Document:

Exhibit 10.6

 

AMENDMENT NO. 1 TO
THE EXCLUSIVE LICENSE AGREEMENT

 

This Amendment No. 1 (this “Amendment”)
to the Exclusive License Agreement dated March 29, 2017 (the “Agreement”), is executed as of 07 December, 2018
(the “Amendment Effective Date”), by and between Galderma Research & Development SNC, a société
en nom collectif organized under the laws of France having its principal address at Les Templiers, 2400 route des Colles, 06410
Biot, France (“Galderma”), and Clementia Pharmaceuticals Inc., a corporation organized under the federal laws
of Canada having its principal address of 4150 Saint Catherine West, Suite 550, Montreal, Quebec, Canada H3Z2Y5 (“Clementia”).
Each of Galderma and Clementia is sometimes referred to individually herein as a “Party” and collectively as
the “Parties”. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such
terms in the Agreement.

 

WHEREAS, further to the exercise by Clementia
of the Exclusive Commercialization Option (as defined in the Exclusive Evaluation and Option Agreement signed between the Parties
on April 1st, 2016) the Parties have entered into the Agreement;

 

WHEREAS, the Parties have agreed that Clementia
would screen all Licensed Compounds and that Clementia would designate at least one Exclusive Licensed Compounds in early 2019;

 

WHEREAS, Clementia wishes to extend the Clementia
Field with Additional Indications;

 

WHEREAS, in consideration of such extension
of the Clementia Field, Galderma wishes to implement a return mechanism according to which any Licensed Compound, Exclusive Licensed
Compound and/or Indication which is not diligently Developed and/or Commercialized by Clementia would be returned or removed from
the Clementia Field; and

 

WHEREAS, for sake of simplification, the Parties
wish to amend the prosecution and maintenance process of Licensed Patent Rights.

 

NOW, THEREFORE, in consideration of the mutual
covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Parties hereto, intending to be legally bound, hereby agree as follows:

 

1.       Definitions/Grant
of Licenses

 

The definition of Clementia Field’ in
Section 1.15 of the Agreement is deleted entirely and replaced by the following definition:

 

1.15       “Clementia
Field” means all prophylactic, therapeutic and diagnostic uses for all Indications or conditions which are not part of
Galderma Field.

 

Sections 2.1.l(b); 2.2.2; 2.2.3 and 2.3 of the Agreement are deleted.

 

The following is added to the end of the definition of ‘Exclusive
Licensed Compound’ in Section 1.41 of the Agreement:

 

    

     

    

 

It is understood between the Parties that, in accordance with Section
1.61, if a Licensed Compound is designated as an Exclusive License Compound, all compounds within the applicable Licensed Compound
Family (A, B, C or D), will be covered by the same exclusivity as the Exclusive Licensed Compounds (“Exclusive Licensed
Family”).

 

2.       Development
Program

 

Sections 3.1.1, 3.1.2 and 3.6 of the Agreement
are deleted entirely and replaced as follows:

 

3.1.1       Objective
of the Development Program. No later than 30 June 2019, Clementia shall designate from the Licensed Compounds at least one
Exclusive Licensed Compound for which Clementia shall initiate Development. If at any time during the Term, Clementia wishes to
initiate Development for another Licensed Compound, Clementia shall notify Galderma thereof and such Licensed Compound shall become
an Exclusive Licensed Compound. Each Exclusive Licensed Compound shall be included on the list attached as Schedule 5 to
this Agreement through an amendment to this Agreement signed between the Parties.

 

The objective of the Development Program shall
be the Development by Clementia of Exclusive Licensed Compounds in order to obtain Licensed Products for use in the Clementia Field
in accordance with the Development Plan.

 

3.1.2       Preparation
of Development Plan. A Development Plan will be prepared by Clementia with respect to each Exclusive Licensed Compound and
furnished to Galderma within sixty (60) days after the corresponding designation date. For Exclusive Licensed Compounds included
after 30 June 2019, the corresponding Development Plan shall be furnished to Galderma within sixty (60) days after the execution
of the amendment updating the Exclusive Licensed Compounds list. Any amendments or modifications to the Development Plan for any
Exclusive Licensed Compound shall be prepared by Clementia and promptly furnished to Galderma.

 

3.6       Reports
and meetings. Clementia shall (a) maintain records of its activities in sufficient detail and in good scientific manner, which
shall reflect work performed and results achieved and (b) provide to Galderma twice each Calendar Year (on June 30 and December
31) during the Term a reasonably detailed report (each, a “Development Report”) that summarizes (i) Development
activities conducted and results obtained with respect to any Exclusive Licensed Compound and/or any Licensed Products (including
but not limited to the status of any Clinical Trials, the results generated in each such Clinical Trial and any Regulatory Approvals
obtained), and (ii) an updated version of the Development Plan.

 

Within the first month of each Calendar Year,
beginning in January 2019, the Parties shall meet, either face to face or by conference call, to analyze the Development Reports
and discuss the next steps of each Development Program (the “Annual Meeting”). In particular, during such Annual
Meetings, Galderma shall reasonably determine if Clementia is meeting its diligence obligations described in Section 3.4.l. In
the event that Galderma reasonably determines that Clementia has failed to meet such diligence obligations, Galderma shall give
Clementia written notice of such failure and if Clementia is unable to cure such failure within sixty (60) days from the date of
such notice, the Parties shall implement the return process defined in Section 3.4. .

 

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3.       Return
mechanism.

 

Section 3.4 of the Agreement is deleted entirely and replaced as
follows:

 

3.4       Development
Diligence -Return Process.

 

3.4.1       Development
Diligence. Clementia shall use Commercially Reasonable Efforts during the Term to Develop at least one Exclusive Licensed Compound
and shall commit such resources (including employees, consultants, contractors, facilities, equipment and materials) as are necessary
to conduct such Development activities.

 

Prior to the commencement of any proof of concept
activities or Clinical Trials with an Exclusive Licensed Compound, Clementia shall generate a written clinical plan and budget
describing in reasonable detail its proposed activities. Each clinical plan shall include the following: (a) the trial objectives,
design and endpoints; (b) estimated timelines and go/no-go decision points; and (c) a high-level summary of Clementia’s key
responsibilities for completing all of the necessary tasks. All clinical plans will be revised, updated and submitted by Clementia
to Galderma at least annually for review and comment.

 

3.4.2       Return
of Licensed Compounds.

 

The Parties hereby agree that, if for a period of five (5) years
from the Amendment Effective Date, Clementia has not notified Galderma that it will commence Development for a Licensed Compound,
then unless such Licensed Compound is part of an Exclusive Licensed Family, such Licensed Compound shall no longer be deemed to
be a Licensed Compound under this Agreement (each, a “Returned Licensed Compound “) and Galderma shall be free
to license such Returned Licensed Compound to any Third Party to research, Develop, Manufacture and Commercialize products that
contain, incorporate or comprise any such Returned Licensed Compound for use in Clementia Field and in the Territory.

 

3.4.3       Return
of Exclusive Licensed Compounds.

 

If at any point during the Development, Clementia affirmatively
elects to discontinue working on an Exclusive Licensed Compound, Clementia shall promptly inform Galderma thereof (each, a “Discontinued
Exclusive Licensed Compound”). The Discontinued Exclusive Licensed Compound shall be deleted from the Exclusive Licensed
Compounds list and the Compound Specific Exclusivity Period shall terminate for such Discontinued Exclusive Licensed Compound.

 

Clementia agrees that, if for a period of three (3) years from the
date of the designation of an Exclusive Licensed Compound, Clementia has not defined a targeted biological pathway, such Exclusive
Licensed Compound shall be deemed to be a Discontinued Exclusive Licensed Compound, and shall be deleted from the Exclusive Licensed
Compounds list and the Compound Specific Exclusivity Period shall terminate for such Discontinued Exclusive Licensed Compound.

 

Upon termination of the Compound Specific Exclusivity Period for
a Discontinued Exclusive Licensed Compound, unless such Discontinued Exclusive Licensed Compound is part of an Exclusive Licensed
Family, Galderma or its Affiliates shall be entitled to conduct any activity, either on its own or for its benefit, or with, for
the benefit of, or sponsored by any Third Party, or grant any license to any Third Party to utilize any Know-How or Patent Rights
Controlled by Galderma or any of its Affiliates or provide any Galderma Materials to any Third Party, that, in any case, involves
the identification, generation, research, Development, Manufacture or Commercialization of such Discontinued Exclusive Licensed
Compound , in the Clementia Field.

 

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3.4.4       Return
of Indications.

 

If at any point during the Term, Clementia affirmatively elects
to discontinue the Development of Exclusive Licensed Compounds for an Indication, Clementia shall promptly inform Galderma thereof
(each, a “Discontinued Indication”) and the Discontinued Indication shall be deleted from the Clementia Field.

 

If Galderma can reasonably demonstrate that at the end of the period
defined in Section 3.4.3 for the Exclusive Licensed Compounds, Clementia has not dedicated Commercially Reasonable Efforts to conduct
the Development of any Exclusive Licensed Compounds in any Indication within the Clementia Field, Galderma shall notify Clementia
thereof. If within a period of sixty (60) days following Galderma’s notice, Clementia has not demonstrated in a manner reasonably
satisfactory to Galderma, that Clementia has dedicated Commercially Reasonable Efforts to the Development of any Exclusive Licensed
Compound in such Indication, the Indication shall be deemed to be a Discontinued Indication and the exclusivity obligations defined
in Section 2.2.1 of the Agreement shall terminate with respect to such Discontinued Indication. Accordingly, unless any such Licensed
Compound is part of an Exclusive Licensed Family, Galderma shall be entitled to grant to any Third Party a non-exclusive license
to develop, make and use Licensed Compounds, in order to research, Develop, Manufacture and Commercialize products that contain,
incorporate or comprise any such Licensed Compound for use in the Discontinued Indication.

 

4.       License
Patent Prosecution and Maintenance.

 

Sections 9.1.1, 9.1.2 and 9.1.3 of the Agreement are deleted entirely
and replaced as follows:

 

9.1.1       Prosecution
Rights

 

(a)       Concerning
Licensed Patent Rights. Galderma hereby grants Clementia the right to act on behalf of Galderma with the preparation, filing,
prosecution and maintenance of all Licensed Patent Rights. Galderma authorizes Clementia to appoint patent counsel or agents of
its choice and Galderma shall cooperate with and assist Clementia in all reasonable respects, regarding the transfer of all documents
and filings to the new patent counsel or agents appointed by Clementia. Galderma shall cooperate with and assist Clementia in all
reasonable respects, in connection with Clementia’s preparation, filing, prosecution (including review and comments regarding
responses to office actions and/or official actions from worldwide patent offices) and maintenance of such Patent Rights. All Patent
Costs incurred by Clementia in connection with the preparation, filing, prosecution and maintenance of such Patent Rights shall
be borne by Clementia.

 

(b)       Galderma
shall promptly deliver to Clementia copies of all necessary files related to any Licensed Patent Rights with respect to which responsibility
has been transferred and shall take all actions, provide all information, and execute all documents necessary for Clementia to
assume such prosecution, maintenance and defense and to effectively prosecute patents in all countries where a patent application
is pending.

 

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(c)       Concerning
New Licensed Compound-Specific Patent Rights. Clementia, acting through patent counsel or agents of its choice, shall be solely
responsible for the preparation, filing, prosecution and maintenance of all New Licensed Compound-Specific Patent Rights. Galderma
shall cooperate with and assist Clementia in all reasonable respects, in connection with Clementia’s preparation, filing,
prosecution (including review and comments regarding responses to office actions and/or official actions from worldwide patent
offices) and maintenance of such Patent Rights. All Patent Costs incurred by Clementia in connection with the preparation, filing,
prosecution and maintenance of New Licensed Patent Rights shall be the sole responsibility of Clementia.

 

9.1.2       Information
and Cooperation

 

(A)       Concerning
Licensed Patent Rights: Clementia shall (a) promptly provide Galderma with copies of all material submissions and correspondence
with the applicable patent offices with respect to Licensed Patent Rights, in sufficient time to allow for review and comment by
Galderma and (b) provide Galderma with an opportunity to consult with Clementia regarding amendment, submission or response with
respect to Licensed Patent Rights. The advice and suggestions of Galderma shall be taken into consideration in good faith by Clementia
in connection with such prosecution; provided, that, if Galderma fails to provide any comment on or before the expiration of thirty
(30) days before the proposed date for the amendment, submission or response notified by Clementia, Clementia’s obligations
under this Section 9.1.2 shall be deemed to have been fulfilled. Clementia shall pursue in good faith the prosecution of any Licensed
Patent Rights under this Section 9.1.2 at Clementia’s sole expense.

 

(B)       Concerning
New Licensed Compound-Specific Patent Rights: Clementia shall (a) promptly provide Galderma with copies of all material submissions
and correspondence with the applicable patent offices with respect to New Licensed Compound Specific Patent Rights, in sufficient
time to allow for review and comment by Galderma and (b) provide Galderma or its patent counsel with an opportunity to consult
with Clementia and its patent counsel regarding amendment, submission or response with respect to New Licensed Compound Specific
Patent Rights. The advice and suggestions of Galderma and its patent counsel shall be taken into consideration in good faith by
Clementia and its patent counsel in connection with such prosecution; provided, that, if Galderma fails to provide any comment
on or before the expiration of thirty (30) days before the proposed date for the amendment, submission or response notified by
Clementia, Clementia’s obligations under this Section 9.1.2(B) shall be deemed to have been fulfilled. Clementia shall pursue
in good faith all reasonable claims requested by Galderma in the prosecution of any New Licensed Compound-Specific Patent Rights
under this Section 9.1.2 at Clementia’s sole expense.

 

9.1.3       Decision
Not to File; Abandonment. If Clementia decides to cease prosecution or to allow to lapse any Licensed Patent Rights, Clementia
shall inform Galderma of such decision promptly and, in any event, so as to provide Galderma a reasonable amount of time to meet
any applicable deadline to establish or preserve such Licensed Patent Rights in such country or region. Galderma shall have the
right, but not the obligation, to assume responsibility for continuing the prosecution of such Licensed Patent Rights in such country
or region and paying any required fees to maintain such Licensed Patent Rights in such country or region or defending such Licensed
Patent Rights, all at Galderma’s sole expense, through patent counsel or agents of its choice and, to the extent that Galderma
assumes such responsibility, Clementia shall promptly deliver to Galderma copies of all necessary files related to any Licensed
Patent Rights with respect to which responsibility has been transferred and shall take all actions and execute all documents reasonably
necessary for Galderma to assume such prosecution, maintenance and defense. Clementia will be permitted to cease prosecution ,
without Galderma assuming responsibility in a country, if 3 months after notifying Galderma of such decision, Galderma has not
informed Clementia of a decision to assume responsibility for continuing prosecution in the country.

 

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5.       Miscellaneous.
The Parties hereby confirm and agree that except as amended hereby, the Agreement remains in full force and effect and provides
binding obligations of the Parties thereto. This Amendment may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

The Amendment is executed by the authorized
representatives of the Parties as of the Amendment Effective Date.

 

	
        Galderma Research & Development SNC

         

         

         

        

         

         
	 	
        Clementia Pharmaceuticals Inc.

         

         

        

         

         

        

	By:  	/s/ Thibaud
        Portal	 	By:  	/s/ Clarissa Desjardins
	 	Name: 	Thibaud PORTAL	 	 	Name: 	Clarissa DESJARDINS
	 	Title:	Site Director	 	 	Title: 	Chief Executive Officer
	 	 	 

 

 

 

 

 

 

 

 

6/6Exhibit 10.17

 

 

SUB-SUBLEASE

 

AGREEMENT OF SUB-SUBLEASE (the “Sub-Sublease
Agreement”), dated the 10 day of December 2018 by and between ANALYSIS GROUP LTD., having its head office at 1000 De
La Gauchetière Street West, Suite 1200, in the City of Montreal, Province of Quebec, H3B 4W5 (hereinafter referred to as
(“Sub-Sublandlord”) and CLEMENTIA PHARMACEUTICALS INC., having currently an office at 4150 Sainte-Catherine
Street West, Montreal, Province of Quebec (hereinafter referred to as (“Sub-Subtenant”).

 

WHEREAS by a lease dated April 30, 1993
(the “Original Lease”) 1000 DE LA GAUCHETIÈRE WEST BUILDING INC. (the “Original Head Landlord”)
leased to BCE Inc. (the “Sublandlord”) certain premises comprising approximately a total rentable area of one
hundred twenty-one thousand five hundred and fifty-four (121,554) square feet located on the 11th, 12th, 13th, 34th, 36th, 37th
and 38th floors (the “Original Premises”) in the building bearing civic address 1000 de la Gauchetière
Street West, in the City of Montreal, Province of Quebec (the “Building”) for a term expiring on October 31,
2003 (the “Original Term”);

 

WHEREAS by a lease amendment agreement
dated December 31, 1996 (the “First Amendment”), the Sublandlord leased from the Original Head Landlord additional
premises (Space “G”) located on the thirteenth (13th) floor of the Building comprising approximately two thousand
twenty-seven (2,027) square feet of rentable area for a term commencing on January 1, 1997 an expiring on October 31, 2003;

 

WHEREAS the Original Lease was amended
by two (2) letter agreements respectively dated as of March 16, 1999 and July 13, 1999.

 

WHEREAS by a lease amendment agreement
dated January 20, 2000 (the “Second Amendment”), the Sublandlord leased from the Original Head Landlord additional
premises on the roof of the Mezzanine of the Building for the installation, maintenance and operation of a satellite dish for a
term commencing on February 1, 2000 and terminating on January 31, 2003;

 

WHEREAS by the letter agreement dated
March 17, 2000 (the “March 2000 Letter”), the Tenant was authorized to install cabling in the Building subject
to the terms and conditions set forth therein;

 

WHEREAS by a lease amendment agreement
dated May 31, 2000 (the “Third Amendment”), the Original Head Landlord relocated the Sublandlord’s satellite
dish on the roof of the Mezzanine of the Building and the Sublandlord installed a coaxial cable to link the hub in the riser of
the fourth (4th) floor to the twelfth (12th) floor of the Building;

 

WHEREAS by a letter agreement dated July
6, 2000 (the “July 2000 Letter”), the Tenant was authorized to install antennas and telecommunication cables
and equipment in the Building subject to the terms and conditions set forth therein;

 

WHEREAS by a lease amendment agreement
dated January 5, 2001 (the “Fourth Amendment”), the Sublandlord lensed from the Original Head Landlord additional
premises located on the 39th floor of the Building comprising approximately three thousand eight hundred and twenty-two (3,822)
square feet of rentable area (the “Additional Premises”) and two (2) additional non-reserved parking spaces
for a term commencing on June l, 2001 and terminating on October 31, 2003;

 

     

    2

    

WHEREAS the Original Premises, Space
“G” and the Additional Premises are hereinafter collectively referred to as the “Premises”;

 

WHEREAS by a lease amendment agreement
dated September 15, 2001 (the “Fifth Amendment”), the Sublandlord and the Original Head Landlord agreed to extend
the Original Term (save and except for Space “E” located on the 34th floor of the Building, which term expired on October
31, 2008, and save and except for the entire 11th floor of the Building, which term expired on October 31, 2003) for an additional
period of twenty (20) years, commencing on November 1, 2003 and expiring on October 31, 2023 (the “First Extended Term”);

 

WHEREAS by a lease amendment agreement
dated September 21, 2001 (the “Sixth Amendment”) the Original Head Landlord granted to the Sublandlord two (2)
options to terminate the Original Lease, as amended;

 

WHEREAS LE 1000 DE LA GAUCHETIÈRE
1 INC. and LE 1000 DE LA GAUCHETIÈRE II INC. (collectively, the “Head Landlord”), has acquired from the
Original Head Landlord all its rights, titles and interests in the Building including those contained in the Head Lease;

 

WHEREAS on October 10, 2007, the Sublandlord,
Bell Canada and the Head Landlord entered into a partial lease termination agreement (the “Partial Lease Termination”)
whereby the parties agreed to terminate the leasing of the Premises, except of the entire twelfth (12th) floor of the Building
and Space G, and whereby certain provisions of the Original Lease, as amended, were modified;

 

WHEREAS by a sublease agreement dated
February 9, 2009 and the consent of the Head Landlord dated February 5th, 2009, the Sublandlord subleased to the Sub-Sublandlord
a portion of the Premises consisting of the entire twelfth (12th) floor of the Building, having a total rentable area of nineteen
thousand nine hundred and forty-six (19,946) square feet, whereby certain provisions of the Head Lease, as amended pursuant to
the above agreements, were modified (the Sublease agreement dated February 9, 2009 and the consent of the Head Landlord dated February
5th, 2009 are hereafter collectively referred to as “Sublease Agreement”);

 

WHEREAS by a first sublease amendment
agreement dated April 27, 2017 (the “First Sublease Amendment Agreement”), the Sublandlord leased to the Sub-Sublandlord
additional premises located on the 13th floor of the Building comprising approximately three thousand one hundred and sixty-eight
(3,168) square feet of rentable area a term commencing on August 1, 2017 and terminating on July 31, 2018, automatically extended
from month to month, with the option to terminate by either party up upon a thirty day written notice.

 

WHEREAS the Sub-Sublandlord, the Sublandlord
and the Head Landlord agreed to terminate the First Sublease Amendment Agreement whereby the above additional premises on the 13th
floor were leased;

 

     

    3

    

WHEREAS the Original Term and the First
Extended Term may hereinafter collectively be referred to as the “Term”;

 

WHEREAS as the Original Lease, the Fifth
Amendment, the Partial Lease Termination and the Sublease Agreement are attached hereto as Schedule “A” and
are hereinafter collectively referred to as the “Head Lease”;

 

WHEREAS the Premises governed by the
Head Lease are now only composed of the 12th floor;

 

WHEREAS the Sub-Subtenant wishes to sub-sublease
from the Sub-Sublandlord the portion of the Premises consisting of the entire twelfth (12th) floor of the Building, having a total
rentable area of nineteen thousand nine hundred and forty-six (19,946) square feet, excluding any storage premises (the “Sub-Subleased
Premises”), upon the terms and conditions set forth in this Sub-Sublease Agreement;

 

WHEREAS terms with initial capitals not
otherwise defined herein are defined in the Head Lease or the Sublease Agreement, as the case may be, and have the same meanings
herein as are ascribed to them in the Head Lease or the Sublease Agreement, as the case may be;

 

NOW THEREFORE, THE PARTIES AGREE that
the above recitals are part of this Sub-Sublease Agreement as if recited at length. The parties also agree to the following:

 

1.                 
Basic Term and Rental.

 

(a)              
Sub-Sublandlord hereby sub-subleases to Sub-Subtenant, and Sub-Subtenant hereby sub-subleases from Sub-Sublandlord, the
Sub-Subleased Premises, for a term (the “Sub-Sublease Term”) commencing on February 1, 2019 (the “Commencement
Date”) and ending on October 30, 2023 (the “Expiration Date”). Sub-Sublandlord agrees that so long
as the Sub-Subtenant is not in default hereunder, Sub-Sublandlord will exercise the option to obtain a New Lease in the event of
a termination of the Head Lease pursuant to the provisions contained in Section 13 of the consent of the Head Landlord dated February
5th, 2009, and shall reimburse the Sub-Subtenant upon demand for all and any costs and expenses incurred by the Sub-Subtenant to
relocate its operations from the Sub-Subleased Premises in the event of Sub-Sublandlord’s failure to obtain a New Lease and
any required consent for the sub-sublease to the Sub-Subtenant. Sub-Sublandlord shall permit Sub-Subtenant to access and occupy
the Sub-Subleased Premises on January 15, 2019 solely for purposes of preparing the Sub-Subleased Premises for its use, which is
for general office purposes. Such access and occupation of the Sub-Subleased Premises shall be subject to and upon all of the terms
and conditions of this Sub-Sublease, other than the payment of Net Rent or Additional Rent, which are free until the Commencement
Date.

 

(b)              
The Sub-Subtenant undertakes to use the Sub-Subleased Premises solely for general office purposes, it being understood that
such use shall not in any way conflict with the prohibited activities set forth in Section 10.2 (Prohibited Activities by Tenant)
of the Original Lease. Any uses other than general office purposes proposed for the Sub-Subleased Premises in the future shall
be previously submitted in writing to Sub-Sublandlord, Sublandlord, and the Head Landlord for their approval.

 

     

    4

    

(c)              
The fixed annual net rent (the “Net Rent” or “Rent”) payable by the Sub-Subtenant
shall be one dollar and twenty-three cents ($1.23) per square foot of the rentable area of the Sub-Subleased Premises per annum,
being $24,533.50 per annum, $2,044.47 per month. The Net Rent payable by the Sub-Subtenant shall be paid to the Sub-Sub landlord
in advance on the first day of each and every calendar month during the Sub-Sublease Term, commencing on the Commencement Date.

 

(d)              
The Sub-Subtenant shall pay to the Sub-Sublandlord, as Additional Rent, the Tenant’s Proportionate Share of Real Estate
Taxes, the Tenant’s share of the Surtax on Non-Residential Immovables (if any), the Tenant’s Proportionate Shore of
Operating Costs, the cost of electricity consumed within the Sub-Subleased Premises, and the aggregate (without duplication) of
all other costs provided for payable by the Tenant under the Head Lease and allocable to the Sub-Subleased Premises (the whole
as hereinafter referred to as the “Additional Rent”).

 

(e)              
The Net Rent and the Additional Rent shall be paid to Sub-Sublandlord or at such other place as Sub-Sublandlord may designate
in writing to Sub-Subtenant, in lawful money of Canada, without demand therefor and without any deduction, setoff or abatement,
except us expressly set forth herein. All partial months rent due under this Sub-Sublease shall be prorated on a daily basis. Sub-Subtenant
shall remit to Sub-Sublandlord any and all sales taxes and goods and services taxes required to be remitted with respect to the
Net Rent and Additional Rent payable hereunder, including, without limitation all Sales Taxes. “Sales Taxes”
means all goods and services taxes imposed with respect to Rent, namely G.S.T. and P.S.T. If Sub-Subtenant shall not remit Net
Rent or Additional Rent due to Sub-Sublandlord when the same is due, a late fee of five (5%) percent shall be added to the amount
past due, and such late fee shall be considered “Additional Rent” within the definitions as set forth in this Sublease

 

2.                 
Services Provided to Sub-Subtenant other than charged as Operating Costs.

 

(a)              
Commencing on the Commencement Date, Sub-Subtenant shall pay directly to Head Landlord the costs of all services provided,
at the Sub-Subtenant’s request, by the Head Landlord or its agents to the Sub-Subtenant, other than services supplied by
the Head Landlord and charged as Operating Costs, the whole in accordance with Section 9.6 of the Head Lease. Such costs and expenses
shall be paid within the time periods required by the Head Landlord in virtue of the Head Lease. Sub-Subtenant and Sub-Sublandlord
shall use their best efforts to arrange for Head Landlord to invoice Sub-Subtenant directly for all of the foregoing costs. If,
however, Sub-Sublandlord receives any invoice therefore, Sub-Sublandlord shall promptly forward such invoice to Sub-Subtenant.

 

(b)              
On or before the Commencement Date, subject to the provisions of the Head Lease, Sub landlord shall request that (i) Sub-Subtenant’s
name shall be placed by the Head Landlord on to the directory board in the lobby of the Building and (ii) Sub-Subtenant’s
corporate signage conforming to Development standards and approved in writing by the Head Landlord shall be installed by the Head
Landlord, in each case in accordance with the provisions of Section 9.8 of the Head Lease. The Sub-Sublandlord undertakes to pay
for any cost related to the change of signage which may be required for outside of Suite 1200, which cost shall include the Landlord’s
Administration Fee of 15% of the cost of the said signage. Any change of signage shall be preapproved in writing by the Head Landlord
and shall comply with the Building’s standards and the Head Lease. For greater clarity, any above modifications to the signage
must not result in additional signage being granted over and above the signage rights provided in the Head Lease.

 

     

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(c)              
Sub-Subtenant shall have access to the Building lobby, elevators and Sub-Subleased Premises twenty-four (24) hours per day,
seven (7) days a week.

 

3.                 
As Is. Sub-Subtenant acknowledges that neither Sub-Sublandlord nor Sub-Sublandlord’s agents have made any representations
or promises with regard to the Sub-Subleased Premises, except as otherwise set forth herein and except that all furniture and equipment
listed and described in Schedule “B” attached hereto is within the Sub-Subleased Premises. Sub-Subtenant agrees
to accept the Sub-Subleased Premises “as-is” with all such furniture and equipment, and Sub-Sublandlord shall not be
required to perform any alterations or decorations or furnish any materials in or to the Sub-Subleased Premises in order to suit
them for Sub-Subtenant’s occupancy.

 

4.                 
Transfer of Sub-Subleased Premises. Neither this Sub-Sublease, nor the term and estate hereby granted, or any part
hereof or thereof, shall be assigned, mortgaged, pledged, encumbered or otherwise transferred or sub-sublet by Sub-Subtenant, in
whole or in part, without obtaining the express written consent of (a) Sub-Sublandlord and (b) to the extent required pursuant
to the terms of the Head Lease, the Head Landlord and the Sublandlord, to any such assignment, mortgage, pledge, encumbrance, transfer
or sublease. Any further sublease or assignment of the Sub-Subleased Premises (including, for greater certainty, subleases or assignments
to the Sub-Subtenant’s affiliates or subsidiaries) shall be subject to pre-approval in writing by the Head Landlord, the
Sublandlord and the Sub-Sublandlord and shall be performed in accordance with all the provisions of Article 15 (Transfers) of the
Original Lease, which shall apply to the parties. The Sub-Subtenant shall remain responsible for the performance of its obligations
under this Sub-Sublease Agreement until the expiration of the Term of the Sub-Sublease, notwithstanding any such assignment or
sublease.

 

5.                 
Provisions respecting Head Lease and Sublease Agreement.

 

(a)              
Attached hereto as Schedule “A” is a complete copy of the Head Lease and the Sublease Agreement.

 

(b)              
The Sub-Subtenant hereby acknowledges receipt of a copy of the Head Lease and the Sublease Agreement documentation attached
hereto as Schedule “A” and that it has full and complete knowledge of the terms and conditions of the Head Lease and
the Sublease Agreement. Sub-Sublandlord hereby represents and warrants (i) that the copy of the Head Lease and the Sublease Agreement
attached hereto as Schedule “A” is true, correct and complete, is currently in full force and effect and has not been
amended or modified, and (ii) that there exist s under the Sublease Agreement no default or event of default by either Sublandlord
or Sub-Sublandlord. Sub-Sublandlord shall not amend, modify, surrender, cancel or otherwise modify the Sublease Agreement in any
manner that would adversely affect the Sub-Subleased Premises or Sub-Subtenant’s rights hereunder, or that would increase
Sub-Subtenant’s obligations under this Sub-Sublease, without obtaining the prior written consent of Sub-Subtenant in each
instance.

 

     

    6

    

(c)              
The Sub-Subtenant acknowledges that its possession and use of the Sub-Subleased Premises shall at all times be subject to
the rights of Head Landlord and Sublandlord set forth in the Head Lease and the Sublease Agreement. The Sub-Subtenant shall not
do or cause to be done or suffer or permit any act to be done which would or might cause the Head Lease or rights of the Sublandlord,
as tenant under the Head Lease, or Sub-Sublandlord, as tenant under the Sublease Agreement, to be endangered, cancelled, terminated,
forfeited or surrendered, or which would or might cause the Sublandlord or Sub-Sublandlord to be in default thereunder or liable
for any damage, claim or penalty.

 

(d)              
Subject to the terms of this Sub-Sublease Agreement including provisions with respect to the payment of Net Rent and Additional
Rent, the Sub-Subtenant covenants and agrees to observe and perform, insofar as they affect or relate to the Sub-Subleased Premises,
all terms, conditions, covenants, agreements and obligations on the part of the Sub-Sublandlord to be observed and performed under
the terms of the Sublease Agreement, as if the Sub-Subtenant were the subtenant under the Sublease Agreement and the Sub-Sublandlord
were the sublandlord under the Sublease Agreement, and such covenants, agreements and obligations of the Sublease Agreement are
incorporated herein by reference mutatis mutandis. However, for purposes of such incorporation by reference, all references
to Sublandlord and Subtenant under the Sublease Agreement shall be deemed references to Sub-Sublandlord and Sub-Subtenant, respectively
hereunder, all references to the Subleased Premises shall be deemed references to the Sub-Sublease Premises and all references
to the term of the Sublease Agreement shall be deemed references to the term of this Sub-Sublease.

 

(e)                For
clarity and without limiting the generality of the foregoing, the parties acknowledge that Section 4.6 (Cash Allowance), Section
9.9 (Identification), Section 9.10 (Naming Rights), the second paragraph of Section 15.1, Section 16.2 (Subordination and Non-Disturbance)
and Article 19 (Special Provisions) in its entirety of the Original Lease shall not apply to the Sub-Sublease Agreement. The following
provisions of the Sublease are expressly not incorporated in to this Sub-Sublease: Sections 1.2-1.4, 1.6-1.8, and 1.10, Sections
2.1, 3.1 and 3.3, Article IV, Article V, Article VII, Sections 11.1, 11.2, 11.13, and 11.14, Schedule “C” and Schedule
“D”, as well as such other terms of the Sublease as do not relate to the Sub-Sublease Premises or are inapplicable,
inconsistent with, or specifically modified by, the terms of this Sub-Sublease.

 

(f)               
Sub-Sublandlord hereby agrees to make all payments of Rent and other amounts required to be paid to the Sublandlord under
the Sublease Agreement, to perform all other obligations imposed by the Sublease Agreement which are not assumed by Sub-Subtenant
hereunder, and to indemnify Sub-Subtenant against and hold it harmless from all costs and expenses incurred by Sub-Subtenant or
asserted against it as a result of the failure of Sub-Sublandlord to perform its obligations thereunder, provided such failure
is not a result of the action of Sub-Subtenant or its agents, employees or contractors.

 

6.                 Insurance. Whenever any insurance coverage is required to be obtained or maintained by the Sub-Sublandlord under
the Sublease Agreement, Subtenant shall obtain and maintain such insurance coverage naming as insureds therein Head Landlord, Sublandlord,
Sub-Sublandlord and Subtenant, as their respective interests may appear, and any other party to be named under the provisions of
the Head Lease and the Sublease.

 

     

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7.                 
Indemnity and Non-Responsibility. Except with respect to a claim or liability which are the result in whole or in
part, of the negligent act or omission of the Head Landlord, the Sublandlord or the Sub-Sublandlord, or those for whom in law they
are respectively responsible, the Sub-Subtenant covenants and agrees to indemnify and save harmless the Sub-Sublandlord, the Sublandlord
and the Head Landlord in respect of any and all liabilities, damages, costs, claims, suits or actions arising out of:

 

(a)              
any breach, violation or non-observance by the Sub-Subtenant of any its covenants and obligations under this Sub-Sublease
Agreement;

 

(b)              
any damage to property while said property shall be in or about the Sub-Subleased Premises, including the systems, furnishings
and amenities thereof, as a result of the willful or negligent act of the Sub-Subtenant, its invitees, licensees, agents, servants
or employees, and

 

(c)              
any injury to any licensee, invitee, agent, servant or employee or the Sub-Subtenant, including death resulting at any time
therefrom, occurring in, on the Sub-Subleased Premises or the Building.

 

This indemnity shall survive the expiry or earlier
termination of this Sub-Sublease Agreement, in respect of any of the foregoing circumstances during the Sub-Sublease Term.

 

Without limiting the generality of the foregoing,
the Sub-Subtenant covenants and agrees that the Head Landlord, the Sublandlord or the Sub-Sublandlord shall not be liable for any
bodily injury of, death of, or loss or damage to any property belonging to the Sub-Subtenant or its employees, invitees, licensees
and agents or any other person in the Sub-Sublease Premises unless resulting from in whole or in part the negligent act or omission
of the Head Landlord, the Sublandlord or the Sub-Sublandlord or those for whom in law they are respectively responsible. Unless
resulting from in whole or in part the negligent act or omission of the Head Landlord, the Sublandlord or the Sub-Sublandlord or
those for whom in law they are respectively responsible, in no event shall the Head Landlord, the Sublandlord or the Sub-Sublandlord
or those for whom in law they are respectively responsible, be liable for any damage which is caused by the interruption of the
supply of any public utility, service or supply, or by steam, water, rain, snow or other thing which may leak into, issue or flow
from any part of the Building or from the pipes or plumbing works, including the sprinkler system (if any) therein or from any
other place or quarter of for any loss, damage or injury caused by or attributable to the condition or arrangement of any electric
or other wiring, or arising from the use and operation of any plan or equipment or from any electrical, gas or other installation
or for any damage caused by anything done or omitted to be done by any other tenant of space in the Building.

 

The Sub-Sublandlord covenants and agrees to
indemnify and save harmless the Sub-Subtenant in respect of any and all liabilities, damages, costs, claims, suits or actions arising
out of (a) any breach, violation or non-observance by the Sub-Sublandlord of any its covenants and obligations under this Sub-Sublease
Agreement; and (b) any damage to property or injury to persons, as a result of the willful or negligent act or omission of the
Sub-Sublandlord, its agents, servants or employees. This indemnity shall survive the expiry or earlier termination of this Sub-Sublease
Agreement, in respect of any of the foregoing circumstances during the Sub-Sublease Term.

 

     

    8

    

8.                 
Notices.

 

Any notice to be given to the Head Landlord
under these presents or the Head Lease shall be validly given if sent to:

 

Ivanhoe Cambridge Inc.

Edifice Jacques Parizcau

Suite C-500

Montréal, Québec H2Z 2B5

 

Attention: Legal Affairs

 

Any notice to be given to the Sublandlord shall be validly given if sent to:

 

BGIS O&M Solutions Inc.

87 Ontario Street West – 6th Floor

Montreal QC H2X OA7

 

Attention: Senior Manager – Realty Transactions

Telecopier: (514) 840-8404

 

With a copy to:

 

Bell Canada

87 Ontario Street West – 6th Floor

Montreal QC H2X 1Y8

 

Attention: Senior Specialist, Asset Management

Telecopier: (514) 391-7990

 

Any notice to be given to the Sub-Sublandlord shall be validly given if sent
to:

 

Analysis Group Ltd.

1000 De La Gauchetière Street West

Suite 1200

Montreal, Quebec

H3B 4W5

 

With a copy to:

 

Analysis Group Ltd.

111 Huntington Avenue

10th floor

Boston, MA 02199

 

Attention: James R. Gill

Fax: 617-425-8001

 

     

    9

    

Any notice to be given to the Sub-Subtenant
after the Commencement Date shall be validly given if sent to the Sub-Subleased Premises, to the attention of the Chief Financial
Officer.

 

All notices shall be sent by registered mail,
reputable overnight courier, or hand delivered to the respective above-noted addresses. Each party reserves its right to change
its address subject to written notice to the other parties. Notices sent by registered mail and hand delivered shall be deemed
to be received on the day they are received, and those sent by overnight courier, shall be deemed to be received on the day after
they were sent.

 

9.                 
Consents of the Head Landlord and the Sublandlord. This Sub-Sublease is subject and subordinate to the obtaining
of the written consent of Head Landlord and Sublandlord in accordance with the terms of the Head Lease and the Sublease (collectively,
the “Sub-Sublease Consents”) and shall not be effective until and unless such Sub-Sublease Consents shall have
been obtained. If, for any reason whatsoever, both Sub-Sublease Consents have not been obtained on or before December 13, 2018,
then either the Sub-Sublandlord or the Sub-Subtenant, at its respective option, may elect by written notice to the other to terminate
this Sub-Sublease, in which event this Sub-Sublease shall be deemed null, void and of no effect, without penalty, cost, charge
or recourse whatsoever against the Sub-Subtenant or the Sub-Sublandlord.

 

10.             
Alterations. Notwithstanding anything to the contrary contained herein, Sub-Sublandlord shall not unreasonably withhold,
delay or condition its consent to any proposed alterations, additions or improvements (“Alterations”) to the
Sub-Subleased Premises by Sub-Subtenant, provided that (i) the Head Landlord and the Sublandlord have approved the Alterations
in accordance with the terms of the Head Lease and (ii) said Alterations do not increase the obligations of Sub-Sublandlord hereunder
or under the Head Lease. In no event shall Sub-Sublandlord be required to consent to any Alteration which would physically affect
any part of the Building outside of the Sub-Subleased Premises or would adversely affect the proper functioning of the mechanical,
electrical, sanitary or other services systems of the Building. Any work to be done in the Sub-Subleased Premises shall be performed
in accordance with the provisions of Article 11.3 (Tenant’s Alterations) of the Original Lease, and are subject to the management
and supervision fees described therein.

 

11.             
Brokerage.

 

Each of the Sub-Subtenant and the Sub-Sublandlord
represents and warrants to the other that it has not had any dealings or communications with any broker, finder, intermediary or
other like agent in connection with the Sub-Sublease or the transactions contemplated hereby, other than Jones Lang LaSalle Real
Estate Services Inc. or any related entity or individual (collectively, the “Broker”). Sub-Sublandlord shall
pay when due all and any brokerage commission and remuneration payable to the Broker and shall indemnify, defend and hold Sub-Subtenant
harmless from payment of any and all brokerage commission and remuneration payable to the Broker, and from any and all claims,
demands, suits, proceedings, legal fees, costs and expenses with respect to any brokerage commission and remuneration payable to
the Broker.

 

     

    10

    

12.             
End of Term and Overholding.

 

(a)              
Sub-Subtenant acknowledges that the Sub-Subleased Premises must be surrendered upon the termination of the Term of this
Sub-Sublease. Sub-Subtenant agrees to indemnify, defend and save Sub-Sublandlord harmless from and against any and all loss, cost,
expense, or liability resulting from the failure of or the delay by Sub-Subtenant in so surrendering the Sub-Subleased Premises.
Sub-Subtenant therefore agrees that if possession of the Sub-Subleased Premises is not so surrendered to Sub-Sublandlord upon the
termination of the Term, each portion of any month during which Sub-Subtenant holds over in the Sub-Subleased Premises thereafter,
a sum equal to two hundred percent (200%) of the Net Rent payable under this Sub-Sublease for the last month of the Sub-Sublease
Term.

 

(b)              
Upon the termination of the Term of this Sub-Sublease, the Sub-Subtenant shall surrender the Sub-Subleased Premises in good
condition and state of repair, save and except for reasonable wear. All Alterations to and/or placed upon the Sub-Subleased Premises
by or on behalf of Sub-Subtenant, as well as any and all Leasehold Improvements and fixtures (Section 11.5 of the Original Lease),
all and any Items, leasehold improvements, cables and wires (including telecommunication cabling), modifications to the lighting
fixtures, electrical, mechanical and sprinkler systems (Section 9 of the consent of the Head Landlord to the Sublease Agreement
dated February 5th, 2009) as well as all and any other leasehold improvements, alterations, additions or modifications to the Sub-Subleased
Premises, and all and any articles of personal property attached to or used in connection with the Sub-Subleased Premises, shall
be surrendered by the Sub-Subtenant to the Sub-Sublandlord at the Expiration Date, and the Sub-Subtenant shall not be obliged to
remove any of those from the Sub-Subleased Premises, other than any leasehold improvements, alterations, additions or modifications
performed by Sub-Subtenant and required by the Head Landlord or the Sublandlord to be removed. Notwithstanding the foregoing, movable
furniture, movable personal property and movable trade fixtures owned by the Sub-Subtenant shall remain the property of Sub-Subtenant
and shall be removed by Sub-Subtenant upon the termination of the Term.

 

(c)              
The provisions of this Section 13 shall survive the Expiration Date or any sooner termination of the term of this Sub-Sublease.

 

13.             
Parking. Sub-Subtenant may have the use of the five (5) non-reserved parking stalls allocated under the Head Lease
in the Building underground parking facility. The parking spaces shall be leased at the then current rate prevailing for tenants
of the Building as may be modified from time to time, which amount shall be payable in accordance with the parking operator’s
lease for the Building.

 

14.             
Furniture. Sub-Sublandlord represents and warrants that all furniture and equipment listed and described in Schedule
“B” attached hereto is within the Sub-Subleased Premises (such equipment and furniture is hereinafter collectively
referred to as the “Existing Furniture”). The Sub-Sublandlord warrants that the Existing Furniture is free of
any financial lien or hypothec and that there are no service contracts affecting the Existing Furniture. The parties acknowledge
and agree that, upon the execution and delivery of this Sub-Sublease, without the requirement of any additional consideration,
all rights, title and ownership in and to the Existing Furniture shall be conveyed to and vest in Sub-Subtenant and Sub-Subtenant
shall be free to maintain and/or dispose the Existing Furniture as Sub-Subtenant so elects in its sole discretion but subject to
the terms hereof. The foregoing conveyance with respect to the Existing Furniture shall be self-executing and no additional documentation
shall be required in order to evidence the aforementioned assignment and conveyance of the Existing Furniture to Sub-Subtenant.
Sub-Sublandlord makes no representation or warranty as to the condition, fitness or suitability of such Existing Furniture for
Sub-Subtenant’s purposes. Sub-Subtenant may, as it deems appropriate or necessary, reconfigure the Existing Furniture to
combine with any of Sub-Subtenant’s furniture and equipment. Sub-Sublandlord shall have no obligation for the maintenance,
repair or replacement of any such Existing Furniture.

 

     

    11

    

15.             
Counterparts. This Sub-Sublease Agreement may be executed and delivered in several counterparts and by means of facsimile
or other electronic transmission, and all such executed counterparts, when taken together, shall constitute the same Sub-Sublease
Agreement, effective as of the date first above written. The parties undertake to promptly deliver to one another original copies
of all such counterparts which are executed and delivered by means of facsimile or other electronic transmission.

 

16.             
This agreement binds the parties herein and their respective successors and assigns.

 

17.             
The parties specifically declare that they have requested the present agreement be drawn up in the English language. “Les
parties déclarent qu’elles ont demandé que cette entente soit rédigée en anglais”.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

 

 

     

    12

    

 

 

 

     

    13

    

SCHEDULE A

HEAD LEASE AND SUBLEASE

 

(Immediately Follows)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

    14

    

THIS LEASE, entered into at the City of Montreal, as of the
thirtieth (30th) day of April, nineteen hundred and ninety-three (1993).

 

	BETWEEN:	
        1000 DE LA GAUCHETIÈRE WEST BUILDING INC., a company
        incorporated under the laws of Canada, having its head office in the City of Montreal, Province of Quebec, herein acting and represented
        by Michel E. Saint-Cyr, its President, and François Laurin, its Vice President.

         

        (hereinafter called the “Landlord”);

         

	AND:	
        BCE INC., a company incorporated under the laws of Canada,
        having its head office in the City of Montreal, Province of Quebec,

         

        (hereinafter called the “Tenant”).

 

ARTICLE 1

 

		1	Definitions

 

		1.1	Definitions – In this Lease, unless there is something in the subject matter
or context inconsistent therewith;

 

		1.1.1	“Accounting Period” means a calendar year or such other accounting period, not
exceeding sixteen (16) months, determined by the Landlord for the Building;

 

		1.1.2	“Additional Rent” means all amounts in addition to Net Rent payable by the Tenant
to the Landlord pursuant to this Lease, including those amounts set out in Section 4.2, whether or not the same are designated
“Additional Rent”;

 

		1.1.3	“Affiliate” or “Affiliate of the Tenant” means any person
which owns, directly or indirectly, voting securities carrying more than ten percent (10%) of the voting rights attached to all
voting securities of the Tenant and any corporation in which the Tenant owns, directly or indirectly, voting securities carrying
more than ten percent (10%) of the voting rights attached to all voting securities of such corporation;

 

     

    15

    

		1.1.4	“Applicable Laws” means all statutes, laws, by-laws, regulations, ordinances,
orders and requirements of governmental or other public authorities having jurisdiction, and all amendments thereto;

 

		1.1.5	“Architect” means the independent architect being a member of the Order of Architects
of Quebec designated by the Landlord and authorized to practice in Quebec;

 

		1.1.6	“Building” means the multi-storey integrated office and retail building bearing
civic number 1000 de La Gauchetière West, Montreal, Province of Quebec, and all other structures, improvements, facilities
and appurtenances, including the Common Areas and Facilities, all as may be altered, expanded, reduced or reconstructed from time
to time and which building is constructed on the lands described in Schedule “A” annexed hereto;

 

		1.1.7	“Building Systems” means:

 

		1.1.7.1	the HVAC System and all other systems, services, installations and facilities servicing the Building
(or any portion thereof), whether exclusively or in common with other parts of the Development including, but not limited to, the
elevators and escalators, and mechanical systems (including plumbing, sprinkler, drainage and sewage), electrical and other utilities,
lighting, life safety (including fire prevention, communications, security and surveillance), computer (including environmental,
security and lighting control), ice and snow melting, refuse removal or recycling, window washing, and music; and

 

		1.1.7.2	all machinery, appliances, equipment, apparatus, components, computer software and appurtenances
forming part of or used for or in connection with any of such systems, services, installations and facilities including, but not
limited to, boilers, motors, generators, fans, pumps, pipes, conduits, ducts, valves, wiring, meters and controls, and the structures
and shafts housing and enclosing any of them;

 

     

    16

    

		1.1.8	“Business Day” means any day which is not a Saturday, Sunday or a holiday as
defined in the Interpretation Act (Quebec) as the same may be amended, re-enacted or replaced;

 

		1.1.9	“Business Hours” means the hours from 7:00 a.m. to 6:30 p.m. on each Business
Day as may be amended by the Landlord from time to time;

 

		1.1.10	“Business Taxes” means all taxes, rates, duties, levies, assessments, and other
charges in respect of the use or occupancy of, or any business carried on, by tenants or occupants of the Building and includes,
without limitation, all business taxes levied or assessed but shall not include Real Estate Taxes or any income, profit, inheritance,
succession or transfer taxes or levies or tax on capital or large corporations tax of the Landlord or the Co-owners;

 

		1.1.11	“Bus Terminal” means the bus terminal operated in the Development by the Société
de Transport de la Rive Sud de Montreal, or its successors or permitted assigns;

 

		1.1.12	“Change of Control” means, in the case of any corporation or partnership, the
issue by subscription or the transfer by sale, assignment, transmission on death, mortgage, charge, security interest, operation
of law or otherwise, of any shares, voting rights or interest which would result in any change in the effective Control of such
corporation or partnership, unless such change occurs as a result of trading in the shares of a corporation listed on the Montreal
Exchange or The Toronto Stock Exchange;

 

		1.1.13	“Commencement Date” means the date indicated as the commencement of the Term
in Section 3.1 hereof;

 

		1.1.14	“Common Areas and Facilities” means: (i) those areas, facilities, improvements,
installations and equipment in or around the Development that (A) are neither rented nor designated or intended by the Landlord
to be rented, and (B) are provided or designated from time to time by the Landlord for the benefit or use of all the tenants of
the Development, their agents, invitees, servants, employees and licensees and (ii) space, facilities and installations that are
made available for community service, public or other use pursuant to the Municipal Agreements; all as may be altered, or relocated
from time to time by the Landlord and any other space or equipment as may be determined from time to time by the Landlord;

 

     

    17

    

		1.1.15	“Control”, when referring to a body corporate, shall have the same meaning as
the one attributed to this expression in the Canada Business Corporations Act;

 

		1.1.16	“Co-owners” means BCE Inc. and Teleglobe Canada Inc. and their successors and
assigns;

 

		1.1.17	“Delivery Date” means the date upon which the Landlord notifies the Tenant that
it shall take possession of the premises for the purposes of effecting the Tenant’s Work;

 

		1.1.18	“Development” means the Lands and all structures, improvements, facilities and
appurtenances constructed on the Lands, including or together with the Building, the Common Areas and Facilities (including, without
limitation, passageways, tunnels or other facilities servicing the Development that may extend or be located beyond the boundaries
of the Lands), all as may be altered, expanded, reduced or reconstructed;

 

		1.1.19	“Event of Default” means any event specified as such in Article 17;

 

		1.1.20	“Expert” means the Architect, the Land Surveyor or any independent engineer,
independent chartered accountant, or other independent professional consultant appointed by the Landlord and authorized to perform
the function for which he is retained and who shall be a member of the professional order or body appropriate to his or her profession;

 

		1.1.21	“Fixturing Period” means the period allowed to the Tenant to perform the Tenant’s
Work, commencing at the Delivery Date as determined by the Landlord;

 

		1.1.22	“Guarantor” INTENTIONALLY DELETED

 

		1.1.23	“HVAC System” means all interior climate control (including heating, ventilating
and air-conditioning) systems, installations, equipment of the Building;

 

		1.1.24	“Ice Amphitheatre” means the portion of the Building occupied by the skating
rink including the locker rooms and the ice surface exclusively;

 

		1.1.25	“Landlord” means 1000 de la Gauchetière West Building Inc. and its successors
and assigns;

 

		1.1.26	“Landlord’s Sales Taxes” means any and all taxes imposed on the Landlord
with respect to Operating Costs and any other taxable cost (example rent) whether characterized as a goods and services tax, sales
tax, or otherwise but shall not include any income or profit taxes, it being understood that taxes on capital and large corporations
tax are not part of Landlord’s income or profit taxes;

 

     

    18

    

		1.1.27	“Landlord’s Work” means the work performed by the Landlord in relation
to the base Building installations;

 

		1.1.28	“Lands” means the lands described in Schedule “A” hereto, as they
may be altered, expanded or reduced from time to time;

 

		1.1.29	“Land Surveyor” means the independent professional land or quantity surveyor,
designated by the Landlord and authorized by the appropriate professional order or body to practice in the Province of Quebec;

 

		1.1.30	“Lease” means this lease as it may be amended including its Schedules;

 

		1.1.31	“Leasehold Improvements” means all fixtures, improvements, installations, alterations
and additions made, erected or installed by or on behalf of the Tenant or any former occupant of the Premises, including internal
stairways, doors, hardware, partitions (excluding moveable partitions) and wall-to-wall carpeting with the exception of such carpeting
where laid over vinyl, tile or other finished floor designated as part of the Building, and removable without damage to such floor,
and excluding trade fixtures, drapes, and furniture and equipment not of the nature of fixtures;

 

		1.1.32	“Lease Year” means, for the first Lease Year, the period beginning on the Commencement
Date and ending on the last day of the twelfth (12th) consecutive full month after the expiry of the calendar month in which the
Commencement Date occurs (except that if the Commencement Date occurs on the first day of a calendar month, the first Lease Year
shall end on the day prior to the first anniversary of the Commencement Date) and, for the second and each subsequent Lease Year,
means consecutive periods each of twelve (12) consecutive full months, with the second Lease Year commencing immediately at the
end of the first Lease Year or of any subsequent Lease Year, the Landlord may, at its discretion, change the Lease Year from time
to time provided that such change shall not increase the Tenant’s liability for any amounts payable pursuant to this Lease;

 

		1.1.33	“Mortgage” means any mortgage, hypothec, charge or security instrument (including
a trust deed securing bonds) and all extensions, modifications and renewals thereof which may now or hereafter affect the Lands;

 

		1.1.34	“Municipal Agreement” means any agreement with the City of Montreal, the Montreal
Urban Community or any other governmental authority relating to the development, construction, or operation of the Development
or any part thereof, in each case whether now or hereafter entered into, and as the same may be amended;

 

     

    19

    

		1.1.35	“Net Rent” means the annual net rent payable by the Tenant pursuant to Section
4.1, as the same may be increased or adjusted pursuant to the terms of the Lease;

 

		1.1.36	“Operating Costs” means any and all actual and reasonable costs, expenses. fees,
rentals, disbursements and outlays of every kind paid, or incurred by or on behalf of the landlord or any of the Co-owners on an
accrual basis (or on a cash basis to the extent the Landlord determines, acting reasonably, and in accordance with generally accepted
accounting principles) in connection with the operation, maintenance, repair, management, administration and supervision of the
Development, subject to the exclusions and deductions set forth in Article 5 hereof;

 

		1.1.37	“Parking Areas” means the areas in the Building designated by the Landlord for
interior parking use;

 

		1.1.38	“Person” includes any person, corporation, firm, partnership or other entity,
any group of persons, corporations, firms, partnerships or other entities, or any combination thereof;

 

		1.1.39	“Premises” means these parts of the Building identified in Article 2 and shown
outlined in red on the floor plans annexed as Schedules “B-1”, “B-2”, “B-3”, “B-4”,
”B-5”, “B-6” and “B -7”;

 

		1.1.40	“Prime Rate” means the annual rate of interest as determined from time to time
by the Landlord’s bank (which shall be a Schedule I Canadian chartered bank designated by the Landlord from time to time)
and used by such bank in setting rates of interest for commercial loans of Canadian dollars and commonly referred to by such bank
as its “prime rate”;

 

		1.1.41	“Proportionate Share” means that fraction having as numerator the Rentable Area
of the Premises and as denominator the total Rentable Area of the Building;

 

		1.1.42	“Real Estate Taxes” means all taxes, surtaxes, rates, duties, levies, fees,
charges and assessments, general or special, present or future for which the Landlord and/or the Co-owners are liable and which
are assessed against the Development (or any part thereof other than the Ice Amphitheatre, the Bus Terminal, the Storage Areas,
the Parking Areas and the Retail Areas) or which are now and which may be imposed or assessed thereon by any lawful taxing authority
whether school, municipal, regional, provincial, federal or otherwise, but excluding any income, profit, inheritance, succession
or transfer taxes or levies or tax on capital and tax on large Corporations and also excluding any penalties or interest resulting
from late payment;

 

     

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		1.1.43	“Rent” means all Net Rent and Additional Rent payable pursuant to this Lease;

 

		1.1.44	“Rentable Area of the Premises”, means the area expressed in square feet and/or
square meters, as certified by the Architect, measured in accordance with the “BOMA Standards” of area measurement
dated June 21, 1989, as amended from time to time, a copy of which is annexed hereto as Schedule “C”, it being acknowledged
that the Rentable Area of the Premises, will be adjusted from time to time upon mutual consent of the Landlord and the Tenant to
reflect any alteration of the Rentable Area of the Building;

 

		1.1.45	“Rentable Area of the Building” means the aggregate of the rentable area of
all rentable premises in the Building that are rented, or designated or intended by the Landlord to be rented, for offices or business
purposes, expressed in square feet and/or square meters as certified by the Architect, measured in accordance with the “BOMA
Standards” of area measurement, a copy of which is annexed hereto as Schedule “C”, but excluding the Ice Amphitheatre,
the Bus Terminal, the Storage Areas, the Parking Areas and the Retail Areas;

 

		1.1.46	“Retail Areas” means the areas of rentable premises in the Building designated
by the Landlord for retail use;

 

		1.1.47	“Rules and Regulations” means the rules and regulations made by the Landlord
set forth in Schedule “F” annexed hereto, which may be amended by the Landlord, acting reasonably;

 

		1.1.48	“Schedules” – The Schedules shall form part of this Lease and are as follows:

 

Schedule “A”–Description of
Lands

 

Schedule “B-1”–Plan of the 36th
floor

 

Schedule “B-2”–Plan of the 37th
floor

 

Schedule “B-3”–Plan of the 38th
floor

 

Schedule “B-4”–Plan of the 13th
floor

 

Schedule “B-5”–Plan of the 11th
floor

 

Schedule “B-6”–Plan of the 12th
floor

 

     

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Schedule “B-7”–Plan of the 34th
door

 

Schedule “C”–BOMA Standards

 

Schedule “D”–Base Building Standards

 

Schedule “E”–Standards for Tenant’s
Improvements

 

Schedule “F”–Rules and Regulations

 

Schedule “G-l”–Descriptive Specifications

 

Schedule “G-2”–Tenant Improvement
Standards

 

Schedule “H”–Construction Progress
Schedules

 

		1.1.49	“Secured Creditor” means any mortgagee or hypothecary creditor or secured party
or trustee for bondholders, as the case may be, who from time to time holds a Mortgage;

 

		1.1.50	“Security Deposit” INTENTIONALLY DELETED

 

		1.1.51	“Storage Areas” means those areas in the Building which are designated or intended
from time to time by the Landlord to be rented to tenants or other occupants for storage purposes;

 

		1.1.52	“Surtax on Non-Residential Immovables” means a tax imposed by a local municipal
taxing authority on the real estate taxable value of the Development on the basis that the Development constitutes a non-residential
immovable;

 

		1.1.53	“Tenant” means BCE INC. and its successors and assigns;

 

		1.1.54	“Tenant’s Sales Taxes” has the meaning ascribed to such term in Section
5.7 hereof;

 

		1.1.55	“Tenant’s Work” means the work to be performed on behalf of the Tenant,
at its expense, in accordance with the Base Building Standards set forth in Schedule “D” and with the Standards for
Tenant’s Work set forth in Schedule “E” to render the Premises suitable to the Tenant’s intended use and
which work has been previously approved by the Landlord;

 

		1.1.56	“Term” means the periods specified in Section 3,1;

 

		1.1.57	“Transfer” means an assignment of this Lease in whole or in part, a sublease
of all or any part of the Premises, any mortgage, transaction or event to the same effect, any hypothec, charge or encumbrance
of this Lease or the Premises or any part thereof or other arrangement under which either this Lease or the Premises become security
for any indebtedness or other obligations and includes any transaction or occurrence whatsoever (including, but not limited to,
expropriation. receivership proceedings, seizure by legal process and transfer by operation of law), which has changed or might
change the identity of the Person having lawful use or occupancy of any part of the Premises. For greater certainty, a merger or
amalgamation of BCE INC. with any other Person or persons shall not constitute a Transfer;

 

     

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		1.1.58	“Transferee” means the Person to whom a Transfer is or is to be made;

 

		1.1.59	“Unavoidable Delay” means any delay or cause beyond the control of either party
hereto which prevents the performance of any obligation hereunder and not caused by a default or act of commission or omission
of such party and not avoidable by reasonable care, including without limitation strikes, lockouts or other labour disputes, act
of God, sabotage, war, blockades, insurrections, riots, civil disturbances, the enactment, amendment or repeal of any Applicable
Laws, and shortages or unavailability of building materials; however a lack of funds or the financial inability of the Landlord
shall not constitute an Unavoidable Delay.

 

ARTICLE 2

 

		2	LEASED, PREMISES

 

		2.1	Rentable Area – The Landlord hereby leases to the Tenant and the Tenant hereby
leases from the Landlord, upon the terms and conditions herein contained, the Premises which consist of:

 

		(a)	approximately fifty-nine thousand three hundred and sixteen (59,316) square feet of rentable area
located on all of the 36th, 37th and 38th floors of the Building (collectively referred to as “Space “A””),
aa shown outlined in red on the floor plans attached hereto as Schedules “‘B-1”, “B-2” and “B-3”;

 

		(b)	approximately two thousand and ninety-eight (2,098) square feet of rentable area located on part
of the 13th floor of the Building (“Space “B””), as shown outlined in red on the floor plan attached hereto
as Schedule “B-4”;

 

		(c)	approximately thirteen thousand and twenty-seven (13,027) square feet of rentable area located
on part of the 13th floor of the Building (“Space “C”). as shown outlined in green on the floor plans attached
hereto as Schedule “B-4”;

 

		(d)	approximately forty-one thousand two hundred and fifty-four (41,254) square feet of rentable area
looted on the entire 11th floor and the entire 12th floor of the Building (collectively referred to as “Space “D””),
as shown outlined in red on the floor plans attached hereto as Schedules “B-5” and “B-6”;

 

     

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		(e)	approximately three thousand and seventy-six (3,076) square feet of rentable area located on the
34th floor of the Building (“Space “E””), as shown outlined in red on the floor plan attached hereto as
Schedule “B-7”; and

 

		(f)	approximately two thousand seven hundred and eighty-three (2,783) square feet of rentable area
located on the 13th floor of the Building (“Space “F””), as shown outlined in yellow on the floor plan
attached hereto as Schedule “B-4”.

 

The aforesaid areas have been determined in accordance
with the BOMA Standards of area measurement attached hereto as Schedule “C”.

 

In no event shall the Tenant, in the future, lease less
than five thousand (5,000) square feet of rentable area on any floor which is otherwise unleased. Furthermore, the Tenant shall
use its reasonable efforts to lease the entire 13th floor, it being understood that, in no event, shall the Tenant lease only a
part of both the 11th and the 13th floors.

 

		2.2	Certificate of Measurement – The Tenant hereby acknowledges that, notwithstanding
anything to the contrary contained in this Lease or the provisions of the Civil Code of Quebec, the Landlord may effect minor variations
to the configuration of the Premises or any part thereof. Prior to the commencement of the Term, the Rentable Area of the Premises
shall be conclusively determined by the Architect in accordance with the BOMA Standards of area measurement attached hereto as
Schedule “C” and shall be set out in a certificate of measurement of the Architect, a copy of which shall be given
to the Tenant. Such determination shall be final and binding on the parties, unless proven by either party to be incorrect.

 

For the sake of clarity, in the case of those floors which
the Tenant occupies in full, the exact rentable area shall be certified by the Architect. Any floors which are partially occupied
by the Tenant shall be measured, and the area certified by the Architect within thirty (30) days following the substantial completion
of the initial Leasehold Improvements.

 

In addition to the foregoing, the Landlord shall, on or
before the Commencement Date, provide the Tenant with a statement prepared by the Architect showing a breakdown of the rentable
areas of the Building, together with a statement prepared by the Landlord showing the calculation of the Tenant’s Proportionate
Share for the purposes of payment of Additional Rent as provided in Section 4.2 hereof.

 

     

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ARTICLE 3

 

		3	TERM

 

		3.1	Term – The term of this Lease (the “Term”) shall commence:

 

		(a)	in respect of Space “A”, on May 1, 1993;

 

		(b)	in respect of Space “B”, on July 1, 1993;

 

		(c)	in respect of Space “C”, on November 1, 1993;

 

		(d)	in respect of Space “D”, on June 1, 1993;

 

		(e)	in respect of Space “E”, on September 1, 1994; and

 

		(f)	in respect of Space “F”, on May 1, 1995.

 

Subject to Section 19.6 hereof, the Term shall expire
on October 31, 2003, unless terminated earlier pursuant to this Lease.

 

ARTICLE 4

 

		4	RENT AND ADDITiONAL RENT

 

		4.1	Net Rent – The Tenant shall pay to the Landlord, yearly throughout the Term,
for the respective Lease Year, in equal, consecutive monthly installments, in advance, without compensation or deduction whatsoever,
on the first day of each month during the Term, subject to the adjustment provisions of Section 4.5 hereof, Net Rent in accordance
with the following provisions:

 

		(a)	Space “A”

 

		·	from May 1, 1993 through to April 30, 1997 inclusive, eighteen dollars ($18.00) per square foot
of the rentable area of Space “A” per annum; and

 

		·	from May 1, 1997 through to October 31, 2003 inclusive, twenty-two dollars ($22.00) per square
foot of the rentable area of Space “A” per annum.

 

		(b)	Space “B”

 

		·	from July 1, 1993 through to April 30, 1997 inclusive, fourteen dollars ($14.00) per square foot
of the rentable area of Space “B” per annum; and

 

     

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		·	from May 1, 1997 through to October 31, 2003 inclusive, nineteen dollars ($19.00) per square foot
of the rentable area of Space “B” per annum.

 

		(c)	Space “C”

 

		·	from November 1, 1993 through to April 30, 1997 inclusive, fourteen dollars ($14.00) per square
foot of the rentable area of Space “C” per annum; and

 

		·	from May 1, 1997 through to October 31, 2003 inclusive, nineteen dollars ($19.00) per square foot
of the rentable area of Space “C” per annum.

 

		(d)	Space “D”

 

		·	from June 1, 1993 through to April 30, 1997 inclusive, fourteen dollars ($14.00) per square foot
of the rentable area of Space “D” per annum, and

 

		·	from May 1, 1997 through to October 31, 2003 inclusive, nineteen dollars ($19,00) per square foot
of the Rentable Area of Space “D” per annum; and

 

		(e)	Space “E”

 

		·	from September 15, 1994 through to August 31, 1999 inclusive, seven dollars and seventy-five cents
($7.75) per square foot of the rentable area of Space “E” per annum; and

 

		·	from September 1, 1999 through to October 31, 2003 inclusive, thirteen dollars ($13.00) per square
foot of the rentable area of Space “E” per annum; and

 

		(f)	Space “F”

 

		·	from May 1, 1995 through to April 30, 2000 inclusive, eight dollars and thirty-five cents ($8.35)
per square foot of the rentable area of Space “F” per annum; and

 

		·	from May 1, 2000 through to October 31, 2003 inclusive, ten dollars and ten cents ($10.10) per
square foot of the rentable area of Space “F” per annum.

 

The Net Rent shall be entirely net to the Landlord, except
as provided herein.

 

		4.2	Additional Rent. - The Tenant shall also
pay to the Landlord as Additional Rent:

 

     

    26

    

		4.2.1	the Tenant’s Proportionate Share of Real Estate Taxes as provided in Section 5.2;

 

		4.2.2	the Tenant’s share of the Surtax on Non-Residential Immovables;

 

		4.2.3	the Tenant’s Proportionate Share of the Operating Costs;

 

		4.2.4	electricity consumed within the Premises; and

 

		4.2.5	the aggregate, without duplication, of:

 

		4.2.5.1	costs of electricity and other utilities including special utilities and excess quantities consumed
within the Premises;

 

		4.2.5.2	costs of any additional services provided by the Landlord at the request of the Tenant and any
related cost;

 

		4.2.5.3	such other costs, as are required to be paid by the Tenant to the Landlord under this Lease (other
than those specifically referred to above); and

 

		4.2.5.4	any reasonable cost incurred by the Landlord on behalf of the Tenant in respect of any of the Tenant’s
obligations set out in this Lease which the Tenant fails to perform, provided that nothing herein shall obligate the Landlord to
perform any such obligations;

 

		4.2.5.5	a management fee equal to 3.25% of the aggregate of the Net Rent, the Tenant’s Proportionate
Share of the Operating Costs, the Tenant’s Proportionate Share of Real Estate Taxes and of the Surtax on Non-Residential
Immovables, electricity and any other taxes payable by the Tenant to the Landlord pursuant to the Lease; and

 

		4.2.5.6	a management fee equal to fifteen percent (15%) of the cost of special services, additional services
and any other cost for services provided to the Tenant by the Landlord which is required to be paid by the Tenant to the Landlord
pursuant to the Lease.

 

		4.3	Payment of Additional Rent – Except for the Tenant’s Share of the Surtax
on Non-Residential Immovables which is payable as provided in Section 5.8, and except as otherwise provided under this Lease, any
and all Additional Rent is payable in equal monthly installments, in advance on the earlier of the due date of the next monthly
payment of Net Rent or within fifteen (15) days of receipt by the Tenant of an invoice, statement or demand therefor from the Landlord.

 

     

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		4.4	Estimation of Additional Rent - Before the
commencement of each Accounting Period, the Landlord shall notify the Tenant of the reasonable estimated amount of Additional Rent
for such Accounting Period. The Landlord, acting reasonably, may, during an Accounting Period, re-estimate any items of Additional
Rent and may by notice to the Tenant fix new monthly installments for the then remaining balance of the Accounting Period so that
such items will have been entirely paid during such Accounting Period. Notwithstanding anything herein contained to the contrary,
as soon as bills for all or any portion of the costs and expenses payable by the Tenant as Additional Rent are received by the
Landlord, the Landlord may bill the Tenant for any amount charged in excess of the estimated amount, and the Tenant shall pay the
Landlord such amounts so billed (less all amounts previously paid by the Tenant on the basis of the Landlord’s original estimate
thereof) as Additional Rent within thirty (30) days after demand.

 

Within a reasonable period of time (not exceeding four
(4) months) after the end of the Accounting Period, the Landlord shall provide the Tenant with an audited statement prepared by
an independent chartered accountant of the Landlord for the relevant Accounting Period of Operating Costs, Real Estate Taxes and
all other items of Additional Rent payable by the Tenant which the Landlord has estimated in advance. Such statement shall be accompanied
by the certificate from the Landlord’s auditors described in the next paragraph.

 

If the total of the monthly installments paid by the Tenant
in respect of estimated Additional Rent for such Accounting Period is less than the amount of Additional Rent payable by the Tenant
for such Accounting Period shown on such statement, the Tenant shall pay the difference to the Landlord on the earlier of the due
date of the next monthly payment of Net Rent or within thirty (30) days of receipt of such statement. If the total of such monthly
installments paid is greater than the amount of the Additional Rent payable by the Tenant for such Accounting Period, the difference
shall, at the option of the Landlord, be repaid to the Tenant with such statement, or be applied in payment of other amounts owing
by the Tenant, or be applied in reduction of future payments due under this Lease, the whole without interest. The Landlord shall
provide the Tenant with a certificate of its independent chartered accountant confirming the fairness of the Landlord’s determination
of Operating Costs, which shall be binding on the parties.

 

The Landlord shall, in keeping with sound first-class
office building management practices in Montreal, minimize Operating Costs and make all reasonable attempts to obtain proceeds
of insurance as well as to exercise all reasonable recourses available to the Landlord against any contractor, builder, supplier
or any third party in order to reduce the Tenant’s liability for Operating Costs. In allocating Operating Costs, Real Estate
Taxes and other costs to the various components of the Building, the Landlord shall act fairly and reasonably, and, with regard
to allocation of Real Estate Taxes and other taxes, shall apply the method used and/or imposed and/or recommended by the competent
authority.

 

     

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The Landlord shall operate the Building in a manner befitting
of a prudent Landlord of similar first-class buildings of comparable age in downtown Montreal. Furthermore, the Landlord shall
provide the Tenant, no later than four (4) months after the end of each Accounting Period, with a detailed statement from its auditors
(who shall be a firm of independent chartered accountants) certifying that the Operating Costs have been calculated in accordance
with this Lease. Upon receipt of the audited statements and provided the Tenant has not, either in whole or in part, assigned the
Lease to any third party which is not an Affiliate of the Tenant, the Tenant may, in writing, request clarification from the Landlord
with respect to the amount of Operating Costs. The Landlord shall, acting diligently, use all of its reasonable efforts to provide
the Tenant with a reasonable response to the Tenant’s request. If, as a result of said clarification, it is determined that
the Tenant has made an overpayment of Operating Costs, the Landlord shall reimburse the amount of said overpayment to the Tenant
within thirty (30) days of said determination. Should the reverse be true, the Tenant agrees to settle any underpayment of Operating
Costs within the same delay. The Tenant shall not withhold payment of Operating Costs pending its request for clarification of
Operating Costs.

 

Provided the Tenant has not assigned the Lease to any
third party which is not an Affiliate of the Tenant, has exercised the foregoing right and still is not satisfied as to the accuracy
of the Landlord’s calculation of Operating Costs, then the Tenant shall have the right to have its external auditors review
the Operating Costs for their accuracy and reliability. Such a review by the Tenant’s external auditors shall be at the Tenant’s
entire expense, including any expenses incurred by the Landlord as a result thereof, and shall be conducted during the Landlord’s
business hours and after a reasonable written notice to the Landlord to this effect. Should it be determined, however, that the
Tenant has made an overpayment of Operating Costs, the Landlord shall reimburse the amount of said overpayment to the Tenant within
thirty (30) days of said determination and the Tenant shall not be responsible to the Landlord for any expenses incurred by the
Landlord as a result of said process.

 

		4.5	Adjustment of Rent – If and whenever the Rentable Area of the Premises is revised,
as provided pursuant to this Lease, the Net Rent for any year of the Term or relevant portion thereof affected by such revision
shall be recalculated by multiplying such revised Rentable Area of the Premises by the applicable amount of Net Rent per square
foot (square meter) of Rentable Area of the Premises for such year of the Term and the amount of the annual Net Rent for such year
of the Term, or relevant portion thereof, and the equal monthly installments for such year of the Term, or relevant portion thereof,
shall be amended accordingly. There shall be a corresponding recalculation of the Tenant’s Proportionate Share and of amounts
payable as Additional Rent. Upon any such recalculation, the Landlord and the Tenant shall make the appropriate adjustments in
respect of earlier payments of Net Rent and Additional Rent affected by any such recalculation.

 

     

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		4.6	Cash Allowance – The Landlord agrees to pay to the Tenant in respect of each
of Space “B”, Space “C” and Space “D”, not later than thirty (30) days following their respective
Commencement Date, a cash allowance equal to NINETEEN DOLLARS AND FORTY-FOUR CENTS ($19.44) per square foot of their respective
rentable area. It is expressly understood that said cash allowance shall be granted to the Tenant in lieu of eighteen (18) months
of free Net Rent. There shall be no such allowance granted with respect to Spaces “A”, “E” and “F”.

 

ARTICLE 5

 

		5	TAXES AND operating costs

 

		5.1	Real Estate Taxes Payable by the Landlord – The Landlord shall discharge when
due all Real Estate Taxes payable by the Tenant, as set out in Section 5.2, but it may defer such payment or compliance to the
fullest extent permitted by law.

 

If the system of real estate taxation shall be altered
or varied and any new tax or levy shall be levied or imposed on the Building and/or the Lands and/or the revenues therefrom and/or
Landlord in substitution for and/or in addition to Real Estate Taxes presently levied or imposed on immovables in the city, town
or municipality in which the Building and Land are situate, then any such new tax or levy shall be included within the term “Real
Estate Taxes” and the provisions of this Article 5 shall apply mutatis mutandis.

 

The amount of the Real Estate Taxes which shall be deemed
to have been levied or imposed with respect to the Building and the Lands shall be such amount as the legal authority imposing
Real Estate Taxes shall have attributed to the Building and the Lands respectively, or, in the absence of such attribution, or,
if such legal authority shall include other immovables other than the Building and the Lands in imposing such Real Estate Taxes,
such amount as Landlord in the exercise of reasonable judgment shall establish.

 

		5.2	Real Estate Taxes Payable by the Tenant

 

		5.2.1	The Tenant shall pay to the Landlord, as Additional Rent, for each Accounting Period which the
Landlord establishes to compute Real Estate Taxes occurring in whole or in part within the Term, its Proportionate Share of Real
Estate Taxes attributable to such Accounting Period. Such Additional Rent shall be payable by the Tenant to the Landlord no later
than the tax due date or such other date which may be specified by the Landlord to the Tenant and which shall not be more than
thirty (30) days before the tax due date. The Landlord shall furnish to the Tenant upon the Tenant’s specific written request
copies of all notices of valuation and assessment and all tax bills Landlord receives.

 

     

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		5.2.2	The share of Real Estate Taxes payable by the Tenant pursuant to Subsection 5.2.1 shall be the
amount which is the aggregate, without duplication, of:

 

		5.2.2.1	the Tenant’s Proportionate Share of Real Estate Taxes that is not charged to the Tenant and
other tenants of the Development pursuant to paragraph 5.2.2.2 and similar provisions in the leases of such other tenants; and

 

		5.2.2.2	in the event that there is a separate assessment for the value of the Premises by a lawful public
authority, the amount obtained by multiplying the appropriate commercial rate or rates for the relevant Accounting Period by the
assessed value of the Premises as determined by such lawful public authority.

 

		5.2.3	If the Landlord so requests in writing, the Tenant shall promptly provide the Landlord with a copy
of any separate tax bill or separate assessment notice that it receives for the Premises or any part thereof. If, as a result of
changes in existing Applicable Laws, in any Accounting Period the Tenant is prohibited by law from making payments of Real Estate
Taxes directly to the Landlord, then it shall pay to the appropriate taxing authorities all Real Estate Taxes payable in respect
of the Premises and promptly deliver to the Landlord receipts evidencing such payment. The Landlord and the Tenant will make an
adjustment within thirty (30) days after the final tax bills are issued for such Accounting Period and the Tenant will pay to the
Landlord the amount by which the Tenant’s Proportionate Share of Real Estate Taxes for such Accounting Period exceeds the
amount of Real Estate Taxes actually paid by the Tenant or, as the case may be, the Landlord shall pay to the Tenant the amount
by which the Real Estate Taxes actually paid by the Tenant exceed the Tenant’s Proportionate Share of Real Estate Taxes.

 

		5.3	Landlord’s Contestation of Real Estate Taxes -
The Landlord alone shall be entitled to appeal any governmental assessment or determination of the value of the Building or any
portion thereof whether or not the assessment or determination affects the amount of Real Estate Taxes or other taxes, rates, duties,
levies or assessments to be paid by the Tenant. The Landlord alone shall have the right to contest, appeal, object or litigate
the imposition of any Real Estate Taxes.

 

The Landlord shall have no obligation to contest, object
to or litigate the levying or imposition of any Real Estate Taxes and the Landlord may settle, compromise, consent to, waive or
otherwise determine in its discretion any Real Estate Taxes without notice to, consent or approval of the Tenant.

 

     

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		5.4	Business, Water and Other Taxes – The Tenant shall be liable for and pay to
the competent authorities having jurisdiction or to the Landlord or the Co-owners, as the case may be, all water taxes, Business
Taxes, garbage taxes and all other taxes imposed or levied upon the Premises or the business carried on therein, all other rates
and taxes, present or future, which are or may become payable by the Tenant as tenant or occupant thereof and any and all such
taxes that may be levied upon the Leasehold Improvements in the Premises, notwithstanding any change in the method of calculation,
method of collection or nature of such taxes. For greater certainty, this Section 5.4 shall not be construed so as to render the
Tenant liable for any income, profit, inheritance, succession or transfer taxes or levies or tax on capital or large corporations
tax of the Landlord or the Co-owners.

 

If, by law, regulation or otherwise, business taxes and
water taxes or other similar rates and taxes or taxes upon Tenant’s fixtures, equipment, machinery or upon alterations and/or
improvements are made payable by landlords or proprietors, or if the mode of collecting such taxes and/or rates be so altered as
to make Landlord liable therefor instead of Tenant, Tenant shall pay to Landlord prior to the due date but in any event within
seven (7) days after demand upon Tenant the amount of the charge imposed on Landlord as a result of such change, and shall save
Landlord harmless from any cost or expense in respect thereof.

 

		5.5	Appeal of Business Taxes – The Tenant may appeal the imposition of any taxes,
rates, duties, levies and assessments payable directly by it to the taxing authorities pursuant to Section 5.4 and may postpone
payment thereof to the extent permitted by law if the Tenant is diligently proceeding with an appeal, provided that (i) such postponement
does not render the Development, or any part thereof; subject to sale or forfeiture and does not render the Landlord liable to
prosecution, penalty, fine or other liability and (ii) upon final determination of such appeal, the Tenant promptly pays the amount
determined to be payable.

 

		5.6	Receipts by the Tenant – Whenever requested by the Landlord, the Tenant shall
forthwith upon demand deliver to the Landlord copies of receipts for payment of all Business Taxes and other taxes, rates, duties,
levies and assessments payable by the Tenant under this Article 5 and furnish such other information in connection therewith as
the Landlord may reasonably require.

 

		5.7	Sales Taxes – Notwithstanding any other provision of this Lease, the Tenant
shall pay to the Landlord an amount equal to any and all taxes imposed on the Tenant and required to be remitted by the Landlord
with respect to the Net Rent, Additional Rent or any other amounts payable by the Tenant to the Landlord under this Lease, whether
characterized as a goods and services tax, sales tax, value added tax or otherwise (herein in this Section 5.7 called Tenant’s
Sales Taxes”), it bang the intention of the parties that the Landlord shall be fully reimbursed by the Tenant with respect
to any and all Tenant’s Sales Taxes and Landlord’s Sales Taxes. The amount of Tenant’s Sales Taxes payable to
the Landlord shall be calculated by the Landlord in accordance with applicable legislation and imposed against the amounts due
by the Tenant to the Landlord under the terms of this Lease and shall be paid to the Landlord at the same time as the amounts to
which the Tenant’s Sales Taxes so applied are payable to the Landlord under the terms of this Lease, and the Landlord may
make any estimates necessary for the purpose of such calculations in the same manner as provided in this Lease for payment of Operating
Costs.

 

     

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Notwithstanding any other provision in this Lease to the
contrary, the amounts payable by the Tenant under this Section 5.7 shall be deemed not to be Net Rent or Additional Rent, but the
Landlord shall have all of the same remedies and rights of recovery of such amounts as it has for recovery of Rent under this Lease.

 

		5.8	Surtax – Throughout the Term, the Tenant shall pay its share, as and when due,
and in the manner reasonably determined from time to time by Landlord, of any real estate surtax including, without limitation,
the Surtax on Non-Residential Immovables, which is or may be levied or imposed against or in respect of the Lands or the Development,
or any part thereof. Without limiting the generality of the foregoing, the Landlord may allocate the entirety of such surtaxes
among the tenants of all or any part of the Development based on their respective Proportionate Share.

 

Notwithstanding any contrary provision of this Lease,
it is agreed that any reimbursements or credits of or in respect of Surtax on Non-Residential Immovables for vacant premises shall
be for the sole benefit of the Landlord and the Co-owners. Therefore, the amounts of such reimbursements shall not be deducted
from or otherwise reduce the amount(s) of Surtax on Non-Residential Immoveables which the Tenant would have otherwise paid had
there not been any such credit or reimbursement.

 

		5.9	Operating Costs – Without restricting the generality of its definition, Operating
Costs shall include, without duplication:

 

		5.9.1	all salaries, wages, medical, general welfare benefits (including group life insurance and pension
payments), payroll taxes, workmen’s compensation insurance contributions and unemployment insurance contributions, fringe
benefits, severance pay and termination payments paid to or for all personnel, including supervisory personnel and managers, but
excluding all executive personnel of the Landlord to the extent they are not specifically responsible for the administration of
the Development and all costs of obtaining such personnel in connection with the maintenance, cleaning, repair, operation, administration
or management of the Development or any part of it, and amounts paid to professionals and independent contractors, including any
management companies, for any services provided in connection with the maintenance, cleaning, repair, operation, administration
or management of the Development or any part of it;

 

     

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		5.9.2	costs of providing cleaning, maintenance and repair, elevator and escalator maintenance, security,
supervision, traffic control, janitorial, gardening, landscaping, window cleaning, garbage and waste collection, disposal and recycling,
and snow removal services for the Development;

 

		5.9.3	any business taxes which may be imposed on the Landlord, or its managing agents, by reason of its
operation of the Building, but such business taxes shall not include any income, profit, inheritance, succession or transfer taxes;

 

		5.9.4	expenditures relating to environmental protection or energy conservation measures or programs;

 

		5.9.5	costs of providing electric light and power, fuel, heat, processed air, water, telephone, steam,
gas, sewage disposal and other utilities, costs of replacing building standard electric light fixtures, ballasts, tubes, starters,
lamps, light bulbs and controls (except as chargeable separately to tenants);

 

		5.9.6	costs of all insurance which the Landlord is obligated or permitted to obtain under this Lease
including, without limiting the generality of the foregoing premiums and deductible payments in respect of fire, casualty, liability,
property damage, boiler, loss of rental income;

 

		5.9.7	legal, accounting and auditing fees and expenses of the Development;

 

		5.9.8	all taxes on capital and large corporations tax, or similar or equivalent taxes, being the applicable
amount (as hereinafter defined) of any tax or taxes levied or imposed against the Landlord and the Co-owners of the Development
or any part thereof, by any governmental authority having jurisdiction, be it federal or provincial, which taxes are wholly or
partly computed as a function of the capital employed in respect of the Development or any part thereof as determined for the purposes
of such tax or taxes but, excluding all taxes on income and profits. For the purpose of this paragraph, “applicable amount”
of such tax or taxes means the amount of tax that would be payable if the Development were the only establishment of the Landlord
and the Co-owners on account of such taxes and on the basis of the original cost of the Building, established as at the date of
initial stabilized occupancy.

 

		5.9.9	costs of all non structural repairs and replacements (except if the same are being deprecated according
to the provisions hereinafter set forth) and the costs of structural repairs and structural replacements (other than those directly
related to any inherent structural defect or weakness) including those required to comply with Applicable Laws or the requirements
of the Landlord’s insurers and amortization of the cost of any repairs or replacements not charged in accordance with the
foregoing provisions of this paragraph, which costs of each item of repair or replacement are to be calculated (i) on a straight
line basis over such period the Landlord determines is reasonable having regard to the nature of the repair or replacement or (ii)
fifteen (15) years, whichever is lesser;

 

     

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		5.9.10	the cost of cleaning and maintaining the curtain wall, the surface of any exterior walls and the
roof of the Building (subject to Section 5.10);

 

		5.9.11	depreciation calculated in accordance with generally accepted accounting principles of the costs
of machinery, supplies, tools, equipment, facilities, furniture, furnishings, materials, systems and property used in connection
with the Development or any rentals thereof, including the cost of any additional or replacement equipment required by law or which,
in the reasonable opinion of the Landlord, is for the benefit or safety of the Development and/or the tenants thereof (excluding
the costs of original components of the Building Systems installed as part of the original construction of the Building) (individually
and collectively in this Subsection 5.9.11 called “machinery”) installed in or used in connection with the Building
(except to the extent that the costs are, in accordance with generally accepted accounting principles, charged fully in the Accounting
Period in which they are incurred) as calculated in the case of each item of machinery on a straight line basis over its useful
life or fifteen (15) years, whichever is lesser;

 

		5.9.12	interest on the undepreciated portion of the costs referred to in Subsections 5.9.9 and 5.9.11,
calculated monthly, from the date on which the relevant costs were incurred, at an annual rate of interest that is one percent
(1%) above the Prime Rate in effect on the first day of the Accounting Period in which the relevant costs were incurred (the applicable
rate of interest to be adjusted by the Landlord on the first day of each Accounting Period to the annual rate of interest that
is one percent (1%) above the Prime Rate then in effect);

 

		5.9.13	the fair market rental value (having regard to rent being charged for similar space in the Building,
including Additional Rent for Operating Costs and Real Estate Taxes) of space used by the Landlord in connection with the maintenance,
repair, operation, administration and management of the Building and of space in the Building which may be designated from time
to time by the Landlord for use as a conference center or exercise facility for the use of tenants of the Building;

 

     

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		5.9.14	the administration fee set-out in Subsection 4.2.6;

 

		5.9.15	Landlord’s Sales Tax;

 

		5.9.16	without duplication, amounts payable by the Landlord to the Co-owners under the lease referred
to in Section 20.16 in respect of costs which the Landlord would itself have incurred if the Landlord were the owner of the Development,
including costs of the type described in the foregoing provisions of this Section 5.9;

 

		5.9.17	subject to Sub-section 5.10.12, any costs related to providing security, crowd control, or other
measures resulting from emergencies; and

 

		5.9.18	any expenses, including, without limitation, legal, appraisal, administration and overhead expenses,
incurred by the Landlord in obtaining or attempting to obtain a deduction of or to prevent an increase of any Real Estate Taxes.

 

		5.10	Exclusions from Operating Costs – The following shall be excluded from Operating
Costs:

 

		5.10.1	depreciation of the Development (except as included in Section 5.9 above);

 

		5.10.2	the cost of any structural repairs or structural replacements to the Development to the extent
such costs are directly related to any inherent structural defect or weakness;

 

		5.10.3	debt service costs;

 

		5.10.4	without duplication, net rents payable by the Landlord to the Co-owners under the head lease referred
to in Section 20.16 except for the amounts payable by the lessor thereunder in respect of costs which the Landlord would itself
have incurred if the Landlord were the owner of the Development, including costs of the type described in Section 5.9;

 

		5.10.5	inheritance, succession or transfer taxes or levies, any taxes on income or profits of the Landlord
or the Co-owners, it being understood that taxes on capital and tax on large corporations are not part of such income or profits
taxes or levies;

 

		5.10.6	expenses incurred for work or services performed solely for a particular tenant(s) of the Building
relating to premises leased by such tenant(s) which are not work or services normally supplied or furnished to other tenants of
the Building or included in Operating Costs;

 

     

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		5.10.7	the cost of repairs necessary to remedy faulty workmanship or materials, or errors in the design
of the major Building components;

 

		5.10.8	the cost of replacing the curtain wall, notwithstanding Subsection 5.9.10 of this Lease;

 

		5.10.9	the cost of maintaining, operating, repairing, administering or managing any conference facility
or exercise facility which may, from time to time, be made available by the Landlord for use by the tenants of the Building; the
Tenant shall pay for such facilities on an as-use basis only, unless otherwise agreed to between the parties hereto;

 

		5.10.10	any recycling costs which are recovered by the Landlord from third parties as a result of having
sold recycled refuse;

 

		5.10.11	any land rent payable by the Landlord or the Co-owners pursuant to an emphyteutic or other underlying
ground lease;

 

		5.10.12	any costs related to providing security, crowd control or other emergency measures, arising from
the operation of the Ice Amphitheater, the Bus Terminal, the Metro or the Retail Area;

 

		5.10.13	any amounts recovered under warranties and guarantees;

 

		5.10.14	any business taxes imposed on the Co-owners acting in their capacity as owners;

 

		5.10.15	capital costs arising from major renovations to the Building or the depreciation thereof;

 

		5.10.16	any fines or penalties or damages levied against or payable by, the Landlord, its servants, employees,
agents, contractors, subcontractors, or those for whom the Landlord is in law responsible as a result of their fault or negligence;

 

		5.10.17	any costs or expenses which are attributable to any other tenants in the Building excluding any
coats which are imputed to premises in the Building used by the Landlord in connection with the operation and management of the
Building;

 

     

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		5.10.18	original acquisition, original construction and original landscaping cost or costs of a capital
nature arising from any addition to or of any expansion of the Building or the depreciation thereof;

 

		5.10.19	consultant and professional fees not for the direct benefit of tenants of the Building;

 

		5.10.20	costs of off-site personnel supervising the Building, which costs are not directly attributable
to the operation and the administration of the Building;

 

		5.10.21	any leasing commissions payable in respect of any premises of the Building;

 

		5.10.22	any costs of any Landlord’s work in constructing, preparing or improving any premises for
any tenants of the Building;

 

		5.10.23	any costs or expenses incurred in older to induce a particular tenant to rent space in the Building
(such as assuming former lease obligations for any such tenant, given such tenant an indemnity, leasehold allowance or rent abatement
to induce it to lease, or purchasing of such tenant’s former building);

 

     

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		5.10.24	losses resulting from uncollectible debts in the nature of unpaid rent, taxes and/or operating
expenses (including Net Rent, Real Estate Taxes and Operating Costs) by other tenants;

 

		5.10.25	any advertising and/or publicity costs related to the promotion of the Building;

 

		5.10.26	expenses incurred to supply services and/or maintenance to other tenants of the Building, which
services and maintenance would not be available to the Tenant without additional payment;

 

		5.10.27	any amount paid as salary, bonus or any form of remuneration paid to any person, except to the
extent such person performs work directly in connection with the management and administration of the Building;

 

		5.10.28	any costs or expenses incurred by the Landlord with respect to defaulting tenants in the Building;
and

 

		5.10.29	any costs related to the Parking Areas, the Storage Areas, the Ice Amphitheater, the Metro, the
Bus Terminal or the Retail Areas or related to the Common Areas and Facilities to the extent they serve such areas.

 

		5.11	Deductions from Operating Costs – The following shall be deducted from Operating
Costs as determined pursuant to Section 5.9:

 

		5.11.1	net insurance proceeds received by the Landlord to the extent (but only to the extent) that such
proceeds reimburse the Landlord for costs of repair and replacement which have been charged as Operating Costs; and

 

		5.11.2	net recoveries by the Landlord in respect of warranties or guarantees relating to the construction
of the Building to the extent (but only to the extent) that the repair costs in respect of the work covered by such warranties
or guarantees have been charged as Operating Costs.

 

		5.12	Adjustment of Operating Costs – In computing Operating Costs, if less than
one hundred percent (100%) of the Rentable Area of the Building is completed or occupied during any period for which a computation
must be made, the items of Operating Costs which vary with the extent of the occupancy percentage and/or use of leasable premises
in the Building, (including without limitation, cleaning costs, refuse removal costs and utilities costs) shall be increased to
such an amount as, in the reasonable estimate of the Landlord, would be incurred if one hundred percent (100%) of the Rentable
Area of the Building was occupied during that period. Such adjustment shall not increase the Tenant’s Proportionate Share
of Operating Costs.

 

     

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		5.13	Estimates of Real Estate Taxes and Operating Costs – Without any representation
or guarantee from the Landlord, the Real Estate Taxes and the Operating Costs for the calendar year 1995 are estimated at thirteen
dollars and forty-five cents ($13.45) per square foot of the Rentable Area of the Premises, subject, however, to adjustments by
the Landlord.

 

		5.14	For the sake of clarity, it is agreed that the Tenant shall not be responsible for the payment
of any income, profit, inheritance, succession or transfer taxes or levies, but that the Tenant shall be obliged to pay its Proportionate
Share of the Landlord’s tax on capital and large corporations tax.

 

ARTICLE 6

 

		6	PAYMENT OF MONIES

 

		6.1	Payment of monies – All payments by the Tenant to the Landlord of whatsoever
nature required or contemplated by this Lease shall:

 

		6.1.1	be made when due hereunder at 1000 de La Gauchetière Street West, Montreal, Quebec, Mezzanine
Level or at such other place in Canada as the Landlord may designate to the Tenant;

 

		6.1.2	be applied towards amounts then outstanding hereunder in such manner as the Landlord determines;
and

 

		6.1.3	bear interest daily from the due date, at the rate per annum which is 3% above the Prime Rate.

 

If the Term of the Lease begins on any day of the month
other than the first day, then the Net Rent and Additional Rent for such month shall be prorated and paid on a per diem
basis, based upon the relevant Lease Year or Accounting Period as the case may be.

 

Subject to Section 19.7 hereof, the Tenant agrees to pay
amounts due to the Landlord pursuant to the Lease without demand, compensation, reduction, or deduction whatsoever and regardless
of any claims by the Tenant.

 

ARTICLE 7

 

		7	INTENT OF LEASE

 

		7.1	Net Lease – The Tenant acknowledges and agrees that it is intended that this
Lease be an entirely net lease for the Landlord, except for the Landlord’s income taxes, it being understood that taxes on
capital and tax on large corporations are not part of the Landlord’s income taxes. The Tenant shall alone be responsible
for and pay all costs, charges, impositions and expenses of every nature and kind relating to the Premises and the Tenant’s
share of the Surtax and the Tenant’s Proportionate Share of all costs, charges, impositions and expenses of every nature
and kind relating to the Building, including such as may be incurred by or paid for by the Landlord on the Tenant’s behalf,
save as expressly herein set forth.

 

     

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ARTICLE 8

 

		8	CONTROL AND OPERATION OF DEVELOPMENT BY LANDLORD

 

		8.1	Control and operation of the Development – The Landlord, acting as a prudent
landlord, shall have exclusive control of the Development and its management and operation. The Landlord may, alone or in conjunction
with the Co-owners:

 

		8.1.1	retain contractors and employ all personnel, including supervisory personnel and managers, that
the Landlord consider necessary for the effective maintenance, repair, operation, administration or management of the Development;

 

		8.1.2	temporarily obstruct or close off parts of the Development for the purpose of maintenance, repair,
replacement or construction of any component or phase of Development;

 

		8.1.3	make, modify and terminate agreements pertaining to the use, maintenance, repair, operation, administration
and management of all or any part of the Development including the Municipal Agreements and agreements with the Co-owners; and

 

		8.1.4	do and perform such other acts in and to the Development or its component parts as the Landlord
determines to be advisable for the proper and efficient operation of the Development.

 

		8.2	Right to Use Common Areas and Facilities – The Tenant shall be entitled, subject
to the terms of the Lease, to the non-exclusive use of the Common Areas and Facilities.

 

		8.3	Landlords’ Alterations – At any time, the Landlord may, acting as a prudent
landlord, alone or in conjunction with the Co-owners:

 

		8.3.1	dedicate or convey portions of the Development to a governmental or public authority or other Person
and grant servitudes, rights-of-way, restrictive covenants or other interests in the Development and impose any charge with respect
to the Development; and

 

		8.3.2	construct in or adjacent to the Development such improvements as it deems appropriate in its absolute
discretion and make alterations or additions to the Premises (to the extent permitted under the terms and conditions set forth
in Article 18 hereof) and the Common Areas and Facilities, or permit any such action to be taken.

 

     

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		8.4	No Liability. Neither the exercise by the Landlord of its rights under this Article
8 nor any loss of enjoyment, noise, dust, vibration, reasonable amount of annoyance, or other consequences of repairs, maintenance,
construction, alteration, expansion, reduction or reconstruction from time to time of the various parts or components of the Development
or of improvements on adjoining properties shall entitle the Tenant to any reduction in Rent, result in any liability of the Landlord
to the Tenant or in any other way affect this Lease or the Tenant’s obligations hereunder, or be deemed a constructive or
actual eviction or a breach of any obligation of the Landlord for peaceable enjoyment contained in this Lease or constitute grounds
for cancellation or termination of this Lease by the Tenant or for claim in damages, whether contractual or extra-contractual.
However the Landlord shall act reasonably and diligently in effecting repairs, maintenance, construction, alteration, expansion,
reduction or reconstruction.

 

ARTICLE 9

 

		9	HVAC, UTILITIES AND OTHER SERVICES

 

		9.1	Heating, Ventilation and Air-Conditioning

 

		9.1.1	Subject to the following provisions, the Landlord shall provide and operate, during Business Hours,
by means of equipment and systems, processed air in such quantities and at such temperatures as shall maintain in the Premises
conditions of reasonable temperature and comfort as set-out in paragraphs 9.1.1.1 and 9.1.1.2 below.

 

The Landlord warrants to the Tenant that the ventilation
and air conditioning system serving the perimeter areas of the Building which form part of the Premises shall operate twenty-four
(24) hours per day, seven (7) days per week, and that the cost of same is included in Operating Costs. The central system, which
serves the central zones of the Building, shall operate during Business Hours, and the cost of such operations is included in Operating
Costs. Should the Tenant request the central zones of the Premises to be ventilated and air-conditioned outside of Business Hours,
then the Tenant shall pay an hourly rate of fifty dollars ($50.00) per floor affected by said off-hours operations. Such rate shall
increase by the same percentage as any increases in the commercial rate charged by Hydro-Quebec from time to time, after May 1,
1993.

 

Subject to causes beyond the Landlord’s reasonable
control and the provisions hereof; the Landlord shall, at all times when the Landlord is obliged to do so in accordance herewith,
maintain in the Premises, the following range of temperatures and relative humidity levels:

 

     

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		9.1.1.1	during the cooling cycle - The interior
temperature should be maintained at 32o Celsius (72o Fahrenheit) (+/-2o F) with a maximum of fifty percent (50%)
relative humidity level as long as the outside temperature does not exceed eighty-six degrees Fahrenheit (86oF) during other
hours. Above this temperature of 86oF, the system will maintain a differential of fifteen degrees Fahrenheit (15oF) between
the outside and inside temperature at an average humidity of fifty-five percent (55%). After operating hours, the interior temperature
should be maintained at seventy-four degrees Fahrenheit (74oF) (+/-2oF). The interior relative humidity will fluctuate
in accordance with the conditions of the exterior temperature; and

 

		9.1.1.2	during the heating cycle – The interior temperature should be maintained at
32o Celsius (72o Fahrenheit) (+/-2oF) with a maximum of thirty percent (30%) relative humidity level in all climate
conditions.

 

The obligations of the Landlord hereinabove shall be conditional
upon the Tenant keeping all exterior windows closed at all times, the blinds fully drawn on all windows exposed to the sun during
the cooling cycle, keeping all registers free from obstruction so as to permit proper circulation of air, and otherwise not overcrowding
the Premises with people and electrical equipment.

 

		9.1.2	The Landlord shall not be responsible for inadequate performance of the HVAC System:

 

(i) to the extent caused by any misuse, omission or negligent
act of the Tenant, its employees, representatives or agents or to any construction, modification, improvement or installation done
by or on behalf of the Tenant, the production by the Tenant of smoke, odors or contaminated air;

 

(ii) if the occupancy rate of the Premises exceeds one
person to every 150 square feet of Rentable Area of the Premises on an open floor basis, or

 

(iii) if the Tenant does not keep the heating, ventilation
or air-conditioning vents or air returns free and clear of all obstructions.

 

The Landlord shall not be liable for direct, indirect
or consequential damages or damages for persona] discomfort of the Tenant’s employees, or servants, guests, clients or customers
by reason of the operation or non operation of the HVAC system that is caused or is the result of circumstances or events contemplated
in paragraphs (i), (ii) and (iii) of this Section, nor shall Rent abate during any such non operation. The Tenant acknowledges
that it may take up to twelve (12) months from the Commencement Date to properly balance the heating, ventilating and air-conditioning.

 

     

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		9.1.3	In the event the Tenant has made changes or alterations in or to the Premises without the Landlord’s
prior written consent, and if required by the Landlord, the interior office layout or partitioning of the Premises shall be modified
by the Tenant, in order to secure maximum efficiency of the HVAC System serving the Premises. At all times during the Term and
any renewal thereof, the Tenant shall comply with all the Rules and Regulations pertaining to the operation and regulation of the
HVAC System within and serving the Premises, failing which the Landlord, after having given the Tenant at least five (5) days prior
written notice of its intention, shall be entitled to take such steps as it deems advisable including, without limitation, entering
upon the Premises and taking the necessary corrective action, and the Tenant will pay to the Landlord all costs incurred by the
Landlord in so doing.

 

		9.2	Electricity and Other Utilities

 

		9.2.1	The Landlord will, subject to interruptions beyond its control, provide the Tenant electricity,
water, sewage disposal and other utility services serving the Development. Such service will be provided in such quantities required
for normal use for office tenants in the Building and shall be charged to the Tenant as Additional Rent. The Tenant shall not in
any event overload the capacity of any such service. The Tenant shall not bring onto the Premises any installations, appliances
or business machines which are likely to consume significant amounts of electricity or other utilities or which require special
venting without the prior written consent of the Landlord which shall not be unreasonably withheld.

 

		9.2.2	The Landlord shall, at the Tenant’s expense, replace building standard and, at the Tenant’s
specific written request and expense, non-standard electric light fixtures, ballasts, tubes, starters, lamps, light bulbs and controls
in the Premises.

 

		9.2.3	The cost of all utilities supplied to, used or consumed in respect of the Common Areas and Facilities
will form part of Operating Costs.

 

		9.2.4	For purposes of information only and without any guarantee or representation from the Landlord,
the cost of the electricity consumed in the Premises is estimated for the calendar year 1992 at eighty cents ($0.80) per square
foot of the Rentable Area of the Premises, subject, however, to adjustments. In no event shall the cost of electricity exceed the
actual amount charged to the Landlord by Hydro-Québec or any other entity in replacement thereof.

 

     

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		9.3	Special Utilities and Excess Quantities -
If the Tenant requests electricity, water, interior climate control or other utility services of a type or in quantities that exceed
normal use from the standard provision of services to office tenants in the Building, the Landlord may supply such special utilities
or excess quantities if the Landlord determines, in its sole discretion, that the provision of such special utilities or excess
quantities is within the capacity of the Building Systems, would not adversely affect the operation, aesthetics or structure of
any part of the Development, would not reduce the efficiency of the existing utility services supplied to other tenants or parts
of the Development and is otherwise feasible. The Tenant will pay to the Landlord all costs of providing such special utilities
or excess quantities. Such costs shall be determined by the Landlord and the Landlord may use an Expert to assist it in determining
such costs. The Landlord may discontinue the provision of any such special utilities or excess quantities at any time if this becomes
necessary to maintain or provide an equitable standard of service to all tenants or parts of the Development.

 

		9.4	Meters – The Tenant covenants to pay for the capital costs and the costs of
installation and maintenance of any and all meters which may be reasonably required, in the Premises for the purpose of determining
and measuring any utility (including electricity and water) consumed in the Premises.

 

		9.5	Janitorial Services - The Landlord shall
provide janitorial services to the Premises and shall, at the Tenant’s expense, clean and maintain all curtains, carpets,
rugs or drapes of any kind in the Premises. The Landlord will endeavor to obtain bonded janitorial staff, if generally available,
provided that in no event unless negligent will the Landlord be liable for any act or omission of any Person employed or engaged
by the Landlord to provide such services, or for any loss thereby sustained by the Tenant, its agents, officers, employees, customers,
guests, licensees or any other Person who may be upon the Premises. The Tenant shall not engage any Person to provide janitorial
services to the Premises without the written approval of the Landlord. The Tenant shall grant access necessary for the performance
of the janitorial services and shall leave the Premises in a reasonably tidy condition at the end of each day to permit the performance
of such services.

 

		9.6	Additional Services of the Landlord - The
Tenant shall pay to the Landlord the costs of all services provided, at the Tenant’s request, by the Landlord or its agent
to the Tenant, other than services supplied by the Landlord and charged as Operating Costs. Such services shall be reasonable in
the circumstances and shall be competitive with those charged by other landlords of similar buildings in downtown Montreal and
shall include, without limitation:

 

		9.6.1	services performed at the Tenant’s request including, without limitation, heating, ventilating
and air-conditioning services exceeding normal use or replacement of standard or non-standard electric light fixtures, ballasts,
tubes, starters, lamps, light bulbs and controls, special utilities or excess quantities of utilities, maintenance, repair, special
janitorial or cleaning services, construction after the Commencement Date of Leasehold Improvements (except ax provided in the
Lease), and electrical or other services provided exceeding normal use;

 

     

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		9.6.2	services provided at the Landlord’s reasonable discretion including, without limitation,
supervising and approving any work performed pursuant to Article 11 (at the cost provided in Subsection 11.3.1 under the title
Management and supervision fees), operating elevators for the sole benefit of the Tenant and supervising the movement of
furniture, equipment, freight and supplies for the Tenant; and

 

		9.6.3	the performance by the Landlord for the account of the Tenant of one or the other of the Tenant’s
obligations set forth herein and for which the Tenant is in default; nothing herein shall, however, oblige the Landlord to perform
any such obligations.

 

Notwithstanding the foregoing, the Tenant agrees to pay
all other costs and expenses which are its responsibility under this Lease and which are related, in some way or another, to the
services hereinabove described.

 

		9.7	Services by Other Persons - The Tenant shall
be solely responsible for obtaining all services used or consumed in or provided to the Premises by Persons other than the Landlord,
including, without limitation, telephone and other communications services, and shall pay all costs related thereto. In no event
will the Landlord, unless negligent, be responsible for any failure or interruption in the supply of such services by Persons other
than the Landlord.

 

		9.8	Signs – The Tenant shall provide the Landlord with the Tenant’s corporate
signage conforming to Development standards (which signage shall be approved in writing by the Landlord) which the Landlord will
install, at the Tenant’s expense, at a location in proximity to those entrances to the Promises designated by the Tenant
and approved by the Landlord and which shall also be installed in the elevators identifying the floors where the Premises are situated.
Save as permitted as aforesaid, the Tenant shall not erect, affix, install or maintain signs, lettering, identification or any
promotional or other written materials visible from the exterior of the Building or from any interior Common Areas and Facilities.
If any signs, lettering, identification or any promotional or other written materials shall be used, painted or affixed by the
Tenant on or to any part of the Building or of the Development, except as aforesaid, then the Landlord or its agents shall be at
liberty to remove any such signs, lettering, identification or any promotional or other written materials and, if necessary, to
enter the Premises for such purpose, and the Landlord’s costs and expenses of so doing and the cost of repairing any damages
resulting therefrom, together with an administration fee of fifteen percent (15%) of such costs and expenses, shall be payable
by the Tenant to the Landlord as Additional Rent.

 

     

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		9.9	Identification - Provided the Tenant is
not in default pursuant to the Lease or, if in default, any period provided for remedying such default has not expired, and further
provided the Tenant has not sublet more than ten thousand (10,000) square feet in Space “A” or assigned the Lease to
any third party, whether or not an Affiliate of the Tenant and subject to compliance with all applicable by-laws of the City of
Montreal, the Tenant shall be entitled to place its corporate name on one (1) position of the Building’s shared exterior
monument. Such signage shall be installed by the Landlord at the Tenant’s expense, after same has been approved in writing
by the Landlord, and shall conform to the Landlord’s standards. The Landlord further agrees to use all of its reasonable
efforts to offer the Tenant a position on the exterior monument which is satisfactory to the Tenant. It is expressly understood
that nothing contained in this Section 9.9 shall be deemed as an obligation on the part of the Tenant to have signage on said exterior
monument. In addition to the foregoing, should the Tenant decide that it does not wish to avail itself of this signage right during
the first twelve (12) months of the Term, or should the Tenant wish to have its name removed from the exterior monument, then the
Tenant shall be deemed to have renounced its rights pursuant to this clause and the Landlord shall have no further obligations
with respect to the granting of such signage.

 

		9.10	Naming Rights - Provided the Tenant is not
in default pursuant to the Lease or, if in default, any period provided for remedying such default has not expired and further
provided the Tenant and its affiliates at all times occupy at least seventy-five (75) percent of Space “A”, the Landlord
agrees not to name the Building after any third party whose principal line of business is telecommunications. Notwithstanding the
foregoing, nothing contained herein shall be deemed to limit or restrict, in any way, the Landlord’s right to lease space
in the Building to any third party whose principal line of business is telecommunications.

 

		9.11	Directory Board - The Landlord shall install
an electronic directory board in the lobby of the Building identifying tenants of space in the Building and said directory board
shall, at all times, be of a type which is befitting of similar first-class buildings of comparable age in downtown Montreal. At
the time the Tenant takes occupancy of the Premises, the Landlord shall place, at no expense to the Tenant, the name of the Tenant
onto such directory in a form and style conforming to Building standards.

 

		9.12	Energy Conservation - The Tenant shall comply
with any practices or procedures that the Landlord, at its option or as required by any governmental or public authority, may from
time to time introduce to conserve or to reduce consumption of energy or to reduce or control other Operating Costs in accordance
with governmental regulation or guidelines and shall pay as Additional Rent, forthwith upon demand, the cost of the additional
energy consumed by reason of non-compliance as determined by the Landlord and the Landlord may use an Expert to assist it in making
such determination. The Tenant shall also, within the period of time specified by the Landlord, convert to whatever system or units
of measurement of energy consumption the Landlord may, at its sole discretion, from time to time adopt.

 

     

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		9.13	Services Not Supplied – In no event shall the Landlord be responsible for any
interruption in the furnishing of any service or additional service whatsoever, nor shall there be any compensation, diminution
or abatement of Rent as a result thereof except for fault of Landlord or Landlord’s agent or employee. The Landlord reserves
the right to stop the use or supply of any services when made necessary by reason of accident or malfunction or during any repairs,
improvements or alterations thereto which the Landlord may deem necessary or desirable, upon not less than forty-eight (48) hours
prior written notice, except in cases of emergency. No such stoppage, however, shall substantially interfere with the use and enjoyment
of the Premises. In addition, the Landlord shall reinstate such use and supply with all reasonable diligence.

 

ARTICLE 10

 

		10	USE OF PREMISES

 

		10.1	Permitted Business - The Premises shall
be used for the purpose of first-class office accommodations and for no other purpose whatsoever, it bring understood that such
use shall not in any way conflict with the prohibitions set forth herein nor with any prior right of exclusivity granted to other
tenants of the Building.

 

		10.2	Prohibited Activities by Tenant – The Tenant acknowledges and agrees that it
shall conduct its business in the Premises as a prudent tenant. Without limiting the generality of the foregoing, the Tenant will
not use or permit or suffer the use of the Premises, or any part thereof, for any of the following businesses or activities:

 

		10.2.1	any business which, because of the merchandising methods or quality or operation likely to be used,
would, in the reasonable opinion of the Landlord, tend to lower the character of the Building;

 

		10.2.2	any illegal or fraudulent practice;

 

		10.2.3	subject to the last paragraph of this Section 10.2, any business or activity in respect of which
the Landlord has previously granted a “non-competition” or “exclusive” provision in other leases or offers
to lease entered into by the Landlord and the Landlord has given the Tenant written notice of such provisions. Upon receipt of
such notice from the Landlord, the Tenant shall immediately discontinue such use, failing which the Landlord shall have the right
to terminate this Lease by written notice, without prejudice to any of its other rights and recourses. The Tenant agrees to indemnify
and save the Landlord harmless against and from any actions or claims and for all costs and expenses in connection therewith; or

 

     

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		10.2.4	any business or activity which constitutes a nuisance or which is offensive or an annoyance to
the Landlord or other occupants of the Development,

 

Notwithstanding anything to the contrary contained in
this Article 10, it is agreed that any exclusivity granted to other tenants of the Building shall not, in any way, limit or affect
the permitted use of any part of the premises located on the 11th, 12th, 13th, 36th, 37th, 38th and 39th floors of the Building
(or any premises in which the Tenant or any of its Affiliates is relocated by the Landlord in accordance with the Lease) by the
Tenant or any of its Affiliates. It is expressly agreed, however, that in no event shall the Tenant be permitted to use the Premises
for the purposes of any deposit taking activities. The Landlord furthermore warrants that, as of the Commencement Date, there is
no existing exclusivity restricting the Tenant’s present business activities on any of the Tenant’s floors or on any
floors upon which the Tenant has been granted expansion rights and that it will not grant any such exclusivity in the future without
the Tenant’s prior written consent.

 

		10.3	Compliance with Applicable Laws – The Tenant shall, at its sole cost and expense,
promptly comply with and conform to all Applicable Lows affecting the Premises or the Leasehold Improvements therein. If any obligation
to modify, extend, alter or replace any part of the Premises or any Leasehold Improvement, trade fixtures, furniture or equipment
in the Premises is imposed upon the Landlord, the Landlord may at its option either do the necessary work, at the expense of the
Tenant, or forthwith give notice to the Tenant to do such work within the requisite period of time and the Tenant shall thereupon
do such work within the requisite period of time. The Tenant shall pay to the Landlord, forthwith upon demand, the costs of any
work done by the Landlord together with an administration fee in accordance with the following:

 

		10.3.1	where the total cost of the work is ONE HUNDRED THOUSAND DOLLARS ($100,000.00) or less, fifteen
percent (15%) of the cost;

 

		10.3.2	where the total cost of the work is more than ONE HUNDRED THOUSAND DOLLARS ($100,000.00) and less
than TWO HUNDRED THOUSAND DOLLARS ($200,000.00), ten percent (10%) of said cost; and

 

		10.3.3	where the total cost of the work is TWO HUNDRED THOUSAND DOLLARS ($200,000.00) or more, seven and
one half percent (7 1/2%) of said cost.

 

Without limiting the generality of the foregoing, the
Tenant shall comply with the requirements of any authorities having jurisdiction to obtain a permit or licence in order for the
Tenant to perform any such work in the Premises as permitted by Article 10 hereof. The Landlord warrants that, as of the Commencement
Date, the Premises and the Leasehold Improvements therein comply with Applicable Laws.

 

     

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		10.4	Compliance with Rules and Regulations – The Tenant shall comply and cause every
Person over whom it has control to comply with the Rules and Regulations. The Landlord shall have the right during the Term to
make any and all reasonable amendments, deletions or additions to such Rules and Regulations. The Rules and Regulations, together
with any amendments of which notice shall have been given to the Tenant, shall be deemed to be part of this Lease, provided that,
in the event of a conflict with any other provisions of this Lease, the other provisions of this Lease shall govern. The Landlord
shall not be liable towards the Tenant for damages resulting from the failure by other tenants in the Building to comply with the
Rules and Regulations. The Landlord shall apply the Rules and Regulations in a non-discriminatory manner.

 

		10.5	Disfiguration, Overloading, Dangerous Materials – The Tenant shall not commit,
do or suffer any waste, damage, disfiguration or injury to the Premises and shall not permit or suffer any overloading of the floors
thereof or the bringing into any part of the Development, including the Premises, of any articles or fixtures that by reason of
their weight, use or size might damage or endanger the structure or any of the Building Systems.

 

In addition, the Tenant shall not bring into or store
in the Premises any inflammable liquid or dangerous or explosive materials. Furthermore, the Tenant warrants that it will not store
in the Premises: cleaners, solvents or other chemicals or any other matter which may be considered as pollutants or contaminants
or as hazardous wastes under any Applicable Laws. The Tenant shall indemnify and hold the Landlord harmless from all losses, liabilities,
damages, costs, expenses and claims of any kind whatsoever resulting from any breach of the foregoing obligation, including, without
limitation, any seepage, spillage, discharge or misuse of any cleaner, solvent or chemical, pollutant, contaminant or hazardous
waste and hereby undertakes to immediately repair any such damage at its expense and to restore the Premises, the Building or the
Development or any portion thereof damaged by such seepage, spillage, discharge, misuse or other cause, to their original condition,
less ordinary wear and tear,

 

		10.6	Tenant’s Continuous Operation - Subject
to Unavoidable Delay and to the Tenant’s right to sublet the Premises, the Tenant shall operate continuously in the Premises,
throughout the Term.

 

However, in respect to Spaces “A” to “F”
inclusively, after the earlier of (i) ninety-five percent (95%) initial lease-up of the office portion of the Building (on
the basis of rentable area) or (ii) in each case, the end of the second year of the Term for each of Spaces “A”
to “F” inclusively, and provided the Tenant is not then in default under the Lease and provided the Tenant meets its
financial obligations herein, the Tenant shall not be required to operate its business in Spaces “A” to “F”
inclusively.

 

     

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		10.7	Window Coverings – The Tenant will comply with the Landlord’s scheme
of building standard window covers for the windows of the Development and will not use any drapes or curtains other than those
approved in writing by the Landlord. The Tenant shall abide by any reasonable regulation as to the use or manner of operation of
said covers.

 

		10.8	Remedial Action – If the Tenant is in breach of any of the provisions of this
Article 10, the Landlord, upon giving the Tenant reasonable notice (provided that such notice period shall not exceed ten (10)
days and that no notice shall be required in the event of an emergency), may, in addition to any other remedies that it may have
hereunder, enter upon the Premises and take such remedial action as it deems necessary to remedy the breach and repair any damage
caused thereby and the Tenant shall pay to the Landlord, forthwith upon demand, the Landlord’s costs incurred in connection
therewith together with an administration fee equal to fifteen percent (15%) of such costs, as Additional Rent, the whole without
the Landlord being considered guilty of trespassing or becoming subject to any prosecution or becoming liable for any loss or damage
which may be occasioned thereby notwithstanding any statute or law to the contrary.

 

ARTICLE 11

 

		11	MAINTENANCE, REPAIR AND ALTERATIONS

 

		11.1	Maintenance by Landlord

 

		11.1.1	Subject to Article 14, the Landlord shall at all times throughout the Term, but subject to the
provisions of this Article, effect, at its cost, all structural repairs and structural replacements to the Building. Throughout
the Term, the Landlord shall, subject to Unavoidable Delay, and subject to the obligations of the Tenant to repair pursuant to
this Lease and of other tenants of the Building to repair pursuant to their respective leases and the provisions of this Article,
see that the Building including, but not limited to, the drains, plumbing, heating, air-conditioning, washrooms, elevators, duets,
telephone closets, janitors closets, stairways, lighting of public areas, electrical and security systems, if any, shall be in
good and substantial state of repair and in good working order (subject to normal wear and tear).

 

		11.1.2	If any repairs or any alterations to the Development or Building Systems are requited by any Applicable
Laws solely due to the business carried on by the Tenant, then the full cost of such repairs or alterations shall be paid by the
Tenant, forthwith upon demand, to the Landlord. In carrying out repairs, maintenance or replacements, the Landlord need not use
the same material or equipment used originally.

 

     

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		11.1.3	If the Tenant fails to carry out any maintenance, repairs or work required to be carried out by
it under this Lease to the reasonable satisfaction of the Landlord, the Landlord may at its option upon giving the Tenant reasonable
notice (provided that such notice period shall not exceed live (5) days and that no notice shall be required in the event of an
emergency) carry out such maintenance, repairs or work without any liability for any resulting damage to the Tenant’s property
or business, except for those resulting from the Landlord’s fault or negligence. The costs incurred by the Landlord to carry
out any such maintenance, repairs or work shall be payable by the Tenant to the Landlord on demand, together with an administrative
fee equal to fifteen percent (15%) of such costs, as Additional Rent.

 

		11.2	Maintenance by Tenant – The Tenant shall, at its sole cost, maintain and repair
the Premises and all Leasehold Improvements therein to a standard consistent with a first class office building, with the exception
only of those repairs which are the obligation of the Landlord under this Lease and the Tenant shall make all needed repairs and
replacements thereto, the whole with due diligence and dispatch. The Landlord, upon a 24-hour notice (except in the ease of an
emergency in which event no notice shall be required), may enter the Premises at all reasonable hours to view their condition and
the Tenant shall maintain and repair to the extent of its obligations, according to notice in writing from the Landlord.

 

		11.3	Tenant’s Alterations

 

		11.3.1	After completion of the Tenant’s Leasehold Improvements, the Tenant shall not without the
prior written approval of the Landlord, make any alterations, additions, improvements, repairs or replacements to the Premises.
However, the approval of the Landlord shall not be required in connection with decorating and housekeeping in the Premises. The
Tenant shall not be required to pay any administration fees with respect to plans which are prepared by the Landlord’s engineers.
The Tenant shall, at the time of its application for such consent, provide such plans, specifications and designs in such detail
as the Landlord may reasonably require. Subject to the foregoing, the Tenant shall pay as Additional Rent, forthwith upon demand,
direct costs incurred by the Landlord in connection with the examination by professionals of such application, plans, specifications
and designs.

 

The Tenant shall incorporate the reasonable changes required
by the Landlord into such plans, specifications and designs and resubmit them for approval. The Tenant shall not apply for a building
permit prior to receiving the Landlord’s prior written approval of the plans, specifications and designs.

 

     

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Management and supervision fees – If, under
circumstances other than those contemplated under Section 10.4, the Tenant wishes to make alterations, additions, repairs, improvements
or replacements to the Premises at any time after the completion of the initial Leasehold Improvements, the Tenant may, at its
discretion, either request the Landlord to act as project manager to coordinate and supervise all work performed, or the Tenant
may itself carry out, or mandate a third party to carry out, said work in accordance with the provisions of this Section 11.3,

 

Should the Landlord be requested to act as project manager,
the Tenant shall pay the Landlord a fee for performing such duties in accordance with the following:

 

		11.3.1.1	where the total cost of the work is ONE HUNDRED THOUSAND DOLLARS ($100,000.00) or less, fifteen
percent (15%) of the cost;

 

		11.3.1.2	where the total cost of the work is more than ONE HUNDRED THOUSAND DOLLARS ($100,000.00) and less
than TWO HUNDRED THOUSAND DOLLARS ($200,000.00), ten percent (10%) of said cost; and

 

		11.3.1.3	where the total cost of the work is TWO HUNDRED THOUSAND DOLLARS ($200,000.00) or more, seven and
one half percent (7 1/2%) of said cost.

 

Should the Tenant elect to carry out its own alterations
and/or improvements, the Tenant shall pay the Landlord a fee equal to seven and one half percent (7 1/2%) of the cost of said work.

 

		11.3.2	All the Tenant’s alterations, additions, improvements, repairs and replacements after the
completion of the Tenant’s Leasehold Improvements shall be performed;

 

		11.3.2.1	at the sole cost of the Tenant;

 

		11.3.2.2	by contractors and workmen approved by the Landlord, provided that if the alterations, improvements,
repairs or replacements would affect any of the structural components of the Building or of the Development, exterior walls or
roofs of the Building or any of the Building Systems or the status of any warranties on such systems or the aesthetics of the Building
or are installed outside of the Premises or are within the Premises but are part of the Common Areas and Facilities, such work
shall, at the option of the Landlord, be performed at the Tenant’s cost by the Landlord or by contractors and workmen designated
by the Landlord in its sole discretion provided the cost quoted by such contractors is competitive;

 

     

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		11.3.2.3	in a good and workmanlike manner;

 

		11.3.2.4	in accordance with the plans, specifications and designs approved by the Landlord at the cost of
the Tenant;

 

		11.3.2.5	in accordance with all Applicable Laws and reasonable requirements of the Landlord’s insurers;

 

		11.3.2.6	subject to the regulation, supervision, control and inspection of the Landlord; and

 

		11.3.2.7	subject to such indemnification against legal hypothecs and expenses as the Landlord may require.

 

		11.3.3	If the Tenant contravenes the provisions of Article 11 hereof, the Tenant shall be liable to the
Landlord for any damages or injury caused to the Development or any part thereof or for the voiding of any warranties affecting
systems or components of the Development or any work required to remedy such act.

 

		11.4	Repair Where Tenant at Fault – Notwithstanding any other provisions of the
Lease, if any part of the Building Systems or any part of the Development is damaged or destroyed or requires repair, replacement
or alteration as a result of the act or omission of the Tenant, its employees, agents, contractors, guests, licensees or other
Person for whom it is in law responsible, the Tenant shall reimburse to the Landlord, forthwith upon demand, the cost of the resulting
repairs or alterations, together with an administrative fee equal to fifteen percent (15%) of such costs as additional rent, except
where the risk is insured.

 

		11.5	Removal of Improvements and Fixtures – Upon the expiration or earlier termination
of the Lease or any renewal thereof, the Tenant shall surrender the Premises to the Landlord in as good a condition and repair
as the Tenant is required to maintain throughout the Term but shall not remove nor be obliged to remove any of the Leasehold Improvements,
which Leasehold Improvements shall be deemed to have become the property of the Landlord without any compensation therefor. Provided
the Tenant is not then in default pursuant to the Lease, upon termination of the Term or any renewal thereof, the Tenant may, at
its expense, remove from the Premises any moveables which are the property of the Tenant and the Tenant agrees to repair all damages
to the Premises as a result of such removal. Should the Tenant not effect the aforesaid repair, the Landlord shall be entitled
to effect such repairs and the Tenant shall be obliged to pay to the Landlord all costs and expenses incurred by the Landlord in
respect thereof, together with an administrative fee equal to fifteen percent (15%) of such costs and expenses, such obligations
surviving the termination of this Lease.

 

     

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		11.6	Privileges – The Tenant shall promptly pay for all materials supplied and work
done in respect of the Premises so as to ensure that no privilege is registered against any portion of the Development. If a privilege
is registered against the Development or any part thereof as a result of work or services performed by or on behalf of the Tenant
or as a result of any materials supplied to the Tenant, then, in such event and in addition to any other right or remedy of the
Landlord, the Landlord, subject to the next following sentence of this Section 11.6, may, but shall not be obliged to, on not less
than ten (10) days prior written notice to the Tenant, discharge the same by paying the amount claimed directly to the Secured
Creditor and the amount thus disbursed and all expenses of the Landlord including legal fees shall become immediately due and payable
by the Tenant to the Landlord, as Additional Rent. Notwithstanding the foregoing, the Tenant may contest the validity or amount
of any such privilege, provided it is effected in good faith and with due diligence and provided further that the Tenant gives
to the Landlord security in the amount and of the nature determined by the Landlord, the whole subject to the consent and any and
all requirements of the Secured Creditor. The Tenant agrees to indemnify the Landlord against all claims, demands, losses, damages,
privileges, lawsuits or other proceedings by whomsoever made and of whatever nature, and with respect to all costs and expenses
incurred by the Landlord in any proceedings brought by anyone against the Landlord alone, or with others, or against the Development,
or taken by the Landlord for or in respect of the work, labour, services or material, supplied to or for the Tenant.

 

		11.7	Notice to Landlord – The Tenant shall promptly notify the Landlord of any accident,
defect, damage or deficiency which occurs or exists or any repair required in any part of the Premises, the Building Systems within
the Premises or the Common Areas and Facilities located on the floor(s) on which the Premises are located and which comes to the
attention of the Tenant.

 

		11.8	No Encumbrances on Leasehold Improvements, Equipment and Trade Fixtures – All
equipment and trade fixtures which have been installed by the Tenant upon the Premises shall be owned by the Tenant. The Tenant
shall not pledge, encumber or hypothecate the Leasehold Improvements or its equipment trade fixtures or inventory.

 

ARTICLE 12

 

		12	INSURANCE, LIABILiTy AND INDEMNITY

 

		12.1	Tenant’s Insurance – The Tenant shall effect and maintain during the
Term:

 

		12.1.1	“all risk” insurance upon all property owned by the Tenant or for which the Tenant
is legally liable, or installed by or on behalf of the Tenant and which is located in the Premises including, without limitation,
Leasehold Improvements, trade fixtures, furniture and equipment in the Premises in an amount not less than the full replacement
cost thereof;

 

     

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		12.1.2	when applicable, broad form boiler and machinery insurance on a blanket repair and replacement
basis with limits for each accident in an amount not less than the full replacement value plus costs related to the replacement
of all property outlined in Subsection 12.1.1 and of all boilers, pressure vessels, heating, ventilating and air-conditioning equipment
and miscellaneous electrical apparatus owned or operated by the Tenant or by others (other than the Landlord) on behalf of the
Tenant in the Premises, or relating to or serving the Premises;

 

		12.1.3	comprehensive general liability insurance, including, but not limited to, public liability, bodily
injury (including death), personal injury liability, property damage, contractual liability, non-owned automobile liability and
contractor’s protective insurance coverage, all on an occurrence basis with respect to the use, occupancy, activities or
things on the Premises and with respect to the use and occupancy of any other part of the Development by the Tenant or any of its
employees, agents, contractors or persons for whom the Tenant is in law responsible, with coverage in an amount not less than five
million dollars ($5,000,000) for each occurrence or such higher amounts as the Landlord may reasonably require and as shall be
required by prudent landlords of first-class office buildings in downtown Montreal;

 

		12.1.4	business interruption insurance for a minimum period of twenty-four (24) months in an amount that
will reimburse the Tenant for direct or indirect loss of earnings and extra expense attributable to all perils insured against
in Subsections 12.1.1 to 12.1.3 or attributable to prevention of access to the Premises or the Development as a result of any of
such perils including, but not limited to the cost of moving in and out of alternative premises, and Additional Rent;

 

		12.1.5	“all risk” tenant legal liability insurance in amounts not less than the full replacement
cost of the Premises; and

 

		12.1.6	any other form of insurance that the Landlord or any Secured Creditor may reasonably requite from
time to time in form, amounts and for insurance risks acceptable to the Landlord, acting reasonably and which are generally requited
by prudent landlords of first-class office buildings in downtown Montreal, and any Secured Creditor.

 

		12.2	Intent – The intent of Section 12.1 is to guarantee that the Tenant insures
the Premises, the business activities, any equipment, accessory and all persons making use of the Premises. These insurances by
the Tenant shall always be primary in any occurrence and the Landlord’s insurance contained in Section 12.4 be secondary;

 

     

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		12.3	Form and Scope of Policies

 

		12.3.1	Within five (5) days prior to the Commencement Date, and no later than thirty (30) days from the
end of the Fixturing Period, the Tenant shall verbally inform the Landlord of its insurers. The Tenant shall provide to the Landlord
with certificates evidencing such insurance.

 

Each policy requited pursuant to Section 12.1 shall be
in form and with insurers acceptable to the Landlord, acting reasonably, and shall contain the standard mortgage clause as may
be required by the Secured Creditor. The insurance described in Subsections 12.1.1, 12.1.2 and 12.1.4 shall name as an additional
insured the Landlord, the Co-owners and, if required by the Secured Creditor, the Secured Creditor and anyone else with an insurable
interest in the Development from time to time designated in writing by the Landlord. All policies shall contain, as applicable,
provisions for cross-liability and severability of interests as between the Co-owners, the Landlord and the Tenant, and a waiver
of any rights of subrogation which the insurer may have against the Landlord, the Secured Creditor and those for whom the Landlord
is in law responsible whether the damage is caused by the act, omission or negligence of the Landlord or such other Persons.

 

		12.3.2	The insurance described in Subsections 12.1.1 and 12.17 shall provide that any proceeds recoverable
in the event of damage to Leasehold Improvements shall be payable to the Landlord. The Landlord agrees to make available such proceeds
toward repair or replacement of the insured property if this Lease is not terminated pursuant to any other provision of this Lease.

 

		12.3.3	Each policy required pursuant to Section 12.1 shall provide that the insurer must notify the Landlord
and any Secured Creditor indicated therein in writing at least thirty (30) days prior to any material change or cancellation or
termination thereof and that the policy shall not be invalidated in respect of the interests of the Landlord and any Secured Creditor
by reason of any breach or violation of any warranties, representations, declarations or conditions contained in such policies,
and the policy will be considered as primary insurance and shall not call into contribution any other insurance that may be available
to the Landlord.

 

		12.3.4	The Tenant shall furnish to the Landlord, prior to the commencement of the Term, in a form reasonably
acceptable to the Landlord, certificates of insurance evidencing that each policy required by Section 12,1 has been obtained, or,
if required by the Landlord or the Secured Creditor, certified copies of each such insurance policies. Upon receipt of written
request therefor, the Tenant shall provide written evidence of the continuation of such policies not less than thirty (30) days
prior to their respective expiry dates. The cost or premium for each and every such policy shall be paid by the Tenant. If the
Tenant fails to maintain such insurance the Landlord shall have the right, on fifteen (15) days notice to the Tenant, but not the
obligation, to do so, and to pay the cost or premium therefore, and in such event the Tenant shall repay to the Landlord in full
the total costs incurred, as Additional Rent, forthwith on demand the amount so paid. The acquisition and maintenance by the Tenant
of the insurance policies as defined pursuant to Section 12.1 shall in no manner whatsoever limit or restrict the liability of
the Tenant under this Lease.

 

     

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		12.3.5	All insurances taken by the Tenant shall stipulate that they are “prime” for the insured
risk covered therein. Only after the full coverage is exhausted by such policies, shall the Landlord’s insurance come into
force.

 

		12.4	Landlord’s Insurance – The Landlord shall maintain, throughout the Term,
such types of insurance coverage on the Development (excluding the obligations of the Tenant specified in Section 12.1) and in
such amounts and with such deductibles as the Landlord may determine from time to time or as may be required by the Secured Creditor.
Without limiting the generality of the foregoing, the Landlord shall maintain comprehensive general liability insurance with respect
to the use and occupancy of the Development (coverage to include the activities and operations conducted by the Landlord in the
Development and any person performing work on behalf of the Landlord and those for whom the Landlord is, in law, responsible in
any other part of the Development), for each occurrence involving bodily injury, death or property damage in such amounts and on
such terms and conditions and with such deductibles a» the Landlord may from time to time determine. In addition, the Landlord
shall obtain and maintain insurance coverage against major repairs or replacements to the Building. The Tenant agrees that the
cost of all insurance maintained by the Landlord will be included in Operating Costs.

 

Notwithstanding the foregoing provisions of this Section
12.4, the Landlord shall maintain in respect of the Development insurance coverage consistent with that carried by prudent landlords
of first-class office buildings in downtown Montreal.

 

Notwithstanding any contributions by the Tenant to the
cost of insurance herein provided, the Tenant shall not have any interest in the insurance carried by the Landlord.

 

		12.5	Insurance Risk – The Tenant shall not do, omit to do, or permit to be done
or omitted to be done upon the Premises anything that may contravene or be prohibited by any of the Landlord’s insurance
policies in force from time to time covering or relevant to any part of the Development or which would prevent the Landlord from
procuring such policies with companies acceptable to the Landlord. If the occupancy of the Premises, the conduct of business in
the Premises or any acts or omissions of the Tenant in the Premises or any other portion of the Development causes or results in
any increase in premiums for any of the Landlord’s insurance policies, the Tenant shall pay any such increase, as Additional
Rent upon receipt of an invoice of the Landlord for such additional premiums. The Landlord warrants that normal use of the Premises
for the purposes permitted by this Lease does not and shall not contravene or be prohibited by any of the Landlord’s insurance
policies covering or relevant to any part of the Development, nor does or shall such normal use cause any increase in premiums
for any such insurance.

 

     

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		12.6	Indemnity by Tenant – The Tenant shall indemnify and save harmless the Landlord
and the Co-owners against any and all claims, actions, damages, losses, liabilities and expenses (including, without limitation,
those in connection with bodily injury (including death), personal injury or damage to property) arising from or as a result of
this Lease, or any occurrence in, upon or at the Premises or out of the occupancy or use by the Tenant of the Premises or any other
part of the Development or occasioned wholly or in part by any act or omission of the Tenant, its representatives, employees, agents,
contractors or due to or arising out of any breach by the Tenant of this Lease. If the Landlord and/or the Co-owners should be
made a party to any such litigation commenced by or against the Tenant (other than litigation commenced by the Tenant against the
Landlord to enforce the Landlord’s obligations under this Lease), then the Tenant shall defend, protect, indemnify and hold
the Landlord and/or the Co-owners harmless and shall pay all costs and expenses and legal fees incurred or paid by the Landlord
and/or the Co-owners in connection with such litigation.

 

		12.7	Landlord’s Employees – It is agreed that every indemnity, exclusion or
release of liability and waiver of subrogation contained in this Lease for the Landlord’s benefit shall extend to and benefit
all of the Landlord’s employees, servants, agents and those for whom the Landlord is in law responsible (collectively referred
to in this Section 12.7 as “Landlord’s Employees”) solely for such purpose, and to the extent that the Landlord
expressly chooses to enforce the benefits of this Section 12.7 for Landlord’s Employees, it is agreed that the Landlord is
the agent for Landlord’s Employees.

 

		12.8	Tenant’s Employees – It is agreed that every indemnity, exclusion or
release of liability and waiver of subrogation contained in this Lease for the Tenant’s benefit shall extend to and benefit
all of the Tenant’s employees, servants, agents and those for whom the Tenant is in law responsible (collectively referred
to in this Section 12.8 as “Tenant’s Employees”) solely for such purpose, and to the extent that the Tenant expressly
chooses to enforce the benefits of this Section 12.8 for Tenant’s Employees, it is agreed that the Tenant is the agent for
Tenant’s Employees.

 

     

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ARTICLE 13

 

		13	LIMITATION OF LIABILITY

 

		13.1	Limitation of Liability – The Co-owners, the Landlord, their representatives,
agents, employees and other Persons for whom the Co-owners and the Landlord are legally responsible shall not be liable for:

 

		13.1.1	damage to or destruction or loss of any property of the Tenant entrusted to the care or control
of the Co-owners or the Landlord or any of their representatives, agents, employees or managers, or damage or destruction to the
Premises (including Leasehold Improvements) or any property in or upon the Premises; or

 

		13.1.2	any bodily injury (including death), personal injury, damages for personal discomfort or illness
or consequential injury or damage (including, without limitation, loss of business income) sustained by the Tenant or any of its
agents, officers, employees, customers, guests or licensees or any other Person who may be in or upon the Premises or any other
part of the Development;

 

if not caused by their negligence or fault or caused by,
the operation, interruption of utilities or other beyond Landlord’s control or breakdown of any of the Building Systems or
services to be provided by the Landlord under Article 9 including, without limitation, electricity interruption, falls or surges,
or any act or omission of any other Person, including without limitation, any other tenant or occupant of space in the Development
or property adjacent thereto or by the public. Without limiting the generality of the foregoing, the Landlord shall not be liable
for any injury or damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water,
rain, flood, snow or leaks from any part of the Premises or from pipes, appliances, plumbing works, roof, subsurfaces of any floor
or ceiling slab or from the street or any other place or by dampness or by any other cause whatsoever, except where ore caused
by the Landlord’s fault or negligence. All property kept or stored on the Premises shall be so kept and stored on the Premises
at the risk of the Tenant only and the Tenant shall indemnify the Landlord and save it harmless from any claims resulting or arising
out of any damages to the same, including, without limitation, any subrogation claims by the Tenant’s insurers.

 

ARTICLE 14

 

		14	DAMAGE BY FIRE; OR OTHER CASUALTY

 

		14.1	Damage to Premises – Subject to the provisions of Section 14.2 hereof, in the
event the Premises are at any time during the Term destroyed or damaged by fire or other casualty, then:

 

     

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		14.1.1	if in the opinion of the Architect, the damage or destruction is such that the Premises are rendered
wholly unfit for occupancy or it is impossible or unsafe to use and occupy them, and if in either event the damage or destruction,
in the opinion of the Architect, cannot be repaired with reasonable diligence within one hundred and eighty (180) days from the
happening of such damage or destruction, then the Landlord shall give notice to this effect to the Tenant within sixty (60) days
of the happening of such damage or destruction, to which notice shall be attached the written opinion of the Architect. The Tenant
or the Landlord may, within thirty (30) days next succeeding the giving of the aforesaid notice terminate the Lease by giving notice
to the other party of such termination, in which event the Term of this Lease shall cease and be at an end as of the date of such
destruction or damage, the Rent and all other payments for which the Tenant is liable under the terms of this Lease shall be apportioned
and be paid in full to the date of such destruction or damage and the Tenant shall forthwith surrender and yield up possession
of the Premises and within ninety (90) days of receipt of notice from the Landlord, the Tenant shall vacate the Premises unless
the destruction or damage is such as to require that the Tenant vacate immediately the Premises upon short notice from the Landlord,
without the Landlord being responsible for damages of any kind whatsoever, contractual or extra-contractual or for any claim arising
from such termination or cancellation. In the event that the Landlord does not terminate this Lease in accordance with the provisions
of this Subsection 14.1.1, the Landlord shall, with reasonable due diligence, repair the Premises (excluding the Leasehold Improvements,
the Tenant’s Work and any property belonging to the Tenant) after having received the proceeds of the applicable insurance
policies and Rent shall wholly abate, from the date of the happening of the damage or destruction until the Premises are repaired
by the Landlord to the extent required pursuant to this Subsection 14.1.1; or

 

		14.1.2	if the damage or destruction be such that the Premises are wholly unfit for occupancy or if it
is impossible or unsafe to occupy them, but if in either event that damage or destruction, in the opinion of the Architect, can
be repaired with reasonable due diligence within one hundred and eighty (180) days from the happening of such damage or destruction,
then the Landlord shall give notice to this effect to the Tenant within sixty (60) days from the happening of such damage or destruction,
to which notice shall be attached the written opinion of the Architect, and the Landlord shall repair the Premises (excluding Leasehold
Improvements, the Tenant’s Work and any property belonging to the Tenant) with reasonable due diligence and, subject to Unavoidable
Delay, at the latest within one hundred and eighty (180) days from the happening of such damage or destruction and Rent shall abate
from the date of the happening of such damage or destruction until the Premises are repaired by the Landlord to the extent required
pursuant to this Subsection 14.1.2;

 

     

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		14.1.3	if, in the opinion of the Architect, the damage or destruction can be made good as aforesaid within
one hundred and eighty (180) days of the happening of such damage or destruction and if the damage or destruction is such in the
opinion of the Architect that the Premises are capable of being partially used for the Purposes for which they are leased until
such damage has been repaired the Landlord shall repair the balance of the Premises (excluding Leasehold Improvement, the Tenant’s
Work and any property belonging to the Tenant) with reasonable due diligence and, subject to Unavoidable Delay, at the latest within
one hundred and eighty (180) days from the happening of such damage or destruction after having received the proceeds of the applicable
insurance policies, and Rent shall abate, from the date of the happening of such damage or destruction until the Premises are repaired
by the Landlord to the extent required pursuant to this this Subsection 14.1.3, in the proportion that the part of the Premises
rendered unfit for occupancy bears to the whole of the Premises as determined by the Landlord; or

 

		14.1.4	if in the opinion of the Architect, the damage cannot be made good as aforesaid within one hundred
and eighty (180) days of the happening of such damage or destruction and if the damage or deletion is such in the opinion of the
Architect, that the Premises are capable of being partially used for the purposes which they are leased, then the Landlord shall
give notice to this effect to the Tenant within sixty (60) days of the happening of such damage or destruction. The Landlord may,
notwithstanding that the Premises are capable of being so partially used, within thirty (30) days next succeeding the giving of
the aforesaid notice, terminate this Lease by giving notice to the Tenant of such termination, in which event the Term of this
Lease shall cease and be at an end as of the date of such damage or destruction, the Rent and all other payments for which the
Tenant is liable under the Terms of this Lease shall be apportioned and be paid in full to the date of such damage or destruction
and Tenant shall forthwith surrender and yield up possession of the Premises, without the Landlord being responsible for damages
of any land whatsoever, contractual or extra-contractual or any claim arising from such termination or cancellation. In the event
that the Landlord does not terminate this Lease in accordance with the provisions of Subsection 14.1.4, the Landlord shall, with
reasonable due diligence, repair the Premises (excluding Leasehold Improvements, the Tenant’s Work and any property belonging
to the Tenant) and Rent shall abate from the date of the happening of such damage or destruction until the Premises are repaired
by the Landlord to the extent required pursuant to this Subsection 14.1.4, in the proportion that the part of the Premises rendered
unfit for occupancy bears to the whole of the Premises as determined by the Landlord.

 

     

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Upon the Tenant being notified in writing by the Landlord
of the Landlord’s obligations pursuant to this Section 14.1 being substantially completed, the Tenant shall forthwith complete
all its Leasehold Improvements, the Tenant’s Work (which shall be made by either the Landlord’s contractors or the
Tenant’s contractors, the choice of contractor to be determined by the Landlord) and all work required to fully restore the
Premises for business fully fixtured, stocked and staffed.

 

		14.2	Major Damage to Building – Notwithstanding anything contained in this Lease
and specifically notwithstanding Section 14.1, if:

 

		14.2.1	premises, whether of the Tenant or other tenants of the Building, comprising in the aggregate twenty-five
percent (25%) or more of the Rentable Area of the Building; or

 

		14.2.2	twenty-five percent (25%) or more of the Common Areas and Facilities,

 

are damaged or destroyed by any cause to the extent that,
in the opinion of the Architect (which shall be given by written notice within sixty (60) days of the happening of such damage
or destruction to which notice shall be attached the written opinion of the Architect), the damage or destruction cannot be repaired
with reasonable due diligence within one hundred and eighty (180) days from the happening of such damage or destruction, then the
Landlord may, at its option, exercisable by notice to the Tenant given within ten (10) days next succeeding the giving of the notice
as aforesaid, terminate this Lease, in which event the Term of this Lease and the tenancy created hereby and all the Tenant’s
rights herein shall expire and be deemed to have been cancelled on the thirtieth (30th) day after such notice is given, without
the Landlord being responsible for damages of any kind whatsoever, contractual or extra-contractual or any claim arising from such
termination or cancellation. The Tenant shall, within such thirty (30) day period, vacate the Premises and return the same to the
Landlord with the Landlord having the right to repossess the Premises discharged from this Lease and to evict all persons and remove
all property therefrom. The Rent and all other payments for which the Tenant is liable under the terms of this Lease shall be due
and payable without reduction and abatement subsequent to the destruction or damage until the date of termination, subject to any
abatement to which the Tenant may be entitled under Section 14.1.

 

		14.3	Landlord’s Rights on Rebuilding – In repairing or rebuilding the Building
or the Premises the Landlord may use drawings, designs, plans and specifications other than those used in the original construction
and may alter or relocate the Building or any part thereof, and may alter or relocate the Premises to the extent permitted by Article
18. If the Landlord is prevented from rebuilding in accordance with the original plans and design by any statute, law, regulation
of or inability to obtain permission from any government authority having jurisdiction, the Landlord may, at its option, terminate
this Lease upon sixty (60) days written notice to the Tenant or relocate the Tenant to other premises to the extent permitted by
Article 18 hereof.

 

     

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		14.4	Lease to Remain in Full Force – Notwithstanding anything to the contrary contained
in the Civil Code of Québec, and except as may otherwise be provided in this Article 14, this Lease shall continue to be
and remain in full force and effect upon the occurrence of any damage or destruction to the Building and/or the Premises or any
part(s) thereof as contemplated in Sections 14.1 and 14.2.

 

		14.5	Expropriation – The Landlord and the Tenant shall co-operate, each with the
other, in respect of any expropriation of the Premises or any part thereof or the Development or any part thereof so that, subject
to the following rights of the Landlord, the Tenant may receive the maximum award to which it is entitled in law for relocation
costs, business interruption and such other costs (including any required increased rent in new premises) that it may be entitled
to receive from the expropriating authority and so that the Landlord may receive the maximum award for all other compensation arising
from or relating to such expropriation (including all compensation for the value of the Leasehold Improvements) and the Tenant’s
rights, if any, to such compensation are hereby assigned to the Landlord. In the event the whole or any material part of the Development
shall be condemned, reserved, expropriated or taken or acquired in any manner for any public or quasi-public use or purpose. The
Landlord may, at its option, terminate this Lease by giving written notice to the Tenant to that effect and the Term shall expire
upon the date of the taking of possession thereof by the expropriating authority or as and from the date of such condemnation or
taking. The Tenant shall have no claim in damages or otherwise against the Landlord for any reason relating to or arising out of
the expropriation or condemnation, or arising out of the cancellation of the Lease.

 

ARTICLE 15

 

		15	TRANSFERS

 

		15.1	Sublet and Assignment – The Tenant shall not enter into, consent to, or permit
any Transfer without the prior written consent of the Landlord in each instance, which consent shall not he unreasonably withheld
but shall be subject to the Landlord’s rights under Section 15.3.

 

Notwithstanding the foregoing, the Tenant shall have the
right, without the written consent of the Landlord, to enter into, consent to, or permit a Transfer to an Affiliate of the Tenant,
provided the Tenant advises the Landlord in writing prior to the Transfer and provided the Tenant remains jointly and severally
responsible, without benefit of division or discussion, with the transferee for any and all obligations of the Tenant under the
Lease, in no event, shall the Tenant enter into, consent to, or permit a Transfer to a third party which is not an Affiliate of
the Tenant, whose use of the Premises would be in conflict with any then existing exclusivity in the Building.

 

     

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		15.2	Landlord’s Consent – Notwithstanding any statutory provision to the contrary,
it shall not be considered unreasonable for the Landlord to withhold its consent if, without limiting any other factors or circumstances
which the Landlord may reasonably take into account:

 

		15.2.1	the Tenant is then in default under this Lease;

 

		15.2.2	the proposed Transfer would be or could result in violation or breach of any covenants or restrictions
made or granted by the Landlord to other tenants or occupants, or prospective tenants or occupants, of the Development;

 

		15.2.3	in the Landlord’s reasonable opinion, the reputation, type and quality of business and business
history of the proposed Transferee is not satisfactory;

 

		15.2.4	the proposed Transfer is to an existing tenant or other occupant of space in the Development and
the Landlord has or will have during the next six (6) months suitable space for rent in the Building for such proposed tenant;

 

		15.2.5	the use of the Premises by the proposed Transferee, could result in excessive use of the elevators
or other Building Systems, be inconsistent with the image and standards of the Development, expose the occupants of the Development
to risk of harm, damage or interference with their use and enjoyment thereof or is prohibited by the Lease;

 

		15.2.6	where the proposed Transferee does not intend to physically occupy the demises and carry on business
from the Premises; or

 

		15.2.7	where the Landlord has reasonable grounds to believe that the proposed Transferee is not sufficiently
financially responsible to fulfill all of its financial obligations, including, without limitation, the financial obligations of
the Tenant pursuant to this Lease.

 

Any consent by the Landlord to a Transfer shall not constitute
a waiver of the necessity for such consent to any subsequent Transfer.

 

Under no circumstances will (i) any occupation of all
or part of the Premises by any proposed Transferee or Landlord’s tolerance thereof; (ii) the payment of Rent or other amounts
by any proposed Transferee; (iii) the consent to any previous Transfer, constitute a waiver of any obligation of the Tenant to
obtain consent to any Transfer, nor will any of the foregoing be construed as constituting a consent to the proposed Transfer.

 

     

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For greater certainty, the provisions of this Section
15.2 shall not apply to a Transfer from the Tenant to an Affiliate.

 

		15.3	Landlord’s Option – If the Tenant intends to effect a Transfer, the Tenant
shall give prior notice to the Landlord of such intent specifying the identity of the Transferee, the type of Transfer contemplated,
the part of the Premises affected thereby, and the financial and other terms of the Transfer, and shall provide such financial,
business or other reasonable information relating to the proposed Transferee and its principals as the Landlord or any Secured
Creditor reasonably requires, together with copies of all documents which record the particulars of the proposed Transfer. The
Landlord shall, within fifteen (15) days after having received such notice and all requested information, notify the Tenant either
that:

 

		15.3.1	it consents or does not consent to the Transfer but at no time shall such consent be refused without
a serious reason; or

 

		15.3.2	if there is Excess Rent (as hereinafter defined), it elects to terminate this Lease as to the whole
or the part, as the case may be, of the Premises affected by the proposed Transfer.

 

If the Landlord elects to terminate this Lease pursuant
to Sub-section 15.3.2, it shall stipulate in its notice the termination date of this Lease, which date shall be no less than thirty
(30) days nor more than ninety (90) days following the giving of notice of such election. If the Landlord elects to terminate this
Lease pursuant to Sub-section 15.3.2, the Tenant shall notify the Landlord within ten (10) days thereafter of the Tenant’s
intention either to refrain from such Transfer or to acquit termination of this Lease or the part thereof in respect of which the
Landlord has exercised its rights. If the Tenant fails to deliver such notice within such ten (10) days or notifies the Landlord
that it accepts the Landlord’s termination, this Lease will, as to the whole or affected part of the Premises, as the case
may be, be terminated on the date of termination stipulated by the Landlord in its notice of election to terminate. If the Tenant
notifies the Landlord within ten (10) days that it intends to refrain from such Transfer, then the Landlord’s election to
terminate this Lease shall become void.

 

Notwithstanding the foregoing, the provisions of this
Section 15.3 shall not apply to a Transfer to an Affiliate of the Tenant.

 

		15.4	Conditions of Transfer

 

		15.4.1	If there is a permitted Transfer, the Landlord may collect Rent from the Transferee and apply the
amount collected to the Rent payable under this Lease but no acceptance by the Landlord of any payments by a Transferee or any
acceptance of the Transferee as a Tenant shall be deemed to be a waiver of the Tenant’s covenants or a release of the Tenant
from the further performance by the Tenant of its obligations under this Lease. Save and except in the case of a transfer to an
Affiliate of the Tenant, any consent by the Landlord shall be subject to the Tenant and Transferee executing, prior to the Transfer
being made, an agreement with the Landlord agreeing that the Transferee will be bound by all of the terms of this Lease, and except
in the case of a sublease, that the Transferee will be so bound as if it had originally executed this Lease as tenant.

 

     

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		15.4.2	Notwithstanding any Transfer permitted or consented to by the Landlord, the Tenant shall remain
jointly and severally liable with the Transferee for the due fulfillment of all of the obligations undertaken in this Lease by
the Tenant and shall not be released from the performance of any of the terms, obligations and conditions of this Lease, the Tenant
hereby waiving the benefits of division, and discussion.

 

		15.4.3	Save and except in the case of a Transfer to an Affiliate of the Tenant, no Transfer shall be valid
and no Transferee shall take possession of the Premises or any part thereof until an executed duplicate original of such assignment
or sublease has been delivered to the Landlord.

 

		15.4.4	“Excess Rent” for the purposes of this Lease means the amount by which the aggregate
of oil amounts payable by the transferee or sub-tenant pursuant to a Transfer as rent, exceeds, when calculated, the total Net
Rent and Additional Rent payable by the Tenant to the Landlord in accordance with this Lease (calculated on a proportional basis
in the case of a sub-lease of only a part of the Premises), less reasonable costs incurred by the Tenant for additional improvements
to the Premises (or in the case of a sub-lease, to the part of the Premises subject to such sub-lease) made by the Tenant at its
own cost for the transferee or sub-tenant in question together with reasonable leasing fees (for example broker fees or legal fees)
paid by the Tenant with respect to such Transfer. In calculating the amount to be subtracted from Excess Rent for each period of
monthly payment with respect to the costs of the Tenant for such Transfer, such costs will be depreciated without interest on a
straight line basis over the term of such Transfer.

 

		15.4.5	If the Transfer in respect of which consent is required and has been given is not completed within
ninety (90) days of the date of such consent, then such consent shall, at the Landlord’s option, become void, upon written
notice to the Tenant.

 

		15.4.6	Notwithstanding the effective date of any permitted Transfer as between the Tenant and the Transferee,
all Rent for the month in which such effective date occurs shall be paid in advance by the Tenant so that the Landlord will not
be required to accept partial payments of Rent for such month from either the Tenant or Transferee.

 

     

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		15.4.7	As a condition to the Landlord’s consent, the Landlord may inter alia require the undertaking
or guarantee of such Transferee which is not an Affiliate of the Tenant not to engage in business activities which conflict with
the provisions of any “non-competition” or “exclusive” provisions of other leases or accepted offers to
lease or agreements entered into by the Landlord in respect of the Development prior to the date of the Transfer or are otherwise
prohibited by the provisions of Section 10.2 hereof.

 

		15.4.8	The agreements referred to in this Section 15.4 and any document evidencing the Landlord’s
consent to any Transfer to an entity which is not an Affiliate of the Tenant shall, at the Landlord’s option, be prepared
by the Landlord or its solicitors at the Tenant’s reasonable cost.

 

		15.5	Change of Control – If the Tenant is at any time a corporation or partnership,
any actual or proposed Change of Control in such corporation or partnership or in any corporation or group of corporations which
controls the Tenant shall be deemed to be a Transfer and subject to all of the provisions of this Article 15. The Tenant shall
make available to the Landlord or its representatives all of its corporate or partnership records, as the case may be, for inspection
at all reasonable times, in order to ascertain whether any Change of Control has occurred.

 

This Section 15.5 shall not apply to the Tenant or any
of its wholly-owned subsidiaries.

 

		15.6	No Advertising – The Tenant shall not advertise that the whole or any part
of the Premises is available for a Transfer and shall not permit any broker or other person to do so unless the text and format
of such advertisement is approved in writing by the Landlord. No such advertisement shall contain any reference to any of the financial
conditions applicable to the Premises.

 

		15.7	Cost of Transfer – The Tenant shall pay all costs and expenses incurred by
the Landlord in the consideration, approval or rejection of any request for the Landlord’s consent pursuant to this Section
15, including solicitor’s fees incurred by the Landlord.

 

		15.8	Assignment by Landlord – The Landlord shall have the unrestricted right to
sell, transfer, lease, charge or otherwise dispose of all or any part of its interest in the Development or in this Lease. In the
event of any sale, transfer, lease, charge or other disposition and to the extent that the assignee of the Landlord’s interest
in this Lease agrees with the Landlord to assume the obligations of the Landlord under this Lease, the Landlord shall thereupon,
and without further agreement, be released of all liability under this Lease.

 

     

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		15.9	Exhibiting Premises – The Landlord and its agents, upon reasonable prior written
notice to the Tenant, may, in the company of a representative of the Tenant, exhibit the Premises during Business Hours lo prospective
tenants for such space or to prospective purchasers or Secured Creditors.

 

ARTICLE 16

 

		16	STATUS CERTIFICATES AND NON-DISTurBANCE

 

		16.1	Status Certificates – The Tenant shall at any time and from time to time execute
and deliver to the Landlord or as the Landlord may direct within ten (10) days after it is requested a statement in writing in
the form supplied by the Landlord, certifying that this Lease has been validly executed and delivered by the Tenant pursuant to
due corporate action properly taken by it and is unmodified and in full force and effect (or if modified, stating the modification
and stating that the Lease is in full force and effect as modified), the Commencement Date, the termination date and the amount
of the Net Rent and other Rent then being paid hereunder, the dates to which such Rent hereunder has been paid, whether or not
there is any existing default on the part of the Landlord of which the Tenant is aware and any other particulars that the Landlord
or Secured Creditor or any prospective purchaser may reasonably request. Any such statement may be conclusively relied upon by
any prospective fundraiser or purchasers or by the Secured Creditor.

 

		16.2	Subordination and Non-Disturbance – This Lease and the rights of the Tenant
hereunder shall be subject and subordinate to all existing or future Secured Creditors and to all renewals, modifications, consolidations,
replacements and extensions thereof. Whenever requested by the Landlord a Secured Creditor, the Tenant shall, within five (5) days
after such request, enter into an agreement with the Secured Creditor whereby the Tenant postpones or subordinates this Lease to
the interest of any stipulated Secured Creditor and agrees that it shall become bound toward such Secured Creditor, or any purchaser
from such Secured Creditor in the event of the exercise of any and all rights of the Secured Creditor for the then unexpired residue
of the Term upon all the terms and conditions of this Lease as if such Secured Creditor were the Landlord under this Lease, If
requested by the Tenant, the Landlord shall use its reasonable efforts to cause any Secured Creditor to grant a non-disturbance
agreement, in a form approved by such Secured Creditor, in favour of the Tenant, whereby such Secured Creditor will recognize the
Tenant’s rights under this Lease and not disturb the Tenant’s occupancy of the Premises provided the Tenant is not
in default under this Lease.

 

Prior to the Commencement Date of the Term, the Landlord
shall cause the Co-owners and all of its then existing hypothecary creditors and subsequently cause all its hypothecary creditors
under any security registered prior to non-disturbance agreements in favour of the Tenant whereby such Co-owners and creditors
will recognize the Tenant’s rights under the Lease and agree not to disturb the Tenant’s occupancy of the Premises
so long as the Tenant is not in default under the Lease.

 

     

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ARTICLE 17

 

		17	REMEDIES OF LANDLORD

 

		17.1	Events of Default – Any of the following constitutes an Event of Default under
this lease:

 

		17.1.1	the Tenant fails to pay all or any portion of the Rent or Additional Rent due pursuant to this
Lease within fifteen (15) days from the due date, after written notice of such failure from the Landlord to the Tenant;

 

		17.1.2	the Tenant makes any assignment for the benefit of creditors or becomes bankrupt or takes the benefit
of or becomes subject to any legislation that may be in force relating to bankrupt or insolvent debtors, or if a final petition
in bankruptcy is granted against the Tenant, or if any application or petition or certificate or order is granted for the winding-up
or dissolution or liquidation of the Tenant or its assets, voluntarily or otherwise, unless such winding-up or dissolution is part
of a valid corporate reorganization;

 

		17.1.3	a receiver or sequestrator, or a Person acting in a similar capacity, is appointed for all or a
substantial part of the Tenant’s property and such appointment is not terminated or contested within thirty (30) days thereof;

 

		17.1.4	any substantial portion of the goods or moveable effects on the Premises are seized in execution,
before judgment or otherwise, by any creditor of the Tenant unless each seizure is discharged within thirty (30) days of service
thereof on the Tenant and unless, in the case of seizure before judgment, the Tenant diligently contests such seizure and deposits
with the Landlord such security as reasonably requested by the Landlord in respect of such seizure;

 

		17.1.5	the Tenant makes a Transfer other than in compliance with the provisions of this Lease;

 

		17.1.6	the Tenant fails to take possession of the Premises as required by this Lease or the Tenant abandons
or attempts to abandon the Premises, unless permitted otherwise in this Lease, or if the Premises become vacant or unoccupied for
a period of ten (10) consecutive days or more without the consent of the Landlord,

 

		17.1.7	any insurance policy covering any part of the Development is, or is threatened to be, cancelled
or adversely changed (including a substantial premium increase) as a result of any action or omission by the Tenant or any person
for whom it is legally responsible or by reason of the use or occupation of the Premises or any part thereof by the Tenant or any
Transferee or if the Tenant fails to effect the insurance required to be maintained by it hereunder and in each ease, fails, within
forty-eight (48) hours after written notice of such default is given by the Landlord to the Tenant, to take such immediate steps
in respect of such use or occupation as shall enable the Landlord or the Tenant to reinstate or avoid cancellation (as the case
may be) of such insurance policy; or

 

     

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		17.1.8	if the Tenant is in default in fulfilling any other term, condition, covenant or obligation of
this Lease and such default has not been cured within a period of fifteen (15) Business Days after written notice of such default
from the Landlord to the Tenant, or within well longer period of time as the Tenant shall reasonably require to cure such default.

 

		17.2	Landlord’s Recourses – Upon the occurrence of an Event of Default, the
Landlord shall have the following rights and remedies, all of which are cumulative and not alternative and do not exclude any other
rights and remedies available to the Landlord by law or otherwise:

 

		17.2.1	to terminate ipso facto this Lease without any formalities and to immediately thereafter
cease to furnish any services hereunder and enter into and upon the Premises or any part thereof to repossess and enjoy the same
as of its former state;

 

		17.2.2	to enter and repossess the Premises with or without termination and to use such force as it may
deem necessary for that purpose and for gaining admittance to the Premises. The Landlord may expel all Persons and remove all property
from the Premises and such property may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant,
the whole without the Landlord being considered guilty of trespassing or becoming subject to any prosecution or becoming liable
for any loss or damage which may be occasioned thereby, except as a result of the Landlord’s own fault or negligence, any
statute or law to the contrary notwithstanding.

 

		17.3	Accelerated Rent - In the event of an occurrence
of an Event of Default, the current month’s Rent plus the next ensuing six (6) month’s Rent shall immediately become
due and payable and, as indicated above, the Landlord may, without prejudice to any other rights and recourses it may have, terminate
this Lease and take immediate possession of the Premises and the Term of this Lease will forthwith become forfeited and determined
and no payment or acceptance of rental subsequent to such termination will give the Tenant the right to continue occupancy of the
Premises or in any way affect the rights of the Landlord herein.

 

		17.4	Tenant’s Responsibility for Costs and Damages – If the Landlord at any
time terminates this Lease pursuant to Section 17.2 or if any legal action is taken for the recovery of possession of the Premises
or for the recovery of any amount due under this Lease, the Landlord, in addition to any other remedies it my hold hereunder or
by law, may recover from the Tenant all damages and all expenses it may incur or suffer by reason thereof, including, without limitation,
attorney’s fees and legal costs and the cost of repossession and reletting the Premises.

 

     

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		17.5	Repossession of Premises – If the Landlord elects to repossess the Premises
as herein provided, or if it takes possession thereof pursuant to legal proceedings, or pursuant to any notice provided for by
law, it may either terminate this Lease or it may, from time to time without terminating this Lease, make such alterations and
repairs as may be necessary in order to relet the Premises or any part thereof, either in the name of the Landlord or otherwise
for a term or terms which may, if the Landlord chooses, be less or greater than the balance of the Term and at such rent and upon
such other terms and conditions as the Landlord, acting reasonably, deems advisable, and the Landlord may grant reasonable concessions
in connection therewith. Upon each such reletting, all rent received by the Landlord from such reletting shall be applied firstly
to the payment of any indebtedness other than Rent due hereunder from the Tenant to the Landlord, secondly to the payment of any
costs and expenses of such re-letting, including legal costs, solicitors’ fees and brokerage fees and the expenses of keeping
the Premises in good order and of preparing the Premises for re-letting, thirdly to the payment of Rent due and unpaid hereunder,
and the residue, if any, shall be held by the Landlord and applied in payment of other damages, if any, suffered by the Landlord
as a result of the Event of Default. If such rentals received from such reletting during any month be less than that payable and
paid during that month by the Tenant, the Tenant shall pay such deficiency to the Landlord. Notwithstanding any such reletting
without termination, the Landlord may, at any time thereafter, elect to terminate this Lease for such previous breach.

 

		17.6	Landlord’s Rights to Cure Defaults – Without limiting the generality
of any provision of this Lease, but subject to any notice specifically provided elsewhere in this Lease, to be given and to any
right to cure or remedy such default as specifically provided elsewhere in this Lease, if the Tenant shall default in the performance
of any of its obligations under this Lease, the Landlord may from time to time after giving such notice as it considers sufficient
but not less than ten (10) days (or without notice in the case of an emergency) perform or cause to be performed any of such obligations
and for such purposes may do such things as may be required, including, without limitation, entering upon the Premises and doing
such things upon or in respect of the Premises or any part thereof as the Landlord reasonably considers requisite or necessary
to remedy such default. All expenses incurred pursuant to this Section 17.6, plus an administration fee equal to fifteen percent
(15%) of such expenses shall be paid by the Tenant as Additional Rent forthwith upon demand. The Landlord, unless negligent, shall
not be liable to the Tenant for any loss or damage resulting (from any such action or entry by the Landlord and the same shall
not be considered a breach of any obligation for peaceable enjoyment contained in this Lease or implied by law.

 

		17.7	Survival of Obligations - The indemnity
provisions of this Lease and the Landlord’s rights in respect of any failure by the Tenant to perform any of its obligations
under this Lease shall remain in full force and effect notwithstanding the expiration or earlier termination of the Term,

 

     

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		17.8	Remedies Cumulative – Notwithstanding any other provision of this Lease, each
of the Landlord and the Tenant may from time to time avail itself of any or all of the rights and remedies available to it in the
event of any default hereunder by the other party, either by any provision of this Lease or by law, all of which rights and remedies
are intended to be cumulative and not alternative, and the express provisions hereunder as to certain rights and remedies are not
to be interpreted as excluding any other or additional rights and remedies available to the Landlord or the Tenant by law.

 

		17.9	Emergencies – For the safety of the Tenant’s and the Landlord’s
employees and for their protection in the event of fire or other hazardous incidents which could occur in the Building, the Tenant
shall:

 

		(a)	comply with all safety standards reasonably required, from time to time, by the Landlord;

 

		(b)	designate one (or more) person(s) who shall join the emergency standards committee, with other
tenants, and who shall devote a few hours per month to such committee;

 

		(c)	accept to be coordinator for the floor it occupies as major tenant;

 

		(d)	name one coordinator per floor rented by the Tenant; such coordinators shall be required to devote
a few hours of training per month to the emergency team;

 

		(e)	actively participate in the annual evacuation drills required by the Co-owners and the municipal,
provincial and federal governments.

 

ARTICLE 18

 

		18	RELOCATION

 

		18.1	Relocation – Provided the Tenant has not, either sublet more than 10,000 square
feet in Space “A” or assigned this Lease with respect to Space “A” to a third party which is not an Affiliate
of the Tenant, then the Landlord agrees not to change the location of the said Space “A” throughout the Term, as it
may have been extended by the renewal option granted in Section 19.6 hereof.

 

Notwithstanding the foregoing, the Landlord shall, throughout
the Term and any renewal thereof, have the right to change the location of Space “B”, Space “C” and Space
“D” in accordance with the following terms and Conditions:

 

		(a)	the Landlord shall give the Tenant at least one hundred and twenty (120) days prior written notice
of such relocation;

 

     

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		(b)	the new premises shall not be below the ninth floor of the Building;

 

		(c)	the new premises shall contain approximately the same rentable area as Space “B”, Space
“C” and Space “D” and shall be at least equal in functional efficiency and quality to Space “B”,
Space “C” and Space “D”;

 

		(d)	the Landlord will, at its expense, construct in the new premises new leasehold improvements, which
will be at least equal in quality (inclusive of the dimensions of private offices) to those contained in the Premises, without
regard to depreciation;

 

		(e)	the Landlord shall pay for all of the expenses of the Tenants’ physical move, including the
cost of replacing all stationary which has been rendered obsolete as a result of said move and the cost of relocating the tenants’
telephone and computer systems and equipment; and

 

		(f)	if, by reason of such relocation, the rentable area of the new premises is greater than the rentable
areas of Space “B”, Space “C” or Space “D”, and the Tenant has not requested any additional
space, then the Net Rent and the Proportionate Share of the Additional Rent shall remain unchanged.

 

The Landlord agrees not to relocate any part of the Premises
for any reason other than to consummate third party leasing.

 

ARTICLE 19

 

		19	SPECIAL PROVISIONS

 

		19.1	Delivery of Premises –

 

		19.1.1	Spaces “A” to “D” inclusively

 

It is understood that the Landlord shall deliver spaces
“A” to ‘‘D” inclusively to the Tenant in accordance with the “Base Building Standards”
as set forth in Schedule “D” annexed hereto. In addition, subject to the last sentence of this Subsection 19.1.1, the
Landlord shall, at its expense, deliver spaces “A” to “D” inclusively to the Tenant on a turnkey basis
in accordance with final plans and specifications which shall respect the “Standards for Tenant’s Improvements”
attached hereto as Schedule “E” and the criteria set forth in Schedule “G-1” (in the case of Space “A”)
and Schedule G-2 in the case of Space “B”, Space “C” and Space “D”.

 

It is further agreed that the Tenant may install, at its
sole expense, a security system in Space “A”, the whole in accordance with final plans and specifications which shall
require the Landlord’s prior written approval. The Landlord shall pay to the Tenant the sum of two hundred thousand dollars
($200,000.00) as an inducement for having effected such installation, upon completion to the Landlord’s reasonable satisfaction
of the installation of such security system.

 

     

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The Tenant and the Landlord expressly recognize that time
is of the essence in the successful completion of the turnkey work on or before the Commencement Date and do hereby agree to cooperate
with one another to the fullest extent. In accordance with the foregoing, the parties hereto agree to respect the dates applicable
to each of Spaces “A”, “B”, “C” and “D” as set forth in the “Construction
Progress Schedules” attached hereto as Schedule “H”. In the event the Landlord is delayed in the performance
of the turnkey work by an act or omission of the Tenant or its employees, agents or representatives, then the delivery date of
Spaces “A” to “D” inclusivity shall be delayed for such reasonable time as the Landlord may reasonably
decide. Notwithstanding this, the Commencement Date of the Term for each of these spaces shall remain unchanged and the Landlord
shall not be responsible for any damages or overholding costs incurred by the Tenant as a result of such delay.

 

In the event the Landlord is delayed in the performance
of the turnkey work by an act or omission of the Landlord, then the Commencement Date of the Term for each of the spaces concerned
shall remain unchanged and the Tenant shall commence paying rent in accordance with Articles 3 and 4 hereof. In such an event,
the Landlord shall be responsible for any overholding costs incurred by the Tenant as a result of such delay, up to a maximum of
$10,000.00 per day.

 

In the event either party is delayed in the performance
of its obligations by reason of an Unavoidable Delay, then the Commencement Date, shall be delayed for such reasonable time as
the Landlord and Tenant may reasonably require, and all other dates contained in this Lease in respect to spaces “A”
to “D” inclusively shall be adjusted mutatis mutandis. In such an event, the Landlord shall not be responsible
for any overholding or other costs incurred by the Tenant as a result of such delay.

 

It is further understood that the Tenant shall be solely
responsible for any costs and/or delays resulting from any change orders requested by the Tenant subsequent to its approval of
plans and such changes shall not in any way alter the commencement date of the Term.

 

Save as aforesaid, the Tenant declares having examined
Spaces “A” to “D” inclusively and being satisfied therewith.

 

The Landlord shall pay to the Tenant the sum of fifty-five
dollars ($55.00) per square foot of the 1,547 square feet of rentable area on the 36th floor of the Building which the Landlord
is not required to deliver to the Tenant on a turnkey basis.

 

     

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		19.1.2	Space “E”

 

It is understood that the Landlord shall deliver to the
Tenant Space “E” in accordance with the “Base Building Standards” as set forth in Schedule “D”
annexed hereto. In addition, the Landlord shall, at its expense, but up to a maximum amount of thirty-five dollars ($35.00) per
square foot of the rentable area of Space “E”, deliver Space “E” on a turnkey basis in accordance with
final plans and specifications which shall respect the “Standards for Tenant’s Improvements” attached hereto
as Schedule “E”. Should the cost of the turnkey work exceed the aforesaid maximum amount, The Tenant shall pay the
difference to the Landlord immediately upon request.

 

Save as aforesaid, the Tenant declares having examined
Space “F” and being satisfied therewith.

 

		19.1.3	Space “F”

 

It is understood that the Landlord shall deliver to the
Tenant Space “F” in accordance with the “Base Building Standards” as set forth in Schedule “D”
annexed hereto. In addition, the Landlord shall, at its expense, but up to a maximum amount of forty-five dollars ($45.00) per
square foot of the rentable area of Space “F”, deliver Space “F” on a turnkey basis in accordance with
final plans and specifications which shall respect the “Standards for Tenant’s Improvements” attached hereto
as Schedule “E”. Should the cost of the turnkey work exceed the aforesaid maximum amount, the Tenant shall pay the
difference to the Landlord immediately upon request.

 

Save as aforesaid, the Tenant declares having examined
Space “F” and being satisfied therewith.

 

		19.2	Fixturing Period - Subject to the provisions
set forth in Section 19.1 hereof, the Landlord shall use its best efforts to give occupancy of Spaces “A” to “D”
inclusively to the Tenant prior to the Commencement Date (the period between the date the aforesaid spaces are made available to
the Tenant and the Commencement Date being referred to herein as the “Fixturing Period”) to allow the Tenant to supply
and install in Spaces “A” to “D” inclusively its furniture and moveable effects. Notwithstanding anything
contained in this Lease, no Net Rent or Additional Rent in respect of Spaces “A” to “D” inclusively shall
be payable during the Fixturing Period but all other conditions of this Lease shall apply during the Fixturing Period.

 

During the Fixturing Period, the Tenant shall have joint
occupancy of Spaces “A” to “D” inclusively with the Landlord, each not interfering with the other. The
Tenant shall, during the Fixturing Period, maintain adequate public liability insurance coverage and shall indemnify and hold harmless
the Landlord for any damage, injuries or destructions arising in or upon the Premises to any property or person or for any injuries
sustained, and which are caused by an act or omission of the tenant, its servants, employees, agents or those for whom the Tenant
is in law responsible. It is understood that the Landlord shall not charge the Tenant for any costs of using the Building’s
freight elevators during the Tenant’s initial move in Spaces “A” to “D” inclusively.

 

     

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		19.3	Moving Allowance – The Landlord shall, not later than thirty (30) days following
the date upon which the Tenant has taken occupancy thereof, for the purpose of conducting its normal day to day business, pay the
Tenant a moving allowance as follows:

 

		19.3.1	with respect to Space “A”, TEN DOLLARS ($10.00) per square foot of the rentable area
thereof;

 

		19.3.2	with respect to Space “B”, TWENTY-FOUR DOLLARS AND SEVENTY-EIGHT CENTS ($24.78) per
square foot of the rentable area thereof;

 

		19.3.3	with respect to Space “C”, TWENTY-FIVE DOLLARS AND NINETY-NINE CENTS ($25.99) per square
foot of the rentable area thereof; and

 

		19.3.4	with respect to Space “D”, TWENTY-FOUR DOLLARS AND TWENTY CENTS ($24.20) per square
foot of the rentable area thereof.

 

		19.4	Right of First Refusal - Provided the Tenant
occupies the entire 36th floor, is not then in default pursuant to the Lease and has not, either in whole or in part, sublet Spaces
“A” to “D” inclusively or assigned the Lease to a third party which is not an Affiliate, the Tenant shall
have, throughout the Term and any renewal thereof, a right of first refusal to lease any space located on the 39th floor which
is or becomes vacant and available for leasing. In accordance with the foregoing, the Landlord shall, upon receipt from a third
party of any bona fide offer to lease which the Landlord is willing to accept (or prior to the Landlord making a binding
offer to lease to a third party), offer to lease the space located on the 39th floor and contemplated in such third party offer
to the Tenant on the same terms and conditions as contained in such third party offer. Within five (5) days of the Tenant’s
receipt of the Landlord’s written offer of such terms to the Tenant, the Tenant may notify the Landlord in writing of its
acceptance of all of the said terms and conditions and shall within ten (10) business days sign an amendment to the Lease for all
and not part of the premises contemplated in such offer. Should the Tenant not notify the Landlord of its acceptance of the Landlord’s
offer within the aforesaid delay, the Landlord shall then have the right to enter into an agreement of lease with such third party
and the Tenant’s right of first refusal on the 39th floor shall then after be subordinated to any rights which may have been
granted to such party. It is expressly understood that, in no event, shall the Landlord be obligated to divulge the identity of
any third party having made an offer to lease.

 

     

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Notwithstanding any of the foregoing, the Landlord agrees
to use all of its reasonable efforts to inform the Tenant verbally of any impending third party offers to lease space on the 39th
floor (if applicable pursuant to the foregoing), it being expressly understood that such verbal notification shall not be deemed
a waiver of the Landlord’s right to lease space in accordance with this clause.

 

It is expressly understood that this right of first refusal
shall not be assignable or transferable by the Tenant nor shall it pass to or devolve upon any subtenant or assignee of the Premises
or the Lease, unless such subtenant or assignee is an Affiliate of the Tenant.

 

		19.5	Parking - The Landlord agrees to make available
to the Tenant during the Term of this Lease twenty (20) parking spaces, including eight (8) reserved parking spaces, at the prevailing
rates being charged for parking spaces in the parking facilities of the Building from time to time.

 

Furthermore, the Landlord agrees to make available one
(1) additional space per one thousand eight hundred (1,800) square feet of rentable area of Space “D”, said spaces
being at the prevailing rates being charged for parking spaces in the parking facility in the Building.

 

		19.6	Option to Renew - Provided the Tenant is
not then in default under the terms of the Lease and provided the Tenant and/or any of its Affiliates is in occupancy of at least
fifty percent (50%) of the rentable area of Spaces “A” to “D” inclusively, the Tenant shall have the option
to renew the Lease for the whole of Spaces “A” to “D” inclusively, but not only a portion thereof, for
an additional term of five (5) years commencing on November 1, 2003 and expiring on October 31, 2008 inclusively (the “Renewal
Period”) upon giving the Landlord a written notice at least twelve (12) months prior to the expiration of the Term, failing
which this option to renew shall lapse and become null and void ipso facto.

 

All the terms and conditions of this Lease applicable
to Spaces “A” to “D” inclusively shall apply to the Renewal Period, save and except for Sections 4.6, 18.1,
19.1, 19.2, 19.3 and 19.4 and this Option to Renew, all of which shall not apply to the Renewal Period. The net rentable rate for
the Renewal Period shall be the average of the then prevailing market rates in the Building and at 1250 René-Lévesque
Boulevard West, for similar premises granted for new leases of a similar term and commencing during the last twelve (12) months
of the Term, less ten percent (10%). Notwithstanding the foregoing, in no event shall the net rental rate payable with respect
to the Renewal Period be less than the net rental rate applicable during the last year of the Term to Spaces “A” to
“D” inclusively. If, on February 1, 2003, the parties have not reached an agreement on the net rental rate(s) applicable
to the Renewal Period, this option to renew shall then lapse and become null and void ipso facto.

 

     

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		19.7	Security for Payment of Inducements - In
the event the Landlord fails to meet its obligations pursuant to Section 4.6 of this Lease and/or Section 19.3 or fails to pay
to the Tenant the amount of fifty-five dollars ($55.00) per square foot referred to in Subsection 19.1.1 and/or if the Landlord
is unable to deliver Spaces “A” to “D” inclusively in accordance with Subsection 19.1.1 of this Lease by
reason of the Landlord’s financial inability, then as a guarantee for payment and/or performance of said obligations, the
Tenant shall have the right to deduct the amount of any unpaid inducements and/or reasonable and direct amounts paid by the Tenant
on behalf of the Landlord in the construction of Spaces “A” to “D” inclusively (the amount of such unpaid
inducements and direct amounts being hereinafter collectively called the “Unpaid Amounts”), from the Ne Rent payable
pursuant to the Lease until such time a said Unpaid Amounts have been paid for in full. In accordance with the foregoing, if the
Landlord is financially incapable of substantially completing the initial construction of Spaces “A” to “D”
inclusively, the Tenant may take over the Landlord’s responsibilities for said construction. In such an event, the Landlord
shall assign all of its obligations under the construction contract to the Tenant and the Tenant shall respect all of the terms
and conditions contained in such contract, and shall furthermore indemnify the Landlord from any claims or damages relative to
performance under the construction contract arising after the date of such assignment. It is further agreed that the balance of
the Unpaid Amounts shall bear interest daily from the due date at the rate per annum which is three (3) percent above the “Prime
Rate” as defined in the Lease, throughout the set-off period. Nothing contained herein shall be deemed as an ongoing right
of the Tenant to set-off against any sum due under the Lease other than the Unpaid Amounts.

 

		19.8	Storage Spaces - In addition to the Premises
identified in Article 2 hereof, the Landlord hereby leases to the Tenant and the Tenant hereby leases from the Landlord, upon the
terms and conditions herein, the following storage spaces (hereinafter collectively referred to as the “Storage Spaces”):

 

		19.8.1	Storage Space No. 85-4 located on level P2 of the Building and consisting of approximately 315
square feet of rentable area (“Storage Space No. 1”);

 

		19.8.2	Storage Space No. 85-5 located on level P2 of the Building and consisting of approximately 515
square feet of rentable area (“Storage Space No. 2”);

 

		19.8.3	Storage Space No. 85-6 located on level P2 of the Building and consisting of approximately 512
square feet of rentable area (“Storage Space No. 3”);

 

		19.8.4	Storage Space No. 85-8 located on level P2 of the Building and consisting of approximately 150
square feet of rentable area (“Storage Space No. 4”).

 

     

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The term of this Lease shall commence in respect to Storage
Space No. 1 on December 1, 1994, in respect to Storage Space No. 2 on November 1, 1994, in respect to Storage Space no. 3 on June
1, 1993 and in respect to Storage Space no. 4 on November 1, 1993. The term for the Stooge Spaces shall expire on October
31, 2003, unless terminated earlier pursuant to this Lease.

 

The Stooge Spaces shall be used by the Tenant only for
the purpose of storage and for no other purpose.

 

The Tenant shall pay to the Landlord, for their respective
Lease Year, in lawful money of Canada yearly throughout the term of this Lease for the Storage Spaces an annual rent calculated
on the basis of FIFTEEN DOLLARS ($15.00) per square foot of the rentable area of the Storage Spaces, in equal and consecutive monthly
installments of one twelfth (1/12) of the aforesaid annual rent, each in advance without set-off, compensation or deduction whatsoever,
on the first day of each month.

 

The Tenant shall not be obliged to pay to the Landlord,
in respect to the Storage Spaces, the Tenant’s Proportionate Share of Real Estate Taxes and the Tenant’s Proportionate
Share of Operating Costs.

 

Section 4.6 and 19.1 to 19.6 inclusive shall not apply
to the Storage Spaces.

 

The word “Premises” wherever it appears in
the Lease shall also refer to the Storage Spaces hereby leased and all the terms and conditions contained in the Lease shall apply
mutatis mutandis to the lease of the Storage Spaces, unless otherwise indicated in this Section 19.8 and save and except
for Section 4.6.

 

ARTICLE 20

 

		20	miscellaneous

 

		20.1	Number, Gender, Liability - Where required
by the context hereof, the singular shall include the plural and vice versa and the neuter gender, the masculine or feminine and
vice versa. If the Tenant consists of more than one Person, the covenants of the tenant shall be deemed to be solidarily covenants
of each such Person. If the Tenant is a partnership, each person who is presently a member of such partnership, and each Person
who becomes a member of any successor partnership, shall be and continue to be liable solidarily for the performance of this Lease,
whether or not such Person ceases to be a member of such partnership or successor partnership.

 

		20.2	No Limitation - Whenever a statement or
provision in this Lease is followed by words denoting inclusion or example (such as “including” or “such as”)
and then a list of, or reference to, specific matters or items, such list or reference shall not be read so as to limit or restrict
the generality of such statement or provision, even though words such as “without limitation” or “without limiting
the generality of the foregoing” do not precede or follow such list or reference.

 

     

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		20.3	Headings and Captions - The table of contents,
Article numbers and Article headings are inserted for convenience of reference only and are not to be considered when interpreting
this Lease.

 

		20.4	Entire Agreement - This Lease and its Schedules
shall constitute the entire agreement and understanding between the parties concerning the Premises and the Tenant and the Landlord
acknowledge that there have been no promises, representations, agreements, conditions of understandings, either oral or written,
between the parties hereto or their agents other than as herein set forth. This Lease may not be amended except by written agreement
duly executed by both parties hereto.

 

		20.5	Governing Law - This Lease shall be interpreted
in accordance with and governed by the laws of the Province of Québec and the laws of Canada applicable therein.

 

		20.6	Currency - All Rent and other amounts of
money in this Lease are expressed in and refer to Canadian dollars and shall be paid in the lawful currency of Canada.

 

		20.7	Severability - If for any reason whatsoever
any term, obligation or condition of this Lease, or the application thereof to any person or circumstance is to any extent held
or rendered invalid, unenforceable or illegal, then such term, obligation or condition shall be deemed to be independent, severable
and divisible from the remainder of the Lease and its invalidity, un-enforceability or illegality shall not affect, impair or invalidate
the remainder of the Lease.

 

		20.8	Notices - Any notice, demand, statement
or request (the “notice”), herein required or permitted to be given under this Lease shall be in writing and shall
be made or given by registered mail or by telecopier to the respective parties as follows:

 

		20.8.1	In the case of a notice to the Landlord:

 

1000 DE LA GAUCHETIÈRE WEST BUILDING INC.

 

1000 de La Gauchetière Street West

 

Suite MZ 100

 

Montréal, Québec H3B 4W5

 

Attention: General Manager

 

Telecopier number: (514) 397-1005

 

     

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		20.8.2	In the case of notice to the Tenant:

 

after the Commencement Date, to it at the Premises and,
prior thereto, to it at:

 

BCE Inc.

 

1000 de La Gauchetière Street West

 

Suite 3700

 

Montreal (Quebec)

 

H3B 4Y7

 

Attention: Corporate Secretary

 

Telecopier number: (514) 397-7223

 

Any such notice so delivered shall be deemed to have been
validly and effectively given and received on the date of such delivery or transmittal by telecopier, or if mailed, on the third
(3rd) Business Day following the date of such mailing. Notwithstanding the foregoing, during any interruption, threatened interruption
or substantial delay in postal services, any notice shall be personally delivered. If a copy of any notice to the Tenant is to
be sent to a second address or to a Person other than the Tenant, the failure to give any such copy shall not vitiate the delivery
of the notice to the Tenant.

 

Any party may, from time to time, by notice to the other
given in the manner set out above, change the address to which notices are to be given.

 

		20.9	Registration of Lease - This Lease shall
not be registered at length but only by mini-lease and then only after the form and terms of such mini-lease have been approved
by the Landlord or its legal counsel, the whole at the cost of the Tenant, including the cost of registration, and providing a
copy to the Landlord. Such mini-lease shall not contain any mention of financial conditions contained in the Lease. Should a min-lease
be registered, the Tenant shall, at the termination thereof, cause same to be radiated at its expense and provide documentation
of said radiation to the Landlord, at the Tenants’ expense, failing which the Landlord will, upon thirty (30) days prior
written notice to the Tenant, have the right to cause such radiation and charge the Tenant with the cost of same.

 

		20.10	Partial Payment of Rent - No payment by
the Tenant or receipt by the Landlord of a lesser amount than the monthly payment of Net Rent herein stipulated is deemed to be
other than on account of the earliest stipulated Net Rent, nor is any endorsement or statement on any cheque or any letter accompanying
any payment or an accord and satisfaction, and the Landlord may accept and cash such cheque or payment without prejudice to the
Landlord’s right to recover the balance of such Rent or pursue any other remedy.

 

     

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		20.11	Exceeding the Term - No Tacit Renewal
- Notwithstanding the provisions of the Civil Code of Québec, there shall be no
tacit renewal of this Lease. Should the Tenant remain in possession of the Premises after the end of the Term without the written
consent of the Landlord, such continued occupancy shall be at a monthly rate payable in advance on the first day of each month
equal to one hundred and fifty percent (150%) of the monthly installment of Rent payable for the last month of the Term and otherwise
upon the same terms, covenants and conditions as are set forth in this Lease insofar as these are applicable to a monthly tenancy,
the whole without prejudice to the Landlord’s right to re-enter and take possession of the Premises and evict the Tenant
therefrom without notice or indemnity to the Tenant and without prejudice to the Landlord’s other recourses hereunder or
at law.

 

		20.12	Unavoidable Delay - If and to the extent
that the Landlord shall be prevented, delayed or restricted by reason of Unavoidable Delay in the fulfillment of any obligation
thereunder, then the Landlord shall be deemed not to be in default in the performance of such covenant or obligation and any period
for the performance of such obligation shall be extended accordingly and the Tenant shall not be entitled to compensation for any
loss, inconvenience, nuisance or discomfort thereby occasioned, provided that in no event will the Tenant be relieved of its obligation
to pay Rent as it becomes due. Furthermore, the Landlord agrees that if the Tenant is, in good faith, prevented, delayed or restricted
in the fulfillment of any obligation or covenant hereunder by reason of an act of God, strikes, lockouts or other labour disputes,
sabotage, war, blockades, insurrections, riots, civil disturbances, the enactment, amendment or repeal of any Applicable Laws,
(collectively referred to as “Act of God”), then the performance by the Tenant of such obligation shall be extended
accordingly, but it is expressly understood that the provisions of this Section 20.12 hereof will not be deemed to preclude the
Tenant from any obligation of payment hereof when due and a lack of funds or financial inability of the Tenant shall not constitute
an Act of God.

 

		20.13	Waiver - If either the Landlord or the Tenant
excuses or condones any default of the other of any obligation under this Lease, no waiver of such obligation shall be implied
as a result of any continuing or subsequent default.

 

		20.14	Metric Conversion - The Landlord may express
any measurement in this Lease in metric measure in which case the following conversion factors apply:

 

	1 meter	 	=	 	3.2808 feet;
	1 square meter	 	=	 	10.7639 square feet;
	1 foot	 	=	 	.3048 meter; and
	1 square foot	 	=	 	.0929 square meter.

 

     

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		20.15	Decision of Expert - The decision of any
Expert whenever provided for under this Lease and any certificate related thereto shall be final and binding on the parties hereto
and there shall be no further right of dispute or appeal.

 

		20.16	Head Lease - The Tenant acknowledges that
the Landlord is a lessee of the Lands and improvements thereon under a lease (the “Head Leases”) made as of the first
(1st) day of May, nineteen hundred and eighty-nine (1989) between BCE Development Corporation (the rights and obligations of which
were assumed by BCE Inc.), Prodevco Immobilière Inc. and Teleglobe Canada Inc., as lessors and the Landlord, as lessee,
as the same may be amended from time to time. The Landlord covenants that the lessors under the Head Lease are the Co-owners as
of the commencement of the Term. In the case of termination of the Head Lease, the Tenant hereby acknowledges that it will become
bound towards the Co-owners for the then unexpired residue of the Term.

 

		20.17	Reasonableness - Notwithstanding the terms
and conditions of the Lease, and each person acting for the Landlord in making a determination, designation, calculation, estimate,
conversion or allocation hereunder or under the Lease will act reasonably and in good faith and each accountant, architect (including
the Architect), engineer or surveyor or other professional person employed or retained by the Landlord will act in accordance with
the applicable principles and standards of the person’s profession and, in each instance where the Landlord’s consent
or the consent of any person acting for the Landlord is required, such consent shall not be unreasonably withheld or delayed.

 

		20.18	Quiet Enjoyment - Provided the Tenant is
not in default hereunder beyond any period provided herein for curing such default, the Tenant shall peacefully hold and enjoy
the Premises throughout the Term without hindrance or interruption by the Landlord. The Landlord hereby recognized the Tenant’s
right to the peaceful enjoyment of the Premises throughout the Term and any renewal thereof, and, subject to the following, shall
use all of its reasonable efforts to light the exterior of the Building in a manner which does disturb the Tenant. In accordance
with the foregoing, the Landlord agrees to modify the light fixture located on the exterior of the Building in such a way that
the visual appearance and/or any glare emanating from same do not interfere with the Tenant’s peaceful enjoyment of the Premises.
In the event, the Landlord is unable to modify the large fixtures located outside the 12th and 36th floor in a manner which is
satisfactory to the Tenant, acting reasonably, then the Landlord agrees that, as a last resort, the Landlord shall remove said
large light fixtures. It is expressly understood that, subject to the foregoing provisions of this Section 20.18 and notwithstanding
any removal of any exterior light fixture, the Landlord shall, at all times, retain its right to act in its sole discretion in
lighting the exterior of the Building so long as the Tenant may peacefully hold and enjoy the Premises. The parties hereto agree
to cooperate with one another to the fullest extend in making modifications which are to the mutual satisfaction of both parties,
and the Landlord shall use all of its reasonable efforts to complete said modifications on or before the Commencement Date.

 

     

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		20.19	Relationship of Parties - Notwithstanding
any provisions of this Lease including, without limitation, the provisions pertaining to alterations and/or improvements to the
Premises, nothing in this Lease shall be construed as constituting the Tenant the mandatary or contractor of the Landlord or the
Co-owners in respect of the execution of the Tenant’s alterations and/or improvements or as creating any other relationship
between the Landlord and the Tenant other than that of landlord and tenant.

 

		20.20	Landlord’s release and waiver - The
Landlord shall release and waive all claims for damages against the tenant and those for whom the Tenant is in law responsible
to the extent of the amount recovered by the Landlord from its insurers or which should have been available to the Landlord if
(i) the Landlord had prudently and diligently pursued any required claim under its insurance; and (ii) the Landlord had complied
with its insurance obligations under the Lease and under hypothec, trust deed or superior lease affecting the Building. The Landlord
shall also obtain a waiver of subrogation rights against the Tenant, and those for whom the Tenant is in law responsible, from
its insurers under policies of insurance relating to the Building or under any hypothec, trust deed or superior lease affecting
the Building.

 

		20.21	Moveable Hypothec - As continuing and collateral
security for the due and punctual performance of Tenant’s obligations under this Lease, the Tenant hypothecates in favour
of Landlord, for a sum equal to the Net Rent and the Additional Rent payable by the Tenant during a two-year period under the Term
of the Lease and interest thereon at the Prime Rate plus two percent (2%), calculated semi-annually and not in advance, a universality
consisting of all moveable improvements, equipment, machinery, furniture, and fixtures of every kind now or hereafter located in,
on or upon the Premises, including all indemnities or proceeds paid or payable to Tenant under insurance policies pertaining to
or covering such movables. The hypothec herein created does not constitute a floating hypothec under Article 2715 of the Civil
Code of Québec. Upon the occurrence of an event of default, the security hereby constituted shall become enforceable and
Landlord shall be entitled to immediately exercise any and all rights arising from such hypothec without any notice or delay except
as may be required by law. The hypothec referred to in this Section 20.21 shall constitute a first ranking charge on all the assets
charged thereunder. However, should Tenant obtain a bona fide financing for the operation of its business in the Premises
from a person acting at arm’s length with Tenant and the persons who control, directly or indirectly, Tenant (the “Tenant’s
Lender”), Landlord shall execute, at Tenant’s cost, a subordination agreement in favour of Tenant’s Lender in
a form and substance satisfactory to Landlord and its legal counsel, acting reasonably, provided that Tenant is not then in default
and provided further that the security granted to Tenant’s Lender shall not affect any asset which is or may become, under
the terms of this Lease, the property of Landlord.

 

     

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The Tenant covenants with Landlord to furnish the Premises
with and maintain therein a sufficient quantity of furniture, fixtures and other moveable effects to secure the payment of twelve
(12) months’ rent. The said furniture, fixtures and other effects shall at all times be and remain the absolute and exclusive
property of Tenant free and clear of any privileges, liens, charges or encumbrances save for those in favor of Landlord.

 

The Tenant undertakes to execute, in favour of the Landlord
and upon its request, a first ranking moveable hypothec of a value sufficient to secure the payment of twelve (12) months Rent,
and to execute and sign promptly any document submitted by the Landlord to give effect to same.

 

		20.22	Fees of Professionals - Each party herein
shall bear its fees for all professionals hired with respect to the preparation and negotiation of this Lease.

 

		20.23	Waiver of presumptions - The Tenant waives
its rights to obtain a reduction of rent pursuant to Articles 1861 and 1863 of the Civil Code of Québec, as amended.

 

		20.24	Brokerage Commission- The Tenant and the
Landlord represent that no broker or agent has been engaged by either party with respect to this Lease transaction, nor negotiated
or was instrumental in negotiation or consummating this Lease, and that no amounts including, without limitation, commissions are
payable as a result of this transaction.

 

		20.25	G.S.T./Q.S.T. - It is agreed that any sums
payable by the Tenant to the Landlord or by the Landlord to the Tenant under this Lease shall be net of G.S.T./Q.S.T.

 

		20.26	Act of a Third Party - Notwithstanding any
law, usage or custom to the contrary, the Landlord shall not be liable to the Tenant for damages resulting from the act of a third
person and the Tenant does hereby expressly waive any right or recourse it may have against the Landlord as a result of such act
and, without limiting the generality of the foregoing, the Tenant renounces and waives its right to obtain a reduction of Rent,
cancellation of the Lease or damages.

 

		20.27	Language Clause - The parties have requested
that this Agreement of Lease and its Schedules be prepared and drawn-up in the English language. Les parties ont demandé
que la présente convention de bail ainsi que ses annexes soient rédigées en anglais.

 

TENANT declares having read this Lease
and being satisfied therewith.

 

TENANT hereby accepts this Lease of the
above described Premises to be held by it as Tenant subject to the covenants, conditions and restrictions above and in the Schedules
attached hereto set forth.

 

AND IT IS AGREED, that the provisions
hereof shall be binding upon and enure to the benefit of the successors, legal representatives and assigns of the parties, except
as may be hereinabove otherwise provided, and if there is more than one tenant, the covenants herein contained on the part of Tenant
shall be construed as being several as well as joint, and where necessary, the singular number shall be taken to include the plural,
and the neuter, the masculine and/or the feminine gender.

 

     

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