Document:

Exhibit 4.2

 

WARRANT AGREEMENT

 

This Warrant Agreement
made as of [___________], 2016, is between BioLight Life Sciences Ltd., an Israeli company, with offices at Kiryat Atidim Building
3, 5th Floor, Tel Aviv 6158101, Israel (the “Company”), and VStock Transfer, LLC, with offices at
18 Lafayette Place, Woodmere, New York 11598 (the “Warrant Agent”).

 

WHEREAS, the Company
has determined to issue and deliver up to [_________] warrants (the “Warrants”) to investors, each Warrant evidencing
the right of the holder thereof to purchase one ordinary share, NIS 2.5 par value per share (the “Ordinary Shares”),
for $[___] of the Company, subject to adjustment as described herein.

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights and immunities of the Company, the Warrant Agent and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the legally valid and binding obligations of the Company, and to authorize
the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.       
   Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to
perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.      
    Warrants.

 

2.1           Form
of Warrant. Each Warrant shall be (a) issued in registered form only, (b) in substantially the form of Exhibit A attached
hereto, the provisions of which are incorporated herein, (c) signed by, or bear the facsimile or electronic signature of, any two
of the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer of the Company, and (d) signed by the
Warrant Agent. In the event that a person whose facsimile signature has been placed upon any Warrant shall have ceased to serve
in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as
if he or she had not ceased to be such at the date of issuance.

 

     

     

    

 

2.2          Effect
of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof. Warrant certificates shall be dated the date of countersignature
by the Warrant Agent.

 

2.3          Registration.

 

2.3.1           Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”), for the registration of the original
issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the
Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company.

 

2.3.2           Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (“Registered Holder”),
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3.  
        Terms and Exercise of
Warrants.

 

3.1          Exercise
Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant
Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of US$___ per Ordinary Share,
subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this
Warrant Agreement refers to the price per share at which Ordinary Shares may be purchased at the time a Warrant is exercised. 

 

3.2          Duration of Warrants. A Warrant may be exercised only during the period
(“Exercise Period”) commencing on the date of issuance. For purposes of this Warrant Agreement, the “Expiration
Date” shall have the meaning set forth in the Warrant Certificate. Each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close
of business on the Expiration Date. 

 

3.3          Exercise
of Warrants.

 

3.3.1           Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised
by the Registered Holder thereof by (i) submitting a duly executed exercise notice in the form included in Exhibit B, to
the office of the Warrant Agent [____________] which may be done by fax or email delivery, and (ii) by paying to the Company in
full the Exercise Price for each whole Ordinary Share as to which the Warrant is exercised, in lawful money of the United States,
by wire transfer or in good certified check or good bank draft payable to the order of the Company.  In no event shall
the Registered Holder of any Warrant be entitled to “net cash settle” the Warrant. The Registered Holder shall not
be required to deliver the original Warrant being exercised in order to effect an exercise hereunder.  

 

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***Checks should be payable to BioLight
Life Sciences Ltd. Notice of cash exercise should be made by e-mail (not fax) to [__________]. Originals need to be mailed
to BioLight Life Sciences Ltd., Attention: [____________]. Wired funds for exercise should be wired to:

 

[_________________]

 

3.3.2           Issuance
of Ordinary Shares. Assuming the exercise notice has been delivered and funds to pay
in full the Exercise Price are paid, each in accordance with Section 3.3.1, then on or before the third trading day following the
date upon which (1) the Warrant Agent has received an exercise notice for a Warrant and (2) the Company has received the funds
in full, the Company shall cause its transfer agent to (i) provided that the transfer agent is participating in The Depository
Trust Company (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of Ordinary Shares
to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit/Withdrawal at Custodian System, or (ii) if the transfer agent is not participating in the DTC Fast Automated
Securities Transfer Program, issue and deliver to the Holder, or at the Holder’s instruction pursuant to the delivered exercise
notice, the Holder’s agent or designee, in each case pursuant to this clause (ii), sent by reputable overnight courier to
the address specified in the applicable exercise notice, a certificate, registered in the Company’s share register in the
name of the Holder or its designee (as indicated in the applicable exercise notice), for the number of Ordinary Shares to which
the Holder is entitled pursuant to such exercise. 

 

3.3.3           Valid Issuance. All Ordinary Shares issued upon the proper exercise or surrender
of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.4           Date
of Issuance. Each person or entity in whose name any such certificate for Ordinary Shares is issued shall, for all purposes,
be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the
Exercise Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the share transfer books are open.

 

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3.4           Beneficial
Ownership Limitation on Exercises. The Company shall not affect the exercise of any portion of a Warrant, and the Registered
Holder of such Warrant shall not have the right to exercise any portion of such Warrant, to the extent that after giving effect
to such exercise, the Registered Holder (together with the Registered Holder’s affiliates, and any persons acting as a group
together with the Registered Holder or any Registered Holder’s affiliates) would beneficially own in excess of 4.99% (the
“Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise, provided, however,
that the foregoing limitation on exercise shall not apply to any Registered Holder who, together with such Registered Holder’s
affiliates, and any persons acting as a group together with such Registered Holder and such Registered Holder’s affiliates,
owns in excess of the Maximum Percentage immediately prior to the closing of the Offering.  For purposes of the foregoing
sentence, the aggregate number of Ordinary Shares beneficially owned by such Registered Holder and its affiliates shall include
the number of Ordinary Shares issuable upon exercise of a Warrant with respect to which the determination of such sentence is being
made, but shall exclude Ordinary Shares which would be issuable upon (i) exercise of the remaining, unexercised portion of such
Warrant beneficially owned by the Registered Holder and its affiliates and (ii) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by the Registered Holder and its affiliates (including, without
limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Registered Holder or any of its affiliates.  Except
as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  To the
extent that the limitation contained in this Section 3.4 applies, the Registered Holder’s submission of an Election to Purchase
shall be deemed to be the Registered Holder’s determination of whether a Warrant is exercisable (in relation to any other
securities owned by the Registered Holder together with any affiliates) and of which portion of a Warrant is exercisable, in each
case subject to the Maximum Percentage, and the Company shall have no obligation to verify or confirm the accuracy of such determination.  In
addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of the Warrants, in determining
the number of outstanding Ordinary Shares, the Registered Holder may rely on the number of outstanding Ordinary Shares as reflected
in the most recent of (1) the Company’s most recent Form 20-F, Form 6-K or other public filing with the Commission, as the
case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent
setting forth the number of Ordinary Shares outstanding.  For any reason at any time, upon the written or oral request
of the Registered Holder, the Company shall within three (3) trading days confirm to the Registered Holder the number of Ordinary
Shares then outstanding.  In any case, the number of outstanding Ordinary Shares shall be determined after giving effect
to the conversion or exercise of securities of the Company, including any Warrant, by the Registered Holder and its affiliates
since the date as of which such number of outstanding Ordinary Shares was reported.  By written notice to the Company,
the Registered Holder may from time to time increase or decrease the Maximum Percentage to any other percentage of the number of
Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of a Warrant and the
provisions of this Section 3.4 shall continue to apply; provided that (i) any such increase will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to that Registered
Holder.  For purposes of clarity, the Ordinary Shares underlying any Warrant in excess of the Maximum Percentage for
a Registered Holder shall not be deemed to be beneficially owned by that Registered Holder for any purpose including for purposes
of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act.  The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 3.4 to the extent necessary to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation.

 

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4.   
       Adjustments.

 

4.1          Share
Dividends

 

4.1.1           Split-Ups. 
If after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding Ordinary Shares is
increased by a share dividend payable in Ordinary Shares, or by a split-up of Ordinary Shares or other similar event, then, on
the effective date of such share dividend, split-up or similar event, the number of Ordinary Shares issuable on exercise of each
Warrant shall be increased in proportion to such increase in the outstanding Ordinary Shares and the Exercise Price shall be proportionally
decreased such that the aggregate Exercise Price, after such adjustments, remains the same for each Warrant.

 

4.1.2           Dividends
and Other Distributions. If the Company shall declare or make any dividend or other distribution of its assets (or rights to
acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any
distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction), except to the extent an adjustment was already made pursuant
to Section 4.1.1 or 4.2 (a “Distribution”), at any time after the issuance of a Warrant, then, in each such
case, the Company shall reserve and put aside the maximum Distribution amount the Registered Holder would have been entitled to
receive if the Registered Holder had held the number Ordinary Shares acquirable upon complete exercise of such Warrant immediately
before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record
holders of Ordinary Shares are to be determined for the participation in such Distribution. Upon exercise of a Warrant, in whole
or in part, the Company shall, contemporaneously with the delivery of the Ordinary Shares, distribute to the Registered Holder
a pro rata portion of such Distribution based on the portion of the Warrant that has been exercised (provided, however,
to the extent that the Registered Holder’s right to participate in any such Distributions would result in the Registered
Holder exceeding the Maximum Percentage, then the Registered Holder shall not be entitled to participate in such Distribution at
such time and to such extent (or the beneficial ownership of any such Ordinary Shares as a result of such Distribution to such
extent) and such Distribution to such extent shall be held in abeyance for the benefit of the Registered Holder until such time,
if ever, as its right thereto would not result in the Registered Holder exceeding the Maximum Percentage, at which time or times
the Registered Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or
on any subsequent Distribution to be held similarly in abeyance) to the same extent as if there had been no such limitation).

 

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4.2          Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 4.5
hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification
of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split,
reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion
to such decrease in outstanding Ordinary Shares and the Exercise Price shall be proportionally increased such that the aggregate
Exercise Price, after such adjustments, remains the same for each Warrant.

 

4.3          Purchase
Rights. If at any time the Company grants, issues or sells any options, convertible securities
or rights to purchase shares, warrants, securities or other property pro rata to the record holders of Ordinary Shares (the “Purchase
Rights”), then the Registered Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights,
the aggregate Purchase Rights which the Registered Holder could have acquired if the Registered Holder had held the number of Ordinary
Shares acquirable upon complete exercise of a Warrant immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that
the Registered Holder’s right to participate in any such Purchase Right would result in the Registered Holder exceeding the
Maximum Percentage, then the Registered Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial
ownership of such Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall
be held in abeyance for the Registered Holder until such time, if ever, as its right thereto would not result in the Registered
Holder exceeding the Maximum Percentage, at which time or times the Registered Holder shall be granted such right (and any Purchase
Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance)
to the same extent as if there had been no such limitation).

 

4.4          Adjustment
Upon Issuance of Ordinary Shares. If and whenever on or after the date of this Agreement and prior
to [          ], 2016 [Insert 18 months following closing]
(the “Applicable Period”), the Company issues, sells or delivers, or in accordance with this Section 4
is deemed to have issued, sold or delivered, any Ordinary Shares, for a consideration per share (the “New
Issuance Price”) less than a price equal to the Exercise Price, in effect immediately prior to such issuance, sale
or delivery or deemed issuance, sale or delivery (such Exercise Price, then in effect is referred to as the
“Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately after such
Dilutive Issuance, the Exercise Price then in effect shall be reduced one-time only to the product of New Issuance Price
multiplied by 125%. No adjustment pursuant to this Section 4.4 shall be made if such adjustment would result in an increase
of the Exercise Price then in effect. For all purposes of the foregoing (including, without limitation, determining the
adjusted Exercise Price and consideration per share under this Section 4.4), the following shall be applicable:

 

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4.4.1           Issuance
of Options. If the Company grants or sells any options (other than options that qualify as Excluded Securities) during the
Applicable Period and the lowest price per share for which one Ordinary Share is issuable upon the exercise of any such option
or upon conversion, exercise or exchange of any convertible securities issuable upon exercise of any such option is less than the
Applicable Price, then such Ordinary Share shall be deemed to be outstanding and to have been issued and sold or delivered by the
Company at the time of the granting or sale of such option for the New Issuance Price. For purposes of this Section 4.4.1, the
“lowest price per share for which one Ordinary Share is issuable upon the exercise of any such options or upon conversion,
exercise or exchange of any convertible securities issuable upon exercise of any such option” shall be equal to  the lower
of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one Ordinary
Share upon the granting or sale of such option, upon exercise of such option and upon conversion, exercise or exchange of any Convertible
Security issuable upon exercise of such option and (y) the lowest exercise price set forth in such option for which one Ordinary
Shares is issuable upon the exercise of any such options or upon conversion, exercise or exchange of any convertible securities
issuable upon exercise of any such option. Except as contemplated below, no further adjustment of the Exercise Price shall be made
upon the actual issuance of such Ordinary Shares or of such convertible securities upon the exercise of such options or upon the
actual issuance of such Ordinary Shares upon conversion, exercise or exchange of such convertible securities. 

 

4.4.2           Issuance
of Convertible Securities. If the Company issues or sells any convertible securities (other than convertible securities that
qualify as Excluded Securities) during the Applicable Period and the lowest price per share for which one Ordinary Share is issuable
upon the conversion, exercise or exchange thereof is less than the Applicable Price, then such Ordinary Share shall be deemed to
be outstanding and to have been issued and sold or delivered by the Company at the time of the issuance or sale of such convertible
securities for the New Issuance Price. For the purposes of this Section 4.4.2, the “lowest price per share for which one
Ordinary Share is issuable upon the conversion, exercise or exchange thereof” shall be equal to  the lower of (x) the
sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one Ordinary Share upon
the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security and (y)
the lowest conversion price set forth in such Convertible Security for which one Common Share is issuable upon conversion, exercise
or exchange thereof. Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance
of such Ordinary Shares upon conversion, exercise or exchange of such convertible securities, and if any such issue or sale of
such convertible securities is made upon exercise of any options for which adjustment of Warrants has been or is to be made pursuant
to other provisions of this Section 4.4, except as contemplated below, no further adjustment of the Exercise Price shall be made
by reason of such issue, sale or delivery.

 

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4.4.3           Change
in option Price. If during the Applicable Period the purchase or exercise price provided for in any options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any convertible securities or the rate at which
any convertible securities are convertible into or exercisable or exchangeable for or Ordinary Shares increases or decreases at
any time, the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would
have been in effect at such time had such options or convertible securities provided for such increased or decreased purchase price,
additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or
sold. For purposes of this Section 4.4.3, if the terms of any option or Convertible Security that was outstanding as of the original
issuance of the Warrants are increased or decreased in the manner described in the immediately preceding sentence, then such option
or Convertible Security and the Ordinary Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to
have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 4.4 shall be made if such
adjustment would result in an increase of the Exercise Price then in effect.

 

4.4.4           Calculation
of Consideration Received. If during the Applicable Period any option and/or Convertible Security is issued in connection with
the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary
Security”, and such option and/or Convertible Security, the “Secondary Securities”), together comprising
one integrated transaction, (other than options or Convertible Security that qualify as Excluded Securities) the consideration
per Ordinary Share with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest price
per share for which one Ordinary Share was issued in such integrated transaction (or was deemed to be issued pursuant to Section
4.4.1 or 4.4.2 above, as applicable) solely with respect to such Primary Security, minus (y) with respect to such Secondary Securities,
the sum of (I) the Black Scholes Consideration Value of each such option, if any, or (II) the fair market value (as determined
by the Holder) of such Convertible Security, if any, in each case, as determined on a per share basis in accordance with this Section
4.4.4. If any Ordinary Shares, options or convertible securities are issued or sold or deemed to have been issued or sold for cash,
the consideration received therefor (for the purpose of determining the consideration paid for such Ordinary Shares, option or
Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to be
the net amount of consideration received by the Company therefor. If any Ordinary Shares, options or convertible securities are
issued or sold for a consideration other than cash (for the purpose of determining the consideration paid for such Ordinary Shares,
option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value), the amount
of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists
of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the
arithmetic average of the VWAPs of such security for each of the five (5) trading days immediately preceding the date of receipt.
If any Ordinary Shares, options or convertible securities are issued to the owners of the non-surviving entity in connection with
any merger in which the Company is the surviving entity (for the purpose of determining the consideration paid for such Ordinary
Shares, option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value), the
amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving
entity as is attributable to such, Ordinary Shares, options or convertible securities, as the case may be. The fair value of any
consideration other than cash or publicly traded securities (for the purpose of determining the consideration paid for such Ordinary
Shares, option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will
be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the
occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will
be determined within five (5) trading days after the tenth (10th) day following such Valuation Event by an independent,
reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding
upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company. 

 

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4.4.5           For
purposes of this Section 4.4, “Excluded Securities” means (1) Ordinary Shares or options or other rights
to purchase Ordinary Shares or other awards issued or issuable pursuant to the Company’s employee benefit plans,
qualified share option plans or other employee compensation plans as such plans are in existence on the date hereof,
provided; (2) Ordinary Shares issued or issuable upon the conversion, exercise or exchange of convertible securities (other
than options or other rights to purchase Ordinary Shares that are covered by clause (1) above) issued prior to the date
hereof; and (3) Ordinary Shares issuable upon exercise of the Warrants or the certain warrants issued to the underwriters on
March __, 2016 pursuant to the Company’s registered offering which closed on such date; provided, that, notwithstanding the foregoing, such
purchaser or acquirer of the securities in such issuance shall not include any person regularly engaged in the business of
buying or selling securities.

 

For purposes of this
Section 4.4 “VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Ordinary Shares are then listed or quoted on the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market or the New York Stock Exchange (each a “Trading Market”), the daily volume weighted
average price of the Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Ordinary
Shares are then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02
p.m. (New York City time)), (b) if the Ordinary Shares are not then listed on a Trading Market and if prices for the Ordinary Shares
are then reported in the OTCQB maintained by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per Ordinary Share so reported, or (c) in all other cases, the fair market value
of an Ordinary Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest
of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

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4.5           Fundamental
Transactions. If, at any time while the Warrants are outstanding, (i) the Company, directly
or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person
in which the Company is not the surviving entity or the shareholders of
the Company immediately prior to such merger or consolidation do not own, directly or indirectly, a majority of the outstanding
voting securities of the surviving entity, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed
pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash
or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company, directly
or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary
Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other
securities, cash or property (other than as a result of a subdivision or combination of Ordinary Shares covered by Section 4.1
above), or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with another person or group of persons whereby such other person or group acquires more than 50% of the outstanding Ordinary Shares
(not including any Ordinary Shares held by the other person or other persons making or party to, or associated or affiliated with
the other persons making or party to, such stock or share purchase agreement or other business combination) (each, a “Fundamental
Transaction”), then, upon any subsequent exercise of a Warrant, the Registered Holder of such Warrant shall be entitled
to receive, for each Ordinary Share that would have been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction (without regard to any limitation in Section 3.4 on the exercise of the Warrants), the number of Ordinary
Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) which, in all cases, was received as a result of such Fundamental Transaction
by a holder of the number of Ordinary Shares for which a Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 3.4 on the exercise of the Warrants). If holders of Ordinary Shares are given any
choice as to the securities, cash or property to be received in a Fundamental Transaction, then each Registered Holder shall be
given the same choice as to the Alternate Consideration. Notwithstanding anything to the contrary, (a) if the holders of Ordinary
Shares received, as a result of such Fundamental Transaction, a consideration or Alternate Consideration (whether from the Company
or from any other person, and whether such consideration or Alternate Consideration is comprised of cash, securities or other property)
(such consideration attributed to one Ordinary Share: the "Fundamental Transaction Consideration Per Ordinary Share")
with respect to some but not all of their Ordinary Shares (including in the event that they have tendered only some of the Ordinary
Shares which such shareholders have initially requested to tender) then, upon any subsequent exercise of a Warrant, the Registered
Holder of such Warrant shall be entitled to receive such consideration on a pro-rata basis, based on the number of Ordinary Shares
underlying its Warrant; and (b) in the event that the Fundamental Transaction Consideration Per Ordinary Share paid as a result
of such Fundamental Transaction is paid by the Successor Entity (as defined below) or by any other person other than the Company,
then such Successor Entity or the other person shall assume and be responsible to pay the Fundamental Transaction Consideration
Per Ordinary Share upon any subsequent exercise of a Warrant.  The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all obligations
of the Company under each Warrant in accordance with the provisions of this Section 4.5 pursuant to agreements in form and substance
reasonably satisfactory to the Registered Holders and approved by the Registered Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of each Registered Holder, deliver to such Registered Holder in exchange for such
Registered Holder’s Warrant a written instrument substantially similar in form and substance to such Registered Holder’s
Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the Ordinary Shares acquirable and receivable upon exercise of such Warrant (without regard to the limitations on
exercise set forth in Section 3.4) prior to such Fundamental Transaction, and with an exercise price which applies the Exercise
Price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to
such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of such Warrant immediately prior to the consummation of such Fundamental
Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Agreement and each Warrant referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Agreement and each Warrant with the same effect as if such Successor
Entity had been named as the Company herein.

 

    10 

     

    

 

4.6           Calculations.
All calculations under this Section 4 shall be made to the nearest cent or the nearest whole
share, as the case may be. For purposes of this Section 4, any calculation of the number of Ordinary Shares deemed to be issued
and outstanding as of a given date shall not include treasury shares, if any. In any case in which this Section 4 shall require
that an adjustment in the Exercise Price be made effective as of a record date for a specified event, if the Registered Holder
exercises a Warrant after such record date, the Company may elect to defer, until the occurrence of such event, the issuance of
the Ordinary Shares and other share capital of the Company in excess of the Ordinary Shares and other share capital of the Company,
if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however,
that in such case the Company or the Warrant Agent shall deliver to the Registered Holder a due bill or other appropriate instrument
evidencing the Registered Holder’s right to receive such additional shares and/or other capital securities upon the occurrence
of the event requiring such adjustment.

 

    11 

     

    

 

4.7           Notices
of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any such adjustment the Company shall give written notice to each Registered Holder, at the last address set
forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event. 

 

4.8           No
Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not
issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder
of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round up to the nearest whole number the number of the Ordinary Shares to be issued to the Warrant holder.

 

4.9           Form of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Exercise Price and the same
number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may, at any time,
in its sole discretion, make any change in the form of Warrant that the Company may deem appropriate and that does not affect the
substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant
or otherwise, may be in the form as so changed.

 

4.10         Other
Events. In case any event shall occur affecting the Company as to which none of the provisions
of preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms
of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of
this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking
or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the
rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine
that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that
is consistent with any adjustment recommended in such opinion.

 

5.        
  Transfer and Exchange of Warrants.

 

5.1           Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant into the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon the Company’s request.

 

    12 

     

    

 

 

5.2           Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and, thereupon, the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that, in the event
a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and shall issue
new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such
transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3           Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant.

 

5.4           Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6.      
    Other Provisions Relating to Rights of Registered Holders of
Warrants.

 

6.1           No
Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors
of the Company or any other matter.

 

6.2           Lost,
Stolen Mutilated or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant
Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so
lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company,
whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

6.3           Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary
Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

    13 

     

    

 

 

6.4          Registration
of the Ordinary Shares. The Company registered the Warrants and the Ordinary Shares underlying
the Warrants in the Registration Statement. The Company will use its reasonable efforts to maintain the effectiveness of such Registration
Statement and the current status of the Prospectus or to file and maintain the effectiveness of another registration statement
and another current prospectus covering the Ordinary Shares issuable upon exercise of the Warrants at any time that the Warrants
are exercisable.  In addition, the Company agrees to use its reasonable best efforts to register such Ordinary Shares
under the blue sky laws of the states of residence of the exercising Warrant holders to the extent an exemption from such registration
is not available. 

 

7.     
     Concerning the Warrant Agent and Other Matters. 

 

7.1          Payment
of Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection with
the exercise of Warrants; and the Company shall not be required to issue or deliver any Ordinary Shares until such tax or other
charge shall have been paid or it has been established to the Company’s and the Warrant Agent’s satisfaction that no
such tax or other charge is due.

 

7.2          Resignation,
Consolidation, or Merger of Warrant Agent.

 

7.2.1           Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint, in writing,
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of
any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be an entity organized and
existing under the laws of the State of New York, in good standing and have its principal office in the Borough of Manhattan, City
and State of New York, and be authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authorities. After appointment, any successor Warrant Agent shall be vested with all the authority, powers,
rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant
Agent hereunder, without any further act or deed; but, if for any reason it becomes necessary or appropriate, the predecessor Warrant
Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all
the authority, powers, and rights of such predecessor Warrant Agent hereunder; and, upon request of any successor Warrant Agent,
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations.

 

    14 

     

    

 

7.2.2           Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

7.2.3           Merger
or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Warrant Agreement without any further act on the part of the Company or the Warrant Agent.

 

7.3          Fees
and Expenses of Warrant Agent.

 

7.3.1           Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as Warrant Agent hereunder as set forth
on Exhibit C hereto and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably
incur in the execution of its duties hereunder.

 

7.3.2           Further
Assurances. The Company agrees to perform, execute, acknowledge and deliver, or cause to be performed, executed, acknowledged
and delivered, all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Warrant Agreement.

 

7.4          Liability
of Warrant Agent.

 

7.4.1           Reliance
on Company Statement. Whenever, in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer or Chairman of
the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Warrant Agreement.

 

7.4.2           Indemnity.
The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement, except as a result of the Warrant
Agent’s negligence, willful misconduct or bad faith.

 

    15 

     

    

 

7.4.3           Exclusions. The Warrant Agent shall have no responsibility with respect
to the validity of this Warrant Agreement or with respect to the validity or execution of any Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement
or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible
for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it, by any act hereunder, be deemed to make any representation or warranty as to the authorization or reservation
of any Ordinary Shares to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any Ordinary Shares will
when issued be valid and fully paid and nonassessable.

 

7.5          Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same
upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants
exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares
of the Company’s Ordinary Shares through the exercise of Warrants.

 

8.        
  Miscellaneous Provisions.

 

8.1           Successors.
All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns.

 

8.2           Notices.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder
of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service,
addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

BioLight Life Sciences Ltd.

Kiryat Atidim

Building 3, 5th Floor

Tel Aviv 6158101

Israel

Attn: Suzana Nahum-Zilberberg, Chief Executive Officer

 

Any notice, statement or demand authorized
by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be
delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed
in writing by the Warrant Agent with the Company), as follows:

 

VStock Transfer, LLC

18 Lafayette Place

Woodmere, NY 11598

Attn: Warrant Department

 

    16 

     

    

 

Any notice, sent pursuant to this Warrant
Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight
courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day
after registration or certification thereof

 

8.3           Applicable
Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the
address set forth in Section 8.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the
Company in any action, proceeding or claim.

 

8.4           Persons
having Rights Under this Agreement. Nothing in this Agreement shall be construed to confer
upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right,
remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive
benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

8.5           Examination of the Warrant Agreement. A copy of this Warrant Agreement shall
be available at all reasonable times at the office of the Warrant Agent for inspection by the Registered Holder of any Warrant.
The Warrant Agent may require any such holder to submit his, her or its Warrant for inspection.

 

8.6           Counterparts-
Facsimile Signatures. This Warrant Agreement may be executed in any number of counterparts, and each of such counterparts shall,
for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.
Facsimile signatures shall constitute original signatures for all purposes of this Warrant Agreement.

 

8.7           Effect
of Headings. The section headings herein are for convenience only and are not part of this Warrant Agreement and shall not
affect the interpretation thereof. 

 

    17 

     

    

 

8.8          Amendments.

 

8.8.1           This
Agreement and any Warrant certificate may be amended by the parties hereto by executing a supplemental warrant agreement (a “Supplemental
Agreement”), without the consent of any of the Registered Holders, for the purpose of (i) curing any ambiguity, or curing,
correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or
questions arising under this agreement that is not inconsistent with the provisions of this agreement or the Warrant certificates,
(ii) evidencing the succession of another corporation to the Company and the assumption by any such successor of the covenants
of the Company contained in this agreement and the Warrants, (iii) evidencing and providing for the acceptance of appointment by
a successor Warrant Agent with respect to the Warrants, (iv) adding to the covenants of the Company for the benefit of the Registered
Holders or surrendering any right or power conferred upon the Company under this Agreement, or (viii) amending this agreement and
the Warrants in any manner that the Company may deem to be necessary or desirable and that will not adversely affect the interests
of the Registered Holders in any material respect.

 

8.8.2           The
Company and the Warrant Agent may amend this Warrant Agreement and the Warrants by executing a Supplemental Agreement with the
consent of the Registered Holders of not fewer than a majority of the unexercised Warrants affected by such amendment, for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Registered Holders under this Warrant Agreement; provided, however, that, without the consent of
each of the Registered Holders affected thereby, no such amendment may be made that (i) changes the Warrants so as to reduce the
number of shares purchasable upon exercise of the Warrants or so as to increase the Exercise Price (other than as provided
by Section 4), (ii) shortens the period of time during which the Warrants may be exercised, (iii) otherwise adversely affects the
exercise rights of the Registered Holders in any material respect, or (iv) reduces the number of unexercised Warrants the Registered
Holders of which must consent for amendment of this agreement or the Warrants.

 

8.9          Severability.
This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

    18 

     

    

  

IN WITNESS WHEREOF,
this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	BIOLIGHT LIFE SCIENCES LTD.
	 	 	 
	 	By: 	 
	 	 	[Name, Title]
	 	 	 
	 	VSTOCK TRANSFER, LLC
	 	 	 
	 	By:	 
	 	 	[Name, Title]

 

    19 

     

    

 

EXHIBIT A

 

Form of Warrant

 

BIOLIGHT LIFE SCIENCES LTD.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER __________, _______

 

This certifies that the person whose name
and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth below. Each Warrant
entitles its registered holder to purchase BioLight Life Sciences Ltd., a company incorporated under the laws of the State of Israel
(the “Company”) at any time prior to 5:00 P.M. (New York City time) on ______, _____, at the designated office
of Vstock Transfer LLC, as warrant agent (the “Warrant Agent”) set forth below, one ordinary share, NIS 2.5
per share par value, of the Company (each, a “Share” and collectively, the “Shares”), at
price of US$____ per Share, subject to possible adjustments as provided in the Warrant Agreement (as defined below).

 

This Warrant Certificate, with or without
other Warrant Certificates, upon surrender at the designated office of the Rights Agent, may be exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered.

 

The terms and conditions of the Warrants
and the rights and obligations of the holder of this Warrant Certificate are set forth in a Warrant Agreement dated as of ______,
2016 (the “Warrant Agreement”), between the Company and the Warrant Agent. A copy of the Warrant Agreement is
available for inspection during business hours at the office of the Warrant Agent.

 

This Warrant Certificate shall not be valid
or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant Agent.

 

WITNESS the facsimile signature of proper
officers of the Company.

 

	 	BIOLIGHT LIFE SCIENCES LTD.
	 	 	 
	 	By: 	 
	 	Name: 
	 	Title:
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated:

Countersigned:

 

    20 

     

    

 

VSTOCK TRANSFER, LLC

as Warrant Agent

 

	By: 	 
	Name: 
	Title:

 

	PLEASE DETACH HERE
	 

 

 

Certificate No.:_________ Number of Warrants:__________

 

WARRANT CUSIP NO.: ________

 

BIOLIGHT LIFE SCIENCES LTD.

 

	[Name & Address of Holder]	 	VSTOCK TRANSFER, LTD., Warrant Agent
	 	 	
         

        By mail:

         

        By hand or overnight courier:

 

    21 

     

    

 

EXHIBIT A

 

Form of Election Notice

 

(To Be Executed Upon Exercise Of Warrants)

 

The undersigned hereby
irrevocably elects to exercise the right, represented by Warrants evidenced by this Warrant Certificate, to receive                 
Shares and herewith tenders payment for such Ordinary Shares to the order of BioLight Life Sciences Ltd., in the amount of US$
             in accordance with the terms hereof.

 

 

The undersigned requests
that a certificate for such Ordinary Shares be registered in the name of                     ,
whose address is                     
and that such certificate be delivered to                     ,
whose address is                                         .
If the number of Warrants being exercised hereby is less than all the Warrants evidenced by this Warrant Certificate, the undersigned
requests that a new Warrant Certificate representing the remaining unexercised Warrants be registered in the name of                                         ,
whose address is                                         ,
and that such Warrant Certificate be delivered to                whose
address is                                         .

 

	 	 	Signature
	 	 
	Date:	 	 
	 	 	 
	 	 	Signature Guaranteed

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Warrant Agent, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

    22 

     

    

 

EXHIBIT C

 

Warrant Agent Fees

 

Monthly Maintenance Fee

 

Our monthly maintenance fee is calculated based upon the number
of record shareholders per class or series of Warrants:

 

	 	o	Monthly Maintenance of 1-99 Registered Holder	$99 per month
	 	o	Monthly Maintenance of 100-200 Registered Holder	$150 per month
	 	o	Monthly Maintenance of 200-300 Registered Holder	$299 per month
	 	o	Monthly Maintenance of 300-500 Registered Holder	$399 per month
	 	o	Monthly Maintenance of 500+ Registered Holder	$749 per month

 

Service Fees

 

The following are a sample of services provided on a per transaction
fee basis as set forth below:

 

	 	o	Per Warrant Exercise	$45.00
	 	o	Issuance Per Warrant	$35.00 
	 	o	Replacement of Lost or Stolen Warrant	$50.00 (paid by Registered Holder)
	 	o	Lost Registered Holder search (if needed)	$5.00 per Registered Holder per search
	 	o	Escheatment (if needed)	$50.00 per Registered Holder

 

Other Costs and Excluded Services

 

The company will be billed separately at
cost for certain out-of-pocket expenses such as postage and courier fees.

 

    23samg-ex107_559.htm

 

Exhibit 10.7

Execution Copy

FIRST AMENDMENT TO LEASE

FIRST AMENDMENT TO LEASE, dated as of December 23, 2015 (this “Amendment”), by and between RXR 1330 OWNER LLC, a Delaware limited liability company, having an office c/o RXR Realty, 1330 Avenue of the Americas, New York, New York 10019 (“Landlord”) and SILVERCREST ASSET MANAGEMENT GROUP LLC, a Delaware limited liability company, having an office at 1330 Avenue of the Americas, New York, New York 10019 (“Tenant”).

WITNESSETH:

WHEREAS, pursuant to a Lease, dated December 15, 2005, by and between Landlord (as successor-in-interest to Deka First Real Estate USA L.P.) and Tenant (the “Lease”), Tenant is leasing from Landlord the entire 37th, 38th, 39th and 40th floors (the “Demised Premises”) of the office building known as 1330 Avenue of the Americas, New York, New York (the “Building”), as is more particularly described in the Lease; 

WHEREAS, the term of the Lease is scheduled to expire on September 30, 2017; and

WHEREAS, Landlord and Tenant desire to amend the Lease to extend the term thereof, on the terms and conditions hereinafter set forth.

NOW, THEREFORE, Landlord and Tenant agree as follows:

1. Defined Terms. All capitalized terms used herein but not defined shall have the meanings ascribed to them in the Lease.

2. Extension of Term. (a) The term of the Lease is hereby extended for an additional period of 11 years (the “Extension Term”) commencing on October 1, 2017 (the “Extension Commencement Date”) and expiring on September 30, 2028, which date shall be deemed the Expiration Date for all purposes under the Lease, unless sooner terminated in accordance with the terms of the Lease or pursuant to law.

(b) Tenant’s leasing of the Demised Premises during the Extension Term shall be on all of the terms and conditions of the Lease (as amended hereby), except that, from and after the Extension Commencement Date:

 

 

(i) fixed rent for the entire Demised Premises shall be payable at the times and in the manner set forth in the Lease, as follows:

(A) for the period commencing on the Extension Commencement Date and ending on the day immediately preceding the 6th anniversary of the Extension Commencement Date at the rate of $5,408,000.00 per annum payable in equal monthly installments of $450,666.67; and 

(B) for the period commencing on the 6th anniversary of the Extension Commencement Date and ending on the Expiration Date $5,699,200.00 per annum, payable in equal monthly installments of $474,933.33.

(ii) Notwithstanding anything to the contrary contained in this Amendment, provided Tenant is not then in default under the Lease beyond the expiration of any applicable notice and cure period, Tenant shall be entitled to receive a credit in the amount of $5,408,000.00, which credit shall be applied against the first monthly installment of fixed rent due and payable on the Extension Commencement Date and each succeeding monthly installment of fixed rent due and payable until the entire credit has been so applied. At Landlord’s option, Landlord may pay to Tenant, no later than the first day of any calendar month in respect of which Tenant would otherwise be entitled to a credit against fixed rent under the preceding sentence, an amount equal to the credit to which Tenant would have otherwise been entitled for such month, and in such event Tenant shall not receive any credit against fixed rent for such calendar month under the preceding sentence and shall be obligated to pay in full the installment of fixed rent due for such month.

(iii) Tenant shall pay Tenant’s Share of Taxes in accordance with the provisions of Article 4 of the Lease, except that “Real Estate Tax Base” shall mean the Real Estate Taxes for the Tax Year commencing on July 1, 2017 and ending on June 30, 2018.

(iv) Tenant shall pay Tenant’s Share of Operating Expenses pursuant to the provisions of Article 4 of the Lease, except that “Base Year” shall mean calendar year 2017. 

(v) Landlord shall not be required to perform any work, to pay any amount, to install any fixtures or equipment or to render any services to make the Building or the Demised Premises ready or suitable for Tenant’s use or occupancy, and Tenant shall accept the Demised Premises in its “as is” condition on the Extension Commencement Date.  For the avoidance of doubt, nothing contained in this Section 2(b)(v) shall limit or otherwise modify any of Landlord’s repair and/or maintenance obligations under the Lease.

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3. Extension Work Allowance. (a) During the period commencing on the Extension Commencement Date and continuing through the first anniversary of the Extension Commencement Date, Landlord shall reimburse Tenant for the cost of Initial Tenant Extension Work in an amount equal to the lesser of (i) $2,080,000.00 (the “Extension Work Allowance”) and (ii) the actual cost of Initial Tenant Extension Work, upon the following terms and conditions:

(A) The Extension Work Allowance shall be payable to Tenant (or to Tenant’s general contractor or construction manager, as directed by Tenant) in installments as Initial Tenant Extension Work progresses, but in no event more frequently than monthly. Installments of the Extension Work Allowance shall be payable by Landlord within 30 days following Tenant’s satisfaction of each of the conditions required for disbursement set forth in this Section.

(B) Prior to the payment of any installment, Tenant shall deliver to Landlord a request for disbursement which shall be accompanied by (1) paid invoices (or invoices if Tenant shall be directing Landlord to pay Tenant’s general contractor or construction manager) for the Initial Tenant Extension Work performed or incurred since the last disbursement of the Extension Work Allowance, (2) a certificate signed by Tenant’s architect and an officer of Tenant certifying that the Initial Tenant Extension Work and services represented by the aforesaid invoices have been satisfactorily completed in accordance with the plans and specifications therefor approved by Landlord and have not been the subject of a prior disbursement of the Extension Work Allowance, and (3) lien waivers by architects, contractors, subcontractors and all materialmen for all such work and services.  Each installment payment of the Extension Work Allowance shall be limited to an amount equal to the amount requested by Tenant pursuant to clause (1) above, multiplied by a fraction, the numerator of which is the amount of the Extension Work Allowance, and the denominator of which is the total contract price (or, if there is no specified or fixed contract price for the Initial Tenant Extension Work, then a reasonable estimate thereof in the opinion of Tenant’s architect, construction manager or general contractor) for the performance of all of the Initial Tenant Extension Work shown on all plans and specifications approved by Landlord.  In addition, Landlord shall be permitted to retain from each disbursement an amount equal to 10% of the amount requested to be disbursed by Tenant.  The aggregate amount of the retainages shall be paid by Landlord to Tenant upon the completion of all Initial Tenant Extension Work and upon receipt from Tenant of (A) a certificate signed by Tenant’s architect and an officer of Tenant certifying that all of the Initial Tenant Extension Work has been satisfactorily completed in accordance with the plans and specifications therefor approved by Landlord, (B) all Building Department sign-offs and inspection certificates and any permits required to be issued by the Building Department or any other governmental entities having jurisdiction thereover, and (C) a general release from all contractors and subcontractors performing the Initial Tenant Extension Work releasing Landlord and Tenant from all liability for any of the Initial Tenant Extension Work.

(b) “Initial Tenant Extension Work” means the installation of fixtures, improvements and appurtenances attached to or built into the Demised Premises and/or refurbishment of the Demised Premises in accordance with Article 12 of the Lease, and shall not include movable partitions, business and trade fixtures, machinery, equipment, furniture, 

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furnishings and other articles of personal property, whether such work is performed prior to or after the Extension Commencement Date.

(c) The right to receive reimbursement for the cost of Initial Tenant Extension Work as set forth in this Section shall be for the exclusive benefit of Tenant, it being the express intent of the parties hereto that in no event shall such right be conferred upon or for the benefit of any third party, including, without limitation, any contractor, subcontractor, materialman, laborer, architect, engineer, attorney or any other person, firm or entity.  Without in any way limiting the provisions of Article 20 of the Lease, Tenant shall indemnify and hold harmless Landlord and its agents from and against any and all liability, damages, claims, costs or expenses arising out of or relating to Landlord’s payment of any installment of the Extension Work Allowance directly to Tenant’s general contractor or construction manager, together with all costs, expenses and liabilities incurred in or in connection with each such claim or action or proceeding brought thereon, including, without limitation, all reasonable attorneys’ fees and expenses.

(d) Notwithstanding anything to the contrary contained in this Section, in no event shall more than $312,000.00 of the Extension Work Allowance be made available to Tenant for soft costs of construction (including, without limitation, filing and permit fees and expenses, architecture, engineering and other consulting fees and expenses and moving expenses).

(e) If any portion of the Extension Work Allowance remains after the 1st anniversary of the Extension Commencement Date, such remaining portion (i.e., any portion of the Extension Work Allowance for which Tenant has not timely and properly submitted a request for disbursement as set forth in this Section 3 on or before the first anniversary of the Extension Commencement Date) shall be retained by and belong to Landlord; provided, however, if Tenant is not then in default under the Lease (as amended hereby) beyond any applicable notice and cure period, Tenant shall be entitled to apply up to $1,040,000.00 of such remaining portion of the Extension Work Allowance as a credit toward fixed rent, which credit shall be applied against the first monthly installment of fixed rent due and payable on the 1st anniversary of the Extension Commencement Date and each succeeding monthly installment of fixed rent due and payable until the entire credit has been so applied. At Landlord’s option, Landlord may pay to Tenant, no later than the first day of any calendar month in respect of which Tenant would otherwise be entitled to a credit against fixed rent under the preceding sentence, an amount equal to the credit to which Tenant would have otherwise been entitled for such month, and in such event Tenant shall not receive any credit against fixed rent for such calendar month under the preceding sentence and shall be obligated to pay in full the installment of fixed rent due for such month. 

(f) During the Initial Tenant Extension Work, Landlord shall provide Tenant with not more than 40 hours of overtime use of the freight elevator at no charge, which use shall be in four (4) hour increments.

4. Additional Lease Modifications. Effective as of the date of this Amendment, all notices, consents, demands and other communications to Landlord shall be addressed to RXR 1330 Owner LLC, 1330 Avenue of the Americas, New York, New York 10019, Attention: 

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Building Management, with a copy to (A) RXR Realty, 625 RXR Plaza, Uniondale, New York 11556, Attention: Jason Barnett, Esq., Office of General Counsel and (B) RXR Realty, 1330 Avenue of the Americas, New York, New York 10019, Attention: William Elder.

5. Security Deposit.  Landlord is currently in possession of a Letter of Credit in the amount of $505,667.00 held as a security deposit. Simultaneously with the execution of this Amendment, Tenant shall deliver to Landlord an amendment to the Letter of Credit in a form acceptable to Landlord extending the term of the Letter of Credit to an expiration date not earlier than 60 days after the Expiration Date (as extended by this Amendment). Provided that on the Reduction Date (i) Tenant is not then in default under the Lease and (ii) Landlord has not theretofore drawn on the Letter of Credit by reason of any default on the part of Tenant, Tenant shall be entitled to a reduction in the amount of the Letter of Credit of $252,833.50 (the “Reduction Amount”) on 5th anniversary of the Extension Commencement Date (the “Reduction Date”).  In no event shall the Letter of Credit be reduced to less than $252,833.50.  Tenant shall deliver to Landlord an amendment to the Letter of Credit (the form and substance of such amendment to be reasonably satisfactory to Landlord), reducing the amount of the Letter of Credit by the Reduction Amount, and Landlord shall execute the amendment and such other documents as are reasonably necessary to reduce the amount of the Letter of Credit in accordance with the terms hereof.

6.  Landlord Access and Service Interruption. 

(a) Access. In connection with Landlord’s access to the Demised Premises, Landlord shall use reasonable efforts to minimize interference with the operation of Tenant’s business within the Demised Premises and to exercise due care in entering and exiting the Demised Premises. Except during the performance of any work by Landlord in any portion of the Demised Premises, Landlord shall not store materials and equipment in the Demised Premises.  During such work, (i) Landlord may store same only in the portion of the Demised Premises where such work is being performed and in a manner intended to minimize any interference with Tenant’s access, use and occupancy of the Demised Premises and any adverse effect upon the appearance of the Demised Premises and (ii) Landlord shall clean all work areas at the end of each day or block off such work areas in a manner that does not unreasonably interfere with Tenant’s ordinary conduct of business in the Demised Premises.  

(b) Service Interruption. In any instance in which a Substantial Portion of the Demised Premises is Untenantable solely by reason of (x) the failure of Landlord to perform any of Landlord’s maintenance and repair obligations in accordance with the provisions of the Lease or (y) the interruption, curtailment or suspension of any of Landlord’s services set forth in Articles 16 and 17 of the Lease without the fault or neglect of Tenant or any persons claiming through or under Tenant, and such period of Untenantability shall continue for 6 consecutive Business Days after Tenant shall have notified Landlord of such Untenantability, and provided Tenant is not then in default under this Lease beyond any applicable notice and grace period, then for the period commencing on the 7th Business Day after Tenant’s giving notice to Landlord that such Substantial Portion of the Demised Premises is so Untenantable until such Substantial Portion of the Demised Premises is no longer Untenantable, fixed rent shall be appropriately abated with respect only to such Substantial Portion. The abatement set forth in this Section shall not apply during the occurrence of Force Majeure. “Untenantable” means that 

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Tenant shall be unable to use, and shall not be using, the Demised Premises or the applicable portion thereof for the conduct of Tenant’s business in the manner in which such business is ordinarily conducted in such portion of the Demised Premises.  “Substantial Portion” shall mean any portion of the Demised Premises consisting of 5,000 or more contiguous rentable square feet. “Force Majeure” shall mean any delays resulting from any causes beyond the reasonable control of Landlord, including governmental regulation, governmental restriction, strike, accident, labor dispute, riot, insurrection, terrorism, emergency, inability to obtain materials, acts of God or of a public enemy, acts of the United States of America, fires or other casualties, floods, epidemics, quarantine restrictions, freight embargoes, unusually severe weather, delays of subcontractors or suppliers at any tier arising from unforeseeable causes beyond the control and without the fault or negligence of Landlord and other like circumstances.

7. Renewal Option. Article 42-Renewal Option of the Lease is hereby deleted in its entirety and the following inserted in place thereof:

ARTICLE 42

RENEWAL OPTION

42.01. Renewal Right. (a)  Provided that on the date Tenant exercises the Renewal Option and at the commencement of the Renewal Term (i) the Lease shall not have been terminated, (ii) Tenant shall not be in default under the Lease and (iii) Tenant shall occupy at least 50% of the Demised Premises, Tenant shall have the option (the “Renewal Option”) to extend the term of the Lease for an additional 5 year period (the “Renewal Term”), to commence on the date immediately following the Expiration Date.

(b) The Renewal Option shall be exercised with respect to the entire Demised Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Renewal Notice”) at least 18 months before the Expiration Date.  Time is of the essence with respect to the giving of the Renewal Notice.

42.02. Renewal Rent and Other Terms. (a) The Renewal Term shall be upon all of the terms and conditions set forth in the Lease, except that (i) the fixed rent shall be as determined pursuant to the further provisions of this Section 42.02; (ii) Tenant shall accept the Demised Premises in its “as is” condition at the commencement of the Renewal Term, and Landlord shall not be required to perform any work, to pay any amount or to render any services to make the Demised Premises ready for Tenant’s use and occupancy or to provide any abatement of fixed rent or additional rent, in each case with respect to the Renewal Term; (iii) Tenant shall have no option to renew the Lease beyond the expiration of the Renewal Term; and (iv) the Real Estate Tax Base shall be the Real Estate Taxes for the Tax Year ending immediately before the commencement of the Renewal Term and the Base Year shall be the Operation Year ending immediately before the commencement of the Renewal Term.

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(b) The annual fixed rent for the Demised Premises for the Renewal Term shall be Fair Market Rent.  “Fair Market Rent” means the fixed annual rent that a willing lessee would pay and a willing lessor would accept for the Demised Premises during the Renewal Term, each party acting prudently and under no compulsion to lease, and taking into account all relevant factors.

(c) If Tenant timely exercises the Renewal Option, Landlord shall notify Tenant (the “Rent Notice”) at least 120 days before the Expiration Date (as extended by this Amendment) of Landlord’s determination of the Fair Market Rent (“Landlord’s Initial Determination”).  If Landlord’s Initial Determination exceeds the aggregate of (the “Annual Rent”) (A) the fixed rent payable by Tenant for the 12 month period ending on the Expiration Date, (B) Tenant’s Share of Taxes payable with respect to the Tax Year ending immediately before the commencement of the Renewal Term and (C) Tenant’s Share of Operating Expenses payable with respect to the Operation Year ending immediately before the commencement of the Renewal Term, then Tenant shall notify Landlord (“Tenant’s Notice”), within 20 days after Tenant’s receipt of the Rent Notice, whether Tenant accepts or disputes Landlord’s Initial Determination, and if Tenant disputes Landlord’s Initial Determination, Tenant’s Notice shall set forth Tenant’s determination of the Fair Market Rent, which shall not be less than the Annual Rent (“Tenant’s Initial Determination”). If Tenant fails to give Tenant’s Notice within such 20 day period, or if Tenant gives Tenant’s Notice within such 20 day period but fails to set forth therein Tenant’s Initial Determination, then Tenant shall be deemed to have accepted Landlord’s Initial Determination.

(d) (i) If Tenant timely disputes Landlord’s Initial Determination and Landlord and Tenant fail to agree as to the Fair Market Rent within 20 days after the giving of Tenant’s Notice, then the Fair Market Rent shall be determined by arbitration in the City of New York, as set forth in this Section 42.02(d).  Tenant shall initiate the arbitration process by giving notice to that effect to Landlord within 20 days after the giving of Tenant’s Notice, which notice shall include the name and address of Tenant’s designated arbitrator.  If Tenant fails to give such notice within such 20 day period, then Tenant shall be deemed to have accepted Landlord’s Initial Determination.  Within 30 days after the designation of Tenant’s arbitrator, Landlord shall give notice to Tenant of the name and address of Landlord’s designated arbitrator.  If Landlord shall fail timely to appoint an arbitrator, then Tenant may request the AAA to appoint an arbitrator on Landlord’s behalf.  Such two arbitrators shall have 30 days to appoint a third arbitrator who shall be impartial.  If such arbitrators fail to do so, then either Landlord or Tenant may request the AAA to appoint an arbitrator who shall be impartial within 30 days after such request and both parties shall be bound by any appointment so made within such 30 day period.  If no such third arbitrator shall have been appointed within such 30 day period, either Landlord or Tenant may apply to the Supreme Court, New York County to make such appointment.  The third arbitrator only shall subscribe and swear to an oath fairly and impartially to determine such dispute.

(ii) Within 7 days after the appointment of the third arbitrator, the three arbitrators will meet (the “Initial Meeting”) and set a hearing date for the arbitration.  The hearing shall not exceed two days and shall be scheduled to be held within 60 days after the meeting of the three arbitrators.  At the Initial Meeting, Landlord and Tenant may each submit a revised Fair Market Rent determination (each, a “Final Determination”); provided, that 

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Landlord’s Final Determination may not be greater than Landlord’s Initial Determination, and Tenant’s Final Determination may not be lower than Tenant’s Initial Determination.  If either party shall fail so to submit a Final Determination, then Landlord’s Initial Determination or Tenant’s Initial Determination, as applicable, shall constitute such party’s Final Determination.

(iii) There shall be no discovery in the arbitration.  However, on reasonable notice to the other party, Tenant may inspect any portion of the Building relevant to its claims, and Landlord may inspect any portion of the space occupied by Tenant on the floors in issue. Thirty days prior to the scheduled hearing, the parties shall exchange opening written expert reports and opening written pre-hearing statements.  Opening written pre-hearing statements shall not exceed 20 pages in length.  Two weeks prior to the hearing, the parties may exchange rebuttal written expert reports and rebuttal written pre-hearing statements.  Rebuttal written pre-hearing statements shall not exceed 10 pages in length.  Ten days prior to the hearing, the parties shall exchange written witness lists, including a brief statement as to the subject matter to be covered in the witnesses’ testimony.  One week prior to the hearing, the parties shall exchange all documents which they intend to offer at the hearing.  Other than rebuttal witnesses, only the witnesses listed on the witness lists shall be allowed to testify at the hearings.  Closing arguments shall be heard immediately following conclusion of all testimony.  The proceedings shall be recorded by stenographic means.  Each party may present live witnesses and offer exhibits, and all witnesses shall be subject to cross-examination.  The arbitrators shall conduct the two day hearing so as to provide each party with sufficient time to present its case, both on direct and on rebuttal, and permit each party appropriate time for cross examination; provided, that the arbitrators shall not extend the hearing beyond two days.  Each party may, during its direct case, present evidence in support of its position and in opposition to the position of the opposing party.

(iv) The third arbitrator shall make a determination of the Fair Market Rent by selecting either the amount set forth in Landlord’s Final Determination or the amount set forth in Tenant’s Final Determination, whichever the third arbitrator determines is closest to Fair Market Rent for the Demised Premises.  The third arbitrator may not select any other amount as the Fair Market Rent, provided that in no event shall the rent be less than the Annual Rent.  The fees and expenses of any arbitration pursuant to this Section 42.02(d) shall be borne by the parties equally, but each party shall bear the expense of its own arbitrator, attorneys and experts and the additional expenses of presenting its own proof.  The arbitrators shall not have the power to add to, modify or change any of the provisions of the Lease.  Each arbitrator shall be a licensed real estate broker having at least 15 years of experience in leasing of first class office buildings in Manhattan.  After a determination has been made of the Fair Market Rent, the parties shall execute and deliver an instrument setting forth the Fair Market Rent, but the failure to so execute and deliver any such instrument shall not effect the determination of Fair Market Rent.

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(e) If Tenant disputes Landlord’s Initial Determination and if the final determination of Fair Market Rent shall not be made on or before the first day of the Renewal Term, then, pending such final determination, Tenant shall pay, as fixed rent for the Renewal Term, an amount equal to Landlord’s Final Determination.  If, based upon the final determination of the Fair Market Rent, the fixed rent payments made by Tenant for such portion of the Renewal Term were greater than Fair Market Rent payable for the Renewal Term, Landlord shall credit the amount of such excess against future installments of fixed rent and/or additional rent payable by Tenant. 

8. Offer Space Option. Article 43-Offer Space Option of the Lease is hereby deleted in its entirety and the following inserted in place thereof:

ARTICLE 43

OFFER SPACE OPTION

43.01 As used herein:

“Available” means, as to any space, that such space is vacant and free of any present or future possessory right now or hereafter existing in favor of any third party; provided, that any space that is vacant on the date of this Lease shall not be deemed Available unless and until such space is first leased to another tenant and then again becomes Available.  Anything to the contrary contained herein notwithstanding, Tenant’s rights of first offer pursuant to this Article 43 and/or Article 45 are subordinate to (x) any right of offer, right of first refusal, expansion right or similar right or option in favor of any third party existing as of the date of this Lease and (y) Landlord’s right to renew or extend the term of any lease to another tenant, whether or not pursuant to an option or right set forth in such other tenant’s lease.

“Offer Period” means the period commencing on the Extension Commencement Date to and including the date that is 5 years prior to the Expiration Date.

“Offer Space” means the space on the entire 35th floor of the Building and/or the portion of the 36th floor of the Building substantially as shown hatched on the floor plan annexed as Exhibit C attached hereto.  

43.02 Provided (i) this Lease shall not have been terminated, (ii) Tenant shall not be in default under this Lease, and (iii) Tenant shall occupy at least 75% of the Demised Premises, if at any time during the Offer Period, Offer Space either becomes, or Landlord reasonably anticipates that within the next 12 months (but not later than the last day of the Offer Period) such Offer Space will become, Available, Landlord shall give to Tenant notice (an “Offer Notice”) thereof, specifying (A) Landlord’s determination of the Fair Offer Rent for such Offer Space, (B) the date or estimated date that such Offer Space has or shall become Available and (C) such other matters as Landlord may deem appropriate for such Offer Notice.  “Fair Offer Rent” means the fixed annual rent that a willing lessee would pay and a willing lessor would accept for such Offer Space, each party acting prudently and under no compulsion to lease, and taking into account all relevant factors.

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43.03 Provided that on the date that Tenant exercises the Offer Space Option and on the Offer Space Inclusion Date (i) this Lease shall not have been terminated, (ii) Tenant shall not be in default under this Lease, and (iii) Tenant shall occupy at least 75% of the Demised Premises, Tenant shall have the option (the “Offer Space Option”), exercisable by notice (an “Acceptance Notice”) given to Landlord on or before the date that is 15 days after the giving of the Offer Notice (time being of the essence) to include such Offer Space in the Demised Premises.  Tenant shall notify Landlord in the Acceptance Notice whether Tenant accepts or disputes Landlord’s determination of the Fair Offer Rent, and if Tenant disputes Landlord’s determination of the Fair Offer Rent, the Acceptance Notice shall set forth Tenant’s determination thereof. If Tenant fails timely to object to Landlord’s determination in the Acceptance Notice and to set forth Tenant’s determination, then Tenant shall be deemed to have accepted Landlord’s determination.

43.04 If Tenant timely delivers the Acceptance Notice, then, on the date on which Landlord delivers vacant possession of the applicable Offer Space to Tenant (the “Offer Space Inclusion Date”), such Offer Space shall become part of the Demised Premises, upon all of the terms and conditions set forth in this Lease, except (i) fixed rent shall be increased by the Fair Offer Rent, (ii) Tenant’s Share of Taxes and Tenant’s Share of Operating Expenses shall be increased proportionately, (iii) Landlord shall not be required to perform any work, to pay any tenant improvement allowance or any other amount, or to render any services to make the Building or such Offer Space ready for Tenant’s use or occupancy or to provide any abatement of fixed rent or additional rent, and Tenant shall accept such Offer Space in its “as is” condition on the Offer Space Inclusion Date and (iv) as may be otherwise set forth in the Offer Notice.

43.05 If in the Acceptance Notice Tenant disputes Landlord’s determination of Fair Offer Rent, and Landlord and Tenant fail to agree as to the amount thereof within 20 days after the giving of the Acceptance Notice, then the dispute shall be resolved by arbitration in the same manner regarding Fair Market Rent pursuant to Section 42.02(d); provided, that all references in said Section 42.02(d) to “Fair Market Rent” shall be deemed to refer to “Fair Offer Rent.” If the dispute shall not have been resolved on or before the Offer Space Inclusion Date, then pending such resolution, Tenant shall pay as annual fixed rent for the Offer Space the Fair Offer Rent as determined by Landlord. Within 20 days after the final determination of Fair Offer Rent, an adjustment, if any, required to correct the amounts previously paid on account thereof shall be made by the appropriate party.

43.06 If Landlord is unable to deliver possession of the applicable Offer Space to Tenant for any reason on or before the date on which Landlord anticipates that such Offer Space shall be Available as set forth in the Offer Notice, the Offer Space Inclusion Date with respect to such Offer Space shall be the date on which Landlord is able to so deliver possession and Landlord shall have no liability to Tenant therefor and this Lease shall not in any way be impaired.  This Section 43.06 constitutes “an express provision to the contrary” within the meaning of Section 223(a) of the New York Real Property Law and any other law of like import now or hereafter in effect.

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43.07 If Tenant fails timely to give an Acceptance Notice, then (i) Landlord may enter into one or more leases of the applicable Offer Space with third parties on such terms and conditions as Landlord shall determine, the Offer Space Option shall be null and void with respect to such Offer Space and of no further force and effect and Landlord shall have no further obligation to offer such Offer Space to Tenant, and (ii) Tenant shall, upon demand by Landlord, execute an instrument confirming Tenant’s waiver of, and extinguishing, the Offer Space Option with respect to such Offer Space, but the failure by Tenant to execute any such instrument shall not affect the provisions of clause (i) above,

43.08 Promptly after the occurrence of the Offer Space Inclusion Date, Landlord and Tenant shall confirm the occurrence thereof and the inclusion of the applicable Offer Space in the Demised Premises by executing an instrument reasonably satisfactory to Landlord and Tenant; provided, that failure by Landlord or Tenant to execute such instrument shall not affect the inclusion of such Offer Space in the Demised Premises in accordance with this Section 43.08.

43.09 Anything in this Lease to the contrary notwithstanding, the provisions of this Article 43 granting to Tenant the Offer Space Option shall be null and void and of no force or effect if (i) the Named Tenant is no longer the Tenant under this Lease, (ii) the Named Tenant at any time fails to occupy at least 75% of the Demised Premises or (iii) the Named Tenant shall at any time be in default under this Lease beyond any applicable period of grace. The “Named Tenant” means Silvercrest Asset Management Group LLC or an Affiliate; provided, at the time the Lease is assigned to such Affiliate in accordance with the terms of the Lease such Affiliate’s net worth is at least equal to Silvercrest Asset Management Group LLC. 

9. Skyline Signage Option. The following is hereby inserted as Article 45 of the Lease:

ARTICLE 45

SKYLINE SIGNAGE OPTION

45.01 As used herein:

“Signage Offer Period” means the period commencing on the execution of this Amendment to and including the date that is 5 years prior to the Expiration Date.

“Signage Offer Space” means the entire skyline signage area substantially as shown on Exhibit A attached hereto.  

45.02 Provided (i) this Lease shall not have been terminated, (ii) Tenant shall not be in default under this Lease, and (iii) Tenant shall occupy (and shall continue to occupy) at least 25% of the Demised Premises, if at any time during the Signage Offer Period, Signage Offer Space either becomes, or Landlord reasonably anticipates that within the next 12 months (but not later than the last day of the Signage Offer Period) the Signage Offer Space will become Available, Landlord shall give to Tenant notice (a “Signage Offer Notice”) thereof, specifying (A) Landlord’s determination of the Signage Fair Offer Rent for such Signage Offer Space, (B) the date or estimated date that the Signage Offer Space has or shall become Available and (C) 

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such other matters as Landlord may deem appropriate for such Signage Offer Notice.  “Signage Fair Offer Rent” means the fixed annual rent that a willing lessee would pay and a willing lessor would accept for such Signage Offer Space, each party acting prudently and under no compulsion to lease, and taking into account all relevant factors; provided, however, the fixed rent payable by Tenant under the Lease (as amended by this Amendment) for the Demised Premises shall not be a relevant factor in any determination of Signage Fair Offer Rent. 

45.03 Provided that on the date that Tenant exercises the Signage Offer Space Option and on the Signage Offer Space Inclusion Date (i) this Lease shall not have been terminated, (ii) Tenant shall not be in default under this Lease, and (iii) Tenant shall occupy at least 25% of the Demised Premises, Tenant shall have the option (the “Signage Offer Space Option”), exercisable by notice (an “Signage Acceptance Notice”) given to Landlord on or before the date that is 15 days after the giving of the Signage Offer Notice (time being of the essence) to include the entire Signage Offer Space in the Demised Premises. Tenant shall notify Landlord in the Signage Acceptance Notice whether Tenant accepts or disputes Landlord’s determination of the Signage Fair Offer Rent, and if Tenant disputes Landlord’s determination of the Signage Fair Offer Rent, the Signage Acceptance Notice shall set forth Tenant’s determination thereof. If Tenant fails timely to object to Landlord’s determination in the Signage Acceptance Notice and to set forth Tenant’s determination, then Tenant shall be deemed to have accepted Landlord’s determination.

45.04 If Tenant timely delivers the Signage Acceptance Notice, then, on the date on which Landlord delivers vacant possession of the Signage Offer Space to Tenant (the “Signage Offer Space Inclusion Date”), the entire Signage Offer Space shall become part of the Demised Premises, upon all of the terms and conditions set forth in this Lease, except (i) fixed rent shall be increased by the Signage Fair Offer Rent, (ii) Tenant shall have no obligation to pay Tenant’s Share of Taxes and Tenant’s Share of Operating Expenses with respect to the Signage Offer Space, (iii) Landlord shall not be required to perform any work, to pay any tenant improvement allowance or any other amount, or to render any services to make the Building or the Signage Offer Space ready for Tenant’s use or occupancy or to provide any abatement of fixed rent or additional rent, and Tenant shall accept the Signage Offer Space in its “as is” condition on the Signage Offer Space Inclusion Date and (iv) as may be otherwise set forth in the Signage Offer Notice.

45.05 If in the Signage Acceptance Notice Tenant disputes Landlord’s determination of Signage Fair Offer Rent, and Landlord and Tenant fail to agree as to the amount thereof within 20 days after the giving of the Signage Acceptance Notice, then the dispute shall be resolved by arbitration in the same manner regarding Fair Market Rent pursuant to Section 42.02(d); provided, that all references in said Section 42.02(d) to “Fair Market Rent” shall be deemed to refer to “Signage Fair Offer Rent.” If the dispute shall not have been resolved on or before the Signage Offer Space Inclusion Date, then pending such resolution, Tenant shall pay as annual fixed rent for the Signage Offer Space the Signage Fair Offer Rent as determined by Landlord. Within 20 days after the final determination of Signage Fair Offer Rent, an adjustment, if any, required to correct the amounts previously paid on account thereof shall be made by the appropriate party.

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45.06 If Landlord is unable to deliver possession of the Signage Offer Space to Tenant for any reason on or before the date on which Landlord anticipates that the Signage Offer Space shall be Available as set forth in the Signage Offer Notice, the Signage Offer Space Inclusion Date with respect to the Signage Offer Space shall be the date on which Landlord is able to so deliver possession and Landlord shall have no liability to Tenant therefor and this Lease shall not in any way be impaired. This Section 45.06 constitutes “an express provision to the contrary” within the meaning of Section 223(a) of the New York Real Property Law and any other law of like import now or hereafter in effect.

45.07 If Tenant fails timely to give a Signage Acceptance Notice, then (i) Landlord may enter into one or more leases of the Signage Offer Space with third parties on such terms and conditions as Landlord shall determine, the Signage Offer Space Option shall be null and void and of no further force and effect and Landlord shall have no further obligation to offer the Signage Offer Space to Tenant, and (ii) Tenant shall, upon demand by Landlord, execute an instrument confirming Tenant’s waiver of, and extinguishing, the Signage Offer Space Option, but the failure by Tenant to execute any such instrument shall not affect the provisions of clause (i) above.

45.08 Promptly after the occurrence of the Signage Offer Space Inclusion Date, Landlord and Tenant shall confirm the occurrence thereof and the inclusion of the entire Signage Offer Space in the Demised Premises by executing an instrument reasonably satisfactory to Landlord and Tenant; provided, that failure by Landlord or Tenant to execute such instrument shall not affect the inclusion of the entire Signage Offer Space in the Demised Premises in accordance with this Section 45.08.

45.09 Anything in this Lease to the contrary notwithstanding, if (i) the Named Tenant is no longer the Tenant under this Lease, (ii) the Named Tenant at any time fails to occupy at least 25% of the Demised Premises or (iii) the Named Tenant shall at any time be in default under this Lease beyond any applicable period of grace, then (A) the provisions of this Article 45 granting to Tenant the Signage Offer Space Option shall be null and void and of no force or effect, (B) if Tenant has exercised the Signage Offer Space Option, Tenant’s right to continue to lease the Signage Offer Space shall automatically terminate and (C) Tenant shall pay to Landlord a sum which, at the time of such termination, represents the then value of the excess, if any, of (1) the aggregate of the rental which, had the lease of the Signage Offer Space not been terminated, would have been payable hereunder by Tenant for the period commencing on the day following the date of such termination to and including the expiration date of Tenant’s lease of the Signage Offer Space over (2) the aggregate fair rental value of the Signage Offer Space for the same period. 

45.10 If, in Landlord’s reasonable determination, the inclusion of Tenant’s name or any other identifying mark of Tenant upon the Signage Offer Space is harmful to the reputation of the first-class character of the Building by reason of any action by Tenant or any occurrence associated with Tenant, Landlord shall have the right, exercised in Landlord’s sole discretion, to terminate Tenant’s rights to the Signage Offer Space and remove, at Landlord’s cost and expense, any signage theretofore erected in the Signage Offer Space.  

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45.11 Tenant’s installation of any signage or other improvements in the Signage Offer Space shall be performed in accordance with the provisions of Article 12 of the Lease. All Tenant signage located in the Signage Offer Space shall be installed by Tenant, at Tenant’s expense, and shall be maintained by Tenant, at Tenant’s expense, in good condition and repair.  Tenant shall obtain and pay for all required permits and licenses relating to the installation of any signage or other improvements in the Signage Offer Space.  Copies of all such permits and licenses shall be delivered to Landlord prior to installation of the sign to which such permits and licenses relate.  All signage or other improvements in the Signage Offer Space shall be first-class, in compliance with all applicable Laws and in good taste so as not to detract from the general appearance of the Building.  If Landlord shall deem it necessary to temporarily remove any signage or other improvements in the Signage Offer Space in order to make repairs, alterations or improvements in or upon the Premises, Landlord shall have the right to do so.  On the expiration or sooner termination of the Lease, Tenant shall (i) promptly remove all signage or other improvements in the Signage Offer Space installed or displayed by Tenant, and (ii) promptly repair in a good and workmanlike manner in conformity with all Laws and all applicable provisions of this Lease, all damage to the Building caused by such removal.

10. Signage. (a) Tenant shall have the right, from and after the date on which this Amendment is fully executed and delivered (but subject to applicable Laws and the provisions of Section 10(b) below), to place one sign identifying one name of Tenant (i.e., Silvercrest Asset Management Group LLC) in the location shown on Exhibit B annexed hereto (the “Elevator Sign”).  The Elevator Sign shall be subject to Landlord’s approval (including, without limitation, as to size, color and materials), which approval Landlord shall not unreasonably withhold. Tenant, at Tenant’s expense, shall be responsible for supplying, repairing and replacing the Elevator Sign. Subject to Landlord’s reasonable approval of full plans and specifications for the Elevator Sign, the Elevator Sign shown on Exhibit B is hereby approved by Landlord with respect to the location, approximate size and general aesthetic appearance of the Elevator Sign. Landlord, at Tenant’s expense, shall install and maintain the Elevator Sign. “Laws” means all laws, ordinances, rules, orders and regulations (present, future, ordinary, extraordinary, foreseen or unforeseen) of any governmental, public or quasi-public authority and of the New York Board of Fire Underwriters and any other entity performing similar functions at any time duly in force. 

(b) Anything contained herein to the contrary notwithstanding, Tenant’s right to the Elevator Sign shall be null and void and of no further force or effect and Landlord shall have the right at any time to remove the Elevator Sign, at Tenant’s expense, if (i) Tenant is in default under this Lease beyond applicable notice and grace periods, (ii) the Named Tenant is no longer the Tenant under this Lease, (iii) the Premises shall consist of less than 41,600 rentable square feet, (iv) the Named Tenant at any time fails to occupy at least 85% of the Demised Premises or (v) the Lease term shall expire or terminate. 

(c) If Landlord shall deem it necessary (in the exercise of reasonable and prudent business judgment) to remove the Elevator Sign in order to paint or to make repairs, alterations or improvements, Landlord shall have the right to do so at Landlord’s expense, and shall reinstall such sign when the work performed by Landlord is completed; provided, that Landlord shall use reasonable efforts to minimize the amount of time that the Elevator Sign is not in place and shall repair any damage to the Elevator Sign resulting from such removal and reinstallation; provided, further, if Landlord reasonably estimates that the Elevator Sign will be 

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removed for more than 30 days or for more than 30 days in the aggregate during any consecutive 90 day period, Landlord shall provide a substitute sign of like size and of equal or greater prominence during the period that the Elevator Sign is removed.  On the expiration or sooner termination of the Lease term, Tenant shall (i) promptly remove the Elevator Sign and (ii) promptly repair in a good and workmanlike manner in conformity with Laws and all applicable provisions of the Lease, all damage to the Building caused by such removal.

(d) If, in Landlord’s reasonable determination, the existence of the Elevator Sign bearing Tenant’s name or any other identifying mark of Tenant is harmful to the reputation of the first-class character of the Building by reason of any action by Tenant or any occurrence associated with Tenant, Landlord shall have the right, exercised in Landlord’s sole discretion, to terminate Tenant’s rights to the Elevator Sign and remove the Elevator Sign at Landlord’s cost and expense.

11. Brokers. Each party represents to the other that such party has dealt with no broker in connection with this Amendment or the Building (other than Cushman & Wakefield, Inc. (representing Tenant) and RXR Property Management LLC (representing Landlord) (together, the “Broker”)), and each party shall indemnify and hold the other harmless from and against all loss, cost, liability and expense (including, without limitation, reasonable attorneys’ fees and disbursements) arising out of any claim for a commission or other compensation by any broker (other than the Broker) who alleges that it has dealt with the indemnifying party in connection with this Amendment or the Building.  Landlord shall pay any brokerage commission or other compensation that may be due to the Broker pursuant to a separate agreement.

12. Letter of Credit. Not later than 30 days after this Amendment is fully executed and delivered, Tenant shall deliver to Landlord a new Letter of Credit in the Letter of Credit Amount with a revised expiration date of November 30, 2028 and otherwise satisfying the requirements set forth in Article 36 of the Lease.

13. REIT. (a) Neither Tenant nor any direct or indirect subtenant of Tenant shall enter into any lease, sublease, license, concession or other agreement for use, occupancy or utilization of space in the Demised Premises which provides for a rental or payment for such use, occupancy or utilization based in whole or in part on the net income or profits derived by any person from the property leased, occupied or utilized, or which would require the payment of any consideration which would not fall within the definitions of “rents from real property” as that term is defined in Section 856(d) of the Internal Revenue Code of 1986, as amended (the “Code”).

(b) Tenant acknowledges that Landlord and/or certain beneficial owners of Landlord may from time to time qualify as real estate investment trusts pursuant to Sections 856 et seq. of the Code or as entities described in Section 511(a)(2) of the Code, and that avoiding (i) the loss of such status, (ii) the receipt of any income derived under any provision of the Lease that does not constitute “rents from real property” (in the case of real estate investment trusts) or that constitutes “unrelated business taxable income” (in the case of entities described in Section 511(a)(2) of the Code), and (iii) the imposition of penalty or similar taxes (each, an “Adverse Event”) is of material concern to Landlord and such beneficial owners and Tenant’s agreement herein contained regarding the avoidance of an Adverse Event is a material inducement to 

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Landlord entering into the Lease.  If the Lease or any provision thereof could, in the opinion of counsel to Landlord, result in or cause an Adverse Event, Tenant shall cooperate with Landlord in amending or modifying the Lease and shall at the request of Landlord execute and deliver such documents reasonably required to effect such amendment or modification.  Any amendment or modification pursuant to this Section shall be structured so that the economic results to Landlord and Tenant shall be substantially similar to those set forth in the Lease without regard to such amendment or modification. Without limiting any of Landlord’s other rights under the Lease, Landlord may waive the receipt of any amount payable to Landlord under the Lease, and such waiver shall constitute an amendment or modification of the Lease with respect to such payment.

14. Condominium. This Amendment, the Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert the Building to a condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law, or any successor thereto, provided the Declaration does not include other terms which increase Tenant’s obligations (in any material respect) or decrease Tenant’s rights (in any material respect).  If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of the Lease confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to Tenant’s Share of Taxes and Tenant’s Share of Operating Expenses and appropriate reductions in the Operating Expense Base and the Real Estate Tax Base; provided, that, such amendment shall not reduce Tenant’s rights or increase Tenant’s obligations under the Lease (in either case in any material respect) or increase Tenant’s monetary obligations under the Lease.

15. Embargoed Person. Tenant represents that as of the date of this Amendment, and Tenant covenants that throughout the term of the Lease: (a) Tenant is not, and shall not be, an Embargoed Person, (b) none of the funds or other assets of Tenant are or shall constitute property of, or are or shall be beneficially owned, directly or indirectly, by any Embargoed Person; (c) no Embargoed Person shall have any interest of any nature whatsoever in Tenant, with the result that the investment in Tenant (whether directly or indirectly) is or would be blocked or prohibited by law or that the Lease and performance of the obligations hereunder are or would be blocked or in violation of law and (d) none of the funds of Tenant are, or shall be derived from, any activity with the result that the investment in Tenant (whether directly or indirectly) is or would be blocked or in violation of law or that the Lease and performance of the obligations hereunder are or would be in violation of law.  “Embargoed Person” means a person, entity or government (i) identified on the Specially Designated Nationals and Blocked Persons List maintained by the United States Treasury Department Office of Foreign Assets Control and/or any similar list maintained pursuant to any authorizing statute, executive order or regulation and/or (ii) subject to trade restrictions under United States law, including, without limitation, the International Emergency Economic Powers Act, 50 U.S.C. § 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated under any such laws, with the result that the investment in Tenant (whether directly or indirectly), is or would be prohibited by law or the Lease is or would be in violation of law and/or (iii) subject to blocking, sanction or reporting under the USA Patriot Act, as amended; Executive Order 13224, as amended; Title 31, Parts 595, 596 and 597 of the U.S. Code of 

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Federal Regulations, as they exist from time to time; and any other law or Executive Order or regulation through which the U.S. Department of the Treasury has or may come to have sanction authority.  If any representation made by Tenant pursuant to this Section shall become untrue Tenant shall within 10 days give written notice thereof to Landlord, which notice shall set forth in reasonable detail the reason(s) why such representation has become untrue and shall be accompanied by any relevant notices from, or correspondence with, the applicable governmental agency or agencies.

16. Leaks. To the extent Landlord has an obligation to perform a repair or to cause a repair to be performed in connection any leaks in the ceiling, windows or exterior walls of the Demised Premises, Landlord shall use commercially reasonable efforts to perform such repair or cause such repair to be performed within 24 hours after Tenant delivers notice of such leaks to Landlord. Tenant acknowledges that certain repairs may take longer due to scope, material availability and force majeure events.

17. Fire Alarm Testing. Landlord shall not test the Building fire alarms during Business Hours unless reasonably agreed to in advance by Tenant or as required by law, ordinance, municipal authority or any other governmental authority. 

18. Air Conditioning. The provisions of Section 16.01 of the Lease relating to hours of HVAC operation are incorporated in this Amendment as if fully set forth herein.  Sections 16.02(i)(ii) and (iii) of the Lease are hereby deleted and the provisions set forth on Exhibit D are inserted in place thereof.

19. No Other Changes. Except as expressly set forth in this Amendment, the Lease shall remain unmodified and in full force and effect, and the Lease as modified herein is ratified and confirmed.  All references in the Lease to “this Lease” shall hereafter be deemed to refer to the Lease as amended by this Amendment.

20. Miscellaneous. This Amendment contains the entire agreement of the parties with respect to the subject matter hereof and all prior negotiations, understandings or agreements between the parties with respect to the subject matter hereof are merged herein.  This Amendment may be executed in counterparts each of which shall be an original and all of which counterparts taken together shall constitute one and the same agreement.

[NO FURTHER TEXT ON THIS PAGE]

 

 

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IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Amendment as of the day and year first above written.

 

	
LANDLORD:

	
 

	
RXR 1330 OWNER LLC, 

	
a Delaware limited liability company

	
 
	
 

	
By:
	
/s/ Richard J. Conniff

	
 
	
Name: Richard J. Conniff

	
 
	
Title: Authorized Person

 

	
TENANT:

	
 

	
SILVERCREST ASSET MANAGEMENT

	
GROUP LLC,

	
a Delaware limited liability company

	
 
	
 

	
By:
	
/s/ Richard R. Hough III

	
 
	
Name: Richard R. Hough III

	
 
	
Title: President and CEO

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