Document:

Commercial Lease

					
	   
	Groupama Immobilier
	     
	  	Exhibit 10.12

COMMERCIAL LEASE 
  

 
  
 BY AND
BETWEEN THE UNDERSIGNED: 
 SCI LA DEFENSE ASTORG, a French société civile
immobilière (real estate investment company) with stated capital of €21,735,750, registered with the Paris Trade and Companies Register under number 322 283 961, whose principal office is located at 22 Rue Joubert, in the 9th arrondissement of Paris, the owner, represented by
GROUPAMA IMMOBILIER, a French société anonyme (corporation) with a management board (directoire) and supervisory board (conseil de surveillance) with stated capital of €2,400,000, registered with the
Paris Trade and Companies Register under number 413 114 760, whose principal office is located at 22 Rue Joubert, in the
9th arrondissement of Paris, and who is itself
represented by Mr. Guillaume Valarcher, its Real Estate Management Director (Directeur de la Gestion Immobilière); 
  

hereinafter “Lessor”; 
  

party of the first part; 
  

AND: 
  
 SEQUANS COMMUNICATIONS, a French société anonyme with a board of directors, with stated capital of €137,500, registered with the Paris Trade and Companies Register under
number B.450.249.677, whose principal office is located at 103 Boulevard Macdonald, 75019 Paris, represented by its Chairman, Mr. Karam; 
  

hereinafter “Lessee”; 
  

 
 party of the second part. 

 
  
 NOW,
THEREFORE, IT HAS BEEN AGREED AS FOLLOWS: 

  
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	Groupama
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 ARTICLE I – PURPOSE: 
 Lessor hereby leases and lets out to Lessee, who hereby accepts, the premises described below, which are located in a real estate complex designated as “PB104”, and known as the
“CitiCenter” building, which is located at 19 Le Parvis, Paris La Défense, in the city of Puteaux (92800). 

ARTICLE II – DESCRIPTION OF THE PREMISES LEASED: 

 

	•	 	 A group of offices on the third floor with a surface area of 746 m2, including a share of the common areas, 

 

	•	 	 10 parking spaces located at level - 4, designated by numbers 415 to 424, 

as such premises are shown on the plans appended hereto, as they continue and with all they include, without exception or reservation. Lessee represents
that it is well acquainted with the premises as a result of a visit it has made thereto. 
 The parties agree that the premises leased
constitute an indivisible whole. 
 ARTICLE III – INTENDED USE OF THE PREMISES: 

The premises leased shall be occupied solely for use as commercial offices for the following purpose: 

 

	•	 	 Conducting the Company’s business 

 to the exclusion of any other activity or use of the premises. It is agreed that Lessor does not grant Lessee any exclusive rights and, therefore, reserves the right to lease any other premises in the
building, for any commercial, industrial or craft trade use, including for the same business conducted by Lessee. 
 ARTICLE IV –
TERM: 
 This lease is granted for a term of 3/6/9 entire and consecutive years, which shall commence on May 11, 2005 and
expire on May 10, 2014. 
 However, Lessee alone shall be entitled to terminate the lease at the expiration of either of the first
two three-year periods by giving Lessor six months’ prior notice in an instrument served by a bailiff (acte extrajudiciaire). 

ARTICLE V – RENT – INDEXATION – REVISION: 

 

	*	Rent: 

 This lease is granted and
accepted in consideration for an annual rent, excluding taxes and maintenance charges, in the principal amount of €253,960.00 (TWO HUNDRED FIFTY THREE THOUSAND NINE HUNDRED SIXTY EUROS), which breaks down as follows: 

	 	-	For the offices: €238,720.00 (TWO HUNDRED THIRTY EIGHT THOUSAND SEVEN HUNDRED TWENTY EUROS) 

	 	-	For the parking spaces: €15,240.00 (FIFTEEN THOUSAND TWO HUNDRED FORTY EUROS) 

  
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 Lessee shall pay this rent to Groupama Immobilier on a quarterly basis, in advance, on the first of
January, April, July and October of each year, and for the first time on May 11, 2005. 
 Lessor has opted to subject its rent and
services to VAT. Therefore, Lessee is exempt from paying the Contribution on Rental Income (Contribution sur les Revenus Locatifs), but shall pay VAT, at the rate in force, on each installment of rent. 

 

	*	Indexation – Revision: 

 Without prejudice to the provisions concerning the revision of rent every three years, as provided in Articles L145-37 and L145-38 of the French Commercial Code (Code du Commerce), the contractual
rent as defined above shall be indexed automatically, without the need for any prior notice: 
 . Each year on the anniversary
of the effective date of the lease; 
 . On the basis of the variation observed over four quarters in the national construction
costs index (indice national du coût de la construction) published by INSEE (basis of 100, 4th quarter of 1953). 
 The first
indexation will take place one year after the effective date of the lease, i.e., on May 11, 2006. 
 The indexes to be compared at
the time of this first indexation shall be: 
 - First, the most recent known value of the INSEE
construction index on the effective date of the lease: the value of the index for the 3rd quarter of 2004, i.e., 1,272. 
 - Second, the most recent known value of the same index on the anniversary date of the lease, i.e., the value of the index for the 3rd quarter of 2005. 

At the time of each subsequent indexation, the indexes to be compared shall be the indexes known, first, on the previous anniversary date and, second, on
the relevant anniversary date. 
 Furthermore, in the event of a delay in the publication of the comparison indexes, Lessor shall be entitled to
make a provisional calculation and request payment of provisional rent on the basis of the most recently published indexed prior to the relevant anniversary date. Lessee undertakes to regularize its account when the index used to calculate the final
rent for the relevant indexation is published, such that the variation is made on the basis of four quarters as stated above. 
 In the event
that for any reason whatsoever the index chosen cannot be applied, the parties expressly agree: 
 - To replace it with the
index published in its stead or, if none, a similar index chosen by agreement of the parties; and 
 - If the parties fail to
reach agreement, to have an expert appointed, by an order of the Presiding Judge of the Nanterre District Court (Tribunal de Grande Instance), acting pursuant to a petition filed by the first party to act. Said expert shall be endowed with
all powers inherent in his/her status as the parties’ joint agent. The duties of this joint agent, whose decision shall be final and not subject to appeal, shall be to choose or, if necessary, to recreate, an index that tracks construction
costs in the Ile de France region as accurately as possible or, failing this, construction costs at the national level. The expert’s fees and expenses shall be shared equally by Lessor and Lessee. 

The parties acknowledge that the foregoing provisions are an essential and material condition of this lease, without which the lease would not have been
granted and accepted. 
 ARTICLE VI – MAINTENANCE CHARGES: 

  
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 For Lessor, the rent shall be net of maintenance charges. Therefore, Lessee shall pay for all charges,
services, supplies, taxes and other levies currently in effect or that may be imposed in the future, including those for which Lessor is or may be liable, and expenses in connection with the building, with the exception of major repairs, as defined
in Article 606 of the French Civil Code (Civil Code). 
 The following is a non-exhaustive list of maintenance charges that are common to
the building: 
  

	-	The consumption of utilities necessary for heating and air conditioning, water and consumption of electricity; 

	-	Cleaning of common areas and exterior and interior facades, as well as the building’s windows; 

	-	Garbage collection; 

	-	Maintenance of green spaces; 

	-	Sentry and security services, as well as technical inspections of technical equipment; 

	-	The use and maintenance of common equipment, such as: 

	 	.	Air conditioning, heating, elevators and escalators; 

	 	.	Electricity in the common areas, electrical installations and generators; 

	 	.	Controlling access to the building; 

	-	Maintenance, supplies and, more broadly, all services related to the operation of the building; 

	-	The maintenance and cleaning of parking areas; 

	-	Contribution to environmental expenditures; 

	-	Expenses generated by the property owners’ association (Association Syndicale des Copropriétaires) of the neighborhood in which the building is
located; 

	-	Technical management of the building. 

 These
maintenance charges, with the exception of expenses in connection with elevators, shall be calculated on the basis of the surface area leased to Lessee compared to the building’s total surface area, excluding technical premises and parking
areas. 
 Elevator expenses shall be prorated in accordance with the percentage shares (tantièmes) determined by an expert
surveyor, and allocated to the premises leased. 
 It is agreed that Lessor reserves the right to allocate the charges above on the basis of
percentage shares in the event it has an expert surveyor draw up an allocation schedule. In such case, Lessee undertakes to accept the application of such allocation schedule. 
 The parties expressly agree that Lessee alone shall pay property taxes and the costs of the non- occupant property owner’s insurance policy for the building. Lessee shall reimburse Lessor for these
expenses, upon production of supporting documentation. Lessee’s share shall be calculated on the basis of the surface area leased to Lessee compared to the building’s total surface area, excluding technical premises and parking areas, in
accordance with the current allocation schedule. 
 In accordance with the same requirements, Lessee shall reimburse Lessor for all taxes and/or
other levies that may be imposed on the building, including if Lessor is solely liable to the tax authorities. Therefore, in addition to the expenses above, Lessee shall, upon production of supporting documentation, reimburse Lessor for its share of
the garbage collection tax and the Ile de France tax on offices, as adopted by Article 231 ter of the French Tax Code (Code Général des Impôts), prorated in accordance with the share of the taxable surface area it
occupies. 
 Furthermore, in addition to the expenses above, Lessee shall pay the management fees of the property management company, which are
set at 2%, excluding taxes, of the principal amount of rent, excluding taxes and maintenance charges. These fees shall be invoiced with the statement for rent and at the same frequency. 
 Each quarter, at the same time it pays rent, Lessee shall pay an advance on general common maintenance charges equal to one-quarter of the interim annual budget allocated to it (as of this time, such
budget does not include property taxes, the annual tax on premises used as offices, premiums for the building’s insurance policy, the management fees of the property management company and

  
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individual utilities consumption), which on the signature date of this lease is €12,000 (TWELVE THOUSAND EUROS). 
 Lessor shall collect from Lessee expenses that are not included in the interim annual budget as Lessor pays them, with the exception of, first, the management fees of the property management company,
which shall be payable as specified above and, second, individual utilities consumption (water, electricity), which shall be paid as an “individual advance”, equal to one-quarter of the interim annual budget prepared by Lessor, which on
the signature date of this lease is €2,500 (TWO THOUSAND FIVE HUNDRED EUROS). 
 Each year, Lessor shall prepare a final statement showing
the breakdown of the expenses for the period. Lessee shall pay this statement within a period of not more than one month from the date this statement is presented for payment. 
 ARTICLE VII – SECURITY DEPOSIT: 
 Lessor acknowledges that it has
received from Lessee the sum of €63,490.00 (SIXTY THREE THOUSAND FOUR HUNDRED NINETY THREE EUROS), which is equal to three months’ rent, excluding taxes and maintenance charges, to guarantee payment of rent, proper performance of the terms
and conditions of the lease, repairs required of the tenant and amounts owed by Lessee for which Lessor may be held liable. 
 The difference,
whether more or less, shall be paid or returned after deducting, if applicable, the amounts of said repairs and all sums owed to Lessor pursuant to this lease after Lessee has moved out, surrendered the keys and produced receipts evidencing payment
of all contributions, taxes and fees for which it is liable, without prejudice to Lessor’s right to claim damages. 
 This security deposit
shall not bear interest in favor of Lessee. 
 Each time rent is adjusted, this security deposit shall be increased or decreased so as to always
equal three months’ rent, excluding taxes and maintenance charges. 
 ARTICLE VIII – GENERAL TERMS AND CONDITIONS:

 This lease, which is and shall remain governed by the provisions of the French Commercial Code (Book 1, Title IV, Chapter V, as well as
the provisions of Decree 53-960 of September 30, 1953 that have not been abrogated by Order 2000-912 of September 18, 2000) and any future provisions that may amend the foregoing provisions, is granted and accepted pursuant to the
following terms and conditions, which Lessee undertakes to perform and carry out, without the right to claim any compensation or reduction in rent. Failure to comply with these terms and conditions shall be grounds for terminating the lease.

 a) Possession: 

Lessee shall take the premises in their condition at the time that it takes possession, and shall not be entitled to request that Lessor make any
repairs, except those that the law deems major repairs (Article 606 of the French Civil Code). 
 Before Lessee takes possession, a joint
inventory of the condition of the premises shall be drawn up by a bailiff (huissier). The expenses of this inventory shall be shared equally by Lessor and Lessee. 
 In conducting its business, Lessee shall comply with all statutory and regulatory requirements that may apply thereto. 

  
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 Consequently, to the extent necessary, Lessee shall be personally responsible for obtaining all
authorizations necessary for setting up and conducting its business on the premises leased. 
 In the event Lessee fails to comply with said
statutory and regulatory requirements, Lessee shall indemnify and hold Lessor harmless from all administrative and financial consequences that may ensue. 
 Lessee shall comply with the requirements imposed by the regulations of the city of Nanterre, with which Lessee represents it is familiar. 
 Lessee shall use the premises leased at all times. Furthermore, Lessee shall at all times maintain on the premises equipment and furnishings in sufficient quantity and of sufficient value to at all times
cover the payment of rent or the various reimbursements ancillary thereto, as well as performance of the terms and conditions of this lease. 

Lessee shall take all necessary precautions to ensure that its business does not negatively affect the tranquility, hygiene, salubriousness, solidity or
standards of the premises leased, and that it does not disturb or cause damage to its neighbors. 
 Furthermore, Lessor shall be released from
all liability for interference with possession of the premises caused by third parties or Lessee. 
 Lessee shall strictly comply with all
regulations, police orders, health regulations, etc. 
 The parties expressly agree that Lessee shall, at its own expense, and without
exercising any recourse against Lessor, carry out work of any type whatsoever that may be requested by government authorities, in particular on health, safety or labor law grounds. 
 Lessee shall ensure that its personnel behaves in a proper manner in order to avoid disturbing its neighbors. It is agreed that Lessee shall be liable for all damage committed in the building by its
employees or visitors. 
 Lessee shall comply with all measures adopted to ensure order in and the cleanliness of the building in which the
premises leased are located, with the building’s rules and regulations, as drawn up by Lessor, and with the general security requirements adopted by Lessor for the building. Lessor expressly reserves the right to adapt and modify said
regulations, to bring them into compliance with laws and regulations or in the interest and for the safety of the building and all tenants in general. 
 Lessee shall not deposit anything or allow anything to be deposited in the building’s entry vestibule, the hallways, stairways, green spaces, circulation lanes and parking areas and, more broadly, in
any of the building’s common areas, which are formally excluded from this lease. 
 Lessee shall take all precautions to ensure that the
weight bearing load of the floors is not exceeded. 
 Lessee shall not install any engines or other machines, with the exception of those
necessary for its companies’ business activities, without Lessor’s written authorization. Lessee shall remove engines or other machines that may have been installed after obtaining authorization, without being entitled to any compensation
from Lessor, if the operation of such engines or other machines is the source of justified complaints by other tenants or neighbors. 
 Lessee
shall not be entitled to make any claim or to request a reduction in rent: 
 . In the event the various general services of
the building or pieces of common equipment (water, electricity, heat, elevator, etc.) are removed, halted or malfunction due to work or repairs, regardless of the nature or duration thereof, whether due to the order of a relevant government
authority, freezing or any force majeure event, provided such removals, interruptions or malfunctions are not attributable to Lessor. In the latter case, Lessor 

  
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undertakes to do everything in its power to reestablish, as soon as possible, the operation of these services and common equipment, to the extent that it has control over such matters.

 . In the event of humidity, leaks, infiltrations or any other cause, as well as leaks from common pipes hidden by a framing
installed by Lessor or Lessee. Lessee shall take out insurance against these risks. 
 Lessee shall personally handle installation of its
telephone service and all subscriptions to utilities, such as electricity, water, telephone, etc., in relation with Lessee’s specific services. 
 The installation of signs, identification plaques and exterior banners requires the prior approval of the streets and roads department of the city of Paris or another official department, as well as
Lessor’s authorization. 
 If the building has a caretaker, Lessor reserves the right to cancel this service at any time, and Lessee shall
not be entitled to make any claim for compensation or reduction in rent on these grounds. 
 It is hereby specified that the caretaker has no
power to act in Lessor’s name and, therefore, Lessor shall not be bound by any promises, undertakings or discharges that Lessee may receive from the caretaker. 
 Lessee shall pay all city, police, street and other charges that tenants are customarily required to pay, such that no claim can be made against Lessor on these grounds. Lessee shall duly and regularly
pay its personal and property taxes and its contributions and rental taxes in connection with its business or activity, and prove payment thereof whenever requested. 
 Lessor declines all liability for any theft or damage that may occur on the premises leased. Lessee shall not be entitled to request any fastenings or locks other than those in place when it takes
possession of the premises leased. 
 If Lessee decides to give a set of keys to its premises to the caretaker, it does so at its own risk. It
is expressly agreed that neither the caretaker nor Lessor shall be liable for any consequences that may result in the event said keys are stolen. 
 Lessor shall be given notice, by certified mail, return receipt requested, of any change in the corporate form or corporate name of Lessee or of the occupant and shall be provided with the corresponding
amendment to their articles of incorporation and bylaws within one month from the amendment or change. Failure to do so shall be grounds for terminating this lease in Lessor’s discretion. 

b) Occupation – Subleasing – Domiciliation – Assignment: 

 

	 	.	Occupation: 

 Lessee itself or its
personnel shall occupy the premises leased, and it shall not grant the use thereof to any party, in any form whatsoever, including temporarily, free of charge or provisionally. The breach of this provision shall entitle Lessor to immediately
terminate this lease. 
  

	 	.	Subleasing: 

 Lessee shall not sublease
or lend all or any part of the premises to any party for any reason whatsoever. The breach of this provision shall entitle Lessor to immediately terminate this lease. 
 However, as an exception to the foregoing, Lessee shall be entitled to sublease all or part of the surface area leased to it to its subsidiaries (in which it holds a majority of the capital and voting
rights). 
 In such a case, Lessee shall remain solely liable to Lessor for the payment of rent and for compliance with the terms and conditions
of this lease. 

  
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 An original of the sublease agreement shall be provided to Lessor within a maximum period of one month
from the date it is signed. 
 The sublease shall not constitute an amendment to the provision above confirming the indivisibility of the
premises. 
 The sublease shall be terminated automatically in the event the principal lease that is the subject of this agreement is terminated.

 The subtenant shall not be entitled to install an identification plaque in the building or to have a mailbox in addition to that provided to
Lessee. However, it is agreed that the name(s) of the subleasing company or companies may be added to Lessee’s identification plaque. 
 The
parties expressly agree that this sublease right is granted to Lessee personally. Accordingly, this right is non-assignable and non-transferable. 
  

	 	.	Business domiciliation: 

 Providing
business domiciliation services on the premises to third parties not affiliated with Lessee or its subsidiaries is forbidden. 
  

	 	.	Lease-management 

 Lessee shall not place
all or part of its business assets under lease-management without Lessor’s prior express agreement. 
  

	 	.	Assignment: 

 Lessee shall not assign
this lease, with the exception of a total assignment of the lease to a purchaser of its business assets, provided Lessee acts as the guarantor of its assignee and remains jointly and severally liable with its assignee and all successive assignees,
both with respect to the payment of rent and ancillary charges and for the performance of the terms and conditions of the lease, without being entitled to assert the right to require Lessor to proceed against each guarantor separately in proportion
to each guarantor’s share of liability (bénéfice de division) or the right to require Lessor to exhaust the assignee’s assets before proceeding against the guarantor (bénéfice de discussion).

 The assignment shall be set forth in a notarized instrument drafted in conjunction with Lessor’s notary. Lessor shall be given the
opportunity to become a party thereto by notice given at least 15 days in advance by certified mail, return receipt requested. An original bearing the formula required for execution (grosse), which Lessor can use as an enforceable judgment
against the assignee, shall be provided to the Lessor within one month following the signature of the assignment, at no expense to Lessor, in addition to the notice required by Article 1690 of the French Civil Code. Failure to comply with the
foregoing shall invalidate the assignment vis-à-vis Lessor and entitle Lessor to terminate this lease at its discretion. 
 If Lessee
contributes the business it operates on the premises to a company, said company shall make a direct undertaking to Lessor, both with respect to the payment of rent and ancillary charges and for the performance of the terms and conditions of the
lease, enabling Lessor to exercise all of its rights and take all action directly against such company. Furthermore, the notice required by Article 1690 of the French Civil Code shall be given. Failure to comply with the foregoing shall entitle
Lessor to terminate this lease at its discretion. 
 No contribution or assignment shall be permitted if Lessee owes rent and/or maintenance
charges. 
 In the event Lessee breaches any of the above provisions whatsoever, this lease may be terminated immediately, without prior notice
and without prejudice to the right to obtain payment of all damages that may be claimed. 
 c) Maintenance – Repairs
– Miscellaneous work: 

  
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 During the entire term of the lease, Lessee shall keep the premises leased in good condition and shall
make all repairs that may become necessary, with the sole exception of major repairs, as defined by Article 606 of the French Civil Code, for which Lessor remains financially responsible. 
 Nevertheless, in accordance with Article 605 of the French Civil Code, Lessee shall pay for such work if it is made necessary due to lack of maintenance, abnormal use or some other cause attributable to
Lessee. 
 Lessee shall immediately inform Lessor of all repairs for which Lessor is responsible that Lessee notices are necessary, and confirm
this information in writing. If Lessee fails to do so, it may be held liable for any worsening of the situation or damage that results from its failure to report the situation or from its delay in doing so. 

With the exception of the remodeling work to the premises leased that are described in Article XV entitled “Specific Terms and Conditions” and
any cabling and/or partitioning work in said premises, which Lessee is free to carry out, Lessee shall not make openings in walls or change the disposition of the said premises, or make any improvements or modifications thereto, including but not
limited to the exterior appearance of plate glass windows, shop windows or other windows, or to the floors, without Lessor’s express prior consent. If Lessor’s consent is obtained, Lessee shall have the work performed solely under the
direction and supervision of Lessor’s architect, whose fees shall be paid by the Lessee. 
 Lessor’s architects and engineers shall
assume no responsibility other than performing the duties assigned to them by Lessor. 
 In any event, Lessee shall be responsible for obtaining
all necessary administrative authorizations, in particular building permits, improvements permits, approvals, etc., if required. Lessee shall in no event cause Lessor to incur liability in this regard. 

In derogation of Article 1723 of the French Civil Code, Lessee shall tolerate any changes Lessor may choose to make to the exterior appearance of the
building. 
 Lessee shall take the initiative to perform all work and repairs listed below, under its own responsibility, and at its sole
expense: 
 . All maintenance repairs that may become necessary, in particular complete maintenance of water, gas, electricity and heating
conduits and equipment, of sanitary or other installations and of equipment located within the premises leased and, if necessary, shall replace such installations or equipment. Pursuant to the same requirements, Lessee shall, at its own expense,
maintain and, if necessary, replace locks, glass, doors, windows, store windows and all items pertaining to the facilities for its personal use, etc. 
 . All work it deems of use or necessary to conduct its business. 
 . All work of any type
whatsoever required by the laws and regulations currently in force or that may be adopted in the future with respect to the tenant’s use of the premises. 
 . The extermination of all insects, rodents or other parasites that may appear on the premises leased. 
 Lessee shall, at its own expense, promptly take down all framing and decorations, as well as all items it may have installed, whose removal may assist in locating and repairing leaks of all types and
cracks in the smoke or ventilation conduits, in particular after a fire or leaks and, in general, for carrying out all works after any accident, casualty or damage, regardless of the cause thereof, or that may be of use for the prevention thereof in
the building. 
 In the event of restoration work to the building’s facade, Lessee shall promptly, at its own expense, remove all fittings,
signs, etc. whose removal may be necessary for the performance of the work. 

  
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 Lessee shall take all precautions against freezing. Lessee shall have the smoke conduits provided for
its use cleaned on a yearly basis. 
 Lessee shall permit performance of all repairs, reconstruction work, raising of the building, ground work,
the installation of supports and columns and any other work that the Lessor may deem necessary or of use and that it may choose to have performed during the term of the lease on the premises leased or in the building. The Lessee shall not be
entitled to claim any compensation or decrease in the rent, regardless of the scope and duration of such work, including if such duration exceeds 40 days. 
 d) Visits to the premises – Surrender of the premises: 

1/ Visits to the premises: 
 During the term of the lease, and provided it is informed in advance and given reasonable prior notice, Lessee shall allow Lessor, its agents, architect and contractors to enter the premises on business
days, during office hours, to maintain and repair the building. 
 If either party gives notice of termination, six months before the expiration
of this lease, Lessor shall be entitled to affix, at the location of its choice, a sign advertising that the premises are for rent. Provided it is given prior notice, Lessee shall be required to allow the premises leased to be visited by any person
presenting authorization to do so from the Lessor, on business days, at times fixed by the parties’ mutual agreement. Failure to comply shall render Lessee liable for damages. 

2/ Surrender of the premises: 
 Before its departure, Lessee shall allow Lessor’s architect or other representative to determine what repairs may be required, and it shall carry out such repairs and perform all necessary cleaning.

 At the time of Lessee’s departure, a joint inventory of the condition of the premises shall be drawn up by a bailiff. The expenses of
this inventory shall be shared equally by Lessor and Lessee. 
 If said inventory shows that repairs need to be made, Lessor shall have them
carried out. 
 All remodeling, improvements and decorations carried out or installed by Lessee as of the signature of this lease and during the
tem of the lease shall remain Lessee’s property. Consequently, the premises shall be surrendered to Lessor in their original condition, at Lessee’s expense. 
 Before moving out, Lessee shall pay all installments of rent and all other sums it may owe Lessor and shall prove payment, by producing receipts, of all its personal or other contributions in connection
with the premises leased. 
 Lessee shall return the keys on the day it moves out, even if this date is before the expiration of the term in
progress. Lessor’s acceptance of the keys shall not be deemed a waiver of its right to charge Lessee for the cost of repairs of any type for which Lessee is responsible under the law and the terms and conditions of the lease. 

e) Destruction of the premises leased – Expropriation: 
 If the premises leased are completely destroyed by an event beyond Lessor’s control, this lease shall terminate automatically. 

  
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 In derogation of Article 1722 of the French Civil Code, if the premises are partially destroyed, this
lease may be terminated, without compensation, at the request of either party, but without prejudice to Lessor’s right to claim any rights it may have against Lessee. 
 In the event of expropriation for reasons of public utility, Lessee shall not be entitled to make any claim against Lessor, but shall be entitled to exercise all of its rights against the expropriating
party. 
 f) Insurance: 

Lessee shall take out, with a first-rate insurance company that is approved by the Finance Ministry, insurance policies covering the following risks:

 . Fire, all explosions, lightning and electrical damage; 
 “In the event of a fire, amounts owed to Lessee by the insurance company (companies) or insurer(s) shall constitute Lessor’s guarantee instead of Lessee’s furnishings and equipment, until
such furnishings and equipment are replaced and restored. This provision shall constitute an assignment to Lessor, as a guarantee, of all insurance payments, up to the amounts owed Lessor. All powers are hereby granted to the bearer of a copy of
this provision to give notice of the assignment to any person to whom such notice may be required.” 
 . Water damage; 

. Breakage of glass and materials of a similar nature, covering its personal property (furnishings, equipment, etc.), as well as all remodeling,
decorations and installations it owns and/or of which it has custody on any basis whatsoever, up to the actual value thereof. 
 In addition,
the policies listed above shall include the following coverages: 
 . Tenant’s liability, as provided in Articles 1732 et seq. of
the French Civil Code, with an adequate amount of coverage. 
 . Litigation initiated by neighbors and third parties. 

Lessee shall assume the consequences, without any recourse against Lessor, for any damage caused to the premises leased and to its property as a result
of disturbances, demonstrations, riots, strikes, civil wars, as well as any interference with its rights of possession as a result thereof. 

Furthermore, Lessee shall assume the consequences of any theft, or damage that is the result of a theft, that occurs on the premises leased. 

In addition, Lessee shall take out an insurance policy covering its civil liability arising from its business activities, the actions of its workers,
whether or not employees, its shareholders and its business property or property in its custody on any basis whatsoever. 
 Lessee shall prove
the existence of these insurance policies and regular payment of the premiums for such policies each time it is requested to do so by Lessor or its representatives. 
 Any surcharge or additional premium that Lessor and/or the building’s neighbors and/or the building’s other tenants may be obliged to pay due to Lessee’s business activities and/or the
manner in which such activities are carried out shall be reimbursed to the parties concerned at their request. 
 Lessee shall immediately
report to its insurance company any loss-causing event that affects it or a third party, regardless of the significance thereof, including if there is no apparent damage. Failure to do so may render Lessee liable for any worsening of the situation
that is the result of not making such report. In addition, within 48 hours, Lessee shall confirm to Lessor that it has made such report. 

  
 11 

					
	 
  
	Groupama
 Immobilier
	  
   
	  	

  

 Lessor’s insurers or their representatives shall, upon request, be entitled to visit the premises
leased, provided they set the date for such visits by mutual agreement with the Lessee. 
 Lastly, it is agreed and accepted that the
parties’ respective insurers shall be given notice of all provisions under this heading promptly after the signature of this lease. 

g) Condominium rules and regulations – Internal rules and regulations: 

In the event Lessor draws up or has drawn up condominium rules and regulations and/or internal rules and regulations for the building, Lessee undertakes
to scrupulously comply with the current provisions thereof, as well as with any amendments that may be made thereto. 
 h) Non-waiver:

 The terms and conditions of this lease are mandatory and shall be fully and entirely performed. 

Any tolerance on the part of Lessor [for Lessee’s non-compliance], irrespective of the duration or frequency thereof, shall not be deemed a
contractual amendment or as creating any right, and Lessor shall be entitled to end such tolerance at any time, without prior notice. 

ARTICLE IX – TERMINATION: 
 In the event Lessee fails to comply with a single term, obligation or condition of this lease or to pay a single instalment of rent or any ancillary amounts exactly when due, or the cost of an order to
pay served by a bailiff (commandement de payer) in the event of a default in payment, or in the event of Lessee’s failure to pay back rent and maintenance charges pursuant to a court decision, this lease shall be automatically terminated
in the discretion of the Lessor, without the need for any court formality, one month after the Lessor gives the Lessee mere notice to pay or one month after an order to pay served by a bailiff in which Lessor states its intention to exercise its
rights under this provision, and with which Lessee fails to comply within such period, including if Lessee subsequently pays the relevant amount into court or makes a genuine offer of payment. 

If Lessee refuses to leave the premises immediately, it can be forced to do so by an order rendered in summary proceedings
(référé) by the Presiding Judge of the District Court with jurisdiction over the building’s location. Said order shall be enforceable immediately, without the need to post bond, and notwithstanding appeal.

 1/ In the event of termination: 
 In the event of termination: 
 . Lessee shall not be entitled to compensation for any work it has
carried out or any other expenditures it has incurred in view of taking possession of the premises leased. To the extent necessary, by signing this lease, Lessee expressly waives the right to any compensation on these grounds. 

. Lessor shall be entitled to keep the security deposit that Lessee has furnished to Lessor, without prejudice to Lessor’s right to obtain payment
for rent installments that have fallen due. [. . .] 
 . As of the time the lease is terminated, and until Lessor recovers possession of the
premises, Lessee shall automatically owe occupation compensation in an amount equal to the principal amount of rent in effect on the date of said termination (in addition to all ancillary charges applicable to said rent). 

. Lastly, Lessee shall pay all court fees and costs, the costs of all instruments served by bailiffs and all legal fees and costs that Lessor may incur.

  
 12 

					
	 
  
	Groupama
 Immobilier
	  
   
	  	

  

 The foregoing provisions shall apply as a lump-sum penalty clause. 

Lastly, with respect to the application of all of the foregoing provisions, it is hereby specified that all sums that may owed by Lessee pursuant to this
penalty clause shall be deemed to be in addition and ancillary to the rent owed, and the non-payment thereof shall result in the termination of this lease in the same manner as stated above. 
 ARTICLE X – PENALTIES: 
 Notwithstanding possible enforcement of the
termination clause above, if Lessee fails to pay a single installment of rent or to reimburse any charge whatsoever when due, Lessee shall automatically, without the need for any prior notice to pay, be obliged to pay late payment interest
calculated on the basis of the legal rate of interest + 3 points, as of the due date of said installment, as well as to reimburse all legal costs and fees that Lessor may have incurred. 
 ARTICLE XI – REGISTRATION: 
 In accordance with Act no. 69-l168
of December 26, 1969, this lease is not subject to registration formalities. 
 ARTICLE XII – CANCELLATION OF THE VAT
OPTION: 
 In the event Lessor cancels the option to subject rents it receives to VAT, Lessee shall pay the Contribution on Rental
Income at the rate in force. 
 ARTICLE XIII – ANNUAL CLOSURE OF THE BUILDING 

Lessee is hereby informed, and Lessee hereby expressly accepts, that once a year, on Easter weekend, the service provider that provides hot and cold
fluids at La Défense, and who is therefore the supplier to the building, interrupts service to perform maintenance to its facilities. 

During that period, Lessor maintains the building’s medium voltage substation. This maintenance requires the complete shutdown of electricity to the
building for 24 hours and, therefore, the building must be completely closed for safety reasons. 
 ARTICLE XIV – SPECIFIC
TERMS AND CONDITIONS 
 1/ Lessee undertakes to comply with the provisions of the Decree of October 18, 1977, as amended by the
Decree of October 22, 1982, which prescribes regulations for the construction of high rise buildings and the protection thereof against the risks of fire and panic, in particular, Article GH60, paragraph 2, which prescribes the obligation to
hold yearly evacuation exercises and training sessions to familiarize occupants with the use of safety features, and Article GHW6, paragraphs 2 and 4, regarding the creation of a local safety group for each unit and, in general, all regulations
currently in force or that may be adopted in the future that are applicable to high rise buildings and all occupational health and safety requirements. 
 2/ In derogation of the provisions of Article V of this lease entitled “Rent – Indexation – Revision”, Lessee shall, as an exceptional measure, be exempt from paying the principal
amount of rent for a period of five months as of the effective date of this lease. Lessor grants this exemption in consideration of the remodeling work, the proposal of which is appended hereto, which Lessee formally undertakes to complete on the
premises leased, solely at its own expense, within a period of no more than six months from the effective date of the lease. Failure to do so shall nullify this exemption from paying rent. 

  
 13 

					
	 
  
	Groupama
 Immobilier
	  
   
	  	

  

 Based on the foregoing, the first installment of rent shall be owed on October 11, 2005.
Maintenance charges, taxes, insurance and the management fees of the property management company shall be due and payable on May 11, 2005. 
 When completed, Lessor shall verify the remodeling work to ensure that it has been properly performed in accordance with the proposal appended hereto and in compliance with current best practice. For
these purposes, a joint inventory of the premises, involving both parties, shall be conducted by a Groupama Immobilier technician or by an external technical representative appointed by Groupama Immobilier, whose fees shall be paid by Lessor.

 3/ No later than the date this lease is signed, Lessee shall furnish a bank guarantee in accordance with the sample appended hereto,
guaranteeing Lessor payment of the principal amount of six months’ rent, plus taxes and including maintenance charges, which on the signature date of this lease totals €189,589.44 (ONE HUNDRED EIGHTY NINE THOUSAND FIVE HUNDRED EIGHTY NINE
EUROS AND FORTY FOUR CENTS). Said guarantee shall remain valid during the entire term of the lease, in accordance with the terms and conditions set forth in the bank guarantee appended hereto. 

This provision is a material and fundamental condition for the conclusion of this lease, without which Lessor would not have entered into this lease.

 ARTICLE XIV – ADDRESS FOR SERVICE: 
 For the purposes of performing this agreement, Lessor chooses as its address for service the principal office of its property manager, Groupama Immobilier, and Lessee chooses the address of the premises
leased. 
 The parties agree that the courts with jurisdiction over the building’s location shall have exclusive jurisdiction over any
disputes that may arise regarding this agreement. 
 Executed in Paris, in two counterparts, 

On (handwritten: May 11, 2005) 
  

					
	 (signature)
	 		 	
			
	 Lessor, Groupama Immobilier 
 a French société anonyme with a management board
 and supervisory board with
stated capital of €2,400,000
 22 Rue Joubert, 75320 Paris Cedex 09
 Paris Trade and Companies Register no. 413 114 760
 Siret no. 413 114 760 00023 (APE code
703A)
 Tel. 01 55 07 40 00 – Fax 01 55 07 40 01
	 		 	 Lessee,
  
 (signature)
  
 (handwritten: S.
Karam
 Chairman and CEO)

 

  
 14 

			
		
	CITICENTRE, 19 LE PARVIS, 92073 PARIS LA DEFENSE 	  	3RD FLOOR
		
		  	PROPOSED PARTITIONING
	
	  
  
  

 
  
  

 
  

[PLAN]

  
 15 

					
	 [PLAN]
  

 
  
  

 
  
  

 

	 BUILDING
 elysees la
defense
 29 LE PARVIS LA DÉFENSE 7
 92072 PARIS LA DEFENSE CEDEX
	  	 Date plan created: 01.09.1997
 Scale: *****
 Classification: K:\CAO\FINAMA\ELY

Drawn by: Patrick Chiarenza
 Software:
Autocad Version 2000
	  	 Parking area -4         Plan no.
 66 parking spaces         002

	
	 This plan is the sole property of Sedri. Any reproduction, including partial reproduction, is forbidden.

The dimensions given are approximate and must be verified by the contractors.

  
 16 

 SCHEDULE 1 
 SAMPLE BANK GUARANTEE 
  

					
			
		  		  	 GROUPAMA IMMOBILIER

22/28 Rue Joubert
 75320 Paris Cedex
09

 We, the undersigned .............................. (BANK), with stated capital of € ............, whose
principal office is located at             , represented by ................................., after having become familiar with the terms and conditions of the lease entered into between
Groupama Immobilier, acting in its capacity as agent of Société Civile Immobilière LA DEFENSE ASTORG, a French société civile immobilière (real estate investment company) with stated capital of
€21,135,750, registered with the Paris Trade and Companies Register under number 322.283.961, the owner, whose principal office is located at 22 Rue Joubert, 75009 Paris, 
 And 
 SEQUANS COMMUNICATIONS, a French société anonyme (corporation)
with a board of directors, with stated capital of €137,500, registered with the Paris Trade and Companies Register under number B.450.249.677, whose principal office is located at 103 Boulevard Macdonald, 75019 Paris, represented by its
Chairman, Mr. Karam, the tenant of premises to be used as offices located in the Citicenter Building, a real estate complex designated as PB104, which is located at 19 Le Parvis, Paris La Défense, in the city of Puteaux (92800), and
which takes effect on May 9, 2005. We hereby agree to act as the joint and several guarantor of SEQUANS COMMUNICATIONS S.A. for the payment of rent, maintenance charges and occupation compensation, for proper performance of the
terms and conditions of the lease, for repairs for which the tenant is responsible and, more broadly, for all sums that the lessee may owe pursuant to its lease or occupation, as well as sums owed by the lessee for which the lessor may be held
liable. 
 The amount of our undertaking is limited to the value of six months’ of the principal amount of rent, plus maintenance charges,
plus taxes), i.e., EUR 189,589.44, which breaks down as follows: 

			
	- Principal amount of rent	  	€126,980.00 (revisable annually)
	- Management fees	  	€2,539.60

2% of the principal amount of rent, excluding taxes and maintenance charges 

			
	- Advances on maintenance charges	  	€29,000.00 (adjustable annually after accounts generated for the period)
	- VAT at 19.60%	  	€31,069.84 
	 TOTAL:
	  	€189,589.44

 This guarantee shall remain valid
during the entire term of the lease, i.e., for a period beginning on May 9, 2005 and ending on May 8, 2014. 

Furthermore, in derogation of Article 1740 of the French Civil Code, this guarantee will apply to the same obligations and charges if the lease is
extended expressly or tacitly bail and/or in the event the lease is renewed. 
 In accordance with the decision rendered on June 6, 1989 by
the Court of Cassation, the commencement of bankruptcy proceedings will have no effect on the scope of this guarantee. 
 This guarantee shall
be null and void after the final end-of-lease accounts are generated and the tenant has paid all amounts it may owe pursuant to its lease and occupation. 
 Furthermore, this guarantee shall lapse automatically at the end of a period of three months following the expiration of the lease. 
 The lessor shall return the guarantee at the end of the lessee’s lease, after the settlement of accounts, and no later than a period of three months following the expiration of the lease. 

.......................................................(BANK) hereby expressly waives the right to require the lessor to proceed against each guarantor
separately in proportion to each guarantor’s share of liability (bénéfice de division) or the right to require the lessor to exhaust the lessee’s assets before proceeding against the guarantor
(bénéfice de discussion). 
 For the purposes of performing the provisions of this instrument,
...................................... (BANK) chooses its principal office, located at ...................................... as its address for the service of notices. 
 This guarantee shall be governed by French law, and the courts with jurisdiction over the building’s location shall have exclusive jurisdiction over any disputes that may arise regarding the
interpretation and performance of this guarantee. 
 Signature to be preceded by the handwritten statement “Valid as a joint and several
guarantee up to the amount of .......... (in words and numbers)”. 

  
 17 

			
	 CITICENTRE
  

19 Le Parvis
  
 92073 PARIS LA DEFENSE
  
  

 
  
  

 
 DISTRIBUTION TABLE OF

GROSS USABLE RENTAL SURFACE AREA (SUBL) OF
 SUPERSTRUCTURES
  
  

 
  
  

 
  
  

 

		
	 File: 99.09.3143/A
  

SEPTEMBER 1999
	  	 Marc Laroche & Associés
 Expert surveyor no. 33607
 31 Rue Galliéni

92 600 Asnières
  

Tel.: 01 47 93 61 31
 Fax: 01 47 93 62 71

  

 

  
 18 

																															
	GROSS USABLE RENTAL SURFACE AREA (SUBL)

SUPERSTRUCTURES
	  
   

	 	 	A	 	B	  	 	C	 	D	 	E	 	F	 	 	 	 	 	 	 	 
	LEVEL	 	PRIVATE	 	AREAS COMMON TO	  	 	ANNEXES	 	COMMON	 	SHARES	 	SHARES	 	SUBL	 	TECHNICAL	 	 	 	 
	 	 	SURFACE AREAS	 	CERTAIN PARCELS	  	 	 	 	AREAS	 	P, C, INFRA	 	B+C+D	 	A+E+F	 	PREMISES	 	 	 	 
	3RD	 	PARCEL 1	 	232.7	 	 	 	 	 	 	 	KITCHEN 1	 	7.3	 	PC1	 	112.8	 	12.7	 	25.4	 	270.7	 	AIR COND.	 	 	18.69	  
	3RD	 	PARCEL 2	 	126.6	 	 	 	 	 	 	 	WOMEN’S RESTROOM 1	 	11.6	 	 	 	 	 	6.9	 	13.6	 	147.3	 	EDF	 	 	4.92	  
	3RD	 	PARCEL 3	 	122.0	 	 	 	 	 	 	 	MEN’S RESTROOM 1	 	12.3	 	 	 	 	 	5.6	 	13.3	 	142.0	 	RIA 1	 	 	0.92	  
	3RD	 	PARCEL 4	 	216.9	 	 	 	 	 	 	 	KITCHEN 2	 	4.7	 	 	 	 	 	11.8	 	23.6	 	252.3	 	TA 0.2	 	 	1.1	  
	3RD	 	PARCEL 5	 	424.3	 	 	 	 	 	 	 	MEN’S RESTROOM 2	 	10.7	 	 	 	 	 	23.1	 	46.3	 	493.7	 	G1 G2	 	 	2.74	  
	3ËME	 	PARCEL 6	 	468.5	 	 	 	 	 	 	 	WOMEN’S RESTROOM 2	 	10.7	 	 	 	 	 	25.5	 	51.1	 	545.1	 	G3	 	 	1.28	  
	3RD	 	 	 	 	 	 	 	 	 	 	 	STORAGE 1	 	3.3	 	 	 	 	 	 	 	 	 	 	 	PL 1	 	 	1.04	  
	3RD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	RIA 2	 	 	0.68	  
	3RD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TA 0.3	 	 	1.34	  
	3ÊME	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	RIA 3	 	 	0.75	  
	3RD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	ELEC	 	 	1.07	  
	3RD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TECH. CONDUITS	 	 	3.77	  
	TOTAL	 	 	 	1590.9	 	 	 	 	0.0	  	 	 	 	60.6	 	 	 	112.8	 	36.7	 	173.4	 	1851.1	 	 	 	 	38.3	  
	4TH	 	PARCEL 1	 	761.4	 	PC 2	 	 	58.44	  	 	KITCHEN 1	 	7.3	 	PC1	 	114.2	 	41.5	 	116.2	 	919.1	 	AIR COND.	 	 	18.69	  
	4TH	 	PARCEL 2	 	118.0	 	 	 	 	 	 	 	WOMEN’S RESTROOM 1	 	11.6	 	 	 	 	 	6.4	 	16.0	 	142.4	 	EDF	 	 	4.92	  
	4TH	 	PARCEL 3	 	287.9	 	 	 	 	 	 	 	MEN’S RESTROOM 1	 	12.3	 	 	 	 	 	15.7	 	43.9	 	347.5	 	RIA 1	 	 	0.92	  
	4TH	 	PARCEL 3	 	361.1	 	 	 	 	 	 	 	KITCHEN 2	 	4.7	 	 	 	 	 	19.7	 	55.1	 	435.9	 	TA 0.2	 	 	1.1	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	MEN’S RESTROOM 2	 	10.7	 	 	 	 	 	 	 	 	 	 	 	G1 G2	 	 	2.74	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	WOMEN’S RESTROOM 2	 	10.7	 	 	 	 	 	 	 	 	 	 	 	G3	 	 	1.28	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	STORAGE 1	 	3.3	 	 	 	 	 	 	 	 	 	 	 	PL 1	 	 	1.04	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	RIA 2	 	 	0.68	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TA 0.3	 	 	1.34	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	RIA 3	 	 	0.75	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	ELEC	 	 	1.07	  
	4TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TECH. CONDUITS	 	 	3.77	  
	TOTAL	 	 	 	1528.3	 	 	 	 	58.44	  	 	 	 	60.6	 	 	 	114.2	 	83.3	 	233.3	 	1844.9	 	 	 	 	38.3	  
	5TH	 	PARCEL	 	1152.0	 	 	 	 	 	 	 	KITCHEN 1	 	7.3	 	PC1	 	109.0	 	52.3	 	122.5	 	1337.4	 	AIR COND.	 	 	18.69	  
	5TH	 	PARCEL	 	442.4	 	 	 	 	 	 	 	WOMEN’S RESTROOM 1	 	11.6	 	 	 	 	 	24.1	 	47.1	 	513.6	 	EDF	 	 	4.92	  
	5TH	 	 	 	 	 	 	 	 	 	 	 	MEN’S RESTROOM 1	 	12.3	 	 	 	 	 	 	 	 	 	 	 	RIA 1	 	 	0.92	  
	5TH	 	 	 	 	 	 	 	 	 	 	 	KITCHEN 2	 	4.7	 	 	 	 	 	 	 	 	 	 	 	TA 0.2	 	 	1.1	  
	5TH	 	 	 	 	 	 	 	 	 	 	 	MEN’S RESTROOM 2	 	10.7	 	 	 	 	 	 	 	 	 	 	 	G1 G2	 	 	2.74	  
	5TH	 	 	 	 	 	 	 	 	 	 	 	WOMEN’S RESTROOM 2	 	10.7	 	 	 	 	 	 	 	 	 	 	 	G3	 	 	 	 
	5TH	 	 	 	 	 	 	 	 	 	 	 	STORAGE 1	 	3.3	 	 	 	 	 	 	 	 	 	 	 	PL 1	 	 	1.04	  
	5TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	RIA 2	 	 	0.68	  
	5TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TA 0.3	 	 	1.34	  

  
 19 

																											
	5TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	RIA 3	 	0.75
	5TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	ELEC	 	1.07
	5TH	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TECH. CONDUITS	 	3.77
	TOTAL	 	 	 	1594.5	 	 	 	0.0  	 	 	 	60.6	 	 	 	109.0	 	    86.9    	 	169.6	 	1851.0	 	 	 	38.3

(Seal of Marc Laroche & Associés) 

  
 20 

 SEQUANS 
 COMMUNICATIONS 
 SCHEDULE 1 

Proposed remodeling work 
  

	 	1.	Partitions 

 Installation of aluminum
partition framing, according to plan appended hereto: 

	 	•	 	 PVC BFB sill + 45 glass wool insulator: 

	 	-	35 – 1200 full modules 

	 	-	1 – 900 full module 

	 	-	4 – 600 full modules 

	 	-	11 – 300 full modules 

	 	•	 	 Single and double glass on sill 

	 	-	17 – 1200 double panes 

	 	-	3 – 900 double panes 

	 	-	37 – 1200 single panes 

	 	-	8 – 900 single panes 

	 	•	 	 7 solid core door units 

  

	 	2.	Lighting 

 Connection and installation of
recessed lighting, according to plan appended hereto: 

	 	•	 	 84 – 2X36 watt indirect lighting recessed lighting fixtures 

 NB: the total number of lighting fixtures may be reduced if lighting is deemed sufficient 
  

	 	3.	Cabling 

 Connection and installation of
weak and strong current outlets: 

	 	•	 	 129 RJ45 outlets: connection using FTP category 6 brass-based cable 

	 	•	 	 155 10/16 A + T electric outlets: connection and installation of related protections 

 

	 	4.	Access control 

 Connection and
installation of access controls for the closed two doors: 

	 	•	 	 2 code keypads 

	 	•	 	 2 12/24 V transformers 

	 	•	 	 2 12 V electric locks 

  

	 	5.	Air conditioning 

 Connection and
installation of added air conditioning capacity for the two technical premises, according to plan appended hereto 
 SEQUANS
Communications – a French société anonyme with stated capital of €137,500 
 Paris Trade and
Companies Register – SIRET no. 45024967700011 
 101-103 Boulevard McDonald, 75019 Paris 

Tel.: +33 (0)1 4489 4807 – Fax: +33 (0)1 4489 4806 

  
 21 

  
  

 
  
  

 
  

[PLAN] 
  

 
  
  

 
  
  

 

  
 22 

 Groupama 
 Immobilier 
  
  

AMENDMENT No. 7 TO THE COMMERCIAL LEASE 
 dated MAY 11, 2005 
  
 70006/30002 
  
 BY
AND BETWEEN THE UNDERSIGNED: 
  
 SCI LA DEFENSE ASTORG,
a French société civile immobilière (real estate investment company) with stated capital of €21,735,750, registered with the Paris Trade and Companies Register under number 322.283.961, whose principal office is
located at 21 Boulevard Malesherbes, 75008 Paris, the owner, represented by GROUPAMA IMMOBILIER, a French société anonyme (corporation) with stated capital of €2,400,000, whose principal office is located at 21
Boulevard Malesherbes, 75008 Paris registered with the Paris Trade and Companies Register under number 413114760, holder of “Real Estate Management” business license no. G 4425 and “Real Estate and Business Asset
Transactions” business license no. T 9111 issued by the Paris Police Department, 
 And who is itself represented by Mr. Guillaume
Valarcher, its Real Estate Management Director (Directeur de la Gestion Immobilière); 
  

 
 hereinafter “Lessor” 

PARTY OF THE FIRST PART, 
  

 
 AND: 
 SEQUANS COMMUNICATIONS, a French société anonyme with a board of directors, with stated capital of €534,373.54, registered with the Nanterre Trade and Companies Register
under number 450.249.677, whose principal office is located at 19 Le Parvis, Paris La Défense, 921800 Puteaux, represented by Ms. Deborah Choate, its Administrative and Financial Director, duly authorized for the purposes hereof.

  
  

hereinafter “Lessee” 
  

 
 PARTY OF THE SECOND PART. 

 RECITALS: 

 
  
 I/ Pursuant to a private instrument executed in Paris on May 11, 2005, S.C.I. LA DEFENSE ASTORG, leased and let out to SEQUANS COMMUNICATIONS S.A., for a term of nine entire and
consecutive years, which began on May 11, 2005, granting Lessee the right to terminate the lease at the expiration of either of the first two three-year periods by giving Lessor at least six months’ prior notice in an instrument served by
a bailiff (acte extrajudiciaire), the premises described below, which are located in a real estate complex designated as “PB 104”, and known as the “CitiCenter” building, which is located at 19 Le Parvis, Paris La
Défense, in the city of Puteaux (92800): 
  

	 	•	 	 A group of offices on the third floor representing one parcel with a surface area of 746 m2, including a share of the common areas. 

	 	•	 	 10 parking spaces located at level – 4, designated by numbers 415 to 424. 

This lease was granted and accepted in consideration for, in addition to various obligations, terms and conditions, a principal amount of annual rent,
excluding taxes and maintenance charges, in the principal amount of €253,960.00 (TWO HUNDRED FIFTY THREE THOUSAND NINE HUNDRED SIXTY EUROS), which breaks down as follows: 

	 	-	For the offices: €238,720.00 

	 	-	For the parking spaces: €15,240.00 

 plus
the payment of a security deposit in the amount of €63,490.00 (SIXTY THREE THOUSAND FOUR HUNDRED NINETY EUROS), indexed annually on the anniversary date of the lease on the basis of the variation observed in the construction costs index
(indice du coût de la construction) published by INSEE. The reference index being the index for the third quarter of the year preceding the year in which rent was revised. 
 Furthermore, Lessee furnished to Lessor a bank guarantee that guarantees Lessor payment of the principal amount of six months’ rent, plus taxes and including maintenance charges, i.e.,
€189,589.44 (ONE HUNDRED EIGHTY NINE THOUSAND FIVE HUNDRED EIGHTY NINE EUROS AND FORTY FOUR CENTS). Said guarantee is valid during the entire term of the lease. 
 II/ Pursuant to successive private instruments executed in Paris on January 27, 2006 and March 1, 2006, in addition to the premises leased originally, S.C.I. LA DEFENSE ASTORG
granted SEQUANS COMMUNICATIONS S.A. possession of: 
 - A group of offices on the third floor with a surface
area of 270.70 m2, including a share of the common areas, as of
February 1, 2006. 
 - A storage area for archives with a surface area of 14.54 m2, including a share of the common areas, as of March 1, 2006.

 Accordingly, as of March 1, 2006, the principal amount of rent, excluding taxes and maintenance charges, was raised to
€342,765.00 (THREE HUNDRED FORTY TWO THOUSAND SEVEN HUNDRED SIXTY FIVE EUROS), excluding taxes and maintenance charges, which breaks down as follows: 

	 	•	 	 For the offices: €325,344.00 (THREE HUNDRED TWENTY FIVE THOUSAND THREE HUNDRED FORTY FOUR EUROS) 

	 	•	 	 For the parking spaces: €15,240.00 (FIFTEEN THOUSAND TWO HUNDRED FORTY EUROS) 

	 	•	 	 For the storage area for archives: €2,181.00 (TWO THOUSAND ONE HUNDRED EIGHTY ONE EUROS) 

The security deposit was adjusted accordingly so as to always equal the principal amount of three months’ rent, excluding taxes and maintenance
charges. 
 III/ Pursuant to a private instrument executed in Paris on November 9, 2007, the parties

  
 2 

 
concluded Amendment no. 3 to the commercial lease dated May 11, 2005, pursuant to which Lessee leased additional premises to be used as offices, which were adjacent to the surface areas it
already occupied on the third floor, and which had been surrendered by AZ CORPORATIONS. 
 Therefore, as of February 16, 2008, the
new description of the premises leased was as follows: 

	 	•	 	 A group of offices on the third floor with a surface area of 746 m2, including a share of the common areas. 

	 	•	 	 A group of offices on the third floor with a surface area of 270.70 m2, including a share of the common areas. 

	 	•	 	 A group of offices on the third floor with a surface area of 150.60 m2, including a share of the common areas. 

	 	•	 	 10 parking spaces located at level – 4, designated by numbers 415 to 424. 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 14.54 m2, including a share of the common areas. 

As of February 16, 2008, the principal amount of rent, excluding taxes and maintenance charges, owed for all premises leased was increased to
€425,137.16 (FOUR HUNDRED TWENTY FIVE THOUSAND ONE HUNDRED THIRTY SEVEN EUROS AND SIXTEEN CENTS), and the security deposit was increased to €106,284.29 (ONE HUNDRED SIX THOUSAND TWO HUNDRED EIGHTY FOUR EUROS AND TWENTY NINE
CENTS). 
 IV/ Pursuant to a private instrument executed in Paris on February 25, 2008, the parties
concluded Amendment no. 4 to the commercial lease dated May 11, 2005, pursuant to which, as of February 20, 2008, Lessee leased an additional surface area of 7.30 m2 located on the third floor of the “CitiCenter” building. 

Therefore, as of February 20, 2008, the new description of the premises leased was as follows: 

 

	 	•	 	 A group of offices on the third floor with a surface area of 746 m2, including a share of the common areas. 

	 	•	 	 A group of offices on the third floor with a surface area of 270.70 m2, including a share of the common areas. 

	 	•	 	 A group of offices on the third floor with a surface area of 150.60 m2, including a share of the common areas. 

	 	•	 	 An area on the third floor with a surface area of 7.30 m2, which is identified on the plan appended hereto. 

	 	•	 	 10 parking spaces located at level – 4, designated by numbers 415 to 424. 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 14.54 m2, including a share of the common areas. 

This new lease was granted in consideration for a principal amount of rent, excluding taxes and maintenance charges, payable for all of the premises
leased, in the amount of €427,473.16 (FOUR HUNDRED TWENTY SEVEN THOUSAND FOUR HUNDRED SEVENTY THREE EUROS AND SIXTEEN CENTS). 
 The
security deposit was adjusted accordingly so as to always equal the principal amount of three months’ rent, excluding taxes and maintenance charges. 
 V/ Pursuant to a private instrument executed in Paris on June 12, 2008, the parties concluded Amendment no. 5 to the commercial lease dated May 11, 2005, pursuant to which, as of
May 16, 2008, Lessee leased an additional area for storage of archives, located at level -4, with a surface area of 20.77 m2, including a share of the common areas. 
 Accordingly, as of May 16, 2008, the new description of the premises leased was as follows: 
  

	 	•	 	 A group of offices on the third floor with a surface area of 746 m2, including a share of the common areas. 

	 	•	 	 A group of offices on the third floor with a surface area of 270.70 m2, including a share 

  
 3 

	 	 
of the common areas. 

	 	•	 	 A group of offices on the third floor with a surface area of 150.60 m2, including a share of the common areas. 

	 	•	 	 An area on the third floor with a surface area of 7.30 m2, which is identified on the plan appended hereto. 

	 	•	 	 10 parking spaces located at level – 4, designated by numbers 415 to 424. 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 14.54 m2, including a share of the common areas. 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 20.77 m2, including a share of the common areas. 

In consideration for the possession of this storage area, Lessee agreed to pay, as of May 16, 2008, an additional principal amount of rent,
excluding taxes and maintenance charges, of €3,800.00 (THREE THOUSAND EIGHT HUNDRED EUROS), in addition to the rent already payable. 
 Accordingly, as of May 16, 2008, the parties increased the principal amount of rent, excluding taxes and maintenance charges, owed for all premises leased to €450,464.56 (FOUR HUNDRED
FIFTY THOUSAND FOUR HUNDRED SIXTY FOUR EUROS AND FIFTY SIX CENTS), which breaks down as follows: 

	 	•	 	 For the offices: €424,460.72 (FOUR HUNDRED TWENTY FOUR THOUSAND FOUR HUNDRED SIXTY EUROS AND SEVENTY TWO CENTS) 

	 	•	 	 For the parking spaces: €17,288.77 (SEVENTEEN THOUSAND TWO HUNDRED EIGHTY EIGHT EUROS AND SEVENTY SEVEN CENTS) 

	 	•	 	 For the storage areas for archives: €6,274.20 (SIX THOUSAND TWO HUNDRED SEVENTY FOUR EUROS AND TWENTY CENTS) 

	 	•	 	 For the area used as a kitchen: €2,440.87 (TWO THOUSAND FOUR HUNDRED FORTY EUROS AND EIGHTY SEVEN CENTS) 

The security deposit was adjusted accordingly so as to always equal the principal amount of three months’ rent, excluding taxes and maintenance
charges, i.e., the sum of €112,616.14 (ONE HUNDRED TWELVE THOUSAND SIX HUNDRED SIXTEEN EUROS AND FOURTEEN CENTS). 
 VI/ Pursuant
to a private instrument executed in Paris on January 13, 2010, the parties concluded Amendment no. 6 to the commercial lease dated May 11, 2005, pursuant to which, as of March 1, 2010, Lessee leased the following additional
premises: 

	 	•	 	 Premises for use as offices, located on the first floor, with a surface area of 570.50 m2, including a share of the common areas. 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 12.40 m2, including a share of the common areas. 

	 	•	 	 6 non-specifically allocated parking spaces for automobiles (permanent use rights), located in the public parking garage designated as “PB
Défense 7”, which is located at La Défense (92800 Puteaux). 

 Accordingly, as of March 1,
2010, the new description of the premises leased was as follows: 
  

	 	•	 	 A group of offices on the third floor with a surface area of 746 m2, including a share of the common areas (LEGRAND parcel no. C_03_02). 

	 	•	 	 A group of offices on the third floor with a surface area of 270.70 m2, including a share of the common areas (LEGRAND parcel no. C_03_03). 

	 	•	 	 A group of offices on the third floor with a surface area of 150.60 m2, including a share of the common areas (LEGRAND parcel no. C_03_04). 

	 	•	 	 An area on the third floor with a surface area of 7.30 m2 (LEGRAND parcel no. C_03_06). 

	 	•	 	 A group of offices on the first floor with a surface area of 570.50 m2, including a share of the common areas (LEGRAND parcel no. C_01_04). 

  
 4 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 14.54 m2, including a share of the common areas (LEGRAND parcel no. C_PK_0_17). 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 20.77 m2, including a share of the common areas (LEGRAND parcel no. C_PK_0_10). 

	 	•	 	 A storage area for archives located at level – 4, with a surface area of 12.40 m2, including a share of the common areas (LEGRAND parcel no. C_PK_0_11). 

	 	•	 	 10 parking spaces located at level – 4, designated by numbers 415 to 424. 

	 	•	 	 6 non-specifically allocated parking spaces for automobiles (permanent use rights), located in the public parking garage designated as “PB
Défense 7”, which is located at La Défense (92800 Puteaux). 

 In consideration for the possession of
these premises, Lessee agreed to pay, as of March 1, 2010, an additional principal amount of rent, excluding taxes and maintenance charges, of €204,314.00 (TWO HUNDRED FOUR THOUSAND THREE HUNDRED FOURTEEN EUROS), in addition
to the rent already payable. 
 Accordingly, as of March 1, 2010, the parties increased the principal amount of rent, excluding
taxes and maintenance charges, owed for all premises leased to €701,916.56 (SEVEN HUNDRED ONE THOUSAND NINE HUNDRED SIXTEEN EUROS AND FIFTY SIX CENTS), which breaks down as follows: 

	 	n	 	 For the offices on the third floor: €468,877.60 (FOUR HUNDRED SIXTY EIGHT THOUSAND EIGHT HUNDRED SEVENTY SEVEN EUROS AND SIXTY CENTS)

	 	n	 	 For the offices on the first floor: €198,534.00 (ONE HUNDRED NINETY EIGHT THOUSAND FIVE HUNDRED THIRTY FOUR EUROS) 

	 	n	 	 For the storage areas for archives: €9,410.76 (NINE THOUSAND FOUR HUNDRED TEN EUROS AND SEVENTY SIX CENTS) 

	 	n	 	 For the area used as a kitchen: €2,696.28 (TWO THOUSAND SIX HUNDRED NINETY SIX EUROS AND TWENTY EIGHT CENTS) 

	 	n	 	 For the 10 parking spaces located at level – 4 of the building, designated by numbers 415 to 424: €19,097.92 (NINETEEN THOUSAND NINETY SEVEN
EUROS AND NINETY TWO CENTS) 

	 	n	 	 For the 6 non-specifically allocated parking spaces for automobiles (permanent use rights), located in the public parking garage designated as “PB
Défense 7”, which is located at La Défense (92800 Puteaux): €3,300 (THREE THOUSAND THREE HUNDRED EUROS) 

 The security deposit was adjusted accordingly so as to always equal the principal amount of three months’ rent, excluding taxes and maintenance charges, i.e., the sum of €175,479.14 (ONE
HUNDRED SEVENTY FIVE THOUSAND FOUR HUNDRED SEVENTY NINE EUROS AND FOURTEEN CENTS). 
 VII/ After reciting the foregoing, Lessee
informed Lessor of its interest in leasing additional premises, namely the premises leased by CREDIT INDUSTRIEL ET COMMERCIAL (“CIC”) pursuant to a lease dated April 3, 2002, for which the lessee had given Lessor notice of its
intention to surrender effective March 31, 2011, and which are located in the “CitiCenter” building located at 19 Le Parvis, 92073 Paris La Défense Cedex, and which are described below: 

 

	 	•	 	 Premises for use as offices, located on the first floor, with a surface area of 334.90 m2, including a share of the common areas. 

S.C.I. LA DEFENSE ASTORG, Lessor, has agreed to also lease said premises to SEQUANS COMMUNICATIONS S.A., as of April 1, 2011,
pursuant to the terms and conditions set forth in this instrument. 
  
  

NOW, THEREFORE, IT IS AGREED AS FOLLOWS: 

 

  
 5 

 ARTICLE 1 – DESCRIPTION OF PREMISES LEASED 

The parties agree that, as of April 1, 2011, the new description of the premises leased by SEQUANS COMMUNICATIONS S.A. shall be as
follows: 
  

	 	›	 	 A group of offices on the third floor with a surface area of 746 m2, including a share of the common areas (LEGRAND parcel no. C_03_02). 

 

	 	›	 	 A group of offices on the third floor with a surface area of 270.70 m2, including a share of the common areas (LEGRAND parcel no. C_03_03). 

 

	 	›	 	 A group of offices on the third floor with a surface area of 150.60 m2, including a share of the common areas (LEGRAND parcel no. C_03_04). 

 

	 	›	 	 An area on the third floor with a surface area of 7.30 m2 (LEGRAND parcel no. C_03_06). 

 

	 	›	 	 A group of offices on the first floor with a surface area of 334.90 m2, including a share of the common areas (LEGRAND parcel no. C_01_02). 

 

	 	›	 	 A group of offices on the first floor with a surface area of 570.50 m2, including a share of the common areas (LEGRAND parcel no. C_01_04). 

 

	 	›	 	 A storage area for archives located at level – 4, with a surface area of 14.54 m2, including a share of the common areas (LEGRAND parcel no. C_PK_0_17). 

 

	 	›	 	 A storage area for archives located at level – 4, with a surface area of 20.77 m2, including a share of the common areas (LEGRAND parcel
no. C_PK _0_10). 

  

	 	›	 	 A storage area for archives located at level – 4, with a surface area of 12.40 m2, including a share of the common areas (LEGRAND parcel no. C_PK _0_11). 

 

	 	›	 	 10 parking spaces located at level – 4, designated by numbers 415 to 424. 

 

	 	›	 	 6 non-specifically allocated parking spaces for automobiles (permanent use rights), located in the public parking garage designated as “PB
Défense 7”, which is located at La Défense (92800 Puteaux). 

 as such premises are shown on the plans
appended hereto, as they continue and with what they include, without exception or reservation. Lessee represents that it is well acquainted with the premises as a result of the fact that it already occupies a portion of the premises and as a result
of a visit it has made to the premises with a view to entering into this lease. 
 By the parties mutual agreement, the premises described below
constitute an indivisible whole. 
 Lessee accepts said premises in their condition on the date referred to above, and expressly waives the
right to claim that Lessor make any repairs to said premises. Consequently, Lessee shall not make any claim or request any compensation or reduction in rent on the grounds of the condition of the premises. 

Before SEQUANS COMMUNICATIONS S.A. takes possession of the newly leased premises, as of April 1, 2011, a joint inventory of the condition of the
premises shall be drawn up by a bailiff (huissier). The expenses of this inventory shall be paid entirely by Lessee. 

  
 6 

 ARTICLE 2 – RENT AND MAINTENANCE CHARGES 

In consideration for the additional premises provided to it, Lessee agrees to pay, as of April 1, 2011, an additional principal amount of
rent, excluding taxes and maintenance charges, of €150,705.00 (ONE HUNDRED FIFTY THOUSAND SEVEN HUNDRED FIVE EUROS), in addition to the rent already payable. 
 Accordingly, as of April 1, 2011, the parties agree to increase the principal amount of rent, excluding taxes and maintenance charges, owed for all premises leased to €852,621.56
(EIGHT HUNDRED FIFTY TWO THOUSAND SIX HUNDRED TWENTY ONE EUROS AND FIFTY SIX CENTS), excluding taxes and maintenance charges, which breaks down as follows: 

	 	n	 	 For the offices on the third floor: €468,877.60 (FOUR HUNDRED SIXTY EIGHT THOUSAND EIGHT HUNDRED SEVENTY SEVEN EUROS AND SIXTY CENTS)

	 	n	 	 For the offices on the first floor: €349,239.00 (THREE HUNDRED FORTY NINE THOUSAND TWO HUNDRED THIRTY NINE EUROS)

	 	n	 	 For the storage areas for archives: €9,410.76 (NINE THOUSAND FOUR HUNDRED TEN EUROS AND SEVENTY SIX CENTS) 

	 	n	 	 For the area used as a kitchen: €2,696.28 (TWO THOUSAND SIX HUNDRED NINETY SIX EUROS AND TWENTY EIGHT CENTS) 

	 	n	 	 For the 10 parking spaces located in the building: €19,097.92 (NINETEEN THOUSAND NINETY SEVEN EUROS AND NINETY TWO CENTS)

	 	n	 	 For the 6 non-specifically allocated parking spaces for automobiles (permanent use rights), located in the public parking garage designated as “PB
Défense 7”, which is located at La Défense (92800 Puteaux): €3,300 (THREE THOUSAND THREE HUNDRED EUROS) 

 As of April 1, 2011, Lessee shall also pay, for the additional premises, an additional “advance on general common maintenance charges”, the amount of which is set as of the signature
date of this amendment at €3,730.00, excluding taxes (THREE THOUSAND SEVEN HUNDRED THIRTY EUROS) per quarter, as well as the sum of €270.00, excluding taxes (TWO HUNDRED SEVENTY EUROS) per quarter as an “advance on
individual utilities consumption”. 
 ARTICLE 3 – SECURITY DEPOSIT 

Lessee undertakes to adjust the value of the security deposit currently held by Lessor in order that it equals the principal amount of three months’
rent, excluding taxes, and therefore at the time of the signature of this amendment, Lessee shall pay the sum of €37,676.25 (THIRTY SEVEN THOUSAND SIX HUNDRED SEVENTY SIX EUROS AND TWENTY FIVE CENTS), in addition to the amount of
€175,479.14 (ONE HUNDRED SEVENTY FIVE THOUSAND FOUR HUNDRED SEVENTY NINE EUROS AND FOURTEEN CENTS) already paid. 
 Consequently,
the amount of the security deposit will total €213,155.39 (TWO HUNDRED THIRTEEN THOUSAND ONE HUNDRED FIFTY FIVE EUROS AND THIRTY NINE CENTS) to guarantee payment of rent, proper performance of the terms and conditions of this lease,
repairs required of the tenant and amounts owed by Lessee for which Lessor may be held liable. 
 The difference, whether more or less, shall be
paid or returned after verifying said repairs, and after Lessee has moved out, surrendered the keys and produced receipts evidencing payment of all contributions, taxes and fees for which it is liable. 

This security deposit shall not bear interest in favor of Lessee. 
 Each time rent is adjusted, this security deposit shall be increased or decreased so as to always equal three months’ rent. 

  
 7 

 ARTICLE 4 – BANK GUARANTEE 

In accordance with the provisions of paragraph 3 of Article XIV of the original lease dated May 11, 2005, entitled “Specific Terms and
Conditions”, Lessee undertook to furnish a bank guarantee on the signature date of said lease for the purpose of guaranteeing Lessor the payment of the principal amount of six months’ rent, plus taxes and including maintenance charges. On
the signature date of said lease, the amount of the bank guarantee was €189,589.44 (ONE HUNDRED EIGHTY NINE THOUSAND FIVE HUNDRED EIGHTY NINE EUROS AND FORTY FOUR CENTS). 
 Consequently, Lessee shall furnish to Lessor, on the signature date of this amendment and for the remaining term of the original lease, i.e., until May 10, 2014, a bank guarantee in the amount of
€590,827.58 (FIVE HUNDRED NINETY THOUSAND EIGHT HUNDRED TWENTY SEVEN EUROS AND FIFTY EIGHT CENTS), which is equal to the principal amount of six months’ rent, including management fees, maintenance charges and taxes, and which will
replace the bank guarantee previously furnished. 
 ARTICLE 5 – HEALTH AND ENVIRONMENTAL RISKS –
TECHNICAL DIAGNOSTICS 
 1- In accordance with Article L. 125-5 of the French Environmental Code (Code de l’Environnement),
Lessor has appended to this amendment a statement of foreseeable natural and technological or seismic risks to which the location of the building is exposed, and which has been prepared on the basis of information provided by a prefectural decree.

 Excerpts of useful reference documents, which enable situating the property with respect to the aforementioned risks, are appended to the
statement. 
 2- Lessor hereby informs Lessee that pursuant to Articles R. 1334-22 and R. 1334-28 of the French Health Code (Code de la
Santé), Lessor has had a technical file prepared concerning asbestos risks concerning the building, which is at Lessee’s disposal. Lessor has appended to this lease a sheet summarizing the technical file concerning asbestos risks,
which Lessee hereby acknowledges. 
 Lessor forbids Lessee from carrying out or having carried out any work whatsoever, including work that does
not require authorization under this lease, without having studied or having the contractors performing the work study the technical file concerning asbestos risks. 
 3- In accordance with Article L134-3-1 of the French Construction and Housing Code (Code de la Construction et de l’Habitation), Lessor has appended to this amendment a diagnostic concerning
the energy performances of the new premises being leased, which Lessee hereby acknowledges. 
 ARTICLE 6
– SAFETY OF PERSONS AND PROPERTY 
 For Lessee’s information, Lessor has appended to this lease an excerpt from a study
reporting the building’s capacities. This study shows that the number of persons that can be accommodated on the entire first and third floors of the “CitiCenter” building, located at 19 Le Parvis, in La Défense, is a maximum
of 120 persons per floor. 
 ARTICLE 7 – INFORMATION CONCERNING PROTECTION OF PERSONAL DATA

 Information collected is necessary to manage the real estate property or properties that concern you as a tenant. Such information is
intended for Groupama Immobilier and Groupama SA, as well as their service providers who participate in management of the buildings and Groupama’s real estate assets. Information that contain your contact details may also be used for sales
prospecting purposes by other companies (insurance or service companies) of the Groupama group. 

  
 8 

 With regard to this last point, Lessee may express its wishes by writing “YES” or “NO”
(in capital letters) in the box below: 
  

			
	 No  
	  	

 In accordance with the provisions of the French Data Protection Act, you may exercise your right to oppose the use
of, access and correct personal data about you by contacting the Quality Department of Groupama Immobilier, located at 21 Boulevard Malesherbes, 75008 Paris. 
 ARTICLE 8 – REGISTRATION 
 In accordance with Act no. 69-l 168
of December 26, 1969, this amendment is not subject to registration formalities. 
 ARTICLE 9 –
MISCELLANEOUS EXPENSES 
 All expenses, duties and fees that may be applicable to this instrument, or that may be incurred pursuant to
or as a consequence thereof, shall be borne by Lessee, who hereby expressly undertakes to pay such expenses, duties and fees. 
 Furthermore, on
the signature date of this amendment, Lessee shall pay Groupama Immobilier, Lessor’s representative, the sum of €500.00, excluding taxes (FIVE HUNDRED EUROS) in fees for the drafting of this instrument. 

* * 
 * * *

  
 ALL OTHER TERMS
AND CONDITIONS OF THE LEASE OF MAY 11, 2005 AND ITS SUCCESSIVE AMENDMENTS
THAT ARE NOT MODIFIED BY THIS AMENDMENT REMAIN IN FORCE. 

Executed in Paris, in two counterparts, 
 On
March 7, 2011 
  
  

			
		
	Lessor	  	Lessee

  
 9Lease by and between Sequans Communications Limited and Sergo (Winnersh) Limited

 Exhibit 10.13 

 

					
		 		  	 CERTIFIED A TRUE COPY OF
 THE
ORIGINAL
 CHARLES RUSSELL LLP

 Dated 14 OCTOBER 2010 
  

	(1)	SEGRO (WINNERSH) LIMITED 

  

	(2)	SEQUANS COMMUNICATIONS LIMITED 

  

 
 LEASE 

 
  
 relating to premises known as Unit 155 Wharfedale Road, IQ Winnersh, Reading 
  

			
	Eversheds LLP	  	Tel 0845 497 9797
	1 Callaghan Square	  	Fax 0845 498 7333
	Cardiff	  	Int +44 29 2047 1147
	CF10 5BT	  	DX 33016 Cardiff
		  	www.eversheds.com

 CONTENTS 
 Lease Particulars 
  

							
	 	 	 	  	 	  	Page
	Clause	  	
	1	 	DEFINITIONS	  	1
	2	 	INTERPRETATION	  	3
	3	 	DEMISE	  	4
		 	3.1	  	Rent	  	4
		 	3.2	  	Additional rent	  	4
	4	 	TENANT’S COVENANTS	  	4
		 	4.1	  	Payment of rents	  	4
		 	4.2	  	Interest on late payments	  	5
		 	4.3	  	Payment of rates	  	5
		 	4.4	  	Exterior maintenance	  	5
		 	4.5	  	Interior painting	  	5
		 	4.6	  	Repair	  	5
		 	4.7	  	Yielding up	  	6
		 	4.8	  	Reinstatement	  	6
		 	4.9	  	Landlord’s access	  	6
		 	4.10	  	Default remedies of the Landlord	  	6
		 	4.11	  	Signs and aerials	  	7
		 	4.12	  	Use	  	7
		 	4.13	  	Nuisance	  	7
		 	4.14	  	Estate regulations	  	7
		 	4.15	  	Acts prejudicial to insurance	  	8
		 	4.16	  	Safeguarding the Premises	  	8
		 	4.17	  	Planning applications	  	8
		 	4.18	  	Alterations	  	8
		 	4.19	  	Statutory obligations	  	9
		 	4.20	  	Alienation	  	9
		 	4.21	  	Registration of dealings	  	12
		 	4.22	  	Re-letting and sale boards	  	13
		 	4.23	  	Costs of licences and notices as to breach of covenant	  	13
		 	4.24	  	Indemnity	  	13
		 	4.25	  	Value added tax	  	14
		 	4.26	  	Defects	  	14
		 	4.27	  	Documents affecting title	  	14
	5	 	LANDLORD’S COVENANTS	  	14
		 	5.1	  	Quiet enjoyment	  	14
		 	5.2	  	Insurance	  	14
		 	5.3	  	Insurance details	  	15
	6	 	CONDITIONS	  	15
		 	6.1	  	Re-possession on Tenant’s default	  	15
		 	6.2	  	Benefit of insurance and abatement of rent	  	16
		 	6.3	  	Notices	  	17

							
		 	6.4	  	Contracts (Rights of Third Parties) Act 1999	  	17
		 	6.5	  	Option to determine following damage by an Uninsured Risk	  	17
		 	6.6	  	Common Parts	  	18
	7	 	OPTION TO DETERMINE	  	18
		
	Schedules	  	
	1	 	Description of the Premises	  	20
	2	 	Part 1: The rights	  	21
		 	Part 2: The exceptions and reservations	  	21
	3	 	Obligations of the Surety	  	23
	4	 	Documents and matters affecting title	  	25
	5	 	Part 1: Service Charge for the Estate	  	26
		 	Part A: Heads of Expenditure	  	26
		 	Part B: Calculation of the Service Charge	  	27
		 	Part 2: Costs of Winnersh 100 facilities	  	28
		 	1	  	Accessways and Landscaping	  	28
		 	2	  	Other Facilities	  	29

 LAND REGISTRY PARTICULARS 
 LR1. Date Of Lease 
 14 OCTOBER 2010 

LR2. Title Number(s) 
 LR2.1
Landlord’s title number(s) 
 BK167503 and BK183097 
 LR2.2 Other Title Numbers 
 None 
 LR3. Parties To This Lease 
 Landlord 

SEGRO (WINNERSH) LIMITED (incorporated and registered in England and Wales under company registration number 5472073), the registered office of which is
at Cunard House, 15 Regent Street, London SW1Y 4LR. 
 Tenant 
 SEQUANS COMMUNICATIONS LIMITED (incorporated and registered in England and Wales under company registration number 05641993), the registered office of which is at 125 Wharfedale Road, Winnersh Triangle,
Reading, Berkshire RG41 5R8. 
 Other parties 
 None. 
 LR4. Property 
 Building 155 Wharfedale Road, IQ Winnersh, Reading RG41 5RB and more particularly described in the First Schedule to the Lease and shown edged red on the Lease Plan. 

In the case of a conflict between this clause and the remainder of this lease then, for the purposes of registration, this clause shall prevail.

 LR5. Prescribed Statements etc. 
 None. 
 LR6. Term for which the Property is leased 

Five years from and including the date of this Lease 
 To and including 13 OCTOBER 2015 
 LR7. Premium 

None. 
 LR8. Prohibitions or restrictions on
disposing of this lease 

 This lease contains a provision that prohibits or restricts dispositions.  

LR9. Rights of acquisition etc. 

LR9.1 Tenant’s contractual rights to renew this lease, to acquire the reversion or another lease of the Property, or to acquire an interest in
other land 
 None. 
 LR9.2
Tenant’s covenant to (or offer to) surrender this lease 
 None. 
 LR9.3 Landlord’s contractual rights to acquire this lease 
 None. 

LR10. Restrictive covenants given in this lease by the Landlord in respect of land other than the Property 

None. 
 LR11. Easements 

LR11.1 Easements granted by this lease for the benefit of the Property 
 The easements granted for the benefit of the Property as specified in this lease at part 1 of the Second schedule. 
 LR11.2 Easements granted or reserved by this lease over the Property for the benefit of other property 
 The easements granted or reserved by this lease over the Property as specified in this lease at part 2 of the Second schedule. 
 LR12. Estate rentcharge burdening the Property 
 None. 

LR13. Application for standard form of restriction 
 None. 
 LR14. Declaration of trust where there is more than one person comprising the Tenant

 None. 
 THIS LEASE IS A NEW
TENANCY FOR THE PURPOSES OF THE LANDLORD AND TENANT (COVENANTS) ACT 1995. 

 

 

 PARTICULARS 

 

			
	DATE	  	14 OCTOBER 2010
		
	LANDLORD	  	SEGRO (WINNERSH) LIMITED.
		
	Registered Office:	  	Cunard House, 15 Regent Street, London SW1Y 4LR.
		
	Company Registration Number:	  	5472073
		
	TENANT	  	SEQUANS COMMUNICATIONS LIMITED
		
	Registered Office:	  	125 Wharfedale Road, Winnersh Triangle, Reading, Berkshire RG41 5RB.
		
	Company Registration Number:	  	05641993
		
	SURETY	  	None.
		
	ESTATE	  	The area from time to time comprising the Landlord’s estate known as IQ Winnersh of which the Premises form part as currently shown on the title plan of title numbers
BK167503 and BK183097.
		
	PREMISES	  	The land and building described in the First Schedule and known as Unit 155 Wharfedale Road IQ Winnersh, Reading as shown edged red on the Lease Plan.
		
	COMMENCEMENT DATE	  	The date of this Lease.
		
	TERM	  	Five years together with the period of any continuation or extension of the tenancy granted by this lease.
		
	RENT COMMENCEMENT DATE	  	The date of this Lease.
		
	RENT	  	Eighty-Five Thousand Three Hundred and Ninety Nine Pounds (£85,399) per annum.
		
	PERMITTED USE	  	Use for offices or such other purpose within Class B1 of the Schedule to the Town and Country Planning (Use Classes) Order 1987 (as amended or replaced from time to time) as the
Landlord may first approve in writing (such approval not to be unreasonably withheld or delayed).

 LEASE 
 DATE 14 OCTOBER 2010 
 PARTIES 

 

	(1)	SEGRO (WINNERSH) LIMITED (incorporated and registered in England and Wales under company registration number 5472073), the registered office of which is at Cunard
House, 15 Regent Street, London SW1Y 4LR (the “Landlord”); and 

  

	(2)	SEQUANS COMMUNICATIONS LIMITED (incorporated and registered in England and Wales under company registration number 05641993), the registered office of which is at 125
Wharfedale Road, Winnersh Triangle, Reading, Berkshire RG41 5RB (the “Tenant”). 

 IT IS AGREED AS FOLLOWS:

  

	1.	DEFINITIONS 

 In this
lease the following expressions have the meanings indicated: 
 “Accessways” means the accessways shown for the
purpose of identification only hatched brown and in part hatched purple on the Lease Plan 
 “Act” means the
Landlord and Tenant (Covenants) Act 1995; 
 “Authorised Guarantee Agreement” has the meaning defined in and for
the purposes of section 16 of the Act and the form of such agreement shall be as reasonably required by the Landlord; 

“Common Parts” means all parts of the Estate not from time to time let or intended to be let including all walls
(including retaining walls), fences, car parks, service areas, footpaths, unadopted roads, circulation areas, forecourts, landscaped areas and structures, refuse areas and structures, estate office, security guards’ office, closed circuit
television monitoring office, landscaping compound, Conducting Media and other amenities from time to time within or appurtenant to the Estate the use or enjoyment of which is common to some or all of the tenants or occupiers of the Estate;

 “Conducting Media” means all sewers, drains, pipes, wires, watercourses, subways, cables, apparatus, conduits
and any other media or works for the conduct or transmission of any service matter or material (including any media and works in respect of the sprinkler system at the Estate); 
 “Estate Roads” means: 
  

	 	(a)	the roads pavements and paths shown for the purpose of identification only hatched brown on the Lease Plan (or any road pavement or path at any time replacing any of
them); and 

  

	 	(b)	such other roads pavements and paths at IQ Winnersh (whether or not on or forming part of the Estate) as may from time to time serve or be available for use generally
by the tenants and occupiers in connection with premises on the Estate but excluding any that may be or become any public highway or footpath; 

 “Full Reinstatement Value” means the costs (including demolition
professional fees and any value added tax payable) which would be likely to be incurred in carrying out repair or reinstatement in accordance with the requirements of this Lease at the time when such repair or reinstatement is likely to take place
having regard to current building techniques and materials; 
 “Group” means a group of companies within the
meaning of section 42 of the Landlord and Tenant Act 1954; 
 “Insurance Rent” means: 

 

	 	(a)	a sum or sums of money equal to the reasonable expense incurred by the Landlord (before any commission) and including any insurance premium tax:

  

	 	(i)	in effecting or maintaining insurance in accordance with clause 5.2 (including any increased premium payable in respect of the Premises or any neighbouring property by
reason of any act or omission by (or permitted by) the Tenant or an undertenant) as the Landlord shall from time to time effect such insurance for the Landlord’s benefit in the Full Reinstatement Value against the Insured Risks;

  

	 	(ii)	in effecting or maintaining insurance against Loss of Rent; and 

  

	 	(iii)	in effecting or maintaining insurance against public liability of the Landlord in connection with any matter relating to the Premises, their occupation or use; and

  

	 	(b)	a fair and reasonable proportion (as certified conclusively by the Landlord’s surveyor to be proper) of the reasonable expense incurred by the Landlord (before any
commission) and including any insurance premium tax in effecting or maintaining insurance against public liability of the Landlord in connection with any matter relating to the Estate, its occupation or use 

“Insured Risks” means fire, lightning, earthquake, subsidence, heave, landslip, explosion, terrorism, aircraft, riot,
storm, tempest, flood, burst pipes, malicious damage and impact damage and such other Insurable risks and on such terms as the Landlord may from time to time reasonably consider necessary but excluding any risks which the Landlord acting reasonably
shall decide from time to time not to include in any policy but so that the Landlord shall give at least 14 days prior notice in writing to the Tenant of any risk ceasing to be covered by any policy. 

“Landscaped Areas” means those parts of the Estate as are hatched green on the Lease Plan 

“Lease Plan” means the plan marked “Lease Plan” attached to this Lease 

“Loss of Rent” means the loss of the rent reserved by this lease under clauses 3.1, 3.2.1 and 3.2.2 for such period
(being not less than three years) as may reasonably be required by the Landlord from time to time having regard to the 

  
 2 

 
likely period required for reinstatement in the event of both partial and total destruction 
 “Parking Area” means such area or areas within the Premises as are designated for parking and shown on the Lease Plan as demised car parking 

“Particulars” means the particulars set out at the front of this deed 

“Planning Acts” includes the Town and Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas)
Act 1990, the Planning (Hazardous Substances) Act 1990 and the Planning (Consequential Provisions) Act 1990 

“Prescribed Rate” means four per cent above the base rate of National Westminster Bank Plc from time to time (or such
other clearing bank as the Landlord shall nominate) or (if such rate shall cease to be published) such other reasonable or comparable rate as the Landlord shall from time to time designate 

“Service Charge” means the aggregate of the costs and liabilities referred to in part 1 of the Fifth Schedule 

“Service Charge Period” means the period in respect of which the Service Charge is calculated as determined from time to
time by the Landlord and notified to the Tenant and initially is each consecutive period of 12 months ending on 31 December 

“Tenant Covenants” means “tenant covenants” as defined in section 28 of the Act 

“Tenant’s Proportion of the Service Charge” means the part of the Service Charge for which the Tenant is liable
which shall be such fair proportion as the Landlord’s surveyor shall from time to time determine acting as expert 

“Uninsured Risk” means a risk against which the Landlord has not insured in respect of insurance relating to that
Premises 
 “Winnersh 100” means that part of the Estate (of which the Premises form part) shown edged blue on
the Lease Plan 
  

	2.	INTERPRETATION 

  

	2.1	The expressions the “Landlord” and the “Tenant” shall wherever the context so admits include their respective successors in title.

  

	2.2	Where the Tenant or the Surety (if any) for the time being are two or more persons the terms the “Tenant” or the “Surety” (if any) include the
plural number and obligations expressed or implied to be made by such party are deemed to be made by such persons jointly and each of them severally. 

  

	2.3	Words importing one gender include all other genders and words importing the singular include the plural and vice versa. 

 

	2.4	References in this lease to any statute or legislation (whether specific or general) include any other statute or legislation replacing amending or supplementing the
same and any orders, regulations, bye-laws, notices, permissions, approvals or consents thereunder. 

  
 3 

	2.5	The Particulars and the details and expressions therein appearing shall be included in and form part of this lease. 

 

	2.6	An obligation of the Tenant not to do something includes an obligation not to cause or allow that thing to be done and a reference to any act, or to any act or
omission, of the Tenant includes any act, or any act or omission, of any other person at the Premises with the Tenant’s express or implied authority, 

  

	2.7	The words “include” and “including” are deemed to be followed by the words “without limitation” and general words introduced by the word
“other” do not have a restrictive meaning by reason of being preceded by words indicating a particular class of acts, things or matters. 

  

	3.	DEMISE 

 The Landlord
demises to the Tenant the Premises together with the Rights referred to in part 1 of the Second Schedule but subject to the Exceptions and Reservations referred to in part 2 of the Second Schedule and to any documents and matters referred to in the
Fourth Schedule to hold to the Tenant for the Term starting on the Commencement Date yielding and paying during the Term: 
  

	3.1	Rent 

 Yearly the Rent
(together with any value added tax) to be paid without any deduction or set-off by equal quarterly payments in advance on 25 March, 24 June, 29 September and 25 December in every year the first payment for the period from and
including the Rent Commencement Date up to and including the day immediately preceding the quarter day next after the date of this Lease to be made on the Rent Commencement Date. 

 

	3.2	Additional rent 

 As
additional rent: 
  

	 	3.2.1	firstly, the Tenant’s Proportion of the Service Charge in respect of the Estate in accordance with part 1 of the Fifth Schedule; 

 

	 	3.2.2	secondly, the sums payable by the Tenant in respect of Winnersh 100 pursuant to and in accordance with part 2 of the Fifth Schedule; and 

 

	 	3.2.3	thirdly the Insurance Rent such sum or sums to be paid within seven days of written demand; 

and in each case such amounts shall be recoverable by distress in the same way as rent in arrear. 

 

	4.	TENANT’S COVENANTS 

The Tenant covenants with the Landlord as follows: 
  

	4.1	Payment of rents 

 To pay
the respective rents and sums of money reserved and made payable at the times and in the manner in which the same are set out or referred to in clause 3 without any deduction or set-off and to make all such payments to the Landlord on the due
date through the Tenant’s bankers by the direct debit system. 

  
 4 

	4.2	Interest on late payments 

If the Tenant shall fail to pay any rents or any other sum payable under this Lease when the same is due whether formally demanded or not
to pay to the Landlord as additional rent (but without prejudice to any other rights of the Landlord including those under clause 6) interest on all such rents or other sums from the due date for payment until the date actually paid at the
Prescribed Rate current at such due date and any such interest shall be recoverable by the Landlord as rent in arrear. 
  

	4.3	Payment of rates 

  

	 	4.3.1	To pay and indemnify the Landlord against all existing and future rates or other outgoings whatsoever imposed or charged upon the Premises or upon the owner or occupier
in respect of the Premises. 

  

	 	4.3.2	To pay and be responsible for all electricity, gas and other services to the Premises. 

 

	4.4	Exterior maintenance 

 In
every third year and in the last year of the Term to prepare and paint the outside of the building erected on the Premises where usually or previously so painted in a good and workmanlike manner and otherwise properly to clean, treat and decorate
other parts of the outside of the building as the same ought to be cleaned, treated and decorated (such painting and decorating to be carried out in colours and patterns first approved in writing by the Landlord) and whenever necessary to renew or
replace all seals and mastics. 
  

	4.5	Interior painting 

 In the
last year of the Term to prepare and paint all the interior of the building erected on the Premises where usually or previously so painted in a good and workmanlike manner (all such painting to be carried out in colours and patterns first approved
in writing by the Landlord). 
  

	4.6	Repair 

  

	 	4.6.1	Well and substantially to repair and maintain the Premises and the walls, fences, roads and Conducting Media in on or under the Premises (damage by any of the Insured
Risks excepted unless the insurance moneys are withheld in whole or in part or the policy avoided by reason of any act or omission on the part of the Tenant or any undertenant or any employee contractor or invitee of either of them) and at all times
to keep the same in good and substantial repair and condition and so repaired, cleaned, painted and maintained and further to keep all parts of the Premises clean and tidy and free from rubbish and waste materials. 

 

	 	4.6.2	To keep the Parking Area for and suitable for the parking of vehicles only. 

 

	 	4.6.3	Not in any event to harm or damage any of the Landscaped Areas or the landscaping or plants on them nor to alter such Areas or the scheme of landscaping and plants.

  
 5 

	 	4.6.4	To use reasonable endeavours to minimise the extent of any damage or disrepair caused by any of the Insured Risks or an Uninsured Risk. 

 

	4.7	Yielding up 

 At the
expiration or sooner determination of the Term to yield up the Premises in good and substantial repair and consistent with the full and due compliance by the Tenant with its obligations under this Lease and to remove such tenant’s trade
fixtures and fittings and any signs erected by or at the instance of the Tenant making good any damage caused by such removal. 
  

	4.8	Reinstatement 

  

	 	4.8.1	Before the expiry or sooner determination of the Term to carry out such works as shall be reasonably required by the Landlord: 

 

	 	4.8.1.1	giving not less than six months’ prior notice in writing where the Term expires; or 

 

	 	4.8.1.2	without the requirement to give any notice following determination of this lease pursuant to clause 6.1; 

in order to ensure that the Premises or such part or parts of them as may be required by the Landlord conform with the description in the
First schedule. 
  

	 	4.8.2	All such works shall be carried out to the reasonable satisfaction of the Landlord and the Tenant shall apply for any necessary planning permission or approval which
may be required under the Planning Acts or other legislation. 

  

	4.9	Landlord’s access 

To permit the Landlord or its agents at all times during the Term during reasonable hours in the day (or at any time in the case of
emergency) with or without workmen and others to enter the Premises for the purpose of ascertaining that the covenants and conditions of this Lease have been performed and observed by the Tenant and examining (including opening up floors, walls and
ceilings where necessary to examine) the state of repair and condition of the Premises or for the purpose of taking inventories of the Landlord’s fixtures or of carrying out works on the adjoining property of the Landlord or for any intrusive
testing for environmental purposes and of exercising any of the Exceptions and Reservations referred to in part 2 of the Second Schedule provided that the Landlord shall make good any damage caused by such entry and the exercise of such rights.

  

	4.10	Default remedies of the Landlord 

 If within two months after service of a notice from the Landlord requiring the Tenant to remedy any breach of covenant relating to the state of repair or condition of the Premises or otherwise to the
carrying out of any works or actions (or earlier in case of emergency) the Tenant shall not have completed such works or actions then to permit the Landlord to enter upon the Premises and execute all or any such works or actions and the
Landlord’s costs and expenses (including the Landlord’s surveyors and other professional fees in connection therewith) together with interest thereon at the Prescribed Rate current at the date one month after service of such notice for the
period from 

  
 6 

 
that date to the date of payment shall be a debt due from the Tenant to the Landlord and be forthwith recoverable as rent in arrear. 

 

	4.11	Signs and aerials 

 Not to
erect any pole, mast, aerial or satellite dish or erect or display any sign, noticeboard or advertisement on any part of the Premises except a sign approved by the Landlord indicating the name of the Tenant (save that the Landlord’s consent
shall not be required for the content of any sign showing the Tenant’s corporate logo) in a position approved by the Landlord any such approval to be in writing and not to be unreasonably withheld or delayed. 

 

	4.12	Use 

  

	 	4.12.1	Not to use the Premises or any part thereof otherwise than for the Permitted Use and not at any time to store anything on any part of the Premises outside the building
erected thereon. 

  

	 	4.12.2	To use only for the parking of vehicles those parts of the Premises designated for such purpose. 

 

	4.13	Nuisance 

  

	 	4.13.1	Not to use the Premises or any part of them for any illegal purpose nor to carry out on or from the Premises any noisy, noxious, dangerous or offensive act activity or
business nor anything which may be or become a nuisance damage or inconvenience to the Landlord or any of its tenants or the occupiers of any premises in the neighbourhood and in particular not to do or permit to be done anything which might cause
electronic or radio interference with any adjoining or neighbouring premises. 

  

	 	4.13.2	Not to do anything which would or might lead to any contamination of the Premises or pollution of the environment or lead to the pollution, obstruction, damaging or
overloading of the Conducting Media and to carry out (or at the Landlord’s election to pay to the Landlord the proper costs and fees of carrying out) all works necessary to remedy the contamination or pollution or to remove the source of any
contamination or pollution. 

  

	 	4.13.3	Where the Tenant has failed to observe any of the obligations in this clause 4.13 to pay to the Landlord the reasonable and proper costs incurred by it in obtaining
such reports as the Landlord may reasonably require to establish what damage or harm may have been caused to the Premises or other property of the Landlord and the remedial cleaning or other works necessary. 

 

	 	4.13.4	Not to discharge or allow to enter into any underground or other waters any poisonous noxious or harmful effluent liquid or substance. 

 

	4.14	Estate regulations 

 To
observe such reasonable regulations in respect of the Estate as may from time to time be made by the Landlord for the purposes of good estate management. 

  
 7 

	4.15	Acts prejudicial to insurance 

  

	 	4.15.1	Not to do anything as a result of which any policy of insurance against damage to the Premises or to any neighbouring premises may be prejudiced or payment of the
policy moneys may be withheld in whole or in part or whereby the rate of premium in respect of any such insurance may be increased and to give notice to the Landlord forthwith upon the happening of any event which might affect any insurance policy
relating to the Premises. 

  

	 	4.15.2	In relation to the insurance effected by the Landlord in respect of the Premises to pay to the Landlord any excess required by the insurers or by the Landlord on demand
by the Landlord following any damage or destruction by any Insured Risks where such excess would be applicable to any claim in respect of such damage or destruction. 

 

	4.16	Safeguarding the Premises 

  

	 	4.16.1	With respect to fire precautions and safeguarding the Premises against damage by any of the Insured Risks or otherwise to comply with all requirements of the insurers
of the Premises or the relevant insurance brokers of the fire brigade or local authority and the reasonable requirements of the Landlord. 

  

	 	4.16.2	Not to store or bring on to or allow to remain on the Premises any article, substance or liquid of a specially combustible, inflammable or explosive nature or which may
be a source of contamination. 

  

	 	4.16.3	To give written notice to the Landlord upon the occurrence of any contamination of the Premises and also upon the occurrence of any pollution of the environment in
breach of any legislative provision caused by any use of or action or activity on the Premises. 

  

	4.17	Planning applications 

Not without the prior written consent of the Landlord to make any application for any consent under the Planning Acts but if such
application is for consent to do anything which the Tenant is permitted to do under this Lease (or where the approval of the Landlord is first required and the Landlord has approved the doing of such thing) such consent shall not be unreasonably
withheld or delayed. 
  

	4.18	Alterations 

  

	 	4.18.1	Not to make any alteration or addition to the Premises unless permitted by this clause 4.18. 

 

	 	4.18.2	Not to erect or place any new building or structure on the Premises (including any temporary or moveable building or structure). 

 

	 	4.18.3	Not to make any external or structural alterations to the Premises. 

  

	 	4.18.4	The Tenant may without the Landlord’s consent make internal non- structural alterations to the Premises subject to: 

 

	 	4.18.4.1	 such alterations not affecting the Conducting Media or any of the Landlord’s services at the Premises or

  
 8 

	 	 
within the building of which the Premises form part; and 

  

	 	4.18.4.2	the Tenant providing the Landlord with an adequate specification (including drawings) of such alterations and taking into account any Landlord’s recommendations
prior to commencing work. 

  

	 	4.18.5	The Tenant may make any other alterations to the Premises not referred to in clause 4.18.2, 4.18.3 or 4.18.4 with the Landlord’s written consent (such consent not
to be unreasonably withheld or delayed). 

  

	4.19	Statutory obligations 

  

	 	4.19.1	At the Tenant’s expense to comply in all respects with the provisions of all statutes and legislation (whether now or subsequently in force) affecting or
applicable to the Premises or their use and to forthwith to give notice to the Landlord of any notice direction or order made by any local or competent authority. 

 

	 	4.19.2	The Tenant shall prepare update and maintain a health and safety file for any works carried out to the Premises and shall comply with the Construction (Design and
Management) Regulations 2007 in respect thereof and provide to the Landlord upon reasonable request a copy of such file. 

  

	 	4.19.3	Upon any assignment or underlease permitted by this Lease to supply to the assignee or sub-tenant any health and safety files and/or operating manuals.

  

	 	4.19.4	Upon the expiry or sooner determination of this Lease the Tenant shall return the updated health and safety file to the Landlord. 

 

	4.20	Alienation 

  

	 	4.20.1	Not to charge or mortgage nor to share or part with the possession or occupation of either the whole or any part of the Premises nor to assign or underlet any part
(being less than the whole) of the Premises nor to permit any such dealing under a permitted underlease. 

  

	 	4.20.2	Not to hold or occupy the Premises or any part as nominee, trustee or agent or otherwise for the benefit of any other person. 

 

	 	4.20.3	Not to assign or underlet the whole of the Premises without the prior consent in writing of the Landlord (such consent not to be unreasonably withheld or delayed where
the provisions hereinafter contained are satisfied) and for the purpose of section 19(1A) of the Landlord and Tenant Act 1927 it is agreed that the Landlord may grant consent to an assignment subject to the conditions specified in clause 4,20.4.

  

	 	4.20.4	On any assignment: 

  

	 	4.20.4.1	 if the assignee (taking into account its covenant strength and the strength of any guarantee or other arrangement as provided for in clause 4.20.4.2
and 

  
 9 

	 	 
4.20.4.3) is of lower financial standing than the original Tenant as at the date of this Lease and/or the assignee is registered overseas the Tenant will enter into an Authorised Guarantee
Agreement which will be in such form as the Landlord may reasonably request and be prepared by or on behalf of the Landlord and at the cost of the Tenant and under which the assignor will agree (inter alia) with the Landlord:

  

	 	(a)	that it is liable as sole or principal debtor in respect of all obligations to be owed by the assignee under the Tenant Covenants in this Lease;

  

	 	(b)	to be liable as guarantor in respect of the assignee’s performance of the Tenant Covenants In this lease (provided that such liability shall be no more onerous
than the liability to which the assignor would be subject in the event of its being liable as sole or principal debtor in respect of the obligations owed by the assignee under the Tenant Covenants); and 

 

	 	(c)	in the event of this Lease being disclaimed to enter into a new lease of the Premises the term of which shall expire simultaneously with the date upon which (but for
any disclaimer) this lease would have expired by effluxion of time (and not by any other means) and the Tenant Covenants shall be identical to (mutatis mutandis but in any event no more onerous than) the Tenant Covenants in this Lease;

  

	 	4.20.4.2	if the Landlord reasonably so requires the Tenant shall obtain acceptable guarantors for any person to whom this lease is to be assigned who wilt covenant with the
Landlord on the terms (mutatis mutandis) set out in the Third Schedule; 

  

	 	4.20.4.3	if the Landlord reasonably so requires the proposed assignee will prior to the assignment enter into such reasonable rent deposit arrangement and/or provide such
additional security for performance by the proposed assignee of its obligations under this lease as the Landlord may reasonably require; and 

  

	 	4.20.4.4	the proposed assignee shall enter into a covenant with the Landlord to pay the rents reserved by and perform and observe the covenants on the part of the Tenant
contained in this Lease. 

  

	 	4.20.5	Clause 4.20.4 shall operate without prejudice to the right of the Landlord to impose any further conditions upon a grant of consent where such imposition is reasonable.

  

	 	4.20.6	     

  

	 	4.20.6.1	 Not to underlet the whole of the Premises otherwise than at a rent which is not less than the open

  
 10 

	 	 
market rental value of the Premises without a fine or premium and in other respects with (save where the underlease is excluded from the provisions of sections 24-28 of the Landlord and Tenant
Act 1954) materially the same covenants and conditions as are contained in this lease. 

  

	 	4.20.6.2	Not to vary the terms of any underlease permitted under this clause 4.20.6 without the Landlord’s written consent (not to be unreasonably withheld) and throughout
the term of any underlease to require the undertenant at all times to perform and observe the Tenant’s covenants (except as to the payment of rent) and the conditions contained in this lease. 

 

	 	4.20.6.3	Not to grant an underlease unless: 

  

	 	(a)	before the earlier of the undertenant entering into the underlease and the undertenant becoming contractually bound to do so, the Tenant has served a notice on the
undertenant and the undertenant (or a person duly authorised by the undertenant) has made a statutory declaration, such notice and statutory declaration to relate to the tenancy to be created by the underlease and to comply with section 38A of the
Landlord and Tenant Act 1954 and the relevant schedules of the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003; and 

  

	 	(b)	the Tenant has supplied the Landlord with a copy (certified by solicitors to be a true copy of the original) of the notice and statutory declaration referred to in
clause 4.20.6.3(a). 

  

	 	4.20.7	The Landlord may as a condition for giving its consent for any permitted underletting require the proposed underlessee to enter into a direct covenant with the Landlord
to perform and observe the Tenant’s covenants and the conditions contained in this lease (save as to payment of rent). 

  

	 	4.20.8	Upon the Landlord consenting to an underletting of the Premises procure that the underlessee covenants with the Landlord: 

 

	 	4.20.8.1	not to assign (or agree to do so) any part of the Premises (as distinct from the whole) and not to charge or underlet or share or (save by way of an assignment of the
whole) part with possession of or permit any person to occupy the whole or any part of the Premises; and 

  

	 	4.20.8.2	not to assign (or agree to do so) the whole of the Premises without the prior consent in writing of the Landlord (such consent not to be unreasonably withheld or
delayed). 

  

	 	4.20.9	Any underlease shall contain the following terms: 

  
 11 

	 	4.20.9.1	a statement by the Tenant and undertenant referring to the notice and statutory declaration mentioned in clause 4.20.6.3, and where the statutory declaration was made
by a person other than the undertenant, a statement by the undertenant confirming that such person was duly authorised by the undertenant to make the statutory declaration; and 

 

	 	4.20.9.2	an agreement between the Tenant and the undertenant that the provisions of sections 24-28 of the Landlord and Tenant Act 1954 shall be excluded in relation to the
tenancy created by the underlease. 

  

	 	4.20.10	In the event that any circumstances or conditions specified in clause 4.20.4 above are framed by reference to any matter falling to be determined by the Landlord (or by
any other person) if the Tenant disputes such determination then either the Landlord or the Tenant shall be entitled to require the matter or matters in question to be referred to an independent expert who in the absence of agreement between the
parties shall be appointed on the application of either party by the President of the Royal Institution of Chartered Surveyors and the determination of such independent expert shall be conclusive as to the matter or matters in question and shall be
final and binding on the parties and his costs shall be met by the parties in such proportions as the independent expert shall determine. 

  

	 	4.20.11	Nothing in this clause 4.20 will prevent the Tenant or any permitted undertenant from sharing occupation of the Premises with another member of the same Group if and so
long as that other member remains a member of that Group and no relationship of landlord and tenant subsists between the Tenant or permitted undertenant and that other member. The Tenant shall keep the Landlord informed of the identity of all
occupiers and of the basis of their occupation of the Premises. 

  

	4.21	Registration of dealings 

  

	 	4.21.1	Within one month after the execution of any assignment, transfer or underlease permitted under this Lease or any assignment of such underlease or after any devolution
by will or otherwise of the Term or after any other dealing with this lease to supply a certified copy of the deed or instrument effecting the same to the Landlord and to pay such reasonable fee as the Landlord may require for registration.

  

	 	4.21.2	If this lease and/or rights granted or reserved by this lease are or should be registered at the Land Registry under the Land Registration Act 2002 then the Tenant
shall: 

  

	 	4.21.2.1	register this Lease and any transfer or other registrable disposition of this lease at the Land Registry within one month of the date of the grant of this lease or the
date of the instrument of transfer or other disposition requiring registration (as the case may be); 

  
 12 

	 	4.21.2.2	procure that all rights granted or reserved by this lease are properly noted against the affected titles; and 

 

	 	4.21.2.3	within one week of notification of the registration of the grant transfer other registrable disposition of this lease or notice against the affected titles (as the case
may be) deliver to the Landlord official copies of the registered titles. 

  

	 	4.21.3	Immediately after the end of the Term (and notwithstanding that the Term has ended) the Tenant shall make an application to close the registered title of this Lease and
shall ensure that any requisitions received by the Land Registry in connection with that application are dealt with promptly and properly and the Tenant shall keep the Landlord informed of the progress and completion of its application.

  

	4.22	Re-letting and sale boards 

To permit the Landlord or its agents within the last six months of the Term to enter upon the Premises and to affix upon any suitable part
a notice board for re-letting or selling the same and not to remove or obscure the same and to permit all persons authorised in writing by the Landlord or its agents to view the Premises during business hours in the daytime. 

 

	4.23	Costs of licences and notices as to breach of covenant 

 To pay on demand and indemnify the Landlord against: 
  

	 	4.23.1	all costs charges and expenses (including professional fees) properly incurred by the Landlord arising out of or incidental to any application made by the Tenant for
any consent or approval of the Landlord; and 

  

	 	4.23.2	all costs charges and expenses (including professional fees (and for the avoidance of doubt the costs of any environmental reports or audits)) properly incurred by the
Landlord arising out of or incidental to any breach of the Tenant’s covenants or the preparation and service of a schedule or interim schedule of dilapidations or any notice which the Landlord may serve on the Tenant whether served before or
after the determination of this lease (including a notice under section 146 of the Law of Property Act 1925) requiring the Tenant to remedy any breach of any of its covenants or arising out of or in connection with any proceedings referred to in
section 146 or 147 of that Act notwithstanding that forfeiture may be avoided otherwise than by relief granted by the court. 

  

	4.24	Indemnity 

 To be
responsible for and to indemnify the Landlord against: 
  

	 	4.24.1	all damage, loss or injury occasioned to the Premises or any adjoining premises or to the Accessways the Landscaped Areas or any Conducting Media or to any person or
chattel (whether or not upon the Premises) caused by any act, default or negligence of the Tenant or any undertenant or the servants, agents, licensees or invitees of either of them or by reason of any defect in the Premises; and

  
 13 

	 	4.24.2	all losses, damages, costs, expenses, claims and proceedings incurred by or made against the Landlord arising out of any breach by the Tenant of any of its obligations
arising by virtue of this Lease. 

  

	4.25	Value added tax 

 To pay
to the Landlord upon demand any value added tax chargeable upon: 
  

	 	4.25.1	any supply made by the Landlord to the Tenant pursuant to this Lease so that all consideration for any such supply is exclusive of value added tax; and

  

	 	4.25.2	any supply (whether made to the Landlord or to a third person) where pursuant to this Lease the Tenant is required to pay to the Landlord any sum in respect of any
costs, fees, expenses or other expenditure or liability (of whatever nature) in connection with that supply except to the extent that any such value added tax may be recoverable by the Landlord from HM Revenue & Customs.

  

	4.26	Defects 

 To inform the
Landlord immediately in writing of any defect in the Premises which might give rise to a duty imposed by common law or statute on the Landlord and to indemnify the Landlord against all actions costs claims and liabilities suffered or incurred by or
made against the Landlord in respect of the Premises under the Defective Premises Act 1972. 
  

	4.27	Documents affecting title 

To perform and observe the provisions of the documents or the other matters referred to in the Fourth Schedule so far as they affect or
relate to the Premises. 
  

	5.	LANDLORD’S COVENANTS 

The Landlord covenants with the Tenant (but so that no liability shall attach to the Landlord in respect of any breach by the Landlord of
its obligations under this Lease after the reversion immediately expectant on the determination of the Term has ceased to be vested in the Landlord): 
  

	5.1	Quiet enjoyment 

 That the
Tenant performing and observing the covenants, conditions and agreements contained in this Lease shall and may peaceably and quietly hold and enjoy the Premises during the Term without any lawful interruption or disturbance by the Landlord or any
person rightfully claiming through or under it. 
  

	5.2	Insurance 

 At all times
during the Term to keep the Premises insured with an insurance company of repute for the Landlord’s benefit in the Full Reinstatement Value against the Insured Risks and if the Premises are damaged or destroyed by any of the Insured Risks the
Landlord will with all convenient and practicable speed repair or reinstate the Premises using such materials as are then appropriate subject to all necessary consents and licences being obtained. Provided that; 

 

	 	5.2.1	 the Landlord’s obligations under this covenant shall cease if the insurance shall be rendered void or voidable or the policy moneys

  
 14 

	 	 
withheld in whole or in part by reason of any act or default of the Tenant or any undertenant or any of their respective employees, contractors, licensees or invitees;

  

	 	5.2.2	if the Premises are destroyed or so seriously damaged by any Insured Risk as to require (in the opinion of the Landlord’s surveyor whose decision shall be final
and binding upon the parties) substantial reconstruction then the Landlord may at any time within six months give notice in writing to determine this Lease and immediately upon the expiry of that notice this demise shall determine but without
prejudice to the rights and remedies of any party against any other in respect of any antecedent claim or breach of covenant and all insurance money shall be the absolute property of the Landlord; and 

 

	 	5.2.3	if the Premises following any destruction or damage shall not have been repaired, reinstated or replaced in accordance with the foregoing covenants so as to render the
Premises fit for occupation or use within a period of two years eleven months from the date of destruction or damage the Tenant may thereafter by giving one month’s notice in writing determine this lease but without prejudice to the rights of
either party in respect of any antecedent claim or breach of covenant and all insurance money shall be the absolute property of the Landlord. 

  

	5.3	Insurance details 

 To
provide upon written request from the Tenant but not more than once in any 12 month period details of the policy under which the Premises are insured. 
  

	5.4	Estate Roads and Accessways 

 Subject to payment by the Tenant of the Tenant’s Proportion of the Service Charge in accordance with part 1 of the Fifth Schedule and any sums payable in accordance with part 2 of the Fifth Schedule
the Landlord shall: 
  

	 	5.4.1	maintain and repair such of the Estate Roads as are within the Estate and use all reasonable endeavours to do so (or to procure that it be done) in respect of the
remainder of the Estate Roads until (in each case) adoption by the highways authority; and 

  

	 	5.4.2	maintain and repair the Accessways. 

  

	6.	CONDITIONS 

 Provided
always and it is hereby agreed and declared as follows: 
  

	6.1	Re-possession on Tenant’s default 

 If at any time during the Term: 
  

	 	6.1.1	the rents reserved by this lease or any of them or any part of them shall be in arrear for 14 days after the same shall have become due (whether legally demanded or
not); or 

  

	 	6.1.2	 the Tenant shall at any time fail or neglect to perform or observe any of the covenants, conditions or agreements on its part to be performed and
observed contained in this Lease or in any licence, approval or consent given by the Landlord to the Tenant in relation to the Premises 

  
 15 

	 	 
or in any other deed supplemental to this Lease or by which this Lease may be varied; or 

  

	 	6.1.3	the Tenant either shall (being a corporation) have an application made for an administration order (whether or not at its instance) or enter into liquidation whether
compulsory or voluntary (not being a voluntary liquidation for the purpose of reconstruction only) or (being an individual) become bankrupt; or 

  

	 	6.1.4	the Tenant shall make any arrangement or composition with creditors or suffer any distress or execution to be levied on property of the Tenant or have an encumbrancer
take possession or a receiver appointed in respect of the same, 

 then and in any such case it shall be lawful for
the Landlord (or any person or persons duly authorised by it in that behalf) to re-enter into or upon the Premises and thereupon the Term shall absolutely cease and determine but without prejudice to the rights and remedies of the Landlord in
respect of any antecedent breach by the Tenant of any of the covenants, conditions or agreements contained in this Lease. 
  

	6.2	Benefit of insurance and abatement of rent 

  

	 	6.2.1	The benefit of all insurance effected by the Landlord under this Lease or otherwise in respect of the Premises or the Estate shall belong solely to the Landlord but if
the Premises or any part of them shall at any time be destroyed or damaged by any of the Insured Risks or Uninsured Risks so as to be unfit for occupation or use then and in every such case (unless the Landlord’s policy of insurance in relation
to the Premises shall have been rendered void or voidable or the policy moneys withheld in whole or in part by reason of the act, default or omission of the Tenant or any undertenant or any of their respective employees, contractors, licensees or
invitees) the rent reserved by this Lease under clauses 3.1 and 3.2.1 or a fair and just proportion thereof according to the nature and extent of the damage sustained shall be suspended and cease to be payable until the Premises shall have been
repaired or reinstated and made fit for occupation or use in accordance with clause 5.2 or until the expiration of three years (or such longer period as may be provided for in the policy of insurance for Loss of Rent) from the destruction or damage
whichever first occurs. 

  

	 	6.2.2	No account shall be taken of damage in relation to any alteration or improvement to the Premises carried out otherwise than by the Landlord unless such alteration or
improvement has in fact been taken into account in effecting both the insurance of the Premises and the insurance in respect of the Loss of Rent. 

  

	 	6.2.3	Any dispute between the Landlord and the Tenant concerning the proportion or duration of the suspension or cesser shall be determined by an arbitrator appointed in
default of agreement between the Landlord and the Tenant on the application of either of them by the President of the Royal Institution of Chartered Surveyors and any such reference shall be a submission to arbitration within the Arbitration Act
1996. 

  
 16 

	6.3	Notices 

 The provisions
of section 196 of the Law of Property Act 1925 (as amended) shall apply to the giving and service of all notices and documents under or in connection with this Lease. 
  

	6.4	Contracts (Rights of Third Parties) Act 1999 

 Unless expressly stated nothing in this lease will create any rights in favour of any person pursuant to the Contracts (Rights of Third Parties) Act 1999. 

 

	6.5	Option to determine following damage by an Uninsured Risk 

 Save where the same has been caused by the deliberate act or default of the Tenant if the Premises are damaged or destroyed by an Uninsured Risk so that the Premises are incapable of occupation:

  

	 	6.5.1	the Landlord may by service of notice in writing (an “Election Notice”) to the Tenant given within the period of six months following the date of such damage
or destruction (the “Election Period”) either: 

  

	 	6.5.1.1	elect to rebuild or reinstate the Premises; or 

  

	 	6.5.1.2	forthwith determine this lease; 

  

	 	6.5.2	if the Landlord shall serve a notice electing to rebuild or reinstate the Premises: 

 

	 	6.5.2.1	the Landlord will with all convenient and practicable speed repair or reinstate the Premises using such materials as are then appropriate subject to all necessary
consents and licences being obtained; and 

  

	 	6.5.2.2	clause 6.2 shall apply as if the Premises were unfit for occupation and use because of damage or destruction by an Insured Risk but substituting in clause 6.2 the three
years from the date of the Election Notice for the three years from the date of such damage or declaration; 

  

	 	6.5.3	if the Landlord shall not have served an Election Notice in accordance with clause 6.5.1 the Landlord or the Tenant may on the service of notice in writing given to the
other within the period of three months following the expiration of the Election Period forthwith determine this Lease; 

  

	 	6.5.4	if notice to determine this Lease is served pursuant to clause 6.5.1.2 or 6.5.3 this Lease shall forthwith determine but the determination shall be without prejudice to
any right of action of either party in respect of any previous breach of this Lease by the other and all moneys (if any) payable under the insured policies shall be paid to and belong to the Landlord absolutely. 

  
 17 

	6.6	Common Parts 

 The
Landlord acting reasonably may from time to time change the location, area or arrangements for use by the Tenant of any part of the Common Parts or Conducting Media so long as there shall remain available for the benefit of the Premises rights
reasonably commensurate (albeit temporary) with those hereby granted. 
  

	6.7	Repair of Estate Roads etc. 

 The Landlord shall have no liability to the Tenant: 
  

	 	6.7.1	in relation to any failure to maintain and repair the Estate Roads or the Accessways unless the Tenant has given written notice to the Landlord of the relevant aspect
of non maintenance or disrepair or; 

  

	 	6.7.2	on the grounds of disrepair of the Estate Roads caused by traffic using the Estate Roads for the purposes of the development of other parts of the Estate or the
carrying out of works on the Estate but so that the disrepair shall be made good within a reasonable period after the Estate Roads have ceased to be so used. 

 

	6.8	Closure of facilities 

The Landlord may temporarily close or withdraw from use any of the Estate Roads or Accessways to permit the carrying out of any repairs,
maintenance or works by it or any person authorised by it and in such circumstances the Tenant shall have no claim against the Landlord in connection with any such closure or withdrawal the person carrying out such works endeavouring to keep such
closure or withdrawal to the minimum reasonable required. 
  

	7.	OPTION TO DETERMINE 

  

	7.1	In this clause the following expressions shall have the meanings indicated: 

 “SEGRO” means the company incorporated and registered in England and Wales under company registration number 5472073 and known as at the date hereof as SEGRO (Winnersh) Limited;

 “Sequans” means the company incorporated and registered in England and Wales under company registration number 05641993 and
known as at the date hereof as Sequans Communications Limited; 
 “New Lease” means a Lease granted by SEGRO to Sequans of New
Premises; 
 “New Premises” means a Lease granted on the Estate with a net internal floor area of not less than 8,000 square
feet for the same Permitted Use as defined in this Lease. 
  

	7.2	If at any time during the Term (and subject to clauses 7.3 and 7.4): 

  

	 	7.2.1	Sequans gives SEGRO written notice at least one month prior to the grant of a New Lease terminating this Lease on the term commencement date of the new Lease
(“Determination Date”); 

  

	 	7.2.2	Sequans gives up occupation of the Premises and all underleases of whatsoever nature of the Premises (or any part thereof) have been determined on or prior to the
Determination Date; 

  
 18 

	 	7.2.3	Sequans has paid the Rent due in respect of the period up to and including the date preceding the Determination Date; and 

 

	 	7.2.4	a New Lease is granted, 

 then
immediately upon the Determination Date this Lease shall cease and determine without prejudice to the respective rights of either party in respect of any antecedent claim or breach of covenant and SEGRO shall within 14 days of the Determination Date
reimburse to Sequans the rents paid and received by SEGRO under this Lease in respect of the period commencing on the Determination Date. 
  

	7.3	The benefit of this clause 7 is personal to Sequans and shall not enure for the benefit of its assigns or other successors in title. 

 

	7.4	The right to determine this Lease under clause 7 shall only apply where SEGRO is the Landlord under this Lease and if SEGRO ceases to be the Landlord the right to
determine contained in this clause 7 shall terminate and be of no further effect. 

  
 19 

 FIRST SCHEDULE 

Description of the Premises 
 Please see the attached. 

  
 20 

 FIRST SCHEDULE 

BUILDING 155 
 WHARFEDALE ROAD 
 WINNERSH TRIANGLE 

READING 
 A two storey
office building being the end unit of a terrace with rear production/storage area and ground/first floor offices and mezzanine above measuring 17.16m (56’4”) x 10.07m (33’) x 2.7m (8’10”) from floor to ceiling
and all providing net internal areas of:- 
  

									
	 Ground Floor Office
	  	 	68.43m	2 	 	 	(737 sq.ft.	) 
	 Ground Floor Production/Storage
	  	 	95.91m	2 	 	 	(1,032 sq.ft.	) 
	 First Floor Office
	  	 	159.38m	2 	 	 	(1,716 sq.ft.	) 
	 Mezzanine
	  	 	69.81m	2 	 	 	(751 sq.ft.	) 
		  	 	 	 	 	 	 	 
	 Total
	  	 	393.53m	2 	 	 	(4,236 sq.ft.	) 

 FOUNDATIONS

 Concrete foundations to suit structure and in accordance with structural engineers design and specification. 

FRAME 
 Structural steel columns
and beams all to structural engineers design and specification. Structural columns requiring fire protection under the Building Regulations are coated with intumescent paint providing half hour protection. Steelwork in party wall with two hour fire
protection by means of intumescent paint and vermiculux board dry lining and four hours fire protection with regards to the blockwork. 

ROOF 
 Roof of
PVF2 colour coated lock standing seam galvanised soft
metal roof sheeting laid over external quality plywood deck supported on structural steel liner trays with off white acrylic finish to underside with all joints lapped and insulated with rockwool. 

Roof drained via eaves gutters connected to surface water drainage by rain water downpipes concealed within front elevation structural steel circular
columns and rear elevation rain water pipes of exposed colour coated aluminium. 
 Soffit under roof overhang finished with treated tongue and
groove timber boarding with white finished metal edge soffit and facias. 
 EXTERNAL WALLS 

  
 1 

 Curtain walling to front elevation and return to gable comprising aluminium frames which are self draining,
thermally broken and pressure equalised. The external coating is light grey polyester with metallic polyester coated cappings. The internal coating is matt white polyester powder. The double glazing to ground floor areas within the curtain walling
and windows consists of 6mm clear toughened glass outer pane including grey fritting, 12mm cavity and 6mm laminated clear float inner pane. Insulated look alike double glazed panels are provided where vision is not required and comprise grey 6mm
clear outer pane and Armoclad glass inner pane with insulation backing. The front elevation incorporates a main entrance door with a single personnel door to the staircase each constructed to match the curtain walling and incorporating toughened
safety glass. The front and side return curtain walling also incorporates 8 no. double glazed openers at ground floor and 9 no. double glazed opening lights at first floor. Main entrance door is complete with matt finished stainless steel handles
and a polyester powder coated letter plate is provided adjacent. The fire exit door from the staircase is provided with statutory signage and panic lock operation. 
 The rear elevation contains two nine-pane aluminium windows at first floor level and at mezzanine level a continuous strip of eighteen pane aluminium glazing matching the curtain walling. The rear glazing
incorporates 2 no. double glazed opening lights at first and mezzanine levels. The rear elevation is also provided with a Nassau Industrial Doors Limited manually operated “insulated up and over” loading door with grey plastisol finish
externally, white finish internally and a painted steel fire exit door complete with panic bar and statutory signage. 
 The rear and side
elevation comprises cavity brickwork of facing brick external leaf, cavity containing 65mm gypglas insulation held against inner skin of blockwork finished fair faced and emulsion painted to production area with plasterboard on dabs dry lining to
internal face in office areas. Masonry skins are tied with galvanised or stainless steel double triangle wire and strap wall ties. Internal cills to office areas of proprietary laminate faced chipboard with roll edge and dropped front. 

Matching colour louvre vent over curtain walling over fire exit door. 
 Blank sign panel on stainless steel rails over main entrance. 
 Blank sign panel in aluminium PPC
over rear loading door. 
 EXTERNAL AREAS 
  

					
	North (front)	  	-	  	Parking for 3 cars surfaced in block paving.
			
	East (side)	  	-	  	Parking for 13 no. cars surfaced in block paving.
			
	South (rear)	  	-	  	Parking for 4 no. cars surfaced in block paving.
			
	General	  	-	  	Anti ram raid protection to curtain walling and telescopic bollard to loading door.
		  	-	  	Steel post protection to loading door jambs.
		  	-	  	Soil and surface water drainage serving the property.

INTERNAL 

  
 2 

 FLOOR 
 Reinforced concrete ground floor slab to office area designed to carry a uniformly distributed load of 6KN/ m2 (1201bs/sq.ft.) and finished to receive a raised access floor. The production/storage area designed to carry a
load of 7.5KN/ m2 (1501bs/sq.ft.) and finished with a
power float finish. First floor suspended slab to office areas of pre-cast, pre-stressed, concrete planks designed for a superimposed load including self weight of 4KN/ m2 (inclusive of lightweight demountable partition) and finished to received raised access floor. The mezzanine area floor
comprises pre-cast, pre-stressed, concrete planks designed for a superimposed load excluding self weight of 2.5KN/
m2 (50lbs/sq.ft) finished with a sand/cement screed.

 Office area floors provided with a PSA medium grade raised access floor with 150mm clear void and finished with Milliken Affiniti 600 Grand
Vista or similar carpet tiles. Similar carpet tiles are provided to the mezzanine area. 
 Toilets areas are finished in ceramic polished 300 x
300mm tiles or similar. A matwell and Pedimat (or similar) is provided in the main entrance lobby area. 
 STAIRCASE 

Concrete staircase to first floor finished with carpet tiles to match offices and non-slip nosings to treads. Polished stainless steel hand and mid rails
on PSS wall mounting brackets and painted balusters. Painted steel staircase to mezzanine level with hand railing, carpet and nosings as described above, 
 WALLS 
 Dry lined, internal, block walls forming open plan office at front, external
unit division walls and production/storage area at rear, staircase enclosure, plant room, lobby and unisex/disabled toilet at ground floor, open plan office, staircase enclosure, lobby, WC, tea room and cleaners cupboard at first floor and mezzanine
and store above, toilet areas dry lined and fully tiled with ceramic tiles with dry lining and emulsion paint elsewhere. 
 Internal doors of
standard internal quality, semi-solid core plywood with maple veneer finish. Doors fire resisting where necessary to comply with the Building Regulations and the Fire Officer’s requirements. Doors to circulation areas incorporate glazed vision
panels with toughened safety glass where necessary and fire doors glazed with polished georgian wired plate glass. Door complete with polished stainless steel ironmongery from the Gatcliffe Irving Duo or similar range. Fire escape doors provided
with appropriate signage. Frames, linings and architraves to office areas in solid maple with satin polyurethane finish. Mezzanine level balcony hand rail of PSS, hand and mid rails on painted balusters. 

Accommodation 
  

					
	Ground Floor Unisex/Disabled	  	-	  	1 no. low level WC suite.
		  	-	  	1 no. wall mounted wash hand basin.
		  	-	  	Mirror.
		  	-	  	5 no.Grab rails.
	First Floor WC	  	-	  	1 no. low level WC suite.
		  	-	  	1 no. wash hand basin semi-recessed in roll edged formica faced vanity top.
		  	-	  	Mirror.

  
 3 

					
	Tea Room	  	-	  	1 no. single bowl, single drainer, stainless steel sink inset to melamine faced, postformed worktop with timber cupboard under.
		  	-	  	Tiled splashback.
			
	Cleaners	  	-	  	1 no. cleaners sink with tile splash back.

 Sanitaryware is
in white glazed vitreous china (commercial standard) connected to hot and cold water services as appropriate and to soil drainage. WC’s are complete with white plastic seats and lids and basins with taps and plugs. 

CEILINGS 
 General office areas,
toilets and staircases provided with a proprietary suspended ceiling system supported in an exposed microlook grid with 500 x 500mm ceiling tiles, Richter Systems Rifa Co-ordinate 9 Plain (or similar). 

The ceiling to the production area comprises underside of pre-cast concrete floor planks, plastered and decorated with emulsion paint. 

Part first floor and mezzanine ceilings as described under main roof finish. Part first floor (under mezzanine) plaster finished and emulsion painted.

 OFFICE HEATING 
 A
natural gas fired, low pressure hot water heating system employing radiators with thermostatic control valves is installed to serve the first floor, all circulation areas, toilets and the front section of the ground floor. 

Additional heating to toilet areas by Creda wall mounted fan heaters. 
 Mechanical extract ventilation is installed to give a minimum of six air changes per hour to toilets. 
 WATER SUPPLY 
 A mains water supply enters the building and is run internally to
serve drinking water points, a cold water storage tank and the heating boilers. Distribution pipework is run from the main storage tank to serve sanitary appliances and cold water outlets as appropriate. 

Hot water is provided by the 2 no. Vailant wall mounted gas boilers complete with MK, 8 way distribution board control. 

ELECTRICAL INSTALLATION 
 Lighting
is provided throughout the unit as follows:- 

  
 4 

					
	Ground Floor Office	  	-	  	13 no. Sun-face fluorescent luminaires fitted with low brightness louvres to comply with LG3 Category 2 lighting distribution to a regular pattern.
		  	-	  	6 no. recessed compact fluorescent luminaires over entrance.
			
	Production/Storage	  	-	  	9 no. twin surface mounted 1.8m x 75W fluorescent battens with open ended metal reflectors.
			
	Ground Floor Staircase	  	-	  	3 no. surface mounted circular fluorescent luminaires.
			
	Ground Floor Toilet Lobby	  	-	  	2 no. recessed compact fluorescent luminaires.
			
	Ground Floor Unisex/Disabled Toilet	  	-	  	2 no. recessed compact fluorescent luminaires.
			
	Ground Floor Boiler Room	  	-	  	1 no. surface mounted fluorescent batten.
			
	First Floor Office	  	-	  	30 no. Sun-face fluorescent surface mounted batten luminaires fitted with low brightness louvres to comply with LG3 Category 2 lighting distribution to a regular
pattern.
			
	First Floor Staircase	  	-	  	4 no. recessed compact fluorescent luminaires.
			
	Toilet Lobby	  	-	  	1 no. recessed compact fluorescent luminaires.
			
	First Floor Toilet	  	-	  	3 no. recessed compact fluorescent luminaires.
			
	Tea Room	  	-	  	2 no. recessed compact fluorescent luminaires.
			
	Cleaners	  	-	  	1 no. surface mounted tungsten batten.
			
	Mezzanine	  	-	  	12 no. as first floor office.
			
	Store/Water Tank Room	  	-	  	1 no. twin surface mounted 1.8m x 75W fluorescent batten with open ended metal reflectors.
			
	External	  	-	  	1 no. Thorn 500W tungsten halogen floodlight mounted over the loading bay door and 1 no. Crompton Darksky floodlight at high level.
		  	-	  	2 no. compact fluorescent downlighters fixed in the soffit over the main entrance.

 Self contained and integrated emergency lighting units are installed to meet the fire officers requirements for an open plan first floor office and production/storage area. 

Small power is provided to the office area by twin switched socket outlets adjacent to the core. Outlets provided to offices, reception, staircases and
tea room for general use. 

  
 5 

 A fused spur is provided in each toilet for the installation of hand dryers (by future tenant if required).

 Incoming 415 volt, 3 phase supply to meter position with control and protection provided by:- 

 

					
	Ground Floor:	  	-	  	Memshield 2, distribution board complete with 125A FCS Incomer, 6 way TP&N, Type B.
		  	-	  	Memshield 2, distribution board, 6 way TP&N with 100 TP isolation.
			
	First Floor:	  	-	  	Memshield 2, distribution board, 6 way TP&N with 100 TP isolation.

 GAS SUPPLY 
 The gas supply enters the building in the rear corner of the
production/storage area where it terminates at the meter position. From the meter position distribution pipework is taken to run at high level to serve central heating boiler. 
 FIRE ALARM INSTALLATION 
 A multi-zone electronic fire alarm system incorporating
break glass points at all exit doors, automatic smoke detectors and electronic sounders is installed to meet the Fire Officer’s requirements for an open plan office and workshop area. 
 TELECOMMUNICATIONS INSTALLATION 
 Three 100mm uPVC ducts are provided and terminate
within the main core area to provide access for telephone and data lines by the tenant. 

  
 6 

 SECOND SCHEDULE 

Part 1: The rights 
  

	1.	The right in common with the Landlord and all other persons now or at any time after the date of this Lease similarly entitled to pass at all times and for all purposes
connected with the proper use of the Premises in accordance with this Lease: 

  

	1.1	with or without vehicles over the land (if any) shown hatched brown and the land (if any) shown cross-hatched brown on the Lease Plan; 

 

	1.2	on foot only over the land (if any) shown hatched purple on the Lease Plan; and 

 

	2.	The free and uninterrupted passage and running of water, soil, gas, electricity and telephone or any other service or supply through the Conducting Media now or which
hereafter serve the Premises and which run through under or over the Estate. 

  

	3.	The right of support and protection of the Premises from the remainder of Winnersh 100. 

 

	4.	The right for the Tenant and its contractors and workmen at all times to enter adjoining parts of the Estate at all reasonable times and on reasonable notice (except
without notice and at any time in case of emergency) as is reasonably necessary with all necessary equipment (including where necessary scaffolding which may be retained as long as is reasonably necessary) in order to carry out repairs maintenance
decoration or authorised alterations to the Property. 

 Part 2: The exceptions and reservations 

 

	1.	To the Landlord and all others authorised by it the free and uninterrupted passage and running of water, soil, gas, electricity and telephone or any other service or
supply from the other buildings and land of the Landlord and Its tenants adjoining or near the Premises and from the land and premises of others so authorised through the Conducting Media which are now or may hereafter be in through under or over
the Premises. 

  

	2.	To the Landlord and all others authorised by it the right at all times to enter the Premises with all necessary equipment for the purposes of: 

 

	2.1	carrying out any repairs, maintenance or works to or in relation to the Accessways and the Landscaped Areas including the right to use and take water from any external
water supply at the Premises for the purposes of maintenance of planting and landscaping at Winnersh 100; 

  

	2.2	laying, constructing, installing, replacing, repairing, maintaining or altering any Conducting Media now or hereafter in through under or over the Premises or any
adjoining property or making connections to any such Conducting Media; 

  

	2.3	carrying out inspections of or tests to any such Conducting Media; and 

  

	2.4	carrying out any intrusive testing for environmental purposes; and 

  
 21 

	2.5	exercising any of the rights of the Landlord contained in this lease, 

  

	    	the Landlord making good any damage caused to the Premises by the exercise of this right. 

 

	3.	To the Landlord full right and liberty at any time hereafter or from time to time to execute works and erections upon or to alter or rebuild any of the buildings
erected on any neighbouring property of the Landlord and to use such property and each part of it in such manner as the Landlord may think fit notwithstanding that the access of light and air to the Premises may thereby be interfered with.

  

	4.	To the Landlord and other tenants and occupiers of other parts of Winnersh 100 the right of support and protection from the Premises. 

 

	5.	To the Landlord the right to install and retain on the Premises columns for the provision of lighting security or other services for Winnersh 100 and the right to enter
the Premises with all necessary equipment for such purposes or for maintaining altering or replacing such columns. 

  
 22 

 THIRD SCHEDULE 

Obligations of the Surety 
  

	1.	If at any time during the Term the Tenant shall not pay any of the rents or other sums payable under this Lease or perform and observe any of the covenants, conditions
or other terms of the Lease the Surety shall pay such rents or other sums or observe or perform such covenants, conditions or other terms, 

  

	2.	By way of separate and additional liability and notwithstanding that the guarantee in paragraph 1 may be unenforceable or invalid for any reason the Surety indemnifies
the Landlord against all losses, damages, costs and expenses suffered or incurred by the Landlord arising out of or in connection with any failure by the Tenant to pay any of the rents and sums or to perform and observe any of the covenants,
conditions or other terms referred to in paragraph 1. 

  

	3.	If: 

  

	3.1	the Tenant shall be wound up or (being an individual) become bankrupt and its liquidator or trustee in bankruptcy shall disclaim this Lease; or

  

	3.2	the Tenant shall cease to exist or shall die; or 

  

	3.3	this Lease shall be forfeited, 

(the date on which such event occurs being called the “Relevant Date”) the Landlord may within three months after the
Relevant Date by notice in writing require the Surety to accept a lease of the Premises for a term commencing on the Relevant Date and continuing for the residue then remaining of the Term at the same rents and with the same covenants and conditions
as are reserved by and are contained in this Lease and in such case the Surety shall take such lease accordingly and execute a counterpart of it and pay all costs and duties in relation to it. 

 

	4.	The Surety undertakes with the Landlord that: 

  

	4.1	its obligations to the Landlord are primary obligations and it is jointly and severally liable with the Tenant (both before or after any disclaimer by a liquidator or
trustee in bankruptcy) for the fulfilment of all the Tenant’s covenants and obligations; 

  

	4.2	the Surety shall not claim in any liquidation, bankruptcy, administration, receivership, composition or arrangement of the Tenant in competition with the Landlord and
that the Surety shall remit to the Landlord the proceeds of all judgements and all distributions which the Surety may receive from any liquidator, trustee in bankruptcy, administrator, receiver, administrative receiver or supervisor of the Tenant
and shall hold for the benefit of the Landlord all security and rights the Surety may have over assets of the Tenant while any liabilities of the Tenant or the Surety to the Landlord remain outstanding; and 

 

	4.3	 if the Landlord shall not require the Surety to take a new lease of the Premises the Surety shall nevertheless upon demand pay to the Landlord a sum
equal to the rent first reserved under this Lease and all other sums that would have been payable under this Lease in respect of the period from and including the 

  
 23 

	 	 
Relevant Date until the expiry of 12 months after such date or until the Landlord shall have granted a lease of the Premises to a third party (whichever shall first occur) in addition and without
prejudice to the Surety’s other obligations to the Landlord. 

  

	5.	The Surety waives any right to require the Landlord to proceed against the Tenant or to pursue any other remedy of any kind which may be available to the Landlord
before proceeding against the Surety. 

  

	6.	The liabilities of the Surety under this Third Schedule shall not be affected by: 

 

	6.1	the granting of time or any other indulgence or concession to the Tenant or any compromise or compounding of the Landlord’s rights; 

 

	6.2	the Tenant being in liquidation or (as the case may be) declared bankrupt; 

 

	6.3	any variation In the terms and conditions of this Lease; 

  

	6.4	any delay in exercising or failure to exercise or other exercise (including re-entry under clause 6.1) of any of the Landlord’s rights against the Tenant;

  

	6.5	any refusal by the Landlord to accept rent tendered by or on behalf of the Tenant following a breach by the Tenant of its obligations under this Lease;

  

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

  

	6.7	any other thing (including the expiration or sooner determination of the Term or any such disclaimer or the death of the Surety (or any of the persons comprising the
Surety) or (in relation to one or more of such persons) the discharge of the other person or persons) whereby (but for this provision) the Surety or any of them would be exonerated either wholly or in part from any of the Surety obligations
hereunder. 

  
 24 

 FOURTH SCHEDULE 

Documents and matters affecting title 
 The covenants, matters and stipulations set out or referred to in or contained or referred to in the matters and documents referred to in the Property and Charges Registers of the Landlord’s title
number BK167503 so far as the same affect or relate to the Premises and are capable of being enforced. 

  
 25 

 FIFTH SCHEDULE 

Part 1: Service Charge for the Estate 
 Part A: Heads of Expenditure 
 Costs and liabilities which the Landlord (which in this
Schedule shall where the context admits include any other company which is a member of the same group of companies as the Landlord) incurs or becomes liable to pay or discharge in connection with the Estate or occupiers thereon including the costs
of: 
  

	1.	repairing maintaining cleaning renewing and resurfacing the Estate Roads (including the renewal of the line markings on the Estate Roads); 

 

	2.	repairing maintaining replacing and operating the lighting of the Estate Roads (including the cost of electricity); 

 

	3.	repairing maintaining decorating and replacing any estate office for the Estate including: 

 

	3.1	the cost of services (including electricity gas and telephone) supplied to any such office; 

 

	3.2	rates payable in respect of any such office; and 

  

	3.3	the cost of equipment and materials in or for such office to the extent that they are intended to be provided for the purposes of such office; 

 

	4.	repairing maintaining and renewing any Conducting Media in or for any part of the Estate to the extent that they are not the responsibility of any tenant of the
Landlord on the Estate or of a statutory undertaker and do not exclusively serve premises occupied by such a tenant; 

  

	5.	repairing maintaining cleaning and keeping tidy the Common Parts including the tending care and replacement of plants and trees and the maintenance and upkeep of
landscaped areas including nature strips in roads or on roundabouts at or at the approaches to IQ Winnersh; 

  

	6.	repair maintenance and replacement of tanks pumps pipes and other equipment (excluding any that form part of the Premises) forming part of the sprinkler system at the
Estate including the costs of inspection and maintenance contracts; 

  

	7.	repair maintenance decoration operation lighting and cleaning of any structures fences walls signs footpaths amenities and things on the Common Parts and benefiting the
Estate or part of it including any entrance feature from time to time for the Estate and any equipment associated with it; 

  

	8.	employing staff for the benefit of the Estate or the provision of any services on or for the Estate (including for the purposes of operating an estate office) including
the costs of statutory and other insurance health pension welfare and other payments contributions and premiums and the costs incidental to the performance of the duties of any such staff but where engaged also to perform duties not connected with
the Estate only a proportion of each of such costs; 

  
 26 

	9.	rates taxes assessments duties charges burdens impositions and outgoings imposed or charged upon the Common Parts or any part of them (including any estate office) or
upon the owner or occupier thereof; 

  

	10.	insurance in such sum and against such risks as the Landlord shall consider appropriate in respect of damage to any part of the Common Parts (including the Estate
Roads) and the structures buildings walls fences and other things thereon; 

  

	11.	public liability insurance (including any insurance premium tax) in respect of any liability of the Landlord in relation to the Estate and the Estate Roads;

  

	12.	calculating the Service Charge and the Tenant’s liability under this Lease including preparation of accounts and certification; 

 

	13.	providing such security service for the benefit of the Estate as the Landlord may from time to time consider appropriate; 

 

	14.	the management of the Estate including the fees and disbursements of: 

  

	14.1	any managing agents for or in connection with such management the collection of service charge payable by tenants of the Estate to the Landlord and the performance of
any other duties or services in or about the Estate; 

  

	14.2	the Landlord’s surveyor for or in connection with the performance of any function for the purposes of this Lease; 

 

	14.3	any other individual firm or company engaged to perform services for the Estate or any part of it; 

 

	14.4	the Landlord where it carries out any service or function in such management (but excluding a fee charged by the Landlord for the collection of rent);

  

	15.	any other facility service amenity or thing reasonably provided on or for the Estate and intended to benefit the Estate or occupiers thereon; and

	16.	any value added tax payable on any of the costs referred to in this Part.  

 Part B: Calculation of the Service Charge 
  

	1.	

  

	1.1	The Landlord shall as soon as practicable after the end of each Service Charge Period: 

 

	 	1.1.1	prepare an account giving particulars of the Service Charge for that Service Charge Period and showing the Tenant’s Proportion of the Service Charge; and

  

	 	1.1.2	supply to the Tenant a copy of such account. 

  

	1.2	Upon such account being certified by the Landlord’s surveyor it shall be conclusive evidence for the purposes of this Lease of all matters of fact referred to in
it. 

  

	2.	

  
 27 

	2.1	Advance payments on account of the Tenant’s Proportion of the Service Charge in respect of a Service Charge Period shall be paid to the Landlord by the Tenant
according to the reasonable estimate made by the Landlord’s surveyor acting as expert of the amount of the Service Charge for that Service Charge Period. 

 

	2.2	Written notice of such estimate shall be promptly given to the Tenant. 

  

	2.3	Such payments shall be made by equal instalments on each of the quarter days occurring during the relevant Service Charge Period or (if the estimate is notified to the
Tenant after such a quarter day) on such of them as occur after such notification. 

  

	2.4	The first advance payment shall be: 

  

	 	2.4.1	in respect of the period from the Commencement Date until the next quarter day after the date of this Lease; 

 

	 	2.4.2	paid by the Tenant on the date of this Lease; and 

  

	 	2.4.3	calculated according to an estimate of the Service Charge made in accordance with paragraph 2.1 and notified in writing to the Tenant. 

 

	3.	If the Tenant’s Proportion of the Service Charge for a Service Charge Period: 

 

	3.1	exceeds any amounts paid by the Tenant to the Landlord as advance payments on account thereof the amount of the excess (or the whole Tenant’s Proportion of the
Service Charge if no advance payments have been made) shall (notwithstanding the expiration or sooner determination of the Term) be paid by the Tenant to the Landlord within 21 days of the supply to the Tenant of the account pursuant to paragraph
1; or 

  

	3.2	is less than such amounts so paid the amount of the difference shall be credited to the Tenant against the next payments of rents due or after the end or earlier
determination of the Term paid to the Tenant as soon as reasonably possible. 

  

	4.	in respect of each of the Service Charge Periods in which occur the Commencement Date and the date of the expiration or sooner determination of the Term the Tenant
shall only be obliged to pay the Tenant’s Proportion of the Service Charge in respect of that part of the Service Charge for that Period as bears to the whole of that Service Charge the same proportion that the number of days of the Term
occurring in the relevant Service Charge Period bears to 365. 

 Part 2: Costs of Winnersh 100 facilities

  

	1.	Accessways and Landscaping 

  

	1.1	The Tenant shall pay to the Landlord on written demand the proper proportion of the costs, liabilities, fees and expenses which the Landlord incurs or becomes liable to
pay in connection with: 

  

	 	1.1.1	 the Accessways and any signs or direction notices on or for them including all sums incurred pursuant to clause 5.4 or otherwise in the

  
 28 

	 	 
maintenance, repair, cleaning, lighting, renewal and resurfacing of them; and 

  

	 	1.1.2	the maintenance of landscaping at Winnersh 100; 

  

	1.2	In this paragraph 1 the “proper proportion” means a fair proportion (which may take into account the extent and nature of use) to be certified by the
Landlord’s surveyor whose decision shall be final and binding on the parties. 

  

	2.	Other Facilities 

  

	2.1	The Tenant shall pay to the Landlord on written demand the proper proportion of the costs, liabilities, fees and expenses which the Landlord incurs or becomes liable to
pay in connection with the provision and maintenance of any other facility service amenity or thing for the benefit or use of the tenants or occupiers of and in Winnersh 100. 

 

	2.2	In this paragraph 2 the proper proportion means the proportion which the gross external area of the building on the Premises bears to the aggregate of that area and the
gross external area of the other buildings at Winnersh 100 (or any buildings replacing such buildings). 

  
 29 

							
	EXECUTED as a deed by	  	)	  		  	
	SEGRO (WINNERSH) LIMITED	  	)	  		  	
	acting by	  	)	  		  	
	a director and its company secretary	  	)	  		  	
	or two directors	  	)	  		  	
			
		  		  	
Director         

			
		  		  	Director/Secretary
				
		  		  		  	

				
	EXECUTED as a deed by	  	)	  		  	
	SEQUANS COMMUNICATIONS LIMITED	  	)	  		  	
	acting by	  	)	  		  	
	a director and its company secretary	  	)	  		  	
	or two directors	  	)	  		  	
				
		  		  	Director	  	
			
		  		  	Director/Secretary

  
 30

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]