Document:

Exhibit 10.12

 

 

	DATED	11th April	2018

  

(1) THE OXFORD SCIENCE PARK LIMITED

  

and

 

(2) FUEL 3D TECHNOLOGIES LIMITED

 

LEASE

 

relating to

Third Floor, The Schrodinger Building

The Oxford Science Park

Sandford-on-Thames

Oxford

 

Knights 1759

Festival House

Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH

 

     

     

    

 

CONTENTS

 

CLAUSE

 

		1.	Definitions and Interpretation	1

 

		2.	Demise	7

 

		3.	Tenant’s Covenants	7

 

		4.	Landlord’s Covenants	23

 

		5.	Energy Performance Certificates	24

 

		6.	Miscellaneous Provisions	25

 

		7.	New Lease	28

 

 

SCHEDULES

 

	Schedule 1	29

 

	Schedule 2 - Provisions for the review of the Principal Rent	33

 

	Schedule 3 - Provisions relating to the Service Charge	37

 

	Schedule 4 - Science Park Regulations and Stipulations	42

 

	Schedule 5	43

 

     

     

    

 

PRESCRIBED CLAUSES

 

		LR1.	Date of lease

 

11th April 2018

 

		LR2.	Title number(s)

 

		LR2.1	Landlord’s title number(s)

 

ON324755

 

		LR2.2	Other title numbers

 

ON323918

 

		LR3.	Parties to this Lease

 

Landlord

 

THE OXFORD SCIENCE
PARK LIMITED company registration number 2287341 whose registered office is at Magdalen College, High Street, Oxford OX1 4AU (Landlord).

 

Tenant

 

FUEL 3D TECHNOLOGIES
LIMITED company registration number 08852503 whose registered office is at Unit 2 Douglas Court, Seymour Business Park, Station Road,
Chinnor, Oxfordshire OX39 4HA (Tenant).

 

Guarantor

 

None.

 

		LR4.	Property

 

In the case of a conflict between this clause and the
remainder of this Lease then, for the purposes of registration, this clause shall prevail.

 

The land demised by
this Lease is known as Third Floor, The Schrödinger Building, The Oxford Science Park, Sandford-on-Thames, Oxford defined as the
Demised Premises in clause 1.1.

 

		LR5.	Prescribed statements etc.

 

		LR5.1	Statements prescribed under rules 179 (dispositions in favour of a charity), 180 (dispositions by a charity)
or 196 (leases under the Leasehold Reform, Housing and Urban Development Act 1993) of the Land Registration Rules 2003.

 

None.

 

		LR5.2	This lease is made under, or by reference to, provisions of:

 

None.

 

     

     

    

 

		LR6.	Term for which the Property is leased

 

The term as specified
in this Lease at clause 2.

 

		LR7.	Premium

 

None.

 

		LR8.	Prohibitions or restrictions on disposing of this Lease

 

This lease contains
a provision that prohibits or restricts dispositions.

 

		LR9.	Rights of acquisition etc.

 

		LR9.1	Tenant’s contractual rights to renew this Lease, to acquire the reversion or another lease of the
Property, or to acquire an interest in other land

 

None.

 

		LR9.2	Tenant’s covenant to (or offer to) surrender this Lease

 

None.

 

		LR9.3	Landlord’s contractual rights to acquire this Lease

 

None.

 

		LR10.	Restrictive covenants given in this Lease by the Landlord in respect of land other than the Property

 

None.

 

		LR11.	Easements

 

		LR11.1	Easements granted by this Lease for the benefit of the Property

 

See Schedule 1 Part
2.

 

		LR11.2	Easements granted or reserved by this Lease over the Property for the benefit of other property

 

See Schedule 1 Part
3.

 

		LR12.	Estate rent charge burdening the Property N/A.

 

N/A

 

		LR13.	Application for standard form of restriction

 

None.

 

		LR14.	Declaration of trust where there is more than one person comprising the Tenant

 

Not applicable.

 

     

     

    

 

THIS LEASE is made on 11th April 2018

 

BETWEEN:

 

		(1)	THE OXFORD SCIENCE PARK LIMITED (company number 2287341) whose registered office is at Magdalen
College, High Street, Oxford, OX1 4AU (Landlord); and

 

		(2)	FUEL 3D TECHNOLOGIES LIMITED company registration number 08852503 whose registered office is at
Unit 2 Douglas Court, Seymour Business Park, Station Road, Chinnor, Oxfordshire, OX39 4HA (Tenant).

 

NOW THIS DEED WITNESSETH as follows:

 

		1.	Definitions and Interpretation

 

		1.1.	Throughout this Lease including the Schedules the following words and expressions have the following meanings:

 

	 	Adjoining Property:	any adjoining or neighbouring property belonging to the Landlord from time to time.

 

	 	Agreement for Lease:	the Agreement for Lease relating to the Demised Premises dated 8th March 2018 and made between The Oxford Science Park Limited (1) and
Fuel 3D Technologies Limited (2).

 

	 	Base Rate:	either the base rate of National Westminster Bank Plc for the time being in force (or such other Bank being a member of the Committee
of London Clearing Banks as the Landlord may from time to time nominate) or if no such base rate can be ascertained then such alternative
rate at the relevant time which the Landlord may reasonably specify in writing in substitution therefor.

 

		Building:	the building known as The Schrödinger Building shown edged green on plan C annexed to this Lease.

 

	 	Building Services:	the services specified in Part II of Schedule 2.

 

	 	Car Park:	the car parking areas within the Plot as shown edged green on plan F annexed to this Lease.

 

	 	Commercial Rent Arrears Recovery:	the procedure by which a landlord can recover rent arrears due under a commercial lease from a tenant pursuant to the Tribunals, Courts
and Enforcement Act 2007.

 

	 	Common Parts:	the footpaths, roads, entrance ways, lift, lift shaft, staircases, courtyard, walkways and landscaped areas and other areas which are
from time to time during the Term provided by the Landlord
for the common use and enjoyment of the occupants of the Building.

 

    1 

     

    

 

		Conduits:	pipes sewers drains soakaways channels culverts gullies watercourses sumps ducts shafts flues wires cables
or any other conducting media whatsoever.

 

	 	Demised Premises:	the land described in Part 1 of Schedule 1 hereto and each and every part thereof together with all additions alterations and improvements
thereto (other than tenant’s fixtures and fittings) and all Landlord’s fixtures and fittings from time to time therein.

 

	 	Environmental Performance:	all or any of the following:

 

		(a)	the consumption of energy and associated generation of greenhouse gas emissions;

 

		(b)	the consumption of water;

 

		(c)	waste generation and management; and

 

		(d)	any other environmental impact arising from the use or operation of the Demised Premises or the Science
Park.

 

		EPC:	an energy performance certificate and recommendation report as defined in the Energy Performance of Buildings
(England and Wales) Regulations 2012 as amended or updated from time to time.

 

	 	Event of Insolvency:	in respect of a company any one or more of the following:

 

		(a)	it shall be unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986;

 

		(b)	a proposal is made for a voluntary arrangement under Part I of the Insolvency Act 1986;

 

		(c)	a receiver or manager (including an administrative receiver) or trustee or similar officer is appointed
over all or any of its assets;

 

		(d)	an administration order is made;

 

		(e)	a provisional liquidator is appointed;

 

    2 

     

    

 

		(f)	it goes into liquidation either voluntary or compulsory (other than a voluntary liquidation entered into
solely for the purpose of amalgamation or reconstruction while solvent and with the prior consent of the Landlord);

 

in respect of an individual
any one or more of the following:

 

		(a)	he shall appear to be unable to pay his debts or any of them or appear to have no reasonable prospect
of being able to pay a debt within the meaning of Section 268 of the Insolvency Act 1986;

 

		(b)	an application is made for an interim order or a proposal is made for a voluntary arrangement under Part
VIII of the Insolvency Act 1986;

 

		(c)	a petition is presented under Part IX of the Insolvency Act 1986;

 

		(d)	he enters into any deed of arrangement or composition with his creditors;

 

		(e)	a receiver is appointed under the Mental Health Act 1983.

 

	 	Existing EPC:	a copy of the EPC for the Demised Premises reference number 0970-1974-0388-5630-9024.

 

	 	Insured Risks:	loss or damage by fire lightning explosion (including that of boilers and heating apparatus) aircraft and other aerial devices (other
than hostile aircraft or aerial devices) or articles dropped therefrom earthquake riot and civil commotion malicious damage storm or
tempest bursting or overflowing of water tanks apparatus or pipes flood impact by road vehicles terrorism and against third party claims
and of property owners liability and against the risks of breakdown and third party claims in respect of the lifts (if any) and of the
plate glass (if any) against breakage through impact or otherwise and in addition such other insurance in respect of the Demised Premises
as the Landlord may from time to time reasonably require to be effected hereunder subject in all cases to any excesses exclusions or
limitations as may be imposed by the insurers or underwriters and without prejudice to the generality of the foregoing in the case of
terrorism insofar as cover is available on reasonable terms in the London insurance market.

    3 

     

    

 

		Landlord:	the party of the first part including the estate owner for the time being of the reversion immediately
expectant upon the determination of the Term.

 

	 	Landlord’s Surveyor:	any person or firm appointed by or acting for the Landlord (including an employee of the Landlord) to perform the function of a surveyor
for any purpose of this Lease.

 

	 	this Lease:	this Lease any licence or consent granted pursuant hereto and any variation hereof and any deed or instrument supplemental hereto.

 

	 	Lettable Area:	the accommodation on the Science Park available for letting.

 

	 	Main Access Road:	the road shown coloured brown on plan A annexed.

 

	 	Permitted Part:	a part of the Demised Premises where:

 

		(a)	the extent of the part intended to be underlet shall first have been approved by the Landlord (such approval
not to be unreasonably withheld or delayed; and

 

		(b)	the Landlord is satisfied, where it is reasonable to so require, that the part intended to be underlet
and the remainder of the Demised Premises will in each case be self-contained and capable of separate use and occupation.

 

	 	Permitted User:	within Class B1 of the Town and Country Planning (Use Classes) Order 1987.

 

	 	Planning Acts:	the Town and Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning (Hazardous Substances)
Act 1990 the Planning (Consequential Provisions) Act 1990 and the Planning and Compensation Act 1991 and any other statues for the time
being in force of a similar nature.

 

		Plot:	the plot known as Plot 12, Oxford Science Park as shown edged blue on plan E annexed hereto.

 

	 	Prescribed Rate:	the rate of interest which is from time to time three per centum per annum above the Base Rate;

 

    4 

     

    

 

	 	Reinstatement Value:	the cost for the time being at the start of the year of insurance cover in question of reinstating and replacing the Building of which
the Demised Premises form part plus a provision to cover the effect of inflation on building costs during the year of insurance and until
the Demised Premises have been reinstated together with architects’ surveyors’ and other professional fees and incidental
expenses and the costs of demolition and site clearance.

 

	 	Rent Commencement Date:	6th April 2019.

 

	 	Review Dates:	6th April 2023 and

6th April 2028.

 

	 	Roof Terrace:	the area on the roof of the Building shown edged blue on plan G annexed to this Lease.

 

	 	Science Park:	the land comprised in title numbers ON323918 and ON324755 shown for identification purposes only edged red on plan B annexed or such
larger area as the Landlord may designate from time to time Provided that designation of such larger area does not materially increase
the amounts payable by the Tenant pursuant to clause 3.2 of this Lease.

 

	 	Science Park Services:	the services specified in Part 1 of Schedule 3.

 

	 	Spin Out Company:	a company in which the Tenant has a shareholding of at least 25%.

 

	 	Superior Landlord:	the landlord for the time being of the Superior Lease.

 

	 	Superior Leases:	the leases by virtue of which the Landlord holds the Science Park which are dated 31 December 2015 and 8 March 2016 respectively and
made between (1) The President and Scholars of the College of Saint Mary Magdalen in the University of Oxford (2) The Oxford Science
Park Limited.

 

	 	Superior Rent:	the annual rent payable by the Landlord under clauses 7.1 and 6.1 respectively of the Superior Leases.

 

		Tenant:	the party of the second part including its successors in title and in the case of an individual his personal
representatives.

 

		Term:	the term of years hereby created.

 

    5 

     

    

 

 

	Term Commencement Date:	6th
    April 2018.
	 	 
	Value Added Tax:	value
    added tax under the Value Added Tax Act 1994 and any similar replacement tax and any similar additional tax.
	 	 
	1927 Act:	the
    Landlord and Tenant Act 1927.
	 	 
	1954 Act:	the
    Landlord and Tenant Act 1954.
	 	 
	1995 Act:	the
    Landlord and Tenant (Covenants) Act 1995.

 

	1.2.	Throughout this Lease:

 

		(a)	words importing the singular number only shall include the plural number and vice versa;

 

		(b)	where a party comprises more than one person covenants and obligations of that party are to be construed
as having been made by such persons jointly and severally;

 

		(c)	any reference to any statute shall include any re-enactment consolidation and/or renewal thereof for the
time being in force and any references to any statute or statutes in general shall include any order instrument plan regulation permission
and direction made or issued thereunder or deriving validity therefrom.

 

	1.3.	Any covenant on the part of the Tenant not to do any act or thing includes a covenant not to suffer or
permit the doing of that act or thing.

 

	1.4.	Any rights excepted or reserved to the Landlord shall be construed as also being excepted or reserved
to any mortgagee of the Landlord all persons authorised by the Landlord and the Superior Landlord and any covenant by the Tenant to permit
entry by the Landlord for any purpose shall be construed as permitting entry by such persons.

 

	1.5.	Whenever the consent or approval of the Landlord is required under this Lease the giving of such consent
or approval shall be conditional upon the prior consent or approval of the Superior Landlord from time to time and any mortgagee of the
Landlord which consent or approval the Landlord shall use all reasonable endeavours to obtain.

 

	1.6.	Any consent approval authorisation or notice required or given under this Lease Shall only take effect
if given in writing.

 

	1.7.	All Schedules to this Lease shall be deemed to form part of this Lease.

 

	1.8.	The headings in this Lease are inserted for convenience only ‘end shall not affect its construction
or interpretation and references to a clause Schedule or paragraph are (unless otherwise stated) to a clause in and a Schedule to this
Lease and to a paragraph of the relevant Schedule.

 

	1.9.	Any reference to the “end of the Term” shall mean the expiration or earlier determination
of the Term and any reference to “the last year of the Term” shall mean the twelve months ending on the expiration or earlier determination
of the Term (in each case howsoever the Term may be determined).

 

    6 

     

    

 

	2.	Demise

 

In consideration of the rents and covenants
on the part of the Tenant hereinafter reserved and contained the Landlord HEREBY DEMISES to the Tenant the Demised Premises TOGETHER
with the rights as mentioned in Part 2 of Schedule 1 EXCEPTING AND RESERVING as mentioned in Part 3 of Schedule 1 TO HOLD
the same to the Tenant SUBJECT to all rights easements quasi-easements and privileges to which the Demised Premises are or may
be subject and to the rights covenants and other matters contained or referred to in the documents details of which are set out in Part
4 of Schedule 1 for a term of fifteen years from and including the Term Commencement Date and expiring on 5th April 2033 YIELDING AND
PAYING therefor during the Term and so in proportion for any less time than a year:

 

	2.1.	the yearly rent at the rate of a peppercorn (if demanded) for the period until the Rent Commencement Date
and then from and including the Rent Commencement Date at the rate of £404,992 per annum (subject to review as provided for in Schedule
2) to be paid in advance by equal quarterly payments on the usual quarter days in every year the first of such payments in respect of
the period from the Rent Commencement Date to the day immediately before the next quarter day (both dates inclusive) to be made on the
Rent Commencement Date;

 

	2.2.	within 14 days of demand an amount equal to a fair proportion of the full cost (without deduction of any
agency or other commission paid or allowed to the Landlord on such amount or otherwise which the Landlord shall be entitled to retain
for its own benefit free of any obligation to bring the same into account hereunder) of every premium payable including any tax which
may be payable thereon and other payment properly incurred by the Landlord from time to time during the Term in effecting and maintaining
insurance in accordance with the provisions of clause 4.2(a) and further amounts equal to a fair proportion of the reasonable and proper
costs incurred by the Landlord of obtaining from time to time professional valuations of the Demised Premises for insurance purposes provided
that such valuations will not take place more than once every three years;

 

	2.3.	the amounts payable to the Landlord pursuant to clause 3.2;

 

	2.4.	interest which may be payable pursuant to clause 3.3; and

 

	2.5.	any Value Added Tax which may be payable pursuant to clause 3.5.

 

	3.	Tenant’s Covenants

 

The Tenant HEREBY COVENANTS with
the Landlord throughout the Term as follows:

 

	3.1.	Rent

 

To pay the rents hereinbefore reserved
at the times and in the manner aforesaid without any deduction whatsoever (whether by way of set-off, counterclaim or otherwise).

 

    7 

     

    

 

	3.2.	Service Charge

 

To pay to the Landlord by way of service
charge without any deduction whatsoever a fair and reasonable proportion of the costs expenses and outgoings paid or incurred by the Landlord
in supplying and providing the services in accordance with the provisions of Schedule 2.

 

	3.3.	Interest

 

If the rents or any other sum of money
payable to the Landlord by the Tenant under this Lease shall have become due but remain unpaid for fourteen days after the same became
due or if the Landlord shall refuse to accept the tender of rents by reason of a breach of covenant on the part of the Tenant to pay on
demand to the Landlord interest thereon at the Prescribed Rate from the date when the same became due and until they are paid to and accepted
by the Landlord (as well after as before any judgment).

 

	3.4.	Outgoings

 

To bear pay and discharge all existing
and future rates taxes duties charges assessments impositions and outgoings whatsoever (whether or not of a capital or non-recurring nature)
which now are or may at any time hereafter during the Term be charged levied assessed or imposed upon the Demised Premises or upon the
owner or occupier in respect thereof save any on receipts of rent (other than Value Added Tax) or on a disposal of the Landlord’s
interest in the Demised Premises

 

	3.5.	Value Added Tax

 

		(a)	Supplies made by the Landlord to the Tenant pursuant to this Lease are exclusive of Value Added Tax and
if any such supplies are (or become) liable to Value Added Tax (whether or not as a result of an election by the Landlord) then notwithstanding
anything contained in this Lease such Value Added Tax shall be payable by the Tenant in addition to the consideration payable for such
supplies under the terms of this Lease.

 

		(b)	Where under the terms of this Lease the Tenant is obliged to pay any sum which is not consideration for
a supply to him but such sum is wholly or partly attributable (directly or indirectly) to a supply which is for the time being subject
to Value Added Tax then notwithstanding anything contained in this Lease such sum payable by the Tenant shall be deemed for all purposes
to be increased by the amount of such Value Added Tax save to the extent that the Landlord is able to obtain credit for such Value Added
Tax as input tax.

 

		(c)	The Landlord (or its managing agents) shall render a receipted tax invoice in respect of taxable supplies
made pursuant to this Lease promptly upon receipt of payment for the same.

 

		(d)	For the purposes of this clause 3.5 the expressions “supply” “taxable supply”
 “input tax” and “tax invoice” shall bear the same meanings as they do in the Value Added Tax Act 1994.

 

    8 

     

    

 

	3.6.	Landlord’s Costs

 

To pay to the Landlord (and where appropriate,
the Superior Landlord) on demand all reasonable and proper costs and , expenses including solicitors’ surveyors’ and other
professional fees) of and incidental to:

 

		(a)	the preparation and service of any notice under Section 146 of the Law of Property Act 1925 and/or incurred
in or in proper contemplation of proceedings under Section 146 and/or 147 of that Act notwithstanding in any such case that forfeiture
may be avoided otherwise than by relief granted by the Court unless the Court otherwise directs;

 

		(b)	the preparation and service of any notice relating to a schedule of dilapidations and of any such schedule
itself by the Landlord and whether or not the same is served during or within three months after the end of the Term but relating in all
cases only to dilapidations which accrued prior to the end of the Term;

 

		(c)	all applications by the Tenant for any consent or approval of the Landlord or the Landlord’s Surveyor
or the Superior Landlord required by this Lease or the Superior Leases including such fees and expenses actually incurred in cases where
consent is refused or the application is withdrawn except when a court determined that consent was unreasonably withheld;

 

		(d)	subject to clause 3.6(e) the recovery of rent or other monies due and payable hereunder or to the remedying
of any breach of covenant on the part of the Tenant herein contained;

 

		(e)	any action for the recovery of rent arrears under Commercial Rent Arrears Recovery;

 

		(f)	making good any damage to any Adjoining Property caused by the Tenant or any employee or licensee of the
Tenant;

 

		(g)	carrying out works to the Demised Premises to improve the Environmental Performance where the Tenant in
its absolute discretion has consented to the Landlord doing so.

 

	3.7.	Repair

 

To repair and keep the Demised Premises
together with all Conduits toilets heating and cooling system and boilers in or exclusively serving the same in good and substantial repair
and condition and shall rebuild repair and renew as necessary (damage by any of the Insured Risks always excepted save where the payment
of any of the insurance monies shall be withheld or refused by reason of any act or default of the Tenant any undertenant or their respective
servants agents or licensees).

 

	3.8.	Decoration and Maintenance

 

As often as may be reasonably necessary
but in any event in the last year of the Term to paint with at least two coats of paint of a colour which in such last year of the Term
shall previously be approved by the Landlord (such approval not. to be unreasonably withheld or delayed) and to varnish paper plaster
or otherwise treat all the parts of the Demised Premises as are usually or ought to be varnished papered plastered
or treated (as appropriate) and generally to carry out all such work with good quality materials of their several kinds available and
in accordance with good standards of workmanship.

 

    9 

     

    

 

	3.9.	Cleaning of Demised Premises etc.

 

		(a)	As often as shall be necessary to clean treat and/or wash in an appropriate manner to the reasonable satisfaction
of the Landlord’s Surveyor all glass and other surfaces and finishes of the Demised Premises (including the floor surface of the
Roof Terrace) which ought normally to be so cleaned treated and/or washed.

 

		(b)	Not to store or stack any goods crates boxes or other things outside the Building save in areas designated
for such purpose.

 

		(c)	Not to obstruct or interfere with the free use of any roads or highways giving access to the Building
whether by the parking of vehicles or the deposit of materials thereon.

 

		(d)	To clean regularly and insofar as practicable preserve in good condition all carpets (if any) belonging
to the Landlord and replace the same as often as may be necessary and in any event in the last year of the Term replace with carpet of
no less a quality and of similar appearance.

 

	3.10.	Maintenance Contracts

 

To enter into and continue from time
to time contracts with suitably qualified and experienced persons of repute for the regular maintenance inspection care and servicing
of any boilers, air-conditioning and central heating plant and apparatus hot and cold water system ventilation plant and all installations
relating to each of them, fire alarm system, smoke detector system, security system and any other mechanical and electrical equipment
from time to time in and exclusively serving the Demised Premises and to supply to the Landlord details of all such contracts upon written
request being made by the Landlord.

 

	3.11.	Entry to View

 

To permit the Landlord during normal
business hours with or without workmen and all necessary tools and appliances after giving not less than two days’ prior notice
(except in emergency) to the Tenant to enter and remain (for such reasonable period of time as may be necessary) upon the Demised Premises:

 

		(a)	to view the state of repair and condition thereof and to take a schedule of the Landlord’s fixtures
and fittings and of any dilapidations;

 

		(b)	for the purpose of rebuilding or executing repairs and alterations to any adjoining or neighbouring premises
belonging to the Landlord and to clean empty repair or replace any of the Conduits belonging to the same;

 

		(c)	to ascertain whether anything has been done which constitutes a breach or non-performance of any of
the covenants contained in this Lease;

 

		(d)	to exercise the rights excepted and reserved to the Landlord by this Lease;

 

    10 

     

    

 

		(e)	to inspect and measure the Demised Premises for all purposes connected with the operation or implementation
of the provisions of Schedule 2 or for any intended or pending step under the provisions of Part II of the Landlord and Tenant Act 1954;

 

		(f)	to comply with its obligations under the Superior Leases,

 

		(g)	for any other reasonable purpose properly connected with the interest of the Landlord in the Demised Premises

 

subject to the person exercising such
rights making good any damage caused to the Demised Premises thereby as soon as is reasonably practicable.

 

	3.12.	Compliance with Notice

 

To comply with any notice given by the
Landlord requesting the Tenant to remedy any breach of the Tenant’s covenants within two calendar months after the giving of such
notice or sooner if requisite and if the Tenant fails to comply with any such notice it shall be lawful (but not obligatory) for the Landlord
(without prejudice to the right of re-entry hereinafter contained) to enter and remain upon the Demised Premises with or without workmen
and with all necessary tools and appliances to make good the Demised Premises at the cost of the Tenant which cost shall be repaid by
the Tenant to the Landlord on demand together with all solicitors’ surveyors’ and other professional fees and other expenses
which may be incurred by the Landlord in connection therewith together with interest thereon at the Prescribed Rate from the date on which
the said expenditure is incurred by the Landlord until the date of actual payment.

 

	3.13.	Overloading of Demised Premises

 

Not to suspend any heavy load from the
ceilings or main structure of the Building nor to load or to use the floors of the Building or the structure or curtilage of the Building
in any manner which will in any way impose a weight or strain in excess of that which the same are constructed to bear with due margin
for safety.

 

	3.14.	User Prohibited

 

		(a)	Not to bring into the Demised Premises or to place or store in the Demised Premises any article or thing
which is or may become dangerous offensive combustible inflammable radioactive or explosive other than such normal substances as may be
employed in non-hazardous quantities in connection with the Permitted User but where any such normal substances are or may become dangerous
offensive combustible inflammable radioactive or explosive then the Tenant will comply with all the requirements of the insurers of the
Building and all statutes in relation to their supply use storage and/or disposal;

 

		(b)	Not to use the Demised Premises for any noisy offensive or dangerous trade manufacture business or occupation
nor for any illegal or immoral purpose nor permit any person to reside or sleep upon the Demised Premises nor do on the Demised Premises
any act matter or thing whatsoever which in the reasonable opinion of the Landlord may be or tend to become a nuisance damage or disturbance
to the prejudice of the Landlord or to the owners or occupiers of any adjoining or neighbouring property or any of them Provided That the foregoing
shall not prevent the use of the Demised Premises permitted by and in accordance with this Lease;

 

    11 

     

    

 

		(c)	Not to discharge anything into the Conduits which will or may be corrosive or harmful or which may cause
any obstruction or deposit therein;

 

		(d)	Not to use the Demised Premises for any public meeting exhibition or entertainment or as a club;

 

		(e)	Not to hold any sale by auction thereon or to play or use thereon any musical instrument gramophone wireless
loudspeaker or similar apparatus so as to be audible outside the Demised Premises;

 

		(f)	Not to use the Demised Premises for the purpose of any betting transactions within the meaning of the
Gambling Act 2005 or for gaming within the meaning of the Gambling Act 2005 with or between persons resorting to the Demised Premises;

 

		(g)	Not to make any application for a betting office licence or a licence or registration under the Gambling
Act 2005 in respect of the Demised Premises;

 

		(h)	Not to use any type of barbeque or other cooking equipment on the Roof Terrace without the prior consent
of the Landlord, such consent not to be unreasonably withheld or delayed Provided that (without prejudice to the generality of the foregoing)
the Landlord may withhold consent if the Landlord is not satisfied with the Tenant’s fire risk assessment or health and safety assessment
and further Provided That the Tenant must comply with all requirements of the Landlord’s insurers;

 

		(i)	Not to overload any structural part of the Building.

 

	3.15.	User

 

		(a)	Not to leave the Demised Premises continuously unoccupied for more than twenty-one days without notifying
the Landlord and providing such caretaking or security arrangements as the Landlord and/or its insurers shall require (in the case of
the Landlord acting reasonably) in order to protect the Demised Premises from vandalism theft damage or unlawful occupation.

 

		(b)	Not to use or permit the use of any part of the Demised Premises other Ise than for the Permitted User:

 

	3.16.	Alterations and Additions

 

		(a)	Not to make any alteration or addition to any part of the structure of the Building or the external elevations
thereof nor to merge the Demised Premises with any adjoining premises and not to alter or change any of the architectural features (whether
external or internal) of the Demised Premises.

 

    12 

     

    

 

		(b)	Not without the consent of the Landlord nor otherwise than in accordance with plans approved by the Landlord
(such consent and approval not to be unreasonably withheld) and under the supervision and to the reasonable satisfaction of the Landlord’s
Surveyor to make any other alteration or addition
in or to the Demised Premises or any part thereof including is particular any Conduits electrical equipment and installations of any description
Provided That:

 

		(i)	the Landlord may in its absolute discretion seek such advice as the Landlord shall require from surveyors
and other professional advisers in connection with any such application for consent;

 

		(ii)	the Landlord may as a condition of giving any such consent and approval require the Tenant to enter into
such covenants with the Landlord as the Landlord may reasonably require in regard to the execution of any such works or otherwise;

 

		(iii)	the Tenant shall if so requested by the Landlord reinstate the Demised Premises at the end or sooner determination
of the Term;

 

		(iv)	the Tenant shall not make any addition or alteration to the Demised Premises which might weaken the structure
of the Building;

 

		(v)	in the case of any works of a substantial nature if the Landlord shall so require prior to the commencement
of such works the Tenant shall provide adequate security on terms reasonably required by the Landlord in the form of a deposit of money
or the provision of a bond to ensure that any alterations which may from time to time be permitted by the Landlord shall be fully completed;

 

		(vi)	the Landlord may in its absolute discretion refuse its consent to any alteration addition or amendment
to the Demised Premises which may be visible from the exterior of the Building;

 

		(vii)	the Landlord will not unreasonably withhold consent to non-structural internal alterations;

 

		(viii)	all proposals for any alterations or additions to the Demised Premises shall first be submitted by the
Tenant to the Landlord accompanied by all relevant detailed plans, drawings, elevations, sections and specifications and such other information
as may be reasonably required.

 

		(c)	All alterations or additions to the electrical equipment and installations of the Demised Premises shall
be carried out in accordance with the terms conditions and recommendations from time to time laid down by the Institution of Electrical
Engineers and the regulations of the electricity supply authority.

 

		(d)	Notwithstanding the foregoing not at any time to commence any development within the meaning of the Planning
Acts in relation to the Demised Premises without the Landlord’s prior consent which shall not be unreasonably withheld Provided
That it shall in any event be reasonable for the Landlord to withhold its consent unless the Landlord shall first be satisfied that the
proposed development is properly authorised by law and that the Tenant will indemnify and keep the Landlord fully and effectually indemnified
from and against any tax charge or levy for which the Landlord may become liable as a result of any such proposed development being carried
out by the Tenant.

 

    13 

     

    

 

		(e)	Not without the consent of the Landlord to change or make any application to change the name of the Building
from The Schrodinger Building.

 

	3.17.	Advertisements

 

Not to affix or exhibit in or upon any
part of the exterior of the Demised Premises any bill placard advertisement flashlight or other sign except such as shall previously have
been approved (as to design, size and positioning) by the Landlord such approval not to be unreasonably withheld.

 

	3.18.	Encroachments etc.

 

Not in any way to stop up or darken
any window or opening in the Demised Premises nor to stop up or obstruct any access of light enjoyed by the Demised Premises nor to permit
any wayleave easement privilege or encroachment to be made or acquired over against or upon the Demised Premises and forthwith upon the
Tenant becoming aware of any of the same or circumstances which may give rise to the same to give notice thereof to the Landlord and to
permit the Landlord to enter and remain upon the Demised Premises for the purpose of ascertaining the nature of any such wayleave easement
privilege or encroachment and at the joint cost of the Landlord and the Tenant to adopt such means as the Landlord may properly require
for preventing any encroachment and the acquisition or continued enjoyment of any wayleave easement or privilege.

 

	3.19.	Rights of Light

 

Not to give to any third party any acknowledgement
that the Tenant enjoys the access of light to any window or opening in the Demised Premises by the consent of such third party nor to
pay to such third party any sum of money nor to enter into any agreement with such third party for the purpose of inducing or binding
such third party to abstain from obstructing the access of light to any such window or opening and in the event of any third party doing
or threatening to do anything which obstructs the access of light to any such window or opening to give immediate written notice thereof
to the Landlord and to permit the Landlord to bring such proceedings as it may think fit in the name of the Tenant and at the joint cost
of the Landlord and the Tenant against any such third party in respect thereof.

 

	3.20.	Claims for Destruction of Light

 

Not to bring any action or make any
claim or demand on account of any diminution of light or air to the Demised Premises or any window or opening therein in consequence of
the erection or alteration of any building on any land adjoining neighbouring or oppoe`e to the Demised Premises for which the Landlord
may give its consent pursuant to any power reserved by this Lease or in respect of any easement right or privilege granted or to be granted
by the Landlord for the benefit of any building erected or to be erected on any land adjoining neighbouring or opposite to the Demised
Premises and (if reasonably required) to concur with the Landlord at the Landlord’s expense in any consent which the Landlord may
give or any grant which the Landlord may make.

 

    14 

     

    

 

	3.21.	Insurance

 

		(a)	Promptly on becoming aware of the s n to give written notice to the Landlord of any damage or destruction
to the Demised Premises or any matter in respect of which a claim may be made under any policy of insurance effected hereunder.

 

		(b)	If the Demised Premises or the Building shall be destroyed or damaged by any of the Insured Risks and
the payment of any of the insurance monies under any insurance against the same shall be withheld or refused by reason solely or in part
of any act or default of the Tenant or any undertenant or their respective servants agents or licensees then and in every such case the
Tenant will pay to the Landlord the whole or (as the case may require) the withheld or refused portion of such insurance monies.

 

		(c)	Not to do any act or thing whereby any insurance effected in respect of the Demised Premises, the Building
or any adjoining or neighbouring property would or might be vitiated or prejudiced and not without the written consent of the Landlord
to do or omit to do anything whereby an increased or additional premium in respect of any such insurance (which shall in any event be
borne by the Tenant) may become payable.

 

		(d)	To insure and keep insured all plate glass windows and other plate glass (if any) against the Insured
Risks at the replacement cost thereof with such insurance office as the Landlord may approve (such approval not to be unreasonably withheld
or delayed) and shall produce the insurance policy and the last premium receipt for inspection by the Landlord whenever the Landlord shall
reasonably require and shall apply all monies received under such policy in the reinstatement of such plate glass windows and other plate
glass and shall make good any deficiency out of the Tenant’s own money.

 

		(e)	If the Tenant shall become entitled to the benefit of any insurance on the Demised Premises then the Tenant
shall hold all monies received by virtue of such insurance upon trust for the landlord for making good the loss or damage in respect of
which the same shall have been received.

 

	3.22.	Alienation Prohibited

 

		(a)	Not to charge assign or transfer part only of the Demised Premises.

 

		(b)	Not to part with possession or share the occupation of the Demised Premises or any part thereof other
than by way of an assignment permitted under clause 3.23 or an underlease permitted under clause 3.24 Provided That the Tenant may share
the occupation of the Demised Premises with any company which is within the same group as the Tenant within the meaning of Section 42
of the 1954 Act or is a Spin Out Company so long as the Tenant gives prior written notice to the Landlord of the company occupying the
Demised Premises and no tenancy is thereby created and such company vacates upon it ceasing to be a member of such group or ceasing to
be a Spin Out Company.

 

		(c)	Not to hold or occupy the Demised Premises or any part thereof as trustee or agent or otherwise for the
benefit of any other person.

 

		(d)	Not to underlet part only of the Demised Premises other than by way of an underlease of a Permitted Part
as permitted under clause 3.24.

 

    15 

     

    

 

	3.23.	Assignment Permitted

 

		(a)	Not to assign or transfer the whole of the Demised Premises without the prior written consent of the Landlord
such consent not to be unreasonably withheld or delayed subject to the terms contained in clauses 3.23(b) to 3.23(f) (inclusive),

 

		(b)	The Landlord may withhold its consent to a proposed assignment or transfer if any one or more of the following
circumstances (which are specified for the purpose of Section 19(1A) of the 1927 Act) exist:

 

		(i)	any sum properly due and (other than the yearly rent) demanded from the Tenant under this Lease remains
unpaid;

 

		(ii)	in the Landlord’s reasonable opinion there is at the date of the application for consent to assign
any material outstanding breach of the Tenant’s covenants or other terms of this Lease;

 

		(iii)	the proposed assignee or transferee (or any guarantor required under clause 3.23(d)(ii)) has or will have
immunity from suit or legal process in relation to any breach of any covenants or conditions contained in this Lease;

 

		(iv)	the proposed assignee or transferee (or any guarantor required under clause 3.23(d)(ii)) is a corporation
registered in a jurisdiction in which there is no reciprocity of treatment for the enforcement of judgments obtained in England and Wales;
or

 

		(v)	that in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial standing
to enable it to comply with the tenant’s covenants under this Lease.

 

		(c)	Clause 3.23(b) shall operate without prejudice to the right of the Landlord to refuse such consent on
any other ground or grounds where such refusal would be reasonable;

 

		(d)	The Landlord may impose any one or more of the following conditions (which are specified for the purpose
of Section 19(1A) of the 1927 Act):

 

		(i)	a requirement that the assigning Tenant and in the event of a previous unauthorised assignment a former
tenant (as defined in Section 16(6) of the 1995 Act) each separately execute as a deed and deliver to the Landlord prior to the assignment
in question an authorised guarantee agreement in the form set out in Part 2 of Schedule 4 (to the extent permitted by law);

 

		(ii)	a requirement that (to the extent permitted byany surety for the assigning tenant is made party to
any authorised guarantee agreement entered into by the assigning tenant in order to guarantee the obligations of the assigning tenant
contained in the authorised guarantee agreement;

 

		(iii)	if the Landlord reasonably so requires a requirement that not more than two third party guarantors
                                                               reasonably acceptable to the Landlord are provided who execute in favour of the Landlord and deliver to the Landlord prior to the assignment in question a deed of covenant
in the terms of the covenants for a surety contained in Part 1 of Schedule 4;

 

    16 

     

    

 

		(e)	Clause 3.23(c) shall operate without prejudice to the right of the Landlord to impose further conditions
upon a grant of consent where such imposition would be reasonable.

 

		(f)	The Tenant shall give notice to the Landlord in writing within fifteen working days of the Tenant becoming
aware of the death of any individual who has covenanted with the Landlord as surety or of an Event of Insolvency arising in respect of
a surety. If so required by the Landlord at the expense of the Tenant the Tenant shall within two (2) months of such event procure that
some other individual or company acceptable to the Landlord acting reasonably shall covenant with the Landlord as surety in the terms
of clause 3.23(d)(iii) in place of such individual or company.

 

	3.24.	Underletting Permitted

 

		(a)	Not to underlet the whole or a Permitted Part of the Demised Premises without the consent of the Landlord
(such consent not to be unreasonably withheld or delayed).

 

		(b)	Prior to any such underletting to procure that the intended undertenant shall covenant direct with the
Landlord:

 

		(i)	that the undertenant will observe and perform the Tenant’s covenants and conditions contained in
this Lease (other than the covenant to pay the rents hereby reserved);

 

		(ii)	that the undertenant will not charge assign transfer or sub-underlet the whole or any part of the premises
to be underlet (other than by an assignment as is permitted under this clause 3.24(b));

 

		(iii)	that the undertenant will not hold or occupy the premises to be underlet or any part thereof as trustee
or agent or otherwise for the benefit of any other person.

 

		(iv)	that the undertenant will not assign the whole of the premises to be underlet without the prior written
consent of the Landlord (such consent not to be unreasonably withheld or delayed) Provided That the undertenant may share occupation of
the underlet premises with a group company of the undertenant in accordance with the terms of clause 3.22(b); and

 

		(v)	that upon any assignment of the premises to be underlet the assignee shall enter into similar direct covenants
with the Landlord as those set out in this clause 3.24(b).

 

And to procure that one or more third
party guarantors reasonably acceptable to the Landlord shall if the Landlord reasonably so requires act as surety for such undertenant
and shall jointly and severally (if appropriate) covenant with the Tenant and the Landlord in the same form mutatis mutandis as in Part
1 of Schedule 45.

 

    17 

     

    

 

		(c)	Not to underlet the whole or a Permitted Part of the Demised Premises except:

 

		(i)	at a rent which is not less than the rack rental value of the Demised Premises or the premises to be underlet
(as the case may be) without taking a fine premium or other consideration and at no time to release the undertenant from the obligation
to pay such rent nor to commute the same (or any part thereof) for a capital sum;

 

		(ii)	subject to Sections 24 to 28 (inclusive) of the 1954 Act (as amended) being excluded in relation thereto;

 

		(iii)	subject to obtaining the approval of the Landlord (such approval not to be unreasonably withheld or delayed).

 

		(d)	Not at any time to release or waive or permit to be released or waived any covenants against assignment
or underletting in an underlease or permit any dealing by any such undertenant without the written consent of the Landlord (such consent
not to be unreasonably withheld or delayed) but to enforce or procure the enforcement of the performance of any such covenants by all
means in the power both of the Tenant in respect thereof.

 

		(e)	To take all necessary steps at its own expense to secure the effective implementation of the provisions
for rent review contained in any underlease and shall:

 

		(i)	not agree the amount of any such rent on review without the prior consent of the Landlord (such consent
not to be unreasonably withheld or delayed) and so that for the avoidance of doubt the Landlord shall have the right (acting reasonably)
to submit any representations the Landlord thinks fit to the arbitrator or expert or to incorporate such representations in those which
the Tenant shall make in connection with any such review of the rent reserved by any underlease;

 

		(ii)	not agree upon the appointment of a person to act as the arbitrator or expert determining the rent in
default of agreement without the approval of the Landlord (such approval not to be unreasonably withheld or delayed); and

 

		(iii)	to supply the Landlord with a copy of the determination of every rent review within 14 days of receipt
thereof together with such further details as the Landlord may reasonably require.

 

		(f)	The Tenant shall not underlet a Permitted Part if the total number of separate occupiers (including the
occupancy of the Tenant pursuant to this Lease) in the Demised Premises would then exceed two.

 

	3.25.	Disclosure of Information

 

Upon making an application for any consent
or approval which is required under this Lease the Tenant shall disclose to the Landlord such information as the Landlord may reasonably
require.

 

    18 

     

    

 

	3.26.	Registration

 

		(a)	Within twenty-one days after any assignment transfer underlease mortgage charge or other devolution of
this Lease or any derivative interest to give notice thereof in duplicate to the Landlord’s solicitor for registration together
with a certified copy of the deed document or instrument effecting such assignment transfer underlease mortgage charge or other devolution
and to pay or cause to be paid to the Landlord’s Solicitors or as the Landlord may from time to time direct a fee of Fifty Pounds
(£50.00) or such higher fee as the Landlord may reasonably require for the registration thereof.

 

		(b)	Where a deed of transfer or deed of assignment of the Demised Premises or an underlease is registerable
at the Land Registry the Tenant shall procure the registration of such deed of transfer or deed of assignment or underlease as soon as
reasonably practicable after the date of the same and within one month of completion of the registration give notice in writing to the
Landlord.

 

	3.27.	Schedule of Underlettings etc.

 

If and when called upon by the Landlord
so to do to supply to the Landlord from time to time a schedule containing full details (including for the avoidance of doubt particulars
of rent and any review dates) of all subsisting underlettings and occupiers of the Demised Premises.

 

	3.28.	Compliance with Statutes

 

		(a)	To comply with the provisions of all statutes now or hereafter to be passed which affect the Demised Premises
or the Tenant’s user thereof including the execution of all works required to be done or executed pursuant thereto whether by the
owner and/or the landlord and/or the tenant thereof and to comply with any notices which may be served by any competent authority and
not to do on the Demised Premises any act or thing whereby the Landlord may become liable to pay any penalty imposed by or to bear the
whole or any part of any expenses incurred under any such statute.

 

		(b)	To comply with all requirements from time to time of the appropriate authority in relation to fire precautions
and means of escape from the Demised Premises in case of fire or other emergency insofar as such escape route is located within the Demised
Premises and at the expense of the Tenant to keep the Demised Premises sufficiently supplied and equipped with fire-fighting and extinguishing
apparatus and appliances of a type to be approved from time to time by the appropriate authority and by the Landlord’s insurers
and suitable in all respects to the type of user or business or trade carried on upon the Demised Premises.

 

	3.29.	Planning Acts

 

		(a)	To obtain so often as Occasion shall require all planning permissions licences consents and approvals
as may be required under the Planning Acts for the carrying out by the Tenant of any development on the Demised Premises within the meaning
of the Planning Acts or for the continuance thereof by the Tenant but so that the Tenant shall not make any application for planning permission
or give any notice to any authority of an intention to commence or to carry Out any development without the previous consent of the Landlord
(such consent not to be unreasonably withheld where the Landlord is not to unreasonably withhold
its consent under this Lease to the development for which planning permission is required) and so that the Tenant shall (if and insofar
as it is lawful for the parties hereto to make such an arrangement) indemnify the Landlord against all charges payable in respect of any
such application

 

    19 

     

    

 

		(b)	Promptly after the grant of any pleating permission or refusal of any application therefor made by the
Tenant to give to the Landlord full particulars in writing thereof and supply a copy thereof for the retention of the Landlord and in
the case of a refusal of such an application or a grant subject to conditions which the Landlord considers unreasonable if the Landlord
reasonably so requires at the Landlord’s expense to give notice of appeal thereof to the competent authority and to proceed diligently
with such appeal and to keep the Landlord informed of the progress thereof

 

		(c)	Without prejudice to the provisions of any other covenant by the Tenant under this Lease not to implement
any planning permission until a copy of the same has been submitted to the Landlord and acknowledged by it as satisfactory (such acknowledgement
not to be unreasonably withheld) Provided that the Landlord may refuse so to express its satisfaction with any such planning permission
on the ground that any provision or condition would in the reasonable opinion of the Landlord be or be likely to be (whether during the
Term or following its determination) prejudicial to the Landlord’s interest in the Demised Premises or the Building or any adjoining
or neighbouring property belonging to the Landlord.

 

		(d)	If the Landlord reasonably so requires where a planning permission is granted subject to conditions to
provide adequate security for the compliance with such conditions on terms reasonably required by the Landlord in the form of a deposit
of money or the provision of a bond prior to the implementation by the Tenant of such planning permission.

 

		(e)	Unless the Landlord shall otherwise direct to carry out before the end or sooner determination of the
Term (howsoever the same may be determined) any works stipulated to be carried out to the Demised Premises by a date subsequent to such
end or sooner determination as a condition of any planning permission which may have been granted to and been implemented by the Tenant
or any person deriving title under the Tenant.

 

		(f)	If called upon so to do to produce to the Landlord all plans documents and other evidence as the Landlord
may reasonably require in order to satisfy itself that the provisions of this covenant have been complied with.

 

		(g)	Not without the consent of the Landlord to enter into any agreement under the Planning Acts.

 

		(h)	Not without the consent of the Landlord to serve any notice under Planning Acts requiring any authority
to purchase the interest of the Tenant in the Demised Premises.

 

	3.30.	Statutory Notices

 

		(a)	Within seven days of the receipt of any notice order permission refusal requisition or direction or proposal
for the same made given or issued to the Tenant by any competent authority under or by virtue
of any statutory powers or forthwith upon the happening of any occurrence which may be capable of adversely affecting the Landlord’s
interest in the Demised Premises the Tenant shall deliver full particulars thereof to the Landlord and if so required by the Landlord
thereafter to produce a copy of the same to the Landlord and without delay to take all reasonable and necessary steps to comply with the
same,

 

    20 

     

    

 

 

		(b)	To make or join with the Landlord at the joint cost of the Landlord and the Tenant in making such objections
or, representations against or in respect of any such notice order permission refusal requisition or direction or proposal for the same
as the Landlord shall deem expedient

 

		3.31.	Reletting Arrangements

 

To permit the Landlord or its agents
to fix and retain in a conspicuous position on the Demised Premises a notice-board during the last six months of the Term in respect of
the reletting of the same and at any time during the Term in respect of the sale of the interest of the Landlord in the same (but not
so as to restrict or interfere unreasonably with access to or the access of light and air to the Demised Premises) and not to take down
or obscure the said notice-board and to permit all persons authorised by the Landlord or its agents to view the Demised Premises during
normal business hours after the giving of not less than twenty-four hours’ prior notice.

 

		3.32.	Defects

 

To notify the Landlord promptly upon
becoming aware of any defect in the Demised Premises which might give rise to a duty imposed by common law or statute on the Landlord
in favour of the Tenant or any other person.

 

		3.33.	Indemnity

 

		(a)	To indemnify and keep indemnified the Landlord against all proper losses costs damage and expenses (including
professional fees properly incurred by the Landlord) incurred or sustained by the Landlord as a consequence of any breach of the covenants
by the Tenant set out herein or implied Provided That such indemnity shall extend to all costs and expenses properly incurred by the Landlord
in connection with any steps which the Landlord may (acting reasonably) take to remedy any such breach and shall be without prejudice
to any other rights or remedies of the Landlord in respect of any such breach.

 

		(b)	To indemnify and keep indemnified the Landlord against liability in respect of any injury to or the death
of any person or damage to any property movable or immovable or the infringement disturbance or destruction of any right easement or privilege
or otherwise by reason of or arising directly or indirectly out of the repair or condition of the Demised Premises or any alteration thereto
by the Tenant or any person deriving title under the Tenant or the Permitted User and against all actions proceedings costs expenses claims
and demands of whatsoever nature in respect of any such liability or alleged liability.

 

    21 

     

    

 

		3.34.	Yield Up

 

At the end of the Term quietly to yield
up to the Landlord the Demised Premises in such state and condition as shall in all respects be in accordance with the covenants on the
part of the tenant herein contained Provided That:

 

		(a)	the state and condition of the Demised Premises shall be assessed with reference to the specifications
for a Category A office premises annexed to the Agreement for Lease and for the avoidance of doubt this shall mean any Variations (as
defined in the Agreement for Lease) are to be removed;

 

		(b)	if any of the Landlord’s fixtures and fittings shall be missing broken damaged or destroyed and
beyond economic repair the Tenant shall replace them with others of a similar character;

 

		(c)	unless released from compliance by the Landlord by notice the Tenant shall remove all tenant’s and
trade fixtures and fittings and every moulding sign writing or painting of the name or business of the Tenant or other occupiers from
the Demised Premises and to make good all damage caused to the Demised Premises by the removal of the tenant’s and trade fixtures
fittings furniture and effects;

 

		(d)	if at the end of the Term the Demised Premises shall not be in such state and condition then whether the
works necessary to put the Demised Premises into such repair and condition are carried out by the Tenant or at the entire cost of the
Tenant by the Landlord there shall in addition be paid to the Landlord by the Tenant a sum equivalent to the amount of rent lost by the
Landlord in respect of the period from such end or sooner determination until all such necessary works have been completed promptly and
without delay to the reasonable satisfaction of the Landlord such sum to be paid within seven days of the date of the Landlord informing
the Tenant that all such works have been so completed.

 

		3.35.	Regulations

 

To observe duly and perform the stipulations
and regulations set out in Schedule 3 as the Landlord may reasonably amend from time to time.

 

		3.36.	Covenants in Documents

 

To observe and perform the agreements
covenants and stipulations contained or referred to in the documents referred to in Part 4 of Schedule 1 and to indemnify the Landlord
in relation to any breach thereto attributable to the Tenant so far as they concern any act matter or thing to be done on the Demised
Premises.

 

		3.37.	Superior Leases

 

To perform and observe the covenants
(other than the payment of rent) on the part of the tenant contained in the Superior Leases so far as they relate to the Demised Premises
and not to do anything to put the Landlord in breach of the covenants on the part of the tenant contained in the Superior Leases so far
as they relate to the Demised Premises.

 

    22 

     

    

 

		4.	Landlord’s Covenants

 

The Landlord HEREBY COVENANTS
with the Tenant as follows:

 

		4.1.	Quiet Enjoyment

 

That the Tenant paying the rents hereby
reserved and observing and performing the covenants conditions and stipulations herein contained and on the part of the Tenant to be observed
and performed shall and may peaceably hold and enjoy the Demised Premises during the Term without any interruption by the Landlord or
any person rightfully claiming under or in trust for the Landlord.

 

		4.2.	Insurance

 

		(a)	To insure and keep insured at rates which are not unreasonably above the market norm for readily available
insurance for similar buildings in the London insurance market in a cost-effective manner (unless such insurance shall be vitiated by
any act or default of the Tenant any person deriving title under the Tenant or their respective servants agents or licensees) the Building,
and access to the Building for a sum being not less than the Reinstatement Value against loss or damage by the Insured Risks with some
insurance office or underwriters of repute and to insure against the loss of three years’ rent for the time being payable to the
Landlord hereunder in respect of the whole of the Demised Premises together with VAT and (if applicable) with any anticipated increase
in respect of a review of the rent payable under this Lease pursuant to the provisions of Schedule 5.

 

		(b)	As often as the Building or the Demised Premises or the access thereto shall be destroyed or damaged subject
to the payment of the policy monies not being withheld or refused in whole or in part through any act or default of the Tenant any person
deriving title under the Tenant or their respective servants agents or licensees and subject to obtaining all necessary planning and other
consents to lay out all monies received by virtue of such insurance which are attributable to damage caused to the Building and/or the
Demised Premises (making up any shortfall from its own monies) in rebuilding repairing and reinstating the Building and/or the Demised
Premises to their former state or condition or as near thereto as circumstances may reasonably permit Provided That if the Landlord has
not been able to obtain all such planning and other consents and has not fully reinstated the Demised Premises or the access thereto within
a period of three years from the date of damage or destruction either the Landlord or the Tenant shall be entitled to terminate this Lease
by giving notice to the other and on the giving of such notice the Term shall cease and determine but without prejudice to the rights
of any party hereto in respect of any antecedent breach of covenant whereupon all monies payable pursuant to any policy of insurance effected
hereunder shall belong to the Landlord absolutely.

 

		(c)	To produce to the Tenant upon demand (but not more often than once in every year) a schedule setting out
relevant details of the insurance policy or policies effected pursuant to clause 4.2(a) and confirming payment of the fast premium thereon

 

    23 

     

    

 

		4.3.	Services

 

Subject as otherwise herein provided
to perform the Building Services and to use reasonable endeavours to perform the Science Park Services in both cases as from time to time
necessary under the principles of good estate management Provided that:

 

		(a)	the Landlord shall not be liable to the Tenant in respect of any interruption in any of the services which
the Landlord does provide or supply by reason of any necessary inspection repair or maintenance of any plant or equipment or any damage
thereto or by reason of mechanical or other defect or breakdown or inclement weather conditions or shortage of fuel materials water or
labour or by reason of any circumstances whatever beyond the control of the Landlord provided that the Landlord shall procure that the
services will be restored as soon as reasonably practicable;

 

		(b)	the Tenant shall have no claim against the Landlord in respect of any defect or want of maintenance repair
amendment renewal or cleansing unless the Landlord has had notice thereof and has failed to remedy the same within a reasonable period
thereafter.

 

		4.4.	Superior Leases

 

To pay the rent reserved by the Superior
Leases and to observe and perform the tenant’s covenants in the Superior Leases (insofar as the Tenant is not liable for such observance
and performance) under its covenants herein contained.

 

		5.	Energy Performance Certificates

 

		5.1.	Tenant covenants

 

		(a)	The Tenant shall permit the Landlord at reasonable times on at least 72 hours prior notice to enter the
Demised Premises in order to take the measurements and carry out the calculations required for the production of an EPC in respect of
the Demised Premises or any part of them, subject to the person exercising such rights making good any damage thereby caused to the Demised
Premises.

 

		(b)	On demand the Tenant shall supply the Landlord with the information required for the production of an
EPC in respect of the Demised Premises, including without limitation information regarding energy consumption and equipment.

 

		(c)	The Tenant shall not obtain an EPC in respect of the Demised Premises or any part of them without the
prior written consent of the Landlord such consent not to be unreasonably withheld or delayed and if the Landlord grants such consent
then:

 

		(i)	the EPC shall be obtained by the Tenant from a reputable and appropriately qualified energy assessor at
the Tenant’s own cost, and

 

		(ii)	the Tenant shall notify the Landlord in writing when an EPC has been obtained in respect of the Demised
Premises or any part of them and its notice shall include a copy of the EPC and the reference number for the EPC.

 

		(d)	If and to the extent the Existing EPC is no longer valid (whether or not as the result of the Tenant’s
alterations) to notify the Landlord and to obtain any EPC required to be provided from a reputable and appropriately qualified energy
assessor.

 

    24 

     

    

 

		5.2.	Landlord covenants

 

		(a)	On demand the Landlord shall supply the Tenant with the information required for the production of an
EPC in respect of the Demised Premises, including without limitation information regarding energy consumption and equipment.

 

		(b)	The Landlord shall notify the Tenant whenever an EPC has been obtained in respect of the Demised Premises
and its notice shall include a copy of the EPC and the reference number for the EPC.

 

		6.	Miscellaneous Provisions

 

PROVIDED ALWAYS AND IT IS HEREBY
AGREED AND DECLARED as follows:

 

		6.1.	Power of Re-entry

 

		(a)	If the rents hereby reserved or any part thereof shall at any time be in arrear and unpaid for twenty-one
days after the same shall have become due and (except in the case of the yearly rent) demanded; or

 

		(b)	If there shall be any breach of any of the covenants on the part of the Tenant contained in this Lease;
or

 

		(c)	An Event of Insolvency arises in relation to the Tenant or in relation to any surety who at any time guarantees
the obligations of the Tenant under this Lease; or

 

		(d)	If the Tenant suffers any distress or execution or any modern equivalent of these remedies to be levied
on any goods including any action taken for the recovery of rent arrears from the Tenant under Commercial Rent Arrears Recovery for the
time being on the Demised Premises which is not removed within fourteen days

 

then and in any such case it shall be
lawful for the Landlord at any time thereafter to re-enter the Demised Premises or any part thereof in the name of the whole and thereupon
the Term shall absolutely cease and determine but without prejudice to any right of action of the Landlord in respect of any antecedent
breach of any of the covenants by the Tenant herein contained.

 

		6.2.	Cesser of Rent

 

If the Building and/or the Demised
Premises or any part thereof or the means of access thereto are destroyed or damaged by any of the Insured Risks so far as to render
the Demised Premises or any part thereof or access to them unfit for occupation and use then and so often as it happens (if at the date
thereof the payment of any of the insurance monies has not been withheld or refused by reason of any act or default of the Tenant any
person deriving title under the Tenant or their respective servants agents or licensees) the rent reserved under clause 2.1 or a fair
and just proportion thereof according to the nature and extent of the damage shall be suspended for so long as the Demised Premises or
the access to them or the destroyed or damaged part thereof remain unfit for occupation and use by reason of such destruction or damage
or for three years whichever shall be the shorter and if any dispute arises between the Landlord and the Tenant in regard to the amount
or the period of the suspension of the said rent or otherwise in relation thereto it shall be referred to arbitration under the provisions
of the Arbitration Act 1996.

 

    25 

     

    

 

		6.3.	No Implied Rights

 

Nothing herein contained shall (except
as otherwise expressly provided) by implication of law or otherwise operate or be deemed to confer upon the Tenant any easement right
or privilege whatsoever.

 

		6.4.	Development of Adjoining Property

 

The Landlord shall have the right at
any time to make any alterations to or to pull down rebuild redevelop or otherwise deal with or use any Adjoining Property as it may deem
fit without obtaining any consent from or making any compensation to the Tenant and the Tenant will not object to any planning application
made by or on behalf of the Landlord in respect of the development or redevelopment of any Adjoining Property.

 

		6.5.	Restrictions affecting Adjoining Property

 

Nothing herein contained or implied
shall give the Tenant the benefit of or the right to enforce or to have enforced or to prevent the release or modification of any covenant
agreement or condition entered into by any purchaser from or by any lessee or occupier of the Landlord in respect of property not comprised
in this Lease or areas over which rights are granted by this Lease for the benefit of the Tenant.

 

		6.6.	No Warranty as to Use

 

Notwithstanding the provisions as to
the Permitted User contained in this Lease the Landlord does not hereby or in any other way give or make nor has given or made at any
other time any representation or warranty that the Permitted User is or will be or will remain a permitted use within the provisions of
the Planning Acts and notwithstanding that the Permitted User is not a permitted use as aforesaid the Tenant shall remain fully bound
and liable to the Landlord in respect of the obligations undertaken by the Tenant by virtue of this Lease without any compensation recompense
or relief of any kind whatsoever.

 

		6.7.	Exclusion of Representations

 

The Tenant acknowledges that this Lease
has not been entered in reliance wholly or partly upon any statement or representation made by or on behalf of the Landlord save insofar
as any such statement or representation is expressly set out in this Lease or has been made in writing by the Landlord’s solicitors
to the Tenant’s solicitors before the date of entry into this Lease.

 

		6.8.	Disputes

 

Any dispute arising as between the
Tenant and the tenants or occupiers of any property adjoining neighbouring or opposite to the Demised Premises belonging to the Landlord
as to any easement right or privilege in connection with the user of the Demised Premises and such property adjoining neighbouring or
opposite to the Demised Premises or as to the party or other walls separating the Demised Premises from the adjoining property or as
to the amount of any contribution towards the expenses of works to services used in common with any other property shall be decided by
the Landlord’s Surveyor whose decision shall be binding upon all parties to the dispute (save in the case of manifest error).

 

    26 

     

    

 

		6.9.	Removal of Tenant’s Property

 

		(a)	If at such time as the Tenant has vacated the Demised Premises at the end of the Term any property of
the Tenant shall remain in or on the Demised Premises and the Tenant shall fail to remove the same within fourteen days after being requested
in writing by the Landlord so to do then the Landlord may as the agent of the Tenant sell such property and shall then hold the proceeds
of sale after deducting the costs and expenses of removal storage and sale properly incurred by it to the order of the Tenant.

 

		(b)	The Tenant shall indemnify the Landlord against any liability incurred by it to any third party whose
property shall have been sold by the Landlord in the mistaken belief held in good faith (which shall be presumed unless the contrary be
proved) that such property belonged to the Tenant.

 

		6.10.	Surrender of Easements

 

At any time during the Term the Tenant
will at the request of the Landlord enter into a deed of variation of this lease to give up or alter rights of access and easements granted
hereunder which the Landlord reasonably requires to be varied as part of the redevelopment of the whole or part of the Science Park so
long as the alternative rights of access or other easements are no less convenient than those hereby granted and provided that the Landlord
indemnifies the Tenant in respect of any cost and expense reasonably incurred by the Tenant either relating to any such deed of variation
or with regard to the cost of any works required to the Demised Premises or the Science Park which are the result of such request from
the Landlord and which are approved by the Landlord (such approval not to be unreasonably withheld or delayed).

 

		6.11.	Notices

 

The provisions of Section 196 of the
Law of Property Act 1925 as amended by the Recorded Delivery Service Act 1962 shall apply to all notices required to be served hereunder.

 

		6.12.	Jurisdiction

 

Each party irrevocably agrees that the
courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this
Lease or its subject matter or formation {including non-contractual disputes or claims).

 

		6.13.	Contracts (Rights of Third Parties) Act 1999

 

A person who is not a party to this
Lease shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Lease. This does not
affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

    27 

     

    

 

		6.14.	Break Clause

 

		(a)	In this clause the following definitions apply:

 

Break Date: 6th April 2028

 

Break Notice: written notice to
terminate this Lease.

 

		(b)	The Tenant may terminate this Lease by serving a Break Notice on the Landlord at least twelve months but
not more than eighteen months before the Break Date.

 

		(c)	A Break Notice served by the Tenant pursuant to clause 6.14(b) shall have no effect if at the Break Date:

 

		(i)	the Tenant has not paid any part of the yearly rent or of the service charge payable under clause 3.2
of the Lease or any VAT in respect of them, which was due to have been paid;

 

		(ii)	the Tenant has not given the Demised Premises back to the Landlord free of the Tenant’s occupation
and the occupation of any other lawful occupier and without any continuing underleases.

 

		(d)	The Break Notice shall be in writing and, for the purposes of this clause, writing does not include facsimile
transmission or email.

 

		(e)	Subject to clause 6.14(c), following service of a Break Notice pursuant to clause 6.14(b) this Lease shall
terminate on the Break Date.

 

		(f)	Time shall be of the essence in respect of all time periods and limits in this clause.

 

		(g)	Termination of this Lease pursuant to this clause shall be without prejudice to any right or remedy of
the Landlord in respect of any antecedent breach of the covenants or conditions on the part of the Tenant in this Lease, including any
covenants expressed to be complied with before the end of the Term.

 

		7.	New Lease

 

This Lease is a new tenancy for the
purposes of the 1995 Act.

 

IN WITNESS whereof the parties to this
Lease have executed and delivered this Lease as a deed the day and year first above written.

 

    28 

     

    

 

	EXECUTED as a DEED by THE
    OXFORD	 	)	 	 
	SCIENCE
    PARK LIMITED acting by	 	)	 	/s/
	two directors or by a director
    and its	 	)	 	Director
	secretary	 	)	 	 
	 	 	 	 	/s/
	 	 	 	 	Director/Secretary

 

	EXECUTED
    as a DEED by FUEL 3D	 	)	 	 
	TECHNOLOGIES
    LIMITED acting by	 	)	 	Director
	one director in the presence
    of:	 	)	 	 
	 	 	)	 	 

 

	Signature of witness	 	 
	Name (in BLOCK CAPITALS)	 	 
	Address:	 	 

 

    29Exhibit 10.13

 

		

 

Dated 13 July 2021

  

(1) MEPC
Milton Park No. 1 Limited and MEPC Milton Park No. 2 Limited

 

and

 

(2) exscientia
limited

  

lease

 

relating
to

 

155
Brook Drive

 

Milton Park

 

	Knights
    plc	 
	Midland
    House	 
	West
    Way	 
	Botley	 
	Oxford	 
	OX2
    0PH	 

 

     

     

    

 

	PRESCRIBED CLAUSES

     

	LR1. 	Date of lease		13
July 2021     
	LR2.	Title number(s)	 	LR2.1
    Landlord’s title number(s)

                                             

    BK102078

     

    LR2.2 Other title number(s)

     

    ON122118, ON122717, ON130606,
    ON145942, ON146219, ON225380, ON38283, ON72772, ON96949, ON216090

	LR3.
	Parties to this lease 	 

    
	Landlord

                                             

    MEPC MILTON PARK NO. 1
    LIMITED (Company number 5491670) and MEPC MILTON PARK NO. 2 LIMITED (Company number 5491806), on behalf of MEPC Milton
    LP (LP No. LP14504), both of whose registered offices are at Sixth Floor, 150 Cheapside, London EC2V 6ET

     

    Tenant

     

    EXSCIENTIA
    LIMITED (Company number SC428761) whose registered office is at Level 3, Dundee One River
    Court, 5 West Victoria Dock Road, Dundee, United Kingdom

     

    Other
    parties

     

    None

	LR4. 	Property		In the case of a conflict
    between this clause and the remainder of this lease then, for the purposes of registration, this clause shall prevail.

                                             

    155 Brook Drive, Milton Park,
    Abingdon, Oxfordshire, OX14 4SD shown edged red on the Plan with a gross internal floor area of 1,872.0 square metres (20,151 square
    feet) measured in accordance with the RICS Code of Measuring Practice (sixth edition)

	LR5. 	Prescribed Statements etc.		None
	LR6.	Term for which the Property is leased	 	From and including 13 July
                                                              2021

                                             

    To and including 12 July
    2031

	LR7.	Premium	 	None
	LR8.	Prohibitions or restrictions on
    disposing of this lease	 	This
    lease contains a provision that prohibits or restricts dispositions

 

    1

     

    

 

	LR9.	Rights of acquisition etc.	 	LR9.1 Tenant's contractual
    rights to renew this lease, to acquire the reversion or another lease of the Property, or to acquire an interest in other land

                                                         

    None

     

    LR9.2 Tenant's covenant
    to (or offer to) surrender this lease

     

    None

     

    LR9.3 Landlord's contractual
    rights to acquire this lease

     

    None

	LR10.	Restrictive covenants given in this lease by the Landlord in respect
    of land other than the Property	 	None
	LR11.	Easements	 	LR11.1 Easements granted
    by this lease for the benefit of the Property

                                             

    The easements specified in
    Part I of the First Schedule of this lease

     

    LR11.2 Easements granted
    or reserved by this lease over the Property for the benefit of other property

     

    The easements specified in
    Part II of the First Schedule of this lease

	LR12.	Estate rentcharge burdening the Property	 	None
	LR13.	Application for standard form of restriction	 	None
	LR14.	Declaration of trust where there is more than one person comprising
    the Tenant	 	None

 

 

    2

     

    

 

This lease made on the date and between
the parties specified in the Prescribed Clauses Witnesses as follows:

 

	1	Definitions and Interpretation

 

In this lease unless the context otherwise
requires:

 

	1.1	Definitions

 

Adjoining Property means any
adjoining or neighbouring premises in which the Landlord or a Group Company of the Landlord holds or shall at any time during the Term
hold a freehold or leasehold interest;

 

Base Rate means the base rate
from time to time of Barclays Bank PLC or (if not available) such comparable rate of interest as the Landlord shall reasonably require;

 

Break Date means 13 July
2026;

 

Break Payment means a sum equal
to six (6) months’ worth of the Principal Rent for the time being payable under this lease;

 

Concessionary Rent Period means
the period beginning on and including the Rent Commencement Date to but excluding the second anniversary of the Rent Commencement Date;

 

Conduit means any existing or
future media for the passage of substances or energy and any ancillary apparatus attached to them and any enclosures for them;

 

Contractual Term means the term
specified in the Prescribed Clauses;

 

Encumbrances means the obligations
and encumbrances (if any) specified in Part III of the First Schedule;

 

Estate means Milton Park, Abingdon,
Oxfordshire (of which the Property forms part) and the buildings from time to time standing on it as owned by the Landlord and shown
edged [] on the Plan together with any other adjoining land which is incorporated into Milton Park;

 

Estate Common Areas means the
roads, accesses, landscaped areas, car parks, estate management offices and other areas or amenities on the Estate or outside the Estate
but serving or otherwise benefiting the Estate as a whole which are from time to time provided or designated for the common amenity or
benefit of the owners or occupiers of the Estate;

 

Estate Services means the services
provided or procured by the Landlord in relation to the Estate as set out in Part II of the Fourth Schedule;

 

Group Company means a company
which is a member of the same group of companies within the meaning of Section 42 of the 1954 Act;

 

Guarantor means any party to
this lease so named in the Prescribed Clauses (which in the case of an individual includes his personal representatives) and any guarantor
of the obligations of the Tenant from time to time;

 

Insurance Commencement Date means
 13 July 2021;

 

Insured Risks means fire, lightning,
earthquake, explosion, terrorism, aircraft (other than hostile aircraft) and other aerial devices or articles dropped therefrom, riot,
civil commotion, malicious damage, storm or tempest, bursting or overflowing of water tanks apparatus or pipes, flood and impact by road
vehicles (to the extent that insurance against such risks may ordinarily be arranged with an insurer of good repute) and such other risks
or insurance as may from time to time be reasonably required by the Landlord (subject in all cases to such usual and reasonable exclusions
and limitations as may be imposed by the insurers), and Insured Risk means any one of them;

 

Landlord means the party to this
lease so named in the Prescribed Clauses and includes any other person entitled to the immediate reversion to this lease;

 

    3

     

    

 

Landlord’s Surveyor means
a suitably qualified person or firm appointed by the Landlord (including an employee of the Landlord or a Group Company) to perform the
function of a surveyor for the purposes of this lease;

 

Landscaping and Parking Services
means the services provided or procured by the Landlord in relation to the Property Landscaped Areas and Parking Area(s) as set out
in Part III of the Fourth Schedule;

 

Lease Particulars means the descriptions
and terms in the section headed Lease Particulars which form part of this lease insofar as they are not inconsistent with the
other provisions of this lease;

 

Parking Area(s) means the parking
area(s) at the Estate within which there are a total of sixteen (16) car parking spaces in such locations as the Landlord acting reasonably
from time to time allocates, the initial allocation being shown for identification only coloured yellow on the Plan;

 

Permitted Use means office /
research and development / industrial use within Class E(g) of Schedule 2 to the Use Classes Order;

 

Plan means the plan or plans
annexed to this lease;

 

Prescribed Clauses means the
descriptions and terms in the section headed Prescribed Clauses which form part of this lease;

 

Previous Lease means the lease
of the Property dated 16 August 2016 and made between (1) MEPC Milton Park No. 1 Limited and MEPC Milton Park No. 2 Limited (2) DC Payments
UK Limited and (3) Direct Payments Inc which was surrendered immediately before the grant of this lease;

 

Principal Rent means:

 

From and including the Rent Commencement
Date to but excluding the second anniversary of the Rent Commencement Date: ONE HUNDRED AND SEVENTY NINE THOUSAND FIVE HUNDRED AND SIX
POUNDS AND TWENTY FIVE PENCE (£179,506.25) per annum;

 

From and including the second anniversary
of the Rent Commencement Date to but excluding the Review Date: THREE HUNDRED AND FIFTY NINE THOUSAND AND TWELVE POUNDS AND FIFTY PENCE
(£359,012.50);

 

subject to review in accordance with
the Second Schedule;

 

Property means the property described
in the Prescribed Clauses and includes any part of it, any alteration or addition to the Property and any Landlord’s fixtures and
fittings in or on the Property;

 

Property Landscaped Areas means
any soft landscaped areas which now or at any time during the Term form part of the Property (excluding any within the principal building
in the Property);

 

Quarter Days means 25 March,
24 June, 29 September and 25 December in every year and Quarter Day means any of them;

 

Rent Commencement Date means
 13 July 2021;

 

Review Date means 12
July 2026;

 

Schedule of Condition means the
schedule of condition annexed to this lease;

 

Section 106 Agreement means the
agreement made pursuant to, inter alia, section 106 and section 106A of the Town and Country Planning Act 1990 dated 12 December 2012
between (1) MEPC Milton Park No. 1 Limited and MEPC Milton Park No. 2 Limited (2) Deutsche Bank AG, London Branch and (3) Oxfordshire
County Council as varied by a deed of variation to this agreement dated 7 September 2017 between (1) MEPC Milton Park No. 1 Limited and
MEPC Milton Park No. 2 Limited (2) Deutsche Bank AG, London Branch and (3) Oxfordshire County Council;

 

Service Charge means the Service
Charge set out in the Fourth Schedule;

 

    4

     

    

 

Service Charge Commencement Date
means   13 July 2021;

 

Services means the Estate Services
and the Landscaping and Parking Services;

 

Tenant means the party to this
lease so named in the Prescribed Clauses and includes its successors in title;

 

Term means the Contractual Term;

 

This lease means this lease and
any document supplemental to it or entered into pursuant to it;

 

Uninsured Risk means an Insured
Risk against which insurance is from time to time unobtainable on normal commercial terms in the London insurance market at reasonable
commercial rates for a property equivalent in size, layout, type and location, and Uninsured Risks shall be interpreted accordingly;

 

Use Classes Order means the Town
and Country Planning (Use Classes) Order 1987 (as amended by the Town and Country Planning (Use Classes) (Amendment) (England) Regulations
2020);

 

VAT means Value Added Tax and
any similar tax substituted for it or levied in addition to it;

 

Working Day means any day except
Saturdays, Sundays and bank, public and statutory holidays;

 

1954 Act means the Landlord and
Tenant Act 1954;

 

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

 

2003 Order means The Regulatory
Reform (Business Tenancies) (England and Wales) Order 2003.

 

	1.2	Interpretation

 

		1.2.1	If
                                            the Tenant or the Guarantor is more than one person then their covenants are joint and several;

 

		1.2.2	Any
                                            reference to a statute includes any modification extension or re-enactment of it and any
                                            orders, regulations, directions, schemes and rules made under it;

 

		1.2.3	Any
                                            covenant by the Tenant not to do any act or thing includes an obligation not knowingly to
                                            permit or suffer such act or thing to be done;

 

		1.2.4	If
                                            the Landlord reserves rights of access or other rights over or in relation to the Property
                                            then those rights extend to persons authorised by it;

 

		1.2.5	References
                                            to the act or default of the Tenant include acts or default or negligence of any undertenant
                                            or of anyone at the Property with the Tenant’s or any undertenant’s permission
                                            or sufferance;

 

		1.2.6	The
                                            index and Clause headings in this lease are for ease of reference only;

 

		1.2.7	References
                                            to the last year of the Term shall mean the twelve months ending on the expiration
                                            or earlier termination of the Term;

 

		1.2.8	References
                                            to Costs include all liabilities, claims, demands, proceedings, damages, losses and
                                            proper and reasonable costs and expenses;

 

		1.2.9	References
                                            to Principal Rent, Current Rent, Indexed Rent and Revised Rent are references to yearly sums.

 

	2	Demise

 

The Landlord with Full Title Guarantee
DEMISES the Property to the Tenant for the Contractual Term TOGETHER WITH the rights set out in Part I of the First Schedule, EXCEPT
AND RESERVING as mentioned in Part II of the First Schedule and SUBJECT TO the Encumbrances;

 

    5

     

    

 

	3	Rent

 

The Tenant will pay by way of rent during
the Term or until released pursuant to the 1995 Act without any deduction counterclaim or set off except where required by law:

 

	3.1	The Principal
                                            Rent and any VAT by equal quarterly payments in advance on the Quarter Days to be paid by,
                                            Banker’s Standing Order or other reasonable means as the Landlord reasonably requires
                                            to a UK clearing bank the first payment for the period from and including the Rent Commencement
                                            Date to (but excluding) the next Quarter Day to be made on the Rent Commencement Date;

 

	3.2	The Service
                                            Charge and any VAT at the times and in the manner set out in the Fourth Schedule;

 

	3.3	The following
                                            amounts and any VAT thereon:

 

		3.3.1	the
                                            sums specified in Clauses 4.1 and 4.2;

 

		3.3.2	the
                                            sums specified in Clause 6.2.1;

 

		3.3.3	all
                                            Costs reasonably incurred by the Landlord as a result of any breach of the Tenant’s
                                            covenants in this lease.

 

	4	Tenant’s covenants

 

The Tenant covenants with the Landlord
throughout the Term, or until released pursuant to the 1995 Act, as follows:

 

	4.1	Interest

 

If the Landlord does not receive any
sum due to it within twenty-one (21) days of the due date pursuant to this lease to pay on demand interest on such sum at 2 per cent
above Base Rate from the due date until payment (both before and after any judgment), provided this Clause shall not prejudice any other
right or remedy for the recovery of such sum;

 

	4.2	Outgoings and Utilities

 

		4.2.1	To
                                            pay all existing and future rates, taxes, charges, assessments and outgoings in respect of
                                            the Property (whether assessed or imposed on the owner or the occupier), except any tax (other
                                            than VAT) arising as a result of the receipt by the Landlord of the rents reserved by this
                                            lease and any tax arising on any dealing by the Landlord with its reversion to this lease;

 

		4.2.2	To
                                            pay for all gas, electricity, water, telephone and other utilities used on the Property,
                                            and all charges in connection with such utilities and for meters and all standing charges,
                                            and a fair and reasonable proportion of any joint charges properly attributable to the Property
                                            or the Parking Areas as determined by the Landlord’s Surveyor (acting reasonably);

 

	4.3	VAT

 

		4.3.1	Any
                                            payment or other consideration to be provided to the Landlord is exclusive of VAT, and the
                                            Tenant shall in addition pay any VAT chargeable on any supply under or pursuant to this lease
                                            on the date the payment or other consideration is due and shall in the case of rents be entitled
                                            to provision of a valid VAT invoice following payment;

 

		4.3.2	Any
                                            obligation to reimburse or pay the Landlord’s expenditure extends to irrecoverable
                                            VAT on that expenditure, and the Tenant shall also reimburse or pay such VAT;

 

	4.4	Repair

 

		4.4.1	To
                                            keep the Property (excluding the Property Landscaped Areas) in good and substantial repair
                                            and condition (damage by the Insured Risks excepted save to the extent that insurance moneys
                                            are irrecoverable as a result of the act or default of the Tenant and damage by Uninsured
                                            Risks also excepted) PROVIDED THAT nothing in
this lease shall oblige the Tenant to put the Property in any better state of repair or condition than as at the date of this lease as
evidenced by the Schedule of Condition;

 

    6

     

    

 

		4.4.2	To
                                            make good any disrepair for which the Tenant is liable within 2 months after the date of
                                            written notice from the Landlord (or sooner if the Landlord reasonably requires);

 

		4.4.3	If
                                            the Tenant fails to comply with any such notice as set out in clause 4.4.2 the Landlord may
                                            enter and carry out the work and the reasonable cost properly incurred by the Landlord shall
                                            be reimbursed by the Tenant ondemand as a debt;

 

		4.4.4	To
                                            enter into maintenance contracts with contractors with the reasonable experience and expertise
                                            required for the regular servicing of all plant and equipment serving only the Property;

 

	4.5	Decoration

 

		4.5.1	To
                                            clean, prepare and paint (in so far as such surfaces are painted as at the date hereof) or
                                            treat and generally redecorate:

 

		(i)	all external parts of the Property (excluding
                                            the Property Landscaped Areas) in every third year and in the last year of the Term provided
                                            that the Tenant shall not be regarded to do this more than once in any 24 month period;

 

		(ii)	all internal parts of the Property in
                                            the fifth year and In the last year of the Term provided that the Tenant shall not be regarded
                                            to do this more than once in any 24 month period;

 

		4.5.2	All
                                            the work described in Clause 4.5.1 is to be carried out:

 

		(i)	in a good and workmanlike manner to the
                                            Landlord’s reasonable satisfaction; and

 

		(ii)	in the last year of the term only (i.e.
                                            the period of twelve (12) months ending at the expiry or sooner determination of the Term)
                                            in colours which (if different from the existing colour) are first approved in writing by
                                            the Landlord (approval not to be unreasonably withheld or delayed);

 

	4.6	Cleaning

 

		4.6.1	To
                                            keep the Property (excluding the Property Landscaped Areas) clean, tidy and free from rubbish;

 

		4.6.2	To
                                            clean the inside and outside of windows and any washable surfaces at the Property as often
                                            as reasonably necessary;

 

	4.7	Overloading

 

Not to overload the floors, ceilings
or structure of the Property or any plant machinery or electrical installation serving the Property;

 

	4.8	Conduits

 

To keep the Conduits in or serving the
Property clear and free from any noxious, harmful or deleterious substance, and to remove any obstruction and repair any damage to the
Conduits as soon as reasonably practicable to the Landlord’s reasonable satisfaction;

 

	4.9	User

 

		4.9.1	Not
                                            to use the Property otherwise than for the Permitted Use;

 

		4.9.2	Not
                                            to use the Property for any purpose which is:

 

		(i)	noisy, offensive, dangerous, illegal,
                                            immoral or an actionable nuisance; or

 

		(ii)	which in the reasonable opinion of the
                                            Landlord causes damage or disturbance to the Landlord, or to owners or occupiers of any neighbouring
                                            property; or

 

    7

     

    

 

		(iii)	which involves any substance which
                                            may be harmful, polluting or contaminating other than in quantities which are normal for
                                            and used in connection with the Permitted Use;

 

	4.10	Signs

 

Not to erect any sign, notice or advertisement
which is visible outside the Property without the Landlord’s prior written consent (not to be unreasonably withheld or delayed)
provided that the Tenant shall be permitted to display signage indicating the name of the Property (such name to be chosen by the Tenant
and approved by the Landlord, approval not to be unreasonably withheld or delayed) in a location and of a size and style to be approved
by the Landlord (approval not to be unreasonably withheld or delayed) and further provided that the Tenant shall not be permitted to
alter the postal address of the Property at the Post Office;

 

	4.11	Alterations

 

		4.11.1	Not
                                            to make any alterations or additions which:

 

		(i)	affect the structural integrity of the
                                            Property (including without limitation the roofs and foundations and the principal or load-bearing
                                            walls, floors, beams and columns);

 

		(ii)	merge the Property with any adjoining
                                            premises;

 

		(iii)	affect the external appearance of the
                                            Property;

 

		4.11.2	Not
                                            to make any other alterations or additions to the Property without the Landlord’s written
                                            consent (which is not to be unreasonably withheld or delayed) PROVIDED THAT such consent
                                            is not required in the case of internal non-load bearing, demountable, non-structural partitioning
                                            provided plans showing the extent of such works are deposited with the Landlord promptly
                                            on completion of the works.

 

	4.12	Preservation of Easements

 

		4.12.1	Not
                                            to prejudice the acquisition of any right of light for the benefit of the Property and to
                                            preserve all rights and easements enjoyed by the Property;

 

		4.12.2	Promptly
                                            to give the Landlord notice upon becoming aware of any easement enjoyed by the Property being
                                            obstructed, or any new easement affecting the Property being made or attempted;

 

	4.13	Alienation

 

		4.13.1	Not
                                            to:

 

		(i)	assign, charge, underlet or part with
                                            possession of the whole or part only of the Property nor to agree to do so except by an assignment
                                            or underletting or charging permitted by this Clause 4.13;

 

		(ii)	share the possession or occupation of
                                            the whole or any part of the Property except as permitted by this clause 4.13;

 

		(iii)	assign, part with or share any of the
                                            benefits or burdens of this lease, or any interest derived from it by a virtual assignment
                                            or other similar arrangement except as permitted by this clause 4.13;

 

		4.13.2	Assignment

 

Not to assign or
agree to assign the whole of the Property without the Landlord’s written consent (not to be unreasonably withheld or delayed),
provided that:

 

		(i)	the Landlord may withhold consent in
                                            circumstances where in the reasonable opinion of the Landlord

 

    8

     

    

 

		(a)	the proposed assignee together with
                                            any guarantor (excluding any guarantor pursuant to an authorised guarantee agreement) is
                                            not of sufficient financial standing to enable it to comply with the Tenant’s covenants
                                            in this lease; or

 

		(b)	such person(s) as the Landlord reasonably
                                            requires do not act as guarantor(s) for the assignee and do not enter into direct covenants
                                            with the Landlord including the provisions set out in the Third Schedule (but referring in
                                            paragraph 1.2 to the assignee)

 

		(ii)	the Landlord’s consent shall in
                                            every case be subject to conditions (unless expressly excluded) requiring that:

 

		(a)	the assignee covenants with the Landlord
                                            to pay the rents and observe and perform the Tenant’s covenants in this lease during
                                            the residue of the Term, or until released pursuant to the 1995 Act;

 

		(b)	the Tenant enters into an authorised
                                            guarantee agreement guaranteeing the performance of the Tenant’s covenants in this
                                            lease by the assignee including the provisions set out in paragraphs 1-5 (inclusive) of the
                                            Third Schedule (but omitting paragraph 1.2);

 

		(c)	all rent and other payments due and,
                                            other than in the case of Principal Rent, demanded under this lease are paid before completion
                                            of the assignment save where such sums are the subject of a bona fide dispute between the
                                            Landlord and the Tenant;

 

		4.13.3	Underletting

 

Not to underlet or agree to underlet
the whole of the Property nor vary the terms of any underlease without the Landlord’s written consent (not to be unreasonably withheld
or delayed). Any permitted underletting must comply with the following:

 

		(i)	the rent payable under the underlease
                                            must be:

 

		(a)	not less than the rent reasonably
                                            obtainable in the open market for the Property without fine or premium;

 

		(b)	payable no more than one quarter
                                            in advance;

 

		(c)	where an underlease is for a term
                                            of more than 5 years, subject to upward only reviews at intervals no less frequent than the
                                            rent reviews under this lease;

 

		(ii)	the undertenant covenants with the Landlord
                                            and in the underlease:

 

		(a)	to observe and perform the Tenant’s
                                            covenants in this lease (except for payment of the rents) during the term of the underlease
                                            or until released pursuant to the 1995 Act;

 

		(b)	not to underlet, share or part with
                                            possession or occupation of the whole or any part of the underlet premises, nor to assign
                                            or charge part only of the underlet premises;

 

		(c)	not to assign the whole of the underlet
                                            premises without the Landlord’s prior written consent (which shall not be unreasonably
                                            withheld or delayed);

 

		(iii)	all rents and other payments due and
                                            demanded (other than in the case of Principal Rent) under this lease (not the subject of
                                            a bona fide dispute) are paid before completion of the underletting;

 

		(iv)	Sections 24 to 28 of the 1954 Act must
                                            be excluded and before completion of the underletting a certified copy of each of the following
                                            documents must be supplied to the Landlord:

 

		(a)	the notice served on the proposed
                                            undertenant pursuant to section 38A(3)(a) of the 1954 Act; and

 

    9

     

    

 

		(b)	the declaration actually made by
                                            the proposed undertenant in compliance with the requirements of Schedule 2 of the 2003 Order;
                                            and

 

		(c)	the proposed form of underlease containing
                                            an agreement to exclude the provisions of sections 24 to 28 of the 1954 Act and a reference
                                            to both the notice pursuant to section 38A(3)(a) of the 1954 Act and the declaration pursuant
                                            to the requirements of Schedule 2 of the 2003 Order as referred to in this clause 4.13.3;

 

and before completion
of the underletting the Tenant must warrant to the Landlord that both the notice pursuant to section 38A(3)(a) of the 1954 Act has been
served on the relevant persons as required by the 1954 Act and the appropriate declaration pursuant to the requirements of Schedule 2
of the 2003 Order as referred to in this clause 4.13.3 has been made prior to the date on which the Tenant and the proposed undertenant
became contractually bound to enter into the tenancy to which the said notice applies;

 

		(v)	the underlease reserves as rent the Service
                                            Charge payable under this lease;

 

		4.13.4	To
                                            take all necessary (but commercially reasonable) steps and proceedings to remedy any breach
                                            of the covenants of the undertenant under the underlease and not to permit any reduction
                                            of the rent payable by any undertenant;

 

		4.13.5	Group
                                            Sharing

 

Notwithstanding Clause 4.13.1 the
Tenant may share occupation of the whole or any part of the Property with a Group Company

 

PROVIDED THAT

 

		(a)	the relationship of landlord and tenant
                                            is not created; and

 

		(b)	occupation by any Group Company shall
                                            cease upon it ceasing to be a Group Company; and

 

		(c)	the Tenant informs the Landlord in writing
                                            before each occupier commences occupation and after it ceases occupation;

 

	4.14	Registration

 

Within 21 days to give to the Landlord’s
solicitors (or as the Landlord may direct) written notice of any assignment, charge, underlease or other devolution of the Property together
with a certified copy of the relevant document and a reasonable registration fee of not less than £50;

 

	4.15	Statutory Requirements and Notices

 

		4.15.1	To
                                            supply the Landlord with a copy of any notice, order or certificate or proposal for any notice
                                            order or certificate affecting or capable of affecting the Landlord’s interest in the
                                            Property as soon as it is received by or comes to the notice of the Tenant;

 

		4.15.2	To
                                            comply promptly with all notices served by any public, local or statutory authority, and
                                            with the requirements of any present or future statute or subordinate legislation (whether
                                            imposed on the owner or occupier) which affects the Property or its use;

 

		4.15.3	At
                                            the request of the Landlord, but at the joint cost of the Landlord and the Tenant, to
                                            make or join the Landlord in making such objections or representations against or in respect
                                            of any such notice, order or certificate as the Landlord may reasonably require provided
                                            that such actions are not adverse to the Tenant’s own commercial interests;

 

		4.15.4	To
                                            observe and perform the obligations of any agreement entered into prior to the date of this
                                            lease under any statute or subordinate legislation so far as the same relates to the use
                                            and/or occupation of the Property.

 

    10

     

    

 

	4.16	Planning

 

		4.16.1	Not
                                            to apply for or implement any planning permission affecting the Property without first obtaining
                                            the Landlord’s written consent (not to be unreasonably withheld or delayed in cases
                                            where the subject matter of the planning permission has been approved by the Landlord pursuant
                                            to the other provisions of this lease or where the Landlord is not entitled to unnecessarily
                                            withhold as consent to such matters);

 

		4.16.2	If
                                            a planning permission is implemented the Tenant shall complete all the works permitted and
                                            comply with all the conditions imposed by the permission before the determination of the
                                            Term (including any works stipulated to be carried out by a date after the determination
                                            of the Term unless the Landlord requires otherwise);

 

	4.17	Contaminants and Defects

 

		4.17.1	To
                                            give the Landlord prompt written notice upon becoming aware of the existence of any defect
                                            in the Property, or of the existence of any contaminant, pollutant or harmful substance on
                                            the Property but not used in the ordinary course of the Tenant’s use of the Property;

 

		4.17.2	If
                                            so requested by the Landlord, to remove from the Property or remedy to the Landlord’s
                                            reasonable satisfaction any such contaminant, pollutant or harmful substance introduced on
                                            the Property by or at the request of the Tenant not used in the ordinary course of the Tenant’s
                                            use of the Property;

 

	4.18	Entry by Landlord

 

To permit the Landlord at all reasonable
times and on reasonable written notice of at least two (2) Working Days (except in an emergency) to enter the Property in order to:

 

		4.18.1	inspect
                                            and record the condition of the Property or the Adjoining Property;

 

		4.18.2	remedy
                                            any breach of the Tenant’s obligations under this lease which have not been remedied
                                            by the Tenant within a reasonable period (having regard to the nature of the breach) of a
                                            Landlord’s written request to remedy such breach;

 

		4.18.3	repair,
                                            maintain, clean, alter, replace, install, add to or connect up to any Conduits which serve
                                            the Adjoining Property;

 

		4.18.4	repair,
                                            maintain, alter or rebuild the Adjoining Property;

 

		4.18.5	comply
                                            with any of its obligations under this lease;

 

Provided that the Landlord shall cause
as little inconvenience as reasonably practicable in the exercise of such rights and shall promptly make good all physical damage to
the Property caused by such entry and further it shall;

 

(a)       only
remain on the Property for so long as reasonably necessary;

 

(b)       only
enter the Property with the Tenant’s accompanying staff;

 

(c)       comply
with any health and safety or security protocols of the Tenant and comply with the Tenant’s reasonable instructions;

 

(d)       such
access should be taken within business hours of 9am to 5pm where reasonably necessary; and

 

(e)       have
regard to the Tenant’s reasonable representations regarding such access.

 

	4.19	Landlord’s Costs

 

To pay to the Landlord within twenty-one
(21) days of written demand amounts equal to such Costs as it may properly and reasonably incur:

 

    11

     

    

 

		4.19.1	in
                                            connection with any application for consent made necessary by this lease (including where
                                            consent is lawfully refused or the application is withdrawn);

 

		4.19.2	incidental
                                            to or in reasonable contemplation of the preparation and service of a schedule of dilapidations
                                            (whether before or within three (3) months after the end of the Term) or a notice or proceedings
                                            under Section 146 or Section 147 of the Law of Property Act 1925 (even if forfeiture is avoided
                                            other than by relief granted by the Court);

 

		4.19.3	in
                                            connection with the enforcement or remedying of any breach of the covenants in this lease
                                            on the part of the Tenant and any Guarantor;

 

		4.19.4	incidental
                                            to or in reasonable contemplation of the preparation and service of any notice under Section
                                            17 of the 1995 Act;

 

	4.20	Yielding up

 

Immediately
before the end of the Term:

 

		(i)	to give up the Property repaired and
                                            decorated and otherwise in accordance with the Tenant’s covenants in this lease;

 

		(ii)	(save to the extent required otherwise
                                            in writing by the Landlord) to remove all alterations made during the Term or any preceding
                                            period of occupation by the Tenant and reinstate the Property as the Landlord shall reasonably
                                            direct and to its reasonable satisfaction;

 

		(iii)	to remove all signs, tenant’s
                                            fixtures and fittings and other goods from the Property, and make good any damage caused
                                            thereby to the Landlord’s reasonable satisfaction;

 

		(iv)	to replace any damaged or missing Landlord’s
                                            fixtures with ones of no less quality and value;

 

		(v)	to replace all carpets with ones of no
                                            less quality and value than those in the Property at the start of the Contractual Term;

 

		(vi)	to give to the Landlord all operating
                                            and maintenance manuals together with any health and safety files relating to the Property;

 

		(vii)	to provide evidence of satisfactory
                                            condition and maintenance of plant and machinery including (without limitation) electrical
                                            installation condition reports in respect of all of the electrical circuits and supply equipment
in the Property, other condition reports as required under any relevant statute or subordinate legislation and copies of all service
records;

 

		(viii)	to return any security cards or passes
                                            provided by the Landlord for use by the Tenant and its visitors,

 

provided that
in (i), (ii), (iv) and (v) of this Clause 4.20 the tenant shall not be liable to put the Property into any better state and condition
than as evidenced by the Schedule of Condition.

 

	4.21	Encumbrances

 

To perform and observe the Encumbrances
so far as they relate to the Property.

 

	4.22	Roads Etc

 

Not to obstruct the roads, pavements,
footpaths and forecourt areas from time to time on the Estate in any way whatsoever and not to use any part of the forecourts and car
parking spaces or other open parts of the Property for the purpose of storage or deposit of any materials, goods, container ships’
pallets, refuse, waste scrap or any other material or matter.

 

    12

     

    

 

	4.23	Parking Restrictions

 

Except as to any right specifically
granted in this lease not to permit any vehicles belonging to or calling upon the Tenant to stand on the roads, car parking spaces, forecourts,
pavements or footpaths on the Estate.

 

	4.24	Estate Regulations

 

At all times during the Term to observe
and perform such regulations (if any) in respect of the Estate as the Landlord may reasonably think expedient to the proper management
of the Estate and which are notified to the Tenant in writing provided that where there is a conflict between the Estate Regulations
and this lease, the Tenant shall not be required to comply with any regulations which are more onerous than the terms of this lease.

 

	4.25	Landscaping and Parking

 

Not to cause or permit damage to be
caused to any of the Property Landscaped Areas or the Parking Area(s) nor obstruct access to any of the Property Landscaped Areas or
the Parking Area(s) for the purpose of carrying out the Landscaping and Parking Services.

 

	4.26	Land Registration Provisions

 

		4.26.1	Promptly
                                            following the grant of this lease the Tenant shall apply to register this lease at the Land
                                            Registry and shall ensure that any requisitions raised by the Land Registry in connection
                                            with that application which are within its reasonable control to respond to are dealt with
                                            promptly and properly and within one month after completion of the registration, the Tenant
                                            shall send the Landlord official copies of its title;

 

		4.26.2	Promptly
                                            after the end of the Term (and notwithstanding that the Term has ended), the Tenant shall
                                            make an application to close the registered title of this lease and shall ensure that any
                                            requisitions raised by the Land Registry in connection with that application which are within
                                            its reasonable control to respond to are dealt with promptly and properly and the Tenant
                                            shall keep the Landlord reasonably informed of the progress and completion of its application.

 

	5	Landlord’s Covenants

 

	5.1	Quiet Enjoyment

 

The Landlord covenants with the Tenant
that the Tenant may peaceably enjoy the Property during the Term without any interruption by the Landlord or any person lawfully claiming
under or in trust for it.

 

	5.2	Provision of Services

 

The Landlord
will use all reasonable endeavours to provide or procure the provision of the Services PROVIDED THAT the Landlord shall be entitled to
withhold or vary the provision or procurement of such of the Services as the Landlord considers necessary or appropriate in the interests
of good estate management and PROVIDED FURTHER THAT the Landlord will not be in breach of this Clause as a result of any failure or interruption
of any of the Services:

 

		5.2.1	resulting
                                            from circumstances beyond the Landlord’s reasonable control, so long as the Landlord
                                            uses its reasonable endeavours to remedy the same as soon as reasonably practicable after
                                            becoming aware of such circumstances; or

 

		5.2.2	to
                                            the extent that the Services (or any of them) cannot reasonably be provided as a result of
                                            works of inspection, maintenance and repair or other works being carried out at the Estate
                                            or the Property provided that such period of interruption (except in an emergency) shall
                                            be for as short a period as reasonably practicable, the Tenant shall be provided with advance
                                            notice of such interruptions and the Landlord shall make provision where possible of replacement
                                            services as reasonably necessary to enable the Tenant’s use and occupation of the Property
                                            at all times.

 

    13

     

    

 

	5.3	Removal of furniture from the Property

 

The Landlord shall remove or procure
the removal of all items of furniture left at the Property from the preceding period of occupation by the previous tenant of the Property
pursuant to the Previous Lease as soon as reasonably practicable after the date of this lease (and shall use all reasonable endeavours
to do so by 19 July 2021) and shall:

 

		5.3.1	do
                                            so at the Landlord’s own cost; and

 

		5.3.2	in
                                            full compliance with the entry requirements contained at clause 4.18.5; and

 

		5.3.3	shall
                                            make good any damage caused to the Property in complying with this clause 5.3 promptly, at
                                            the Landlord’s cost and to the Tenant’s reasonable satisfaction.

 

	6	Insurance

 

	6.1	Landlord’s insurance covenants

 

The Landlord covenants with the Tenant
as follows:

 

		6.1.1	To
                                            insure the Property (other than tenant’s and trade fixtures and fittings) unless the
                                            insurance is invalidated in whole or in part by any act or default of the Tenant:

 

		(i)	with an insurance office or underwriters
                                            of repute;

 

		(ii)	against loss or damage by the Insured
                                            Risks;

 

		(iii)	subject to such excesses as may be
                                            imposed by the insurers;

 

		(iv)	in the full cost of reinstatement of
                                            the Property (in modern form if appropriate) including shoring up, demolition and site clearance,
                                            professional fees, VAT and allowance for building cost increases;

 

		6.1.2	To
                                            insure against loss of the Principal Rent and the Service Charge thereon payable or reasonably
                                            estimated by the Landlord to be payable under this lease arising from damage to the Property
                                            by the Insured Risks for three years or such longer period as the Landlord may reasonably
                                            require having regard to the likely period for reinstating the Property;

 

		6.1.3	The
                                            Landlord will use all reasonable endeavours to procure that the insurer waives its rights
                                            of subrogation against the Tenant (so long as such provision is available in the London insurance
                                            market);

 

		6.1.4	At
                                            the request and cost of the Tenant (but not more frequently than once in any twelve month
                                            period) to produce summary details of the terms of the insurance under this Clause 6.1 and
                                            evidence of Payment of the relevant premium;

 

		6.1.5	If
                                            the Property is destroyed or damaged by an Insured Risk, then, unless payment of the insurance
                                            moneys is refused in whole or part because of the act or default of the Tenant, and subject
                                            to obtaining all necessary planning and other consents to use the insurance proceeds (except
                                            those relating to loss of rent and fees) and any uninsured excess paid by the Tenant under
                                            Clause 6.2.4(ii) in reinstating the same (other than tenant’s and trade fixtures and
                                            fittings) as quickly as reasonably practicable substantially as it was before the destruction
                                            or damage in modern form if appropriate but not necessarily identical in layout

 

	6.2	Tenant’s insurance covenants

 

The Tenant covenants with the Landlord
from and including the Insurance Commencement Date and then throughout the Term or until released pursuant to the 1995 Act as follows:

 

		6.2.1	To
                                            pay to the Landlord within twenty-one (21) days of written demand sums equal to:

 

    14

     

    

 

		(i)	the amount which the Landlord spends
                                            on insurance pursuant to Clause 6.1;

 

		(ii)	the cost of property owners’ liability
                                            and third party liability insurance in connection with the Property;

 

		(iii)	the cost of any professional valuation
                                            of the Property properly required by the Landlord (but not more than once in any two (2)
                                            year period);

 

		6.2.2	To
                                            give the Landlord immediate written notice on becoming aware of any event or circumstance
                                            which might affect or lead to an insurance claim;

 

		6.2.3	Not
                                            to do anything at the Property which would prejudice or invalidate the insurance of the Property
                                            or the Adjoining Property or cause any premium for their insurance to be increased;

 

		6.2.4	To
                                            pay to the Landlord within twenty-one (21) days of written demand:

 

		(i)	any increased premium and any Costs incurred
                                            by the Landlord as a result of a breach of Clause 6.2.3;

 

		(ii)	any uninsured excess to which the insurance
                                            policy may be subject;

 

		(iii)	the whole (if applicable) of the irrecoverable
                                            proportion of the insurance moneys if the Property or any part is destroyed or damaged by
                                            an Insured Risk but the insurance moneys are irrecoverable in whole or part due to the act
                                            or default of the Tenant;

 

		6.2.5	To
                                            comply with the requirements and reasonable recommendations of the insurers;

 

		6.2.6	To
                                            notify the Landlord of the full reinstatement cost of any fixtures and fittings installed
                                            at the Property at the cost of the Tenant which become Landlord’s fixtures and fittings
                                            and upon receiving notice of such fixtures and fittings the Landlord shall use all reasonable
                                            endeavours to procure that these are insured under the insurance policy;

 

		6.2.7	Not
                                            to effect any insurance of the Property against an Insured Risk but if the Tenant effects
                                            or has the benefit of any such insurance the Tenant shall hold any insurance moneys upon
                                            trust for the Landlord and pay the same to the Landlord as soon as practicable;

 

	6.3	Suspension of Rent

 

		6.3.1	If
                                            the Property and/or the means of access to it is unfit for occupation and use because of
                                            damage by an Insured Risk then (save to the extent that payment of the loss of rent insurance
                                            moneys is refused due to the act or default of the Tenant) the Principal Rent and the Service
                                            Charge (or a fair proportion according to the nature and extent of the damage) shall be suspended
                                            until the date on which the Property is again fit for occupation and use and accessible (excluding
                                            fitting out and replacement of contents);

 

		6.3.2	If
                                            the Property suffers damage or destruction by an Insured Risk during the Concessionary Rent
                                            Period the Tenant is to be entitled to a credit against the Principal Rent becoming payable
                                            at or after the end of the abatement period to the extent of the period of overlap of the
                                            abatement period with the Concessionary Rent Period to the extent that it is covered by the
                                            insurance monies;

 

	6.4	Determination Right

 

		6.4.1	If
                                            the Property is destroyed or damaged by an Insured Risk such that the Property is unfit for
                                            occupation and use or inaccessible and shall not be rendered fit for occupation and use and
                                            accessible within two years and nine months of the date of such damage then either the Landlord
                                            or the Tenant may whilst the Property has not been rendered fit for occupation and use and
                                            accessible terminate the Contractual Term by giving to the other not less than three (3)
                                            months’ previous notice in writing PROVIDED THAT if the Property has been rendered
                                            fit for occupation and use within three years of the date of such damage then such notice
                                            shall be deemed not to have been given.

 

    15

     

    

 

		6.4.2	Termination
                                            of this lease pursuant to the provisions of Clause 6.4.1 shall be without prejudice to the
                                            liability of either party for any antecedent breach of the covenants and conditions herein
                                            contained (save for Clause 6.1.5 which shall be deemed not to have applied).

 

	6.5	Uninsured Risks

 

		6.5.1	For
                                            the purposes of this Clause 6.5:

 

		(i)	These provisions shall apply from the
                                            date on which any Insured Risk becomes an Uninsured Risk but only in relation to the Uninsured
                                            Risk;

 

		(ii)	References to an Insured Risk becoming
                                            an Uninsured Risk shall, without limitation, include the application by insurers of an exclusion,
                                            condition or limitation to an Insured Risk to the extent to which such risk thereby is or
                                            becomes an Uninsured Risk.

 

		(iii)	The Landlord shall notify the Tenant
                                            in writing as soon as reasonably practicable after an Insured Risk becomes an Uninsured Risk.

 

		6.5.2	If
                                            during the Term the Property and/or the means of access to it shall be damaged or destroyed
                                            by an Uninsured Risk so as to make the Property unfit for occupation and use:

 

		(i)	The Principal Rent and the Service Charge
                                            or a fair proportion according to the nature and extent of the damage sustained will not
                                            be payable from the date of such damage or destruction until the earlier of the date on which:

 

		(a)	The Property and/or the means of
                                            access to it shall again be fit for occupation and use (excluding fitting out and replacement
                                            of contents); or

 

		(b)	This lease shall be terminated in
                                            accordance with Clause 6.5.2(ii) or 6.5.5

 

		(ii)	The Landlord may within one year of
                                            the date of such damage or destruction serve notice on the Tenant confirming that it will
                                            reinstate the Property and/or the means of access to it (a ‘Reinstatement Notice’)
                                            so that the Property shall be fit for occupation and use and accessible and if the Landlord
                                            fails to serve a Reinstatement Notice by the expiry of such prescribed period the lease will automatically
end on the date one year after the date of such damage or destruction.

 

		6.5.3	Clause
                                            6.5.2(i) shall not apply if an Insured Risk shall have become an Uninsured Risk owing to
                                            the act or default of the Tenant or any person deriving title under the Tenant or their respective
                                            agents, employees, licensee, invitees or contractors.

 

		6.5.4	If
                                            the Landlord shall have served a Reinstatement Notice the provisions of Clause 6.1.5 shall
                                            apply as if the damage or destruction had been caused by an Insured Risk

 

		6.5.5	If
                                            the Landlord shall have served a Reinstatement Notice and such reinstatement has not been
                                            completed by the date two years and nine months of the date of such damage or destruction
                                            at any time after that date the Landlord or the Tenant may terminate this lease by serving
                                            not less than three months’ notice on the other stating that it terminates this lease.
                                            I, and if by the end of such notice period the Property has been reinstated so that the Property
                                            is fit for occupation and use the notice shall be void and this lease shall continue in full
                                            force and effect.

 

		6.5.6	Service
                                            of a Reinstatement Notice shall not oblige the Landlord to replace any Tenant’s fitting
                                            out works or property belonging to the Tenant or any third party.

 

    16

     

    

 

	7	Provisos

 

	7.1	Forfeiture

 

If any of the following events occur:

 

		7.1.1	the
                                            Tenant fails to pay any of the rents payable under this lease within 21 days of the due date
                                            (in the case of Principal Rent only whether or not formally demanded); or

 

		7.1.2	the
                                            Tenant or Guarantor breaches any of its obligations in this lease; or

 

		7.1.3	the
                                            Tenant or Guarantor being a company incorporated within the United Kingdom

 

		(i)	has an Administration Order made in respect
                                            of it; or

 

		(ii)	passes a resolution, or the Court makes
                                            an Order, for the winding up of the Tenant or the Guarantor, otherwise than a member’s
                                            voluntary winding up of a solvent company for the purpose of amalgamation or reconstruction
                                            previously consented to by the Landlord (consent not to be unreasonably withheld or delayed);
                                            or

 

		(iii)	has a receiver or administrative receiver
                                            or receiver and manager appointed over the whole or any part of its assets or undertaking;
                                            or

 

		(iv)	is struck off the Register of Companies;
                                            or

 

		(v)	is deemed unable to pay its debts within
                                            the meaning of Section 123 of the Insolvency Act 1986; or

 

		7.1.4	proceedings
                                            or events analogous to those described in Clause 7.1.3 shall be instituted or shall occur
                                            where the Tenant or Guarantor is a company incorporated outside the United Kingdom; or

 

		7.1.5	the
                                            Tenant or Guarantor being an individual:

 

		(i)	has a bankruptcy order made against him;
                                            or

 

		(ii)	appears to be unable to pay his debts
                                            within the meaning of Section 268 of the Insolvency Act 1986;

 

then the Landlord may re-enter the Property
or any part of the Property in the name of the whole and forfeit this lease and the Term created by this lease shall immediately end,
but without prejudice to the rights of either party against the other in respect of any breach of the obligations contained in this lease;

 

	7.2	Notices

 

		7.2.1	All
                                            notices under or in connection with this lease shall be given in writing

 

		7.2.2	Any
                                            such notice shall be duly and validly served if it is served (in the case of a company) to
                                            its registered office or (in the case of an individual) to his last known address and in
                                            the case of the Tenant to: Legal Department, Exscientia Ltd, the Schrödinger Building
                                            Oxford Science Park, Oxford, OX4 4GE or such other address notified to the Landlord in writing
                                            from time to time;

 

		7.2.3	Any
                                            such notice shall be deemed to be given when it is:

 

		(i)	personally delivered to the locations
                                            listed in Clause 7.2.2; or

 

		(ii)	sent by registered post, in which case
                                            service shall be deemed to occur on the third Working Day after posting.

 

		7.2.4	Copies
                                            of all notices served on the Tenant shall also be served by email on legal@exscientia.co.uk.

 

	7.3	No Implied Easements

 

The grant of this lease does not confer
any rights over the Adjoining Property or any other property except those mentioned in Part I of the First Schedule, and Section 62 of
the Law of Property Act 1925 is excluded from this lease;

 

    17

     

    

 

	8	Break Clause

 

	8.1	The Tenant
                                            may terminate the Contractual Term on the Break Date by giving to the Landlord not less than
                                            twelve (12) months’ previous notice in writing;

 

	8.2	Any notice
                                            given by the Tenant shall operate to terminate the Contractual Term only if:

 

		8.2.1	all
                                            rents reserved by this lease have been paid by the time of such termination (in the case
                                            of Service Charge and any sums specified in Clause 6.2.1 [Insurance] only where demanded
                                            in writing at least thirty (30) days prior to the Break Date and not including any sums which
                                            are the subject of a bona fide dispute between the Landlord and the Tenant;

 

		8.2.2	the
                                            Break Payment together with a sum equal to VAT thereon at the standard rate for the time
                                            being payable has been paid to the Landlord or its solicitors in cleared funds by the Break
                                            Date; and

 

		8.2.3	the
                                            Tenant yields up the Property free from any subleases and other third party occupational
                                            interests on termination;

 

	8.3	Upon termination
                                            the Contractual Term shall cease but without prejudice to any claim in respect of any prior
                                            breach of the obligations contained in this lease;

 

	8.4	If the Tenant
                                            terminates this Lease in accordance with this clause 8 the Landlord shall promptly reimburse
                                            the Tenant in respect of any sums received which relate to a period following termination
                                            of this Lease;

 

	8.5	Time shall
                                            be of the essence for the purposes of this Clause.

 

	9	Contracts (Rights of Third Parties) Act 1999

 

A person who is not a party to this
lease has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any terms of this lease.

 

	10	Exclusion of Security of Tenure

 

	10.1	The Landlord
                                            and the Tenant agree that Sections 24 to 28 of the 1954 Act shall be excluded from the tenancy
                                            created by this lease;

 

	10.2	The Landlord
                                            has served on the Tenant a notice as referred to in section 38A(3)(a) of the 1954 Act and
                                            the Tenant has made a declaration pursuant to the requirements of Schedule 2 of the 2003
                                            Order the original or a true copy of which declaration is annexed to this lease.

 

	11	Agreement on Environmental Liabilities

 

	11.1	For the
                                            purposes of this clause the expression “Environment”
                                            includes air, man-made structures and surface or substrata any surface water or ground water,
                                            any life form (including human) or eco system and notwithstanding any other provisions of
                                            this Lease to the extent that the Property or Estate are affected by contamination or pollution,
                                            the Environment or the presence of any substance harmful to the Environment present or occurring
                                            prior to the date of this Lease otherwise than through the act or default of the Tenant or
                                            any party under their control (an “Environmental Condition”)
                                            the Tenant shall not:

 

		11.1.1	be
                                            responsible for (or contribute to whether by Service Charge or otherwise) any management
                                            compliance with statutory requirements, clean up, remediation or containment of any such
                                            Environmental Condition; nor

 

		11.1.2	be
                                            responsible to repair any damage disrepair or injury caused by or arising from any Environmental
                                            Condition; nor

 

		11.1.3	be
                                            responsible to contribute to any cost, fine, remediation costs or liability of any kind arising
                                            out of or in any way connected with any Environmental Condition.

 

    18

     

    

 

Executed by the parties as a Deed
on the date specified in the Prescribed Clauses.

 

    19

     

    

 

	EXECUTED as
a DEED by _______________as attorney for MEPC MILTON PARK NO. 1 LIMITED in the presence of: 	
     
	 	 
	 	 	as attorney for MEPC MILTON PARK NO. 1 LIMITED

 

	 	 
	Signature
    of witness	 
	 	 
	Witness
    name:	 
	 	 
	Address:	 

 

 

	EXECUTED as
a DEED by  _______________as attorney for MEPC MILTON PARK NO. 2 LIMITED in the presence of: 	
     
	 	 
	 	 	as attorney for MEPC MILTON PARK NO. 2 LIMITED

 

	 	 
	Signature
    of witness	 
	 	 
	Witness
    name:	 
	 	 
	Address:	 

 

    20

     

    

 

	EXECUTED
    AS A DEED by EXSCIENTIA LIMITED acting by a director and the company secretary or by two directors 	
     
	 	 
	Director	 	
	Director/Company Secretary	 	 

 

    21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]