Document:

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    Exhibit 10.43

    SUBLEASE AGREEMENT

    

    THIS
SUBLEASE AGREEMENT made and entered into this 1st day of April, 2009, by and
between BIOWA, INC.,
having a principal place of business at 212 Carnegie Center, Suite 101,
Princeton, New Jersey 08540 (hereinafter referred to as “Company”)
and DOR BioPHARMA, Inc.,
having a principal place of business at 850 Bear Tavern Road, Suite 201, Ewing,
New Jersey 08628 (hereinafter referred to as “Sublessee”);

    

    WHEREAS,
Company desires to sublet the Premises, as hereinafter defined, and Sublessee
agrees to accept a sublease thereof.

    

    NOW
THEREFORE, it is mutually agreed as follows:

    

    
      	
              1.

            	
              DEMISE
      OF PREMISES

            

    

    

    1.1.                      In
consideration of the rent and other sums to be paid by Sublessee, and of the
other terms, covenants and conditions on Sublessee's part to be kept and
performed, Company hereby subleases to Sublessee, and Sublessee hereby takes and
hires from Company the
Premises described 29 Emmons Drive, West Windsor Township, Mercer County, New
Jersey, and further identified on the official tax map of West Windsor Township
as Lot 5, Block 7.03, Suite C-10, said premises being approximately 5,250
rentable square feet (herein referred to as the “Premises”).
Company is possessed of the Premises pursuant to a Lease from Clemons Properties
Partners, L.P., as successor in interest to COMMERCE CENTER AT PRINCETON, LLC
(hereinafter collectively referred to as the Prime Lessor) to Company, the current Lessee,
dated August 15 2006 (hereinafter referred to as the Prime Lease), attached
hereto and incorporated herein by reference as EXHIBIT A.

    

    1.2           This
Sublease is contingent upon the Company obtaining written approval of this
Sublease from the Prime Lessor.  In the event the Company fails to
obtain same prior to April 15, 2009, Sublessee may terminate this Sublease upon
delivery of written notice to Company and upon such termination Company shall
promptly refund the Rent (as defined herein) and Security Deposit (as defined
herein) to Sublessee.

    

    2.           TERM
AND EXTENSIONS OF TERM

    

    2.1.                      The
primary term of this Sublease will commence on the later of April 1, 2009 or the
day that Sublessee receives written approval of this Sublease Agreement from
Prime Lessor (hereinafter referred to as the Commencement Date) to March 31,
2012 (hereinafter referred to as the Term).

    

    2.2.                      Notwithstanding
anything herein to the contrary, in no event shall the Term of this Sublease
extend beyond the term of the Prime Lease.

    

    3.           TITLE
AND CONDITIONS PRECEDENT

    

    3.1.                      The
Premises are demised and sublet subject to (a) the existing state of title to
the Premises as of the date hereof; (b) any state of facts which an accurate
survey or physical inspection of the Premises might show; and (c) all zoning
regulations, restrictions and other laws and regulations now in effect or
hereafter adopted by any governmental authority having jurisdiction over the
Premises. The buildings, structures and other improvements comprising a part of
the Premises are subleased subject to their condition as of the date hereof,
and, except as otherwise provided in this Sublease Agreement, Company does not
make any representation or warranty, either express or implied, as to the
condition of the Premises or as to the adequacy or suitability of the Premises
for the purposes or needs of Sublessee.  The Company shall have
fifteen (15) days from the date that Sublessee notifies Company that (a) all
Conditions Precedent have been satisfied or waived pursuant to Section 3.3
herein, and (b) Sublessee requests vacant possession of the Premises, within
which (i) the Company may remove any equipment on the Premises belonging to the
Company and (ii) the Company shall deliver vacant possession of the Premises to
Tenant.  Company hereby agrees to repair any damage to the Premises by
so removing said equipment.  Any remaining equipment and/or furniture
situated on the Premises belonging to Company shall be turned over to Sublessee
upon delivery of vacant possession of Premises to
Sublessee.  Notwithstanding the foregoing,  it is the
understanding of both the Company and Sublessee that, at a minimum, the
equipment and/or furniture as outlined in EXHIBIT B shall remain on the
Premises for use by the Sublessee for the duration of the sublease Term, and
shall be returned to Company at the end of the sublease Term in the same
condition as at the beginning of the sublease Term, reasonable wear and tear
excepted and damage caused by casualty (to the extent Company receives proceeds
of insurance proceeds) or Company excepted.

    

    3.2.                      Except
as provided to the contrary in this Sublease Agreement, the Prime Lease and for
Company’s obligation to provide for repairs and maintenance to HVAC, plumbing
and electrical systems and equipment, and except for maintenance or repairs
needed due to Sublessor’s actions, Sublessee agrees that Company shall have no
further responsibility or obligation for expenses with respect to the care,
maintenance or operation and conduct of business on the Premises regardless of
the nature of the expense.

    

    3.3.                      Sublessee
proposes to use the premises for general office use.

    

    3.4           Sublessee
warrants and represents to Company that Sublessee has examined  the
condition of the Premises prior to the execution and delivery of this Sublease
and has found same to be satisfactory for all Sublessee's purposes and accepts
same in "as is" condition, with the exception of damages caused by the moving of
Company’s Property  from the premises, which shall be promptly
repaired to its original form. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.           USE
OF PREMISES

    

    4.1.                      The
Premises shall be used and occupied by the Sublessee for the Permitted Use
defined in the Prime Lease, general office purposes, as amended and for no other
purpose.

    

    5.           RENT

    

    5.1.                      Sublessee
agrees to pay and Company agrees to accept, in equal monthly installments, in
advance, on the 1st day of each and every calendar month during said term, or at
such other time and date as directed by the terms of the Prime Lease, base rent
(“Rent”) as follows:

    

    
      	
               
      

            	
              a.

            	
              From
      April 1, 2009 to October 31, 2009 (eighteen (18) months) at the rate of
      $17.00 s.f. the sum of $133,875.00 or $7,437.50 per
  month;

            

    

    

    
      	
               
      

            	
              b.

            	
              From
      November 1, 2009 to March 31, 2012 (eighteen (18) months at the rate of
      $17.50 s.f. the sum of $137,812.50 or $7,656.25 per
  month;

            

    

    

    
      	
               
      

            	
              c.

            	
              Total
      rent for
term:  $271,687.50;

            

    

    

    5.2.                      All
rental payments due from Sublessee under this Article 5 shall be prorated on the
basis of the number of days or months of such calendar month or fiscal year, if
less than the whole, during which Sublessee subleases the subject premises from
and after the Commencement Date as defined below. The provisions of this Section
5.2. shall survive the expiration of this Sublease.

    

    5.3.                      Rent
shall be due and payable beginning April 1, 2009.

    

    5.4.           Except
as expressly provided in this Article 5 and for Utilities and cleaning of the
Premises, as further described in Article 7 herein, Sublessee shall not be
responsible for the payment of any other portion of “Rent”, “Additional Rent” or
“Operating Expenses” which are the responsibility of the Company under and
defined in the Prime Lease, such expenses and charges are the responsibility of
and shall be timely paid by the Company to Prime Lessor.

    

    6.           ACCEPTANCE
OF PAYMENTS BY COMPANY

    

    6.1           No
payment by Sublessee, or acceptance by Company, of a lesser amount than shall be
due from Sublessee to Company shall be treated otherwise than as a payment on
account. The acceptance by Company of a check for a lesser amount with an
endorsement or statement thereon, or upon any letter accompanying such check
that such lesser amount shall constitute payment in full, shall be given no
effect and Company may accept such payment without prejudice to any other rights
or remedies which Company may have against Sublessee. Any payment, however
designated, may be accepted by Company and applied against any part of
Sublessee's then existing and then due Rent or other obligations owed
Company.

    

    7.           UTILITIES
AND COMMON MAINTENANCE CHARGES

    

    7.1.                      Sublessee
shall contract directly, and pay promptly when due, directly to the appropriate
utility company, for all utilities (hereinafter collectively referred to as the
“Utilities”) used or consumed in or at the Premises.

    

    7.2.                      Sublessee
shall be responsible for any services associated with general cleaning of the
Premises.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    8.           SECURITY
DEPOSIT

    

    8.1           Sublessee
has delivered to Company a Security Deposit of Twenty-Nine Thousand Seven
Hundred Fifty ($29,750.00) Dollars representing four (4) months rent at
$7,437.50 per month as set forth in Section 5.1 herein.  Upon the
Commencement of the Term of this Sublease Agreement, Company shall hold said
Security Deposit for the duration of the Term of this Sublease.  The
Security Deposit shall be held by the Company as security for the full and
faithful performance by Sublessee of all the Sublessee's terms, covenants and
conditions of this Sublease Agreement, which Deposit shall be returned to
Sublessee upon the expiration of this Sublease Agreement, provided Sublessee has
faithfully performed all of the Sublessee's terms, covenants and conditions set
forth in this Sublease Agreement and the Prime Lease.  The Security
Deposit shall be transferable to the benefit of any successor or assignee of
Sublessee or the Company.  In the event of Sublessee's default or
failure to perform the terms, covenants or conditions of this Sublease Agreement
or Prime Lease, the Company may draw upon the Security Deposit to recover any
costs, liabilities or other amounts due and owing by the
Sublessee.  In the event Company draws upon the Security Deposit for
any such purpose, Sublessee shall replenish the full amount of the Security
Deposit within ten (10) days of Sublessee’s receipt of written notice from
Company.  The Security Deposit shall be segregated from Company funds
in a separate interest bearing account and Sublessee and Company shall split the
interest 50/50 at the end of the term.  Within thirty (30) days from
the end of the Term, any amount of the security deposit not used to pay sums due
and owing by Sublessee or used to make necessary repairs to the leased
premises, should be returned to the Sublessee.

    

    9.           INSURANCE
ON PREMISES

    

    9.1           During
the term of this Sublease, Sublessee shall provide and maintain at Sublessee's
sole expense:

    

    a.           General
public liability insurance against claims for bodily injury, death or property
damage occurring on, in or about the Premises, and the adjoining streets,
sidewalks and passageways, with primary limits of not less than FIVE HUNDRED
THOUSAND DOLLARS ($500,000.00) with respect to bodily injury or death to any one
person, not less than ONE MILLION DOLLARS ($1,000,000.00) with respect to any
one accident, and not less than TWO HUNDRED THOUSAND DOLLARS ($200,000.00) with
respect to  property, damage, with combined limits a d excess
(umbrella) liability of not less than ONE MILLION DOLLARS ($1,000,000.00) with
respect to any one accident; and

    

    b.           Workmen's
compensation insurance or comparable insurance under applicable laws covering
all persons employed in connection with any work done on or about the Premises
with respect to which claims for death or bodily injury could be asserted
against the Prime Lessor, Company, Sublessee or the Premises; and

    

    c.           Such
other insurance upon or with respect to the Premises or the operation thereof in
such amounts and against such other insurable hazards as are at the time
commonly obtained in the case of property similar to the Premises;
and

    

    d.           In
the event and to the extent that the Prime Lease shall require any insurance
coverage not hereinbefore described and/or insurance coverage in limits higher
than those hereinbefore described, Sublessee, at Sublessee's sole cost and
expense, shall keep and maintain in force during and with respect to the Term of
this Sublease all such insurance (both as to types of coverage and limits) as
may be required under the Prime Lease.

    

    9.2.                      All
such insurance shall be written by companies of recognized financial standing
which are authorized to do insurance business in the state in which the Premises
are located, and such insurance shall name as the insured parties Company,
Sublessee and the Prime Lessor (as their respective interests may appear).
Company shall not be required to prosecute any claim against or to contest any
settlement proposed by, any insurer; provided, that Sublessee may, at its
expense, prosecute any such claim or contest any such settlement, and in such
event Sublessee may bring such prosecution or contest in the name of Sublessee,
and Company will join therein at Sublessee's expense and written request upon
the receipt by Company of an indemnity from Sublessee in form and substance
satisfactory to Company against any and all costs, liabilities and expenses in
connection with such prosecution or contest.

    

    9.3.                      In
the event any damage to or destruction of the Premises shall occur, the
provisions of the Prime Lease with respect to damage or destruction shall apply.
In the event the Prime Lease is silent in this respect, then insurance claims by
reason of damage to or destruction of any portion of the Premises, shall be
adjusted by Sublessee at the election of Company, but Company shall, at its
expense, have the right to join with Sublessee in adjusting any such loss. The
entire amount of any proceeds paid pursuant to a claim shall be payable to
Company. The entire amount of any proceeds paid to Company shall be delivered to
Sublessee from time to time as the work of rebuilding, replacing and repairing
the damage or destruction progresses and evidence is furnished by Sublessee of
such rebuilding, replacement and repair of an amount at least equal to the
proceeds to be paid to Sublessee. If any proceeds of such insurance remain after
final payment has been made to Sublessee for such rebuilding, replacement and
repair, such remaining proceeds shall be retained by Company.

    

    9.4.                      Every
policy required by this Section 11 shall contain an agreement by the insurer
that it will not cancel or modify such policy except after sixty (60) days'
prior written notice sent by registered mail to Company, and that any loss
otherwise payable thereunder shall be payable notwithstanding any change in
title or other ownership of the Premises. Sublessee shall submit to Company a
letter or binder for all the insurance coverage required hereunder at the time
it executes this Sublease and shall submit to Company copies of insurance
policies or certificates of insurance demonstrating Sublessee's full performance
of its insurance obligations under this Sublease, together with proof of premium
payment, within thirty (30) days following the execution of this Sublease or as
soon as reasonably possible if such thirty day time period cannot be achieved.
Thereafter, Sublessee shall submit to Company copies of renewal policies or
renewal certificates with proof of premium payment at least fifteen (15) days
before the expiration of such policies. Company's receipt of information whether
or not evidence of coverage, shall not affect the respective rights and duties
of Company and Sublessee as they are stated herein.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.           INDEMNIFICATION

    

    10.1.                      Except
in the event of Company’s negligence or willful misconduct, Sublessee agrees to
pay, and to protect, indemnify and save harmless Company from and against any
and all liabilities, losses, damages, costs, expenses (including, without
implied limitation, all reasonable attorneys' fees and expenses of Company),
causes of action, suits, claims, demands or judgments of any nature whatsoever,
arising from (a) any injury to, or the death of, any persons or any damage to
property on the Premises or upon adjoining sidewalks, streets, or ways, or in
any manner growing out of or connected with the use, condition or occupation of
the Premises or any part thereof by Sublessee, or resulting from the condition
thereof caused by Sublessee or of adjoining sidewalks; and (b) violation by
Sublessee of any term or provision of this Sublease; (c) violation by Sublessee
of any term or provision of the Prime Lease made applicable to Sublessee
pursuant to this Sublease Agreement; and (d) violation by Sublessee of any
contract or agreement to which Sublessee is a party; and (e) violation by
Sublessee of any restriction, statute, law, ordinance or regulation, affecting
the Premises or any part thereof or the ownership, occupancy or use thereof. The
obligations of Sublessee under this Section 10 relating to events occurring
during the term of this Sublease shall survive the expiration or other
termination of this Sublease.

    

    10.2                      Except
in the event of Sublessee’s negligence or willful misconduct, Company agrees to
pay, and to protect, indemnify and save harmless Sublessee from and against any
and all liabilities, losses, Damages, costs, expenses (including without implied
limitation, all reasonable attorneys’ fees and expenses of Sublessee), causes of
action, suits, claims, demands or judgments of any nature whatsoever, arising
from (a) any injury to, or death of any persons or any damage to property on the
Premises or upon adjoining sidewalks, streets , or ways, resulting from a
condition caused by Company; (b) violation by Company of any term or provision
of this Sublease Agreement; or (c) violation by Company of any term or provision
of the Prime Lease which is applicable to Company.

    

    11.           MAINTENANCE

    

    11.1.                      Except
as otherwise provided herein, Sublessee shall at all times maintain the Premises
in the condition as set forth in the Prime Lease.

    

    

    

    12.           ALTERATIONS
AND/OR REMODELS

    

    12.1.                      Sublessee
shall have the right to make alterations or additions to the Premises as set
forth in the Prime Lease, pending approval from Prime Lessor as provided in the
Prime Lease.

    

    13.           CONDEMNATION

    

    13.1.                      In
the event of any condemnation involving the Premises, the provisions of the
Prime Lease shall govern.

    

    14.           DUTIES
AND RIGHTS UNDER PRIME LEASE

    

    14.1.                      Sublessee
shall not do or allow to be done any act or omission, on its part or on the part
of any of its officers, directors, agents, servants or employees which would
adversely affect Company's rights, privileges, powers and immunities under the
Prime Lease or which would be contrary to the requirements of the Prime Lease.
Any and all rights held by Prime Lessor under the Prime Lease shall be deemed to
be held by and to enure to the benefit of Company for purposes of this Sublease,
and Company may exercise any or all such rights as if Company were the Prime
Lessor.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    15.           ASSIGNMENT
AND SUBLETTING

    

    15.1.                      Upon
satisfaction of the conditions stated in the Prime Lease, Sublessee shall have
the right from time to time without consent of Company to sublet, assign or
transfer any interest in all or any part of the Premises to a parent,
subsidiary, or affiliate or franchisee of Sublessee or franchisee of Sublessee's
parent, subsidiary or affiliate or to a corporation resulting from consolidation
or merger or in connection with the sale or substantially all of the assets of
Sublessee including this Sublease, provided that Sublessee is current in all
obligations under the Prime Lease.  Subject to the terms and
conditions of the Prime Lease, Sublessee shall have the right to enter into any
other assignment, sub-sublease, or transfer of Sublessee's interest in all or
any part of the Premises with Company's prior written consent, which consent
shall not be unreasonably withheld. No assignment, sub-sublease, or transfer
made shall affect or reduce any of the obligations of Sublessee hereunder, and
all such obligations shall continue in full effect.

    

    

    

    

    16.           REMOVAL
OF SUBLESSEE'S PROPERTY

    

    16.1.                      On
or before the last day of this Sublease, Sublessee may remove from the Premises
all furniture, trade fixtures, equipment and other property belonging to
Sublessee (hereinafter referred to as Sublessee's Property).  Any
damage to the Premises caused by such removal of Sublessee's Property shall be
repaired to the Company's reasonable satisfaction; in no event shall Sublessee's
Property which has become permanently affixed to the Premises be
removed.

    

    16.2.                      At
the termination of this Sublease, Sublessee shall remove Sublessee's Property
from the Premises.  If Sublessee has not removed Sublessee's Property,
Company may, solely as its option, either (a) retain Sublessee's Property at its
own without liability therefor and without compensating Sublessee therefor; or
(b) remove Sublessee's Property from the Premises, the costs and expense for
such to be for Sublessee's account, which shall be paid in full by Sublessee
immediately upon demand by Company, offset against the Security Deposit, or
both, to the extent necessary to fully pay said costs and expense. If this
Sublease is terminated by reason of default by Sublessee, then Company shall
have the option with respect to Sublessee's Property as set forth in the
immediately preceding sentence.

    

    17.           ACCESS
TO PREMISES

    

    17.1.                      Company,
its agents, servants and employees may enter the Premises upon reasonable notice
to Sublessee, which may be oral, for the purpose of inspecting the Premises or
for the purpose of exercising Company's rights and remedies under this Sublease
or under law provided Company does not interfere with Sublessee’s use and
enjoyment of the Premises.

    

    17.2.                      Any
access to the Premises by Company shall be during normal business hours (except
in case of emergency) and Company shall use its best efforts not to interfere
with Sublessee's business.

    

    18.           DEFAULT,
TERMINATION AND REMEDIES OF SUBLESSOR.

    

    18.1.                      Sublessee
shall be in default of this Sublease if at any time there shall occur any of the
events of default defined in the Prime Lease provided such event of default was
caused by the action or inaction of the Sublessee, or if Sublease shall fail to
perform any of the covenants, conditions or obligations of this Sublease and
such failure continues for ten (10) days after Sublessee receives written notice
of such default for monetary obligations and thirty (30) days after Sublessee
receives written notice of such default for all other
obligations.   However, if said default shall be of such a
nature that it cannot reasonably be cured or remedied within said 30-day period, same shall not be deemed a
default if Sublessee shall have commenced in good faith the curing or remedying
of such default within such 30 day period and shall thereafter
continuously and diligently proceed therewith to completion. 
In the event any such default, Company shall be entitled to the same remedies as
Prime Lessor under the Prime Lease.

    

    19.           SURRENDER
OF POSSESSION BY SUBLESSEE

    

    19.1.                      Upon
either the expiration of the term of the Prime Lease, or upon the earlier
termination of this Sublease, at any time and for any reason, Sublessee promptly
and peaceably shall surrender to the Company the Premises, in the same condition
as at the Commencement Date, ordinary wear and tear and damage by casualty (to
the extent Company receives proceeds of insurance proceeds)
excepted.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    20.           COMPANY'S
WAIVER

    

    20.1.                      Company's
failure at any time or from time to time to require strict compliance by
Sublessee with this Sublease shall neither waive nor prejudice Company's
continued right to insist upon the due and timely performance of this Sublease
and to avail itself of all remedies provided by law or by this
Sublease.

    

    21.           GOVERNING
LAW

    

    21.1.                      The
law applicable to the performance of this Sublease shall be the Law of the State
of New Jersey.

    

    22.           RECORDING
OF NOTICE

    

    22.1.                      The
Sublessee shall not record this Sublessee.

    

    23.           REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

    

    23.1 The
Company is not in default under the Prime Lease and all sums due and owing the
Prime Lessor have been paid;

    

    23.2.  There
is no continuing uncured event of default by the landlord under the Prime
Lease;

    

    23.3.  The
Company shall timely pay all sums due and owing to the Prime Lessor under the
Prime Lease throughout the term of the Sublease; and

    

    23.4.  That
the Company owns the personal property it is leasing to the Sublessee and that
such personal property is free of liens and claims by other
parties.

    

    24.           SUBLESSEE'S
INSPECTION

    

    24.1.                      Sublessee
warrants and covenants that Sublessee has made all necessary or desirable
examinations, inspections and inquiries regarding the Premises and has consulted
with such professional advisors as Sublessee deems necessary or desirable to
satisfy Sublessee at Sublessee's discretion and on Sublessee's own initiative,
that the Premises are acceptable to Sublessee, that this Sublease is lawful in
substance and in form, and that Sublessee is financially prepared to assume any
and all risks and obligations of any kind that may be involved in becoming
Sublessee. EXCEPT AS OTHEREWISE PROVIDED HEREIN, SUBLESSEE HEREBY ACCEPTS THE
PREMISES AS IS WITH NO REPRESENTATION OR WARRANTY OF COMPANY AS TO THE CONDITION
THEREOF, PURSUANT TO SUBLESSEE’S WALK-THROUGH.  The Company warrants
that the security system is in good working order prior to Sublessee’s
walk-through.

    

    25.           NO
OTHER ASSURANCES

    

    25.1.                      Sublessee
makes this Sublease in reliance upon its provisions and upon the provisions of
the Prime Lease, including any amendments, supplements and extensions, and not
in reliance upon any alleged assurances, representations and warranties made by
Company, its officers, directors, agents, servants or employees.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    26.           BROKERS

    

    26.1.                      The
Company shall pay for all real estate brokerage commissions in connection with
this transaction and indemnify and hold Sublessee harmless from any claims of
brokers or other parties claiming a commission or compensation in connection
with this Sublease Agreement.

    

    27.           NOTICES

    

    27.1.                      Where
this Sublease requires notices to be given, except where it expressly provides
to the contrary, all such notices shall be in writing and (except for those that
are delivered by hand) shall be deemed given the next day when mailed by
certified mail, postage prepaid or sent by nationally recognized overnight
courier (such as Federal Express or UPS) with a delivery receipt, or when sent
by telefax or telegram, addressed to the party entitled to receive the notice at
his or its address stated below, or at such other address as the party to
receive the notice last may have designated for such purpose by notice given to
the other party. Any notice given by telefax or telegraph shall be confirmed by
certified mail.

    COMPANY

    

    BioWa,
Inc.

    Suite
101

    212
Carnegie Center

    Princeton,
NJ 08540

    Attn:  President
and CEO

    

    SUBLESSEE

    

    DOR
BioPharma, Inc.

    850 Bear
Tavern Road

    Ewing, NJ 08628

    Attn:
President and CEO

    

    28.           MISCELLANEOUS

    

    28.1.                      When
the sense so requires, words of any gender used in this Sublease shall be held
to include any other gender and words in the singular shall be held to include
the plural.  Sublessee shall include the heirs, executors,
administrators and personal representatives of any individual Sublessee as well
as Sublessee's assigns (subject to Company's prior written consent) and the
successor of any incorporated Sublessee unless the context precludes such
construction. The captions or headings of particular paragraphs or parts of this
Sublease are inserted for convenience only and shall not affect the meaning of
this Sublease as a whole, or any paragraph or any part of it.

    

    28.2.                      No
alleged modifications, termination or waiver of this Sublease shall be binding
unless it is set out in writing and signed by the party against whom or which it
is sought to be enforced. Any document or writing to be binding on Company,
whether this Sublease or any amendment, supplement or extension, must be signed
by both Sublessee and Company, the latter acting through its President or a Vice
President.

    

    28.3.                      If
any term or provision of this Sublease or the application hereof to any person
or circumstance shall, to any extent, be invalid or unenforceable, the remainder
of this Sublease shall not be affected thereby, nor shall the application of
such term or provision to persons or circumstances other than those as to which
it is held invalid or unenforceable be affected thereby.

    

    29.           SOLE
UNDERSTANDING OF PARTIES

    

    29.1.                      This
Sublease contains the entire understanding between the parties with respect to
its subject matter, the Premises, and all aspects of the relationship between
Sublessee and Company.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              30.

            	
              DEFAULTS
      BY COMPANY

            

    

    

    30.1.  If
Company should be in default in the performance of any of its obligations under
this Sublease, or the Prime Lease, which default continues for a period of more
than fifteen (15) days after receipt of written from Sublessee for a monetary
default and thirty (30) days after receipt of written notice from Sublessee for
a  non-monetary default which notice specifies such default, or in the
case of a non-monetary default if such default is of a nature to require more
than thirty (30) days for remedy and continues beyond the time reasonably
necessary to cure (and Company has not undertaken procedures to cure the default
within such thirty (30) day period and diligently pursued such efforts to
complete such cure), Sublessee may, in addition to any other remedy available at
law or in equity at its option, upon written notice, incur any reasonable
expense necessary to perform the obligation of Company specified in such notice
and deduct such expense from the Rent or other charges next becoming
due.  Notwithstanding the foregoing, if Sublessee’s possession of the
Premises is threatened due to the Prime Lessor filing an eviction or similar
proceeding against the Company or similar proceeding and the filing of such
proceeding was not caused by the Sublessee’s default under this Sublease
Agreement, then Sublessee may, in addition to any other remedy available to it
at law or in equity, terminate this Sublease Agreement upon delivering written
notice to Company.

    

    

    

    

    

    

    IN
WITNESS WHEREOF, Company and Sublessee have caused this Agreement to be executed
as of the day and year first above written.

    

    

    COMPANY:

    BioWa,
Inc.

    

    By:/s/ Masamichi Koike

          Masamichi
Koike, Ph.D.

          President
and CEO

    

    Witness:   _________________________

    

    Name:  __________________________

    

    

    SUBLESSEE:

    DOR
BioPHARMA, INC.

    

    
      	
              By:

            	
              Christopher
      J. Schaber

            

    

    Christopher
J. Schaber, Ph.D.

    President
and CEO

    

    Witness:   _________________________

    

    Name:  __________________________

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    Exhibit
B

    

    OFFICE
INVENTORY - 29 Emmons Drive, Princeton, NJ

    

    A.  All
window blinds will remain in every room and they are all in good working
order

    

    B.  The
Ultra-Pur walter filtration system will remain if the subleesee would like
to  pick up the cost.  I will provide this info this
afternoon.

    

    C.  Keys
will be provided wherever possible.

    

    
      	
              Furniture
      Staying

            	
              Leaving

            
	
              Office
      1

              L-Shaped
      Desk w/ left return

              2
      Draw lateral file cabinet with top

                 Open
      Hutch (2 shelves)

              1
      Chair for Guest

              Waste
      Basket

              Standard
      Chair

              Corkboard
      on wall

               

            	
              Office
      1

              Leather
      Chair - will be replaced with a Standard desk chair as specified in
      Furniture Staying

              Heater

              Computer
      Equipment:

                -
      Speakers

                -
      Monitor

                -
      Printer

               

            
	
              Office
      2

              L-Shaped
      Desk w/ left return

              Bookcase
      w/ 3 Shelves

              2
      Chairs for Guest

              Whiteboard
      on wall

              Waste
      Basket

              Standard
      Chair

              Corkboard
      on wall

            	
              Office
      2

              Leather
      Chair - will be replaced with a Standard desk chair as specified in
      Furniture Staying

              Computer
      Equipment:

                -
      Speakers

                -
      Monitor

                -
      Printer

               

            
	
              Office
      3

              U-Shaped
      Desk w/ right return and

                 Top
      hutch (4 doors)

              3
      Shelf Bookcase

              2
      Chairs for Guest

              1
      Standard Chair

              Waste
      Basket

              Corkboard
      on wall

            	
              Office
      3

              Computer
      Equipment:

                -
      Speakers

                -
      Monitor

                -
      Printer

               

            
	
              Office
      4

              L-Shaped
      Desk w/ left return and

                    keyboard
      holder

              4
      Shelf Bookcase

              1
      Chair for Guest

              Waste
      Basket

              Corkboard
      on wall

            	
              Office
      4

              Computer
      Equipment:

                -
      Speakers

                -
      Monitor

                -
      Printer

               

            
	
              CEO
      - Office 5

              2
      Desks

              2
      Chairs

              2
      Drawer lateral file cabinet

              Full
      Coat Closet

              Full
      Closet

               

            	
              CEO
      - Office 5

              Computer
      Equipment:

                -
      Speakers

                -
      Monitor

                -
      Printer

              No
      corkboard

            
	
              Copy
      Station

              4
      Draw off white cabinet

              Floor
      Mat

              Chair

              2
      File Cabinets outside the area

              1
      3-Draw grey cabinet on wheels

              Waste
      Basket

            	
              Copy
      Station

              Copier

              No
      corkboard

            
	
              Office
      6

              L-Shaped
      Desk  w/left return

              2
      Chairs for Guest

              2
      Shelf top hutch w/2 draw lateral

                  cabinet

              Waste
      basket

              1
      Standard Chair

            	
              Office
      6

              Computer
      Equipment:

                -
      Speakers

                -
      Monitor

                -
      Printer

              No
      corkboard

            
	
              Office
      7

              L-Shaped
      Desk w/right return

              2
      Shelf top hutch w/2 draw lateral

                  Cabinet

              Waste
      basket

              3
      Chairs outside Office 7

            	
              Office
      7

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

              No
      corkboard

            
	
              Office
      8

              L-Shaped
      Desk w/right return

              Credenza/Bookcase
      - 5 Shelf

              3
      Chairs for Guest

              2
      Drawer off white file cabinet

              Corkboard
      on wall

            	
              Office
      8

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

            
	
              Office
      9

              L-Shaped
      Desk w/left return

              2
      5-Shelf bookcases

              1
      Guest Chair

              Corkboard
      on wall

              2
      Door cabinet

            	
              Office
      9

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

            
	
              Server
      Room

              2
      Chairs

              Circuit
      Panels

            	
              Server
      Room

              All
      computer equipment

              Safe

              Server
      Equipment

               

            
	
              Office
      10 - Server Room Office

              2
      Draw grey cabinet with no top

              2
      Desks

              3
      Chairs

            	
              Office
      10 - Server Room Office

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

            
	
              Office
      11

              L-Shaped
      Desk w/right return

              2
      Chairs for Guest

              5
      Shelf bookcase

              Cart

              Waste
      Basket

              Corkboard
      on wall

            	
              Office
      11

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

            
	
               

              Office
      12

              L-Shaped
      Desk w/right return

              2
      Chairs

              2
      Waste baskets

              2
      Corkboards on wall

            	
               

              Office
      12

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

            
	
              Closet
      #1

              Hangers

            	
              Closet
      #1

            
	
              Closet
      #2

            	
              Closet
      #2

              Cleaning
      Stuff

            
	
              Large
      Conference Room

              Table
      (approx. 3’x8’)

              4
      Door Credenza

              8
      Chairs

              3
      Informal Chairs

              Whiteboard
      w/ Printer

              Drop-down
      Screen

            	
              Large
      Conference Room

              Speakers

               

            
	
              Small
      Conference Room

              Table
      (approx. 2-1/2’ x 6’)

              4
      Door Credenza

              6
      Chairs

              Rectangular
      Table

              Whiteboard
      w/ Printer

              Round
      Table

              2
      3-Drawer Cabinets outside

                  Conference
      Room #2

            	
              Small
      Conference Room

               

            
	
              Kitchen

              Table

              4
      Chairs

              Corkboard
      on wall

              Clock

              Microwave

              Keurig
      Premium Single Coffee Maker

              Fire
      Extinguisher

              Waste
      Basket

            	
              Kitchen

            
	
              3
      Work Stations

              3
      L-Shaped Desks

              2
      Wall cabinets (1 on each wall)

              3
      Chairs

              Whiteboard
      on wall

              Sonitrol
      Security System on 1 off hiwte cart on wheels, with (1) Monitor (monitor
      on wall)

            	
              3
      Work Stations

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

              Color
      Scanner

               

            
	
              Reception
      Area

              L-Shaped
      Desk w/bar top and keyboard holder

              Chair

              2
      End Tables

              2
      Chairs

              1
      Fire Extinguisher on wall

              Sonitrol
      Security System with (1) Monitor

            	
              Reception
      Area

              Computer
      Equipment

                -
      Speakers

                -
      Monitor

                -
      Printer

            
	
              Storage/File
      Area (next to kitchen)

              4
      Grey Metal Shelves (3 w/7 shelves and 1 w/6 shelves)

            	
              Storage/File
      Area

              Footstand

            
	
              Middle
      Wall

              Mail
      Slots Off white Cabinet

              Library
      Stand w/5 draws

              2
      5-Drawer off white File Cabinets

              1
      2-Drawer off white File Cabinets

            	
              Middle
      Wall

            
	
              2
      Black 5-Drawer File Cabinets

              1
      Tall Cabinet w/6 shelves

              1
      4-Drawer Short off white File CabinetExhibit 4(e)

                        SUB-INVESTMENT ADVISORY AGREEMENT

            AGREEMENT dated December 31, 2008, between BlackRock Advisors, LLC,
a Delaware limited liability company (the "Advisor"), and BlackRock
International Limited, a corporation organized under the laws of Scotland (the
"Sub-Advisor").

            WHEREAS, the Advisor has agreed to furnish investment advisory
services to BlackRock Global Allocation Portfolio (the "Fund"), a series of
BlackRock Series Fund, Inc. (the "Corporation"), an open-end management
investment company registered under the Investment Company Act of 1940, as
amended (the "1940 Act");

            WHEREAS, the Advisor wishes to retain the Sub-Advisor to provide it
with certain sub-advisory services as described below in connection with
Advisor's advisory activities on behalf of the Funds;

            WHEREAS, the advisory agreement between the Advisor and the
Corporation, dated September 29, 2006 (such agreement or the most recent
successor agreement between such parties relating to advisory services to the
Corporation is referred to herein as the "Advisory Agreement") contemplates that
the Advisor may sub-contract investment advisory services with respect to the
Funds to a sub-advisor pursuant to a sub-advisory agreement agreeable to the
Corporation and approved in accordance with the provisions of the 1940 Act; and

            WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Sub-Advisor is willing to furnish such
services upon the terms and conditions herein set forth; and

            NOW, THEREFORE, in consideration of the mutual premises and
covenants herein contained and other good and valuable consideration, the
receipt of which is hereby acknowledged, it is agreed by and between the parties
hereto as follows:

      1. Appointment. The Advisor hereby appoints the Sub-Advisor to act as
sub-advisor with respect to the Fund and the Sub-Advisor accepts such
appointment and agrees to render the services herein set forth for the
compensation herein provided.

      2. Services of the Sub-Advisor. Subject to the succeeding provisions of
this section, the oversight and supervision of the Advisor and the direction and
control of the Corporation's Board of Directors, the Sub-Advisor will perform
certain of the day-to-day operations of the Fund, which may include one or more
of the following services, at the request of the Advisor: (a) acting as
investment advisor for and managing the investment and reinvestment of those
assets of the Fund as the Advisor may from time to time request and in
connection therewith have complete discretion in purchasing and selling such
securities and other assets for the Fund and in voting, exercising consents and
exercising all other rights appertaining to such securities and other assets on
behalf of the Fund; (b) arranging, subject to the provisions of paragraph 3
hereof, for the purchase and sale of securities and other assets of the Fund;
(c) providing investment research and credit analysis concerning the Fund's
investments, (d) assist the Advisor in determining what portion of the Fund's
assets will be invested in cash, cash equivalents and money market instruments,
(e) placing orders for all purchases and sales of such investments

<PAGE>

made for the Fund, and (f) maintaining the books and records as are required to
support Fund investment operations. At the request of the Advisor, the
Sub-Advisor will also, subject to the oversight and supervision of the Advisor
and the direction and control of the Corporation's Board of Directors, provide
to the Advisor or the Fund any of the facilities and equipment and perform any
of the services described in Section 3 of the Advisory Agreement. In addition,
the Sub-Advisor will keep the Fund and the Advisor informed of developments
materially affecting the Fund and shall, on its own initiative, furnish to the
Fund from time to time whatever information the Sub-Advisor believes appropriate
for this purpose. The Sub-Advisor will periodically communicate to the Advisor,
at such times as the Advisor may direct, information concerning the purchase and
sale of securities for the Fund, including: (a) the name of the issuer, (b) the
amount of the purchase or sale, (c) the name of the broker or dealer, if any,
through which the purchase or sale is effected, (d) the CUSIP number of the
instrument, if any, and (e) such other information as the Advisor may reasonably
require for purposes of fulfilling its obligations to the Fund under the
Advisory Agreement. The Sub-Advisor will provide the services rendered by it
under this Agreement in accordance with the Fund's investment objectives,
policies and restrictions (as currently in effect and as they may be amended or
supplemented from time to time) as stated in the Fund's Prospectus and Statement
of Additional Information and the resolutions of the Corporation's Board of
Directors.

      3. Covenants. (a) In the performance of its duties under this Agreement,
the Sub-Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended (the "Advisers Act"), and all applicable Rules
and Regulations of the Securities and Exchange Commission (the "SEC"); (ii) any
other applicable provision of law; (iii) the provisions of the Agreement and
Charter and By-Laws of the Corporation, as such documents are amended from time
to time; (iv) the investment objectives and policies of the Fund as set forth in
its Registration Statement on Form N-1A and/or the resolutions of the Board of
Directors; and (v) any policies and determinations of the Board of the Directors
of the Corporation and

            (b) In addition, the Sub-Advisor will:

                  (i) place orders either directly with the issuer or with any
broker or dealer. Subject to the other provisions of this paragraph, in placing
orders with brokers and dealers, the Sub-Advisor will attempt to obtain the best
price and the most favorable execution of its orders. A summary of the
Sub-Advisor's Order Execution Policy accompanies this Agreement. The Advisor
hereby confirms that it has read and understood this. In particular, the Advisor
agrees that the Sub-Advisor may trade outside of the regulated market or
multilateral trading facility. In placing orders, the Sub-Advisor will consider
the experience and skill of the firm's securities traders as well as the firm's
financial responsibility and administrative efficiency. Consistent with this
obligation, the Sub-Advisor may select brokers on the basis of the research,
statistical and pricing services they provide to the Fund and other clients of
the Advisor or the Sub-Advisor. Information and research received from such
brokers will be in addition to, and not in lieu of, the services required to be
performed by the Sub-Advisor hereunder. A commission paid to such brokers may be
higher than that which another qualified broker would have charged for effecting
the same transaction, provided that the Sub-Advisor determines in good faith
that such commission is reasonable in terms either of the transaction or the
overall responsibility of the Advisor and the Sub-Advisor to the Fund's and
their other clients

                                     - 2 -
<PAGE>

and that the total commissions paid by the Fund will be reasonable in relation
to the benefits to the Fund over the long-term. Subject to the foregoing and the
provisions of the 1940 Act, the Securities Exchange Act of 1934, as amended, and
other applicable provisions of law, the Advisor may select brokers and dealers
with which it or the Fund is affiliated;

                  (ii) maintain books and records with respect to the Fund's
securities transactions and will render to the Advisor and the Corporation's
Board of Directors such periodic and special reports as they may request;

                  (iii) maintain a policy and practice of conducting its
investment advisory services hereunder independently of the commercial banking
operations of its affiliates. When the Sub-Advisor makes investment
recommendations for the Fund, its investment advisory personnel will not inquire
or take into consideration whether the issuer of securities proposed for
purchase or sale for the Fund's account are customers of the commercial
department of its affiliates; and

                  (iv) treat confidentially and as proprietary information of
the Fund all records and other information relative to the Fund, and the Fund's
prior, current or potential shareholders, and will not use such records and
information for any purpose other than performance of its responsibilities and
duties hereunder, except after prior notification to and approval in writing by
the Fund, which approval shall not be unreasonably withheld and may not be
withheld where the Sub-Advisor may be exposed to civil or criminal contempt
proceedings for failure to comply, when requested to divulge such information by
duly constituted authorities, or when so requested by the Fund.

      4. Services Not Exclusive. Nothing in this Agreement shall prevent the
Sub-Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Sub-Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the
Sub-Advisor will undertake no activities which, in its judgment, will adversely
affect the performance of its obligations under this Agreement.

      5. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Sub-Advisor hereby agrees that all records which it
maintains for the Corporation are the property of the Corporation and further
agrees to surrender promptly to the Corporation any such records upon the
Corporation's request. The Sub-Advisor further agrees to preserve for the
periods prescribed by Rule 31a-2 under the 1940 Act the records required to be
maintained by Rule 31a-1 under the 1940 Act (to the extent such books and
records are not maintained by the Advisor).

      6. Expenses. During the term of this Agreement, the Sub-Advisor will bear
all costs and expenses of its employees and any overhead incurred by the
Sub-Advisor in connection with its duties hereunder; provided that the Board of
Directors of the Corporation may approve reimbursement to the Sub-Advisor of the
pro-rata portion of the salaries, bonuses, health insurance, retirement benefits
and all similar employment costs for the time spent on Fund

                                     - 3 -
<PAGE>

operations (including, without limitation, compliance matters) (other than the
provision of investment advice and administrative services required to be
provided hereunder) of all personnel employed by the Sub-Advisor who devote
substantial time to the Fund operations or the operations of other investment
companies advised or sub-advised by the Sub-Advisor.

      7. Compensation.

            (a) The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor
agrees to accept as full compensation for all services rendered by the
Sub-Advisor as such, a monthly fee in arrears at an annual rate equal to the
amount set forth in Schedule A hereto. For any period less than a month during
which this Agreement is in effect, the fee shall be prorated according to the
proportion which such period bears to a full month of 28, 29, 30 or 31 days, as
the case may be.

            (b) For purposes of this Agreement, the Net Assets of the Fund shall
be calculated pursuant to the procedures adopted by resolutions of the Directors
of the Corporation for calculating the value of the Fund's assets or delegating
such calculations to third parties.

      8. Indemnity.

            (a) The Fund hereby agrees to indemnify the Sub-Advisor and each of
the Sub-Advisor's directors, officers, employees, agents, associates and
controlling persons and the directors, partners, members, officers, employees
and agents thereof (including any individual who serves at the Sub-Advisor's
request as director, officer, partner, member, trustee or the like of another
entity) (each such person being an "Indemnitee") against any liabilities and
expenses, including amounts paid in satisfaction of judgments, in compromise or
as fines and penalties, and counsel fees (all as provided in accordance with
applicable state law) reasonably incurred by such Indemnitee in connection with
the defense or disposition of any action, suit or other proceeding, whether
civil or criminal, before any court or administrative or investigative body in
which such Indemnitee may be or may have been involved as a party or otherwise
or with which such Indemnitee may be or may have been threatened, while acting
in any capacity set forth herein or thereafter by reason of such Indemnitee
having acted in any such capacity, except with respect to any matter as to which
such Indemnitee shall have been adjudicated not to have acted in good faith in
the reasonable belief that such Indemnitee's action was in the best interest of
the Corporation and furthermore, in the case of any criminal proceeding, so long
as such Indemnitee had no reasonable cause to believe that the conduct was
unlawful; provided, however, that (1) no Indemnitee shall be indemnified
hereunder against any liability to the Corporation or the Fund or its
shareholders or any expense of such Indemnitee arising by reason of (i) willful
misfeasance, (ii) bad faith, (iii) gross negligence or (iv) reckless disregard
of the duties involved in the conduct of such Indemnitee's position (the conduct
referred to in such clauses (i) through (iv) being sometimes referred to herein
as "disabling conduct"), (2) as to any matter disposed of by settlement or a
compromise payment by such Indemnitee, pursuant to a consent decree or
otherwise, no indemnification either for said payment or for any other expenses
shall be provided unless there has been a determination that such settlement or
compromise is in the best interests of the Fund and that such Indemnitee appears
to have acted in good faith in the reasonable belief that such Indemnitee's
action was in the best interest of the Fund and did not involve disabling
conduct by such Indemnitee and (3) with respect to any action, suit or other
proceeding

                                     - 4 -
<PAGE>

voluntarily prosecuted by any Indemnitee as plaintiff, indemnification shall be
mandatory only if the prosecution of such action, suit or other proceeding by
such Indemnitee was authorized by a majority of the full Board of Directors of
the Corporation.

            (b) The Fund shall make advance payments in connection with the
expenses of defending any action with respect to which indemnification might be
sought hereunder if the Corporation receives a written affirmation of the
Indemnitee's good faith belief that the standard of conduct necessary for
indemnification has been met and a written undertaking to reimburse a Fund
unless it is subsequently determined that such Indemnitee is entitled to such
indemnification and if the Directors of the Corporation determine that the facts
then known to them would not preclude indemnification. In addition, at least one
of the following conditions must be met: (A) the Indemnitee shall provide a
security for such Indemnitee-undertaking, (B) the Corporation shall be insured
against losses arising by reason of any unlawful advance, or (C) a majority of a
quorum consisting of Directors of the Corporation who are neither "interested
persons" of the Corporation (as defined in Section 2(a)(19) of the 1940 Act) nor
parties to the proceeding ("Disinterested Non-Party Directors") or an
independent legal counsel in a written opinion, shall determine, based on a
review of readily available facts (as opposed to a full trial-type inquiry),
that there is reason to believe that the Indemnitee ultimately will be found
entitled to indemnification.

            (c) All determinations with respect to indemnification hereunder
shall be made (1) by a final decision on the merits by a court or other body
before whom the proceeding was brought that such Indemnitee is not liable by
reason of disabling conduct, or (2) in the absence of such a decision, by (i) a
majority vote of a quorum of the Disinterested Non-Party Directors of the
Corporation, or (ii) if such a quorum is not obtainable or even, if obtainable,
if a majority vote of such quorum so directs, independent legal counsel in a
written opinion. All determinations that advance payments in connection with the
expense of defending any proceeding shall be authorized shall be made in
accordance with the immediately preceding clause (2) above.

            The rights accruing to any Indemnitee under these provisions shall
not exclude any other right to which such Indemnitee may be lawfully entitled.

      9. Limitation on Liability. The Sub-Advisor will not be liable for any
error of judgment or mistake of law or for any loss suffered by the Advisor or
by the Fund in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of
compensation for services or a loss resulting from willful misfeasance, bad
faith or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its duties under this Agreement.

      10. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Fund as
provided herein, shall continue in effect for a period of two years. Thereafter,
if not terminated, this Agreement shall continue in effect with respect to the
Fund for successive periods of 12 months, provided such continuance is
specifically approved at least annually by both (a) the vote of a majority of
the Corporation's Board of Directors or a vote of a majority of the outstanding
voting securities of the Fund at the time outstanding and entitled to vote and
(b) by the vote of a majority of the Directors, who are

                                     - 5 -
<PAGE>

not parties to this Agreement or interested persons (as such term is defined in
the 1940 Act) of any such party, cast in person at a meeting called for the
purpose of voting on such approval. Notwithstanding the foregoing, this
Agreement may be terminated by the Corporation or the Advisor at any time,
without the payment of any penalty, upon giving the Sub-Advisor 60 days' notice
(which notice may be waived by the Sub-Advisor), provided that such termination
by the Corporation, on behalf of the Fund, or the Advisor shall be directed or
approved by the vote of a majority of the Directors of the Trust in office at
the time or by the vote of the holders of a majority of the voting securities of
the Fund at the time outstanding and entitled to vote, or by the Sub-Advisor on
60 days' written notice (which notice may be waived by the Corporation, on
behalf of the Fund, and the Advisor), and will terminate automatically upon any
termination of the Advisory Agreement between the Corporation and the Advisor.
This Agreement will also immediately terminate in the event of its assignment.
(As used in this Agreement, the terms "majority of the outstanding voting
securities," "interested person" and "assignment" shall have the same meanings
of such terms in the 1940 Act.)

      11. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      12. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Directors of the Corporation, including a majority of those Directors who are
not parties to this Agreement or interested persons of any such party cast in
person at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of the Fund.

      13. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein without reference to choice of law principles thereof and in
accordance with the applicable provisions of the 1940 Act. To the extent that
the applicable laws of the State of New York, or any of the provisions, conflict
with the applicable provisions of the 1940 Act, the latter shall control.

      15. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

                                     - 6 -
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be executed by their duly authorized officers designated below as of the day
and year first above written.

                                              BLACKROCK ADVISORS, LLC

                                              By: ______________________________
                                                  Name:  Donald C. Burke
                                                  Title: Managing Director

                                              BLACKROCK INTERNATIONAL LIMITED

                                              By: ______________________________
                                                  Name:  Nicholas Hall
                                                  Title: Managing Director

Agreed and Accepted:

BLACKROCK SERIES FUND, INC.

By: __________________________________
    Name:  Donald C. Burke
    Title: Chief Executive Officer and
    President of the Corporation

                                     - 7 -
<PAGE>

                                   Schedule A

                           Sub-Investment Advisory Fee

37.00% of the monthly advisory fee received by the Advisor from the Fund.

<PAGE>

                INFORMATION ON BLACKROCK'S ORDER EXECUTION POLICY

Background

The EU Markets in Financial Instruments Directive (MiFID) came into force on 1st
November 2007. One aspect of the legislation is that BlackRock is required to
take all reasonable steps to obtain the best possible result when dealing for
its clients, taking into account the execution factors referred to below. This
is often referred to as "best execution". Importantly, BlackRock is required to
establish and implement an order execution policy that demonstrates how it seeks
to obtain the best possible result in accordance with that obligation.

The purpose of this document is to provide Customers with a summary of
BlackRock's order execution policy.

This document covers all BlackRock entities resident within the European
Economic Area (EEA) that execute orders, place orders with, or transmit orders
to, other entities for execution. These are set out in more detail in the
Glossary.

Generally all orders and executions of equity instruments and foreign exchange
are managed by centralized, specialized dealing desks. Fixed income trades are
executed by portfolio managers or, in some cases, through specialized dealing
desks. The dealers are recognized as a significant part of the investment
process and BlackRock seeks to harness their dealing expertise to optimize
investment performance.

Execution Factors

Subject to any specific instructions that BlackRock receives, BlackRock takes
into account a range of factors in deciding where to execute deals in order to
obtain the best possible result for Customers. BlackRock dealers and portfolio
managers who place deals (referred to for this purpose collectively as dealers)
will determine the relative importance of a range of sometimes conflicting
factors by using their experience in the particular financial instruments and
markets being traded. Generally the most important factor that the dealers take
into account is the price of the financial instrument being traded, along with
any associated execution costs - the total consideration for the trade.

The diversity of the markets, the types of instruments BlackRock trades and the
kind of orders BlackRock places means that BlackRock often takes into account a
variety of factors in addition to the total consideration of the trade. These
other factors may include speed, likelihood of execution and settlement, the
size and nature of the order and market impact.

In some markets, price volatility may mean that the timeliness of execution is a
key factor, whereas in other markets or instruments that have low liquidity, it
may be the mere ability to execute the trade that is a key factor. In other
cases, BlackRock's choice of venue may be limited (even to the fact that there
may only be one platform/ market upon which BlackRock can execute Customers
orders) because of the nature of the trade.

For some types of financial instruments such as over-the-counter transactions
there is no formalized market or settlement infrastructure, which is
particularly relevant for certain fixed income and derivative trades.

Execution Criteria

When executing a deal, BlackRock will take into account a number of criteria for
determining the relative importance of the execution factors noted above. These
include a Customer's status, either as a Retail client or as a Professional
client, the nature of the order, the characteristics of the financial
instruments that are the subject of that order and the characteristics of the
execution venues to which that order can be directed.

Choice of Venue

BlackRock will take all reasonable steps to select venues that it believes are
most likely to provide the best result in the execution of orders. These venues
are generally accessed via brokers and include Regulated Markets such as the
London Stock Exchange, Multilateral Trading Facilities (MTFs) and electronic
communication networks (ECNs). Please see the Glossary for more information.
Where permitted, BlackRock may match buy and sell orders of stock between
Customers either through internal crossing arrangements or via ECNs in order to
minimize broker commission and market impact. BlackRock may also undertake
programmed trades where there is an appropriate basket of stocks to trade in
order to reduce overall transaction costs. In certain circumstances BlackRock
may execute trades outside of a Regulated Market or MTF.

<PAGE>

To enable the dealers to assess the appropriate venue, they have access to
several sources of price information and news including Reuters and Bloomberg,
and receive indications of interest, quotes and information on market flow and
liquidity from brokers. This access to information is designed to allow dealers
to obtain the best possible result for BlackRock's Customers. BlackRock also
take steps to ensure that it does not structure or charge commissions in such a
way as to discriminate unfairly between execution venues.

More detailed information about the execution venues that BlackRock uses for
specific financial instruments is available on request.

Specific Instructions

BlackRock are not required to take the steps mentioned above when placing an
order with, or transmitting an order to, another entity for execution to the
extent that BlackRock is following specific instructions from a Customer.
Customers should be aware that any specific instruction given regarding the
execution of orders may prevent BlackRock from taking the steps that it has
designed and implemented in its execution policy to obtain the best possible
result in respect of the elements covered by those instructions.

Where a Customer's instructions relate only to part of an order, BlackRock will
continue to apply its execution policy to those aspects not covered by the
instruction.

Review

BlackRock will review its order execution policy and order execution
arrangements on an annual basis, as well as whenever a material change occurs
that affects its ability to continue to obtain the best possible result for its
Customers. BlackRock will notify Customers of any material change to its order
execution policy and order execution arrangements.

Consent to the Order Execution Policy

For a financial instrument admitted to trading on a Regulated Market or MTF,
BlackRock are required to obtain a Customer's prior express consent before it
executes an order in such instrument outside of a Regulated Market or MTF. This
allows BlackRock greater choice in the venues that it can use to execute orders,
and therefore restricting the execution of orders to Regulated Markets and MTFs
may have a detrimental effect on the quality of the execution that is provided.
Executing orders off-exchange though may provide less regulatory protection than
dealing on a Regulated Market or MTF.

Glossary

BlackRock - any BlackRock legal entity resident in the EEA (or branch thereof)
or branch of a non-EEA BlackRock legal entity resident in the EEA, from which
investment services are provided to clients including, but not restricted to,
BlackRock Investment Management (UK) Limited, BlackRock Asset Management UK
Limited, BlackRock Investment Management International Limited, BlackRock
International Limited and BlackRock (Netherlands) B.V.

Bid/ ask spreads - the difference between the market price quotations, for
buying and selling particular securities.

Electronic Communication Networks ("ECN") - an electronic execution venue for
fund managers that enables them to match buying and selling orders in securities
directly with other fund managers. Commissions are typically lower, while market
impact and bid/ ask spreads are removed altogether.

Financial instruments - the list of financial instruments set out in Annex 1
Section C of MiFID, as amended from time to time. These include, for example,
equity and fixed income securities, money market instruments, units in pooled
funds, derivatives and contracts for differences.

Internal crossing - a manager's decision to match a selling order of one client
with a buying order of another client without placing the order through the
market, thereby saving both clients the cost of the bid/ ask spread and broker
commissions.

MiFID - the Markets in Financial Instruments Directive (2004/39/EC), a European
Union Directive that forms part of the EU's Financial Services Action Plan,
which is the EU's ongoing initiative to improve the single market in financial
services.

<PAGE>

Multilateral Trading Facility ("MTF") - a system, operated by an investment firm
or a market operator, which brings together multiple third-party buying and
selling interests in financial instruments.

Programmed trades - bulk trades for multiple securities placed through a single
broker at a significantly reduced commission rate.

Regulated Market - a multilateral system operated and/ or managed by an
authorized market operator, which brings together (or facilitates the bringing
together of) multiple third-party buying and selling interests in financial
instruments.

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