Document:

ex10_30.htm

    
      

    

    EXHIBIT 10.30

     

    
      	
               

               

               

               

               

               

               

              WAFERGEN
      BIO-SYSTEMS, INC.

               

               

               

              CODE

               

              OF

               

              BUSINESS
      CONDUCT AND ETHICS

               

               

               

               

               

               

               

               

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    
      
        	 
      	
                PAGE

              
	
                POLICY
      STATEMENT

              	
                1

              
	
                APPROVALS
      AND WAIVERS; AMENDMENTS; INTERPRETATION

              	
                2

              
	
                CONFLICTS
      OF INTEREST

              	
                2

              
	
                Activities
      Outside the Company

              	
                2

              
	
                Community
      Activities

              	
                3

              
	
                Service
      on Outside Boards of Directors

              	
                3

              
	
                Competitor
      Relationships

              	
                3

              
	
                Corporate
      Opportunities & Resources

              	
                4

              
	
                Indirect
      Interests and Relationships

              	
                4

              
	
                BUSINESS
      RELATIONSHIPS

              	
                4

              
	
                Customer
      Relationships

              	
                5

              
	
                Suppliers

              	
                5

              
	
                Contracts
      and Commitments

              	
                5

              
	
                FAIR
      COMPETITION

              	
                6

              
	
                GIFTS,
      GRATUITIES, ENTERTAINMENT AND OTHER CONSIDERATIONS

              	
                6

              
	
                Gifts

              	
                6

              
	
                Loans

              	
                6

              
	
                Meals,
      Entertainment, and Travel

              	
                7

              
	
                Investment
      Activities

              	
                7

              
	
                Bribes
      and Kickbacks

              	
                7

              
	
                DOING
      BUSINESS INTERNATIONALLY

              	
                7

              
	
                Facilitating
      Payments to Low-Level Non-U.S. Governmental Employees and Officials for
      Non-Discretionary Action

              	
                8

              
	
                Import
      and Export Regulation/Trade Compliance

              	
                9

              
	
                Antiboycott
      Compliance

              	
                9

              
	
                GOVERNMENT
      CONTRACTING

              	
                10

              
	
                POLITICAL
      CONTRIBUTIONS AND LOBBYING

              	
                10

              
	
                ACCURACY
      OF REPORTS, RECORDS AND ACCOUNTS

              	
                11

              
	
                GOVERNMENT
      INVESTIGATIONS

              	
                11

              

      

      
        
           

        

        
          i 

          
            

          

        

        
           

        

      

      

       

      
        	
                INSIDER
      TRADING; COMMUNICATIONS WITH THIRD PARTIES

              	
                12

              
	
                Insider
      Trading

              	
                12

              
	
                Communications
      with the Media and the Financial Community

              	
                12

              
	
                Confidential
      Information

              	
                13

              
	
                TECHNOLOGY
      USE AND PRIVACY

              	
                13

              
	
                Authorization

              	
                13

              
	
                Prohibition
      Against Violating Copyright Laws

              	
                13

              
	
                Other
      Prohibited Uses

              	
                14

              
	
                OUR
      WORK ENVIRONMENT

              	
                14

              
	
                ENVIRONMENTAL

              	
                14

              
	
                COMPLIANCE
      AND REPORTING

              	
                14

              
	
                Compliance

              	
                14

              
	
                Reporting
      Procedures and Other Inquiries

              	
                14

              
	
                Policy
      Prohibiting Unlawful Retaliation or Discrimination

              	
                15

              
	
                The
      Chief Compliance Officer

              	
                16

              

      

      

      
        
           

        

        
          ii 

          
            

          

        

        
           

        

      

    WAFERGEN
BIO-SYSTEMS, INC.:

     

    CODE
OF BUSINESS CONDUCT AND ETHICS

     

    

     POLICY
STATEMENT

     

    It is the
policy of WaferGen Bio-systems, Inc. (the “Company”) to conduct
its affairs in accordance with all applicable laws, rules and regulations of the
jurisdictions in which it does business.  This Code of Business
Conduct and Ethics (“Code”) applies to the
Company’s officers and non-employee directors, including the Company's principal
executive officer, principal financial officer, principal accounting officer or
controller, and persons performing similar functions (“Designated
Executives”).  This Code is the Company’s “code of ethics” as
defined in Item 406 of Regulation S-K.  This Code is designed to
promote:

     

    
      	
              ·  

            	
              honest
      and ethical conduct, including the ethical handling of actual or apparent
      conflicts of interest between personal and professional
      relationships;

            

    

     

    
      	
              ·  

            	
              full,
      fair, accurate, timely and understandable disclosure in the reports and
      documents the Company files with, or submits to, the Securities and
      Exchange Commission and in other public communications made by the
      Company;

            

    

     

    
      	
              ·  

            	
              compliance
      with applicable governmental laws, rules and
  regulations;

            

    

     

    
      	
              ·  

            	
              the
      prompt internal reporting to the appropriate person of violations of this
      Code; and

            

    

     

    
      	
              ·  

            	
              accountability
      for adherence to this Code.

            

    

     

    The
Company has established standards for behavior that affects the Company, and
employees, officers and directors must comply with those
standards.  The Company promotes ethical behavior and encourages
employees to talk to supervisors, managers, the Chief Compliance Officer (as
defined herein on page 16), or other appropriate personnel when in doubt about
the best course of action in a particular situation.  Non-employee
directors are encouraged to talk to the Chief Compliance Officer, or such
officer’s designee, in such situations.  Anyone aware of a situation
that he or she believes may violate or lead to a violation of this Code should
follow the guidelines under “Compliance and
Reporting” below.

     

    The Code
covers a wide range of business practices and procedures.  It does not
cover every issue that may arise, but it sets out basic principles to guide
you.  Specific Company policies and procedures provide details
pertinent to many of the provisions of the Code.  These policies and
procedures are not a part of the Code or incorporated
herein.  Although there can be no better course of action than to
apply common sense and sound judgment, do not hesitate to use the resources
available whenever it is necessary to seek clarification.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     APPROVALS
AND WAIVERS; AMENDMENTS; INTERPRETATION

     

    Certain
provisions of this Code require you to act, or refrain from acting, unless prior
approval is received from the appropriate person. Employees requesting approval
pursuant to this Code should request such approval in writing from the Chief
Compliance Officer, or such officer’s designee.  Approvals relating to
executive officers and directors must be obtained from the Company’s Board of
Directors, or a committee thereof.  All other approvals may be granted
by the Chief Compliance Officer, or such officer’s designee.

     

    Other
provisions of this Code require you to act, or refrain from acting, in a
particular manner and do not permit exceptions based on obtaining an
approval.  Waiver of those provisions relating to executive officers
and directors may only be granted by the Company’s Board of Directors, or a
committee thereof, and waivers relating to executive officers and directors must
be promptly disclosed to shareholders.  All other waivers may be
granted by the Chief Compliance Officer, or such officer’s
designee.

     

    Changes
in this Code may only be made by the Board of Directors and must be promptly
disclosed to shareholders.  In some situations it may not be clear
whether a provision of the Code is intended to apply to particular
conduct.  In such situations the Board of Directors and the have full
power and authority to interpret the Code in a manner that they believe reflects
the intent of the Board, and no determination that the Code was not intended to
apply to such conduct shall be deemed to be a waiver of the Code’s
prohibitions.

     

     CONFLICTS
OF INTEREST

     

    A
conflict of interest arises when your personal interests interfere with your
ability to act in the best interests of the Company.  Employees must
discharge their responsibilities on the basis of what is in the best interest of
the Company independent of personal consideration or
relationships.  Non-employee directors must discharge their fiduciary
duties as directors of the Company.

     

    Employees
should disclose any potential conflicts of interest to the Chief Compliance
Officer, or such officer’s designee, who can advise the employee as to whether
or not the Company believes a conflict of interest exists.  An
employee should also disclose potential conflicts of interest involving the
employee’s spouse, siblings, parents, in-laws, children and members of the
employee’s household.  Non-employee directors may discuss any concerns
with the Chief Compliance Officer, or such officer’s designee.

     

     Activities
Outside the Company

     

    Although
the Company has no interest in preventing employees from engaging in lawful
activities during nonworking hours, employees must make sure that their outside
activities do not conflict or interfere with their responsibilities to the
Company.  For example, without approval by the Company, a Company
employee generally may not:

     

    
      	
              ·  

            	
              engage
      in self-employment or perform paid or unpaid work for others in a field of
      interest similar to the Company;

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

     

    
      	
              ·  

            	
              use
      proprietary or confidential Company information for personal gain or to
      the Company’s detriment;

            

    

     

    
      	
              ·  

            	
              use
      Company assets or labor for personal use, except for incidental use
      permitted under the Company’s
policies;

            

    

     

    
      	
              ·  

            	
              acquire
      any interest in property or assets of any kind for the purpose of selling
      or leasing it to the Company;

            

    

     

    
      	
              ·  

            	
              appear
      to represent the Company as the participant in an outside activity unless
      the Company has authorized the employee to represent the Company;
      or

            

    

     

    
      	
              ·  

            	
              serve
      on the Board of Directors of a public company or on the Customer Advisory
      Board or Technical Advisory Board of any for-profit
      enterprise.

            

    

     

     Community
Activities

     

    The
Company encourages you to be actively involved in your community through
volunteer service to charitable, civic and public service organizations, and
through participation in the political process and trade
associations.

     

    Employees
must make sure, however, that their service is consistent with their employment
with the Company and does not pose a conflict of interest.  This is
particularly important before accepting any leadership position (such as
membership on the board of a charitable or civic organization), before seeking
or accepting political office and before soliciting a charitable
contribution.

     

     Service
on Outside Boards of Directors

     

    Serving
as a director of another corporation may create a conflict of
interest.  Employees must disclose such service to the Chief
Compliance Officer, or such officer’s designee, and obtain prior approval before
serving on the board of another company, whether or not such company is a
competitor of the Company.

     

     Competitor
Relationships

     

    Employees
should avoid even the appearance of a conflict of interest in
their  relationships with competitors.  Competitors include,
without limitation, ABI, the Roche family of companies, Biometra biomedizinische
Analytik GmbH, Stratagene Corporation, Bio-Rad Laboratories, Inc., Enzo Biochem,
Inc., Affymetrix, Agilent Technologies, Inc. GE Healthcare, and
others.  Without approval employees may not:

     

    
      	
              ·  

            	
              make
      or maintain a financial investment in a competitor, except for investments
      in publicly traded corporation not exceeding the greater of 1% of the
      outstanding common stock;

            

    

     

    
      
        	
                ·  

              	
                provide
      compensated or uncompensated services to a competitor, except for services
      rendered under a valid Company contract with the
    competitor;

              

      

    

    
 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              ·  

            	
              disclose
      any Company proprietary information to a competitor, unless a
      nondisclosure agreement is in place;
or

            

    

     

    
      	
              ·  

            	
              utilize
      for any unauthorized purposes or disclose to a competitor or other
      third-party any proprietary data that has been entrusted to the Company by
      a customer or supplier.

            

    

     

     Corporate
Opportunities & Resources

     

    You are
prohibited from taking for yourself personal opportunities that are discovered
through the use of corporate property, information or position without
approval.  Without approval, you may not use corporate property,
information or position for personal gain.  No employee may compete
with the Company, directly or indirectly, except as permitted by Company
policies.

     

    You
should protect the Company's assets and ensure their efficient
use.  Theft, carelessness and waste have a direct impact on the
Company's profitability.  All Company assets should be used for
legitimate business purposes.

     

    Company
resources may be used for minor personal uses, so long as such use is
reasonable, does not interfere with your duties, is not done for pecuniary gain,
does not conflict with the Company’s business and does not violate any Company
policy.

     

     Indirect
Interests and Relationships

     

    A
conflict of interest can also arise because of the business activities of your
close relations.  For example, an employee may have a potential
conflict of interest wherever a close relative has a significant relationship
with, or has a significant financial interest in, any supplier, customer or
competitor.  A relative has a significant financial interest
if:

     

    
      	
              ·  

            	
              the
      relative owns more than 1% of the outstanding capital of a business;
      or

            

    

     

    
      	
              ·  

            	
              the
      investment represents more than 5% of the total assets of the employee or
      relative.

            

    

     

    An
employee may not make or attempt to influence any decision that could directly
or indirectly benefit his or her close relative.  To protect the
employee and the Company from the appearance of a conflict of interest, he or
she should make appropriate disclosure of the interest to the Chief Compliance
Officer, or such officer’s designee.

     

     BUSINESS
RELATIONSHIPS

     

    The
Company seeks to outperform its competition fairly and honesty.  The
Company seeks competitive advantages through superior performance, not unethical
or illegal business practices.  Each employee must endeavor to deal
fairly with the Company's customers, suppliers, competitors and employees and
must not take advantage of them through manipulation, concealment, abuse of
privileged information, misrepresentation of material facts, or any
unfair-dealing practice.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

     Customer
Relationships

     

    Our
customers are of the utmost importance to the Company.  Company
employees must always treat customers and potential customers according to the
highest standards of business conduct.

     

    Moreover,
the Company may be entrusted with property or valuable information belonging to
customers, suppliers, the Company’s employees, or other
persons.  Without approval, you may not use for personal gain any
property or valuable information provided to the Company by customers,
suppliers, the Company’s employees, or other persons.

     

    You must
use the same care to protect any property or valuable information entrusted to
the Company which belongs to customers, suppliers, the Company’s employees, or
other persons, as must be used to protect the Company’s assets.

     

    You may
never use for any personal purpose any property or valuable information
entrusted to the Company which belongs to customers, suppliers, the Company’s
employees, or other persons.

     

    It is the
Company’s policy to sell our products and services on their merits and to avoid
making disparaging comments about the products and services of
competitors.  Employees should be careful in this regard in commenting
upon the character, financial condition, or potential legal or regulatory
problems of competitors.

     

     Suppliers

     

    The
Company’s suppliers — companies and individuals that sell products and services
to the Company – are important to our business.  Company
employees should always treat suppliers and potential suppliers in accordance
with the highest standards of business conduct.

     

    Suppliers
must be selected on the basis of objective criteria, such as value (quality for
price), price, technical excellence, service reputation and production/service
capacity.

     

    Employees
working with current suppliers must never intentionally interfere with a
supplier’s contracts or business relations with a competitor of the
Company.

     

    Individuals
with procurement responsibility should review the sections of this Code
concerning fair competition and should be familiar with applicable laws and
Company policies.

     

     Contracts
and Commitments

     

    You may
not enter into any agreement binding the Company without
authorization.  The Company has instituted contract and signature
approval policies which identify those individuals who have the authority to
approve and sign certain contracts binding the Company and its
subsidiaries.  If there are any questions about which employees have
signature authority for a given contract, contact the Chief Compliance Officer,
or such officer’s designee.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Employees
involved in proposals, bid preparations or contract negotiations should strive
to ensure that all statements, communications, and representations to
prospective customers are truthful and accurate.  Once awarded, all
contracts must be performed in compliance with all specifications, requirements
and clauses.

     

     FAIR
COMPETITION

     

    Fair
competition laws, including the U.S. antitrust rules, limit what the
Company can do with another company and what the Company can do on its
own.  Generally, the laws are designed to prohibit agreements or
actions that reduce competition and harm consumers.  You may not enter
into agreements or discussions with competitors that have the effect of fixing
or controlling prices, dividing and allocating markets or territories, or
boycotting suppliers or customers.  U.S. and foreign antitrust laws
also apply to imports and exports.

     

     GIFTS,
GRATUITIES, ENTERTAINMENT AND OTHER CONSIDERATIONS

     

    Use of
Company funds or other Company property for illegal, unethical or otherwise
improper purposes is prohibited.  The purpose of business
entertainment and gifts in a commercial setting is to create goodwill and a
sound working relationship, not to gain personal advantage with customers or
suppliers.

     

     Gifts

     

    Except as
set out below, without approval by the Chief Compliance Officer, or such
officer’s designees, employees must refrain from giving and receiving
business-related gifts.

     

    
      	
              ·  

            	
              No
      Company employee or agent may solicit or accept a gift (including any
      payment, compensation, loan or other financial favor) to or from a person
      or organization with the intention of influencing the recipient’s business
      judgment or conduct.

            

    

     

    
      	
              ·  

            	
              It
      is never appropriate or permissible to accept or give cash or a cash
      equivalent from or to a vendor, supplier or customer outside the Company’s
      normal business.  Cash equivalents include, among other things,
      checks, money orders and vouchers.

            

    

     

    
      	
              ·  

            	
              Rules
      relating to U.S. and foreign government personnel are more
      stringent.  See “Doing
      Business Internationally” and “Government
      Contracting” below.

            

    

     

    
      	
              ·  

            	
              No
      employee may accept a customer, vendor or supplier discount for themselves
      unless it is generally available to the public or is
    approved.

            

    

     

     Loans

     

    Employees
may not accept loans from any person or entities having or seeking business with
the Company.  Designated Executives and directors may not receive
loans from the Company, nor may the Company arrange for any loan.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     Meals,
Entertainment, and Travel

     

    Employees
may provide or accept meals and entertainment, including attendance at sporting
or cultural events, as long as it is associated with an occasion at which
business is discussed and is provided as a normal part of
business.  The value of the activity must be reasonable and
permissible under the Company’s expense account procedures.  Each
employee should express care to insure that such activities are necessary and
that their value and frequency are not excessive under all the applicable
circumstances.  Rules relating to U.S. and foreign government
personnel are more stringent.  See “Doing Business
Internationally” and “Government
Contracting” below.

     

     Investment
Activities

     

    Unless
you have sought and received pre-approval, you may not:

     

    
      	
              ·  

            	
              participate
      in so-called “directed shares,” “friends and family,” and similar stock
      purchase programs of customers, vendors or suppliers of the
      Company;

            

    

     

    
      	
              ·  

            	
              invest
      in non-public companies that are, or are likely to be, customers, vendors
      or suppliers of the Company; or

            

    

     

    
      	
              ·  

            	
              invest
      in non-public companies in which the Company has made or is expected to
      make an investment.

            

    

     

    Investments
in non-public companies that do not exceed the lesser of 1% of that company’s
equity securities are exempt from this restriction.

     

     Bribes
and Kickbacks

     

    The use
of Company funds, facilities or property for any illegal or unethical purpose is
strictly prohibited; provided, that certain facilitating payments discussed in
“Doing
Business Internationally” are permitted.

     

    
      	
              ·  

            	
              You
      are not permitted to offer, give or cause others to give, any payments or
      anything of value for the purpose of influencing the recipient’s business
      judgment or conduct in dealing with the Company other than facilitating
      payments.

            

    

     

    
      	
              ·  

            	
              You
      may not solicit or accept a kickback or bribe, in any form, for any
      reason.

            

    

     

     DOING
BUSINESS INTERNATIONALLY

     

    The
Company is committed to the highest business conduct standards wherever it
operates.  The Company observes these standards worldwide, even at the
risk of losing business.  While no one can anticipate all the
situations that may present challenges to Company employees doing business in
the worldwide marketplace, the following guidelines always apply:

     

    
      	
              ·  

            	
              Observe
      all laws and regulations, both U.S. and non-U.S., that apply to business
      abroad.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

     

    
      	
              ·  

            	
              Paying
      bribes to government officials is absolutely prohibited, even if those
      bribes are common practice, except for facilitating
      payments.  You may not give, promise to give or authorize the
      giving to a foreign official, a foreign political party, or official
      thereof or any candidate for foreign political office any money or offer,
      gift, promise to give or authorize the giving of anything of value to
      influence any act or decision, to induce such official, party or candidate
      to do or omit to do any act in violation of the lawful duty of such
      official, party or candidate, or to induce such official, party or
      candidate to use his or her influence with a foreign government or agency
      to affect or influence any act or decision of such foreign government or
      agency.

            

    

     

    
      	
              ·  

            	
              Do
      not cooperate with illegal
boycotts.

            

    

     

    
      	
              ·  

            	
              Observe
      all licensing requirements and the requirements of applicable import and
      export control laws.

            

    

     

    
      	
              ·  

            	
              Do
      not enter into an agreement with an agent or consultant that relates to
      the Company’s business outside the United States unless it has been
      approved by the Company.

            

    

     

    
      	
              ·  

            	
              Observe
      all privacy and data protection laws and regulations of other countries
      (such as Japan, Hong Kong, Malaysia, Australia, Canada and Argentina) and
      authorities (such as the European
Union).

            

    

     

    The laws
governing the Company’s business in foreign countries are extensive and complex,
and may be different from those in the United States.  No new Company
services or products should be offered in any new country without prior
approval, and then only in accordance with the applicable local country’s
regulations and requirements.

     

     Facilitating
Payments to Low-Level Non-U.S. Governmental Employees and Officials for
Non-Discretionary Action

     

    The
Company is committed to complying with the laws of the countries where it
operates.  In some countries, a very limited category of small
payments to facilitate or expedite routine nondiscretionary governmental actions
may be permitted as exceptions to antibribery laws, including the U.S. Foreign
Corrupt Practices Act (“FCPA”).  The
requirements pertaining to such payments are complex.  Company
employees engaged in international business activities must obtain prior
approval of the Chief Compliance Officer, or such officer’s designee before
making any such payment.

     

    These
“facilitating payments” to non-U.S. governmental officials are distinguished
from payments made to influence a discretionary decision or to cause violation
of, or an act in conflict with, the interests of an individual’s employer, which
are strictly prohibited.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     Import
and Export Regulation/Trade Compliance

     

    Because
of the international nature of our business, the Company is subject to the
import and export laws and regulations of the United States and certain foreign
governments.  These laws and regulations govern the international
transfer of all products and services of the Company, as well as technology,
information and ideas belonging to the Company.

     

    Under
U.S. law, no technology may be exported without the proper government export
licenses and documentation.  Exports of technology include not only
technology shipped via freight, but also technology that is hand-carried
(employees traveling overseas), sent via courier services or U.S. mail,
electronically transmitted, and/or disclosed to foreign nationals in the United
States or abroad.  “Technology” is defined as hardware, software,
technical documentation, product specifications, technical data,
etc.

     

    It is the
responsibility of the Company employees to ensure that proper documentation
accompanies each export or disclosure.  Failure to export or re-export
without the proper export license or documentation can jeopardize the Company’s
compliance with U.S. export laws, as well as those laws of foreign
countries.  Non-compliance can result in denial of export privileges,
criminal penalties, seizure of commodities, and fines to the Company and its
employees.

     

    The
Company is prohibited from doing business with certain individuals, groups, or
organizations in both domestic and export markets.  The Chief
Compliance Officer, or such officer’s designee, maintains lists of these “denied
parties.”  The office should be consulted to ensure that the Company
is not doing business with a “denied party.”

     

    It is the
Company’s policy to comply fully with all applicable U.S. and foreign laws
controlling the export and re-export of products, technology (including
software) and services.

     

     Antiboycott
Compliance

     

    The
United States has enacted antiboycott regulations which make it unlawful for
U.S. persons to participate in any activity that could have the effect of
promoting or supporting a boycott or restrictive trade practice of another
country against customers or suppliers located in a country friendly to the U.S.
or against a U.S. person, firm or corporation.  Boycott issues arise
most frequently in connection with the Arab boycott of
Israel.  Prohibited actions include, but are not limited to,
furnishing information about business relationships with boycotted countries, or
information about race, religion, sex or national origin.  Any request
to participate in such activity relating to the Company should be immediately
reported to the Chief Compliance Officer, or the officer’s
designee.

     

    Privacy
and Data Protection Compliance

     

    Several
countries (including Canada, Argentina, Japan, Hong Kong and Australia) and the
European Union have strict rules with respect to collection of Personal
Information about individuals, which apply to companies that collect information
about their employees.  Personal Information may include information
that would be routinely gathered in the U.S. such as home address, contact
information, and personnel information.  Many of these rules prohibit
transmission of Personal Information about individuals from outside the U.S.
into the U.S.,

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    unless
certain safeguards are provided with respect to the Personal Information
transmitted into the U.S.  All employees outside the U.S. should use
care with respect to collection, storage and transmission of any Personal
Information to ensure compliance with applicable privacy and data protection
laws and regulations.  All employees inside the U.S. should use care
with respect to receiving or obtaining any Personal Information from locations
outside the U.S.  All employees in any location should raise any
questions about appropriate treatment of Personal Information with the Chief
Compliance Officer, or such officer’s designee.

     

     GOVERNMENT
CONTRACTING

     

    Detailed
laws and regulations govern virtually every aspect of doing business with the
U.S. government and its agencies.  Activities that might be permitted
when working with the private sector may be improper or even illegal when a
national or local government is the customer.

     

    Company
employees should seek to adhere to the highest standards of honesty and
integrity in their relations with government officials and employees. For
example, employees should observe the following principles when bidding or
performing government contracts:

     

    
      	
              ·  

            	
              Do
      not offer or provide meals, transportation, gifts or other consideration
      to government employees except as permitted under applicable law and
      Company policy.

            

    

     

    
      	
              ·  

            	
              Obey
      the regulations governing current and post-government employee conflicts
      of interests.  Obtain all appropriate government approvals prior
      to recruiting or hiring current or former government
      employees.

            

    

     

    
      	
              ·  

            	
              Obtain
      appropriate licenses prior to exporting or even discussing certain
      technologies with citizens of other
countries.

            

    

     

    
      	
              ·  

            	
              Obey
      any requirements that may restrict access to source selection or
      competitive information.

            

    

     

    Company
employees who deal with government representatives are responsible for knowing
and obeying the laws and regulations applicable to doing business with the U.S.
government.

     

     POLITICAL
CONTRIBUTIONS AND LOBBYING

     

    No
political contributions are to be made using Company funds or assets, or the
funds or assets of any Company subsidiary, to any political party, political
campaign, political candidate or public official in the United States or any
foreign country, unless the contribution is lawful and expressly authorized in
writing.  In addition, you may not make a political contribution on
behalf of the Company or its subsidiaries, or with the appearance that such
contribution is being made on behalf of the Company or its subsidiaries, unless
expressly authorized in writing.  A “contribution” is any direct or
indirect payment, distribution, loan, advance, deposit, or gift of money,
services or anything of value in connection with an election or to an
organization or group formed to support or defend a referendum or ballot
issue.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Nothing
in this Code is intended to discourage you from making contributions of your own
time or funds to political parties or candidates of your
choice.  However, you will not be compensated or reimbursed by the
Company for any personal contributions.

     

    Employees
must obtain prior approval to hire outside counsel or a public affairs firm to
contact government officials regarding legislation, regulatory policy, or rule
making.  This includes grassroots lobbying contacts.

     

     ACCURACY
OF REPORTS, RECORDS AND ACCOUNTS

     

    You are
responsible for the accuracy of your records, time sheets and
reports.  Accurate information is essential to the Company’s ability
to meet legal and regulatory obligations and to compete
effectively.  The records and books of account of the Company must
meet the highest standards and accurately reflect the true nature of the
transactions they record.  Destruction of any records, books of
account or other documents except in accordance with the Company’s document
retention policy is strictly prohibited.

     

    You must
not create false or misleading documents or accounting, financial or electronic
records for any purpose relating to the Company, and no one may direct an
employee to do so.  For example, expense reports must accurately
document expenses actually incurred in accordance with Company
policies.  You must not obtain or create “false” invoices or other
misleading documentation or invent or use fictitious entities, sales, purchases,
services, loans or other financial arrangements for any purpose relating to the
Company.  Employees are also responsible for accurately reporting time
worked.

     

    No
undisclosed or unrecorded account or fund may be established for any
purpose.  No false or misleading entries may be made in the Company’s
books or records for any reason.  No disbursement of corporate funds
or other corporate property may be made without adequate supporting
documentation or for any purpose other than as described in the
documents.  All employees must comply with generally accepted
accounting principles and the Company’s internal controls at all
times.

     

     GOVERNMENT
INVESTIGATIONS

     

    It is the
policy of the Company to cooperate with all government
investigations.  You must promptly notify counsel of any government
investigation or inquiries from government agencies concerning the
Company.  You may not destroy any record, books of account, or other
documents relating to the Company except in accordance with the Company’s
document retention policy.  If you are aware of a government
investigation or inquiry you may not destroy any record, books of account, or
other documents relating to the Company unless advised by the Chief Compliance
Officer, or the officer’s designee, that you may continue to follow the
Company’s normal document retention policy.

     

    You must
not obstruct the collection of information, data or records relating to the
Company.  The Company provides information to the government that it
is entitled to during an inspection, investigation, or request for
information.  You must not lie to government investigators or making
misleading statements in any investigation relating to the Company.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    You must
not attempt to cause any employee to fail to provide accurate information to
government investigators.

     

    Employees
have the right to consult their own legal counsel at their own expense and the
Company may bear the cost of counsel in certain instances, as determined from
time to time by the Board of Directors.

     

     INSIDER
TRADING; COMMUNICATIONS WITH THIRD PARTIES

     

    Employees,
officers and directors who have access to the Company’s confidential information
are not permitted to use for their personal benefit or the benefit of others, or
share that information for stock trading purposes or for any other purpose,
except when the use is primarily for the purpose of benefiting the Company in
the conduct of its business.

     

     Insider
Trading

     

    Inside
information is material information about a publicly traded company that is not
known by the public.  Information is deemed “material” if it could
affect the market price of a security or if a reasonable investor would attach
importance to the information in deciding whether to buy, sell or hold a
security.  Inside information typically relates to financial
conditions, such as progress toward achieving revenue and earnings targets or
projections of future earnings or losses of the Company.  To the
extent material and nonpublic, inside information also includes changes in
strategy regarding a proposed merger, acquisition or tender offer, new products
or services, contract awards and other similar information.  Inside
information is not limited to information about the Company.  It also
includes material non-public information about others, including the Company’s
customers, suppliers, and competitors.

     

    Insider
trading is prohibited by law.  It occurs when an individual with
material, non-public information trades securities or communicates such
information to others who trade.  The person who trades or “tips”
information violates the law if he or she has a duty or relationship of trust
and confidence not to use the information.

     

    Trading
or helping others trade while aware of inside information has potential serious
legal consequences, even if the Insider does not receive any personal financial
benefit.  Insiders may also have an obligation to take appropriate
steps to prevent insider trading by others.

     

     Communications
with the Media and the Financial Community

     

    The
Company communicates with the press and with the financial community through
official channels only.  The Company provides accurate and timely
information about its business, to investors, the media, and the general
public.  All inquiries received from financial analysts or the media
concerning the Company should be directed to the Investors Relations
Department.  All legal inquiries concerning the Company should be
referred to the Chief Compliance Officer, or such officer’s
designee.  All inquiries regarding current or former employees of the
Company should be referred to the Human Resources Department.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     Confidential
Information

     

    You must
maintain the confidentiality of information entrusted to you by the Company or
its customers, suppliers, employees or other persons except when disclosure is
authorized or legally mandated.  Confidential information includes all
non-public information, including information that might be of use to
competitors or harmful to the Company or its customers if
disclosed.

     

    The
Company expects all of its employees to educate themselves about and be alert to
threats to security of confidential information entrusted to the Company and its
employees.

     

    Confidential
information within the Company’s possession falls into three general
categories:  (1) confidential proprietary information about the
Company’s business including but not limited to trade secrets, other proprietary
information, and information which may be patentable (“Proprietary
Information”); (2) confidential information entrusted to the Company by
third parties such as customers (including the U.S. government and its
agencies), suppliers, or other third parties (“Third Party
Information”); and (3) personally identifiable information received from
employees, customers, suppliers, or other third parties (including but not
limited to names, addresses, Social Security Numbers, background information,
credit card or bank information, telephone or facsimile numbers, e-mail
addresses and health information) (“Personal
Information”) which if misused could result in identity theft, credit
card fraud or other serious harm.

     

     Personal
Information may be subject to protection under federal, state or local laws in
the U.S., or under laws of other countries.  No Personal Information
may be transmitted from one country to another country without prior managerial
approval.  No Personal Information may be disposed of except pursuant
to the Company’s approved methods of disposal.

     

     TECHNOLOGY
USE AND PRIVACY

     

    The
Company provides various technology resources (including computers, telephones,
software, copying machines, Internet access, and voice mail) to you to assist in
performing your duties on behalf of the Company.  You have the
responsibility to use the Company’s technology resources in a manner that
complies with applicable laws and Company policies.

     

     Authorization

     

    Access to
the Company’s technology resources is within the sole discretion of the Company
and subject to Company policies.  Generally, employees are given
access to the Company’s various technologies consistent with their job
functions.  The Company reserves the right to limit such access by any
means available to it, including revoking access altogether.

     

     Prohibition
Against Violating Copyright Laws

     

    You may
not use the Company’s technology resources to copy, retrieve, forward or send
copyrighted materials unless you have the author’s permission or are accessing a
single copy only for your own reference.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     Other
Prohibited Uses

     

    You may
not use any of the Company’s technology resources for any illegal
purpose,  in violation of any Company policy, in a manner contrary to
the best interests of the Company, in any way that discloses Proprietary
Information, Third Party Information, or Personal Information on an unauthorized
basis, or for personal gain.

     

     OUR
WORK ENVIRONMENT

     

    The
diversity of the Company’s employees is a tremendous asset.  The
Company is firmly committed to providing equal opportunity in all aspects of
employment and will not tolerate any illegal discrimination, harassment, or
retaliation.  In addition, the Company strives to provide each
employee with a safe and healthy work environment.  Each employee has
responsibility for maintaining a safe and healthy workplace for all employees by
following health and safety rules and practices and reporting accidents,
injuries and unsafe equipment, practices or conditions.

     

     ENVIRONMENTAL

     

    The
Company must fully comply with all state and federal laws relating to the
protection of the environment in the conduct of its
business.  Employees must use, store and dispose all hazardous
materials properly and in accordance with applicable
regulations.  Employees must report, in accordance with Company
policies, all circumstances under which hazardous materials or wastes come in
contact with the environment, are improperly handled or disposed of, or where a
potential violation of law may exist.

     

     COMPLIANCE
AND REPORTING

     

     Compliance

     

    Any
employee who violates the provisions of this Code will be subject to
disciplinary action, up to and including termination.  Willful
disregard of criminal statutes underlying this Code may require the Company to
refer such violation for criminal prosecution or civil action.

     

     Reporting
Procedures and Other Inquiries

     

    Questions
regarding the policies in this Code may be directed to the Chief Compliance
Officer, or such officer’s designee.  Managers and supervisors are
also resources who can provide timely advice and guidance to employees on ethics
and compliance concerns.  Any employee having knowledge of, or
questions or concerns about, an actual or possible violation of the provisions
of this Code is encouraged to promptly report the matter to his or her immediate
supervisor or to the Chief Compliance Officer, or such officer’s
designee.  The name and contact information for the Chief Compliance
Officer is set out below.  Directors are encouraged to discuss any
issues or concerns with the Chief Compliance Officer, or such officer’s
designee.

     

    If you
have concerns relating to the Company’s accounting, internal controls or
auditing matters, you may also confidentially, and anonymously if you desire,
submit the information in

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    writing
to the Company’s Audit Committee of the Board of Directors at the Company’s
principle office in Fremont, California, pursuant to the Company’s Whistleblower
Policy.

     

    When
submitting concerns, you are asked to provide as much detailed information as
possible.  Providing detailed, rather than general, information will
assist us in effectively investigating complaints.  This is
particularly important when you submit a complaint on an anonymous basis, since
we may be unable to contact you with requests for additional information or
clarification.  If you submit your concerns anonymously, please
provide details in a manner that does not inadvertently disclose your identity
(e.g. refer to “John Smith” rather than “my supervisor, John
Smith”).

     

    We are
providing these anonymous reporting procedures so that you may disclose genuine
concerns without feeling threatened.  However, the Company prohibits
retaliation against employees who choose to identify themselves when submitting
a report in good faith, and takes measures to keep confidential the identities
of employees who choose to identify themselves when submitting their
reports.  Employees who identify themselves may be contacted in order
to gain additional information.

     

    All
conversations, calls and reports made under this policy in good faith will be
taken seriously.

     

     Policy
Prohibiting Unlawful Retaliation or Discrimination

     

    Neither the Company nor
any of its employees may discharge, demote, suspend, threaten, harass or
in any manner discriminate against any employee in the terms and conditions of
employment based upon any lawful actions of such employee who in good
faith:

     

    
      	
              ·  

            	
              provides
      information or assists in an investigation relating regarding any conduct
      which the employee reasonably believes constitutes a violation of Fraud
      Laws (as defined below);

            

    

     

    
      	
              ·  

            	
              files,
      testifies, participates or otherwise assists in a proceeding that is filed
      or about to be filed (with any knowledge of the Company) relating to an
      alleged violation of a Fraud Law;

            

    

     

    
      	
              ·  

            	
              provides
      truthful information to a law enforcement officer relating to the
      commission or possible commission of any federal offense;
    or

            

    

     

    
      	
              ·  

            	
              engages
      in any other conduct protected by
law.

            

    

     

    This
policy applies in any instance where such information or assistance provided to,
or the investigation is conducted by, a federal regulatory or law enforcement
agency, any member or committee of Congress, or any person with supervisory
authority over the employee or the authority to investigate misconduct relating
to potential securities violations by the Company or its
employees.  For purposes of this policy, a “Fraud Law” is a violation
of federal criminal law involving:

     

    
      	
              ·  

            	
              securities
      fraud, mail fraud, bank fraud or wire, radio or television
      fraud;

            

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    
      	
              ·  

            	
              violations
      of SEC rules or regulations; or

            

    

     

    
      	
              ·  

            	
              violations
      of any federal law relating to fraud against
  shareholders.

            

    

     

     The
Chief Compliance Officer

     

    The Chief
Compliance officer is Amjad Huda, the Chief Financial Officer (amjad.huda@wafergen.com).

     

    This
document is not an employment contract between the Company and its employees,
nor does it modify their employment relationship with the Company.

     

    This Code
is intended to clarify your existing obligation for proper
conduct.  The standards and the supporting policies and procedures may
change from time to time in the Company’s discretion.  You are
responsible for knowing and complying with the current laws, regulations,
standards, policies and procedures that apply to the Company’s
work.

     

     

     

    16ex10_6.htm

    
      

    

    
       

      LEASE
AGREEMENT

      

      THIS
LEASE AGREEMENT, made this 26th day of April 2004, by and between RED GATE III
LLC (“LANDLORD”) and REXAHN CORPORATION (“TENANT”).

      

      

      WI T N E
S S E T H:

      

      

      DEMISE OF
PREMISES

      

      Landlord
hereby demises unto Tenant, and Tenant hereby leases from Landlord for the terms
and upon the conditions set forth in this Lease 8,030 square feet of space in
the building located at 9620 Medical Center Drive, Suite 100, Rockville,
Maryland (the “Building”), as set forth on Exhibit A, hereto attached, said
space being referred to as the “Premises.”

      

      
        	
                2.

              	
                TERM

              

      

      

      The term
of this Lease shall be for a period of 5 years, commencing on the 1st day of
July 2004, and terminating on the 30th day of June 2009, with an option for an
additional 5 years on the same terms and conditions in this Lease, provided that
Tenant shall have given the Landlord written notice of Tenant’s intention to do
so at least six (6) months prior to the expiration of this Lease and that Tenant
is not in default under this Lease.

      

      In the
event the Landlord is not able to deliver possession of the Premises to Tenant
on the date this Lease is to commence because Landlord has not fully completed
the Landlord’s Work, or an earlier tenant has failed to vacate the Premises, the
commencement date shall be extended to the date said Work is completed and/or
the earlier tenant has vacated and the expiration date shall be similarly
extended.

      

      The date
of delivery of the Premises by Landlord to Tenant shall be that date on which
all required improvements to be furnished by Landlord as stated in Exhibit “A”
have been substantially completed except for punch list items. Rent shall be
pro-rated for any portion of the initial month in which Tenant is required to
commence rental payments hereunder, which does not commence with the first day
thereof.

      

      At any
time prior to delivery of possession of the Premises, Tenant shall have the
right to enter upon the Premises for the purpose of taking measurements,
provided such entry does not unreasonably interfere with or obstruct the
progress of work being done by the Landlord,

      

      
        	
                3.

              	
                RENT

              

      

      

      The
Tenant shall pay to the Landlord an annual rental (herein called “Minimum Rent’)
in the amount of TWO HUNDRED THOUSAND SEVEN HUNDRED FLFTY and 04/100 DOLLARS
($200,750~04), subject to adjustment as hereinafter set forth, payable without
deduction or set off in equal monthly installments of

      SIXTEEN
THOUSAND SEVEN HUNDRED TWENTY NINE and 17/100 DOLLARS ($16,729.17) in advance,
the first installment of which is due and payable upon signing of the Lease and
upon commencement all subsequent installments due and payable on the first day
of each calendar month thereafter during the term of the Lease until the total
rent provided for herein is paid. No payment by Tenant or receipt of Landlord of
a lesser amount than a monthly installment of rent herein stipulated, or
endorsement or statement on any check or any letter accompanying any check for
payment as rent be deemed an accord and satisfaction, and Landlord may accept
such check for payment without prejudice to Landlord’s right to recover the
balance of such rent or pursue any other remedy provided for in this
Lease.

      
        
           

        

        
          REXAHN
PAGE 1

          
            

          

        

        
           

        

      

      
        	
                4.

              	
                ADJUSTMENT
      OF MINIMUM RENT

              

      

      

      The
Minimum Rent shall be increased at the end of each lease year during the term
hereby by three percent (3%) of the rent then being paid. There shall be no
additional pass-throughs of increases in operating expenses except for real
estate taxes or as otherwise provided for herein.

      

      
        	
                5.

              	
                REAL
      ESTATE TAXES

              

      

      

      In the
event the real estate taxes levied or assessed against the land and Building on
which the Premises are a part in future tax years are greater than the real
estate taxes for the Base Year, the Tenant shall pay within fifteen (15) days
after submission of the bill to Tenant for the increase in real estate taxes, as
additional rent, a proportionate share of such increase, which proportionate
share shall be computed at 12.25% of the increase in taxes, but shall exclude
any fine, penalty, or interest charge for late or non-payment of taxes by
Landlord. The Base Year shall be July 1, 2004, to June 30, 2005.

      

      Any
reasonable expense incurred by Landlord (including counsel fees) in contesting
any tax increase shall be included as an item of taxes for the purpose of
computing additional rent due Landlord. Landlord, however, shall be under no
obligation to contest any tax increase.

      

      
        	
                6.

              	
                UTILITIES

              

      

      

      Tenant
shall be responsible for the payment of all utilities used or consumed by the
Tenant in and upon the Premises. Electric and Gas shall be separately metered.
Water shall be either separately metered or an equitable allocation made between
the Tenants in the Building based on the quantity of water consumed. In the
event any utility service to the Premises shall be interrupted for a continuous
period of more than two (2) days due to the gross negligence or willful
misconduct of Landlord, its agents or servants, the Minimum Rent shall abate
until such services are rendered.

      

      Landlord
shall not be liable to Tenant for any damage or inconvenience caused by the
cessation or interruption of any utility service, or the elevators in the
Building, occasioned by fire, accident, strike or other cause beyond Landlord’s
control.

      

      
        	
                7.

              	
                USE
      OF PREMISES

              

      

      

      Tenant
shall use the Premises only for research laboratory purposes consistent with
Tenant’s business, and for no other purpose, except as approved by Landlord in
advance, in writing, which approval shall not be unreasonably withheld. Tenant
shall not make any use of the Premises which would disturb the quiet enjoyment
of the Landlord or other tenants in the Building or prejudice or increase the
fire insurance premium for the Building, and shall comply with all laws and
regulations of all governmental authorities pertaining to Tenant’s use of
Premises.

      
        
           

        

        
          REXAHN
PAGE 2

          
            

          

        

        
           

        

      

      
        	
                8.

              	
                WASTE
      REMOVAL

              

      

      

      Tenant
shall be responsible for removal of waste generated by Tenant’s operation. This
includes waste service fees levied by local jurisdictions.

      

      
        	
                9.

              	
                HAZARDOUS
      MATERIALS

              

      

      

      Tenant
shall be permitted to store Hazardous Materials on the Premises and shall comply
with all laws and regulations of all governmental authorities pertaining to
Tenants use of the Premises, including, without limitation, all Environmental
Laws (as hereinafter defined) and laws pertaining to Hazardous Materials and Air
and Water Quality. The term “Hazardous Materials” means and includes any
petroleum products and/or any hazardous toxic or other dangerous waste,
substance or material defined as such in the Environmental Laws. The term
“Environmental Laws” means the Comprehensive Environmental Response,
Compensation and Liability Act, any “Superfund” or “Superlien” law, or any other
federal, state or local statute, law, ordinance, code, regulation, order or
decree regulating, relating to, or imposing liability or standards of conduct
concerning the use or storage of Hazardous Materials. All such materials must be
completely removed upon expiration of this Lease, and any de-contamination
certificates required by the Landlord or any government authority must be
obtained and delivered to the Landlord.

      

      Tenant
shall obtain and maintain, in full force and effect, all necessary government
licenses, permits and approvals legally required for materials used in the
conduct of its business. if the presence of any Hazardous Materials on the
Premises caused or permitted by Tenant results in any contamination of the
Premises or any portion of the Building or Common Areas, Tenant shall promptly
take all actions, at its sole expense, necessary to return the Premises to the
condition existing prior to the introduction of such Hazardous Materials,
provided that all such actions shall be subject to the approval of Landlord,
which approval shall not be unreasonably withheld.

      

      At the
Commencement Date of the Lease and on January 1 of each year thereafter, Tenant
shall disclose to Landlord the names and amounts of all Hazardous Materials
which are to be stored, used or disposed of on the Premises.

      

      Any
Hazardous Materials stored or used on the Premises must not in any way prejudice
the Landlord’s insurance or increase the fire hazards to a greater extent than
necessarily incident to the business for which the Premises are
leased.

      

      
        	
                10.

              	
                LATE
      CHARGE

              

      

      

      if any installment of rent
accruing herein shall not be paid within five (5) days of due date, and other
sums not paid within fifteen (15) days after written notice to Tenant, such
installment and other sums shall be increased without affecting the Landlord’s
other rights under this Lease, by a late charge of ten percent (10%) of the
delinquent installment. Anything contained herein to the contrary
notwithstanding.

      

      
        	
                11.

              	
                REPAIRS
      AND MAINTENANCE

              

      

      

      Landlord
shall be responsible for all structural repairs, including repairs to the roof
and load-bearing walls of the Building, for maintaining the parking area and
sidewalks, and the Common Areas (as hereinafter defined) in the
Building.

      

      The
Tenant shall be responsible for the maintenance and repair of the Premises and
all fixtures, appliances and equipment therein, including, but not limited to,
the Heating and Air Conditioning system(s) serving Tenant’s suite. Landlord will
pay for major Heating and Air Conditioning component replacement and all repairs
to the Landlord installed heating and air conditioning system(s) in excess of
Three Hundred Dollars ($300.00) per occurrence per Heating and Air Conditioning
unit.

      
        
           

        

        
          REXAHN
PAGE 3

          
            

          

        

        
           

        

      

      Tenant
shall provide its own char service. Tenant, at its sole expense, shall keep all
Tenant fixtures and equipment in the Premises in safe and sanitary condition and
good order and repair, together with related plumbing, electrical or other
utility service, whether installed by Tenant or by Landlord on Tenant’s behalf.
Tenant shall pay for all damage to the Building and any fixtures and
appurtenances related thereto due to the malfunction, lack of repair, or
improper installation of the Tenant’s fixtures and equipment.

      

      
        	
                12.

              	
                COMMON
      AREAS

              

      

      

      In
addition to the use of the Premises, Tenant, its employees and business invitees
shall have the right to use the Common Areas in common with Landlord and other
tenants of the Building, their employees and visitors. The term “Common Areas’
shall mean those portions of the Building and the land upon which the Building
is erected which Landlord may from time to time designate for Tenant’s
non-exclusive use, which may include the entrance, foyer and lobby corridors,
lavatories, stairwells, elevators, and parking areas. All Common Areas shall be
subject to the exclusive control of the Landlord. The Landlord shall operate,
manage, light and maintain the Common Areas. Landlord reserves the right to
change the 5ize, area, level, location and arrangement of the Common Areas and
any such change or rearrangement shall not affect the obligations of the
Landlord and Tenant hereunder.

      

      
        	
                13.

              	
                LANDLORD’S
      WORK PRIOR TO COMMENCEMENT OF TERM

              

      

      

      Landlord
shall make the following improvements to the Premises prior to the commencement
of the term of the Lease:

      

      Construction
in accordance with Exhibit A.

      

      
        	
                14.

              	
                TENANT
      ALTERATIONS

              

      

      

      All
alterations, improvements, or additions to the demised Premises to be made by
Tenant shall be subject to the written consent of the Landlord, which consent
shall not be unreasonably withheld, provided such alterations and improvements
do not weaken the structural integrity of the Building or detract from its
dignity and/or uniformity. All alterations and improvements and/or additions
made by Tenant shall remain upon the Premises at the expiration or earlier
termination of this Lease and shall become the property of the Landlord, unless
Landlord shall, at the time of approval of the alteration, provide written
notice to Tenant to remove the same, in which event Tenant shall remove such
alterations, improvements and/or additions, and restore the Premises to the same
good order and condition in which it was at the commencement of this Lease,
reasonable wear and tear and unavoidable casualty excepted. Should Tenant fail
to do so, Landlord may do so, collecting the reasonable cost and expense thereof
from Tenant as additional rent.

      

      
        	
                15.

              	
                TRADE
      FIXTURES

              

      

      

      All trade
fixtures, telephone equipment, and apparatus installed by Tenant in the Premises
shall remain the property of Tenant and shall be removed at the expiration or
earlier termination of this Lease and, upon such removal, Tenant shall repair
any damage caused by the removal and shall promptly restore the Premises to
their good order and condition. Any such trade fixture not removed prior to such
termination shall be considered abandoned property, but such abandonment shall
not release Tenant of its obligation to pay for the cost of removing such trade
fixtures and repairing any damage caused by the removal.

      
        
           

        

        
          REXAHN
PAGE 4

          
            

          

        

        
           

        

      

      
        	
                16.

              	
                EQUIPMENT/BENCHWORK

              

      

      

      Landlord
has provided Laboratory Equipment and Benchwork listed below. It is the Tenant’s
responsibility to service and maintain these items by obtaining service
contracts with qualified vendors. All costs associated with the repair and
maintenance of these items is Tenant’s responsibility. Tenant is also
responsible for providing and installing HEPA filters if
applicable.

      

      a.)
Kewaunee 4’ fume hood

      b.)
Dayton in-line exhaust fan c.) Scotsman ice machine

      d.)
Getinge decomat 8-666 rack washer

      e.)
Environmental Techtonics autoclave, model 2401, S/N 100841

      f.)
Rietshle vacuum system with pump, model VXSD 200-208-X-F-20

      g.)
General ionic water conditioner with S/U hot water heater

      h.) Onan
emergency generator, model 500SGCA, S/N K920 492722

      i.) Onan
transfer switch, model OTCO 2250 14G. S/N B890212202

      j.) Laboratory
benchwork/countertops

      

      Note: All
equipment and benchwork provided by Landlord will remain the property of the
Landlord.

      

      
        	
                17.

              	
                QUIET
      ENJOYMENT

              

      

      

      Landlord
covenants that, upon payment of the rent herein provided and performance by the
Tenant of all other covenants herein contained, Tenant shall and may peaceably
and quietly have, hold and enjoy the Premises for the term hereof and
options.

      

      
        	
                18.

              	
                SURRENDER
      OF PREMISES

              

      

      

      Upon the
expiration or termination of this Lease, Tenant shall quit and surrender the
Premises to the Landlord broom clean and shall remove all of its property
therefrom, if the removal of any such property shall result in damaging the
Premises, or leaving any holes in the floors, walls or ceiling therein, the
Tenant shall make the appropriate repairs with Landlord approved building
materials prior to the expiration of this Lease. The obligation of this
paragraph shall survive the termination of the Lease.

      

      
        	
                19.

              	
                INSURANCE

              

      

      

      Tenant
covenants and agrees to maintain and carry, at all times during the term of this
Lease, in companies qualified and authorized to transact business in the State
of Maryland, general liability insurance in amounts of $500,000.00 per person,
$1,000,000.00 per occurrence and $100,000.00 for damage to property on the
Premises or arising out of the use thereof by Tenant or its agents. All policies
of insurance shall provide that they may not be canceled, except on thirty (30)
days written notice to Landlord, and all such policies shall name Landlord as an
additional insured.

      

      Prior to
commencement, Tenant shall furnish Landlord with satisfactory proof that the
insurance herein provided for is at all times in full force and effect. If
either party hereto is paid any proceeds under any policy of insurance naming
such party as an insured on account of any loss, damage or liability, then such
party hereby releases the other party to (and only to) the
extent of the amount of such proceeds, from any and all liability for such loss
or damage, notwithstanding
negligent or intentionally tortuous act or omission of the other party,
its agents or employees;
provided, such release shall be effective only as to a loss of damage occurring while the appropriate
policy of insurance of the releasing party provides that such release shall not
impair the effectiveness of such policy or the insured’s ability to recover
thereunder. Each party hereto shall use reasonable efforts to have a clause to
such effect included in its said policies, and shall promptly notify the other
in writing if such clause
cannot be included in any such policy.

      
        
           

        

        
          REXAHN
PAGE 5

          
            

          

        

        
           

        

      

      

      
        	
                20.

              	
                INDEMNIFICATION

              

      

      

      Tenant
shall indemnify and hold harmless the Landlord from, and name LANDLORD as
additional insured on
policy regarding, any and all liability, damage, -expense, cause of action, or
claims arising out of
injury to persons or to property on the Premises, except for the negligence or
willful misconduct of Landlord, its agents, employees, or servants.

      

      
        	
                21.

              	
                DAMAGE
      BY FIRE OR CASUALTY

              

      

      

      
        	
                 
      

              	
                (a)

              	
                if
      the Premises are damaged by fire or other casualty, but are not thereby
      rendered untenantable in whole or in part, Landlord, at its own expense, and subject
      to the limitations set forth in this Lease, shall cause such damage to be
      repaired and the Minimum Rent and Additional Rent shall not be
      abated.

              

      

      

      If, by
reason of any damage or destruction, the Premises shall be rendered untenantable
in whole or in part and
cannot be repaired and made tenantable within one hundred twenty (120) days after such
damage: (i) Landlord, at its option and its own expense, may cause the damage to be
repaired and the Minimum Rent and Additional Rent shall be abated
proportionately as to the portion of the Premises rendered untenantable while it
is untenantable; or (ii) Landlord shall have the right, to be exercised by
notice in writing
delivered to Tenant within
thirty (30) days of the occurrence of such damage or destruction, to
terminate this Lease, whereupon the Minimum Rent and Additional Rent
shall be adjusted as of the date of such termination.

      

      
        	
                 
      

              	
                (b)

              	
                In the event that twenty-five
      percent (25%) or more of the rentable floor area of the Building shall be
      damaged or destroyed by fire or other cause, notwithstanding that the
      Premises may be unaffected by such fire or other damage, Landlord shall
      have the right, to be exercised by notice in writing delivered to Tenant
      within thirty (30) days after such occurrence, to terminate this Lease.
      Upon the giving of such notice, the Minimum Rent and Additional Rent shall
      be adjusted as of the date of termination and This Lease shall thereupon
      terminate.

              

      

       

      
        	
                22.

              	
                ASSIGNMENT
      OR SUBLETTING

              

      

      

      Tenant
acknowledges that Landlord has entered into this Lease because of Tenants
financial strength, goodwill, ability and expertise and that accordingly, this lease is
personal to Tenant. Taking this into consideration, tenant shall not assign,
mortgage, sublet, pledge or encumber this Lease, in whole or in part, except
with the written consent
of the Landlord, which shall not be unreasonably withheld or delayed. Tenant
agrees that, in the event of any such assignment or subletting, Tenant shall
nevertheless remain liable for the performance of all terms, covenants, and conditions
of this Lease.

      
        
           

        

        
          REXAHN
PAGE 6

          
            

          

        

        
           

        

      

      

      In the
event the Landlord consents to an assignment of the Lease, any money or
consideration to be paid to Tenant for the assignment shall be paid to the
Landlord as partial consideration for the Landlord’s consent to the
assignment.

      

      In the
event the Landlord consents to a sublease of the Premises, or any portion
thereof, Tenant shall pay to the Landlord a sum equal to (1) any money, rent
or other consideration paid to the Tenant by any subtenant in excess of the
pro-rata portion of the rent for such space then being paid by Tenant to
Landlord under this Lease and (2) any other profit or gain realized by the Tenant from
such subletting. All sums payable hereunder by Tenant shall be paid to Landlord
as additional rent immediately upon the receipt thereof by Tenant.

      

      
        	
                23.

              	
                SUBORDINATION
      AND ATTORNMENT

              

      

      

      This
Lease shall be subject to and subordinate at all times to the lien of any
mortgage and/or deeds of trust
and all land leases now or hereafter made on any portion of the Premises,
and to all advances thereunder, provided the mortgagee or trustee named in said mortgage
or deed of trust shall agree to recognize this Lease and agrees, in the event of
foreclosure, not to disturb
the Tenant’s possession hereunder, provided Tenant is not in default
under this Lease. This subordination shall be self-operative and no further
instrument of subordination shall be required.

      

      if any
proceedings are commenced to foreclose any mortgage or deed of trust encumbering the Premises,
Tenant agrees to attorn to
the purchaser at the foreclosure sale, if requested to do so by any such
purchaser, and to recognize such purchaser as the Landlord under this Lease,
provided purchaser shall agree that Tenant’s rights hereunder shall not be
disturbed so long as Tenant has not committed any event of default as to which
the applicable cure period has expired.

      

      
        	
                24.

              	
                CONDEMNATION

              

      

      

      
        	
                 
      

              	
                (a)

              	
                If
      the whole of the Premises shall be taken by any public or quasi-public
      authority under the power of eminent domain, condemnation or conveyance in
      lieu thereof, then this Lease shall terminate as of the date on which
      possession of the Premises is required to be surrendered to the condemning
      authority and the Tenant shall have no claim against Landlord or the
      condemning authority for the value of the unexpired term of this Lease. Tenant
      shall have the right to claim, however, the unamortized cost of any
      improvements or additions made to the Premises by Tenant at its cost, the value of any
      Tenant fixtures and furnishings and any moving
  expenses.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                if
      a portion of the Premises shall be so taken or conveyed, and if such
      partial taking or conveyance shall render the Premises unsuitable for the
      business of the Tenant, then the term of this Lease shall cease and
      terminate as of the date on which possession of the portion of the
      Premises is surrendered to the condemning authority, and Tenant shall have
      no claim against Landlord or the condemning authority for the value of any
      unexpired term of this Lease.

              

      

      

      In the
event such partial taking
or conveyance is not extensive enough to render the Premises untenantable
for the business of Tenant, this Lease shall continue in full force and effect, except that the Minimum
Rent shall be reduced in the same proportion that the floor area of the Premises so taken or conveyed
bears to such floor area
immediately prior to such taking or conveyance.

      
        
           

        

        
          REXAHN
PAGE 7

          
            

          

        

        
           

        

      

      

      In the
event of such partial taking and continuation of Lease, Landlord shall promptly
restore the Premises as nearly as practical to the condition
comparable to that which
existed prior to the condemnation.

      

      
        	
                25.

              	
                EVENTS
      OF DEFAULT

              

      

      

      The occurrence of any of the following
shall constitute an event of default

      

      hereunder:

      
        	
                 
      

              	
                (a)

              	
                Failure
      of Tenant to pay installment of rent within
      five (5) days of the due date, or failure of Tenant to pay within fifteen
      (15) days after
      receipt of written
      notice any other sum herein required to be paid by
      Tenant.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Tenant’s
      failure to perform
      any other covenant or condition of this Lease within thirty (30)
      days after receipt
      of written notice and demand, unless the failure is of such a
      character as to require more than thirty (30) days to cure
      in which event
      Tenant’s failure to proceed diligently to cure such failure shall
      constitute an event of default.

              

      

      

      
        	
                26.

              	
                LANDLORD’S
      REMEDIES

              

      

      

      Upon the
occurrence of any event of default, Landlord may, at Landlord’s sole option,
exercise any or all of the following remedies, together with any such other
remedies as may be available to Landlord at law or in equity.

      

      
        	
                 
      

              	
                (a)

              	
                Landlord
      may terminate this Lease by giving Tenant written notice of its
      election to do so, as of a specified date not less than thirty (30) days
      after the date of
      the giving of such notice and this Lease shall then expire on the date so
      specified, and Landlord shall then be entitled to immediately regain
      possession of the Premises as if the date had been originally fixed as the
      expiration date of the term of this Lease. Landlord may then re-enter upon
      the Premises, either with or without due process of law, and remove all
      persons therefrom, the statutory notice to quit or any other notice
      to quit being hereby expressly waived by Tenant. Tenant expressly agrees
      that the exercise by Landlord of the right of re-entry shall not be a bar
      to or prejudice in any way other legal remedies available to Landlord. In
      that event, Landlord shall be entitled to recover from Tenant as and for
      liquidated damages an amount equal to the rent and additional rent reserved in this Lease
      less any and all amounts
      received by Landlord from the rental of the Premises to another
      tenant. Nothing
      herein contained, however, shall limit or prejudice the right of
      Landlord to prove for and obtain as liquidated
      damages, by reason of such termination, an amount equal to the maximum
      allowed by any statute or rule of law in effect at the time when, and governing
      the proceedings in which such damages are to be proved,
      whether or not such amount may be greater, equal to, or less than the
      amount of the difference referred to above, and the Landlord may, in his own name, but
      as agent for Tenant, re-let the Premises. Any recovery by the Landlord
      shall be limited to the rent hereunder (plus any costs incurred in
      re-letting) less any rent actually paid by the new
  tenant.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                No
      termination of this Lease or any taking of possession of
      the Premises shall deprive Landlord of any of its remedies or actions
      against Tenant for past or future rent, nor shall the bringing of any action for
      rent or breach of covenant, or the resort to any other remedy herein
      provided for the recovery of rent, be construed as a waiver of the right
      to obtain possession of the
Premises.

              

      

      
        
           

        

        
          REXAHN
PAGE 8

          
            

          

        

        
           

        

      

      

      
        	
                 
      

              	
                (c)

              	
                In
      addition to any damages becoming due under this paragraph, Landlord
      shall be entitled to
      recover from Tenant and Tenant shall pay to Landlord an
      amount equal to all expenses, including attorneys’ fees, if any, incurred by
      the Landlord in recovering possession of the Premises, and all reasonable
      costs and charges for the care of said Premises while vacant, which
      damages shall be due and payable by Tenant to Landlord at such time or times as such
      expenses are incurred by the
Landlord.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                In
      the event of a default or threatened default by Tenant of any of the terms
      or conditions of this
      Lease, Landlord shall have the right of injunction and the right to
      invoke any remedy allowed by law or in equity as if no specific
      remedies of Landlord were set forth in this
  Lease.

              

      

      

      
        	
                 
      

              	
                (e)

              	
                If
      default be made and a compromise and settlement shall be had thereupon, it
      shall not constitute
      a waiver of any covenant herein contained, nor of the Lease
      itself.

              

      

      

      
        	
                27.

              	
                MGHTS
      OF LANDLORD

              

      

      

      Landlord
reserves the following rights with respect to the Premises:

      

      
        	
                 
      

              	
                (a)

              	
                During
      normal business hours, upon 24 hours notice, to go upon and inspect the
      Premises, and at Landlord’s option, to make repairs, alterations and
      additions to the Premises or the Building of which the Premises are a
      part, provided there is no interference with Tenant’s occupancy. An Agent
      of the Tenant may be present for inspection, if requested by
      Tenant.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                To
      display, within sixty (60) days prior to the expiration of this Lease or after notice
      from either party of intention to terminate this Lease, a “For Rent” sign,
      and all of said signs which shall be placed upon such
      part of the Premises
      as Landlord shall determine, except on doors leading into the Premises.
      Prospective purchasers or tenants authorized by Landlord may inspect the Premises
      during normal business hours following adequate notice to
      Tenant.

              

      

      

      
        	
                 
      

              	
                (c)

              	
                To
      install, place upon, or fix to the roof and exterior walls of the
      Premises, equipment, signs, displays, antennae, and any other object or
      structure of any kind, providing the same shall not materially
      impair the structural integrity of the Building or interfere with Tenant’s
      occupancy.

              

      

      

      
        	
                28.

              	
                HOLDING
      OVER

              

      

      

      If Tenant
holds possession of the Premises after the termination of this Lease or any
renewal or extension thereof, Tenant shall become a Tenant from month to month
at 150% of the then current escalated rental rate.

      

      
        	
                29.

              	
                WAWER
      OF CLAIMS

              

      

      

      Except as
may result from their
gross negligence, Landlord and Landlord’s agents, employees, and contractors
shall not be liable for, and Tenant hereby releases all claims for, damages to
persons or property sustained by Tenant (or any person claiming through Tenant)
resulting from any fire, accident, occurrence or condition in or upon the
Premises or Building, including but not limited to such claims for damage
resulting from (1) any defect in or failure of plumbing, heating or
air-conditioning equipment, electric wiring or installation thereof, water
pipes, stairs, railings or walks; (2) any equipment or apparatus becoming out of
repair; (3) the bursting, leaking or running of any tank, washstand,
water closet, waste pipe, drain or any other pipe or tank, upon or about such
building or premises; (4) the backing up of any sewer pipe or downspout; (5) the
escape of steam or hot water; (6) water, snow or ice being upon or coming
through the roof or any other place upon or near the Building or Premises or
otherwise; (7) the
falling of any fixtures,
plaster or stucco; (8) broken glass; and (9) any act or omission of occupants of
adjoining or contiguous property or buildings.

      
        
           

        

        
          REXAHN
PAGE 9

          
            

          

        

        
           

        

      

      

      
        	
                30.

              	
                NOTICE

              

      

      

      All
notices required under this Lease shall be given in writing and shall be deemed to
be properly serviced if sent by certified or registered United States Mail,
postage prepaid, as follows:

      

      
        	
              	
                if
      to the Landlord:

              	
                RED GATE III
      LLC

              

      

      15215
Shady Grove Road

      Suite
201

      Rockville,
Maryland 20850

      

      
        	
              	
                If
      to the Tenant:

              	
                REXAHN
      CORPORATION

              

      

      9620 Medical Center
Drive

      Suite 100

      Rockville,
Maryland 20850

      

      or to
such other address as either may have designated from time to time by written notice to the other. The
date of service of such notices shall be the date such notices
are deposited in any United States Post Office.

      

      
        	
                31.

              	
                COVENANTS
      OF TENANT

              

      

      

      Tenant
covenants and agrees:

      

      
        	
                 
      

              	
                (a)

              	
                To
      give to Landlord prompt written notice of any accident, fire, or damage
      occurring on or to the Premises.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                To
      keep the thermostats in the Premises set at a temperature sufficient to
      prevent freezing of water pipes, fixtures and HVAC
  units.

              

      

      

      
        	
                 
      

              	
                (c)

              	
                To
      keep the Premises clean, orderly, sanitary, and free from all
      objectionable odors and from insects, vermin and other
      pests.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                To
      comply with the requirements of the State, Federal and County statutes,
      ordinances, and regulations applicable to Tenant and its use of the
      Premises, and to save Landlord harmless from penalties, fines, costs, and
      expenses resulting from failure to do so, provided Tenant shall not be obligated to
      make structural
      repairs or alterations to so
comply.

              

      

      

      
        	
                 
      

              	
                (e)

              	
                Tenant
      shall promptly pay all contractors, suppliers of material and persons it
      engages to perform work and provide materials for construction work on the
      Premises so as to minimize the possibility of a lien attaching to the
      Premises. Should any such lien be made or filed, Tenant shall cause the
      same to be discharged and released of record by bond or otherwise within
      ten (10) days of receipt of written request from
  Landlord.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                Tenant
      is responsible for the security of the
Premises.

              

      

      
        
           

        

        
          REXAHN
PAGE 10

          
            

          

        

        
           

        

      

      

      
        	
                32.

              	
                LANDLORD’S
      RIGHT TO ALTER SITE
      PLAN

              

      

      

      LANDLORD
shall, from time to time, have the right to alter or
modify the site plan of
the Building and to rearrange the driveways and parking areas, as well as the
entrance and exits to the Premises.

      

      
        	
                33.

              	
                PARKING
      SPACES

              

      

      

      LANDLORD
agrees to furnish 3 1/3
unreserved parking spaces
per thousand square feet of space occupied by the TENANT.

      

      
        	
                34.

              	
                ENTIRE
      AGREEMENT

              

      

      

      This Lease contains the entire agreement of
the parties. There are no oral agreements existing between them.

      

      
        	
                35.

              	
                SUCCESSORS
      AND ASSIGNS

              

      

      

      This Lease, and the covenants and
conditions herein contained shall inure to the benefit of and be binding upon
the Landlord, its successors and assigns, and shall inure to the benefit of and be binding upon the Tenant, its
successors and assigns, if
permitted.

      

      
        	
                36.

              	
                BANKRUPTCY

              

      

      

      if Tenant
shall make an assignment of its assets for the benefit of creditors, or if
Tenant shall file a
voluntary petition in bankruptcy,
or if any involuntary petition in bankruptcy or for receivership be
instituted against the Tenant
and the same be not dismissed within thirty (30) days of the
filing thereof, or if Tenant shall be adjudged bankrupt, then and in any of
said events, this Lease shall immediately cease and
terminate at the option of
the Landlord with the
same force and effect as
though the date of said event was the date herein fixed for expiration of the
term of this
Lease.

      

      
        	
                37.

              	
                NON-DEL
      IVERY

              

      

      

      In the
event the Landlord shall be unable to give possession of the Premises because construction of the
Building is not complete or for any other cause reasonably beyond the control of
the Landlord, the Landlord
shall not be liable to Tenant for any damage resulting from failure to give
possession.

      

      
        	
                38.

              	
                PARTIAL
      INVALIDITY

              

      

      

      if any
term, covenant, or condition of this Lease or the application
thereof to any person or circumstance shall be held to be invalid and
unenforceable, the remainder of this Lease, and the application of such terms, covenants, or conditions
shall be valid and
enforceable to the fullest extent permitted by law.

      

      
        	
                39.

              	
                FORCE
      MAJEUR

              

      

      

      With the
exception of those provisions contained herein regarding the payment of rent,
the inability of either
party to perform any of the terms, covenants or conditions
of this Lease shall not be deemed a default if
the same shall be due to
any cause beyond the control of that party.

      

      
        	
                40.

              	
                ESTOPPEL
      CERTIFICATE

              

      

      

      The
Tenant shall from time to time, within five (5) days after being
requested to do so by the Landlord or any Mortgagee, execute, acknowledge and
deliver to the Landlord (or, at the Landlord’s request, to any existing or
prospective purchasers transferee, assignee or Mortgagee of any or all of the
Premises) an instrument in recordable form, certifying (a) that this Lease is
unmodified and in full force and effect (or, if there has been any modification
thereof, that it is in full force and effect as so modified, stating therein the
nature of such modification); (b) as to the dates to which the Minimum Rent and
other charges arising
hereunder have been paid; (c) as to the amount of any prepaid Rent or any credit due to the Tenant
hereunder; (d) that the Tenant has accepted possession of the Premises, and the
date on which the Term commenced; (e) as to whether, to the best knowledge,
information and belief of the signer of such certificate, the Landlord or the
Tenant is then in default in performing any of its obligations hereunder (and,
if so, specifying the nature of each such default); and (f) as to any other fact
or condition reasonably requested by the Landlord or such other addressee. In
the event the Tenant fails or refuses to provide such a certificate, Tenant
shall be liable to Landlord for any loss or damage (including reasonable counsel
fees) arising out of or in connection with such failure or
refusal.

      
        
           

        

        
          REXAHN
PAGE 11

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties have caused this Lease Agreement to be executed on
the year and date first written.

      

      

      
        	 
      	 
      	
                LANDLORD:

              
	
                WITNESS:

              	 
      	
                RED
      GATE III LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	/s/
      William M. Rickman
	 
      	 
      	
                By:

              	
                William
      M. Rickman

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                TENANT:

              
	
                WITNESS:

              	 
      	
                REXAHN
      CORPORATION

              
	 
      	 
      	 
      	 
      
	 
      	 
      	/s/
      Chang H. Ahn
	 
      	 
      	
                By:

              	
                Chang
      H. Ahn, Ph. D

              
	 
      	 
      	
                Chairman/Chief
      Executive Officer

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