosing Party, all written or graphic
                Confidential Information to the disclosing Party and shall not retain
                any
                copies thereof, provided, however, one copy may be retained in the
                receiving Party’s legal files as a means of determining any continuing
                obligations hereunder. Each Party may request a certificate from
                the other
                Party regarding compliance with this
                Section.

            

    

    
      	15.6	
              Neither
                Party shall make any publications, news release or other public
                announcement, visual or oral, relating hereto without the other Party’s
                prior written approval thereof, which shall not be unreasonably withheld
                or delayed, except as required by law or
                regulation.

            

    

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    SECTION
      16. LIMITED WARRANTY AND DISCLAIMER 

    

    
      	16.1.	
              Each
                Party represents and warrants:

            

    

    
      	
            	1.	
              that
                such Party has the power and right to enter into this Agreement as
                of the
                Effective Date and to perform its obligations hereunder;
                and

            

    

    
      	
            	2.	
              that
                such Party is not a party to any agreement with a Third Party, whether
                written or not, which would prevent such Party from fulfilling any
                of its
                obligations hereunder.

            

    

    
      	16.2	
              KYOWA
                represents and warrants:

            

    

    
      	
            	1.	
              that
                subject to Section 16.3, KYOWA is the owner of the KYOWA Patent Rights
                and
                KYOWA Know-How;

            

    

    
      	
            	2.	
              that
                subject to Section 16.3, KYOWA is entitled to grant to KERYX the
                rights
                granted to KERYX by KYOWA hereunder;
                and

            

    

    
      	
            	3.	
              that,
                to the best knowledge of KYOWA, as of the Effective Date KYOWA knows
                of no
                infirmity in the claimed rights and that no claim or challenge is
                presently pending with regard to those rights, nor is KYOWA aware
                of any
                claim that the Compound violates any Third Party rights..
                

            

    

    
      	16.3	
              KYOWA
                NEITHER REPRESENTS NOR WARRANTS AND
                DISCLAIMS:

            

    

    
      	
            	1.	
              the
                scope, validity and enforceability of the KYOWA Patent Rights and
                the
                KYOWA Improvements;

            

    

    
      	 	
              2.

            	
              future
                grant (allowance) and registration (issuance) of the KYOWA Patent
                Rights
                and the KYOWA Improvements;

            

    

    
      	 	
              3.

            	
              future
                filing, prosecution and maintenance of the KYOWA
                Improvements;

            

    

    
      	 	
              4.

            	
              future
                development of the KYOWA
                Improvements;

            

    

    
      	 	
              5.

            	
              accuracy
                or completeness of the KYOWA Data or any warranty that the use of
                the
                KYOWA Data will not infringe or violate any patent or proprietary
                rights
                of any Third Party;

            

    

    
      	 	
              6.

            	
              non-infringement
                by any product, material or information on the intellectual property
                or
                other rights vested in or enforceable by a Third
                Party;

            

    

    
      	 	
              7.

            	
              successful
                development of the Product;

            

    

    
      	 	
              8.

            	
              Approval
                of the Product by the Authority;
                and

            

    

    
      	 	
              9.

            	
              merchantability
                and fitness for a particular
                purpose.

            

    

    
      	16.4	
              KERYX
                NEITHER REPRESENTS NOR WARRANTS AND
                DISCLAIMS:

            

    

    
      	 	
              1.

            	
              the
                scope, validity and enforceability of the KERYX
                Improvements;

            

    

    
      	 	
              2.

            	
              future
                grant (allowance) and registration (issuance) of the KERYX
                Improvements;

            

    

    
      	 	
              3.

            	
              future
                filing, prosecution and maintenance of the KERYX
                Improvements;

            

    

    
      	 	
              4.

            	
              future
                development of the KERYX Improvements and KERYX
                Data;

            

    

    
      	 	
              5.

            	
              accuracy
                or completeness of the KERYX Data or any warranty that the use of
                the
                KERYX Data will not infringe or violate any patent or proprietary
                rights
                of any Third Party;

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	 	
              6.

            	
              non-infringement
                by any product, material or information on the intellectual property
                or
                other rights vested in or enforceable by a Third
                Party;

            

    

    
      	 	
              7.

            	
              successful
                development of the Product;

            

    

    
      	 	
              8.

            	
              Approval
                of the Product by the Authority;
                and

            

    

    
      	 	
              9.

            	
              merchantability
                and fitness for a particular
                purpose.

            

    

    
      	16.5	
              EXCEPT
                AS EXPRESSLY PROVIDED FOR HEREIN, NEITHER PARTY MAKES ANY  REPRESENTATION
                OR WARRANTY, WHETHER IMPLIED, STATUTORY OR OTHERWISE,  WITH
                RESPECT TO THE SUBJECT MATTER
                HEREOF.

            

    

    

    SECTION
      17. LIMITED LIABILITY

    

    Neither
      Party shall be liable to the other Party or any Third Party for (1) any
      consequential, indirect, incidental, special or exemplary damages and (2) any
      losses of goodwill, business, contracts, revenues, profits or savings, which
      would be caused in relation hereto, through contract, tort (including
      negligence, but not gross negligence), misrepresentation (but not fraudulent
      misrepresentation), breach of statutory duties or otherwise, even if such Party
      is advised of the possibility of such damages or losses.

    

    SECTION
      18. INDEMNIFICATION

    

    
      	18.1.	
              KERYX
                shall defend, indemnify and hold harmless KYOWA, KYOWA’s Affiliates, their
                respective directors, officers and employees from and against any
                and all
                claims, actions, judgments, expenses (including legal expenses and
                reasonable attorneys’ fees), losses and damages incurred by them, arising
                from any Third Party claim in relation to (1) KERYX exercising the
                license
                under Section 3, (2) the Sublicensee exercising the sublicense under
                Section 5 and (3) KYOWA Data and any related documentation, if any,
                which
                are supplied to KERYX by KYOWA unless such claims, actions, judgments,
                expenses, losses and damages result from gross negligence, wrongful
                intentional actions or omissions or fraud on the part of KYOWA, KYOWA’s
                Affiliate, their respective directors, officers or employees. Such
                claims,
                actions, judgments, expenses, losses and damages include those related
                to
                the products or materials manufactured by or on behalf of KERYX or
                its
                Sublicensees pursuant to this Agreement, in particular (but not limited
                to) those related to the claim that such products or materials have
                caused
                death or bodily injury or have infringed intellectual property rights
                of
                any Third Party.

            

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    
      	18.2.	
              KYOWA
                shall defend, indemnify and hold harmless KERYX, KERYX’s Affiliates, the
                Sublicensees, their respective directors, officers and employees
                from and
                against any and all claims, actions, judgments, expenses (including
                legal
                expenses and reasonable attorneys’ fees), losses and damages incurred by
                them, arising from any Third Party claim in relation to (1) KYOWA
                exercising the license under Section 13 and (2) a Third Party exercising
                the sublicense under the same unless such claims, actions, judgments,
                expenses, losses and damages result from gross negligence, wrongful
                intentional actions or omissions or fraud on the part of KERYX, KERYX’s
                Affiliates, the Sublicensee, their respective directors, officers
                or
                employees. Such claims, actions, judgments, expenses, losses and
                damages
                include those related to the products or materials manufactured by
                or on
                behalf of KYOWA or KYOWA’s sublicensees, in particular (but not limited
                to) those related to the claim that such products or materials have
                caused
                death or bodily injury or have infringed intellectual property rights
                of
                any Third Party.

            

    

    
      	18.3.	
              In
                the event that a Party is notified of a Third Party claim and seeks
                the
                indemnification for such claim under Section 18.1 or 18.2, from the
                other
                Party, the Party shall (1) inform the indemnifying Party in writing
                of
                such claim as soon as practicable after such notification, (2) permit
                the
                indemnifying Party to assume the direction and control of the defense
                against such claim, (3) cooperate with the indemnifying Party in
                such
                defense at the indemnifying Party’s written request and expense and (4)
                undertake all reasonable steps to mitigate any expenses, losses and
                damages arising in relation to such claim. Further, the indemnifying
                Party
                may settle such claim at its sole discretion, provided that such
                settlement should not impose any obligation on or otherwise adversely
                affect the indemnified Party.

            

    

    

    SECTION
      19. FORCE MAJEURE

    

    The
      failure by either Party to timely perform any obligation under this Agreement
      by
      reason of a cause beyond its reasonable control shall not be deemed to be a
      material breach of this Agreement, but shall be excused to the extent and for
      the duration of such cause, provided the duration is not more than six (6)
      months, and the affected Party shall use commercially reasonable efforts to
      avoid or remove such cause, and shall perform its obligations with the utmost
      dispatch when the cause is removed. 

    

    SECTION
      20. WAIVER

    

    Neither
      Party shall be deemed to have waived any of its rights or remedies conferred
      to
      such Party hereunder unless such waiver is made in writing and signed by a
      duly
      authorized representative of such Party. In particular, no delay or failure
      of
      either Party in exercising or enforcing any of its rights or remedies conferred
      to such Party hereunder shall operate as waiver of such rights or remedies
      or so
      as to preclude or to impair the exercise or enforcement of such rights or
      remedies. Further, partial exercise or enforcement of such rights or remedies
      shall not preclude or impair any other exercise or enforcement of such rights
      or
      remedies.

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    SECTION
      21. ENTIRE AGREEMENT

    

    This
      Agreement constitutes the entire agreement and understanding between the Parties
      relating to the subject matter hereof and supersedes any and all prior oral
      or
      written agreement, understanding, representation or warranty between them
      relating to the same. The Parties understand and confirm that, as regards the
      subject matter hereof, no director, officer, employee or agent of either Party
      is authorized to make any representation or warranty to the other Party and
      that
      neither Party relies on such representation or warranty, whether made orally
      or
      in writing.

    

    SECTION
      22. AMENDMENT

    

    No
      amendment, modification or supplement of or to this Agreement shall be valid
      unless made in writing and signed by duly authorized representatives of both
      Parties.

     

    SECTION
      23. INDEPENDENT CONTRACTORS

    

    The
      relation between the Parties is that of independent contractors. Nothing herein
      is construed to create any other relation, such as partnership or agency,
      between the Parties. Neither Party shall have any right or authority to create,
      assume or incur any obligations, liabilities or expenses on behalf of the other
      Party.

    

    SECTION
      24. NO SOLICITATION

    

    For
      one
      (1) year after and during the Term hereof, KERYX shall not execute or shall
      not
      have a Third Party execute an employment, consulting or similar Agreement with
      KYOWA’s employees sent to KERYX for technical assistance set forth in Section
      7.

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    SECTION
      25. ASSIGNMENT

    

    Neither
      Party shall wholly or partially assign or pledge its rights and obligations
      hereunder to any Third Party without the other Party’s prior written consent
      thereto, which consent shall not be unreasonably withheld or delayed.
      Notwithstanding the foregoing, either Party may assign its rights and
      obligations hereunder to a successor of such Party’s whole or substantially
      whole business, provided that such Party should timely notify the other Party
      in
      writing of the fact and its intent to effectuate such assignment.

    

    SECTION
      26. SEVERABILITY

    

    In
      the
      event that any provision of this Agreement has been declared illegal, invalid
      or
      unenforceable in any jurisdiction either by any laws or regulations or by any
      orders or judgments of such competent governmental authorities as
      administrations or courts, this Agreement shall continue in full force and
      effect without said provision, so long as the Agreement, taking into account
      said voided provision(s), continues to provide the Parties with the same
      practical benefits as the Agreement containing said voided provision(s) did
      on
      the Effective Date. If, after taking into account said voided provision(s),
      the
      Parties are unable to realize the practical benefit contemplated on the
      Effective Date, the Parties shall negotiate in good faith to amend this
      Agreement to reestablish the practical benefit provided the Parties on the
      Effective Date.

    

    SECTION
      27. TERM AND TERMINATION

    

    
      	27.1.	
              This
                Agreement shall come into effect as of the Effective Date and, unless
                earlier terminated according hereto, continue to be effective until
                KERYX
                is no longer obligated to pay the Royalties and other considerations
                to
                KYOWA under this Agreement (“Term”).

            

    

    
      	27.2.	
              KERYX
                may at any time terminate this Agreement upon one hundred eighty
                (180)
                days prior written notice.

            

    

    
      	27.3.	
              KERYX
                may at any time unilaterally terminate this Agreement only with respect
                to
                the rights and license granted to KERYX for KYOWA Patent Rights B
                and
                related KYOWA Know-How upon written notice to KYOWA three (3) months
                prior
                to an anniversary date of the Effective Date.

            

    

    
      	27.4.	
              Either
                Party may terminate this Agreement by giving written notice to the
                other
                Party in the following events;

            

    

    
      	
            	1.	
              the
                other Party materially breaches any term or condition of this Agreement
                and fails to remedy such breach within ninety (90) days of receipt
                of the
                written notice requesting to remedy such
                breach.

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

     

    
      	
            	2.	
              the
                other Party files for itself a petition for bankruptcy, reorganization,
                composition, readjustment, receivership or similar procedures under
                any
                applicable bankruptcy, insolvency, reorganization, moratorium or
                similar
                law affecting creditors’ rights and interests (hereinafter referred to as
                “Petition”) ;

            

    

    
      	
            	3.	
              the
                Petition has been filed against the other Party by a Third Party
                and the
                court procedures for such Petition have been pending for more than
                forty
                five (45) days; or

            

    

    
      	
            	4.	
              the
                other Party has been wound up, dissolved or liquidated not for merger
                and
                acquisition or the procedures therefor have been
                started.

            

    

    
      	27.5	
              In
                the event this Agreement has expired in accordance with Section 27.1:
                

            

    

    
      	
            	1.	
              KERYX
                shall thereafter be granted a non-exclusive, paid-up right and license,
                with the right to sublicense, under the KYOWA Patent Rights , KYOWA
                Know-How and KYOWA Improvements to make, have made, use, have used,
                sell,
                offer for sale, have sold and distribute the Product in the KERYX
                Territory within the Field.

            

    

    
      	
            	2.	
              KERYX
                shall immediately return to KYOWA or destroy, under KYOWA’s instruction
                and KERYX’s expense, all Confidential Information disclosed to KERYX by
                KYOWA, except to the extent such Confidential Information is necessary
                for
                KERYX to practice and exploit the rights and the license retained
                by KERYX
                after the expiration.

            

    

    
      	
            	3.	
              The
                license granted by KERYX to KYOWA under Section 13.3 shall survive
                the
                expiration of this Agreement as an exclusive, irrevocable, perpetual
                and
                royalty-free license for any purposes in the KYOWA
                Territory.

            

    

    
      	
            	4.	
              KYOWA
                shall retain the exclusive, paid-up license, with the right to grant
                sublicenses, to use the KERYX Data for KYOWA’s development and marketing
                of the Product in KYOWA Territory, pursuant to Section
                14.1.

            

    

    
      	27.6	
              In
                the event this Agreement is terminated by KERYX in accordance with
                Section
                27.4;

            

    

    
      	
            	1.	
              Subsections
                1 and 2 of Section 27.5 shall
                apply.

            

    

    
      	
            	2.	
              KYOWA
                shall immediately return to KERYX or destroy, under KERYX’s instruction
                and at KYOWA’s expense, all Confidential Information disclosed to KYOWA,
                to KERYX including without limitation any KERYX Data and KERYX
                Know-How.

            

    

    
      	27.7	
              In
                the event this Agreement is terminated by KERYX in accordance with
                Sections 27.2 or by
                KYOWA in accordance with Section
                27.4;

            

    

    
      	
            	1.	
              The
                license granted to KERYX under Section 3 of this Agreement shall
                terminate
                as of the effective date of termination, and KERYX shall cease any
                use of
                the KYOWA Patent Rights, KYOWA Know-How and KYOWA
                Improvements.

            

    

    
      	
            	2.	
              KERYX
                shall transfer to KYOWA, at KERYX’s expense, within a reasonable time
                after the effective date of termination, any and all of KERYX’s Data, any
                physical material of the Compound, the Product or the Strain, and
                any
                patents of KYOWA Patent Rights A assigned to KERYX during the Term
                of this
                Agreement pursuant to Section 9.3, including without limitation,
                any
                rights in NDAs, MAAs and other relevant Approvals acquired by KERYX
                for
                its Product in the KERYX Territory.

            

    

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	
            	3.	
              KERYX
                shall immediately return to KYOWA or destroy, under KYOWA’s instruction
                and at KERYX’s expense, all Strain and all Confidential Information
                disclosed to KERYX by KYOWA, including without limitation any KYOWA
                Data
                and KYOWA Know-How.

            

    

    
      	
            	4.	
              The
                license granted by KERYX to KYOWA under Section 13.3 shall survive
                the
                termination of this Agreement as an exclusive, irrevocable, perpetual
                and
                royalty-free license for any purposes in the KYOWA Territory.
                

            

    

    
      	
            	5.	
              KYOWA
                shall retain the exclusive, paid-up license, with the right to grant
                sublicenses, to use the KERYX Data for KYOWA’s development and marketing
                of the Product, or Product in KYOWA Territory, pursuant to Section
                14.1.
                

            

    

    
      	
            	6.	
              KYOWA
                shall immediately return to KERYX or destroy, under KERYX’s instruction
                and at KERYX’s expense, all Confidential Information, except to the extent
                such Confidential Information is necessary for KYOWA to practice
                and
                exploit the rights and the license retained by KYOWA after the
                termination.

            

    

    
      	27.8	
              In
                the event this Agreement is terminated by KERYX with respect to KYOWA
                Patent Rights B and related KYOWA Know-How pursuant to Section
                27.3;

            

    

    
      	
            	1.	
              Subsections
                1 to 6 of Section 27.7 shall apply mutatis
                mutandis only
                with respect to KYOWA Patent Rights B and related KYOWA
                Know-How.

            

    

    
      	
            	2.	
              KERYX
                shall no longer be obligated thereafter to pay the Annual Payment,
                provided that KERYX shall pay all Annual Payments due before the
                effective
                date of termination.

            

    

    
      	
            	3.	
              KYOWA
                shall no longer be obligated to perform any intellectual property
                obligations set forth in Section 9 and Section 10 with respect to
                Patent
                Rights B. 

            

    

    
      	27.9	
              Expiration
                or termination of this Agreement shall not relieve the Parties of
                any
                obligation accruing prior to such expiration or
                termination.

            

    

    
      	27.10	
              Unless
                otherwise expressly stated in this Agreement, Sections 13, 16, 17,
                18, 28,
                and 29 shall survive the expiration or termination hereof. Section
                15
                shall survive according to Section
                15.1.

            

    

    

    SECTION
      28. ARBITRATION

    

    If
      there
      is any dispute, controversy, difference or question between the Parties with
      respect to any matter arising out of or relating to this Agreement, the Parties
      shall first make efforts to solve such issue amicably. If such issue is not
      solved through such amicable efforts, the Parties shall finally settle such
      issue according to the Rules of Conciliation and Arbitration of the
      International Chamber of Commerce. Such arbitration shall be conducted in the
      English language in New York, New York if initiated by KYOWA, and in Tokyo,
      Japan if initiated by KERYX. The award rendered by the arbitrator(s) shall
      be
      final and binding upon both Parties concerned. 

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    SECTION
      29. GOVERNING LAW

    

    
      	29.1.	
              This
                Agreement shall be governed by and construed according to the laws
                of
                Japan, exclusive of choice of law rules. To the extent that patent
                law or
                law governing trade secrets, know-how or data must be applied, the
                laws of
                the country governing such rights shall be utilized.
                

            

    

    
      	29.2.	
              The
                Parties agree that the arbitration decisions according to Section
                28 shall
                be enforceable by the courts of competent jurisdiction in Japan,
                the
                United States of America and any other country covered by this Agreement,
                and shall submit to the jurisdictions of such courts solely for such
                enforcement.

            

    

    

    SECTION
      30.  AFFILIATES

    

    Each
      Party may perform its obligations hereunder personally or through one or more
      Affiliate and shall be responsible for the performance of such obligations,
      and
      any liabilities resulting from such performance. Neither Party shall permit
      any
      of its Affiliates to commit any act (including any act of omission) which such
      Party is prohibited hereunder from committing directly.

    

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Parties have caused this Agreement to be executed by their duly authorized
      representatives as of the Effective Date.

    

    
 

    
      	KYOWA HAKKO KOGYO
              CO.,
              LTD.	KERYX BIOPHARMACEUTICALS,
              INC. 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              By: 
                 /s/  Yoshito
                Imai                                
                

            	 By:  /s/ Michael S.
              Weiss                               
              
	
              
Name:    
Yoshito
              Imai	
              
Name:     Michael
              S.
              Weiss
	Title:       President	Title:       CEO
	           
              Pharmaceuticals Business Unit	 	 
	 	 	 	 

    

    

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      1

    COMPOUND
      CHEMICAL STRUCTURE

    

    

    

    

     

    
      
        26

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      2

    KYOWA
      PATENT RIGHTS A

    

    

    
      	
              No.

            	
              Country

            	
              Designated
                Country in EP

            	
              Kind

            	
              Appl.
                No.

            	
              Appl.
                Date

            	
              Publ.
                No.

            	
              Publ.
                Date

            	
              Reg.
                No.

            	
              Reg.
                Date

            	
              Exp.
                Date

            
	
              1

            	
              U.S.A.

            	
               

            	
              Product

            	
              28201

            	
              03.20.87

            	
               

            	
               

            	
              4935415

            	
              06.19.90

            	
              06.19.2007

            
	
               

            	
              Europe

            	
              GB,
                DE, FR, IT

            	
              Product

            	
              87103764

            	
              03.16.87

            	
              0238011

            	
              09.23.87

            	
              0238011

            	
              09.25.91

            	
              03.16.2007

            
	
              2

            	
              U.S.A.

            	
               

            	
              Process(oxidization)

            	
              79560

            	
              06.22.93

            	
               

            	
               

            	
              5344926

            	
              09.06.94

            	
              06.22.2013

            
	
               

            	
              Europe

            	
              GB,
                FR, DE, IT, ES

            	
              Process(oxidization)

            	
              93109935

            	
              06.22.93

            	
              0575955

            	
              12.29.93

            	
              0575955

            	
              09.15.99

            	
              06.22.2013

            
	
              3

            	
              U.S.A.

            	
               

            	
              Formulation(liposome)

            	
              09/025752

            	
              06.12.97

            	
               

            	
               

            	
              6045822

            	
              04.04.00

            	
              06.12.2017

            
	
               

            	
              Europe

            	
              GB,
                FR, DE, IT, ES, CH

            	
              Formulation(liposome)

            	
              97926234

            	
              06.12.97

            	
              0850646

            	
              07.01.98

            	
               

            	
               

            	
               

            
	
               

            	
              Canada

            	
               

            	
              Formulation(liposome)

            	
              2229892

            	
              06.12.97

            	
              2229892

            	
              12.24.97

            	
              2229892

            	
              01.07.03

            	
              06.12.2017

            
	
               

            	
              Australia

            	
               

            	
              Formulation(liposome)

            	
              31066-97

            	
              06.12.97

            	
              3106697

            	
              01.07.98

            	
              718856

            	
              08.03.00

            	
              06.12.2017

            
	
              4

            	
              U.S.A.

            	
               

            	
              Process(isomerization)

            	
              09/466903

            	
              12.20.99

            	
               

            	
               

            	
              6197955

            	
              03.06.01

            	
              12.20.2019

            
	
               

            	
              Europe

            	
              GB,
                FR, DE, IT, CH, LI

            	
              Process(isomerization)

            	
              99125341.0

            	
              12.21.99

            	
              1020471

            	
              07.19.00

            	
              1020471

            	
              05.28.03

            	
              12.21.2019

            
	
               

            	
              Canada

            	
               

            	
              Process(isomerization)

            	
              2293023

            	
              12.17.99

            	
              2293023

            	
              06.22.00

            	
               

            	
               

            	
               

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      3

    KYOWA
      PATENT RIGHTS B

    

    
      	
              No.

            	
              Country

            	
              Designated
                Country in EP

            	
              Kind

            	
              Appl.
                No.

            	
              Appl.
                Date

            	
              Publ.
                No.

            	
              Publ.
                Date

            	
              Reg.
                No.

            	
              Reg.
                Date

            	
              Exp.
                Date

            
	
              1

            	
              U.S.A.

            	 	
              Leakage
                inhibition from liposome

            	
              10/018349

            	
              06.23.00

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              Europe

            	
              GB,
                FR, DE, IT, ES, CH

            	
              Leakage
                inhibition from liposome

            	
              00939146.7

            	
              06.23.00

            	
              1190705

            	
              03.27.02

            	
               

            	
               

            	
               

            
	
               

            	
              Canada

            	 	
              Leakage
                inhibition from liposome

            	
              2376849

            	
              06.23.00

            	
              2376849

            	
              01.04.01

            	
               

            	
               

            	
               

            
	
               

            	
              Australia

            	 	
              Leakage
                inhibition from liposome

            	
              54298-00

            	
              06.23.00

            	
              5429800

            	
              01.31.01

            	
              780194

            	
              06.23.05

            	
              06.23.2020

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    *****Confidential material redacted and filed separately
      with
      the Commission.

    
 

    EXHIBIT
      4

    STRAIN
      AND MEDIA

    

    
      	1.	
              Strain:
                Streptomyces sp. *****

            

    

     

    
      	2.	
              Media:
                *****,

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      *****Confidential material redacted and filed separately
        with
        the Commission.

       

    

    EXHIBIT
      5

    DEVELOPMENT
      PLAN

    

    The
      initial development plan for development of UCN-01 would be pursued through
      the
      following areas which would be designed to run simultaneously:

    

    
      	 	
              (a)

            	
              Pre-clinical

            

    

    

    KERYX
      recognizes that considerable in-vitro
      and
in-vivo
      experiments have been performed with UCN-01. However, KERYX would make UCN-01
      available to collaborators for evaluations that would include but not be limited
      to some or all of the following:

    

    
      	 	
              i.

            	
              Establishment
                of molecular profiles of tumors that are or are not responsive to
                UCN-01.
                Such profiles might be developed through *****. Results may be derived
                from *****. In particular, KERYX would target information related
                to
                *****.

            

    

    

    
      	 	
              ii.

            	
              Additional
                in-vivo
                toxicology might be considered to develop additional single agent
                or
                combination regimens. KERYX recognizes that preclinical opportunities
                may
                be limited *****

            

    

    

    
      	 	
              iii.

            	
              Evaluation
                of novel combinations of UCN-01 with either traditional anti-cancer
                agents
                or newer targeted agents both in-vitro
                and in-vivo.
                In particular, studies of UCN-01 ***** are interesting in light of
                the new
                data *****. UCN-01 *****. Pre-clinical studies ***** suggest that
                UCN-01
                *****. *****.

            

    

    

    
      	 	
              iv.

            	
              Evaluation
                of ***** would be undertaken. 

            

    

    

    KERYX
      will accomplish this pre-clinical strategy by soliciting investigator proposals,
      placing studies through an NCI research CRADA and by contracting with commercial
      laboratories.

    

    
      	 	
              (b)

            	
              Clinical

            

    

    

    KERYX
      would immediately undertake additional clinical studies. Results derived from
      the pre-clinical studies would be rapidly translated into clinical trials,
      and
      clinical studies would provide samples for additional pre-clinical studies.
      

    

    Based
      on
      the results from the initial phase 1 studies, it appears that *****. KERYX
      will
      also consider additional treatment schedules.

    

    KERYX
      believes that oncology drugs should be developed using multiple simultaneous
      strategies that might lead to either FDA subpart H or full
      approvals.

    

    
      	 	
              i.

            	
              Subpart
                H Single Agent Approvals

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      *****Confidential material redacted and filed separately
        with
        the Commission.

       

    

    To
      determine possible subpart H approval strategies KERYX would consider the
      following approaches

    

    
      	 	
              a.

            	
              *****.

            

    

    
      	 	
              b.

            	
              *****

            

    

    
      	 	
              c.

            	
              *****.

            

    

    

    For
      each
      subpart H strategy KERYX would also initiate a phase II study. If the FDA
      accepts a subpart H strategy and an appropriate comparator exists, *****.
      *****.

    

    
      	 	
              ii.

            	
              Subpart
                H Combination Approvals

            

    

    

    KERYX
      will also consider the development of strategies in which *****. For these
      strategies, KERYX will consider randomized phase II studies *****. Given that
      UCN-01 is an IV infusion KERYX believes that it will be difficult to conduct
      such studies using a placebo. The combination of *****.

    

    
      	 	
              iii.

            	
              Full
                Approvals

            

    

    

    KERYX
      believes that randomized studies and potentially full approval strategies may
      be
      required for any strategy involving time to progression as an endpoint. These
      strategies would be pursued in areas for which there was no opportunity for
      pursuit of an unmet medical need. One example is *****. 

    

    Potential
      Timelines
      (starting from the date that formulated drug is available for clinical
      studies)

    

    The
      following represent timelines similar to those used for other drugs that KERYX
      has in-licensed at a similar stage. Two scenarios are envisaged

    

    (1)
      Potential indication for phase II subpart-H strategy can be determined from
      data
      available prior to in-licensing

    

    Months
      1
      - 6

    

    *****

    *****

    *****

    *****

    

    *
      to
      begin as soon as drug in-licensed

    

    Months
      7
      -18

    

    *****
      

    *****

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    *****Confidential
      material redacted and filed separately with the Commission.

     

    Months
      18
      -24

    

    *****

    

    Months
      24
      -36

    

    *****

    *****

    *****

    

    Months
      37
      - 48

    

    *****

    *****

    

    Months
      49
      - 60

    

    *****

    

    (2)
      Potential indication for phase II subpart-H strategy cannot be determined from
      data available prior to in-licensing

    

    Months
      1
      - 6

    

    *****

    *****

    *****

    *****

    

    *
      to
      begin as soon as drug in-licensed

    

    Months
      7
      -18

    

    *****

    

    Months
      18
      -24

    

    *****

    

    Months
      24-36

    

    *****

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    *****Confidential
      material redacted and filed separately with the Commission.

     

    Months
      36
      -48

    

    *****

    *****

    *****

    

    Months
      49
      - 60

    

    *****

    *****

    

    Months
      60
      - 72

    

    *****

    *****

    

    Months
      72-84

    

    *****

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}]]