Document:

Exhibit 10.5

 

DATED
29 June, 2018

 

HYDE
PARK RESIDENCE LIMITED (1)

 

AND

 

TIZIANA
PHARMA LIMITED (2)

 

 

 

 

 

LEASE
RELATING TO SUITE 14A, 55 PARK LANE, LONDON,

W1K
1NA

 

 

 

 

 

 

Lewis
Silkin LLP

5 Chancery Lane

Clifford’s Inn

London
EC4A 1BL

Ref: PB8093/403.139

 

	 	We hereby certify this to be a true

and accurate copy of the original

	 	 	 
	 	Signed	/s/
    Lewis Silkin LLP
	 	 	Lewis
    Silkin LLP
	 	 	2
    July 2018

 

     

     

    

 

PARTICULARS

 

	Break
    Date	31
    December 2018
	 	 
	Building	The
    building known as 55 Park Lane, London WIK 1NA of which the Premises form part and described in more detail in Part 1 of the
    First Schedule
	 	 
	Contractual
    Term	A
    term of one year from and including the Term Commencement Date ending on and including 30 June 2019
	 	 
	Landlord	HYDE
    PARK RESIDENCE LIMITED (company number 2061713) whose registered office is at 55 Park Lane, London W1K 1NA
	 	 
	Permitted
    Use	The
    use of the Premises as B1 offices
	 	 
	Principal
    Rent	The
    rent of FORTY TWO THOUSAND NINE HUNDRED AND SEVENTY THREE POUNDS AND TWENTY THREE PENCE (£42,973.23) per annum exclusive of
    Value Added Tax and business rates.
	 	 
	Premises	The
    part of the Building known as Office Suite 14A, 55 Park Lane, London W1K 1NA shown on the Plan and described in more detail
    in Part 2 of the First Schedule
	 	 
	Rent
    Commencement Date	The
    Term Commencement Date
	 	 
	Tenant	TIZIANA
    PHARMA LIMITED (company registration number 08760354) whose registered office is at 3rd Floor, 11-12
    St James’s Square, London SW1Y 4LB
	 	 
	Term
    Commencement Date	1
    July 2018

 

     

     

    

 

THIS
LEASE is dated 29 June 2018

 

BETWEEN:-

 

	(1)	The Landlord; and

 

	(2)	The Tenant.

 

	1	Definitions

 

In
this Lease, unless the contrary intention appears, and where appropriate:-

 

“1954
Act” means the Landlord and Tenant Act 1954;

 

“1995
Act” means the Landlord and Tenant (Covenants) Act 1995;

 

“Alterations”
means any alterations, additions or other works to the Premises;

 

“Common
Parts” means all those parts of the Building from time to time intended for the common use of the Landlord, the Tenant
and any other occupiers of the Building;

 

“Conduits”
means all conducting media and ancillary apparatus used for the passage or transmission of Utilities;

 

“EPC”
means energy performance certificate and recommendation report, as such terms are defined in the Energy Performance of Buildings
(England and Wales) Regulations 2012;

 

“Insolvency
Event” means any of the following:

 

		(i)	the
Tenant Is unable to pay its debts or is deemed to be unable to pay its debts under s123 Insolvency Act 1986 (if a company) or
s268 Insolvency Act 1986 (if an individual);

 

		(ii)	the
Tenant makes any agreement, arrangement, scheme, composition or moratorium with Its creditors, including a voluntary arrangement
under Part I (if a company) or Part VIII (if an individual) of the insolvency Act 1986;

 

		(iii)	where
the Tenant is a company, it has an administration application made in relation to it or voluntarily makes an administration application,
notice of intention to appoint an administrator to the company is given by any of the persons entitled to give such notice under
the insolvency Act 1986, as amended by the Enterprise Act 2002, an administrator is appointed or it has an administration order
or interim order made against it under the Enterprise Act 2002;

 

		(iv)	where
                                         the Tenant is an individual, he is the subject of a bankruptcy petition or his circumstances
                                         are such that a bankruptcy petition could be presented under Part IX of the Insolvency
                                         Act 1986, he has a bankruptcy order made against him or he is otherwise adjudged to be
                                         bankrupt;

 

		(v)	any
                                         step is taken to enforce security over or to obtain possession of the Premises or any
                                         other assets or income of the Tenant, including the appointment of an interim receiver,
                                         receiver or administrative receiver;

 

		(vi)	if
                                         the Tenant is a company, any step is taken by any person with a view to the winding up,
                                         whether solvent or insolvent, of the Tenant, or the Tenant ceases to carry on all or
                                         a material part of its business, except in relation to a voluntary winding up for the
                                         purpose of a reconstruction, amalgamation, reorganisation, merger or consolidation of
                                         the Tenant while solvent in respect of which a statutory declaration of solvency has
                                         been filed with the Registrar of Companies; or

 

    	 	- 1 -	 

     

    

 

 

 

 

	FLOOR
                                         : GROUND

        AREA
        : Gross internal 60.6 m2 / 652 ft2
	OFFICE
                                         SUITE 14A

        55
        PARK LANE LONDON W1

	 	DATE
    : SEPT 2006 DRAWING NUMBER : 14A / G

 

    	 	- 2 -	 

     

    

 

		(vii)	in
respect of a Tenant incorporated or resident in a jurisdiction outside England and Wales, any event or circumstance occurs which,
under the laws of that jurisdiction, has an analogous or equivalent effect to any of the Insolvency Events contained in this definition.

 

“Insurance
Event” means any damage to or destruction of the Building by any of the Insured Risks or the Supplemental Risks which
at the date of such destruction or damage is covered by any insurance policy maintained by Landlord or any Superior Landlord;

 

“Insured
Risks” means the insured risks defined in the Superior Lease;

 

“Interest”
means interest charged at the Interest Rate, both before and after any judgment, and calculated on a daily basis from the
date due for payment to the date on which payment is received and compounded with rests on the Quarter Days;

 

“Interest
Rate” means 4% per annum above the base rate for the time being of Barclays Bank plc (or such other bank as the Landlord
may from time to time nominate);

 

“Lease”
means this underlease and any document supplemental to it;

 

“Previous
Lease” means the Lease of the Premises dated 19 August 2015 and made between (1) Hyde Park Residence Limited and (2)
Vistra (UK) Limited;

 

“Plan”
means the plan annexed to this Lease;

 

“Quarter
Days” means 25 March, 24 June, 29 September and 25 December; “Rents” means the rents payable by the
Tenant under clause 4.1;

 

“Retained
Parts” means all parts of the Building, excluding any parts of the Building, including the Premises, designed to be let
to occupational tenants;

 

“Service
Charge” means EIGHT THOUSAND TWO HUNDRED AND SIXTY FOUR POUNDS AND TEN PENCE (£8,264.10) per annum exclusive of VAT;

 

“Services”
means (subject to clause 12.1(d)) the services listed in The Second Schedule; “Superior Landlord” means the
landlord for the time being under the Superior Lease;

 

“Superior
Lease” means a lease of the Building dated 11 May 2001 and made between (1) Park Lane Residences BVI Limited and (2)
the Landlord and includes any documents supplemental to it at the date of this Lease;

 

“Supplemental
Risks” means such of the following risks as shall not from time to time be Insured Risks: fire; lightning; explosion;
aircraft or other aerial devices and articles dropped from them; earthquake; riot; civil commotion; malicious damage; flood; storm;
or tempest; bursting or overflowing of water tanks, apparatus or pipes; impact and such other risks (including terrorism) as the
Landlord may from time to time consider appropriate;

 

“Tenant’s
Covenants” means the obligations in this Lease to be complied with by the Tenant;

 

“Term”
means the Contractual Term granted by this Lease;

 

    	 	- 3 -	 

     

    

 

“Utilities”
means the drainage of surface water and sewerage and the supply or transmission of gas, electricity, telecommunications, water
and any other supplies or services made to or consumed in the Building; and

 

“Value
Added Tax” includes any future tax of a similar nature.

 

	2	Interpretation

   

In this Lease, unless the contrary intention appears, and where appropriate:-

   

	2.1	the
definitions on the preceding pages headed “Land Registry Particulars” and “Additional Particulars” apply to
this Lease;

	 	 

	2.2	obligations
                                         which are entered into by more than one person shall be deemed to be joint and several;

	 	 

	2.3	references
to one gender include all other genders and vice versa;

	 	 

	2.4	references
to the singular include the plural and vice versa;

	 	 

	2.5	references
to the parties include their successors in title;

	 	 

	2.6	references
to persons include individuals, companies, corporations, firms, partnerships, government bodies and agencies;

	 	 

	2.7	titles
and headings are for reference only and shall not affect the interpretation of this Lease;

	 	 

	2.8	references
to a statute mean that statute as amended, consolidated or re-enacted at the relevant time and any statutory instrument, regulation
or order made under it which is then in force and references to statutes in general include statutes in existence or enacted at
any time in the future;

	 	 

	2.9	references
to an indemnity mean an indemnity against all actions, claims, demands and proceedings made against the Landlord and all costs,
expenses, liabilities and losses incurred directly or indirectly by the Landlord and “indemnify” and “indemnified”
shall be construed accordingly;

	 	 

	2.10	if
any provision in this Lease is held to be illegal, void, invalid or unenforceable for any reason, the legality, validity and enforceability
of the remainder of this Lease shall not be affected;

	 	 

	2.11	references
to the Premises or the Building include any part of them;

	 	 

	2.12	references
to the end of the Term include the determination of the Term before the end of the Contractual Term, whether by re-entry, surrender
or otherwise;

	 	 

	2.13	where
the Tenant requires the consent of the Landlord to any alterations, any change to the Permitted Use, or any assignment or underletting,
such consent shall not be effective unless given by way of a formal licence signed as a deed and any other consent or approval
shall be in writing;

	 	 

	2.14	any
document entered into pursuant to this Lease shall be in such form and contain such restrictions and conditions as the Landlord
shall reasonably require;

	 	 

	2.15	any
obligation on the Tenant to obtain the consent or approval of the Landlord shall include, where required under any document, an
obligation to obtain such consent or approval from the holder of any superior interest and any mortgagee, and nothing contained
in this Lease shall impose any obligation on any such person to act reasonably;

	 	 

	2.16	any
reference to the date of assignment shall mean the date of the deed of assignment or transfer of this Lease and any covenants
given to the Landlord on any assignment of this Lease shall take effect from such date;

 

    	 	- 4 -	 

     

    

 

	2.17	any
obligation on the Tenant includes an obligation on the Tenant to ensure that any person deriving title under the Tenant and its
and their agents, employees, licensees and any other person under its or their control comply with that obligation and any reference
to an act or default of the Tenant includes an act or default of those persons;

	 	 

	2.18	references
to a “proper proportion” mean such proportion as is reasonably determined by the Landlord (or its surveyor) whose decision
shall be binding, except in the case of manifest error;

	 	 

	2.19	the
words “including” and ‘include” shall be deemed to be followed by the words ‘without limitation”;

	 	 

	2.20	any
obligation on the Tenant not to do an act includes an obligation not to permit that act to be done;

	 	 

	2.21	if
there is any conflict between the Plan and the description of the Premises in Part 2 of Schedule 1, then the latter shall prevail;
and

	 	 

	2.22	references
to “working days” mean any day from Monday to Friday (inclusive) and shall exclude any Bank or other public holiday,
Saturday or Sunday.

	 	 

	3	Creation
                                         of letting

	 	 

	3.1	Grant
of lease

 

The
Landlord lets the Premises to the Tenant for the Contractual Term.

 

	3.2	Rights
and reservations

 

The
Premises are let:

 

		(a)	together
                                         with the rights set out in Part 3 of The First Schedule, in favour of the Tenant and
                                         any person deriving title under the Tenant, to be enjoyed in common with the Landlord,
                                         any Superior Landlord and every person authorised by them (including those to whom the
                                         Landlord or the Superior Landlord shall grant or have granted such rights) and all others
                                         having like or similar rights, unless otherwise stated in The First Schedule;

 

		(b)	subject
                                         to the rights set out in The Third Schedule to the Superior Lease, in favour of the Superior
                                         Landlord, every person authorised by the Superior Landlord and all others who are or
                                         may become entitled to exercise them;

 

		(c)	subject
                                         to the rights set out in Part 4 of The First Schedule, in favour of the Landlord, every
                                         person authorised by the Landlord and all others who are or may become entitled to exercise
                                         them; and

 

		(d)	subject
                                         to the title matters set out in The Fifth Schedule to the Superior Lease and all other
                                         rights, easements, covenants and privileges enjoyed over or against the Premises or the
                                         Building, so far as any of them are still subsisting and capable of taking effect.

 

	3.3	No
implied rights

 

The
Tenant shall not be entitled to the benefit of or to enforce any right, easement, covenant or agreement in respect of the Premises
or the Building, except those expressly granted in clause 3.2(a), and s62 Law of Property Act 1925 shall not apply to this Lease.

 

    	 	- 5 -	 

     

    

 

	3.4	Modification
of rights

 

The
Landlord shall be entitled to:

 

		(a)	exercise
                                         the rights set out in Part 3 of The First Schedule, without any liability to the Tenant
                                         except as set out in The First Schedule; and

 

		(b)	modify
                                         or end the rights granted in part 2 of The First Schedule without any liability to the
                                         Tenant if it grants such alternative rights as may be necessary for the proper and reasonable
                                         enjoyment of the Premises.

 

	4	Payments

 

	4.1	Rents

 

The
Tenant shall pay to the Landlord by way of rent without any abatement, counterclaim, deduction, reduction or set off whatsoever
(except as required by law):

 

		(a)	from
                                         and including the Rent Commencement Date, the Principal Rent by equal quarterly payments
                                         in advance on the Quarter Days and, if the Landlord so requires, by banker’s standing
                                         order, the first payment (being a proportionate sum) being due on the date of this Lease;

 

		(b)	from
                                         and including the Rent Commencement Date, the Service Charge by equal quarterly payments
                                         in advance on the Quarter Days, and, if the Landlord so requires, by banker’s standing
                                         order, the first payment (being a proportionate sum) being due on the date of this Lease;
                                         and

 

		(c)	any
                                         other sums payable under this Lease,

 

	4.2	Interest
on late payments

 

The
Tenant shall pay to the Landlord on demand Interest on any sums due to the Landlord which are not paid within fifteen working
days of the due date for payment or, for the Principal Rent, on the due date for payment,

 

	4.3	Value
Added Tax

 

All
sums payable by the Tenant under this Lease for taxable supplies of goods or services shall be treated as being exclusive of
the Value Added Tax chargeable on such sums. The Tenant shall pay on demand all Value Added Tax properly demanded by the
Landlord.

 

	4.4	Outgoings
and rates

 

The
Tenant shall pay and indemnify the Landlord against all rates, taxes, charges and outgoings assessed or charged on the Premises
or payable by the owner or occupier of them (except any tax, other than Value Added Tax, payable by the Landlord on the
Rents, or any tax payable on the grant of this Lease or on any other dealing by the Landlord with its interest in the Building).

 

	4.5	Valuations

 

The
Tenant shall not agree or propose to alter the rating valuation of the Premises without the Landlord’s consent, such consent not
to be unreasonably withheld or delayed.

 

	4.6	Loss
of rating relief

 

The
Tenant shall pay to the Landlord on demand an amount equal to any rating relief which the Landlord is unable to claim after the
Term has ended as a result of the Tenant having made such a claim.

 

	4.7	Utilities

 

The
Tenant shall pay for all Utilities used by the Tenant and any related meter rents, installation charges and connection charges.
In the absence of direct assessment of any of the Utilities, the Tenant shall pay to the Landlord on demand a proper proportion
of the cost of the Tenant’s use of the Utilities and any related rents and charges.

 

    	 	- 6 -	 

     

    

 

	4.8	Landlord’s
costs

 

The
Tenant shall pay on a full indemnity basis and on demand all proper charges and expenses incurred by or on behalf of the Landlord
(including legal and surveying fees and the Landlord’s own administration and management expenses) for and in connection with:-

 

		(a)	the
                                         preparation and service of any notice and/or any proceedings under ss146 and/or 147 Law
                                         of Property Act 1925 and/or the Leasehold Property (Repairs) Act 1938, whether or not
                                         forfeiture is avoided other than by relief granted by the Court;

 

		(b)	the
                                         preparation and service of any notice and/or schedule relating to dilapidations served
                                         during or within 12 months after the end of the Term;

 

		(c)	the
                                         recovery of any arrears of Rent or other sums due to the Landlord under this Lease;

 

		(d)	the
                                         preparation and service of any notice pursuant to s81 Tribunals, Courts and Enforcement
                                         Act 2007;

 

		(e)	the
                                         preparation and service of any notice under s17 of the 1995 Act;

 

		(f)	any
                                         steps taken by the Landlord to ensure that the Tenant makes good or has made good any
                                         breach of the Tenant’s Covenants, including any survey carried out to ascertain the nature
                                         and extent of any such breach; and

 

		(g)	any
                                         application for consent to any matter for which the consent of the Landlord is required
                                         under this Lease, whether such consent is granted or not, unless the Landlord acts unreasonably
                                         in refusing consent. Any costs payable under this clause 4.8(g) shalt include the costs
                                         and expenses of the Superior Landlord where the consent of the Superior Landlord is required
                                         under the Superior Lease.

 

	4.9	Indemnity

 

The
Tenant shall keep the Landlord indemnified against any breach of the Tenant’s Covenants or any act or default of the Tenant in
relation to the Premises or the Building.

 

	5	Repairing
                                         Obligations

 

	5.1	Repair

 

		(a)	The
Tenant shall:

 

		(i)	keep
                                         the Premises arid the tenant’s fixtures in good and substantial repair and condition;

 

		(ii)	replace
                                         any damaged or destroyed external glazing serving the Premises with glazing of the same
                                         specification, appearance and quality as previously;

 

		(iii)	replace
                                         any landlord’s fixtures (including plant and machinery) in the Premises with new articles
                                         of a similar kind and quality if they become incapable of repair, as a result of any
                                         act or default of the Tenant.

 

		(b)	Clause
5.1(a) shall not apply to the extent that any disrepair has been caused by an Insurance Event, except to the extent that payment
of the insurance monies is withheld as a result of some act or default of the Tenant.

 

	5.2	Decoration

 

In
the three months before the end of the Term, the Tenant shall decorate the interior of the Premises in a good arid workmanlike
manner and with appropriate materials of good quality to the reasonable satisfaction of the Landlord, using colours and materials
which shall be first approved by the Landlord (which shall not be unreasonably withheld or delayed).

 

    	 	- 7 -	 

     

    

 

	5.3	Clean

 

The
Tenant shall keep the Premises clean and tidy, with all of the interior surfaces of the windows and other glazing in the
Premises being cleaned at least once every month.

 

	5.4	Conduits

 

The
Tenant shall:

 

		(a)	keep
                                         the Conduits which form part of the Premises clear and unobstructed and not do anything
                                         that causes any obstruction or damage to any of the Conduits serving the Premises or
                                         the Building; and

 

		(b)	take
                                         all necessary precautions against the bursting or overflowing of any Conduit, tank or
                                         water apparatus that forms part of the Premises (whether by frost damage or otherwise),
                                         provided that the Conduits, tank or water apparatus were adequately insulated at the
                                         date of this Lease.

 

	5.5	Remedy
breaches on notice

 

		(a)	Within
                                         three months of receiving notice from the Landlord of any breach of the Tenant’s Covenants
                                         relating to the repair and condition of the Premises, or immediately in case of emergency,
                                         the Tenant shall complete all works required to remedy such breach,

 

		(b)	If
                                         the Tenant fails to remedy the breach specified within the requisite time, the Tenant
                                         shall permit the Landlord and any person authorised by the Landlord to enter the Premises
                                         and remedy the breach and all costs incurred by the Landlord shall be a debt payable
                                         by the Tenant as additional rent on demand to the Landlord on a full indemnity basis.

 

	6	Use

 

	6.1	Title
matters

 

The
Tenant shall comply with the conditions, covenants, restrictions and other matters contained or referred to in the deeds and documents
specified in The Fifth Schedule to the Superior Lease.

 

	6.2	Permitted
Use

 

The
Tenant shall use the Premises only for the Permitted Use.

 

	6.3	Prohibited
uses

 

The
Tenant shall not use the Premises:

 

		(a)	for
                                         any religious, public or political meeting;

 

		(b)	for
                                         the sale or production of alcohol;

 

		(c)	for
                                         residential purposes or allow any person to sleep in the Premises;

 

		(d)	as
                                         a club, sex shop, amusement arcade, betting office, staff agency or employment agency;

 

		(e)	for
                                         the preparation or cooking of food, other than in those areas reasonably designated by
                                         the Landlord for those purposes;

 

		(f)	for
                                         any illegal or immoral purposes;

 

    	 	- 8 -	 

     

    

 

		(g)	for
                                         any noxious, noisy or offensive trade or business; or

 

		(h)	for
                                         a sale by auction; or

 

		(i)	for
any use which is prohibited by the Superior Lease.

 

	6.4	Restrictions
on use

  

The
Tenant shall not:

 

		(a)	allow
                                         any fish, bird, reptile or animal, other than guide dogs, anywhere in the Premises or
                                         the Building;

 

		(b)	do
                                         anything that may, in the reasonable opinion of the Landlord, be or grow to be a nuisance,
                                         annoyance, disturbance, inconvenience or damage to the Landlord, the Superior Landlord
                                         or the other tenants and occupiers in the Building or in any adjoining or nearby property;

 

		(c)	overload
                                         the electrical systems of the Premises or the Building or connect any equipment to such
                                         electrical systems except in accordance with the design and specification of such electrical
                                         systems;

 

		(d)	overload
                                         the floors, or suspend any excessive weight from the ceilings or walls of the Premises
                                         or overload the lifts serving the Premises and not be unduly noisy or cause vibration
                                         or electrical or other interference;

 

		(e)	bring
                                         upon, store or use on the Premises any materials, substances or liquids of a specially
                                         hazardous, combustible, inflammable, explosive, dangerous or offensive nature;

 

		(f)	obstruct
                                         the Common Parts or any means of escape or other facilities serving the Premises or the
                                         Building;

 

		(g)	discharge
                                         anything into the Conduits which is or may become corrosive or harmful or cause any blockage
                                         or damage to them;

 

		(h)	install
                                         or operate any machinery or mechanical equipment in or on the Premises, except for office
                                         machinery and equipment used by the Tenant in the normal operation of its business, and
                                         that does not breach clause 6.4(b);

 

		(i)	erect,
                                         exhibit or hang any signs, advertisements, placards, flags, posters, aerials, poles,
                                         masts or satellite dishes or any other thing whatsoever on the exterior of the Premises
                                         or any other parts of the Building unless permitted to do so under clause 3.2(a);

 

		(j)	store
any refuse in the Premises except in suitable containers for that purpose, with all food waste and other pungent or perishable
refuse being removed from the Premises daily and all other refuse being removed from the Premises weekly; or

 

		(k)	change
the name or postal address of the Premises without the Landlord’s consent, such consent not to be unreasonably withheld
or delayed.

 

	6.5	Regulations

 

The
Tenant shall:

 

		(a)	comply
with the provisions of all statutes and the requirements of any competent authority in relation to the Premises and the Common
Parts and shall carry out and maintain at its own cost all works and arrangements required under any statute, whether imposed
on the Tenant or any other person, so far as they relate to the Premises;

 

    	 	- 9 -	 

     

    

 

		(b)	give
                                         to the Landlord a copy of every notice, direction, order, proposal, licence, consent
                                         or permission relating to the Premises made or given under any statute within ten working
                                         days of receipt (or sooner in cases of emergency) and, if required by the Landlord, the
                                         Tenant shall at its own cost make or join the Landlord in making such objections, applications
                                         or representations relating to them as the Landlord may reasonably require;

 

		(c)	comply
                                         with all requirements and recommendations of the local fire officer in respect of the
                                         Premises and the Building or their use; and

 

		(d)	comply
                                         with all reasonable regulations made by the Landlord or the Superior Landlord at any
                                         time for the management of the Building and the exercise of the rights granted to the
                                         Tenant under clause 3.2(a) and communicated to the Tenant in writing.

 

	6.6	Defective
Premises

 

The
Tenant shall do everything necessary to comply with the Defective Premises Act 1972. In particular, the Tenant shall:

 

		(a)	immediately
                                         notify the Landlord of any defect in the Premises or the Building which may give rise
                                         to a duty of care on the Landlord or the Superior Landlord under that Act;

 

		(b)	not
                                         do anything which might breach any duty of care; and

 

		(c)	display
                                         or maintain on the Premises any notices which the Landlord or the Superior Landlord may
                                         reasonably require.

 

	6.7	No
new covenants

 

The
Tenant shall not enter into any covenant relating to the Premises with any person other than the Landlord or require any assignee
or undertenant to give covenants that would restrict the use of the Premises to a greater extent than the restrictions on use
contained in this Lease.

 

	6.8	Covenants
in other leases

 

Nothing
in this Lease shall give the Tenant any right to enforce or to receive the benefit of or to prevent the release or modification
of any covenant or condition in any lease (other than this Lease), deed or document relating to the Premises, the remainder of
the Building or any adjoining or nearby property.

 

	7	Encroachments

 

	7.1	Loss
of existing rights

 

The
Tenant shall not stop-up, darken or obstruct any window or other opening belonging to the Premises or the Building or do anything
which may lead to any rights benefiting the Premises or the Building being lost.

 

	7.2	Creation
of new rights

 

The
Tenant shall not permit any encroachment to be made which may lead to rights being acquired by any person over the Premises or
the Building and shall at its own cost take such action as the Landlord may reasonably require to prevent any rights being acquired
over the Premises or the Building or any rights benefiting the Premises or the Building being lost.

 

	7.3	Notification

 

The
Tenant shall give to the Landlord notification as soon as practicable of any interference with or any encroachment of any right
enjoyed by the Premises or the Building or of any attempt to acquire any right over the Premises or the Building.

 

    	 	- 10 -	 

     

    

 

	8	Alterations

 

	8.1	Prohibited
alterations

 

The
Tenant shall not carry out any Alterations except as permitted in this clause 8.

 

	8.2	Non-structural
alterations

 

The
Tenant may carry out Alterations that are internal and non-structural with the prior consent of the Landlord, such consent not
to be unreasonably withheld or delayed.

 

	8.3	General
provisions

 

In
respect of all Alterations, the Tenant shall at its own cost:

 

		(a)	provide
                                         the Landlord in triplicate with plans, drawings and specifications showing the Premises
                                         before and after the proposed Alterations;

 

		(b)	obtain
                                         all necessary consents to the Alterations;

 

		(c)	give
                                         the insurers of the Building full details of the Alterations and obtain their approval
                                         to them;

 

		(d)	carry
                                         out the Alterations with good quality materials, in a good, substantial and workmanlike
                                         manner, in accordance with the terms of consents obtained for the Alterations and with
                                         the requirements of the local planning and other authorities;

 

		(e)	comply
                                         with the requirements of any statute which affects the Alterations or the manner in which
                                         they are carried out;

 

		(f)	carry
                                         out the Alterations to the reasonable satisfaction in all respects of the Landlord and,
                                         where the consent of the Superior Landlord is required, the Superior Landlord;

 

		(g)	give
to the Landlord and the Superior Landlord full details of the reinstatement value of the Alterations, excluding any tenant’s
fixtures forming part of the Alterations, for insurance purposes; and

 

		(h)	remove
the Alterations (whether made during the Term of this Lease or during the term of the Previous Lease) and reinstate the Premises
to the satisfaction of the Landlord and the Superior Landlord at the end of the Term, unless and to the extent that the Landlord
notifies the Tenant in writing otherwise.

 

	8.4	Indemnity

 

The
Tenant shall indemnify the Landlord in respect of any matter arising out of the execution, retention and use of any Alterations,

 

	9	Planning

 

	9.1	Tenant’s
obligations

 

The
Tenant shall comply with the provisions of all town and country planning legislation insofar as they relate to the Premises and
the use of the Common Parts and shall not:

 

		(a)	make
                                         any application for planning permission or any application for a determination that planning
                                         permission is not required for any Alterations or any change of use of the Premises without
                                         the prior consent of the Landlord. Consent shall not be unreasonably withheld or delayed
                                         if the application relates to a matter for which the Landlord cannot unreasonably withhold
                                         or delay its consent under this Lease; or

 

		(b)	carry
                                         out any Alterations or change the use of the Premises until all necessary planning permissions
                                         have been obtained and approved in writing by the Landlord. Subject to clause 9.2, the
                                         Landlord shall not unreasonably withhold or delay its approval where it has given consent
                                         to the application for planning permission being made.

 

    	 	- 11 -	 

     

    

 

	9.2	Approval
of permissions

 

The
Landlord shall be entitled to:

 

		(a)	impose
                                         reasonable conditions to the giving of its approval; and

 

		(b)	withhold
                                         its approval to any planning permission if any conditions contained in or omitted from
                                         it or its duration would, in the reasonable opinion of the Landlord, have or be likely
                                         to have an adverse effect on the value of the Landlord’s interest in the Building at
                                         any time during or after the end of the Term.

 

	10	Alienation

 

	10.1	Assignment

 

		(a)	Assignment
                                         of part

 

The
Tenant shall not assign part only of the Premises.

 

		(b)	Assignment
                                         of whole

 

The
Tenant shall not assign the whole of the Premises.

 

	10.2	Underlettings

 

		(a)	Underletting
                                         of part

 

The
Tenant shall not underlet part only of the Premises.

 

		(b)	Underletting
                                         of whole

 

The
Tenant shall not underlet the whole of the Premises.

 

	10.3	Charging

 

		(a)	Charging
                                         of part

 

The
Tenant shall not charge part only of the Premises.

 

		(b)	Charging
                                         of whole

 

The
Tenant shall not charge the whole of the Premises.

 

	10.4	Sharing
occupation

 

The
Tenant shall not share the occupation of or part with or share the possession of the Premises or hold this Lease on trust for
any other person.

 

	10.5	Release
of Landlord

 

The
Tenant shall not unreasonably withhold or delay its consent to a request made by any person under s6 or s7 of the 1995 Act for
a release from all or any of the covenants in this Lease to be complied with by the Landlord.

 

	10.6	Disclosure
of information

 

The
Tenant shall provide to the Landlord immediately on request full details of all occupants of the Premises and the terms of their
occupation.

 

    	 	- 12 -	 

     

    

 

	11	Insurance

 

	11.1	Insurance
of the Building

 

The
Landlord shall insure the Building, or shall take all necessary steps to procure that the Superior Landlord insures the Building.

 

	11.2	Supplemental
insurance

 

The
Landlord shall insure, with a reputable insurance office or through reputable underwriters and through such agency as the Landlord
may from time to time determine:

 

		(a)	the
                                         Building (other than glazing) against damage or destruction by any of the Insured Risks
                                         which the Superior Landlord fails to insure in breach of the terms of the Superior Lease
                                         and the Supplemental Risks, in each case in their full reinstatement cost, including
                                         the cost of demolition, site clearance, hoarding, shoring up, obtaining all planning
                                         permissions, building regulation and all other consents required, complying with the
                                         requirements of any statute or public or any other authority, all professional fees,
                                         and all other incidental expenses, together in each case with Value Added Tax;

 

		(b)	three
                                         years’ loss of the Principal Rent, to the extent that the Principal Rent exceeds the
                                         annual amount in respect of which the Superior Landlord insures the Head Rent, taking
                                         into account the Landlord’s reasonable estimate of any increases in the Principal Rent;

 

		(c)	its
                                         property owner’s and public liability in respect of the Building; and

 

		(d)	such
                                         other risks as the Landlord may consider appropriate in connection with the Building.

 

	11.3	Insurance
details

 

		(a)	The
                                         Landlord shall at the written request and cost of the Tenant, but not more than once
                                         a year, give to the Tenant reasonable evidence of the terms of the insurance policy relating
                                         to the Building and of payment of the last premium.

 

		(b)	The
                                         Tenant shall at the request of the Landlord but at its own cast, give to the Landlord
                                         reasonable evidence of valid employers’ and occupiers’ liability insurance.

 

	11.4	Insurance
provisos

 

The
Landlord’s obligations under clause 11.2 shall be subject always to:

 

		(a)	insurance
                                         cover for properties similar to the Building being ordinarily available with reputable
                                         insurance offices in the United Kingdom or underwriters against the Insured Risks and
                                         Supplement Risks on reasonable commercial terms;

 

		(b)	such
                                         excesses, exclusions, limitations and conditions as the insurers mu apply;

 

		(c)	any
                                         policy of insurance not being made void or voidable by any act or default of the Tenant;

 

		(d)	in
                                         respect of the Landlord’s obligations under clause 11.2, the Tenant notifying the Landlord
                                         of the reinstatement value of any Alterations in accordance with clause 8.3(g).

  

	11.5	Insurance
costs

 

The
Tenant shall pay to the Landlord as additional rent on demand:

 

		(a)	any
costs incurred by the Landlord in complying with its obligations under clause 11.2

 

    	 	- 13 -	 

     

    

 

		(b)	the
                                         amount of any excess which may be deducted or disallowed by the insurers upon the settlement
                                         of any insurance claim;

 

		(c)	where
                                         the Landlord insures the Building under clause 11.2, the reasonable and proper costs
                                         incurred by the Landlord in valuing the Building at reasonable intervals for insurance
                                         purposes; and

 

		(d)	the
                                         reasonable and proper costs incurred by the Landlord in preparing and making any insurance
                                         claim under any insurance policy maintained by the Landlord in relation to the Building.

 

	11.6	Tenant’s
obligations

 

The
Tenant shall:-

 

		(a)	comply
                                         with the reasonable requirements and recommendations of the insurers of the Building,
                                         so far as they relate to the Premises or the use of the Common Parts and provided they
                                         are notified to the Tenant in writing;

 

		(b)	not
                                         do or bring anything upon the Premises or any other part of the Building which may cause
                                         any policy of insurance effected by the Landlord under this Lease or by the Superior
                                         Landlord under the Superior Lease to become void or voidable or any sums payable under
                                         such policy to be irrecoverable;

 

		(c)	not
                                         do or bring anything upon the Premises or any other part of the Building which may increase
                                         the premium payable for any policy of insurance effected by the Landlord under this Lease
                                         or by the Superior Landlord under the Superior Lease;

 

		(d)	give
                                         notice to the Landlord as soon as practicable upon any event occurring which might lead
                                         to a claim under or invalidate the insurance policy relating to the Building or might
                                         increase the insurance premium payable for the Building or might constitute an Insured
                                         Risk;

 

		(e)	except
                                         as specifically required under this Lease and except as to tenant’s fixtures and contents,
                                         not to effect any insurance policy in relation to the Premises or the Building. If the
                                         Tenant breaches this clause 11.6(e), it shall hold the benefit of any insurance monies
                                         which it receives in respect of such insurance on trust for the Landlord and shall pay
                                         such sums to the Landlord immediately on receipt; and

 

		(f)	pay
                                         on demand to the Landlord any irrecoverable insurance monies and increases in insurance
                                         premiums and indemnify the Landlord against all sums payable by the Landlord to the Superior
                                         Landlord under the Superior Lease arising from any breach of the covenants contained
                                         in this clause 11.6.

 

	11.7	Tenant
to Insure

 

The
Tenant shall:-

 

		(a)	keep
insured with an insurance office which is, in the Landlord’s reasonable opinion, reputable:-

 

		(i)	the
internal parts of the Premises;

 

		(ii)	all
                                         glazing forming part of the Premises in its full reinstatement cost; and

 

		(iii)	such
                                         third party and other risks as the Landlord shall reasonably require, including, but
                                         not limited to, employer’s and occupier’s liability insurance;

 

		(b)	produce
to the Landlord on demand any policy relating to the insurance referred to in clause 11.7(a) and reasonable evidence that such
policy is in force (but shall not be required to do so more than once per year); and

 

		(c)	following
damage or destruction of any glazing, promptly reinstate it with glazing of the same specification, appearance and quality as
previously.

 

    	 	- 14 -	 

     

    

 

	11.8	Suspension
of Principal Rent

 

		(a)	If,
                                         following an Insurance Event, the Premises are rendered unfit for occupation and use
                                         or inaccessible, the Principal Rent, or a proper proportion of it according to the nature
                                         and extent of the damage or destruction, shall be suspended (except to the extent that
                                         any insurance monies are withheld due to any act or default of the Tenant) until the
                                         date on which the Premises have been reinstated so as to be fit for occupation and use
                                         and made accessible or, if earlier, the date on which the period covered by the Landlord’s
                                         or Superior Landlord’s loss of rent insurance expires.

 

		(b)	Any
                                         dispute about the operation of clause 11.8(a)(a) may be submitted at the request of the
                                         Landlord or the Tenant to arbitration.

 

	11.9	Reinstatement
of the Premises

 

		(a)	Subject
to the provisions of clauses 11.10 and 11.11, following an Insurance Event, unless any insurance monies are withheld due to any
act or default of the Tenant and are not made good by the Tenant under clause 11.6(f), the Landlord shall:

 

		(i)	use
its reasonable endeavours to procure that the Superior Landlord complies with its obligations to rebuild or reinstate the Building
in accordance with the terms of the Superior Lease; and

 

		(ii)	where
any insurance monies are payable to the Landlord in respect of reinstatement of the Building:

 

		(1)	use
                                         its reasonable endeavours to obtain any planning permissions and other consents required
                                         to rebuild or reinstate the Building, but without any obligation to appeal against a
                                         refusal or failure to grant planning permission or any other consent; and

 

		(2)	subject
                                         to all necessary planning permissions and consents being obtained and the Tenant paying
                                         to the Landlord any sums due under clause 11.6(f), the Landlord shall apply such of the
                                         insurance monies as are received from the insurers in respect of the Building by virtue
                                         of clause 11.2 towards the rebuilding or reinstatement of the Building with all reasonable
                                         speed.

 

		(b)	In
rebuilding or reinstating, the Landlord shall be entitled to use materials of a different quality, type or specification and may
make reasonable changes in the original design, layout or specification of the Building, so long as the extent of the Premises
is not materially altered.

 

		(c)	The
Landlord shall not be liable to rebuild or reinstate if prevented by one or more of the following reasons:-

 

		(i)	the
Landlord failing (despite using reasonable endeavours) to obtain the necessary planning permissions and consents;

 

		(ii)	any
                                         planning permissions or consents being granted subject to a condition which the Landlord
                                         reasonably considers to be unreasonable; or

 

		(iii)	any
                                         other reason beyond the Landlord’s reasonable control.

 

In
such circumstances, all insurance monies received or receivable shall belong to the Landlord.

 

    	 	- 15 -	 

     

    

 

	11.10	Termination
where reinstatement impossible within loss of rent period

 

If
an Insurance Event occurs which damages or destroys the Premises and the Landlord is responsible for rebuilding and reinstating
them pursuant to clause 11.9(a)(ii)(1), but it is likely, in the reasonable opinion of the Landlord, that it will be impossible
to rebuild and reinstate the Premises within the period specified in clause 11.2(a), the Landlord may serve on the Tenant not
less than six months’ prior written notice and this Lease shall end on the date when such notice expires and all insurance monies
received or receivable by the Landlord shall belong to the Landlord.

 

	11.11	Termination
where no reinstatement within one year

 

If
an Insurance Event occurs which renders the Premises unfit for occupation and use or inaccessible, and they have not been reinstated
and made accessible within one year of its occurrence, then if the Superior Landlord serves notice on the Landlord or Tenant under
the terms of the Superior Lease:-

 

		(a)	the
Landlord shall provide the Tenant with a copy of any such notice;

 

		(b)	this
Lease shall end on the date when the notice expires; and

 

		(c)	all
insurance monies received or receivable by each of the Superior Landlord and the Landlord under any insurance policies maintained
by them, respectively, shall belong to them.

 

Any
dispute about the operation of this clause 11.11 may be submitted at the request of the Landlord or the Tenant to arbitration.

 

	12	Services

 

	12.1	Landlord’s
obligations

 

		(a)	Subject
                                         to the Tenant having paid the Rents and all other sums due to the Landlord under this
                                         Lease, the Landlord shall use reasonable endeavours to provide the Services in accordance
                                         with the principles of good estate management.

 

		(b)	In
providing the Services, the Landlord shall not be liable to the Tenant for any failure, interruption or delay in the supply
of the Services which results from:

 

		(i)	any
                                         Insured Risk, any mechanical or other breakdown, inclement weather, labour disputes,
                                         any shortage of fuel, water or materials or any other reason beyond the Landlord’s reasonable
                                         control; or

 

		(ii)	any
                                         inspection, repair, maintenance, servicing or replacement of the Building, the Conduits
                                         or any other plant or machinery used in the provision of the Services.

 

		(c)	The
Landlord shall not be liable to the Tenant for any disrepair to the Retained Parts unless and until the Landlord fails to comply
with its obligation to repair within a reasonable time of receiving actual notice of any such disrepair.

 

		(d)	The
Landlord shall be entitled at its discretion to withhold, add to or alter the Services, or alter the manner in which they are
provided, if the Landlord considers that it is desirable to do so, provided that it does not conflict with the principles of good
estate management and further provided that the Landlord shall act reasonably in so doing.

 

	12.2	Service
Charge disputes

 

The
Tenant shall not be entitled to dispute the Service Charge on the grounds that any of the Services could have been provided or
incurred at a cost lower than that incurred by the Landlord, save in the case that the Landlord has acted unreasonably.

 

    	 	- 16 -	 

     

    

 

	13	End
                                         of the Term

 

At
the end of the Term, the Tenant shall:

 

	13.1	return
the Premises to the Landlord with vacant possession, repaired, cleaned and maintained in accordance with the Tenant’s Covenants,
and in accordance with the tenant’s covenants contained in the Previous Lease;

 

	13.2	unless
and to the extent that the Landlord notifies the Tenant in writing otherwise, reinstate all Alterations (whether carried out during
the Term of this Lease or during the term of the Previous Lease) and restore the Premises to the state and condition in which
the Tenant first took possession of them under the Previous Lease;

 

	13.3	return
all keys and security passes to the Premises and the Building to the Landlord;

 

	13.4	deliver
to the Landlord the original Lease and all other title deeds and documents relating to the Premises; and

 

	13.5	execute
such deed or document as the Landlord shall require in order to cancel any entry or title relating to this Lease at the Land Registry.

 

	14	Superior
                                         lease

 

	14.1	Tenant’s
obligations

 

The
Tenant shall comply with the obligations on the part of the tenant contained in the Superior Lease, except for the obligation
to pay the rents reserved by it.

 

	14.2	Landlord’s
obligations

 

The
Landlord shall:

 

		(a)	pay
                                         to the Superior Landlord the rents reserved by the Superior Lease and perform the covenants
                                         of the tenant and the conditions contained in, the Superior Lease, except insofar as
                                         the covenants fall to be observed and performed by the Tenant by reason of the obligations
                                         of the Tenant in this Lease; and

 

		(b)	at
                                         the request and cost of the Tenant, use its reasonable endeavours to procure that the
                                         Superior Landlord complies with the obligations on the part of the Landlord contained
                                         in the Superior Lease; and

 

		(c)	acknowledge
                                         the right of the Tenant to production and to take copies of the Superior Lease.

 

	14.3	Consents

 

Where
the consent or approval of the Landlord is required under this Lease:

 

		(a)	it
                                         shall be a condition precedent to the grant of that consent or approval that, if required
                                         under the Superior Lease, the consent or approval of the Superior Landlord is obtained;
                                         and

 

		(b)	where
                                         the Landlord may not unreasonably withhold its consent or approval, the Landlord shall,
                                         at the cost of the Tenant on a full indemnity basis, use its reasonable endeavours to
                                         obtain the consent or approval of the Superior Landlord, where this is required under
                                         the Superior Lease.

 

	15	Quiet
                                         enjoyment

 

The
Tenant shall be entitled quietly to enjoy the Premises throughout the Term, without any interruption by the Landlord or any person
lawfully claiming under or in trust for the Landlord.

 

    	 	- 17 -	 

     

    

 

	16	Agreements
                                         and provisos

 

	16.1	Re-entry

 

The
Landlord shall be entitled to re-enter the Premises and terminate this Lease if:-

 

		(a)	the
                                         Rents, or any part of them, remain unpaid twenty-one days after becoming due (whether formally demanded or not);

 

		(b)	the
                                         Tenant, or any guarantor of the Tenant, is in breach of any of its obligations under
                                         this Lease;

 

		(c)	there
is an Insolvency Event.

 

	16.2	Exclusion
of compensation

 

The
Tenant shall not be entitled to any compensation under any statute or otherwise at the end of the Term, so far as the law allows.

 

	16.3	Tenant’s
property

 

If,
at the end of the Term, the Tenant leaves any property belonging to the Tenant on the Premises, the Landlord shall be entitled
at the cost of the Tenant to remove such property from the Premises. If the Tenant fails to collect such property within ten working
days of being requested to do so in writing by the Landlord or if the Landlord is unable to make such request, within twenty working
days of the Landlord’s first attempt to do so:

 

		(a)	the
                                         Landlord shall be entitled, as the agent for the Tenant, to sell such property;

 

		(b)	the
                                         Tenant shall indemnify the Landlord against any liability incurred by the Landlord to
                                         any third party whose property shall have been sold by the Landlord in the bona fide
                                         mistaken belief (which shall be presumed unless the contrary be proved) that such property
                                         belonged to the Tenant;

 

		(c)	the
                                         Tenant shall indemnify the Landlord against any damage caused to the Premises and any
                                         liability of the Landlord caused by or related to the presence of the Tenant’s property
                                         in the Premises;

 

		(d)	the
                                         Landlord shall be entitled to use any proceeds of sale to defray any costs properly incurred
                                         in connection with the removal, storage and sale of such property and to discharge any
                                         other sums which may still be due to the Landlord under the terms of this Lease; and

 

		(e)	if
                                         the Landlord, having made reasonable efforts, is unable to locate the Tenant, the Landlord
                                         shall be entitled to retain such proceeds of sale absolutely, unless the Tenant claims
                                         them within three months of the date on which the Tenant vacated the Premises.

 

	16.4	Disputes
with adjoining occupiers

 

If
any dispute arises between the Tenant and the occupiers of other parts of the Building or any adjoining or nearby property in
connection with the use of the Premises and any other part of the Building or any adjoining or nearby property or as to the boundary
structures separating the Premises from any other property it shall be decided by the Landlord or in such manner as the Landlord
shall direct.

 

	16.5	Entire
understanding

 

This
Lease embodies the entire understanding of the parties relating to the Premises and to all matters dealt with by any of the provisions
of this Lease.

 

    	 	- 18 -	 

     

    

 

	16.6	Representations

 

The
Tenant acknowledges that in entering into this Lease no reliance has been placed upon any representation, warranty or statement
(whether oral, written or implied) made by or on behalf of the Landlord.

 

	16.7	Notices

 

		(a)	Any
                                         notice to be given under this Lease shall be in writing.

 

		(b)	Any
                                         notice may be served on the recipient at its address set out in the Particulars (or such
                                         other address as that party may specify in writing to the other from time to time).

 

		(c)	Any
                                         notice served by DX shall be deemed to be received on the first working day after being
                                         sent.

 

		(d)	Any
                                         notice served by first class post, special delivery or recorded post shall be deemed
                                         to be received on the second working day after being sent.

 

		(e)	Any
                                         notice served by second class post shall be deemed to be received on the third working
                                         day after being sent.

 

		(f)	Any
notice shall be valid if given by the solicitors acting on behalf of the party serving the notice.

 

		(g)	Notice
may not be served by electronic mail or by fax.

 

	16.8	New
tenancy

 

This
Lease creates a “new tenancy’ for the purposes of sl of the 1995 Act.

 

	16.9	Landlord
and Tenant Act 1954

 

		(a)	The
                                         parties agree that the provisions of ss24 to 28 (inclusive) of the 1954 Act shall not
                                         apply to the tenancy created by this Lease.

 

		(b)	The
                                         parties confirm that the Landlord has served on the Tenant a notice in relation to the
                                         tenancy created by this Lease in the form, or substantially the form, set out in Schedule
                                         1 to the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003 (“the
                                         Order”).

 

		(c)	The
                                         parties further confirm that the Tenant or a person duly authorised by the Tenant has
                                         made a statutory declaration in relation to the notice referred to in clause (b), in
                                         a form complying with the requirements of Schedule 2 to the Order.

 

		(d)	There
is no agreement for lease to which this Lease gives effect. 

 

	16.10	Contracts
(Rights of Third Parties) Act 1999

 

Unless
this Lease states otherwise, the parties do not intend to confer any right or benefit which is enforceable by virtue of the Contracts
(Rights of Third Parties) Act 1999 upon any party who is not a party to this Lease.

 

	16.11	Arbitration

 

Where
any matter may be referred to arbitration under this Lease, the matter is to be submitted to a single arbitrator under the Arbitration
Act 1996, and the arbitrator shall be appointed by agreement between the Landlord and the Tenant or, in the absence of agreement,
by the President of the Royal Institution of Chartered Surveyors, or the next available officer, on the application of either
the Landlord or the Tenant. The arbitrator shall not have the power to order the rectification, setting aside or cancellation
of the Lease.

 

    	 	- 19 -	 

     

    

 

	16.12	Break
Clause

 

Either
the Landlord or the Tenant may end this Lease on the Break Date by serving not less than one month’s prior written notice on the
other party. This Lease shall then end on the Break Date provided that in the case of a notice served by the Tenant the Tenant
has paid all of the Rents due under this Lease up to and including the Break Date unless and to the extent that the Landlord in
its absolute discretion elects in writing to waive these conditions. Any overpayment of Rents shall be refunded to the Tenant
within 14 days of the date of determination of the Lease.

 

	16.13	Outstanding
liabilities on termination

 

When
this Lease ends, whether by effluxion of time, or otherwise, it shall be without prejudice to outstanding liabilities of any party
to any other party.

 

	16.14	Jurisdiction

 

This
Lease shall be governed and construed in accordance with English law and the English courts shall have exclusive jurisdiction
in relation to any disputes between the Landlord and the Tenant arising out of or related to this Lease.

 

	16.15	Execution

 

The
parties have signed this Lease as a deed and it is intended to be and shall be delivered on the date of this Lease.

 

The
First Schedule

 

Part
1

 

The
Building

 

The
Building:

 

	1.	includes
                                         all Conduits from time to time within or leading to the Building that serve it, but excludes
                                         those that form part of the public mains;

 

	2.	includes
                                         all landlord’s fixtures forming part of the Building from time to time;

 

	3.	includes
                                         all additions, alterations and improvements made to the Building; and

 

	4.	excludes
                                         any tenant’s fixtures forming part of the Building from time to time.

 

Part
2

 

The
Premises

 

	1	The
Premises Include:

 

		1.1	all
non-structural or non-loadbearing walls and columns within the Premises;

 

		1.2	the
inner half, severed vertically, of any non-structural or non-load bearing walls and columns that divide the Premises from other
parts of the Building;

 

		1.3	the
internal plaster surfaces and finishes of the wails of the Premises, including those on any structural or loadbearing walls and
columns within or enclosing the Premises;

 

		1.4	all
ceiling finishes;

 

		1.5	all
internal windows (including the frames and fitments and all glazing);

 

		1.6	all
curtains and blinds provided or paid for by the Landlord and their replacements;

 

    	 	- 20 -	 

     

    

 

		1.7	all
doors and door frames in all walls within or enclosing the Premises and all door furniture and glazing within the doors;

 

		1.8	all
other glazing (whether in partitions or otherwise);

 

		1.9	all
floor finishes, floor screeds and raised floor systems;

 

		1.10	all
carpets or other floor coverings provided or paid for by the Landlord;

 

		1.11	all
sanitary and hot and cold water apparatus and equipment within and exclusively serving the Premises;

 

		1.12	all
Conduits within or leading to the Premises that exclusively serve the Premises, but excludes those that form part of the public
mains;

 

		1.13	all
other landlord’s fixtures that exclusively serve the Premises;

 

		1.14	all
Alterations, except to the extent that they comprise tenant’s fixtures; and

 

		1.15	all
air conditioning apparatus and equipment within and exclusively serving the Premises.

 

	2	The
                                         Premises Exclude:

 

		2.1	all
structural or loadbearing walls and columns and the structural slabs of any roofs and floors;

 

		2,2	all
external windows (including the frames and fitments and all glazing);

 

		2.3	all
Conduits and landlord’s fixtures within the Premises which do not exclusively serve the Premises;

 

		2.4	the
air space above the suspended ceiling systems and the suspended ceiling systems and light fittings; and

 

		2.5	ail
tenant’s fixtures and chattels.

  

Part
3

 

Rights
granted to the Tenant

 

	1	Access

 

The
right:

 

		1.1	on
foot only to use the Common Parts for the purpose of access to and from the Premises;

 

		1.2	in
emergency only, to use the fire escape routes within the Building.

 

	2	Conduits

 

The
right to the passage of Utilities through any Conduits that serve the Premises and that do not form part of the public mains.

 

	3	Support

 

The
right of support, shelter and protection for the Premises from the remainder of the Building.

 

    	 	- 21 -	 

     

    

 

	4	Signs

 

The
right to display at the entrance to the Premises a sign stating the Tenant’s name and business, of such type and size and in such
position as the Landlord may determine.

 

Part
4

 

Rights
reserved to the Landlord and others

 

	1	Entry
                                         On The Premises

 

		1.1	The
right at any time to enter and remain on the Premises with or without plant, machinery and equipment to:-

 

		(a)	exercise
                                         the rights reserved in clause 3,2 of this Lease;

 

		(b)	inspect,
                                         clean, maintain, repair, connect, remove, lay, renew, replace, alter and carry out any
                                         other works to or in connection with the Conduits and the provision of the Services and
                                         any easements or services benefiting the Premises, the remainder of the Building and
                                         any adjoining or nearby property;

 

		(c)	view
                                         the state and condition of the Premises, the remainder of the Building and any adjoining
                                         or nearby property including, where necessary, opening up any part or parts of the floors,
                                         ceilings and walls of the Premises;

 

		(d)	remedy
                                         any breach of the Tenant’s Covenants;

 

		(e)	carry
                                         out any repairs, decoration, alterations, works of refurbishment, cleaning and any other
                                         works to the remainder of the Building or to any adjoining or nearby property, or to
                                         do anything which the Landlord may, or is obliged to do under this Lease or otherwise;

 

		(f)	in
                                         connection with any requirements of the insurers of the Premises or the Building;

 

		(g)	value
                                         the Premises or the Building, whether for insurance purposes or otherwise;

 

		(h)	prepare
                                         for the disposal of the Landlord’s or any superior interest in the Premises or the Building
                                         or, in the last six months of the Term, the reletting of the Premises;

 

		(i)	affix
                                         on the exterior of the Premises notices for the sale of the Premises or the Building
                                         or, in the last six months of the Term, the reletting of the Premises;

 

		(j)	comply
                                         with its obligations to any superior landlord or mortgagee;

 

		(k)	in
                                         emergency only, to use the fire escape routes within the Premises designated by the Landlord
                                         for use as a means of escape in case of fire;

 

		(l)	to
measure and assess the Premises and carry out works pursuant to and in connection with any EPC; and

 

		(m)	any
other reasonable purpose.

 

    	 	- 22 -	 

     

    

 

		1.2	On
the exercise of any rights of entry on the Premises (except where the Tenant is in breach of the Tenant’s Covenants), the
person entering shall give reasonable prior notice to the Tenant (except in cases of emergency), cause as little damage and inconvenience
as reasonably practicable in the exercise of the rights and make good any damage caused to the Premises in the exercise of those
rights.

 

	2	Conduits

 

The
right to the passage of Utilities through any Conduits which are now or may at any time be in, under or over the Premises and
the right to create new services or easements in, under or over the Premises and to connect into and use any existing Conduits
or lay new Conduits in, under or over the Premises.

 

	3	Support

 

The
right of support, shelter and protection from the Premises for the remainder of the Building and any adjoining or nearby property.

 

	4	The
                                         Building

 

		4.1	The
right at any time to raise the height of, build on, rebuild, alter, demolish, develop, repair, clean, decorate or carry out any
other works to any part of the Building and any adjoining or nearby property and the right to erect new buildings of any height
on any part of the Building and any adjoining or nearby property, in each case in such manner as the Landlord thinks fit.

 

		4.2	In
exercising the rights in paragraph 4.1 of Part 3 of this First Schedule, the Landlord shall be entitled to build on or into any
external wall of the Premises and to oversell cranes and their loads over the Premises and erect scaffolding against any external
wall of the Premises for the duration of the works being carried out.

 

		4.3	The
Tenant shall not be entitled to claim against the Landlord for any interference in the right and passage of light and air to the
Premises arising from the exercise of the rights in this paragraph 4.

 

The
Second Schedule

 

The
Services

 

	1	Maintaining
Retained Parts

 

Inspecting,
repairing, maintaining, treating, cleaning, decorating, servicing, and, when in the reasonable opinion of the Landlord necessary,
altering, replacing and rebuilding the Retained Parts, (excluding the external glazing serving the Premises) and all plant, machinery,
equipment and Conduits,

 

	2	Toilets

 

Maintaining
a supply of hot and cold water to the lavatories in the Common Parts at such times as the Landlord reasonably considers necessary
or desirable.

 

	3	Heating
and air. Conditioning

 

Providing
central heating and air-conditioning to the Common Parts at such temperatures as the Landlord reasonably considers to be adequate
for such hours and at such times of the year as the Landlord reasonably considers necessary or desirable.

 

    	 	- 23 -	 

     

    

 

	4	lighting

 

Providing
lighting to the Common Parts, where appropriate, at such times as the Landlord reasonably considers necessary or desirable.

 

	5	Maintenance
of Fire Equipment

 

Providing,
inspecting, operating, maintaining and, when in the reasonable opinion of the Landlord necessary, and replacing fire prevention
and fire fighting equipment including fire alarms, extinguishers, detectors and sprinkler systems in the Common Parts,

 

	6	Cleaning

 

Cleaning
the external glazing of the Building and all glazing and window-frames in the Retained Parts on a quarterly basis, except where
the individual responsibility of any tenant or occupier of the Building, and cleaning other external Retained Parts and providing
and maintaining facilities and equipment for these purposes.

 

    	 	- 24 -	 

     

    

 

	Executed
    as a deed by HYDE PARK 	)	 
	 	 	 
	RESIDENCE
    LIMITED acting by a	)	 
	 	 	 
	Director
    and its secretary/two directors	)	 
	 	 	 
	 	 	/s/ Astrid Bray
	 	 	Director
	 	 	 
	 	 	/s/ Andrew Morgan
	 	 	Secretary/Director

  

	Executed
    as a deed by 	)	 
	 	 	 
	TIZIANA
    PHARMA LIMITED	)	 
	 	 	 
	acting
    by Director and its 	)	 
	 	 	 
	secretary/two
    directors	)	 
	 	 	 
	 	 	/s/ Gabriele Cerrone 
	 	 	Director
	 	 	 
	 	 	/s/ Kunwar Shailubhai 
	 	 	Secretary/Director

 

    	 	- 25 -Exhibit 10.6

 

EXECUTION
ORIGINAL

 

 

 

 

 

 

 

AGREEMENT OF LEASE

 

between

 

SLG
Graybar Mesne Lease LLC

 

Landlord

 

and

 

Tiziana
Life Sciences PLC

 

Tenant

 

Dated
as of August 2, 2016

 

Suite
2525-28

420 Lexington Avenue

New York, New York

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    1	DEMISE;
    PREMISES AND PURPOSE	1
	 	 	 
	ARTICLE
    2	TERM	2
	 	 	 
	ARTICLE
    3	RENT
    AND ADDITIONAL RENT	2
	 	 	 
	ARTICLE
    4	ASSIGNMENT/SUBLETTING	3
	 	 	 
	ARTICLE
    5	DEFAULT	9
	 	 	 
	ARTICLE
    6	RELETTING,
    ETC.	10
	 	 	 
	ARTICLE
    7	LANDLORD
    MAY CURE DEFAULTS	10
	 	 	 
	ARTICLE
    8	ALTERATIONS	11
	 	 	 
	ARTICLE
    9	LIENS	14
	 	 	 
	ARTICLE
    10	REPAIRS	14
	 	 	 
	ARTICLE
    11	FIRE
    OR OTHER CASUALTY	15
	 	 	 
	ARTICLE
    12	END
    OF TERM	16
	 	 	 
	ARTICLE
    13	SUBORDINATION
    AND ESTOPPEL, ETC.	17
	 	 	 
	ARTICLE
    14	CONDEMNATION	20
	 	 	 
	ARTICLE
    15	REQUIREMENTS
    OF LAW	20
	 	 	 
	ARTICLE
    16	CERTIFICATE
    OF OCCUPANCY	21
	 	 	 
	ARTICLE
    17	POSSESSION	21
	 	 	 
	ARTICLE
    18	QUIET
    ENJOYMENT	21
	 	 	 
	ARTICLE
    19	RIGHT
    OF ENTRY	22
	 	 	 
	ARTICLE
    20	INDEMNITY	22
	 	 	 
	ARTICLE
    21	LANDLORD’S
    LIABILITY, ETC.	22
	 	 	 
	ARTICLE
    22	CONDITION
    OF PREMISES	23
	 	 	 
	ARTICLE
    23	CLEANING	23
	 	 	 
	ARTICLE
    24	JURY
    WAIVER	24
	 	 	 
	ARTICLE
    25	NO
    WAIVER, ETC.	24
	 	 	 
	ARTICLE
    26	OCCUPANCY
    AND USE BY TENANT	25

 

    i

     

    

 

	ARTICLE
    27	NOTICES 	25
	 	 	 
	ARTICLE
    28	WATER	26
	 	 	 
	ARTICLE
    29	SPRINKLER
    SYSTEM	26
	 	 	 
	ARTICLE
    30	HEAT,
    ELEVATOR, ETC.	26
	 	 	 
	ARTICLE
    31	SECURITY
    DEPOSIT	27
	 	 	 
	ARTICLE
    32	TAX
    ESCALATION	27
	 	 	 
	ARTICLE
    33	RENT
    CONTROL	30
	 	 	 
	ARTICLE
    34	SUPPLIES	30
	 	 	 
	ARTICLE
    35	AIR
    CONDITIONING	31
	 	 	 
	ARTICLE
    36	SHORING	32
	 	 	 
	ARTICLE
    37	EFFECT
    OF CONVEYANCE, ETC.	32
	 	 	 
	ARTICLE
    38	RIGHTS
    OF SUCCESSORS AND ASSIGNS	33
	 	 	 
	ARTICLE
    39	CAPTIONS	33
	 	 	 
	ARTICLE
    40	BROKERS	33
	 	 	 
	ARTICLE
    41	ELECTRICITY	33
	 	 	 
	ARTICLE
    42	LEASE
    SUBMISSION	38
	 	 	 
	ARTICLE
    43	INSURANCE	38
	 	 	 
	ARTICLE
    44	SIGNAGE	40
	 	 	 
	ARTICLE
    45	RIGHT
    TO RELOCATE	41
	 	 	 
	ARTICLE
    46	FUTURE
    CONDOMINIUM CONVERSION	42
	 	 	 
	ARTICLE
    47	MISCELLANEOUS	42
	 	 	 
	ARTICLE
    48	COMPLIANCE
    WITH LAW	43
	 	 	 
	ARTICLE
    49	RULES
    AND REGULATIONS	45

 

    ii

     

    

 

INDEX
OF DEFINED TERMS

 

	TERM	 	PAGE
	 	 	 
	Additional Rent	 	2
	Alterations	 	10
	Base Tax Year	 	28
	Brokers	 	33
	Building	 	1
	Building Cleaning Contractor	 	23
	Building Project	 	28
	Commencement Date	 	2
	Comparative Year	 	28
	Cooling Season	 	31
	Declaration	 	42
	Delivery Personnel	 	1
	Designated Agent	 	3
	ERIF	 	34
	excess electricity	 	35
	Existing HVAC Equipment	 	31
	Expiration Date	 	2
	Fixed Annual Rent	 	2
	HVAC System	 	31
	Landlord	 	1
	Landlord’s Electrical Consultant	 	35
	Landlord’s Relocation Work	 	41
	Landlord’s Restoration Work	 	15
	Landlord’s Work	 	22
	Lease	 	1
	Leaseback Area	 	4
	Ordinary Business Hours	 	34
	Ordinary Equipment	 	35
	Premises	 	1
	Real Estate Taxes	 	28
	Recapture Date	 	4
	Relocation Effective Date	 	41
	Relocation Notice	 	41
	Relocation Space	 	41
	Rent	 	2
	Security	 	27
	Supplemental Systems	 	31
	Tenant	 	1
	Tenant Cleaning Services	 	23
	Tenant’s Recapture Offer	 	4
	Tenant’s Share	 	27
	Term	 	2

 

    iii

     

    

 

LEASE
(this “Lease”) made as of the 2nd day of August 2016 between SLG Graybar Mesne Lease LLC having
an office c/o SL Green Realty Corp., at 420 Lexington Avenue, New York, New York, 10170, hereinafter referred to as “Landlord”,
and Tiziana Life Sciences PLC, a United Kingdom public limited company having an office at 18 South Street, Mayfair, London W1K
1DG, United Kingdom, hereinafter referred to as “Tenant”.

 

W I T N E S S E T H

 

Landlord and Tenant, in
consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, hereby covenant and agree as follows:

 

ARTICLE
1

 

DEMISE;
PREMISES AND PURPOSE

 

1.01
Landlord hereby leases and demises to Tenant, and Tenant hereby hires and takes from Landlord, those certain premises located
on and comprising a rentable portion of the twenty-fifth (25th) floor designated as Suite 2525-28, approximately as
indicated by hatch marks on the plan annexed hereto and made a part hereof as “Exhibit A” (the “Premises”)
in the building known as and located at 420 Lexington Avenue, New York, New York (the “Building”) subject to
the provisions of this Lease.

 

1.02
The Premises shall be used and occupied for executive and general office use consistent with that found in Class “A”
high-rise office buildings located in midtown Manhattan only and for no other purpose.

 

1.03
Neither the Premises, nor the halls, corridors, stairways, elevators or any other portion of the Building shall be used by
Tenant or Tenant’s servants, employees, licensees, invitees or visitors in connection with the aforesaid permitted use
or otherwise so as to cause any congestion of the public portions of the Building or the entrance ways, sidewalks or roadways
adjoining the Building whether by trucking or by the congregating or loitering thereon of Tenant and/or the servants,
employees, licensees, invitees or visitors of Tenant.

 

1.04
Tenant shall not permit messengers, delivery personnel or other individuals providing such services to Tenant (“Delivery
Personnel”) to: (i) assemble, congregate or to form a line outside of the Premises or the Building or otherwise impede
the flow of pedestrian traffic outside of the Premises or Building or (ii) park or otherwise leave bicycles, wagons or other delivery
carts outside of the Premises or the Building except in locations outside of the Building designated by Landlord from time-to-time.
Tenant shall require all Delivery Personnel to comply with rules promulgated by Landlord from time-to-time regarding the use of
outside messenger services.

 

    1

     

    

 

 

ARTICLE
2

 

TERM

 

2.01
The Premises are leased for a term of five (5) years and two (2) months (the “Term”) which shall commence on
September 1, 2016 (the “Commencement Date”) and shall end on the 31st day of October, 2021 (the
“Expiration Date”) or on such earlier date upon which the Term shall expire, be canceled or terminated pursuant
to any of the conditions or covenants of this Lease or pursuant to law. For purposes of this Lease, the term “Rent Commencement
Date” shall mean the date occurring two (2) months following the Commencement Date.

 

ARTICLE
3

 

RENT
AND ADDITIONAL RENT

 

3.01
Tenant shall pay fixed annual rent without electricity (the “Fixed Annual Rent”) at the rates provided for
in the schedule annexed hereto and made a part hereof as “Exhibit B” in equal monthly installments in advance on the
first (1st) day of each calendar month during the Term, except that the first (1st) monthly installment
of Fixed Annual Rent shall be paid by Tenant upon its execution of this Lease. All sums other than Fixed Annual Rent payable hereunder
shall be deemed to be “Additional Rent” and shall be payable on demand, unless other payment dates are hereinafter
provided. Tenant shall pay all Fixed Annual Rent and Additional Rent due hereunder at the office of Landlord or such other place
as Landlord may designate, payable in United States legal tender, by cash, or by good and sufficient check drawn on a New York
City bank which is a member of the New York Clearing House or a successor thereto, and without any set off or deduction whatsoever.
The term “Rent” as used in this Lease shall mean Fixed Annual Rent and Additional Rent. Landlord may apply
payments made by Tenant towards the payment of any item of Fixed Annual Rent and/or Additional Rent payable hereunder notwithstanding
any designation by Tenant as to the items against which any such payment should be credited.

 

3.02
Subject to the provisions hereof, if and so long as Tenant is not in default under this Lease, after notice and the expiration
of the grace period applicable to such default hereunder, if any, the first two (2) monthly installments of Fixed Annual Rent
(without electricity) accruing under the Lease shall be abated by the sum of $15,556.84 per month (for a total abatement in the
aggregate amount of $31,113.68). Anything contained hereinabove to the contrary notwithstanding, if Tenant at any time during
the term of the Lease, breaches any material covenant, condition or provision of the Lease and fails to cure such breach within
any applicable grace period, and provided that the Lease is terminated by Landlord because of such material default, then, in
addition to all other damages and remedies herein provided and to which Landlord may be otherwise entitled, Landlord shall also
be entitled to the repayment in full of all Rent which has theretofore been abated under the provisions of this Lease, which repayment
Tenant shall make upon demand therefor.

 

    2

     

    

 

ARTICLE
4

 

ASSIGNMENT/SUBLETTING

 

4.01
Neither Tenant nor Tenant’s legal representatives or successors in interest by operation of law or otherwise, shall assign,
mortgage or otherwise encumber this Lease, or sublet or permit all or part of the Premises to be used by (i) others, without the
prior written consent of Landlord in each instance or (ii) a Prohibited Person (as such term is hereinafter defined). The transfer
of a majority of the issued and outstanding capital stock of any corporate tenant or sublessee of this Lease or a majority of
the total interest in any partnership tenant or sublessee or company, however accomplished, and whether in a single transaction
or in a series of related or unrelated transactions, the conversion of a tenant or sublessee entity to either a limited liability
company or a limited liability partnership or the merger or consolidation of a corporate tenant or sublessee, shall be deemed
an assignment of this Lease or of such sublease. If this Lease is assigned, or if the Premises or any part thereof is underlet
or occupied by anybody other than Tenant, Landlord may, after default by Tenant, collect rent from the assignee, undertenant or
occupant, and apply the net amount collected to the rent herein reserved, but no assignment, underletting, occupancy or collection
shall be deemed a waiver of the provisions hereof, the acceptance of the assignee, undertenant or occupant as tenant, or a release
of Tenant from the further performance by Tenant of covenants on the part of Tenant herein contained. The consent by Landlord
to an assignment or underletting shall not in any way be construed to relieve Tenant from obtaining the express consent in writing
of Landlord to any further assignment or underletting. In no event shall any permitted sublessee assign or encumber its sublease
or further sublet all or any portion of its sublet space, or otherwise suffer or permit the sublet space or any part thereof to
be used or occupied by others, without Landlord’s prior written consent in each instance. A modification, amendment or extension
of a sublease shall be deemed a sublease. The listing of the name of a party or entity other than that of Tenant on the Building
or floor directory or on or adjacent to the entrance door to the Premises shall neither grant such party or entity any right or
interest in this Lease or in the Premises nor constitute Landlord’s consent to any assignment or sublease to, or occupancy
of the Premises by, such party or entity. If any lien is filed against the Premises or the Building of which the same form a part
for brokerage services claimed to have been performed for Tenant in connection with any such assignment or sublease, whether or
not actually performed, the same shall be discharged within ten (10) days thereafter, at Tenant’s expense, by filing the
bond required by law, or otherwise, and paying any other necessary sums, and Tenant agrees to indemnify Landlord and its agents
and hold them harmless from and against any and all claims, losses or liability resulting from such lien for brokerage services
rendered. Tenant hereby grants Landlord’s rental agent for the Building, or such other licensed real estate broker as shall
be designated by Landlord from time-to-time (the “Designated Agent”), the sole and exclusive right to effect
any sublet, assignment, release and other disposition of the Premises and any other space Tenant has under lease elsewhere in
the Building for a period of ninety (90) days from the receipt of notice from Tenant with respect to each such sublet, assignment,
release and disposition (provided, however, that Tenant acknowledges and agrees that such Designated Agent from time to time may
be obligated to endeavor to rent competitive space available in the Building on behalf of and pursuant to the instructions of
Landlord or another tenant of the Building) and Tenant shall pay to such Designated Agent upon execution of each such sublease,
assignment, release or other disposition a commission computed in accordance with such Designated Agent’s standard rates
and rules then in effect for the locality in which the Building is located.

 

    3

     

    

 

4.02
In no event shall Tenant have the right to sublease less than the entire Premises. If Tenant desires to assign this Lease or to
sublet the entire Premises, it shall first submit in writing to Landlord the documents described in Section 4.06 hereof, and shall
offer in writing (“Tenant’s Recapture Offer”), (i) with respect to a prospective assignment, to assign
this Lease to Landlord without any payment of moneys or other consideration therefor, or, (ii) with respect to a prospective subletting,
to sublet to Landlord the entire Premises (“Leaseback Area”) for the term specified by Tenant in its proposed
sublease or, at Landlord’s option for the balance of the term of the Lease less one (1) day, and at the lower of (a) Tenant’s
proposed subrental or (b) the rate of Fixed Annual Rent and Additional Rent, and otherwise on the same terms, covenants and conditions
(including provisions relating to escalation rents), as are contained herein. Tenant’s Recapture Offer shall specify the
date when the Leaseback Area will be made available to Landlord, which date shall be in no event earlier than forty-five (45)
days nor later than ninety (90) days following the acceptance of Tenant’s Recapture Offer (the “Recapture Date”).
If an offer of sublease is made, and if the proposed sublease will result in the entire Premises being sublet, then Landlord shall
have the option to extend the term of its proposed sublease for the balance of the term of this Lease less one (1) day. Landlord
shall have a period of forty-five (45) days from the receipt of such Tenant’s Recapture Offer to either accept or reject
Tenant’s Recapture Offer or to terminate this Lease.

 

4.03.
If Landlord exercises its option to terminate this Lease, then (i) the term of this Lease shall end at the election of Landlord
either (x) on the date that such assignment or sublet was to become effective or commence, as the case may be, or (y) on the Recapture
Date and (ii) Tenant shall surrender to Landlord and vacate the Premises on or before such date in the same condition as is otherwise
required upon the expiration of this Lease by its terms, (iii) the Rent and Additional Rent due hereunder shall be paid and apportioned
to such date, and (iv) Landlord shall be free to lease the Premises (or any portion thereof) to any individual or entity including,
without limitation, Tenant’s proposed assignee or subtenant.

 

4.04.
If Landlord shall accept Tenant’s Recapture Offer (i) Tenant shall then execute and deliver to Landlord, or to anyone designated
or named by Landlord, an assignment or sublease, as the case may be, in either case in a form reasonably satisfactory to Landlord’s
counsel; and (ii) Tenant, on demand, shall pay to Landlord or its managing agent (as Landlord shall elect) an amount equal to
the brokerage commissions which would have been incurred by Tenant but for Landlord’s accepting Tenant’s Recapture
Offer.

 

If
a sublease is so made it shall expressly:

 

(i) permit
Landlord to make further subleases of all or any part of the Leaseback Area and (at no cost or expense to Tenant) to make and
authorize any and all changes, alterations, installations and improvements in such space as necessary;

 

(ii) provide
that Tenant will at all times permit reasonably appropriate means of ingress to and egress from the Leaseback Area;

 

(iii)
negate any intention that the estate created under such sublease be merged with any other estate held by either of the
parties;

 

    4

     

    

 

(iv)
provide that at the expiration of the term of such sublease Tenant will accept the Leaseback Area in its then existing condition,
subject to the obligations of Landlord to make such repairs thereto as may be necessary to preserve the Leaseback Area in good
order and condition, ordinary wear and tear excepted (provided, however, that Tenant shall not be obligated to remove any alterations,
installations and improvements made by or on behalf of Landlord or its designee in the Leaseback Area or to restore the Leaseback
Area to the condition existing prior to the performance thereof).

 

4.05
Landlord shall indemnify and save Tenant harmless from all obligations under this Lease as to the Leaseback Area during the period
of time it is so sublet, except for Fixed Annual Rent and Additional Rent, if any, due under the within Lease, which are in excess
of the rents and additional sums due under such sublease. Subject to the foregoing, performance by Landlord, or its designee,
under a sublease of the Leaseback Area shall be deemed performance by Tenant of any similar obligation under this Lease and any
default under any such sublease shall not give rise to a default under a similar obligation contained in this Lease, nor shall
Tenant be liable for any default under this Lease or deemed to be in default hereunder if such default is occasioned by or arises
from any act or omission of the tenant under such sublease or is occasioned by or arises from any act or omission of any occupant
holding under or pursuant to any such sublease.

 

4.06
If Tenant requests Landlord’s consent to a specific assignment or subletting, it shall submit in writing to Landlord (i)
the name and address of the proposed assignee or sublessee, (ii) a duly executed counterpart of the proposed agreement of assignment
or sublease, (iii) reasonably satisfactory information as to the nature and character of the business of the proposed assignee
or sublessee and as to the nature of its proposed use of the space, and (iv) banking, financial or other credit information relating
to the proposed assignee or sublessee reasonably sufficient to enable Landlord to determine the financial responsibility and character
of the proposed assignee or sublessee.

 

4.07.
If Landlord shall not have accepted Tenant’s Recapture Offer and Landlord shall not have terminated this Lease, as provided
for in Section 4.02 hereof, then Landlord will consent or deny its consent to such assignment or subletting in accordance with
the terms set forth herein within forty-five (45) days after Tenant notifies Landlord of its desire to assign this Lease or to
sublet all or any portion of the Premises (which notice may be given simultaneously with Tenant’s Recapture Offer). Landlord
will not unreasonably withhold or delay its consent to Tenant’s request for consent to such specific assignment or subletting
for the use permitted under this Lease, provided that:

 

(i)
The Premises shall not, without Landlord’s prior consent, have been listed or otherwise publicly advertised for
assignment or subletting at a rental rate lower than the higher of (a) the Fixed Annual Rent and all Additional Rent then
payable, or (b) the then prevailing rental rate for other space in the Building; provided, however that this Section 4.07(i)
shall not be deemed to prevent Tenant from effectuating an assignment or sublease at a rental rate lower than the then
prevailing rental rate for other space in the Building;

 

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(ii) The
proposed assignee or subtenant shall have a financial standing, be of a character, be engaged in a business, and propose to use
the Premises, in a manner consistent with the permitted use and in keeping with the standards of the Building;

 

(iii) The
proposed assignee or subtenant shall not then be a tenant, subtenant, assignee or occupant of any space in the Building, nor shall
the proposed assignee or subtenant be a person or entity who has dealt with Landlord or Landlord’s agent (directly or through
a broker) with respect to space in the Building during the six (6) months immediately preceding Tenant’s request for Landlord’s
consent;

 

(iv) The
character of the business to be conducted in the Premises by the proposed assignee or subtenant shall not be likely to increase
operating expenses or the burden on existing cleaning services, elevators or other services and/or systems of the Building;

 

(v) In
case of a subletting, the subtenant shall be expressly subject to all of the obligations of Tenant under this Lease and the further
condition and restriction that such sublease shall not be assigned, encumbered or otherwise transferred or the Premises further
sublet by the subtenant in whole or in part, or any part thereof suffered or permitted by the subtenant to be used or occupied
by others, without the prior written consent of Landlord in each instance;

 

(vi) No
subletting shall end later than one (1) day before the Expiration Date nor shall any subletting be for a term of less than two
(2) years unless it commences less than two (2) years before the Expiration Date;

 

(vii) At
no time shall there be more than one (1) occupant (including Tenant, if Tenant is in occupancy, but excluding Related Entities
and other entities occupying desk-top space in accordance with the provisions of this Article 4), in the Premises;

 

(viii) Tenant
shall reimburse Landlord on demand for any reasonable costs, including attorneys’ fees and disbursements, that may be incurred
by Landlord in connection with said assignment or sublease;

 

(ix) The
character of the business to be conducted in the Premises by the proposed assignee or subtenant shall not require any alterations,
installations, improvements, additions or other physical changes to be performed, or made to, any portion of the Building or the
Real Property other than the Premises; and

 

(x)
The proposed assignee or subtenant shall not be (i) any Person on, or, under the relevant statute and/or regulations
governing any such list, deemed to be on, the list of Specially Designated Nationals and Blocked Persons maintained by the
Office of Foreign Assets Control of the United States Department of the Treasury or on any comparable list hereafter
maintained by said Office or successor thereto, or by any other office or agency of the government of the United States or
any similarly designated Persons under any federal statute which is a successor to or similar to or of similar import as the
statutes currently providing for such designations or maintenance of lists of such designated Persons, or (ii) a Person
entitled to diplomatic or sovereign immunity or which is not subject to service of process in the State of New York or to the
jurisdiction of the courts of the State of New York and the United States located in New York County (any Person described in
(i) and/or (ii) hereinafter referred to as a “Prohibited Person”). A “Person” means any individual,
corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal
state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity
on behalf of any of the foregoing.

 

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4.08
Any consent of Landlord under this Article shall be subject to the terms of this Article and conditioned upon there being no default
by Tenant, beyond any grace period, under any of the terms, covenants and conditions of this Lease at the time that Landlord’s
consent to any such subletting or assignment is requested and on the date of the commencement of the term of any proposed sublease
or the effective date of any proposed assignment. Tenant acknowledges and agrees that no assignment or subletting shall be effective
unless and until Tenant, upon receiving any necessary Landlord’s written consent (and unless it was theretofore delivered
to Landlord) causes a duly executed copy of the sublease or assignment to be delivered to Landlord within ten (10) days after
execution thereof. Any such sublease shall provide that the sublessee shall comply with all applicable terms and conditions of
this Lease to be performed by Tenant hereunder. Any such assignment of this Lease shall contain an assumption by the assignee
of all of the terms, covenants and conditions of this Lease to be performed by Tenant. In addition to the foregoing, as a condition
to such consent, Landlord may require Tenant to deposit additional security in an amount equal to fifty (50%) percent of the security
then on deposit with Landlord hereunder in order to secure performance of the obligations of Tenant accruing from and after the
commencement date of any proposed sublease or the effective date of any proposed assignment.

 

4.09
Anything hereinabove contained to the contrary notwithstanding, Landlord’s consent shall not be required for an assignment of
this Lease, or sublease of all or part of the Premises for the uses permitted hereunder, to a Related Entity, provided that (i)
Landlord is given prior notice thereof and reasonably satisfactory proof that the requirements of this Lease have been met and
Tenant agrees to remain primarily liable, jointly and severally, with any transferee or assignee, for the obligations of Tenant
under this Lease, (ii) any such transaction complies with the other provisions of this Article, and (iii) in Landlord’s reasonable
judgment the proposed assignee or subtenant is engaged in a business and the Premises, or the relevant part thereof, will be used
in a manner which (x) is in keeping with the standards of the Building and (y) would not adversely affect or increase Landlord’s
cost in the operation of the Building.

 

4.10
For purposes of this Article:

 

(i)
a “Related Entity” shall mean (x) a wholly-owned subsidiary of Tenant or any corporation or entity which controls
or is controlled by Tenant or is under common control with Tenant or (y) any entity (i) to which substantially all the assets
of Tenant are transferred or (ii) into which Tenant may be merged or consolidated, provided that in either such case both the
net worth and ratio of current assets to current liabilities (exclusive of good will) of such transferee or of the resulting or
surviving corporation or other business entity, as the case may be, as certified by the certified public accountants of such transferee
or the resulting or surviving business entity in accordance with generally accepted accounting principles, consistently applied,
is not less than Tenant’s net worth and ratio of current assets to current liabilities (exclusive of good will), as so certified,
as of (a) the Commencement Date or (b) the day immediately prior to such transaction, whichever is greater, provided also that
any such transaction complies with the other provisions of this Article; and

 

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(ii)
the term “control” shall mean, in the case of a corporation or other entity, ownership or voting control, directly
or indirectly, of at least fifty (50%) percent of all of the general or other partnership (or similar) interests therein.

 

4.11
If Landlord shall not have accepted Tenant’s Recapture Offer hereunder and Landlord has not elected to terminate this Lease,
and Tenant effects any assignment or subletting (other than pursuant to Section 4.09 above), then Tenant thereafter shall pay
to Landlord a sum equal to fifty (50%) percent of (a) any rent or other consideration payable to Tenant by any subtenant (after
deducting the cost to Tenant, if any, in effecting the subletting or assignment, for reasonable alteration costs, advertising
expenses, brokerage commissions, reasonable rent concessions and legal fees) which is in excess of the rent allocable to the subleased
space which is then being paid by Tenant to Landlord pursuant to the terms hereof, and (b) any other profit or gain realized by
Tenant (after deducting the cost to Tenant, if any, in effecting the subletting or assignment, for reasonable alteration costs,
advertising expenses, brokerage commissions, reasonable rent concessions and legal fees not previously deducted in subsection
a above) from any such subletting or assignment. In computing such excess amount and/or profit or gain, any advertising, legal
expenses and brokerage commissions reasonably incurred by Tenant in connection with such assignment or subleasing shall be deducted
on an amortized basis (i.e., in equal monthly installments) over the balance of the term of the sublease, in the event of a subletting,
or this Lease, in the event of an assignment. The foregoing amounts shall be payable to Landlord only if, as and when, the same
are received by Tenant from said assignee or sublessee.

 

4.12
In no event shall Tenant be entitled to make, nor shall Tenant make, any claim, and Tenant hereby waives any claim, for money
damages (nor shall Tenant claim any money damages by way of set-off, counterclaim or defense) based upon any claim or assertion
by Tenant that Landlord has unreasonably withheld or unreasonably delayed its consent or approval to a proposed assignment or
subletting as provided for in this Article. Tenant’s sole remedy shall be an action or proceeding to enforce any such provision,
or for specific performance, injunction or declaratory judgment.

 

4.13
Notwithstanding anything to the contrary herein contained, Tenant shall be permitted to license up to one (1) office or workstation
within the Premises (the “Licensed Space”) for uses permitted under this Lease only, provided that (i) any
such offices or workstations do not have separate entrances to the public corridor, (ii) Landlord is delivered advance notice
of each such licensing including, without limitation, the name, address and bank references of each such licensee and the material
terms and conditions of each such license, and (iii) each such license otherwise complies with the provisions of this Lease. Landlord
and Tenant hereby acknowledge and agree that Rasna Therapeutics Limited will be occupying the Licensed Space in accordance with
the provisions hereunder and for uses permitted under this Lease.

 

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ARTICLE
5

 

DEFAULT

 

5.01
Landlord may terminate this Lease on three (3) days’ notice: (a) if Fixed Annual Rent or Additional Rent is not paid within
seven (7) days after written notice from Landlord; or (b) if Tenant shall have failed to cure a default in the performance of
any covenant of this Lease (except the payment of Rent), or any rule or regulation hereinafter set forth, within fifteen (15)
days after written notice thereof from Landlord, or if default cannot be completely cured in such time, if Tenant shall not promptly
proceed to cure such default within said fifteen (15) days, or shall not complete the curing of such default with due diligence;
or (c) when and to the extent permitted by law, if a petition in bankruptcy shall be filed by or against Tenant or if Tenant shall
make a general assignment for the benefit of creditors, or receive the benefit of any insolvency or reorganization act; or (d)
if a receiver or trustee is appointed for any portion of Tenant’s property and such appointment is not vacated within twenty-five
(25) days; or (e) if an execution or attachment shall be issued under which the Premises shall be taken or occupied or attempted
to be taken or occupied by anyone other than Tenant; or (f) if the Premises become and remain deserted for a period of ten (10)
days; or (g) if Tenant shall default beyond any grace period under any other lease between Tenant and Landlord. At the expiration
of the three (3) day notice period, this Lease and any rights of renewal or extension thereof shall terminate as completely as
if that were the date originally fixed for the expiration of the Term of this Lease, but Tenant shall remain liable as hereinafter
provided.

 

5.02
In the event that Tenant is in arrears for Fixed Annual Rent or any item of Additional Rent, Tenant waives its right, if any,
to designate the items against which payments made by Tenant are to be credited and Landlord may apply any payments made by Tenant
to any items which Landlord in its sole discretion may elect irrespective of any designation by Tenant as to the items against
which any such payment should be credited.

 

5.03
Tenant shall not seek to remove and/or consolidate any summary proceeding brought by Landlord with any action commenced by Tenant
in connection with this Lease or Tenant’s use and/or occupancy of the Premises.

 

5.04
In the event of a default by Landlord hereunder, no property or assets of Landlord, or any principals, shareholders, officers,
directors, partners or members of Landlord, whether disclosed or undisclosed, other than the Building in which the Premises are
located and the land upon which the Building is situated, shall be subject to levy, execution or other enforcement procedure for
the satisfaction of Tenant’s remedies under or with respect to this Lease, the relationship of Landlord and Tenant hereunder
or Tenant’s use and occupancy of the Premises.

 

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ARTICLE
6

 

RELETTING,
ETC.

 

6.01
If Landlord shall re-enter the Premises on the default of Tenant, by summary proceedings or otherwise: (a) Landlord may
re-let the Premises or any part thereof, as Tenant’s agent, in the name of Landlord, or otherwise, for a term shorter
or longer than the balance of the term of this Lease, and may grant concessions or free rent; (b) Tenant shall pay Landlord
any deficiency between the rent hereby reserved and the net amount of any rents collected by Landlord for the remaining term
of this Lease, through such re-letting. Such deficiency shall become due and payable monthly, as it is determined. Landlord
shall have no obligation to re-let the Premises, and its failure or refusal to do so, or failure to collect rent on
re-letting, shall not affect Tenant’s liability hereunder. In computing the net amount of rents collected through such
re-letting, Landlord may deduct all expenses incurred in obtaining possession or re-letting the Premises, including legal
expenses and fees, brokerage fees, the cost of restoring the Premises to good order, and the cost of all alterations and
decorations deemed necessary by Landlord to effect re-letting. In no event shall Tenant be entitled to a credit or repayment
for rerental income which exceeds the sums payable by Tenant hereunder or which covers a period after the original term of
this Lease; (c) Tenant hereby expressly waives any right of redemption granted by any present or future law.
“Re-enter” and “reentry” as used in this Lease are not restricted to their technical legal meaning.
In the event of a breach or threatened breach of any of the covenants or provisions hereof, Landlord shall have the right of
injunctive relief. Mention herein of any particular remedy shall not preclude Landlord from any other available remedy; (d)
Landlord shall recover as liquidated damages, in addition to accrued rent and other charges, if Landlord’s re-entry is
the result of Tenant’s bankruptcy, insolvency, or reorganization, the full rental for the maximum period allowed by any
act relating to bankruptcy, insolvency or reorganization.

 

6.02
If Landlord re-enters the Premises for any cause, or if Tenant abandons the Premises, or after the expiration of the term of this
Lease, any property left in the Premises by Tenant shall be deemed to have been abandoned by Tenant, and Landlord shall have the
right to retain or dispose of such property in any manner without any obligation to account therefor to Tenant. If Tenant shall
at any time default hereunder, and if Landlord shall institute an action or summary proceeding against Tenant based upon such
default, then Tenant will reimburse Landlord for the legal expenses and fees thereby incurred by Landlord.

 

ARTICLE
7

 

LANDLORD
MAY CURE DEFAULTS

 

7.01
If Tenant shall default in performing any covenant or condition of this Lease, after any required notice is given to Tenant and
expiration of the grace period applicable to such default hereunder, if any, (provided, however, that notice under this Article
shall not be required in the event of an imminent danger to health or safety or in the event that the failure to promptly remedy
such default may result in potential criminal or other liability or a default by Landlord under a mortgage, ground lease or other
agreement), Landlord may perform the same for the account of Tenant, and if Landlord, in connection therewith, or in connection
with any default by Tenant, makes any expenditures or incurs any obligations for the payment of money, including but not limited
to reasonable attorney’s fees, such sums so paid or obligations incurred shall be deemed to be Additional Rent hereunder,
and shall be paid by Tenant to Landlord within fifteen (15) days of rendition of any bill or statement therefor, and if Tenant’s
lease term shall have expired at the time of the making of such expenditures or incurring of such obligations, such sums shall
be recoverable by Landlord as damages.

 

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ARTICLE
8

 

ALTERATIONS

 

8.01
Tenant shall make no alteration, addition or improvement in the Premises, without the prior written consent of Landlord which
consent shall be granted or withheld in accordance with the provisions of this Article 8, and then only by contractors or mechanics
and in such manner and time, and with such materials, as approved by Landlord. Subject to all of the other provisions of this
Article 8, Landlord shall not unreasonably withhold its consent to the performance of work and improvements in the Premises by
contractors employing union labor with the proper jurisdictional qualifications provided, however, that (i) all work affecting
the Building’s “Class E” system shall be performed by Landlord’s designated contractor and all plan filings
with the Department of Buildings shall be performed by Landlord’s designated expeditor and Landlord’s designated consulting
engineer, and (ii) Landlord’s previous experience with a contractor, and concerns regarding the financial stability of, and any
criminal proceedings currently or previously pending against, a contractor or mechanic may form a basis upon which Landlord may
withhold its consent. All alterations, additions or improvements to the Premises, including air-conditioning equipment and duct
work, except movable office furniture (including movable partitions) and trade equipment installed at the expense of Tenant, shall,
unless Landlord elects otherwise in writing, become the property of Landlord, and shall be surrendered with the Premises, at the
expiration or sooner termination of the term of this Lease. Any such alterations, additions and improvements which Landlord shall
designate shall be removed by Tenant and any damage repaired, at Tenant’s expense, prior to the expiration of this Lease.

 

8.02
Anything hereinabove to the contrary notwithstanding, Landlord will not unreasonably withhold, condition or delay approval of
written requests of Tenant to make nonstructural interior alterations, decorations, additions and improvements (herein referred
to as “Alterations”) in the Premises, provided that such Alterations do not affect utility services or plumbing
and electrical lines or other systems of the Building and do not affect and are not visible from any portion of the Building outside
of the Premises (and purely decorative changes such as painting, wallpapering and carpeting shall not require the consent of Landlord,
subject, however, to all other applicable provisions of this Lease). Notwithstanding anything to the contrary set forth herein,
Tenant shall have the right, without the prior consent of Landlord, to make Alterations in the Premises provided that such Alterations:
(a) cost no more than Fifteen Thousand and 00/100 ($15,000.00) Dollars in the aggregate, (b) are non-structural, (c) do not require
a building permit or change in the certificate of occupancy for the Building, (d) do not directly or indirectly affect building
systems, (e) do not directly or indirectly affect any portion of the Building outside of the Premises, and (f) are not visible
from any portion of the Building outside of the Premises. All Alterations shall be performed in accordance with the following
conditions:

 

(i)
Prior to the commencement of any Alterations costing more than $15,000.00 or requiring a building permit, Tenant shall first
submit to Landlord for its approval detailed dimensioned coordinated plans and specifications, including layout,
architectural, mechanical, electrical, plumbing and structural drawings for each proposed Alteration. Landlord shall
be given, in writing, a good description of all other Alterations.

 

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(ii) All
Alterations in and to the Premises shall be performed in a good and workmanlike manner and in accordance with the Building’s
rules and regulations governing Tenant Alterations. Prior to the commencement of any such Alterations, Tenant shall, at its sole
cost and expense, obtain and exhibit to Landlord any governmental permit required in connection with such Alterations. In order
to compensate Landlord for its general conditions and the costs incurred by Landlord in connection with Tenant’s performance
of Alterations in and/or to the Premises (including, without limitation, the costs incurred by Landlord in connection with the
coordination of Alterations which may affect systems or services of the Building or portions of the Building outside of the Premises),
Tenant shall pay to Landlord a fee equal to five (5%) percent of the cost of such Alterations excluding, however, Alterations
performed by Tenant in the Premises within the first one hundred fifty (150) days of the Term in order to prepare the Premises
for Tenant’s initial occupancy thereof. Such fee shall be paid by Tenant as Additional Rent hereunder within ten (10) days
following receipt of an invoice therefor.

 

(iii)
All Alterations shall be done in compliance with all other applicable provisions of this Lease and with all applicable laws, ordinances,
directions, rules and regulations of governmental authorities having jurisdiction, including, without limitation, the Americans
with Disabilities Act of 1990 and New York City Local Law No. 58/87 and similar present or future laws, and regulations issued
pursuant thereto, and also New York City Local Law No. 76 and similar present or future laws, and regulations issued pursuant
thereto, on abatement, storage, transportation and disposal of asbestos and other hazardous materials, which work, if required,
shall be effected at Tenant’s sole cost and expense, by contractors and consultants approved by Landlord and in strict compliance
with the aforesaid rules and regulations and with Landlord’s rules and regulations thereon. Notwithstanding anything contained
herein to the contrary, Landlord shall (a) cure any violations of record as of the date hereof which would interfere with Tenant’s
occupancy of the Premises and (b) remove, enclose, encapsulate or otherwise manage to the extent required by Applicable Laws (as
hereinafter defined) any deteriorated asbestos or asbestos-containing material (collectively, “ACM”) located
within the Premises; provided, however, that notwithstanding anything contained in this Lease to the contrary, Tenant shall remove,
enclose, encapsulate or otherwise manage such ACM as required by applicable law to the extent that (i) Tenant (x) disturbed such
ACM or caused such ACM to become friable or (y) installed the same, or (ii) such ACM consists of vinyl asbestos tiles.

 

(iv) All
work shall be performed with union labor having the proper jurisdictional qualifications.

 

(v) Tenant
shall keep the Building and the Premises free and clear of all liens for any work or material claimed to have been furnished to
Tenant or to the Premises.

 

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(vi) Prior
to the commencement of any work by or for Tenant, Tenant shall furnish to Landlord certificates evidencing the existence of the
following insurance:

 

(a) Workmen’s
compensation insurance covering all persons employed for such work and with respect to whom death or bodily injury claims could
be asserted against Landlord, Tenant or the Premises.

 

(b) Broad
form general liability insurance written on an occurrence basis naming Tenant as an insured and naming Landlord and its designees
as additional insureds, with limits of not less than $3,000,000 combined single limit for personal injury in any one occurrence,
and with limits of not less than $500,000 for property damage (the foregoing limits may be revised from time to time by Landlord
to such higher limits as Landlord from time to time reasonably requires). Tenant, at its sole cost and expense, shall cause all
such insurance to be maintained at all time when the work to be performed for or by Tenant is in progress. All such insurance
shall be obtained from a company authorized to do business in New York and shall provide that it cannot be canceled without thirty
(30) days prior written notice to Landlord. All policies, or certificates therefor, issued by the insurer and bearing notations
evidencing the payment of premiums, shall be delivered to Landlord. Blanket coverage shall be acceptable, provided that coverage
meeting the requirements of this paragraph is assigned to Tenant’s location at the Premises.

 

(vii) In
granting its consent to any Alterations, Landlord may impose such conditions as to guarantee completion (including, without limitation,
requiring Tenant to post additional security or a bond to insure the completion of such Alterations, payment, restoration or otherwise),
as Landlord may reasonably require.

 

(viii) All
work to be performed by Tenant shall be done in a manner which will not interfere with or disturb other tenants and occupants
of the Building.

 

(ix) The
review and/or approval by Landlord, its agents, consultants and/or contractors, of any Alteration or of plans and specifications
therefor and the coordination of such Alteration work with the Building, as described in part above, are solely for the benefit
of Landlord, and neither Landlord nor any of its agents, consultants or contractors shall have any duty toward Tenant; nor shall
Landlord or any of its agents, consultants and/or contractors be deemed to have made any representation or warranty to Tenant,
or have any liability, with respect to the safety, adequacy, correctness, efficiency or compliance with laws of any plans and
specifications, Alterations or any other matter relating thereto.

 

(x) Promptly
following the substantial completion of any Alterations, Tenant shall submit to Landlord: (a) one (1) sepia and one (1) copy on
floppy disk (using a current version of Autocad or such other similar software as is then commonly in use) of final, “as-built”
plans for the Premises showing all such Alterations and demonstrating that such Alterations were performed substantially in accordance
with plans and specifications first approved by Landlord and (b) an itemization of Tenant’s total construction costs, detailed
by contractor, subcontractors, vendors and materialmen; bills, receipts, lien waivers and releases from all contractors, subcontractors,
vendors and materialmen; architects’ and Tenant’s certification of completion, payment and acceptance, and all governmental
approvals and confirmations of completion for such Alterations.

 

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ARTICLE
9

 

LIENS 

 

9.01
Prior to commencement of its work in the Premises, Tenant shall obtain and deliver to Landlord a written letter of authorization,
in form satisfactory to Landlord’s counsel, signed by all architects, engineers and designers to become involved in such
work, which shall confirm that any of their drawings or plans are to be removed from any filing with governmental authorities
on request of Landlord, in the event that said architect, engineer or designer thereafter no longer is providing services with
respect to the Premises. With respect to contractors, subcontractors, materialmen and laborers, and architects, engineers and
designers, for all work or materials to be furnished to Tenant at the Premises, Tenant agrees to obtain and deliver to Landlord
written and unconditional waiver of mechanics liens upon the Premises or the Building after payments to the contractors, etc.,
subject to any then applicable provisions of the Lien Law. Notwithstanding the foregoing, Tenant at its expense shall cause any
lien filed against the Premises or the Building, for work or materials claimed to have been furnished to Tenant, to be discharged
of record within ten (10) days after notice thereof.

 

ARTICLE
10

 

REPAIRS 

 

10.01
Tenant shall take good care of the Premises and the fixtures and appurtenances therein, and shall make all non-structural repairs
necessary to keep them in good working order and condition, and all structural repairs when those are necessitated by the act,
omission or negligence of Tenant or its agents, employees, invitees or contractors, subject to the provisions of Article 11 hereof.
During the term of this Lease, Tenant may have the use of any air-conditioning equipment servicing the Premises, subject to the
provisions of Article 35 of this Lease, and shall reimburse Landlord, in accordance with Article 41 of this Lease, for electricity
consumed by the equipment. The exterior walls and roofs of the Building, the mechanical rooms, service closets, shafts, areas
above any hung ceiling and the windows and the portions of all window sills outside same are not part of the Premises demised
by this Lease, and Landlord hereby reserves all rights to such parts of the Building. Tenant shall not paint, alter, drill into
or otherwise change the appearance of the windows including, without limitation, the sills, jambs, frames, sashes, and meeting
rails.

 

10.02
Landlord shall maintain and repair the structural elements and the common facilities, equipment and systems of the Building (other
than the distribution portions of the Building’s systems located in the Premises) and the perimeter heating system. Notwithstanding
anything to the contrary contained herein, Landlord’s aforesaid obligation shall be performed at the expense of Tenant to
the extent that the need for same arises out of the negligence or willful misconduct of Tenant, its employees, agents or invitees,
or Tenant’s breach of the terms, covenants or conditions of this Lease.

 

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ARTICLE
11

 

FIRE
OR OTHER CASUALTY

 

11.01
Damage by fire or other casualty to the Building and to the core and shell of the Premises (excluding the tenant improvements
and betterments and Tenant’s personal property) shall be repaired at the expense of Landlord (“Landlord’s
Restoration Work”), but without prejudice to the rights of subrogation, if any, of Landlord’s insurer to the extent
not waived herein. Landlord shall not be required to repair or restore any of Tenant’s property or any alteration, installation
or leasehold improvement made in and/or to the Premises. If, as a result of such damage to the Building or to the core and shell
of the Premises, the Premises are rendered untenantable, the Rent shall abate in proportion to the portion of the Premises not
usable by Tenant from the date of such fire or other casualty until Landlord’s Restoration Work is substantially completed.
Landlord shall not be liable to Tenant for any delay in performing Landlord’s Restoration Work (so long as Landlord uses
commercially reasonably efforts to expeditiously complete such work), Tenant’s sole remedy being the right to an abatement
of Rent, as provided above. Tenant shall cooperate with Landlord in connection with the performance by Landlord of Landlord’s
Restoration Work. If the Premises are rendered wholly untenantable by fire or other casualty and if Landlord shall decide not
to restore the Premises, or if the Building shall be so damaged that Landlord shall decide to demolish it or not to rebuild it
(whether or not the Premises have been damaged), Landlord may within ninety (90) days after such fire or other cause give written
notice to Tenant of its election that the term of this Lease shall automatically expire no less than ten (10) days after such
notice is given. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim
against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance
is in force and collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right
of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing
release and waiver shall be in force only if both releasors’ insurance policies contain a clause providing that such a release
or waiver shall not invalidate the insurance and also, provided that such a policy can be obtained without additional premiums.
Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law and agrees that the foregoing provisions
of this Article shall govern and control in lieu thereof.

 

11.02
In the event that the Premises has been damaged or destroyed and this Lease has not been terminated in accordance with the provisions
of this Article, Tenant shall (i) cooperate with Landlord in the restoration of the Premises and shall remove from the Premises
as promptly as reasonably possible all of Tenant’s salvageable inventory, movable equipment, furniture and other property
and (ii) repair the damage to the tenant improvements and betterments and Tenant’s personal property and restore the Premises
within one hundred eighty (180) days following the date upon which the core and shell of the Premises shall have been substantially
repaired by Landlord.

 

    15

     

    

 

11.03
For purposes of this Section 11.03, a “Major Casualty” shall mean damage or destruction (i) to the core and
shell of the Premises or (ii) the Building to the extent that Tenant’s access to the Premises has been substantially
impaired. Provided that Landlord does not elect to terminate this Lease in accordance with the provisions of this Article, in
the event of a Major Casualty, if: (i) there has been substantial damage or destruction to any portion or portions of the
Building and Landlord shall not have substantially restored Tenant’s access to the Premises within twelve (12) months
from the date of such Major Casualty, or within such period after such date (not exceeding three (3) months) as shall equal
the aggregate period Landlord may have been delayed in doing so by reasons of Force Majeure (defined below); or (ii) if
damage is confined substantially to the Premises and Landlord shall not have substantially completed the making of the
required repairs to the core and shell of the Premises within nine (9) months from the date of such Major Casualty, or within
such period after such date (not exceeding three (3) months) as shall equal the aggregate period Landlord may have been
delayed in doing so by reasons of Force Majeure, then, and in such event, Tenant may elect to terminate this Lease upon
giving written notice to Landlord within thirty (30) days after the end of such twelve (12) or nine (9) month period, as the
case may be, and as the same may be extended in accordance with the provisions hereof, and the term of this Lease shall
expire on the date set forth therein which shall be not less than thirty (30) days after the date such notice is given (the
“Cancellation Date”) provided that Landlord does not substantially complete the required repairs to the Building
or to the core and shell of the Premises, as the case may be, prior to the Cancellation Date. For purposes of this Article,
“Force Majeure” shall mean the inability of Landlord to perform an obligation accruing under this Article by
reason of accidents, strikes, the inability to secure a proper supply of fuel, gas, steam, water, electricity, labor or
supplies, governmental restrictions, regulations or controls or by reason of any other similar cause beyond the
reasonable control of Landlord.

 

ARTICLE
12

 

END OF TERM

 

12.01
Tenant shall surrender the Premises to Landlord at the expiration or sooner termination of this Lease in good order and condition,
except for reasonable wear and tear and damage by fire or other casualty, and Tenant shall remove all of its property. Tenant
agrees it shall indemnify and save Landlord harmless against all costs, claims, loss or liability resulting from delay by Tenant
in so surrendering the Premises, including, without limitation, any claims made by any succeeding tenant founded on such delay.
The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant timely to surrender the Premises
will be substantial, will exceed the amount of monthly Rent theretofore payable hereunder, and will be impossible of accurate
measurement. Tenant therefore agrees that if possession of the Premises is not surrendered to Landlord within one (1) day after
the date of the expiration or sooner termination of the Term of this Lease, then Tenant will pay Landlord as liquidated damages
for each month and for each portion of any month during which Tenant holds over in the Premises after expiration or termination
of the Term of this Lease, a sum equal to two (2) times the average Rent and Additional Rent which was payable per month under
this Lease during the last six months of the Term thereof. The aforesaid obligations shall survive the expiration or sooner termination
of the Term of this Lease. At any time during the Term of this Lease, Landlord may exhibit the Premises to prospective purchasers
and/or superior lessors and mortgagees (as such terms are hereinafter defined). During the last year of the term of this Lease,
Landlord may exhibit the Premises to prospective tenants.

 

    16

     

    

 

ARTICLE
13

 

SUBORDINATION
AND ESTOPPEL, ETC.

 

13.01
This Lease, and all rights of Tenant hereunder, are, and shall continue to be, subject and subordinate in all respects to:

 

(1) all
ground leases, overriding leases and underlying leases of the land and/or the building now or hereafter existing and to all matters
to which such leases are or shall be subordinate including, without limitation, all present and future ground leases, underlying
leases and all subleases of the entire premises demised by that certain ground lease dated December 30, 1957 and recorded in the
office of the Register of the City of New York in the County of New York on December 31, 1957, in Liber 5024 of Conveyances, Page
430 of which the premises hereby demised form a part;

 

(2) all
mortgages that may now or hereafter affect the land, the Building and/or any of such leases, whether or not such mortgages shall
also cover other lands and/or buildings;

 

(3) each
and every advance made or hereafter to be made under such mortgages;

 

(4) all
renewals, modifications, replacements and extensions of such leases and such mortgages; and

 

(5) all
spreaders and consolidations of such mortgages.

 

13.02
The provisions of Section 13.01 of this Article shall be self-operative, and no further instrument of subordination shall be required.
In confirmation of such subordination, Tenant shall execute and deliver any instrument that Landlord, the lessor of any such lease,
the holder of any mortgage or any of its successors in interest shall reasonably request to evidence such subordination and, in
the event that Tenant shall fail to execute and deliver any such instrument within ten (10) days after request therefor, Tenant
shall irrevocably constitute and appoint Landlord as Tenant’s attorney-in-fact, coupled with an interest, to execute and
deliver any such instrument for and on behalf of Tenant. The leases to which this Lease is, at the time referred to, subject and
subordinate pursuant to this Article 13 are herein sometimes called “superior leases”, the mortgages to which this
Lease is, at the time referred to, subject and subordinate are herein sometimes called “superior mortgages”, the lessor
of a superior lease or its successor in interest at the time referred to is sometimes herein called a “lessor” and
the mortgagee under a superior mortgage or its successor in interest at the time referred to is sometimes herein called a “mortgagee”.

 

    17

     

    

 

13.03
In the event of any act or omission of Landlord that would give Tenant the right, immediately or after lapse of a period of time,
to cancel or terminate this Lease, or to claim a partial or total eviction, Tenant shall not exercise such right until:

 

(i) it
has given written notice of such act or omission to the mortgagee of each superior mortgage and the lessor of such superior lease
whose name and address shall previously have been furnished to Tenant; and

 

(ii) a
reasonable period for remedying such act or omission shall have elapsed following the giving of such notice and following the
time when such mortgagee or lessor shall have obtained possession of the Premises and become entitled under such superior mortgage
or superior lease, as the case may be, to remedy the same (which reasonable period shall in no event be less than the period to
which Landlord would be entitled under this Lease or otherwise, after similar notice, to effect such remedy). Nothing contained
herein shall obligate such lessor or mortgagee to remedy such act or omission.

 

13.04
In the event of termination, re-entry or dispossession by a lessor under a superior lease or the mortgagee of a superior
mortgage (hereinafter sometimes called a “successor landlord”), such successor landlord may at its option: (1)
take over all of the right, title and interest of Landlord under this Lease, and such Tenant shall, at such successor
landlord’s option, attorn to successor landlord pursuant to the then executory provisions of this Lease, (2) require
Tenant to enter into a new lease pursuant to the then executory provisions of this Lease with such successor landlord or such
successor landlord’s designee, or (3) terminate this Lease or allow this Lease to remain terminated to the extent it
has terminated by operation of law or otherwise; except that in the case of such successor landlord proceeding under clauses
(1) or (2), such successor landlord shall not (A) be liable for any previous act or omission of Landlord, it being understood
that the foregoing is not intended to relieve such successor landlord of any liability arising by reason of its acts or
omissions from and after the date it succeeds to the interest of the Landlord, including a continuation of the failure of the
prior landlord to perform obligations under this Lease in which case such successor landlord upon receipt of notice of such
continuation from Tenant shall have a reasonable period of time to remedy same, (B) be subject to any offset or defenses that
Tenant might have against Landlord, other than abatements expressly provided for in this Lease which are customary in
comparable leases in comparable buildings in the applicable submarket in midtown Manhattan, which theretofore accrued to
Tenant against Landlord, (C) be bound by any previous amendment, modification of or supplement to this Lease (other than
those previously consented to or approved by such successor landlord in writing or an amendment, modification, or supplement,
the provisions of which could have been entered into and included in the original Lease in the first instance without such
successor landlord’s consent), (D) be bound by any previous prepayment of more than one month’s rent, (other than
semi-annual prepayments of taxes or customary prepayments in respect of estimated operating expenses), unless actually
received by successor landlord, or, in the case of any prepayments on account of insurance premiums or taxes, unless shall
actually have been applied toward the payment of insurance premiums or taxes, (E) be obligated to return or otherwise account
for any security theretofore deposited, except to the extent that such security shall actually have been turned over to such
successor landlord (or such designee), (F) be bound by any covenant of Landlord (i) to undertake, complete and/or pay for any
alterations of the Premises to make same ready for such Tenant’s occupancy (as opposed to the ongoing obligations of
the Landlord with respect to maintenance, repairs and compliance with law) or (ii) to undertake, complete and/or pay for any
restoration, replacement or rebuilding of the space demised to Tenant or any other portion of the Premises that may be
required, due to any damage or destruction that shall have occurred prior to or after such termination, except to the extent
that insurance proceeds and/or any condemnation award received by such successor landlord (or such designee) shall be
sufficient to pay the cost of such restoration, replacement or rebuilding, provided that in such event Tenant shall retain
any termination rights it may have hereunder in the event of successor landlord’s failure to restore, replace or
rebuild such space or any other portion of the Premises.

 

    18

     

    

 

13.05
If, in connection with obtaining financing or refinancing for the Building, a banking, insurance, or other lender shall request
reasonable modifications to this Lease as a condition to such financing or refinancing, Tenant shall not unreasonably withhold,
delay, or defer its consent thereto, provided that such modifications do not materially increase the obligation, or materially
decrease the rights, of Tenant hereunder. In no event shall a requested modification of this Lease requiring Tenant to do the
following be deemed to materially adversely affect the leasehold interest hereby created:

 

(i) give
notice of any default by Landlord under this Lease to such lender and/or permit the curing of such defaults by such lender; and

 

(ii) obtain
such lender’s consent for any modification of this Lease.

 

13.06
Tenant agrees that if this Lease terminates, expires or is canceled for any reason or by any means whatsoever by reason of a default
under a ground lease or mortgage, and the ground lessor or mortgagee so elects by written notice to Tenant, this Lease shall automatically
be reinstated for the balance of the term which would have remained but for such termination, expiration or cancellation, at the
same rental, and upon the same agreements, covenants, conditions, restrictions and provisions herein contained, with the same
rental, and upon the same agreements, covenants, conditions, restrictions and provisions herein contained, with the same force
and effect as if no such termination, expiration or cancellation had taken place. Tenant covenants to execute and deliver any
instrument required to confirm the validity of the foregoing.

 

13.07
From time to time, Tenant, on at least ten (10) days’ prior written request by Landlord, shall deliver to Landlord a statement
in writing certifying as of the date of the certificate that (1) this Lease is unmodified and in full force and effect (or if
there shall have been modifications, that the same is in full force and effect as modified and stating the modifications), (2)
the dates to which the Rent and other charges have been paid in advance, (3) whether or not, to the actual knowledge of Tenant
as of such date, Landlord is in default in the performance of any covenant, agreement or condition contained in this Lease, and
to Tenant’s actual knowledge, that no facts or circumstance exist that, with the passage of time or the giving of notice
or both, would constitute a default hereunder (and, if so, specifying each such default of which Tenant has actual knowledge),
(4) the Commencement Date, Expiration Date and Rent Commencement Date (if applicable), and (5) that, as of such date, Tenant is
not, to Tenant’s actual knowledge, entitled to any defenses, offsets, claims, counterclaims or rights or recoupment against
its obligations hereunder. Tenant hereby irrevocably constitutes and appoints Landlord the attorney-in-fact of Tenant to execute,
acknowledge and deliver any such statements or certificates for and on behalf of Tenant in the event that Tenant fails to so execute
any such statement or certificate.

 

    19

     

    

 

ARTICLE
14

 

CONDEMNATION

 

14.01
If the whole or any substantial part of the Premises shall be condemned by eminent domain or acquired by private purchase in lieu
thereof, for any public or quasi-public purpose, this Lease shall terminate on the date of the vesting of title through such proceeding
or purchase, and Tenant shall have no claim against Landlord for the value of any unexpired portion of the Term of this Lease,
nor shall Tenant be entitled to any part of the condemnation award or private purchase price. If less than a substantial part
of the Premises is condemned, this Lease shall not terminate, but Rent shall abate in proportion to the portion of the Premises
condemned.

 

ARTICLE
15

 

REQUIREMENTS
OF LAW

 

15.01
Tenant at its expense shall comply with all laws, orders and regulations of any governmental authority having or asserting jurisdiction
over the Premises, which shall impose any violation, order or duty upon Landlord or Tenant with respect to the Premises or the
use or occupancy thereof, including, without limitation, compliance in the Premises with all City, State and Federal laws, rules
and regulations on the disabled or handicapped, on fire safety and on hazardous materials. The foregoing shall not require Tenant
to do structural work to the Building (collectively, “Applicable Laws”). The foregoing shall not require Tenant
to do structural work to the Building. Notwithstanding anything contained in this Article to the contrary, Tenant’s obligations
to perform repairs or alterations in order to comply with Applicable Laws shall be limited to the performance of such work necessitated
by (i) alterations and tenant improvements in the Premises made by or on behalf of Tenant, and (ii) a breach by Tenant of its
obligations under this Lease or (iii) the negligence or willful misconduct of Tenant, its agents, servants, contractors, invitees,
subtenants and/or any person or entity entering or occupying the Premises or any portion thereof with the consent of Tenant or
any such parties.

 

15.02
Tenant shall require every person engaged by him to clean any window in the Premises from the outside, to use the equipment
and safety devices required by Section 202 of the Labor Law and the rules of any governmental authority having or asserting
jurisdiction.

 

15.03
Tenant at its expense shall comply with all requirements of the New York Board of Fire Underwriters, or any other similar body
affecting the Premises, and shall not use the Premises in a manner which shall increase the rate of fire insurance of Landlord
or of any other tenant, over that in effect prior to this Lease. If Tenant’s use of the Premises increases the fire insurance
rate, Tenant shall reimburse Landlord for all such increased costs. That the Premises are being used for the purpose set forth
in Article 1 hereof shall not relieve Tenant from the foregoing duties, obligations and expenses.

 

    20

     

    

 

ARTICLE
16

 

CERTIFICATE
OF OCCUPANCY

 

16.01
Tenant will at no time use or occupy the Premises in violation of the certificate of occupancy issued for the Building. The statement
in this Lease of the nature of the business to be conducted by Tenant shall not be deemed to constitute a representation or guaranty
by Landlord that such use is lawful or permissible in the Premises under the certificate of occupancy for the Building.

 

ARTICLE
17

 

POSSESSION

 

17.01
If Landlord shall be unable to give possession of the Premises on the Commencement Date because of the retention of possession
of any occupant thereof, alteration or construction work, or for any other reason, Landlord shall not be subject to any liability
for such failure. In such event, this Lease shall stay in full force and effect, without extension of its Term. However, the Rent
hereunder shall not commence until the Premises are available for occupancy by Tenant in the condition required by this Lease,
as expressly provided in Article 22 of this Lease. If delay in possession is due to work, changes or decorations being made by
or for Tenant, or is otherwise caused by Tenant, there shall be no rent abatement and the Rent shall commence on the date specified
in this Lease. If permission is given to Tenant to occupy the Premises or other Premises prior to the date specified as the commencement
of the Term, such occupancy shall be deemed to be pursuant to the terms of this Lease, except that the parties shall separately
agree as to the obligation of Tenant to pay Rent for such occupancy. The provisions of this Article are intended to constitute
an “express provision to the contrary” within the meaning of Section 223(a), New York Real Property Law.

 

ARTICLE
18

 

QUIET
ENJOYMENT

 

18.01
Landlord covenants that if Tenant pays the Rent and performs all of Tenant’s other obligations under this Lease, Tenant
may peaceably and quietly enjoy the Premises, subject to the terms, covenants and conditions of this Lease and to the ground leases,
underlying leases and mortgages herein before mentioned.

 

    21

     

    

 

ARTICLE
19

 

RIGHT
OF ENTRY

 

19.01
Tenant shall permit Landlord to erect, construct and maintain pipes, conduits and shafts in and through the Premises,
provided that they are concealed, erected along perimeter walls wherever possible and are installed in a manner which does
not interfere with Tenant’s use of the Premises. Landlord or its agents shall have the right to enter or pass through
the Premises at all times, upon reasonable advance notice to Tenant (which may be given in person or by telephone) and, in
the event of an emergency, by master key, reasonable force or otherwise, to examine the same, and to make such repairs,
alterations or additions as it may deem necessary or desirable to the Premises or the Building, and to take all material into
and upon the Premises that may be required therefor. Landlord shall use reasonable efforts to minimize interference with
Tenant’s normal business activities within the Premises provided, however, that Tenant acknowledges and agrees that at,
Landlord’s election, all such work shall be performed on normal business days during normal business hours, unless
Tenant requests and pays Landlord incremental difference in cost for overtime or premium labor. Such entry and work shall not
constitute an eviction of Tenant in whole or in part, shall not be grounds for any abatement of Rent, and shall impose no
liability on Landlord by reason of inconvenience or injury to Tenant’s business. Landlord shall have the right at any
time, without the same constituting an actual or constructive eviction, and without incurring any liability to Tenant, to
change the arrangement and/or location of entrances or passageways, windows, corridors, elevators, stairs, toilets, or other
public parts of the Building, and to change the designation of rooms and suites and the name or number by which the Building
is known.

 

ARTICLE
20

 

INDEMNITY

 

20.01
Tenant shall indemnify, defend and save Landlord harmless from and against any liability or expense arising from the use or occupation
of the Premises by Tenant, or anyone on the Premises with Tenant’s permission, or from any breach of this Lease.

 

ARTICLE
21

 

LANDLORD’S
LIABILITY, ETC.

 

21.01
This Lease and the obligations of Tenant hereunder shall not in any way be affected because Landlord is unable to fulfill
any of its obligations or to supply any service, by reason of strike or other cause not within Landlord’s control.
Landlord shall have the right, without incurring any liability to Tenant, to stop any service because of accident or
emergency, or for repairs, alterations or improvements, necessary or desirable in the judgment of Landlord, until such
repairs, alterations or improvements shall have been completed. Landlord shall not be liable to Tenant or anyone else, for
any loss or damage to person, property or business; nor shall Landlord be liable for any latent defect in the Premises or the
Building. Neither the partners, entities or individuals comprising Landlord, nor the agents, directors, or officers or
employees of any of the foregoing shall be liable for the performance of Landlord’s obligations hereunder. Tenant
agrees to look solely to Landlord’s estate and interest in the land and Building, or the lease of the Building or of
the land and Building, and the Premises, for the satisfaction of any right or remedy of Tenant for the collection of a
judgment (or other judicial process) requiring the payment of money by Landlord, and in the event of any liability by
Landlord, no other property or assets of Landlord or of any of the aforementioned parties shall be subject to levy, execution
or other enforcement procedure for the satisfaction of Tenant’s remedies under or with respect to this Lease, the
relationship of Landlord and Tenant hereunder, or Tenant’s use and occupancy of the Premises or any other liability of
Landlord to Tenant.

 

    22

     

    

 

ARTICLE
22

 

CONDITION
OF PREMISES

 

22.01
The parties acknowledge that Tenant has inspected the Premises and the Building and is fully familiar with the physical condition
thereof and Tenant agrees to accept the Premises at the commencement of the Term in its then “as is” condition. Tenant
acknowledges and agrees that Landlord shall have no obligation to do any work in or to the Premises in order to make it suitable
and ready for occupancy and use by Tenant.

 

ARTICLE
23

 

CLEANING

 

23.01
Landlord shall cause the Premises to be kept clean in accordance with Landlord’s customary standards for the Building, provided
they are kept in order by Tenant. Landlord, its cleaning contractor and their employees shall have after-hours access to the Premises
and the use of Tenant’s light, power and water in the Premises as may be reasonably required for the purpose of cleaning
the Premises. Landlord may remove Tenant’s extraordinary refuse from the Building and Tenant shall pay the cost thereof.

 

23.02
Tenant acknowledges that Landlord has designated a cleaning contractor for the Building. Tenant agrees to employ said cleaning
contractor or such other contractor as Landlord shall from time to time designate (the “Building Cleaning Contractor”)
to perform all cleaning services required under the Lease to be performed by Tenant within the Premises and for any other waxing,
polishing, and other cleaning and maintenance work of the Premises and Tenant’s furniture, fixtures and equipment (collectively,
“Tenant Cleaning Services”) provided that the prices charged by said contractor are comparable to the prices
customarily charged by other reputable cleaning contractors employing union labor in midtown Manhattan for the same level and
quality of service. Tenant acknowledges that it has been advised that the cleaning contractor for the Building may be a division
or affiliate of Landlord. Tenant agrees that it shall not employ any other cleaning and maintenance contractor, nor any individual,
firm or organization for such purpose, without Landlord’s prior written consent. In the event that Landlord and Tenant cannot
agree on whether the prices then being charged by the Building Cleaning Contractor for such cleaning services are comparable to
those charged by other reputable contractors as herein provided, then Landlord and Tenant shall each obtain two (2) bona fide
bids for such services from reputable cleaning contractors performing such services in comparable buildings in midtown Manhattan
employing union labor, and the average of the four bids thus obtained shall be the standard of comparison. In the event that the
Building Cleaning Contractor does not agree to perform such cleaning services for Tenant at such average price, Landlord shall
not unreasonably withhold its consent to the performance of Tenant Cleaning Services by a reputable cleaning contractor designated
by Tenant employing union labor with the proper jurisdictional qualifications; provided, however, that, without limitation, Landlord’s
experience with such contractor or any criminal proceedings pending or previously filed against such contractor may form a basis
upon which Landlord may withhold or withdraw its consent.

 

    23

     

    

 

ARTICLE
24

 

JURY WAIVER

 

24.01
Landlord and Tenant hereby waive trial by jury in any action, proceeding or counterclaim involving any matter whatsoever arising
out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the
Premises or involving the right to any statutory relief or remedy. Tenant will not interpose any counterclaim of any nature in
any summary proceeding.

 

ARTICLE
25

 

NO
WAIVER, ETC.

 

25.01
No act or omission of Landlord or its agents shall constitute an actual or constructive eviction, unless Landlord shall have first
received written notice of Tenant’s claim and shall have had a reasonable opportunity to meet such claim. In the event that
any payment herein provided for by Tenant to Landlord shall become overdue for a period in excess of ten (10) days, then at Landlord’s
option a “late charge” shall become due and payable to Landlord, as Additional Rent, from the date it was due until
payment is made, at the following rates: for individual and partnership lessees, said late charge shall be computed at the maximum
legal rate of interest; for corporate or governmental entity lessees the late charge shall be computed at two percent per month
unless there is an applicable maximum legal rate of interest which then shall be used. No act or omission of Landlord or its agents
shall constitute an acceptance of a surrender of the Premises, except a writing signed by Landlord. The delivery or acceptance
of keys to Landlord or its agents shall not constitute a termination of this Lease or a surrender of the Premises. Acceptance
by Landlord of less than the Rent herein provided shall at Landlord’s option be deemed on account of earliest Rent remaining
unpaid. No endorsement on any check, or letter accompanying Rent, shall be deemed an accord and satisfaction, and such check may
be cashed without prejudice to Landlord. No waiver of any provision of this Lease shall be effective, unless such waiver be in
writing signed by the party to be charged. In no event shall Tenant be entitled to make, nor shall Tenant make any claim, and
Tenant hereby waives any claim for money damages (nor shall Tenant claim any money damages by way of set-off, counterclaim or
defense) based upon any claim or assertion by Tenant that Landlord had unreasonably withheld, delayed or conditioned its consent
or approval to any request by Tenant made under a provision of this Lease. Tenant’s sole remedy shall be an action or proceeding
to enforce any such provision, or for specific performance or declaratory judgment. Tenant shall comply with the rules and regulations
contained in this Lease, and any reasonable modifications thereof or additions thereto. Landlord shall not be liable to Tenant
for the violation of such rules and regulations by any other tenant. Failure of Landlord to enforce any provision of this Lease,
or any rule or regulation, shall not be construed as the waiver of any subsequent violation of a provision of this Lease, or any
rule or regulation. This Lease shall not be affected by nor shall Landlord in any way be liable for the closing, darkening or
bricking up of windows in the Premises, for any reason, including as the result of construction on any property of which the Premises
are not a part or by Landlord’s own acts.

 

    24

     

    

 

ARTICLE
26

 

OCCUPANCY
AND USE BY TENANT

 

26.01
If this Lease is terminated because of Tenant’s default hereunder, then, in addition to Landlord’s rights of re-entry,
restoration, preparation for and rerental, and anything elsewhere in this Lease to the contrary notwithstanding, all Rent and
Additional Rent reserved in this Lease from the date of such breach to the expiration date of this Lease shall become immediately
due and payable to Landlord and Landlord shall retain its right to judgment on and collection of Tenant’s aforesaid obligation
to make a single payment to Landlord of a sum equal to the total of all Rent and Additional Rent reserved for the remainder of
the original Term of this Lease, subject to future credit or repayment to Tenant in the event of any rerenting of the Premises
by Landlord, after first deducting from rerental income all expenses incurred by Landlord in reducing to judgment or otherwise
collecting Tenant’s aforesaid obligation, and in obtaining possession of, restoring, preparing for and re-letting the Premises.
In no event shall Tenant be entitled to a credit or repayment for rerental income which exceeds the sums payable by Tenant hereunder
or which covers a period after the original Term of this Lease.

 

ARTICLE
27

 

NOTICES 

 

27.01
Any bill, notice or demand from Landlord to Tenant, may be delivered personally at the Premises or sent by registered or certified
mail or by any nationally recognized overnight delivery service and addressed to Tenant at the Premises or at the address first
set forth herein. Such bill, notice or demand shall be deemed to have been given at the time of delivery, mailing or receipt by
such delivery service. Any notice, request or demand from Tenant to Landlord must be sent by registered or certified mail to the
last address designated in writing by Landlord.

 

    25

     

    

 

ARTICLE
28

 

WATER

 

28.01
Tenant shall pay the amount of Landlord’s cost for all excessive water used by Tenant for any purpose other than
ordinary cleaning, pantry or lavatory uses, and any sewer rent or tax based thereon. Landlord may install a water meter to
measure Tenant’s water consumption for all purposes and Tenant agrees to pay for the installation and maintenance
thereof and for water consumed as shown on said meter at Landlord’s cost therefor plus fifteen (15%) percent. If water
is made available to Tenant in the Building or the Premises through a meter which also supplies other Premises, or without a
meter, then Tenant shall pay to Landlord a reasonable charge per month for water. Landlord reserves the right to discontinue
water service to the Premises if either the quantity or character of such service is changed or is no longer available or
suitable for Tenant’s requirements or for any other reason without releasing Tenant from any liability under this Lease
and without Landlord or Landlord’s agent incurring any liability for any damage or loss sustained by Tenant by such
discontinuance of service.

 

ARTICLE
29

 

SPRINKLER
SYSTEM

 

29.01
If there shall be a “sprinkler system” in the Premises for any period during this Lease, Tenant shall pay a reasonable
charge per month, for sprinkler supervisory service. If such sprinkler system is damaged by any act or omission of Tenant or its
agents, employees, licensees or visitors, Tenant shall restore the system to good working condition at its own expense. If the
New York Board of Fire Underwriters, the New York Fire Insurance Exchange, the Insurance Services Office, or any governmental
authority requires the installation of, or any alteration to a sprinkler system by reason of Tenant’s particular manner
of occupancy or use of the Premises, including any alteration necessary to obtain the full allowance for a sprinkler system in
the fire insurance rate of Landlord, or for any other reason, Tenant shall make such installation or alteration promptly, and
at its own expense.

 

ARTICLE
30

 

HEAT,
ELEVATOR, ETC.

 

30.01
Landlord shall provide elevator service during all usual business hours, except on Sundays, State holidays, Federal holidays,
or Building Service Employees Union Contract holidays. Landlord shall furnish heat to the Premises during the same hours on the
same days in the cold season in each year. If the elevators in the Building are manually operated, Landlord may convert to automatic
elevators at any time, without in any way affecting Tenant’s obligations hereunder.

 

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ARTICLE
31

 

SECURITY
DEPOSIT

 

31.01
Tenant has deposited with Landlord the sum of $186,682.00 as security (the “Security”) for the performance
by Tenant of the terms of this Lease. Landlord may use any part of the Security to satisfy any default of Tenant and any expenses
arising from such default, including but not limited to legal fees and any damages or rent deficiency before or after re-entry
by Landlord. Tenant shall, upon demand, deposit with Landlord the full amount so used, and/or any amount not so deposited by Tenant,
in order that Landlord shall have the full Security deposit on hand at all times during the term of this Lease. If Tenant shall
comply fully with the terms of this Lease, the Security shall be returned to Tenant after the date fixed as the end of the Lease.
In the event of a sale or lease of the Building containing the Premises, Landlord may transfer the Security to the purchaser or
tenant, and Landlord shall thereupon be released from all liability for the return of the Security. This provision shall apply
to every transfer or assignment of the Security to a new Landlord. Tenant shall have no legal power to assign or encumber the
Security herein described.

 

31.02
Effective as of the second (2nd) anniversary of the Rent Commencement Date (the “Security Reduction Date”),
the security required to be maintained by Tenant under the provisions of this Article 31 shall be reduced by the sum of $31,113.67
(the “Partial Security Refund”) to the sum of $155,568.33 provided that (x) Tenant has not been in default
of this Lease at any time prior thereto, and (y) the net worth or ratio of current assets to current liabilities (exclusive of
good will) of Tenant as of the Security Reduction Date is not less than the net worth or ratio of current assets to current liabilities
(exclusive of good will) of Tenant as of the Commencement Date. In the event that Tenant is entitled to a reduction of security
in accordance with the provisions of this Section 31.02, Landlord shall, within thirty (30) days following receipt from Tenant
of a demand therefor, at Landlord’s election, refund to Tenant the Partial Security Refund by either issuing a check or
credit against the next installments of Fixed Annual Rent and Additional Rent accruing hereunder from and after the Security Reduction
Date.

 

31.03
Simultaneously upon execution of this Lease, Tenant shall deliver to Landlord a good guy guarantee (the “Guarantee”)
from James F. Tripp (the “Guarantor”) as security for the performance by Tenant of the terms of this Lease
which shall comply and conform in all material respects with the form annexed hereto and made a part hereof as “Exhibit
C”.

 

ARTICLE
32

 

TAX
ESCALATION

 

32.01
Tenant shall pay to Landlord, as Additional Rent, tax escalation in accordance with this Article:

 

(a) For
purposes of this Lease, Landlord and Tenant acknowledge and agree that the rentable square foot area of the Premises shall be
deemed to be 3,011 square feet.

 

(b) For
the purpose of this Article, the following definitions shall apply:

 

(i)
The term “Tenant’s Share”, for purposes of computing tax escalation, shall mean 0.271 percent (0.271%).
Tenant’s Share has been computed on the basis of a fraction, the numerator of which is the rentable square foot area of
the Premises and the denominator of which is the total rentable square foot area of the office and commercial space in the Building
Project. The parties acknowledge and agree that the total rentable square foot area of the office and commercial space in the
Building Project shall be deemed to be 1,112,424 sq. ft.

 

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(ii)
The term the “Building Project” shall mean the aggregate combined parcel of land on a portion of which are
the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block
and lot for tax purposes which are applicable to the aforesaid land.

 

(iii)
The “Base Tax Year” shall mean the New York City fiscal tax year commencing on July 1, 2016 through June 30,
2017.

 

(iv)
The term “Comparative Year” shall mean the twelve (12) month period following the Base Tax Year, and each subsequent
period of twelve (12) months thereafter.

 

(v)
The term “Real Estate Taxes” shall mean the total of all taxes and special or other assessments levied, assessed
or imposed at any time by any governmental authority upon or against the Building Project including, without limitation, any tax
or assessment levied, assessed or imposed at any time by any governmental authority in connection with the receipt of income or
rents from said Building Project to the extent that same shall be in lieu of all or a portion of any of the aforesaid taxes or
assessments, or additions or increases thereof, upon or against said Building Project. If, due to a future change in the method
of taxation or in the taxing authority, or for any other reason, a franchise, income, transit, profit or other tax or governmental
imposition, however designated, shall be levied against Landlord in substitution in whole or in part for the Real Estate Taxes,
or in lieu of additions to or increases of said Real Estate Taxes, then such franchise, income, transit, profit or other tax or
governmental imposition shall be deemed to be included within the definition of “Real Estate Taxes” for the purposes
hereof.

 

(vi) Where
more than one assessment is imposed by the City of New York for any tax year, whether denominated an “actual assessment”
or a “transitional assessment” or otherwise, then the phrases herein “assessed value” and “assessments”
shall mean whichever of the actual, transitional or other assessment is designated by the City of New York as the taxable assessment
for that tax year.

 

32.02
In the event that the Real Estate Taxes payable for any Comparative Year shall exceed the amount of the Real Estate Taxes
payable during the Base Tax Year, Tenant shall pay to Landlord, as Additional Rent for such Comparative Year, an amount equal
to Tenant’s Share of the excess. Before or after the start of each Comparative Year, Landlord shall furnish to Tenant a
statement of the Real Estate Taxes payable during the Comparative Year. If the Real Estate Taxes payable for such Comparative
Year exceed the Real Estate Taxes payable during the Base Tax Year, Additional Rent for such Comparative Year, in an amount
equal to Tenant’s Share of the excess, shall be due from Tenant to Landlord, and such Additional Rent shall be payable
by Tenant to Landlord within thirty (30) days after receipt of the aforesaid statement. The benefit of any discount for any
early payment or prepayment of Real Estate Taxes shall accrue solely to the benefit of Landlord, and such discount shall not
be subtracted from the Real Estate Taxes payable for any Comparative Year. In addition to the foregoing, Tenant shall pay to
Landlord, on demand, as Additional Rent, a sum equal to Tenant’s Share of any business improvement district assessment
payable by the Building Project.

 

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32.03
Should the Real Estate Taxes payable during the Base Tax Year be reduced by final determination of legal proceedings, settlement
or otherwise, then, the Real Estate Taxes payable during the Base Tax Year shall be correspondingly revised, the Additional Rent
theretofore paid or payable hereunder for all Comparative Years shall be recomputed on the basis of such reduction, and Tenant
shall pay to Landlord as Additional Rent, within ten (10) days after being billed therefor, any deficiency between the amount
of such Additional Rent as theretofore computed and the amount thereof due as the result of such recomputations.

 

32.04
If, after Tenant shall have made a payment of Additional Rent under Section 32.02, Landlord shall receive a refund of any portion
of the Real Estate Taxes payable for any Comparative Year after the Base Tax Year on which such payment of Additional Rent shall
have been based, as a result of a reduction of such Real Estate Taxes by final determination of legal proceedings, settlement
or otherwise, Landlord shall within ten (10) days after receiving the refund pay to Tenant Tenant’s Share of the refund
less Tenant’s Share of expenses (including attorneys’ and appraisers’ fees) incurred by Landlord in connection
with any such application or proceeding. In addition to the foregoing, Tenant shall pay to Landlord, as Additional Rent, within
ten (10) days after Landlord shall have delivered to Tenant a statement therefor, Tenant’s Share of all expenses incurred
by Landlord in reviewing or contesting the validity or amount of any Real Estate Taxes or for the purpose of obtaining reductions
in the assessed valuation of the Building Project prior to the billing of Real Estate Taxes, including without limitation, the
fees and disbursements of attorneys, third party consultants, experts and others.

 

32.05
The statements of the Real Estate Taxes to be furnished by Landlord as provided above shall be certified by Landlord and shall
constitute a final determination as between Landlord and Tenant of the Real Estate Taxes for the periods represented thereby,
unless Tenant within thirty (30) days after they are furnished shall give a written notice to Landlord that it disputes their
accuracy or their appropriateness, which notice shall specify the particular respects in which the statement is inaccurate or
inappropriate. If Tenant shall so dispute said statement then, pending the resolution of such dispute, Tenant shall pay the Additional
Rent to Landlord in accordance with the statement furnished by Landlord.

 

32.06
In no event shall the Fixed Annual Rent under this Lease be reduced by virtue of this Article.

 

32.07
If the Commencement Date of the Term of this Lease is not the first day of the first Comparative Year, then the Additional
Rent due hereunder for such first Comparative Year shall be a proportionate share of said Additional Rent for the entire
Comparative Year, said proportionate share to be based upon the length of time that the lease Term will be in existence
during such first Comparative Year. Upon the date of any expiration or termination of this Lease (except termination because
of Tenant’s default) whether the same be the date hereinabove set forth for the expiration of the Term or any prior or
subsequent date, a proportionate share of said Additional Rent for the Comparative Year during which such expiration or
termination occurs shall immediately become due and payable by Tenant to Landlord, if it was not theretofore already billed
and paid. The said proportionate share shall be based upon the length of time that this Lease shall have been in existence
during such Comparative Year. Landlord shall promptly cause statements of said Additional Rent for that Comparative Year to
be prepared and furnished to Tenant. Landlord and Tenant shall thereupon make appropriate adjustments of amounts then
owing.

 

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32.08
Landlord’s and Tenant’s obligations to make the adjustments referred to in Section 32.07 above shall survive any expiration
or termination of this Lease. Any delay or failure of Landlord in billing any tax escalation hereinabove provided shall not constitute
a waiver of or in any way impair the continuing obligation of Tenant to pay such tax escalation hereunder.

 

ARTICLE
33

 

RENT
CONTROL

 

33.01
In the event the Fixed Annual Rent or Additional Rent or any part thereof provided to be paid by Tenant under the provisions of
this Lease during the Term shall become uncollectible or shall be reduced or required to be reduced or refunded by virtue of any
Federal, State, County or City law, order or regulation, or by any direction of a public officer or body pursuant to law, or the
orders, rules, code or regulations of any organization or entity formed pursuant to law, whether such organization or entity be
public or private, then Landlord, at its option, may at any time thereafter terminate this Lease, by not less than thirty (30)
days’ written notice to Tenant, on a date set forth in said notice, in which event this Lease and the term hereof shall
terminate and come to an end on the date fixed in said notice as if the said date were the date originally fixed herein for the
termination of the demised term. Landlord shall not have the right to so terminate this Lease if Tenant within such period of
thirty (30) days shall in writing lawfully agree that the rentals herein reserved are a reasonable rental and agree to continue
to pay said rentals, and if such agreement by Tenant shall then be legally enforceable by Landlord.

 

ARTICLE
34

 

SUPPLIES 

 

34.01
Only Landlord or any one or more persons, firms, or corporations authorized in writing by Landlord shall be permitted to furnish
laundry, linens, towels, drinking water, water coolers, ice and other similar supplies and services to tenants and licensees in
the Building. Landlord may fix, in its own absolute discretion, from time to time, the hours during which and the regulations
under which such supplies and services are to be furnished. Landlord expressly reserves the right to act as or to designate, from
time to time, an exclusive supplier of all or any one or more of the said supplies and services; and Landlord furthermore expressly
reserves the right to exclude from the Building any person, firm or corporation attempting to furnish any of said supplies or
services but not so designated by Landlord.

 

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34.02
Only Landlord or any one or more persons, firms or corporations authorized in writing by Landlord shall be permitted to
sell, deliver or furnish any food or beverages whatsoever for consumption within the Premises or elsewhere in the Building.
Landlord expressly reserves the right to act as or to designate from time to time an exclusive supplier or suppliers of such
food and beverages. Landlord further expressly reserves the right to exclude from the Building any person, firm or
corporation attempting to deliver or purvey any such food or beverages, but not so designated by Landlord. It is understood,
however, that Tenant or its regular office employees may personally bring food or beverages into the Building for consumption
within the Premises by the said employees, but not for resale or for consumption by any other tenant. Landlord may fix in its
absolute discretion from time to time the hours during which, and the regulations under which, food and beverages may be
brought into the Building by Tenant or its regular employees.

 

ARTICLE
35

 

AIR
CONDITIONING

 

35.01
Tenant shall be permitted to use the equipment presently supplying air-conditioning service to the Premises (the “Existing
HVAC Equipment”) Monday to Friday from 8:00 a.m. to 6:00 p.m. during the Building’s “Cooling Season”
(which is currently May 15 through October 15) subject to and in accordance with the provisions of this Article. Landlord shall
perform such work as is necessary, if any, in order to place the Existing HVAC Equipment in working order (“Landlord’s
Initial HVAC Work”) subject, however, to Tenant’s obligation to thereafter maintain and repair the Existing HVAC
Equipment in accordance with the provisions of this Article. Landlord shall perform Landlord’s Initial HVAC Work as promptly
as is reasonably practical following the commencement of the Term hereof. Tenant acknowledges and agrees that air-conditioning
service to the Premises shall be supplied through equipment operated, maintained and repaired by Tenant and that Landlord has
no obligation to operate, maintain or to repair the said equipment or to supply air-conditioning service to the Premises. The
Existing HVAC Equipment and all other air conditioning systems, equipment and facilities hereafter located in or servicing the
Premises (the “Supplemental Systems”) including, without limitation, the ducts, dampers, registers, grilles
and appurtenances utilized in connection with both the Existing HVAC Equipment and the Supplemental Systems (collectively hereinafter
referred to as the “HVAC System”), shall be maintained, repaired and operated by Tenant in compliance with
all present and future laws and regulations relating thereto at Tenant’s sole cost and expense. Tenant shall pay for all
electricity consumed in the operation of the HVAC System, and Tenant’s proportionate share of the electric current (and/or
water, gas and steam) for the production of chilled and/or condenser water and its supply to the Premises, if applicable, which
shall become the obligation of Tenant subject to the terms of Article 41 of this Lease. Tenant shall pay for all parts and supplies
necessary for the proper operation of the HVAC System (and any restoration or replacement by Tenant of all or any part thereof
shall be in quality and class at least equal to the original work or installations); provided, however, that Tenant shall not
alter, modify, remove or replace the HVAC System, or any part thereof, without Landlord’s prior written consent.

 

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35.02
Without limiting the generality of the foregoing, Tenant shall, at its own cost and expense, (a) cause to be performed all
maintenance of the HVAC System, including all repairs and replacements thereto, and (b) commencing as of the date upon which
Tenant shall first occupy the Premises for the conduct of its business, and thereafter throughout the Term of the Lease,
maintain in force and provide a copy of same to Landlord an air conditioning service repair and full service maintenance
contract covering the HVAC System in form satisfactory to Landlord with an air conditioning contractor or servicing
organization approved by Landlord. All such contracts shall provide for the thorough overhauling of the HVAC System at least
once each year during the Term of this Lease and shall expressly state that (i) it shall be an automatically renewing
contract terminable upon not less than thirty (30) days prior written notice to Landlord (sent by certified mail, return
receipt requested) and (ii) the contractor providing such service shall maintain a log at the Premises detailing the service
provided during each visit pursuant to such contract. Tenant shall keep such log at the Premises and permit Landlord to
review same promptly after Landlord’s request. The HVAC System is and shall at all times remain the property of
Landlord, and at the expiration or sooner termination of the Lease, Tenant shall surrender to Landlord the HVAC System in
good working order and condition, subject to normal wear and tear and shall deliver to Landlord a copy of the service log. In
the event that Tenant fails to obtain the contract required herein or perform any of the maintenance or repairs required
hereunder, Landlord shall have the right, but not the obligation, to procure such contract and/or perform any such work and
charge Tenant as Additional Rent hereunder the cost of same plus an administrative fee equal to fifteen percent (15%) of such
cost which shall be paid for by Tenant on demand.

 

ARTICLE
36

 

SHORING 

 

36.01
Tenant shall permit any person authorized to make an excavation on land adjacent to the Building containing the Premises to do
any work within the Premises necessary to preserve the wall of the Building from injury or damage, and Tenant shall have no claim
against Landlord for damages or abatement of rent by reason thereof.

 

ARTICLE
37

 

EFFECT
OF CONVEYANCE, ETC.

 

37.01
If the Building containing the Premises shall be sold, transferred or leased, or the lease thereof transferred or sold, Landlord
shall be relieved of all future obligations and liabilities hereunder and the purchaser, transferee or tenant of the Building
shall be deemed to have assumed and agreed to perform all such obligations and liabilities of Landlord hereunder. In the event
of such sale, transfer or lease, Landlord shall also be relieved of all existing obligations and liabilities hereunder, provided
that the purchaser, transferee or tenant of the Building assumes in writing such obligations and liabilities.

 

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ARTICLE
38

 

RIGHTS
OF SUCCESSORS AND ASSIGNS

 

38.01
This Lease shall bind and inure to the benefit of the heirs, executors, administrators, successors, and, except as otherwise provided
herein, the assigns of the parties hereto. If any provision of any Article of this Lease or the application thereof to any person
or circumstances shall, to any extent, be invalid or unenforceable, the remainder of that Article, or the application of such
provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each provision of said Article and of this Lease shall be valid and be enforced to the fullest extent permitted by
law.

 

ARTICLE
39

 

CAPTIONS

 

39.01
The captions herein are inserted only for convenience, and are in no way to be construed as a part of this Lease or as a limitation
of the scope of any provision of this Lease.

 

ARTICLE
40

 

BROKERS

 

40.01
Tenant covenants, represents and warrants that Tenant has had no dealings or negotiations with any broker or agent in connection
with the consummation of this Lease other than SL Green Leasing LLC (the “Broker”) and Tenant covenants and
agrees to defend, hold harmless and indemnify Landlord from and against any and all cost, expense (including reasonable attorneys’
fees) or liability for any compensation, commissions or charges claimed by any broker or agent with respect to this Lease or the
negotiation thereof.

 

40.02
Landlord covenants, represents and warrants that Landlord has had no dealings or negotiations with any broker or agent in connection
with the consummation of this L:ease other than the Broker, and Landlord covenants and agrees to defend, hold harmless and indemnify
Tenant from and against any and all cost, expense (including reasonable attorneys’ fees) or liability for any compensation,
commissions or charges claimed by any broker or agent who claims to have dealt with Landlord with respect to this Lease or the
negotiation thereof. Landlord shall pay all commissions due the Broker, if any, pursuant to the terms of separate agreements.

 

ARTICLE
41

 

ELECTRICITY

 

41.01
Tenant acknowledges and agrees that electric service shall be supplied to the Premises on a “rent inclusion
basis” in accordance with the provisions of this Article 41 (subject to Landlord’s right, in its sole discretion,
to furnish such electricity on a “submetering” basis as provided for herein).

 

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41.02
Electricity and electric service, as used herein, shall mean any element affecting the generation, transmission, and/or distribution
or redistribution of electricity, including but not limited to services which facilitate the distribution of service.

 

41.03
If and so long as Landlord provides electricity to the Premises on a rent inclusion basis, Tenant agrees that the Fixed Annual
Rent shall be increased by the amount of the Electricity Rent Inclusion Factor (“ERIF”), as hereinafter defined.
Tenant acknowledges and agrees (i) that the Fixed Annual Rent hereinabove set forth in this Lease does not yet, but is to include
an ERIF of $3.25 per rentable square foot to compensate Landlord for electrical wiring and other installations necessary for,
and for its obtaining and making available to Tenant the redistribution of electric current as an additional service, and Tenant
shall pay for Tenant’s Share of Building electric current (i.e., all electricity used in lighting the public and service
areas, and in operating all the service facilities, of the Building and the parties acknowledge and agree that twenty percent
(20%) of the Building’s payment to the public utility or other service providers for the purchase of electricity shall be
deemed to be payment for Building electric current) which shall be paid for by Tenant in accordance with provisions hereof; and
(ii) that said ERIF, which shall be subject to periodic adjustments as hereinafter provided, has been partially based upon an
estimate of Tenant’s connected electrical load, in whatever manner delivered to Tenant, which shall be deemed to be the
demand (KW), and hours of use thereof, which shall be deemed to be the energy (KWH), for ordinary lighting and light office equipment
and the operation of the usual small business machines, including Xerox or other copying machines (such lighting and equipment
are hereinafter called “Ordinary Equipment”) during ordinary business hours (“Ordinary Business Hours”
shall be deemed to mean 50 hours per week), with Landlord providing an average connected load of 4 1/2 watts
of electricity for all purposes per rentable square foot. Any installation and use of equipment other than Ordinary Equipment
and/or any connected load and/or energy usage by Tenant in excess of the foregoing and the charge for Tenant’s Share of
Building electric current shall result in adjustment of the ERIF as hereinafter provided. For purposes of this Article, the rentable
square foot area of the Premises shall be deemed to be 3,011 square feet.

 

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41.04
If the cost to Landlord of electricity shall have been, or shall be, increased subsequent to May 1, 1996 (whether such change
occurs prior to or during the term of this Lease), by change in Landlord’s electric rates or service classifications, or
electricity charges, including changes in market prices, or by an increase, subsequent to the last such electric rate or service
classification change or market price change, in fuel adjustments or charges of any kind, or by taxes, imposed on Landlord’s
electricity purchases or on Landlord’s electricity redistribution, or for any other such reason, then the aforesaid ERIF
portion of the fixed annual rent shall be changed in the same percentage as any such change in cost due to changes in electric
rates, service classifications or market prices, and, also Tenant’s payment obligation, for electricity redistribution,
shall change from time to time so as to reflect any such increase in fuel adjustments or charges, and such taxes. Any such percentage
change in Landlord’s cost due to change in Landlord’s electric rate or service classifications or market prices, shall
be computed on the basis of the average consumption of electricity for the Building for the twelve full months immediately prior
to the rate change or other such changes in cost, energy and demand, and any changed methods of or rules on billing for same,
applied on a consistent basis to the new electric rate or service classification or market price and to the immediately prior
existing electric rate or service classification or market price. If the average consumption (energy and demand) for the entire
Building for said prior twelve (12) months cannot reasonably be applied and used with respect to changed methods of or rules on
billing, then the percentage increase shall be computed by the use of the average consumption (energy and demand) for the entire
building for the first three (3) months after such change, projected to a full twelve (12) months, so as to reflect the different
seasons; and that same consumption, so projected, shall be applied to the rate and/or service classification or market price which
existed immediately prior to the change. The parties agree that a reputable, independent electrical consultant firm, selected
by Landlord (“Landlord’s Electrical Consultant”), shall determine the percentage change for the changes
in ERIF due to Landlord’s changed costs and the charge to Tenant for Tenant’s Share of Building electric current,
and that Landlord’s Electrical Consultant may from time to time make surveys in the Premises of the electrical equipment
and fixtures and use of current. (i) If such survey shall reflect a connected electrical load in excess of 4 1/2
watts of electricity for all purposes per rentable square foot and/or energy usage in excess of Ordinary Business Hours
(each such excess hereinafter called “excess electricity”) then the connected electrical load and/or the hours
of use portion(s) of the then existing ERIF shall be increased by an amount which is equal to a fraction of the then existing
ERIF, the numerator of which is the excess electricity (i.e., excess connected load and/or excess usage) and the denominator of
which is the connected load and/or the energy usage which was the basis of the then existing ERIF. Such fractions shall be determined
by Landlord’s Electrical Consultant. The Fixed Annual Rent shall then be appropriately adjusted, effective as of the date
of any such change in connected load and/or usage, as disclosed by said survey. (ii) If such survey shall disclose installation
and use of other than Ordinary Equipment, then effective as of the date of said survey, there shall be added to the ERIF portion
of Fixed Annual Rent (computed and fixed as hereinbefore described) an additional amount equal to what would be paid under the
SC-4 Rate I Service Classification in effect on May 1, 1996 (and not the time-of-day rate schedule) or the comparable rate schedule
(and not the time-of-day rate schedule) of any utility other than Con Ed then providing electrical service to the building as
same shall be in effect on the date of such survey for such load and usage of electricity, with the connected electrical load
deemed to be the demand (KW) and the hours of use thereof deemed to be the energy (KWH), as hereinbefore provided, (which addition
to the ERIF shall be increased by all electricity cost changes of Landlord, as hereinabove provided, from May 1, 1996 through
the date of billing).

 

41.05
In no event, whether because of surveys, rates or cost changes, or for any reason, is the originally specified $3.25 per rentable
square foot ERIF portion of the fixed annual rent (plus any net increase thereof by virtue of all electricity rate, service classification
or market price changes of Landlord subsequent to May 1, 1996) to be reduced.

 

41.06
The determinations by Landlord’s Electrical Consultant shall be binding and conclusive on Landlord and Tenant from and
after the delivery of copies of such determinations to Landlord and Tenant, unless, within fifteen (15) days after delivery
thereof, Tenant disputes such determination. If Tenant so disputes the determination, it shall, at its own expense, obtain
from a reputable, independent electrical consultant its own determinations in accordance with the provisions of this Article.
Tenant’s consultant and Landlord’s consultant then shall seek to agree. If they cannot agree within thirty (30)
days they shall choose a third reputable electrical consultant, whose cost shall be shared equally by the parties, to make
similar determinations which shall be controlling. (If they cannot agree on such third consultant within ten (10) days, then
either party may apply to the Supreme Court in the County of New York for such appointment.) However, pending such
controlling determinations Tenant shall pay to Landlord the amount of Additional Rent or ERIF in accordance with the
determinations of Landlord’s Electrical Consultant. If the controlling determinations differ from Landlord’s
Electrical Consultant, then the parties shall promptly make adjustment for any deficiency owed by Tenant or overage paid by
Tenant.

 

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41.07
If and so long as Landlord provides electricity to the Premises on a submetering basis, Tenant covenants and agrees to purchase
the same from Landlord or Landlord’s designated agent at charges, terms and rates set, from time to time, during the term
of this Lease by Landlord but not more than those specified in the service classification in effect on January 1, 1970 pursuant
to which Landlord then purchased electric current from the public utility corporation serving the part of the city where the Building
is located; provided however, said charges shall be increased in the same percentage as any percentage increase in the billing
to Landlord for electricity for the entire Building, by reason of increase in Landlord’s electric rates or service classifications,
subsequent to January 1, 1970, and so as to reflect any increase in Landlord’s electric charges, including changes in market
prices for electricity from utilities and/or other providers, in fuel adjustments or by taxes or charges of any kind imposed on
Landlord’s electricity purchases or redistribution, or for any other such reason, subsequent to said date. Any such percentage
increase in Landlord’s billing for electricity due to changes in rates, service classifications, or market prices, shall
be computed by the application of the average consumption (energy and demand) of electricity for the entire Building for the twelve
(12) full months immediately prior to the rate and/or service classification change, or any changed methods of or rules on billing
for same, applied on a consistent basis to the new rate and/or service classification or market price, and to the classification
and rate in effect on January 1, 1970. If the average consumption of electricity for the entire Building for said prior twelve
(12) months cannot reasonably be applied and used with respect to changed methods of or rules on billing, then the percentage
shall be computed by the use of the average consumption (energy and demand) for the entire Building for the first three (3) months
after such change, projected to a full twelve (12) months, so as to reflect the different seasons; and that same consumption,
so projected, shall be applied to the service classification and rate in effect on January 1, 1970. Where more than one meter
measures the service of Tenant in the Building, the service rendered through each meter may be computed and billed separately
in accordance with the rates herein specified. Bills therefore shall be rendered at such times as Landlord may elect and the amount,
as computed from a meter, shall be deemed to be, and be paid as, Additional Rent. In the event that such bills are not paid within
five (5) days after the same are rendered, Landlord may, without further notice, discontinue the service of electric current to
the Premises without releasing Tenant from any liability under this Lease and without Landlord or Landlord’s agent incurring
any liability for any damage or loss sustained by Tenant by such discontinuance of service. If any tax is imposed upon Landlord’s
receipt from the sale, resale or redistribution of electricity or gas or telephone service to Tenant by any Federal, State, or
Municipal authority, Tenant covenants and agrees that where permitted by law, Tenant’s pro-rata share of such taxes shall
be passed on to and included in the bill of, and paid by, Tenant to Landlord.

 

    36

     

    

 

41.08
At the option of Landlord, Tenant agrees to purchase from Landlord or its agents all lamps and bulbs used in the Premises
and to pay for the cost of installation thereof. If all or part of the submetering Additional Rent or the ERIF payable in
accordance with Section 41.03 or 41.04 of this Article becomes uncollectible or reduced or refunded by virtue of any law,
order or regulations, the parties agree that, at Landlord’s option, in lieu of submetering Additional Rent or ERIF, and
in consideration of Tenant’s use of the Building’s electrical distribution system and receipt of redistributed
electricity and payment by Landlord of consultant’s fees and other redistribution costs, the Fixed Annual Rental
rate(s) to be paid under this Agreement shall be increased by an “alternative charge” which shall be a sum equal
to $3.25 per year per rentable square foot of the Premises, changed in the same percentage as any increase in the cost to
Landlord for electricity for the entire Building subsequent to May 1, 1996, because of electric rate, service classification
or market price changes, such percentage change to be computed as in Section 41.04 provided.

 

41.09
Landlord shall not be liable to Tenant for any loss or damage or expense which Tenant may sustain or incur if either the
quantity or character of electric service is changed or is no longer available or suitable for Tenant’s requirements.
Tenant covenants and agrees that at all times its use of electric current shall never exceed the capacity of existing feeders
to the Building or wiring installation. Any riser or risers to supply Tenant’s electrical requirements, upon written
request of Tenant, will be installed by Landlord, at the sole cost and expense of Tenant, if, in Landlord’s sole
judgment, the same are necessary and will not cause permanent damage or injury to the Building or the Premises or cause or
create a dangerous or hazardous condition or entail excessive or unreasonable alterations, repairs or expense or interfere
with or disturb other tenants or occupants. In addition to the installation of such riser or risers, Landlord will also at
the sole cost and expense of Tenant, install all other equipment proper and necessary in connection therewith subject to the
aforesaid terms and conditions. The parties acknowledge that they understand that it is anticipated that electric rates,
charges, etc., may be changed by virtue of time-of-day rates or changes in other methods of billing, and/or electricity
purchases and the redistribution thereof, and fluctuation in the market price of electricity, and that the references in the
foregoing paragraphs to changes in methods of or rules on billing are intended to include any such changes. Anything
hereinabove to the contrary notwithstanding, in no event is the submetering Additional Rent or ERIF, or any
“alternative charge”, to be less than an amount equal to the total of Landlord’s payments to public
utilities and/or other providers for the electricity consumed by Tenant (and any taxes thereon or on redistribution of same)
plus 5% thereof for transmission line loss, plus 15% thereof for other redistribution costs. Landlord reserves the right, at
any time upon thirty (30) days’ written notice, to change its furnishing of electricity to Tenant from a rent
inclusion basis to a submetering basis, or vice versa, or to change to the distribution of less than all the components of
the existing service to Tenant. Landlord reserves the right to terminate the furnishing of electricity on a rent inclusion,
submetering, or any other basis at any time, upon thirty (30) days’ written notice to Tenant, in which event Tenant may
make application directly to the public utility and/or other providers for Tenant’s entire separate supply of electric
current and Landlord shall permit its wires and conduits, to the extent available and safely capable, to be used for such
purpose, but only to the extent of Tenant’s then authorized load. Any meters, risers, or other equipment or connections
necessary to furnish electricity on a submetering basis or to enable Tenant to obtain electric current directly from such
utility and/or other providers shall be installed at Tenant’s sole cost and expense. Only rigid conduit or electricity
metal tubing (EMT) will be allowed. Landlord, upon the expiration of the aforesaid thirty (30) days’ written notice to
Tenant may discontinue furnishing the electric current but this Lease shall otherwise remain in full force and effect. If
Tenant was provided electricity on a rent inclusion basis when it was so discontinued, then commencing when Tenant receives
such direct service and as long as Tenant shall continue to receive such service, the Fixed Annual Rent payable under this
Lease shall be reduced by the amount of the ERIF which was payable immediately prior to such discontinuance of electricity on
a rent inclusion basis.

 

    37

     

    

 

ARTICLE
42

 

LEASE
SUBMISSION

 

42.01
Landlord and Tenant agree that this Lease is submitted to Tenant on the understanding that it shall not be considered an offer
and shall not bind Landlord in any way unless and until (i) Tenant has duly executed and delivered duplicate originals thereof
to Landlord and (ii) Landlord has executed and delivered one of said originals to Tenant.

 

ARTICLE
43

 

INSURANCE

 

43.01
Tenant shall not violate, or permit the violation of, any condition imposed by the standard fire insurance policy then issued
for office buildings in the Borough of Manhattan, City of New York, and shall not do, or permit anything to be done, or keep or
permit anything to be kept in the Premises which would subject Landlord to any liability or responsibility for personal injury
or death or property damage, or which would increase the fire or other casualty insurance rate on the Building or the property
therein over the rate which would otherwise then be in effect (unless Tenant pays the resulting premium as hereinafter provided
for) or which would result in insurance companies of good standing refusing to insure the building or any of such property in
amounts reasonably satisfactory to Landlord.

 

43.02
Tenant covenants to provide on or before the earlier to occur of (i) the first Commencement Date, and (ii) ten (10) days from
the date of this Lease, and to keep in force, at Tenant’s own cost, during the term hereof the following insurance coverage
which coverage shall be effective from and after such first Commencement Date:

 

(a)
A Commercial General Liability insurance policy naming Landlord and its designees as additional insureds protecting Landlord,
its designees against any alleged liability, occasioned by any incident involving injury or death to any person or damage to
property of any person or entity, on or about the Building, the Premises, common areas or areas around the Building or
premises. Such insurance policy shall include Products and Completed Operations Liability and Contractual Liability covering
the liability of Tenant to Landlord by virtue of the indemnification agreement in this Lease, covering bodily injury
liability, property damage liability, personal injury & advertising liability and fire legal liability, all in connection
with the use and occupancy of or the condition of the Premises, the Building or the related common areas, in amounts not less
than:

 

$5,000,000,
general aggregate per location

$5,000,000,
per occurrence for bodily injury & property damage

$5,000,000, personal & advertising injury

$1,000,000, fire legal liability

 

    38

     

    

 

Such
insurance may be carried under a blanket policy covering the Premises and other locations of Tenant, if any, provided such a policy
contains an endorsement (i) naming Landlord and its designees as additional insureds, (ii) specifically referencing the Premises;
and (iii) guaranteeing a minimum limit available for the Premises equal to the limits of liability required under this Lease;

 

(b)
“All-risk” insurance, including flood, earthquake and terrorism coverage in an amount adequate to cover the cost
of replacement of all personal property, fixtures, furnishings, equipment, improvements, betterments and installations
located in the Premises, whether or not installed or paid for by Landlord.

 

43.03
All such policies shall be issued by companies of recognized responsibility permitted to do business within New York State and
approved by Landlord and rated by Best’s Insurance Reports or any successor publication of comparable standing and carrying
a rating of A-VIII or better or the then equivalent of such rating, and all such policies shall contain a provision whereby the
same cannot be canceled or modified unless Landlord and any additional insured are given at least thirty (30) days prior written
notice of such cancellation or modification.

 

43.04
Prior to the time such insurance is first required to be carried by Tenant and thereafter, at least fifteen (15) days prior to
the expiration of any such policies, Tenant shall deliver to Landlord either duplicate originals of the aforesaid policies or
a 2003 Accord 28 certificates evidencing such insurance (the 2006 Accord 28 being unacceptable to Landlord), together with evidence
of payment for the policy. If Tenant delivers certificates as aforesaid Tenant, upon reasonable prior notice from Landlord, shall
make available to Landlord, at the Premises, duplicate originals of such policies from which Landlord may make copies thereof,
at Landlord’s cost. Tenant’s failure to provide and keep in force the aforementioned insurance shall be regarded as
a material default hereunder, entitling Landlord to exercise any or all of the remedies as provided in this Lease in the event
of Tenant’s default. In addition, in the event Tenant fails to provide and keep in force the insurance required by this
Lease, at the times and for the durations specified in this Lease, Landlord shall have the right, but not the obligation, at any
time and from time to time, and without notice, to procure such insurance and/or pay the premiums for such insurance in which
event Tenant shall repay Landlord within five (5) days after demand by Landlord, as Additional Rent, all sums so paid by Landlord
and any costs or expenses incurred by Landlord in connection therewith without prejudice to any other rights and remedies of Landlord
under this Lease.

 

43.05
Landlord and Tenant shall each endeavor to secure an appropriate clause in, or an endorsement upon, each
“all-risk” insurance policy obtained by it and covering property as stated in 43.02 (b), pursuant to which the
respective insurance companies waive subrogation against each other and any other parties, if agreed to in writing prior to
any damage or destruction. The waiver of subrogation or permission for waiver of any claim hereinbefore referred to shall
extend to the agents of each party and its employees and, in the case of Tenant, shall also extend to all other persons and
entities occupying or using the Premises in accordance with the terms of this Lease. If and to the extent that such waiver or
permission can be obtained only upon payment of an additional charge then, except as provided in the following two
paragraphs, the party benefiting from the waiver or permission shall pay such charge upon demand, or shall be deemed to have
agreed that the party obtaining the insurance coverage in question shall be free of any further obligations under the
provisions hereof relating to such waiver or permission.

 

    39

     

    

 

43.06
Subject to the foregoing provisions of this Article, and insofar as may be permitted by the terms of the insurance policies carried
by it, each party hereby releases the other with respect to any claim (including a claim for negligence) which it might otherwise
have against the other party for loss, damages or destruction with respect to its property by fire or other casualty (including
rental value or business interruption, as the case may be) occurring during the Term of this Lease.

 

43.07
If, by reason of a failure of Tenant to comply with the provisions of this Lease, the rate of fire insurance with extended coverage
on the building or equipment or other property of Landlord shall be higher than it otherwise would be, Tenant shall reimburse
Landlord, on demand, for that part of the premiums for fire insurance and extended coverage paid by Landlord because of such failure
on the part of Tenant.

 

43.08.
Landlord may, from time to time, require that the amount of the insurance to be provided and maintained by Tenant hereunder be
increased so that the amount thereof adequately protects Landlord’s interest, but in no event in excess of the amount that
would be required of other tenants in other similar office buildings in the Borough of Manhattan.

 

43.09
A schedule or make up of rates for the building or the Premises, as the case may be, issued by the New York Fire Insurance Rating
Organization or other similar body making rates for fire insurance and extended coverage for the premises concerned, shall be
conclusive evidence of the facts therein stated and of the several items and charges in the fire insurance rate with extended
coverage then applicable to such premises.

 

43.10
Each policy evidencing the insurance to be carried by Tenant under this Lease shall contain a clause that such policy and the
coverage evidenced thereby shall be primary with respect to any policies carried by Landlord, and that any coverage carried by
Landlord shall be excess insurance.

 

ARTICLE
44

 

SIGNAGE 

 

44.01
Tenant (or, if so requested by Tenant, any permitted licensee of the Premises), shall be permitted to affix either sign or
plaque on or adjacent to the entrance door to the Premises, subject to the prior written approval of Landlord which shall not
be unreasonably withheld subject to the other provisions of this Article, with respect to location, design, size, materials,
quality, coloring, lettering and shape thereof, and subject, also, to compliance by Tenant, at its expense, with all
applicable legal requirements or regulations. All such signage shall be consistent and compatible with the design,
aesthetics, signage and graphics program for the Building as established by Landlord. Landlord may remove any sign installed
in violation of this provision, and Tenant shall pay the cost of such removal and any restoration costs.

 

    40

     

    

 

ARTICLE
45

 

RIGHT
TO RELOCATE

 

45.01
Notwithstanding anything contained in this Lease to the contrary, Landlord shall have the right to substitute in lieu of the Premises
alternative space in the Building designated by Landlord (the “Relocation Space”) effective as of the date
(the “Relocation Effective Date”) set forth in a notice given to Tenant (the “Relocation Notice”).
The Relocation Space shall be reasonably comparable to the Premises with respect to internal configuration, quality of finish
and rentable square foot area (i.e., plus or minus ten (10%) percent). The Relocation Effective Date shall not be less than sixty
(60) days following the date upon which the Relocation Notice is given to Tenant. In the event that Landlord exercises its rights
hereunder, (i) Tenant shall deliver to Landlord possession of the Premises on or before the Relocation Effective Date vacant and
broom clean, free of all occupancies and encumbrances and otherwise in accordance with the terms, covenants and conditions of
the Lease as if the Relocation Effective Date were the expiration date of the Term of this Lease, (ii) effective as of the Relocation
Effective Date, the term and estate hereby granted with respect to the Premises originally demised hereunder shall terminate,
the Relocation Space shall be deemed to be the Premises and the Fixed Annual Rent and Additional Rent payable under this Lease
shall be adjusted, if necessary, so as to reflect any difference between the deemed rentable square foot area of the original
Premises and said Relocation Space; provided, however, in the event that the rentable square foot area of the Relocation Space
is greater than the rentable square foot area of the original Premises, then the Fixed Annual Rent and Additional Rent payable
for the Relocation Space shall be equal to the amount payable hereunder for the Premises.

 

45.02
Provided that Tenant is not in default under this Lease, Landlord shall (i) at Landlord’s cost and expense, remove and reinstall
Tenants’ personal property, trade fixtures and equipment in the Relocation Space (“Landlord’s Relocation
Work”) and (ii) compensate Tenant for Tenant’s actual, reasonable, out-of-pocket moving and related expenses upon
Tenant’s submission of paid invoices therefor. Landlord shall complete Landlord’s Relocation Work on or before the
Relocation Effective Date provided that Tenant cooperates with Landlord and gives Landlord full access to the Premises to facilitate
the performance thereof.

 

45.03
Following any relocation undertaken pursuant to this Article, Tenant shall promptly execute and deliver an agreement confirming
such relocation and fixing any corresponding adjustments in Fixed Annual Rent and Additional Rent payable under this Lease, but
any failure to execute such an agreement by Tenant shall not affect such relocation and adjustments as determined by Landlord.

 

    41

     

    

 

ARTICLE
46

 

FUTURE
CONDOMINIUM CONVERSION

 

46.01
Tenant acknowledges that the Building and the land of which the Premises form a part (the “Land”) may be subjected
to the condominium form of ownership prior to the end of the Term of this Lease. Tenant agrees that if, at any time during the
Term, the Building and the Land shall be subjected to the condominium form of ownership, then, this 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 shall be recorded in order to convert the Building and the Land to a condominium form
of ownership in accordance with the provisions of Article 9-B of the Real Property Law of the State of New York or any successor
thereto. If any such Declaration is to be recorded, Tenant, upon request of Landlord, shall enter into an amendment of this Lease
in such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments
to Real Estate Taxes payable during the Base Tax Year and Tenant’s Share, as such terms are defined in Article 32 hereof;
provided that Tenant’s obligations under this Lease shall not be materially increased (and there shall be no increase in
Tenant’s monetary obligations) and Tenant’s rights are not diminished as a result thereof.

 

ARTICLE
47

 

MISCELLANEOUS

 

47.01
This Lease represents the entire understanding between the parties with regard to the matters addressed herein and may only be
modified by written agreement executed by all parties hereto. All prior understandings or representations between the parties
hereto, oral or written, with regard to the matters addressed herein are hereby merged herein. Tenant acknowledges that neither
Landlord nor any representative or agent of Landlord has made any representation or warranty, express or implied, as to the physical
condition, state of repair, layout, footage or use of the Premises or any matter or thing affecting or relating to Premises except
as specifically set forth in this Lease. Tenant has not been induced by and has not relied upon any statement, representation
or agreement, whether express or implied, not specifically set forth in this Lease. Landlord shall not be liable or bound in any
manner by any oral or written statement, broker’s “set-up”, representation, agreement or information pertaining
to the Premises, the Building or this Agreement furnished by any real estate broker, agent, servant, employee or other person,
unless specifically set forth herein, and no rights are or shall be acquired by Tenant by implication or otherwise unless expressly
set forth herein. This Lease shall be construed without regard to any presumption or other rule requiring construction against
the party causing this agreement to be drafted. Tenant represents and warrants to Landlord that it is not a Prohibited Person.

 

    42

     

    

 

ARTICLE
48

 

COMPLIANCE
WITH LAW

 

48.01
If, at any time during the Term hereof, Landlord expends any sums for alterations or improvements to the Building which are required
to be made pursuant to any law, ordinance or governmental regulation, Tenant shall pay to Landlord, as Additional Rent, Tenant’s
Share of such cost within ten (10) days after demand therefor; provided, however, that if the cost of such alteration or improvement
is one which is required to be amortized over a period of time pursuant to applicable governmental regulations, Tenant shall pay
to Landlord, as Additional Rent, during each year in which occurs any part of the Term, Tenant’s Share of the cost thereof
amortized on a straight line basis over an appropriate period, but not more than five (5) years; provided, further, however, that
the Additional Rent payable by Tenant under this Section 48.01 in any single calendar year during the Term hereof shall not exceed
the sum of $1.00 per rentable square foot of the Premises. Notwithstanding anything to the contrary contained herein, in the event
that the requirement for the performance of any such alteration or improvement is attributable to the actions, installations,
use or manner of use of the Premises by Tenant, then in such event Tenant shall be responsible to pay the entire cost imposed
by Landlord with respect to such alteration or improvement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    43

     

    

 

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

 

	 	SLG
    GRAYBAR MESNE LEASE LLC, as Landlord
	 	 	 
	 	By:	/s/
    Steven M. Durels 
	 	 	Name: Steven M. Durels 
	 	 	Title:
    Executive Vice President, Director of Leasing and Real Property 

 

	Witness:	 
	 	 
	/s/
    Monica Perez	 
	Name: Monica Perez	 
	Title:
    Admin. Asst. 	 

 

	 	TIZIANA
    LIFE SCIENCES PLC, as Tenant
	 	 	 
	 	By:	/s/ James
F. Tripp                    8/2/2016
	 	 	Name:
    James F. Tripp
	 	 	Title:
      Chief Operating Officer

 

	Witness:	 
	 	 
	/s/
    Saira Suscello	 
	Name: Saira Suscello	 
	Title:
    Notary Public	 

 

	 	/s/ Tiziano Lazzaretti
	 	Tiziano Lazzaretti
	 	CFO
	 	8/3/2016

 

    44

     

    

 

ARTICLE
49

 

RULES
AND REGULATIONS

MADE A PART OF THIS LEASE

 

1. No
animals, birds, bicycles or vehicles shall be brought into or kept in the Premises. The Premises shall not be used for manufacturing
or commercial repairing or for sale or display of merchandise or as a lodging place, or for any immoral or illegal purpose, nor
shall the Premises be used for a public stenographer or typist; barber or beauty shop; telephone, secretarial or messenger service;
employment, travel or tourist agency; school or classroom; commercial document reproduction; or for any business other than specifically
provided for in Tenant’s lease. Tenant shall not cause or permit in the Premises any disturbing noises which may interfere
with occupants of this or neighboring Buildings, any cooking or objectionable odors, or any nuisance of any kind, or any inflammable
or explosive fluid, chemical or substance. Canvassing, soliciting and peddling in the Building are prohibited, and each tenant
shall cooperate so as to prevent the same.

 

2. The
toilet rooms and other water apparatus shall not be used for any purposes other than those for which they were constructed, and
no sweepings, rags, ink, chemicals or other unsuitable substances shall be thrown therein. Tenant shall not place anything out
of doors, windows or skylights, or into hallways, stairways or elevators, nor place food or objects on outside window sills. Tenant
shall not obstruct or cover the halls, stairways and elevators, or use them for any purpose other than ingress and egress to or
from Tenant’s Premises, nor shall skylights, windows, doors and transoms that reflect or admit light into the Building be
covered or obstructed in any way. All drapes and blinds installed by Tenant on any exterior window of the Premises shall conform
in style and color to the Building standard.

 

3. Tenant
shall not place a load upon any floor of the Premises in excess of the load per square foot which such floor was designed to carry
and which is allowed by law. Landlord reserves the right to prescribe the weight and position of all safes, file cabinets and
filing equipment in the Premises. Business machines and mechanical equipment shall be placed and maintained by Tenant, at Tenant’s
expense, only with Landlord’s consent and in settings approved by Landlord to control weight, vibration, noise and annoyance.
Smoking or carrying lighted cigars, pipes or cigarettes in the elevators of the Building is prohibited.

 

4. Tenant
shall not move any heavy or bulky materials into or out of the Building or make or receive large deliveries of goods, furnishings,
equipment or other items without Landlord’s prior written consent, and then only during such hours and in such manner as
Landlord shall approve and in accordance with Landlord’s rules and regulations pertaining thereto. If any material or equipment
requires special handling, Tenant shall employ only persons holding a Master Rigger’s License to do such work, and all such
work shall comply with all legal requirements. Landlord reserves the right to inspect all freight to be brought into the Building,
and to exclude any freight which violates any rule, regulation or other provision of this Lease.

 

5.
No sign, advertisement, notice or thing shall be inscribed, painted or affixed on any part of the Building, without the
prior written consent of Landlord. Landlord may remove anything installed in violation of this provision, and Tenant shall
pay the cost of such removal and any restoration costs. Interior signs on doors and directories shall be inscribed or affixed
by Landlord at Tenant’s expense. Landlord shall control the color, size, style and location of all signs,
advertisements and notices. No advertising of any kind by Tenant shall refer to the Building, unless first approved in
writing by Landlord.

 

    45

     

    

 

6. No
article shall be fastened to, or holes drilled or nails or screws driven into, the ceilings, walls, doors or other portions of
the Premises, nor shall any part of the Premises be painted, papered or otherwise covered, or in any way marked or broken, without
the prior written consent of Landlord.

 

7. No
existing locks shall be changed, nor shall any additional locks or bolts of any kind be placed upon any door or window by Tenant,
without the prior written consent of Landlord. Two (2) sets of keys to all exterior and interior locks shall be furnished to Landlord
.. At the termination of this Lease, Tenant shall deliver to Landlord all keys for any portion of the Premises or Building. Before
leaving the Premises at any time, Tenant shall close all windows and close and lock all doors.

 

8. No
Tenant shall purchase or obtain for use in the Premises any spring water, ice, towels, food, bootblacking, barbering or other
such service furnished by any company or person not approved by Landlord. Any necessary exterminating work in the Premises shall
be done at Tenant’s expense, at such times, in such manner and by such company as Landlord shall require. Landlord reserves
the right to exclude from the Building, from 6:00 p.m. to 8:00 a.m., and at all hours on Sunday and legal holidays, all persons
who do not present a pass to the Building signed by Landlord. Landlord will furnish passes to all persons reasonably designated
by Tenant. Tenant shall be responsible for the acts of all persons to whom passes are issued at Tenant’s request.

 

9. Whenever
Tenant shall submit to Landlord any plan, agreement or other document for Landlord’s consent or approval, Tenant agrees
to pay Landlord as Additional Rent, on demand, an administrative fee equal to the sum of the reasonable fees of any architect,
engineer or attorney employed by Landlord to review said plan, agreement or document and Landlord’s administrative costs
for same.

 

10. The
use in the Premises of auxiliary heating devices, such as portable electric heaters, heat lamps or other devices whose principal
function at the time of operation is to produce space heating, is prohibited.

 

11. Tenant
shall keep all doors from the hallway to the Premises closed at all times except for use during ingress to and egress from the
Premises. Tenant acknowledges that a violation of the terms of this paragraph may also constitute a violation of codes, rules
or regulations of governmental authorities having or asserting jurisdiction over the Premises, and Tenant agrees to indemnify
Landlord from any fines, penalties, claims, action or increase in fire insurance rates which might result from Tenant’s
violation of the terms of this paragraph.

 

    46

     

    

 

12.
Tenant shall be permitted to maintain an “in-house” messenger or delivery service within the Premises, provided
that Tenant shall require that any messengers in its employ affix identification to the breast pocket of their outer garment,
which shall bear the following information: name of Tenant, name of employee and photograph of the employee. Messengers in
Tenant’s employ shall display such identification at all time. In the event that Tenant or any agent, servant or
employee of Tenant, violates the terms of this paragraph, Landlord shall be entitled to terminate Tenant’s permission
to maintain within the Premises in-house messenger or delivery service upon written notice to Tenant.

 

13. Tenant
will be entitled to three (3) listings on the Building lobby directory board, without charge. Any additional directory listing
(if space is available), or any change in a prior listing, with the exception of a deletion, will be subject to a fifteen ($15.00)
dollar service charge, payable as Additional Rent.

 

14. In
case of any conflict or inconsistency between any provisions of this Lease and any of the rules and regulations as originally
or as hereafter adopted, the provisions of this Lease shall control.

 

    47

     

    

 

EXHIBIT
A

 

LOCATION
PLAN

 

(see
attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    48

     

    

 

 

 

    49

     

    

 

EXHIBIT
B

 

RENT
SCHEDULE

 

Tenant
shall pay Fixed Annual Rent for the Premises (without electricity) at the following rates per annum:

 

		a)	One
                                         Hundred Eighty Six Thousand Six Hundred Eighty Two and 00/100 ($186,682.00) Dollars per
                                         annum ($15,556.84 per month) for the period commencing on September 1, 2016 through August
                                         31, 2017;

 

		b)	One
                                         Hundred Ninety Two Thousand Two Hundred Eighty Two and 46/100 ($192,282.46) Dollars per
                                         annum ($16,023.54 per month) for the period commencing September 1, 2017 through August
                                         31, 2018;

 

		c)	One
                                         Hundred Ninety Eight Thousand Fifty and 93/100 ($198,050.93) Dollars per annum ($16,504.24
                                         per month) for the period commencing September 1, 2018 through August 31, 2019;

 

		d)	Two
                                         Hundred Three Thousand Nine Hundred Ninety Two and 46/100 ($203,992.46) Dollars per annum
                                         ($16,999.37 per month) for the period commencing September 1, 2019 through August 31,
                                         2020;

 

		e)	Two
                                         Hundred Ten Thousand One Hundred Twelve and 23/100 ($210,112.23) Dollars per annum ($17,509.35
                                         per month) for the period commencing September 1, 2020 through August 31, 2021; and

 

		f)	Two
                                         Hundred Sixteen Thousand Four Hundred Fifteen and 60/100 ($216,415.60) Dollars per annum
                                         ($18,034.63 per month) for the period commencing September 1, 2021 through October 31,
                                         2021.

 

    50

     

    

 

EXHIBIT
C

 

GOOD
GUY GUARANTEE

 

(see attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    51

     

    

 

GUARANTEE

 

FOR
VALUE RECEIVED and in consideration of and in order to induce the execution of that certain lease agreement dated as of August
2, 2016 (the “Lease”) between SLG Graybar Mesne Lease LLC (“Landlord”) and Tiziana Life
Sciences PLC (“Tenant”) for that certain rentable portion of the twenty-fifth (25th) floor designated
as Suite 2525-28, as approximately depicted on the location plan annexed to the Lease (the “Premises”) in the
building known as and located at 420 Lexington Avenue, New York, New York (the “Building”) and other good and
valuable consideration:

 

1.
The undersigned, acting as surety (the “Guarantor”) hereby absolutely and unconditionally, for himself and
his legal representatives, successors and assigns, guarantees to Landlord and to Landlord’s legal representatives, successors
and assigns, the prompt and full performance and observance by the Tenant and by its legal representatives, successors and assigns
of Tenant’s obligation to pay rent, additional rent and any charges accruing under the Lease (or damages in lieu thereof)
and the performance of all other obligations of Tenant under the Lease accruing during that period of time (the “Good
Guy Period”) during which Tenant or its partners, shareholders, agents, employees, assignees, subtenants, licensees
or anyone else with the permission of and/or under or through Tenant (notwithstanding the expiration or revocation of any such
permission) occupies the Premises or any part thereof, provided Tenant has given Landlord not less than ninety (90) days prior
written notice that Tenant intends to vacate and surrender to Landlord possession of the Premises in the condition required by
the Lease and, in the absence of such notice, for an additional ninety (90) days after Tenant’s vacatur and surrender to
Landlord of the Premises in the condition required by the Lease. This guarantee is an absolute, continuing and unconditional guarantee
of payment (and not of collection) and of performance. Notice of all defaults is waived and consent is hereby given to all extensions
of time that Landlord may grant to Tenant in the performance of any of the terms of the Lease and/or to the waiving in whole or
in part of any such performance, and/or to the releasing of Tenant in whole or in part from any such performance, and/or to the
adjusting of any dispute in connection with the Lease, and/or to the assignment of the Lease to any other entity; and no such
defaults, extensions, waivers, releases, adjustments, or assignments, with or without the knowledge of the undersigned, shall
affect or discharge the liability of the undersigned; and the undersigned hereby waives any and all right to a trial by jury in
any action or proceeding to enforce such liability hereafter instituted by Landlord, or its successors or assigns, to which the
undersigned may be a party. The undersigned further agrees to pay all expenses, including legal fees and disbursements paid or
incurred by Landlord in seeking to enforce this guarantee.

 

2.
This guarantee shall not be impaired by, and the Guarantor hereby consents to (i) any modification, supplement, extension or
amendment of the Lease to which the parties thereto may hereafter agree and (ii) any assignment of the Lease. The liability
of the Guarantor hereunder is direct, unconditional and co-extensive with that of the Tenant and may be enforced without
requiring Landlord first to resort to any other right, remedy or security. The enforceability of this guarantee shall not be
affected by any bankruptcy proceeding or other proceeding affecting the rights of creditors of Tenant, nor by discharge or
modification of Tenant’s liability under the Lease in any bankruptcy proceeding. An assignment of the Lease or any
subletting thereunder shall not release or relieve the undersigned from its liability hereunder. The Guarantor shall have no
right of subrogation, reimbursement or indemnity whatsoever, nor any right of recourse to security for the debts and
obligations of Tenant to Landlord, unless and until all of said debts and obligations have been satisfied in full.

 

    52

     

    

 

3. This
guarantee is a continuing guarantee which shall remain effective during the term of all or any portion of the Lease, subject to
any limitations contained in Article 1, hereof, and as to any surviving provisions and obligations of the Lease that remain effective
after the termination of the Lease.

 

4. This
guarantee shall be governed by and interpreted in accordance with the laws of the State of New York, without regard to its conflicts
of laws principles, shall be deemed to have been made and performed in New York, and shall be enforceable in New York.

 

Dated:
8/2/2016             

 

	/s/ Tiziano Lazzaretti	 	/s/
    James F. Tripp
	Tiziano Lazzaretti	 	Name: James F. Tripp
		 	

 

STATE
OF NEW YORK

 

COUNTY OF NEW YORK

 

On
the  4 day of August in the year 2016 before me, the undersigned, a Notary Public in for said State, personally
appeared James Tripp, personally known to me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual
acted, executed the instrument.

 

	 	 	/s/ Saira Suscello
		 	Notary
Public

 

 

53

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