Document:

EX-10.1

 Exhibit 10.1 
  

 
 May 09, 2016 
 Brian
Callahan 
  

	 	Re:	Offer Letter Agreement 

 Dear Brian: 

On behalf of GI Dynamics, Inc. (the “Company”) I am pleased to offer you employment with the Company on the terms and
conditions set forth below. 
  

	1.	Start Date; Term. Your employment will commence on May 09, 2016 and will continue until terminated by either party in accordance with Section 7 (such period of employment referred to herein as the
“Term”). 

  

	2.	Title and Duties. During the Term, you will serve as the Chief Compliance Officer of the Company, reporting to the Chief Executive Officer of the Company (the “CEO”). You will devote your best
efforts and full business time, skill and attention to the performance of your duties, subject to the direction of the CEO. You will perform such executive, managerial, administrative and professional duties as are normally associated with those
positions and customarily performed by those holding such offices at businesses similar to the Company. You will be expected to adhere to the written employment policies and practices of the Company that may be in effect from time to time, except
that when the terms of this Offer Letter conflict with the Company’s written employment policies or practices, this Offer Letter will control. You will be expected to comply with the Company’s corporate governance policies and charters
that may be in effect from time to time. 

  

	3.	Base Compensation. You will be paid an annual base salary of three hundred fifty thousand dollars ($350,000) (the “Base Salary”), less applicable deductions and withholdings, to be paid each
month in accordance with the Company’s payroll practices as may be in effect from time to time. Your total compensation will be reviewed by the Compensation Committee of the Board (the “Compensation Committee”) at least
annually, and you will be entitled to such increases in Base Salary during your employment as will be determined by the Compensation Committee in its sole discretion, taking into account your performance and that of the Company, and other factors
considered relevant by the Board. 

  

	4.	 Performance Bonus. Each calendar year, you will be eligible to earn an annual incentive bonus of up to
thirty percent (30%) of your annual Base Salary (the “Performance Bonus”). Whether you receive such a Performance Bonus, and the amount of any such Performance Bonus, will be determined by recommendations from the Compensation
Committee and approval from the Board, and will be based upon achievement of performance objectives to be provided to you by the Compensation Committee following initial recommendation of proposed objectives to

	 	
you, discussion of such objectives with you, and consideration of your input regarding such objectives, provided that, in the event you remain employed with the Company through the
applicable payment date, you will receive a guaranteed Performance Bonus equal of 30% of your current Base Salary pro-rated for the amount of time employed during calendar year 2016. The amount, if any, of such earned Performance Bonus will be paid
to you within forty five (45) days following the close of the calendar year to which it relates, and in no event later than March 15th of the calendar year immediately following the
calendar year in which it was earned. You must be employed on the last day of the calendar year to which it relates in order to earn any Performance Bonus. 

  

	5.	Benefits. 

  

	 	(a)	You will be eligible to participate in the Company’s standard benefit programs made available to senior executives, subject to the terms and conditions of such plans. The Company may, from time to time, change
these benefits in its discretion. Additional information regarding these benefits is available for your review upon request. 

  

	 	(b)	The Company will reimburse you for all normal, usual and necessary expenses incurred by you in furtherance of the business and affairs of the Company, including reasonable travel and entertainment, upon timely receipt
by the Company of appropriate vouchers or other proof of your expenditures and in accordance with the Company’s policies with respect thereto as in effect from time to time. You must submit any request for reimbursement no later than thirty
(30) days following the date that such business expense is incurred. All reimbursements provided under this Offer Letter will be made or provided in accordance with the requirements of Section 409A of the Internal Revenue Code
(“Code Section 409A”) including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this Offer Letter); (ii) the
amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than the last day of
the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 

 

	 	(c)	You will, during each calendar year of your employment, be entitled to four (4) weeks of vacation, in addition to nationally recognized holidays. 

 

	6.	Equity. 

  

	 	(a)	 The Company will grant you an option (the “Option”) to purchase 95,106 shares of the
Company’s common stock, at a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2011 Employee, Director and Consultant Equity Incentive Plan (the “2011 Plan”)) of the Company’s common
stock on the date of grant. The Option will vest over a four (4) year period, with one quarter (1/4) of the shares subject to the Option vesting on the one (1) year anniversary of the date of grant, and the remaining shares vesting on
a quarterly basis over the following three (3) years of continuous service, provided that you are providing services to the Company as an employee or consultant on such vesting dates (no vesting will occur following the termination of employment or
consulting services). The Option will be, to the 

  
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maximum extent permissible, treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code. The Option will be evidenced in writing by, and
subject to the terms and conditions of, the 2011 Plan and the Company’s standard form of stock option agreement, which agreement will expire ten (10) years from the date of grant except as otherwise provided in the stock option agreement
or the Plan. 

  

	 	(b)	The Company will grant you a performance stock unit (the “IDE PSU”) in the Company equal to 47,553 shares of the Company’s common stock. The IDE PSU will provide for the issuance of (i) one
hundred percent (100%) of the shares subject to the IDE PSU upon receipt by the Company of an Investigational Device Exemption (“IDE”) approval by the U.S. Food and Drug Administration of the Company’s EndoBarrier therapy,
provided that you are providing services to the Company as an employee or consultant on such issuance date (no issuance will occur following the termination of employment or consulting services). The IDE PSU will be evidenced in writing by,
and subject to the terms and conditions of, the 2011 Plan and the Company’s standard form of restricted stock unit agreement, which agreement will expire ten (10) years from the date of grant except as otherwise provided in the restricted
stock unit agreement or the Plan. 

  

	 	(c)	The Company will grant you a performance stock unit (the “PMA PSU”) in the Company equal to 95,106 shares of the Company’s common stock. The PMA PSU will provide for the issuance of (i) one
hundred percent (100%) of the shares subject to the PMA PSU upon receipt by the Company of pre-market approval by the U.S. Food and Drug Administration of the Company’s EndoBarrier therapy (the “PMA Milestone”) on or prior to
June 30, 2019, (ii) seventy-five percent (75%) of the shares subject to the PMA PSU upon achievement of the PMA Milestone after June 30, 2019 and on or prior to June 30, 2020, and (iii) fifty percent (50%) of the
shares subject to the PMA PSU upon achievement of the PMA Milestone after June 30, 2020 and on or prior to June 30, 2021, provided that you are providing services to the Company as an employee or consultant on such issuance date (no
issuance will occur following the termination of employment or consulting services). If the PMA PSU has not vested prior to June 30, 2021, then the PMA PSU will lapse on that date. The PMA PSU will be evidenced in writing by, and subject to the
terms and conditions of, the 2011 Plan and the Company’s standard form of restricted stock unit agreement, which agreement will expire ten (10) years from the date of grant except as otherwise provided in the restricted stock unit
agreement or the Plan. 

  

	 	(d)	As described in the applicable stock option or restricted stock unit agreement(s) and subject to the terms and conditions thereof, if there is a Change of Control (as defined in each such agreement) involving the
Company, then one hundred percent (100%) of all of your unvested options and performance stock units will vest and become immediately exercisable as of the consummation of the Change of Control. The parties acknowledge and agree that to the
extent that this Section 6(c) conflicts with any term of an option agreement or grant document listed above (including but not limited to any term of such option agreement or grant document that permits or requires that a termination without
“Cause” or as a result of a “Good Reason” occur following a Change of Control in order for unvested options to become vested and fully exercisable) then the terms of this Section 6(c) will govern. 

  
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	7.	Termination; Severance. Your employment will continue during the Term until terminated in accordance with this Section 7. You and the Company each will be entitled to terminate your employment for any reason
at any time, subject to the provisions of this Section 7. 

  

	 	(a)	Termination for Cause; Resignation without Good Reason. If, at any time, the Company terminates your employment for Cause (as defined herein), or you resign without Good Reason (as defined herein), you will
receive your Base Salary accrued through your last day of employment, any unused vacation (if applicable) accrued through your last day of employment, and any properly incurred business expenses through your last day of employment that remain
unreimbursed. Under these circumstances, you will not be entitled to any other form of compensation from the Company, including any severance benefits. 

  

	 	(b)	Termination without Cause; Resignation for Good Reason; Death or Disability. If your employment is terminated by the Company without Cause (as defined below) or by you for Good Reason (as defined below) or due to
your death or Disability (as defined below) (collectively, such reasons for separation, an “Involuntary Termination”), then in addition to the payments and benefits described in Section 7(a) (which you will receive irrespective of the
reason for termination), and subject to the conditions set forth in Section 7(c), you will be entitled to receive the following severance benefits (collectively, the “Severance Benefits”): 

 

	 	(i)	an amount equal to three (3) months of your then current Base Salary, less all applicable withholdings and deductions, paid over such three (3) month period on the schedule described below (the “Salary
Continuation”), provided that if the Involuntary Termination occurs after December 31, 2016 then the length of Salary Continuation automatically will be increased to six (6) months; and further provided that if the
Involuntary Termination occurs after December 31, 2017 then the length of Salary Continuation automatically will be increased to twelve (12) months; and 

 

	 	(ii)	a pro-rata portion of your at-target Performance Bonus (30% of your then-current annual Base Salary) for the calendar year in which the termination occurs, adjusted based on the period worked by you during such calendar
year prior to termination; and 

  

	 	(iii)	 if you timely elect continued coverage under COBRA for yourself and your covered dependents under the
Company’s group health plans following the Involuntary Termination, then the Company will pay the COBRA premiums necessary to continue your health insurance coverage in effect for yourself and your eligible dependents on the termination date
until the earliest of (A) the close of the three (3) month period following the termination of your employment, (B) the expiration of your eligibility for the continuation coverage under COBRA, or (C) the date when you become
eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA Payment Period”),
provided that if the Involuntary Termination occurs after December 31, 2016 then the length of the period described in subsection (A) automatically will be 

  
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increased to six (6) months; and further provided that if the Involuntary Termination occurs after December 31, 2017 then the length of the period described in subsection
(A) automatically will be increased to twelve (12) months. 

 Notwithstanding the foregoing, if the Company
determines, in its sole but good faith discretion, that the payment of the above-described COBRA premiums could result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect
(including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company, in its sole discretion, may elect to
instead pay you on the first day of each month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for
the remainder of the COBRA Payment Period. You may, but are not obligated to, use such Special Severance Payment toward the cost of COBRA premiums. On the sixtieth (60th) day following your
Separation from Service, the Company will make the first payment under this clause equal to the aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service through such
sixtieth (60th) day, with the balance of the payments paid thereafter on the schedule described above. If you become eligible for coverage under another employer’s group health plan or
otherwise cease to be eligible for COBRA during the period provided in this clause, you must immediately notify the Company of such event, and all payments and obligations under this clause will cease. 

 

	 	(c)	Conditions to Receive Severance Benefits. The Severance Benefits are conditional upon (i) your continuing to comply with your obligations under your Nondisclosure, Nonsolicitation and Noncompete Agreement;
(ii) your delivering to the Company of an effective separation agreement and general release of claims in favor of the Company in a mutually acceptable form within sixty (60) days following your termination date; and (iii) your
compliance with all reasonable requests for transition assistance from the Company. The Salary Continuation will be paid in equal installments on the Company’s regular payroll schedule over the applicable period following your termination date,
and will be subject to applicable tax withholdings, provided that no payments will be made prior to the sixtieth (60th) day following your separation from service. On the 60th day following your separation from service, the Company will pay you in a lump sum the Salary Continuation and other Severance Benefits that you would have received on or prior to such date under
the original schedule but for the delay while waiting for the 60th day in compliance with Code Section 409A and the effectiveness of the release, with the balance of the Salary Continuation
and other Severance Benefits being paid as originally scheduled. 

  

	 	(d)	 Definition of Cause. For purposes of this Offer Letter, “Cause” will mean one or more of
the following: (i) your willful failure or refusal to abide in all material respects by lawful directions received from the CEO; (ii) your commission of any act of fraud, embezzlement or any other willful misconduct that has caused or is
reasonably 

  
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expected to result in material injury to the Company; (iii) your unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom you
owe an obligation of nondisclosure as a result of your relationship with the Company; or (iv) your willful breach of any of your material obligations under any written agreement or written covenant with the Company. Cause will not exist under
this Offer Letter unless the Company gives written notice to you describing with particularity the alleged act(s) at issue. The foregoing definition does not in any way limit the Company’s ability to terminate your employment at any time.

  

	 	(e)	Definition of Good Reason. For purposes of this Offer Letter, “Good Reason” will mean your resignation from all positions you then hold with the Company based on an event described below,
provided you give written notice of such event within ten (10) days after the first occurrence of such event and that you assert that grounds for a resignation for Good Reason exist as a result of such event, and provided such
event is not corrected within thirty (30) days after the Company (or any successor thereto) receives written notice from you of: (A) a material reduction in your base compensation or target annual bonus eligibility (unless you are treated
proportionately similarly to all other employees); (B) a change in your position with the Company that materially reduces your title, level of authority, responsibilities and/or duties; (C) a requirement that you relocate more than fifty
(50) miles from the Company’s principal place of business; or (D) any material breach of this Offer Letter by the Company. 

  

	 	(f)	Definition of Disability. For purposes of this Offer Letter, “Disability” will mean your failure to perform your normal required services hereunder for a period of three (3) consecutive
months during any calendar year by reason of your mental or physical disability, as determined by an independent physician reasonably satisfactory to you and the Company. 

 

	8.	Non-Competition; Confidentiality. As a condition of employment hereunder, you will be required to sign and abide by the Company’s standard Nondisclosure, Nonsolicitation and Noncompete Agreement. By signing
this Offer Letter and accepting the consideration provided for herein, you expressly reaffirm your obligations under such Nondisclosure, Nonsolicitation and Noncompete Agreement. 

 

	9.	At-Will Employment. Your employment with Company will be “at-will.” This means that either you or the Company may terminate your employment at any time, with or without Cause or Good Reason, and with or
without advance notice. Notwithstanding the foregoing, you will be entitled to receive the Severance Benefits under this Agreement pursuant to the terms hereof. 

  

	10.	Code Section 409A. 

  

	 	(a)	It is intended that all of the severance benefits and other payments payable under this Offer Letter satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under
Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this letter will be construed to the greatest extent possible as consistent with those provisions. 

  
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	 	(b)	Any termination of your employment triggering payment of benefits under Section 7 must constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg.
§1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of your employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h)
(as the result of further services that are reasonably anticipated to be provided by you to the Company at the time your employment terminates), any such payments under Section 7 that constitute deferred compensation under Code
Section 409A will be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this section will not
cause any forfeiture of benefits on your part, but will only act as a delay until such time as a “separation from service” occurs. 

  

	 	(c)	For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any installment payments under this Offer Letter
(whether severance payments, reimbursements or otherwise) will be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment.
Notwithstanding any provision to the contrary in this Offer Letter, if you are deemed by the Company at the time of your separation from service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of
the payments upon separation from service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments is required in
order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Code Section 409A, such payments will not be provided to you prior to the earliest of (i) the expiration of the
six-month period measured from the date of your separation from service with the Company, (ii) the date of your death, or (iii) such earlier date as permitted under Code Section 409A without the imposition of adverse taxation. Upon
the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph will be paid in a lump sum to you, and any remaining payments due will be paid as
otherwise provided herein or in the applicable agreement. No interest will be due on any amounts so deferred. 

  

	 	(d)	Notwithstanding any other provision herein to the contrary, in the event of any ambiguity in the terms of this Offer Letter, such term(s) will be interpreted and at all times administered in a manner that avoids the
inclusion of compensation in income under Code Section 409A, or the payment of increased taxes, excise taxes or other penalties under Code Section 409A. 

 

	 	(e)	The parties intend all payments and benefits hereunder to be in compliance with Code Section 409A; however, you acknowledge and agree that the Company does not guarantee the tax treatment or tax consequences
associated with any payment or benefit arising under this Offer Letter, including but not limited to consequences related to Code Section 409A. 

  

	11.	 Arbitration. To ensure the rapid and economical resolution of disputes that may arise in connection with
your employment with the Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach, performance, or interpretation of this Offer Letter, your
employment with 

  
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the Company, or the termination of your employment, will be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in Boston, Massachusetts by JAMS, Inc.
(“JAMS”) or its successor, under JAMS’ then applicable rules and procedures. You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial
by jury or judge or administrative proceeding. You will have the right to be represented by legal counsel at any arbitration proceeding. The arbitrator will: (a) have the authority to compel adequate discovery for the resolution of the dispute
and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and
the arbitrator’s essential findings and conclusions on which the award is based. Each party will bear its own attorneys’ fees and litigation costs, except to the extent the underlying law upon which any claim is based provides for the
award of attorneys’ fees, in which case such fees will be recoverable as provided by law. The arbitrator will be authorized to award all relief that you or the Company would be entitled to seek in a court of law, including, but not limited to,
allocating in the arbitrator’s discretion, between the parties, all costs of the arbitration, including facility fees and the fees and expenses of the arbitrator and reasonable attorneys’ fees, costs and expert witness fees of the parties,
if permitted by applicable law. Nothing in this Offer Letter is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. The parties further
agree that this Section 11 may be specifically enforced in court. 

  

	12.	Indemnification. The Company acknowledges and agrees that you will be entitled to indemnification under the Company’s standard form of indemnification agreement. 

 

	13.	Notices. Any notice to be given hereunder will be in writing and delivered or sent by certified mail, postage prepaid, return receipt requested, addressed to the party concerned at the address indicated below or
at such other address as such party may subsequently be designated by like notice: 

 If to the Company:

 GI Dynamics, Inc. 

25 Hartwell Avenue 

Lexington, MA 02421 

Attention: Chief Executive Officer 

With a copy to: 

Daniel Follansbee, Esq. 

Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C. 

One Financial Center 

Boston, MA 02111 

If to you: 

Brian Callahan 

  
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	14.	Survivorship. The respective rights and obligations of the parties hereunder will survive any termination of this Offer Letter to the extent necessary to the intended preservation of such rights and obligations.

  

	15.	Miscellaneous. This Offer Letter and the other agreements specifically mentioned herein are the complete and exclusive statement of all of the terms and conditions of your employment with the Company, and
supersede and replace any and all prior agreements or representations with regard to the subject matter hereof and thereof, whether written or oral. This Offer Letter is entered into without reliance on any promise or representation other than those
expressly contained herein, and it cannot be modified, amended or extended except in a writing signed by you and a duly authorized member of the Board. This Offer Letter is intended to bind and inure to the benefit of and be enforceable by you and
the Company, and our respective successors, assigns, heirs, executors and administrators, except that you may not assign any of your duties or rights hereunder without the express written consent of the Company. Whenever possible, each provision of
this Offer Letter will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Offer Letter is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Offer Letter will be reformed, construed and enforced as if such invalid, illegal or unenforceable provisions had
never been contained herein. This Offer Letter and the terms of your employment with the Company will be governed in all aspects by the laws of the Commonwealth of Massachusetts. 

This offer is subject to satisfactory proof of your right to work in the United States and satisfactory completion of a Company-required background check.
Please sign and date this Offer Letter, and the enclosed Nondisclosure, Nonsolicitation and Noncompete Agreement and return them to me by May 05, 2016, if you wish to accept employment at the Company under the terms described above. 

[Signature Page Follows] 

  
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 If the foregoing correctly sets forth our agreement and understanding, please indicate your
acceptance of this offer by signing and returning to me a copy of this Offer Letter. 
  

			
	Very truly yours,
	
	GI DYNAMICS, INC.
		
	By:	 	 /s/ Scott Schorer

	Scott Schorer
	Chief Executive Officer
		 	

  

			
	Accepted and Agreed:
		
	Name:	 	 /s/ Brian Callahan

		 	BRIAN CALLAHAN
		
	Date:	 	 9 May 2016

  
 10EX-10.2

 Exhibit 10.2 
  

			
		  	LEASE
		  	Dated as of: June 1, 2016

 I • PARTIES: E F and C, LLC , Landlord, which expression shall include its successors and assigns where the context so
admits, does hereby lease to GI Dynamics, Inc. which expression shall include its successors and assigns where the context so admits, and the Tenant hereby leases the following described premises. 

2. PREMISES: Those certain premises located within the building known as and numbered 355- Congress Street, Boston, Massachusetts (“the
Building”), said demised premises consisting of 4,200 +/- rentable square feet located on the right and left side rear 5th level of the building with the right to use in common with others the stairways and elevators necessary for the Building.

 3. TERM: The term of this Lease is for 2-years commencing on June 1 2016 and ending April 13 2018. On June 1, 2016 Landlord shall deliver
possession of the Demised Premises to Tenant as is with a two double glass door. 
 4 RENT: The Tenant shall pay the Landlord rent at the rate of $11,900 per
month payable monthly in advance on the first day of each calendar month. Upon execution of this Lease, the Tenant shall pay the first and, last months rent and security deposit— The first monthly installment shall be for the month starting May
20, 2016. 
 5 Utilities. Tenant shall pay all charges for all utilities to the Premises, including without limitation, electricity used for lights, plugs
and all HVAC, all charges for gas or steam to Heat the Premises, and all charges for telephone and other utilities required or desired by Tenant, whether designated as a charge, tax, assessment, fee or otherwise. Tenant acknowledges that none of the
forgoing charges are included in the Annual Fixed Rent. 
 It is understood and agreed that Tenant shall make its own arrangements for the installation or
provision of all utilities and services, and that the Landlord shall be under no obligation to furnish any utilities to the Premises. All utilities serving the premises Shall be separately metered if permitted by the utility company, and the cost of
installing such separate metering equipment (to the extent not currently installed) shall be included as part of tenants work and shall be paid for by Tenant. If such separate metering is not available with respect to any
particular utility service, then Tenant shall, during such portion of the term as such separate metering is not in effect, pay as Additional Rent the entire cost of each such utility supplied to the Premises as determined by Landlord by
submetering or similar device, and the cost of installing, operating, maintaining and repairing any meter or other device used to measure Tenants utility consumption. Alternatively, at Landlords option, Tenant shall pay Tenants Percentage of the
charges for each such utility allocable to those portions of the Building leased or intended to be leased to tenants, within ten days of invoice therefor, provide however, if some or all of the areas leased or intended to be leased to
tenants are separately metered for electricity or any other utility, such Tenant’s Percentage for purposes of this section only shall be determined by dividing the rentable area of the Premises by the rentable area of the portions of the
Building not separately metered for utility consumption. 

 6 Late Payment of Rent. If any installment of Annual Fixed Rent is paid more than ten (10) days after the
date due, Tenant shall pay to Landlord a late charge equal to the greater of One Hundred Dollars ($100) or two and one-half percent (2.5%) of the delinquent amount. The parties agree that the amount of such late charge represents a reasonable
estimate of the cost and expense that would be incurred by Landlord in processing and administration of each delinquent payment by Tenant, but the payment of such late charges shall not excuse or cure any default by Tenant under this lease. Absent
specific provision to the contrary, all Additional Rent shall be due and payable in full ten (10) days after demand by Landlord. 
 7 SECURITY On or
before May 13 2016 the Tenant shall pay to the Landlord the amount of $3,400 ($11,900 minus $8,500 already paid) which shall be held as a security for the Tenant’s performance as herein provided and refunded to the Tenant, at the
end of this Lease subject to the Tenant’s satisfactory compliance with the conditions hereof. Said security deposit shall in no event be applied by Tenant against any rent due pursuant to this Lease, unless expressly so authorized in writing by
Landlord. No interest will be paid on the Security Deposit. 
 8 USE OF DEMISED PREMISES: The Tenant shall use the demised premises only for the purpose of
general office purposes, in accordance with all applicable building and zoning laws and ordinances. 
 9 USE OF FREIGHT ELEVATOR: The Tenant shall have
use of freight elevator only if prescheduled and approved by the landlord. Tenant will allow access to the freight elevator by other tenants if prescheduled and approved by the landlord. The Tenant shall have the right to use the Passenger elevator
at all times. 
 10 COMPLIANCE WITH LAWS: The Tenant agrees to take all steps necessary to comply with all laws applicable to their use of the space and
alterations. The Tenant acknowledges that no trade or occupation shall be conducted in the demised premises or use made thereof which will be unlawful, improper noisy or offensive, or contrary to any law or any municipal by-law or ordinance in force
in the City of Boston 
 11. FIRE INSURANCE: The Tenant shall not permit any use of the demised premises which will make voidable any insurance on the
property of which the demised premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from the time established by the New England Fire Insurance Rating Association, or any similar body succeeding
to its powers. The Tenant shall on demand reimburse Landlord and all other tenants, all extra insurance premiums caused by the Tenant’s use of the premises and Building. Tenant will provide the Landlord with a waiver of subrogation from the
tenant’s insurer. 
 12. MAINTENANCE OF PREMISES: The Tenant agrees to maintain the demised premises, in substantially the same conditions as they are
at the commencement of the term, or as they may be put in during the term of this Lease, reasonable wear and tear, damage by fire and other casualty only accepted 

The Tenant shall not permit the demised premises to be overloaded, damaged, stripped or defaced, nor suffer any waste. 

13. ALTERATIONS- ADDITIONS: Tenant shall not make structural alterations or additions to the demised premises, but may make non-structural
alterations provided the Landlord consents thereto in writing, which consent shall not be unreasonably withheld or delayed. All such allowed alterations shall be at Tenant’s expense and shall be in quality at least equal to the present

 
construction. Tenant shall not permit any mechanics liens, or similar liens, to remain upon the demised premises for labor and material furnished to Tenant or claimed to have been furnished to
Tenant in connection with work of any character performed or claimed to have been performed at the direction of Tenant and shall cause any such lien to be released of record forthwith without cost to Landlord. Any additions, alterations or
improvements made by the Tenant shall become the property of the Landlord at the termination of occupancy, as provided herein; unless Landlord requires that the tenant remove the same or agrees in writing at the time consent is requested that
the Tenant may remove the same at the expiration of the term. With respect to any additions, alterations or improvements to be” made by Tenant, Tenant agrees to carry appropriate builder’s risk insurance, liability insurance,
workman’s compensation insurance and in addition, any other insurance coverage reasonably requested by Landlord, specifically naming Landlord as an additional insured, as its interest may appear or, in the alternative, Tenant agrees to require
similar coverage to be carried by any independent contractor performing additions, alterations or improvements on the demised premises, and, in all events Tenant agrees to indemnify and hold harmless Landlord from any damage to the demised premises,
to the building and/or from and against all claims for damages allegedly insured by Tenant or by third parties for work done pursuant to this Section. 
 14.
ASSIGNMENT AND SUBLETTING: Without the prior written consent of Landlord, which shall not be unreasonably withheld, Tenant shall not assign this Lease, sublease all or any part of the Premises, or otherwise transfer or encumber all or
any of Tenant’s interest in this Lease, whether voluntarily, involuntarily or by operation of law, or permit the use or occupancy of the Premises by anyone other than Tenant. Any transfer or change in the ownership of Tenant or any transactions
pursuant to which Tenant is merged or consolidated with another entity or pursuant to which all or substantially all of Tenant’s assets are transferred to any other entity shall be deemed to be an assignment of this Lease. 

If Tenant desires to enter into a sublease, Tenant shall provide Landlord with a written description of all terms and conditions of the proposed transaction,
copies of the proposed documentation, and the following information about the proposed subtenant (“Transferee”): (i) name and address, (ii) reasonably complete information about its business and business history, (iii) its proposed use of
the Premises, (iv) banking, financial and other credit information 
 (v) general references sufficient to enable Landlord to determine the proposed
Transferee’s creditworthiness and character, and (vi) such other information as Landlord may reasonably request. 
 Provided Tenant is not in
default beyond applicable cure periods, Landlord shall not unreasonably withhold its consent to a proposed subletting as to which it does not elect to exercise its termination or recapture rights pursuant to the preceding paragraph. Without limiting
the foregoing, Tenant agrees that it shall be reasonable for Landlord to withhold its consent to any proposed subletting if: 
 (i) The proposed Transferee
does not have a credit worthiness and reputation acceptable to Landlord in Landlord’s reasonable business judgment, or 
 (ii) The proposed Transferee
shall not use the Premises for the Permitted Uses only, or 
 (iii) The proposed. Transferee intends to use the Premises for a purpose or in a manner which
is inconsistent with Landlord’s commitments to other tenants in the Building, or 
 (iv) The proposed Transferee is likely to cause an
increase in Operating Costs, or 
 (v) The proposed Transferee shall increase the number of occupants in the Premises beyond one (1) person per two hundred
feet, or 
 (vi) The proposed Transferee is another occupant of the Building or a prospective tenant with whom Landlord is then negotiating for a lease, or

 (vii) In the case of a subletting, the portion of the Premises to be sublet is not configured and situated so
that, with the installation of demising walls only, it may be leased by Landlord as a separate rental unit for office purposes. 
 If Landlord consents to a
proposed subletting, then Tenant may enter into a sublease on the terms set forth in the documentation submitted to Landlord and Tenant shall provide Landlord with a complete copy of such fully executed sublease within thirty (30) days after
Landlord gives its consent. No consent to any subletting in a particular instance shall be deemed to be a waiver of the obligation to obtain the Landlord’s written approval in the case of any other proposed subletting, and Landlord may withhold
its consent to any further subletting by a subtenant in Landlord’s sole and absolute discretion. 
 Any proposed sublease shall include a written
agreement in form reasonably satisfactory to Landlord whereby the Transferee expressly assumes Tenant’s obligations hereunder. Landlord, after default by Tenant hereunder, may collect the rents from any subtenant or occupant and apply the net
amount collected to the rent due under this Lease, but no such collection shall be deemed a waiver of any terms of this Section or the acceptance by Landlord of such subtenant or occupant, as a tenant, or a release of Tenant from the future
performance by Tenant of its agreements or obligations contained in this Lease. In the event of termination of this Lease or reentry or dispossession of Tenant by Landlord under this Lease, Landlord may, at its option, take over all of the right,
title and interest of Tenant, as sublessor under such sublease, except that neither Landlord nor any mortgagee of the Property, as holder of a mortgage or as Landlord under this Lease if such mortgagee succeeds to that position, shall be liable for
any act or omission of Tenant under such sublease or for any monies received or owed by Tenant. 
 No subletting shall in any way impair the continuing
primary liability of Tenant hereunder, and Tenant shall at all times remain liable for the performance of all of the obligations of the tenant under this Lease. 

Any subletting or other transfer of Tenant’s interest in this Lease in contravention of this Section shall be voidable at Landlord’s option. 

Notwithstanding anything in this Section 13 to the contrary, Tenant shall have the right to assign this Lease or to sublet all or a portion of the demised
premises to its corporate parent or any subsidiary or affiliated entity without the consent of Landlord being required. 
 15 SUBORDINATION: This
Lease shall be subject and subordinated to any and all mortgages, deeds of trust and other instruments in the nature of a mortgage, now or at any time hereafter, lien or liens on the property of which the demised premises are a part and the Tenant
shall, when requested, promptly execute and deliver such written instruments as shall be necessary to show the subordination of this Lease to said mortgages, deeds or trust or other such instruments in the nature of a mortgage. 

16 LANDLORD’S ACCESS: The Landlord or agents of the Landlord may, with at least twenty-four (24) hours notice to Tenant, at reasonable times enter
to view the demised premises and may remove placards and signs not approved and affixed herein provided, and make repairs and alterations as Landlord should elect to do and may show the demised premises to others, and at any time within six (6)
months before the expiration of the term, may affix to any suitable part of the demised premises a notice for letting or selling the demised premises or property of which the demised premises are a part and keep the same so affixed without hindrance
or molestation. 

 17 INDEMNIFICATION AND LIABILITY: The Tenant shall save the Landlord harmless from any claims,
costs, damages, arising from the tenant’s use of the premises and activities in the building and from claims, costs and damages arising from the acts of subtenants, employees or others that may be in the premises on behalf of the Tenant. Tenant
shall save the Landlord harmless from all loss and damage occasioned by the use or escape of water by the bursting of pipes, as well as from any claim or damage resulting from snow and ice on the roof of the building or from the sidewalks bordering
upon the demised premises, or by any nuisance made or suffered on the demised premises, unless such loss is caused by the neglect of the Landlord. 

Tenant’s personal property is at Tenant’s sole risk. 

Landlord shall save the Tenant harmless from any claims ,cost, damages, arising from the Landlords use of the premises and activities
in the building and from claims, costs and damages arising from the acts of agents, employees or others that may be in the premises on behalf of the Landlord. Landlord shall save the Tenant harmless from all loss and damage
occasioned by the use or escape of water by the bursting of pipes, as well as from any claim or damage resulting from snow and ice on the roof of the building or from the sidewalks bordering upon the demised premises, or by any nuisance made or
suffered on the demised premises, unless such loss is caused by the neglect of the Tenant. Landlord’s personal property is at Landlord’s sole risk. 

18 TENANTS LIABILI1Y INSURANCE: The Tenant shall maintain, with respect to the demised premises and the property of which the demised premises are
part, comprehensive public liability insurance in the amount of One Million and 00/100 ($1,000,000.00) Dollars with property damage insurance in limits of One Hundred Thousand Dollars and 00/100 ($ 100,000.00) in responsible companies qualified
to do business in Massachusetts and in good standing therein insuring the Landlord as well as Tenant against injury to persons or damage to property as provided. Landlord shall be named as additional insured on such policy. The Tenant shall
deposit with the Landlord certificates for such Insurance at or prior to the commencement of the term, and thereafter, within thirty (30) days prior to the expiration of any such policies. All such insurance certificates shall provide that such
policies shall not be canceled without at least thirty (30) days prior written notice to each assured named therein. 
 19 FIRE, CASUAL1Y-EMINENT
DOMAIN: Should a substantial portion of the demised premises, or of the Building of which they are a part, be substantially damaged by fire or other casualty, or be taken by eminent domain, the Landlord may elect to terminate this Lease. When
such fire, casualty or taking renders the demised premises substantially unsuitable for their intended use or results in Tenant having no reasonable access to the demised premises, a just and proportionate of rent shall be made,
and the Tenant may elect to terminate this lease if: 
 a) The Landlord fails to give written notice within thirty (30) days of the casualty, fire or
taking the Landlord’s intention to restore the leased premises, or 
 (b) The Landlord fails to restore the leased premises to a condition substantially
suitable for their intended use within three (3) months of said fire, casualty, or taking. 
 The Landlord reserves, and the Tenant grants to the Landlord,
all rights which the Tenant may have for damages or injury to the leased premises for any taking by eminent domain, except for damages to the Tenant’s fixtures, property or equipment. 

20 DEFAULT AND BANKRUPTCY: In the event that: 

	(a)	The Tenant shall default in the payment of any installment of rent or other sum herein specified and such default shall continue for ten (I 0) days; or 

 

	(b)	The Tenant shall default in the observance or performance of any other of the Tenant’s covenants, agreement or obligations hereunder and such default shall not be corrected within thirty (30) days after written
notice thereof; or 

  

	(c)	The Tenant shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of Tenant’s property for the benefit of creditors, then the Landlord shall have the right thereafter, which
such default continues to re-enter and take complete possession of the demised premises, to declare the term of the Lease ended, and remove the Tenant’s effects, without prejudice to any remedies which might be otherwise used for arrears of
rent or other default. The Tenant shall indemnify the Landlord against all loss of rent and other payments which the Landlord may incur by reason of such termination during the residue of the term. If the Tenant shall default after reasonable notice
thereof, in the observance of performance of any conditions or covenants on Tenant’s part to be observed or performed under or by virtue of any of the provisions in any section of this Lease, the Landlord, without being under obligation to do
so without thereby waiving such default, may remedy such default for the account and at the expense of the Tenant. If the Landlord makes any expenditures or incurs any obligations for payment of money in connection there with, including but not
limited to reasonable attorney’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to the
Landlord by the Tenant as additional rent, hi the event of a default by the Tenant and re-entry and termination of the Lease, the value, at the time of termination, of the excess, if any, of the amount of rent and additional rent reserved in
the Lease for the remainder of the stated term over the then reasonable rental value of the Premises for the remainder of the stated term shall become immediately due and payable at Landlord’s option and Tenant waives all rights and claims for
anticipatory breach of the Lease. In all cases, Landlord shall use commercially reasonable efforts to mitigate its damages. 

 21 SIGNS:
Landlord shall have a right of prior approval of all signs to be utilized by Tenant on his door or outside of the demised premises. Landlord shall also have a right of prior approval of any signs placed by Tenant on the window areas of the demised
premises for viewing from outside of the building. Any of such approvals shall not be unreasonably withheld. To the extent that any signs referred to in the Section are subject to local zoning ordinances or rules and regulations of any governmental
agency or authority, all such signs will be in compliance therewith. Landlord at its cost shall install building standard signage on the first floor lobby and on the floor directory 

22 NON-WAIVER: No waiver by the Landlord and no assent, express or implied, to any breach on the part of the Tenant of any covenant, agreement,
condition or duty shall ever be held or construed as a waiver of or consent to any other breach of the same or of any other covenant, agreement, condition or duty. In the event of a breach by the Tenant of any covenant, agreement or condition which
is conditioned upon the consent or approval of the Landlord neither the acceptance of rent by the Landlord nor failure by the Landlord to take action on account of such breach or to enforce its rights resulting therefrom shall be deemed a waiver,
but such breach shall be a continuing breach until the written consent or approval of the Landlord or its agents shall be obtained. 
 23 CUMULATIVE
RIGHTS: All rights and remedies of the parties pursuant to this Lease are intended in all events to cumulative. 
 24 LANDORD
ASSIGNMENT: Landlord may at its sole option at any time during the term of this Lease assign its rights hereunder and in such event the Tenant’s obligation hereunder shall run to and Landlord and/or its assignee in accordance with
appropriate application of the laws of the Commonwealth of Massachusetts. Landlord may also at its sole discretion utilize the leasehold created pursuant to this Indenture in order to obtain mortgage financing with respect to

 
the demised premises or to any part of the whole of the building of which the demised premises are a part. Landlord at its sole option has or may in the future assign any other party all rents,
profits or other payments now or hereafter becoming due as a rent or otherwise from Tenant. 
 25 MARGINAL NOTATIONS: Marginal notations contained in
this Lease are for the convenience of reference only, and are not intended to be included as part of the terms of this Lease. 
 26 NOTICES: Any
notice from the Landlord to the Tenant relating to the demised premises or in the occupancy thereof, shall be deemed duly served, if (1) hand delivered to the Tenant or, (2) mailed to the demised premises, registered or certified mail, return
receipt requested, postage prepaid addressed to the Tenant, or (3) by nationally recognized overnight courier service addressed to the Tenant. Any notice from the Tenant to the Landlord relating to the demised premises or the occupancy thereof,
shall be deemed duly served, if (1) hand delivered to landlord, (2) mailed to the Landlord by registered or certified mail, return receipt requested, postage prepaid, addressed to the Landlord, or (3) by nationally recognized overnight courier
service at such address as the Landlord may from time to time advise in writing. All rent and notices shall be paid and sent to the Landlord at: 
 27
SURRENDER: The Tenant shall, at the expiration or other termination of the Lease, remove all Tenant’s goods and effects from the demised premises (including without hereby limiting the generality of the foregoing, all signs and lettering
affixed or painted by the Tenant either inside or outside the demised premises). Tenant shall deliver to the Landlord the demised premises and all keys, locks thereto and other fixtures; connected therewith and all alterations and additions
made to or upon the demised premises, in the same condition as they were at the term hereof, reasonable wear and tear and damage by fire or other casual1y only excepted. In the event of the Tenant’s failure to remove any of Tenant’s
property from the premises, Landlord is hereby authorized, without liability to Tenant for loss or damage thereto, and at the sole risk of Tenant, to remove and store any of the property at Tenant’s expense, or to retain same under
Landlord’s control or to sell at public or private sale, without notice, any or all of the property not so removed and to apply the net proceeds of such sale to the payment of any sum due hereunder, or to destroy such property. In the event
that Tenant remains in possession of all or part of the demised premises after the expiration of the term of this Lease, then said Tenant shall be deemed a tenant of the demised premises from month to month at the same rental and subject to all
terms and provisions of the Lease, except only as to the lease term. 
 28 RULES AND REGULATIONS: Notwithstanding anything elsewhere contained in this
Lease to the contrary, use of the premises will at all times be in strict conformity with applicable laws of governmental bodies having jurisdiction thereof and will also be subject from time to time to rules and regulations governing the operation
of the building as conveyed to Tenant in writing by Landlord see Exhibit A. Any such rules and regulations will apply to all tenants of the building and compliance therewith is deemed a covenant of Tenant pursuant to this indenture of Lease. Tenant
agrees to comply with all procedures conveyed by Landlord regarding the security of the building. 
 29 LANDLORD’S OBLIGATION: If Landlord shall
fail to perform any covenant, term or condition of this Lease upon Landlord’s part to be performed, and if as a consequence of such default Tenant shall recover a money judgment against Landlord, such judgment shall be satisfied only out of the
proceeds of same received upon execution of such judgment and levied thereon against the right, title and interest of the Landlord in and to the Building and the land thereunder and out of rents or other income from such property receivable by
Landlord. In any event Landlord will never be personally liable to tenant or anyone claiming under tenant. 

 In the event of a sale or conveyance by Landlord of the building of which the demised premises comprise a part,
the same shall operate to release Landlord from any future liability upon any covenant or condition, express or implied, herein contained in favor of Tenant and in such event, Tenant shall look solely to the responsibility of Landlord’s
successor in interest to this Lease for relief with respect to same; provided, however, that Landlord would not be released from liability for any breach which occurred prior to the sale or conveyance of the building. 

30    TENANTS CERTIFICATE: Tenant agrees, at any time within ten (10) days of Landlord’s written request to execute,
acknowledge and deliver to Landlord a written statement in form requested by Landlord, certifying that this Lease is unmodified and in full force and effect (or, if there have been modification, that this Lease is in full force and effect
as modified and stating the modifications), and the dates to which the minimum rent and other charges have been paid in advance, if any, or whether or not there are then existing any setoffs or defenses against the enforcement of any of the
agreements, terms or conditions hereof upon the part of Tenant to be performed or complied with (and, if so, specifying the same), it being intended that any such statement delivered pursuant to this Section may be relied upon by any prospective
purchaser or mortgagee of the building and land or any part thereof. 
 31 BANK APPROVAL: Tenant agrees to complete the Estopple Certificate and
Subordination, Non-Disturbance and Attornment Agreements for the Bank that has the mortgage on the Building and acknowledges that this lease may be subject to approval by the mortgage lender. 

32 GOVERNING LAW: This Indenture of Lease is to be construed in accordance with the laws of the Commonwealth of Massachusetts. 

33 The lease is subject in every respect to the Master Deed of the Condominium, The Declaration of Trust, and the By-Laws and Rules and Regulations
thereto. 
 34 Parking. 3 spaces at $300 each per month when available 
  

IN WITNESS WHEREOF the Landlord and Tenant have hereunto set their hands and common seals this
            day of             
  

			
	Tenant	  	Landlord
		
	/s/ Scott Schorer	  	/s/ Francis X Crowley

  

					
	GI Dynamics Inc	 		  	E F and C LLC
			
	Scott Schorer	 		  	Francis X Crowley
			
	Signature	 		  	
			
	Printed Name	 		  	
			
	Company Position. CEO	 		  	

 Rules and Regulations 

1 The sidewalks, entrances, driveways, passages, loading areas, corridors, vestibules, halls, elevators or stairways in or about the Building shall not be
obstructed by Tenant. 
 2. Tenant shall not place objects against glass partitions, doors or windows which would be unsightly from the Building corridor or
from the exterior of the Building. No sign, advertisement, notice or other lettering shall be exhibited, inscribed, painted or fixed by Tenant on any window 

Or 
 part of the outside or inside of the Buildings without
prior consent of Landlord, not to be unreasonably withheld or delayed. 
 3. Tenant shall not place a load upon any floor of the Building exceeding the
lesser of the floor load which such floor was designed to carry or that allowed by law. 
 4. Tenant shall not waste electricity or water in the
Building and shall cooperate fully with Landlord to assure the most effective operation of the Building HVAC system. All regulating and adjusting of HVAC equipment shall be done by the Landlord’s agents or employees. 

5. No additional or different locks or bolts shall be affixed on doors by Tenant. Tenant shall return all keys to Landlord upon termination of Tenant’s
lease. Tenant shall not allow peddlers, solicitors or beggars in the Building and shall report such persons to the Landlord’s agent. Notwithstanding the foregoing, the Tenant may install, at its sole cost and expense, a card access or fob
system to control access to the Premises; provided however, that Landlord shall a master key to access the Premises in the manner consistent with this Lease. 

6. Tenant shall not use the Premises so as to cause any increase above normal insurance premiums on the Building. 

7. No bicycles, vehicles or animals of any kind shall be brought into or kept in or about the Premises. No space in the Building shall be used for
manufacturing or for the sale of merchandise of any kind at auction or for storage thereof preliminary to such sale. 
 8. Tenant shall not engage or pay any
employees of the Building without approval from the Landlord. Tenant shall not employ any persons other than the janitor or employees of Landlord for the purpose of cleaning Premises without the prior written consent of Landlord. 

9. removals from the Building or the carrying in or out of the Building or the Premises of any freight, furniture or bulky matter of any description must take
place at such time and in such manner as Landlord may determine from time to time. Landlord reserves the right to inspect all freight to be brought into the Building and to exclude from the Building all freight which violates any of the rules
and regulations or provisions of Tenant’s lease. 

 10. Normal Building Operating Hours for the office portion of the Building are 7:00 a.m. to 7:00 p.m. Mondays
through Fridays and 9:00 a.m. to 1:00 p.m. on Saturdays excluding New Year’s Day, Martin Luther King’s Birthday, President’s Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, Christmas
Day (and the applicable weekday when any such day occurs on a weekend day) and all other federal, state, county or municipal holidays and all Sundays, except that Landlord reserves the option (at its sole election) to expand or alter Normal Building
Operating Hours. Any day (other than a Saturday) on which Normal Building Operating Hours shall occur shall be a “Business Day”. Outside of Normal Building Operating Hours, Landlord reserves the right to exclude from the Building
all persons connected with or calling upon Tenant who do not present a pass to the Building signed by Tenant. Landlord will furnish passes to persons designated by Tenant and Tenant shall be responsible to Landlord for all acts of such persons. 

Elevator and stairway door shall be locked at 7 PM. Entering after that time will be Allowed by escort from some member already in the office. Exiting
after 7 PM 
 Shall be via the stairway. 
  

	12	Tenant shall cooperate with Landlord in minimizing loss and risk thereof from fire, flood and associated perils. 

  

	13	Tenant shall, at Tenant’s expense, provide artificial light and electric current for the Landlord and/or its contractors, agents and employees during the making of repairs, alterations, additions or improvements in
or to the demised premises. 

 14 The water and wash closets and other plumbing fixtures shall not be used for any purposes other than
those for which they were designed and constructed and no sweepings, rubbish, rags, acid or like substance shall be deposited therein. All damages resulting from any misuse of the fixtures shall be borne by Tenant. 

15 Landlord reserves the right to establish, modify and enforce parking rules and regulations. 

16 All refuse from the Premises shall be disposed of in accordance with the requirements established therefor by Landlord. 

17 Landlord reserves the right at any time to rescind, alter or waive any rule or regulation at any time prescribed for the Building and to impose additional
rules and regulations when in its judgment Landlord deems it necessary, desirable or proper for its best interest and for the best interest of tenants and other occupants and invitees thereof. No alteration or waiver of any rule or regulation in
favor of one Tenant shall operate as an alteration or waiver in favor of any other Tenant. Landlord shall not be responsible to any Tenant for the non-observance or violation by any other Tenant however resulting of any rules or regulations at any
time prescribed for the Building.

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