Document:

EX-10.1

 Exhibit 10.1 

AGREEMENT 
 THIS AGREEMENT
(the “Agreement”), dated this 25th day of February, 2015, is by and among SI Financial Group, Inc. (the “Company”) and Savings Institute Bank and Trust company (the
“Bank,” and collectively with the Company, “SIFI”), Seidman and Associates L.L.C. (“SAL”), Seidman Investment Partnership, L.P. (“SIP”), Seidman Investment Partnership II, L.P. (“SIPII”), LSBK06-08,
L.L.C. (“LSK”), Broad Park Investors, L.L.C. (“Broad Park”), CBPS, L.L.C. (“CBPS”), 2514 Multi-Strategy Fund, L.P. (“2514 MSF”), Veteri Place Corporation and Lawrence B. Seidman, an individual (collectively,
the “Seidman Group,” and individually, a “Seidman Group Member”), and Dennis Pollack, an individual (the “Nominee”). 

RECITALS 
 WHEREAS,
SIFI, the Seidman Group and the Nominee have agreed that it is in their mutual interests to enter into this Agreement. 
 NOW
THEREFORE, in consideration of the Recitals and the representations, warranties, covenants and agreements contained herein and other good and valuable consideration, and intending to be legally bound hereby, the parties hereto agree as follows:

 1. Representations and Warranties of the Seidman Group Members. The Seidman Group Members represent and warrant to SIFI, as
follows: 
 (a) The Seidman Group has fully disclosed in Exhibit A to this Agreement the total number of shares of common stock of the
Company, par value $0.01 per share (“Company Common Stock”), to which it or the Nominee is the beneficial owner, and neither the Seidman Group nor any Seidman Group Member nor any of their affiliates has (i) a right to acquire any
interest in any capital stock of the Company, or (ii) a right to vote any shares of capital stock of the Company other than as set forth in Exhibit A; 

(b) The Seidman Group and the Seidman Group Members have full power and authority to enter into and perform their obligations under this
Agreement, and the execution and delivery of this Agreement by the Seidman Group and Seidman Group Members has been duly authorized by the Seidman Group and the Seidman Group Members. This Agreement constitutes a valid and binding obligation of the
Seidman Group and each Seidman Group Member and the performance of its terms will not constitute a violation of any limited partnership agreement, articles of incorporation, bylaws, operating agreement or any agreement or instrument to which the
Seidman Group or any Seidman Group Member is a party; and 
 (c) There are no arrangements, agreements or understandings concerning the
subject matter of this Agreement between the Seidman Group or any Seidman Group Member and SIFI or between the Seidman Group or any Seidman Group Member and the Nominee other than as set forth in this Agreement. 

 2. Representations and Warranties of the Company and the Bank. 

(a) The Company and the Bank hereby represent and warrant to the Seidman Group that the Company and the Bank have full power and authority to
enter into and perform their respective obligations under this Agreement and that the execution and delivery of this Agreement by the Company and the Bank has been duly authorized by the Board of Directors of the Company and the Bank. This Agreement
constitutes a valid and binding obligation of the Company and the Bank and the performance of its terms will not constitute a violation of their respective articles of incorporation, charter or bylaws or any agreement or instrument to which the
Company or the Bank is a party; and 
 (b) The Company and the Bank hereby represent and warrant to the Seidman Group that there are no
arrangements, agreements, or understandings concerning the subject matter of this Agreement between the Seidman Group or any Seidman Group Member and SIFI other than as set forth in this Agreement. 

3. Covenants. 
 (a)
During the term of this Agreement, SIFI covenants and agrees as follows: 
 (i) In connection with entry into this Agreement, the Company
will take all necessary and appropriate corporate action to appoint the Nominee to the class of directors thereof whose term expires at the Annual Meeting of Shareholders expected to be held in May 2015 and to renominate him for a three-year term to
expire at the Annual Meeting of Shareholders currently expected to be held in May 2018. Upon his appointment as a director of the Company, the Company and the Bank shall take all necessary and appropriate action to appoint the Nominee to the same
terms of office on the Board of Directors of the Bank; 
 (ii) Upon his appointment and qualification to the Company’s and the
Bank’s Boards of Directors, the Nominee shall be treated on a consistent basis with other members of the Company’s and the Bank’s Board of Directors with respect to compensation and benefits; and 

(iii) Should the Nominee’s position as a director of the Company or the Bank be terminated during the term of this Agreement due to his
resignation, death, permanent disability or otherwise, the Company shall appoint a replacement director, selected by Mr. Seidman (“Replacement Director”), subject to the approval of the Company, which approval shall not be
unreasonably withheld, and the Replacement Director shall, subject to his or her agreement to honor the provisions of Sections 3(c) and 3(e) hereof and any required regulatory approval, be appointed promptly (within 60 days) to the Boards of the
Company and the Bank. 

  
 2 

 (b) During the term of this Agreement, the Seidman Group and each Seidman Group Member covenant
and agree not to do the following, directly or indirectly, alone or in concert with any affiliate, other group or other person: 
 (i)
acquire, offer or propose to acquire or agree to acquire, whether by purchase, tender or exchange offer, or through the acquisition of control of another person or entity (including by way of merger or consolidation) any additional shares of the
outstanding Company Common Stock, any rights to vote or direct the voting of any additional shares of Company Common Stock, or any securities convertible into Company Common Stock (except by way of stock splits, stock dividends, stock
reclassifications or other distributions or offerings made available and, if applicable, exercised on a pro rata basis, to holders of the Company Common Stock generally); provided, however, notwithstanding anything to the contrary set forth herein,
the Seidman Group may acquire additional shares of the outstanding Common Stock provided that the Seidman Group’s Beneficial Ownership will not exceed 9.9% of the outstanding shares of Common Stock; 

(ii) without the Company’s prior written consent, directly or indirectly, sell, transfer or otherwise dispose of any interest in the
Seidman Group’s shares of Company Common Stock to any person the Seidman Group believes, after reasonable inquiry, would be the beneficial owner after any such sale or transfer of more than 5% of the outstanding shares of the Company Common
Stock; 
 (iii) (A) propose or seek to effect a merger, consolidation, recapitalization, reorganization, sale, lease, exchange or other
disposition of substantially all the assets of, or other business combination involving, or a tender or exchange offer for securities of, the Company or the Bank or any material portion of the Company’s or the Bank’s business or assets or
any type of transaction that would result in a change in control of the Company (any such transaction described in this clause (A) is a “Company Transaction” and any proposal or other action seeking to effect a Company Transaction as
described in this clause (A) is defined as a “Company Transaction Proposal”), (B) seek to exercise any control or influence over the management of the Company or the Boards of Directors of the Company or the Bank or any of the
businesses, operations or policies of the Company or the Bank, (C) present to the Company, its shareholders or any third party any proposal constituting or that could reasonably be expected to result in a Company Transaction, or (D) seek
to effect a change in control of the Company; 
 (iv) publicly suggest or announce its willingness or desire to engage in a transaction or
group of transactions or have another person engage in a transaction or group of transactions that would constitute or could reasonably be expected to result in a Company Transaction or take any action that might require the Company to make a public
announcement regarding any such Company Transaction; 
 (v) initiate, request, induce, encourage or attempt to induce or give encouragement
to any other person to initiate any proposal constituting or that can reasonably be expected to result in a Company Transaction Proposal, or otherwise provide assistance to any person who has made or is contemplating making, or enter into
discussions or negotiations with respect to, any proposal constituting or that can reasonably be expected to result in a Company Transaction Proposal; 

(vi) solicit proxies or written consents or assist or participate in any other way, directly or indirectly, in any solicitation of proxies or
written consents, or otherwise become a 

  
 3 

 
“participant” in a “solicitation,” or assist any “participant” in a “solicitation” (as such terms are defined in Rule 14a-1 of Regulation 14A and
Instruction 3 of Item 4 of Schedule 14A, respectively, under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) in opposition to any recommendation or proposal of the Company’s Board of Directors, or recommend
or request or induce or attempt to induce any other person to take any such actions, or seek to advise, encourage or influence any other person with respect to the voting of (or the execution of a written consent in respect of) the Company Common
Stock, or execute any written consent in lieu of a meeting of the holders of the Company Common Stock or grant a proxy with respect to the voting of the capital stock of the Company to any person or entity other than the Board of Directors of the
Company; 
 (vii) initiate, propose, submit, encourage or otherwise solicit shareholders of the Company for the approval of one or more
shareholder proposals or induce or attempt to induce any other person to initiate any shareholder proposal, or seek election to, or seek to place a representative or other affiliate or nominee on, the Company’s Board of Directors (other than
with respect to the provisions of Sections 3(a)(i) and (iii), providing for the possible election of the Nominee or Replacement Director) or seek removal of any member of the Company’s or the Bank’s Boards of Directors or any executive
officer of the Company or the Bank; 
 (viii) form, join in or in any other way (including by deposit of the Company’s capital stock),
participate in a partnership, pooling agreement, syndicate, voting trust or other group with respect to Company Common Stock, or enter into any agreement or arrangement or otherwise act in concert with any other person, for the purpose of acquiring,
holding, voting or disposing of Company Common Stock; 
 (ix) (A) join with or assist any person or entity, directly or indirectly, in
opposing, or make any statement in opposition to, any proposal or director nomination submitted by the Company’s Board of Directors to a vote of the Company’s shareholders, or (B) join with or assist any person or entity, directly or
indirectly, in supporting or endorsing (including supporting, requesting or joining in any request for a meeting of shareholders in connection with), or make any statement in favor of, any proposal submitted to a vote of the Company’s
shareholders that is opposed by the Company’s Board of Directors; 
 (x) vote for any proposal, nominee or nominees for election to the
Board of Directors of the Company other than those nominated or supported by the Company’s Board of Directors; 
 (xi) except in
connection with the enforcement of this Agreement, initiate or participate, by encouragement or otherwise, in any litigation against the Company or the Bank or their respective officers and directors, or in any derivative litigation on behalf of the
Company or the Bank, except for testimony which may be required by law; 
 (xii) request, or induce or encourage any other person to
request, that the Company amend or waive any of the provisions of this Agreement; and 
 (xiii) advise, assist, encourage or finance (or
arrange, assist or facilitate financing to or for) any other person in connection with any of the matters restricted by, or otherwise seek to circumvent the limitations of, this Agreement. 

  
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 (c) During the term of this Agreement, each Seidman Group Member and the Nominee agree not to
disparage the Company, the Bank or any of their directors (including nominees supported by the Company’s Board of Directors), officers or employees in any public or quasi-public forum, and the Company and the Bank agree not to disparage any
Seidman Group Member and/or the Nominee in any public or quasi-public forum. 
 (d) During the term of this Agreement, at any Annual Meeting
of Shareholders of the Company, the Seidman Group and each Seidman Group Member covenant and agree, and shall require each of their affiliates, to vote all the shares of Company Common Stock beneficially owned by them in favor of the nominees for
election or re-election as directors of the Company selected by the Board of Directors of the Company and otherwise support such director candidates. In addition, the Company may adopt and implement, including seeking shareholder approval, at any
time subsequent to the execution of this Agreement by the parties hereto an omnibus stock incentive plan (the “Stock Benefit Plan”). During the term of this Agreement, the Seidman Group and each Seidman Group Member covenant and agree, and
shall require each of their affiliates, to vote all the shares of Company Common Stock beneficially owned by them in favor of the approval of the Stock Benefit Plan, and will not make any public statement in opposition to the proposal to approve the
adoption of the Stock Benefit Plan. 
 (e) (i) The Nominee agrees that during the term of this Agreement he will not take any action,
directly or indirectly, which, if the Nominee were deemed to be a Seidman Group Member, would be in violation of or inconsistent with any of the covenants and agreements made by the Seidman Group of Section 3(b) hereof, provided, however, that
nothing herein shall prevent or limit the Nominee upon his election and qualification as a director of the Company and the Bank, from expressing his views or positions on matters related to the Company’s or the Bank’s business, operations
or policies to other members of the Company’s or the Bank’s Board of Directors at duly convened meetings of the Company’s or the Bank’s Board of Directors in such manner as may be necessary and appropriate in order to fulfill his
duties as a director; and 
 (ii) In the event that the Nominee breaches clause (i) of this Section 3(e), he shall promptly resign
his positions as a director of the Company and the Bank or withdraw his name from nomination; in the event that the Nominee fails to resign or withdraw his name after a breach in accordance with the provisions of this clause (ii), the Nominee and
the Seidman Group agrees that the remaining directors of the Company and the Bank, by majority vote thereof, may remove the Nominee from his directorship positions with the Company and the Bank or remove his name from nomination, as the case may be.

 4. Notice of Breach and Remedies. 

The parties expressly agree that an actual or threatened breach of this Agreement by any party will give rise to irreparable injury that
cannot adequately be compensated by damages. 

  
 5 

 
Accordingly, in addition to any other remedy to which it may be entitled, each party shall be entitled to seek a temporary restraining order or injunctive relief to prevent a breach of the
provisions of this Agreement or to secure specific enforcement of its terms and provisions. 
 The Seidman Group and each Seidman Group
Member expressly agree that they will not be excused or claim to be excused from performance under this Agreement as a result of any material breach by SIFI unless and until SIFI is given written notice of such breach and allowed thirty
(30) business days either to cure such breach or seek relief in court. If SIFI seeks relief in court, the Seidman Group and each Seidman Group Member irrevocably stipulate that any failure to perform by the Seidman Group and/or any Seidman
Group Member or any assertion by the Seidman Group and/or any Seidman Group Member that they are excused from performing their obligations under this Agreement because it would cause SIFI irreparable harm, then SIFI shall not be required to provide
further proof of irreparable harm in order to obtain equitable relief and that the Seidman Group and each Seidman Group Member shall not deny or contest that such circumstances would cause SIFI irreparable harm. If, after such thirty
(30) business day period, SIFI has not either reasonably cured such material breach or obtained relief in court, the Seidman Group or each Seidman Group Member may terminate this Agreement by delivery of written notice to SIFI. 

SIFI expressly agrees that it will not be excused or claim to be excused from performance under this Agreement as a result of any material
breach by the Seidman Group or any Seidman Group Member unless and until the Seidman Group and each Seidman Group Member is given written notice of such breach and allowed thirty (30) business days either to cure such breach or seek relief in
court. If the Seidman Group or any Seidman Group Member seeks relief in court, SIFI irrevocably stipulates that any failure to perform by SIFI or any assertion by SIFI that it is excused from performing its obligations under this Agreement because
it would cause the Seidman Group and each Seidman Group Member irreparable harm, then the Seidman Group or any Seidman Group Member shall not be required to provide further proof of irreparable harm in order to obtain equitable relief and that SIFI
shall not deny or contest that such circumstances would cause the Seidman Group and each Seidman Group Member irreparable harm. If, after such thirty (30) business day period, the Seidman Group or the Seidman Group Member has not either
reasonably cured such material breach or obtained relief in court, SIFI may terminate this Agreement by delivery of written notice to the Seidman Group and each Seidman Group Member. 

5. Term. This Agreement shall be effective upon the execution of the Agreement, and will remain in effect for so long as the Nominee
(or, in the event of the death, disability or resignation of the Nominee, a substitute nominee of the Seidman Group, whose substitute shall be subject to the approval of the Company’s Board of Directors in its sole discretion, which approval
shall not be unreasonably withheld or delayed) remains a director of the Company or the Bank. 
 6. Publicity. Attached as Exhibit B
is the mutually agreed upon disclosure the Company shall include in its Form 8-K, reporting the entry into this Agreement. In addition, during the term of this Agreement, SIFI and the Seidman Group shall each provide to the other party for such
party’s prior review and approval any additional disclosure proposed to be made 

  
 6 

 
by SIFI or the Seidman Group concerning this Agreement unless such additional disclosure is substantially identical to or consistent with the disclosures mutually agreed to in Exhibit B. During
the term of this Agreement, no party to this Agreement shall cause, discuss, cooperate or otherwise aid in the preparation of any press release or other publicity concerning any other party to this Agreement or its operations without the prior
approval of such other party. 
 7. Notices. All notices, communications and deliveries required or permitted by this Agreement shall
be made in writing signed by the party making the same, shall specify the section of this Agreement pursuant to which it is given or being made and shall be deemed given or made (a) on the date delivered if delivered by telecopy, by facsimile
or in person, (b) on the third Business Day after it is mailed if mailed by registered or certified mail (return receipt requested) (with postage and other fees prepaid) or (c) on the day after it is delivered, prepaid, to an overnight
express delivery service that confirms to the sender delivery on such day, as follows: 
  

			
	Seidman Group:		Lawrence B. Seidman
			100 Misty Lane
			1st Floor
			Parsippany, New Jersey 07054
			Facsimile: 973-781-0876
		
	With a copy to:		Peter Bray, Esq.
			100 Misty Lane
			1st Floor
			Parsippany, New Jersey 07054
			Facsimile: 973-739-9696
		
	Nominee:		Dennis Pollack
			47 Blueberry Drive
			Woodcliff Lake, New Jersey 07677
			E-mail: WCLBanker@gmail.com
		
	SIFI:		Rheo A. Brouillard
			President and Chief Executive Officer
			SI Financial Group, Inc.
			Savings Institute Bank and Trust Company
			803 Main Street
			Willimantic, Connecticut 06226
			Facsimile: 860-423-0319

  
 7 

			
	With a copy to:		Scott A Brown, Esq.
			Kilpatrick Townsend & Stockton LLP
			607 14th Street, NW
			Washington, DC 20005
			Facsimile: 202-204-5632

 8. Governing Law and Choice of Forum. Unless applicable federal law or regulation is deemed
controlling, Maryland law shall govern the construction and enforceability of this Agreement. Any and all actions concerning any dispute arising hereunder shall be filed and maintained in the United States District Court for the State of Connecticut
or, if there is no basis for federal jurisdiction, in the Willimantic Superior Court. The Seidman Group, the Seidman Group Members and the Nominee agree that the United States District Court for the State of Connecticut and the Willimantic Superior
Court may exercise personal jurisdiction over them in any such actions. 
 9. Severability. If any term, provision, covenant or
restriction of this Agreement is held by any governmental authority or a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated. 
 10. Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of and be enforceable by the successors and assigns, and transferees by operation of law, of the parties. Except as otherwise expressly provided, this Agreement shall not inure to the benefit of, be
enforceable by or create any right or cause of action in any person, including any shareholder of the Company, other than the parties to the Agreement. Nothing contained herein shall prohibit any Seidman Group Member from transferring any portion or
all of the shares of Company Common Stock owned thereby at any time to any affiliate of Mr. Seidman or any other Seidman Group Member but only if the transferee agrees in writing for the benefit of SIFI (with a copy thereof to be furnished to
SIFI prior to such transfer) to be bound by the terms of this Agreement (any such transferee shall be included in the terms “Seidman Group” and “Seidman Group Member”). 

11. Survival of Representations, Warranties and Covenants. All representations, warranties and covenants shall survive the execution
and delivery of this Agreement and shall continue for the term of this Agreement unless otherwise provided. 
 12. Amendments. This
Agreement may not be modified, amended, altered or supplemented except by a written agreement executed by all of the parties. 
 13.
Definitions. As used in this Agreement, the following terms shall have the meanings indicated, unless the context otherwise requires: 

(a) The term “acquire” means every type of acquisition, whether effected by purchase, exchange, operation of law or otherwise. 

  
 8 

 (b) The term “acting in concert” means (i) knowing participation in a joint
activity or conscious parallel action towards a common goal, whether or not pursuant to an express agreement, or (ii) a combination or pooling of voting or other interests in the securities of an issuer for a common purpose pursuant to any
contract, understanding, relationship, agreement or other arrangement, whether written or otherwise. 
 (c) The term “affiliate”
means, with respect to any person, a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with such other person. 

(d) The term “beneficial owner” shall have the meaning ascribed to it, and be determined in accordance with, Rule 13d-3 of the
Securities and Exchange Commission’s Rules and Regulations promulgated under the Exchange Act. 
 (e) The term “change in
control” denotes circumstances under which: (i) any person or group becomes the beneficial owner of shares of capital stock of the Company or the Bank representing 25% or more of the total number of votes that may be cast for the election
of the Boards of Directors of the Company or the Bank, (ii) the persons who were directors of the Company or the Bank cease to be a majority of the Board of Directors, in connection with any tender or exchange offer (other than an offer by the
Company or the Bank), merger or other business combination, sale of assets or contested election, or combination of the foregoing, or (iii) shareholders of the Company or the Bank approve a transaction pursuant to which substantially all of the
assets of the Company or the Bank will be sold. 
 (f) The term “control” (including the terms “controlling,”
“controlled by,” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management, activities or policies of a person or organization, whether through the
ownership of capital stock, by contract, or otherwise. 
 (g) The term “group” has the meaning as defined in Section 13(d)(3)
of the Exchange Act. 
 (h) The term “person” includes an individual, group acting in concert, corporation, partnership,
association, joint stock company, trust, unincorporated organization or similar company, syndicate, or any other group formed for the purpose of acquiring, holding or disposing of the equity securities of the Company. 

(i) The term “transfer” means, directly or indirectly, to sell, gift, assign, pledge, encumber, hypothecate or similarly dispose of
(by operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, gift, assignment, pledge, encumbrance, hypothecation or similar
disposition of (by operation of law or otherwise), any Company Common Stock or any interest in any Company Common Stock; provided, however, that a merger or consolidation in which the Company is a constituent corporation shall not be deemed to be
the transfer of any common stock beneficially owned by the Seidman Group or a Seidman Group Member. 
 (j) The term “vote” means
to vote in person or by proxy, or to give or authorize the giving of any consent as a stockholder on any matter. 

  
 9 

 14. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts
and by the parties in separate counterparts, and signature pages may be delivered by facsimile, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

15. Duty to Execute. Each party agrees to execute any and all documents, and to do and perform any and all acts and things necessary or
proper to effectuate or further evidence the terms and provisions of this Agreement. 
 16. Termination. This Agreement shall cease,
terminate and have no further force and effect upon the expiration of the term as set forth in Section 5, unless earlier terminated pursuant to Section 4 or Section 5 hereof or by mutual written agreement of the parties. 

[Remainder of this page intentionally left blank.] 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the undersigned and is effective as
of the day and year first above written. 
  

									
	SEIDMAN AND ASSOCIATES L.L.C.				SI FINANCIAL GROUP, INC.
					
	By:		 /s/ Lawrence B. Seidman
				By:		 /s/ Rheo A. Brouillard

			Lawrence B. Seidman						Rheo A. Brouillard
			Manager						President and Chief Executive Officer
			
	SEIDMAN INVESTMENT PARTNERSHIP, L.P.				 SAVINGS INSTITUTE BANK AND TRUST COMPANY

					
	By:		 Veteri Place Corporation
				By:		 /s/ Rheo A. Brouillard

			General Partner						Rheo A. Brouillard
									President and Chief Executive Officer
					
	By:		 /s/ Lawrence B. Seidman
						
			Lawrence B. Seidman						
			President						
				
	SEIDMAN INVESTMENT PARTNERSHIP II, L.P.						
					
	By:		 Veteri Place Corporation
						
			General Partner						
					
	By:		 /s/ Lawrence B. Seidman
						
			Lawrence B. Seidman						
			President						
				
	LSBK06-08, L.L.C.						
					
	By:		 Veteri Place Corporation
						
			Trading Advisor						
					
	By:		 /s/ Lawrence B. Seidman
						
			Lawrence B. Seidman						
			President						
				
	BROAD PARK INVESTORS, L.L.C.						
					
	By:		 /s/ Lawrence B. Seidman
						
			Lawrence B. Seidman						
			Investment Manager						

  
 11 

			
	CBPS, L.L.C.
		
	By:		 Veteri Place Corporation

			Trading Advisor
		
	By:		 /s/ Lawrence B. Seidman

			Lawrence B. Seidman
			President
	
	2514 MULTI-STRATEGY FUND, L.P.
		
	By:		 /s/ Lawrence B. Seidman

			Lawrence B. Seidman
			Investment Manager
	
	VETERI PLACE CORPORATION
		
	By:		 /s/ Lawrence B. Seidman

			Lawrence B. Seidman
			President
	
	LAWRENCE B. SEIDMAN
	
	 /s/ Lawrence B. Seidman

	Lawrence B. Seidman
	
	DENNIS POLLACK
	
	 /s/ Dennis Pollack

	Dennis Pollack

  
 12 

 EXHIBIT A 

The Seidman Group beneficially owns as of the date hereof 594,045 shares of Company Common Stock. 

Mr. Pollack beneficially owns as of the date hereof 3,930 shares of Company Common Stock. 

  
 A-1 

 EXHIBIT B 
  

 
  

UNITED STATES 
 SECURITIES
AND EXCHANGE COMMISSION 
 Washington, D.C. 20549 

 
  

FORM 8-K 
  

 
 CURRENT
REPORT 
 Pursuant to Section 13 or 15(d) 

of the Securities Exchange Act of 1934 

Date of Report (Date of earliest event reported) February 25, 2015 

 
  

SI Financial Group, Inc. 

(Exact name of registrant as specified in its charter) 
  

 
  

					
	Maryland	 	0-54241	 	80-0643149
	 (State or other jurisdiction

of incorporation)
	 	 (Commission

File Number)
	 	 (IRS Employer

Identification No.)

  

			
	803 Main Street, Willimantic, Connecticut	 	06226
	(Address of principal executive offices)	 	(Zip Code)

 Registrant’s telephone number, including area code (860) 423-4581 

Not Applicable 
 (Former
name or former address, if changed since last report) 
  

 
 Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): 
  

	 ̈	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

  

	 ̈	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

  

	 ̈	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) 

  

	 ̈	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) 

  

 
  

  
 B-1 

	Item 1.01.	Entry Into a Material Definitive Agreement. 

 On February 25, 2015, SI
Financial Group, Inc. (the “Company”) and the Company’s wholly owned subsidiary, Savings Institute Bank and Trust Company (the “Bank”), entered into an Agreement (the “Agreement”) with Seidman and Associates
L.L.C., Seidman Investment Partnership, L.P., Seidman Investment Partnership II, L.P., LSBK06-08, Broad Park Investors, CBPS, L.L.C., 2514 Multi-Strategy Fund, L.P., Veteri Place Corporation and Lawrence B. Seidman, an individual (collectively,
“the Seidman Group”) and Mr. Dennis Pollack, an individual who was recommended by the Seidman Group for appointment to the Boards of Directors of the Company and the Bank. The Seidman Group owns approximately 4.6% of the outstanding
shares of the Company’s common stock. 
 The Agreement provides that Mr. Pollack will be appointed by the Company to the class of
directors whose term expires at the Annual Meeting of Shareholders to be held in May 2015 and will be renominated to a term to expire at the Annual Meeting of Shareholders to be held in May 2018. Mr. Pollack will also be appointed to the Board
of Directors of the Bank for a similar term. 
 During the term of the Agreement, which is scheduled to continue for the period
Mr. Pollack remains on the Board of Directors, the Seidman Group and Mr. Pollack will not, among other things, solicit proxies in opposition to any recommendations or proposals of the Company’s Board of Directors, initiate or solicit
shareholder proposals or seek to place any additional representatives on the Company’s Board of Directors other than Mr. Pollack (or any replacement director), oppose any proposal or director nomination submitted by the Board of Directors
to the Company’s shareholders, vote for any nominee to the Company’s Board of Directors other than those nominated or supported by the Board of Directors, seek to exercise any control or influence over the management of the Company or the
Boards of Directors of the Company or the Bank (although nothing in the Agreement will prevent Mr. Pollack, from expressing his views to other members of the Board at duly convened meetings of the Boards of Directors), propose or seek to effect
a merger or sale of the Company or initiate litigation against the Company. 
 In addition, during the term of the Agreement, the Seidman
Group has agreed to vote in favor of the Board of Directors’ proposals and nominees for election or re-election as directors of the Company. 

The foregoing description is qualified in its entirety by reference to the full text of the Agreement, which is attached hereto as Exhibit
10.1 and is incorporated herein by reference. 
  

	Item 5.02.	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

On February 25, 2015, the Board of Directors of the Company appointed Dennis Pollack to the Board of Directors of the Company.
Mr. Pollack was appointed to the class of directors whose term expires at the annual meeting of shareholders of the Company to be held in 2015 at which point he will stand for re-election by shareholders

  
 B-2 

 
at the Company’s 2015 annual meeting. Mr. Pollack was also appointed to the Board of Directors of the Bank. Both appointments are effective as of February 25, 2015.
Mr. Pollack will serve on the Loan and the Asset Liability Committees of the Bank. 
 The Company agreed to appoint Mr. Pollack to
the Boards of Directors of the Company and the Bank pursuant to the terms of the Agreement described in Item 1.01 above, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. 

There are no transactions since the beginning of the Company’s last fiscal year, or any currently proposed transaction, in which the
Company was or is to be a participant and the amount involved exceeds $120,000, and in which Mr. Pollack had or will have a direct or indirect material interest. 
  

	Item 8.01.	Other Events. 

 On February 25, 2015, the Company issued a press release
announcing Mr. Pollack’s appointment as a Director. A copy of the press release is attached as an exhibit hereto as Exhibit 99.1 and incorporated herein by reference. 

 

	Item 9.01.	Financial Statements and Exhibits. 

  

	 	(a)	Financial Statements of Businesses Acquired: Not applicable 

  

	 	(b)	Pro Forma Financial Information: Not applicable 

  

	 	(c)	Shell Company Transactions: Not applicable 

  

	 	(d)	Exhibits: 

  

			
	 Exhibit
No.
	  	 Description

		
	10.1	  	Agreement, dated February 25, 2015, by and among SI Financial Group, Inc., Savings Institute Bank and Trust Company, Seidman and Associates L.L.C., Seidman Investment Partnership,L.P., Seidman Investment Partnership II, L.P.,
LSBK06-08, Broad Park Investors, CBPS, L.L.C., 2514 Multi-Strategy Fund, L.P., Veteri Place Corporation, Lawrence B. Seidman, an individual, and Dennis Pollack, an individual.
		
	99.1	  	Press Release dated February 25, 2015

  
 B-3 

 SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. 
  

							
					SI FINANCIAL GROUP, INC.
				
	Date: February 25, 2015				By:		 /s/ Rheo A. Brouillard

					Name:		Rheo A. Brouillard
					Title:		President and Chief Executive Officer

  
 B-4Dated 19 February 2015	Exhibit 10.1

 

MERCK SHARP &
DOHME LIMITED (1)

 

and

 

INTERCEPT PHARMACEUTICALS,
INC. (2)

 

 

Underlease

 

relating to

 

Part 1st Floor, 2 St Pancras
Square London

 

  

 

 

80 Guildhall Street, Bury St Edmunds, Suffolk,
IP33 1QB, UK

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	1.	Interpretation	5
	2.	Grant	12
	3.	Ancillary rights	13
	4.	Rights excepted and reserved	16
	5.	Third Party Rights	17
	6.	The Annual Rent	17
	7.	Services and Service Charge	18
	8.	Insurance	19
	9.	uninsured risk	22
	10.	Rates and taxes	23
	11.	Utilities	24
	12.	Common items	24
	13.	VAT	24
	14.	Default interest and interest	24
	15.	Costs	25
	16.	Compensation on vacating	25
	17.	Set-off	26
	18.	Assignments	26
	19.	Underlettings	27
	20.	sharing occupation with group companies	28
	21.	Prohibition of other dealings	28
	22.	Registration and notification of dealings and occupation	28
	23.	Repairs	29
	24.	Decoration.	29
	25.	Alterations and signs	29
	26.	Returning the Property to the Landlord	30
	27.	Use	31
	28.	Management of the Building	31
	29.	Compliance with laws	31
	30.	Encroachments, obstructions and acquisition of rights	32
	31.	Breach of repair and maintenance obligations	33
	32.	Indemnity	34
	33.	Covenant to comply with covenants in the Superior Lease	34
	34.	Covenant with the Superior Landlord	34
	35.	Landlord's covenants	34
	36.	Re-entry and forfeiture	35
	37.	Joint and several liability	35
	38.	Disputes under the Superior Lease	35
	39.	Entire agreement	35
	40.	Notices, consents and approvals	36
	41.	Governing law	37
	42.	Jurisdiction	37
	43.	Exclusion of sections 24-28 of the LTA 1954	37
	44.	Contracts (Rights of Third Parties) Act 1999	38

 

    	 

    	 

    

  

Prescribed Clauses

 

LR1. Date of lease 

 

19 February 2015

 

LR2. Title number(s)

 

LR2.1 Landlord’s title number(s)

 

NGL 943659

 

LR2.2 Other title numbers

 

LR3. Parties to this lease

 

Landlord

 

MERCK SHARP & DOHME LIMITED
(company no 0820771) whose registered office is Hertford Road, Hoddesdon, Hertfordshire EN11 9BU

 

Tenant

 

INTERCEPT PHARMACEUTICALS INC (company
no 001270073) a company incorporated in the State of Delaware USA, with its principal place of business located at 450 W. 15th
Street Suite 505 New York NY 10011

 

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.

 

See the definition of "Property"
in clause 1.1 of this lease.

 

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 1.1 in the definition of "Contractual Term".

 

LR7. Premium

 

None.

 

    	3

    	 

    

  

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

 

The easements as specified in
clause 3 of this lease.

 

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

 

The easements as specified in
clause 4 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

  

    	4

    	 

    

   

THIS LEASE IS MADE ON THE 19th DAY OF
FEBRUARY 2015

 

Between

 

		(1)	MERCK SHARP & DOHME LIMITED (company no 0820771) whose registered office is Hertford
Road, Hoddesdon, Hertfordshire EN11 9BU (the Landlord);

 

		(2)	INTERCEPT PHARMACEUTICALS, INC. (company no 001270073 ) a company incorporated in the State
of Delaware USA, with its principal place of business located at 450 W. 15th Street Suite 505 New York NY 10011 (the
Tenant)

 

Recitals

 

		(A)	The Landlord is entitled to possession of the Landlord's Premises under the terms of the Superior
Lease (a copy of which has been given to the Tenant).

 

		(B)	The Landlord has agreed to grant an underlease of the Property to the Tenant on the terms set out
in this lease.

 

It
is hereby agreed

 

		1.	Interpretation

 

The following definitions and rules of
interpretation apply in this lease.

 

		1.1	Definitions:

 

		(a)	Act of Insolvency: an Act of Insolvency is any of the following:

 

		(i)	the taking of any step in connection with any voluntary arrangement or any other compromise or
arrangement for the benefit of any creditors of the Tenant or any guarantor;

 

		(ii)	the making of an application for an administration order the making of an administration order
in relation to the Tenant or any guarantor;

 

		(iii)	the giving of any notice of intention to appoint an administrator the filing at court of the prescribed
documents in connection with the appointment of an administrator, or the appointment of an administrator, in any case in relation
to the Tenant or any guarantor;

 

		(iv)	the appointment of a receiver or manager or an administrative receiver in relation to any property
or income of the Tenant or any guarantor;

 

		(v)	the commencement of a voluntary winding-up in respect of the Tenant or any guarantor, except a
winding-up for the purpose of amalgamation or reconstruction of a solvent company in respect of which a statutory declaration of
solvency has been filed with the Registrar of Companies;

 

    	5

    	 

    

 

		(vi)	the making of a winding-up order in respect of the Tenant or any guarantor;

 

		(vii)	the striking-off of the Tenant or any guarantor from the Register of Companies;

 

		(viii)	the Tenant or any guarantor otherwise ceasing to exist (but excluding where the Tenant or any guarantor
dies); or

 

		(ix)	the presentation of a petition for a bankruptcy order or the making of a bankruptcy order against
the Tenant or any guarantor.

 

The paragraphs above shall
apply in relation to a partnership or limited partnership (as defined in the Partnership Act 1890 and the Limited Partnerships
Act 1907 respectively) subject to the modifications referred to in the Insolvent Partnerships Order 1994 (SI 1994/2421)
(as amended), and a limited liability partnership (as defined in the Limited Liability Partnerships Act 2000) subject to the modifications
referred to in the Limited Liability Partnerships Regulations 2001 (SI 2001/1090) (as amended).

 

Act of Insolvency includes
any analogous proceedings or events that may be taken pursuant to the legislation of another jurisdiction in relation to a tenant
or guarantor incorporated or domiciled in such relevant jurisdiction.

 

		(b)	Accessway: has the meaning given to this term in the Superior Lease.

 

		(c)	Accessway Regulations: means the regulations attached at Appendix 3 to the Superior Lease
and any other reasonable regulations from time to time published in writing by the Landlord or the Superior Landlord in addition
to or in substitution for those regulations in accordance with the principles of good estate management.

 

		(d)	Annual Rent: £470,607.50 per annum

 

		(e)	Building: means the building known as 2 Pancras Square King’s Cross Central London
the Superior Landlord's interest in which is registered under Land Registry title number NGL931387 of which the Landlord's Premises
forms part of.

 

		(f)	Building Service Charge: has the meaning given to this term in the Superior Lease.

 

		(g)	Block Service Charge: has the meaning given to this term in the Superior Lease.

 

    	6

    	 

    

 

		(h)	Common Parts: means all parts of the Building which are available or provided by the Landlord
for the use of the Tenant in common with the Landlord and/or for general amenity (including but without limitation any of the following:
the forecourts, accessways, entrances, pathways, colonnades and walkways, corridors, lobbies, stairways, lifts, toilets, showers,
storage areas, bin stores or other refuse facilities, fire escapes, landscaped areas, Conduits used in common with others and the
Roof Terrace).

 

		(i)	Conduits means the Service Media and all pipes, wires, cables, sewers, drains, ducts, flues,
gutters, gullies and other service media (together with ancillary equipment) within or exclusively serving the Landlord's Premises
now or at any time during the Term.

 

		(j)	Contractual Term: a term commencing on 19 February 2015 and ending on 23 June 2019.

 

		(k)	CDM Regulations: the Construction (Design and Management) Regulations 2007.

 

		(l)	Cycle Spaces: means the 3 cycle spaces
provided by the Landlord within the area shown coloured orange on the Cycle Spaces Plan the exact location of such cycle spaces
to be designated by the Landlord from time to time or such alternative cycle spaces as the Landlord may by written notice to the
Tenant designate from time to time.

 

		(m)	Cycle Spaces Plan means the plan annexed to this Lease labelled “Cycle Spaces Plan”.

 

		(n)	Default Interest Rate: 4 % per annum above the Interest Rate.

 

		(o)	Estate: means King’s Cross Central as shown edged in red on the Estate Plan as may
be varied from time to time to reflect disposals or acquisitions of land by the owner of the Estate.

 

		(p)	Estate Common Parts: has the meaning given to this term in the Superior Lease.

 

		(q)	Estate Plan: means the plan attached to this lease marked Estate Plan

 

		(r)	Estate Service Charge: has the meaning given to this term in the Superior Lease.

 

		(s)	Female Changing Rooms: means the area shown coloured pink on the Cycle Spaces Plan or such
other area within the basement of the Building as the Landlord shall designate from time to time.

 

    	7

    	 

    

 

		(t)	Insurance Rent: the Tenant's Proportion of the sum payable by the Landlord to the Superior
Landlord under the Superior Lease for the insurance of:

 

		(i)	the Building (other than any plate glass) for its full reinstatement cost (taking inflation of
building costs into account) against loss or damage by or in consequence of the Insured Risks, including costs of demolition, site
clearance, site protection and shoring-up, professionals’ and statutory fees and incidental expenses, the cost of any work
which may be required under any law and VAT in respect of all those costs, fees and expenses;

 

		(ii)	any insurance premium tax payable on the above.

 

		(u)	Insured Risks: means fire, subterranean fire, lightning, aircraft (not being hostile aircraft)
and things dropped from aircraft, explosion, riot, civil commotion, malicious damage, storm, tempest, subsidence, flooding, bursting
and overflowing of water tanks, apparatus or pipes or the escape of water from any of them, earthquake, heave, landslip, subsidence,
terrorism and such other risks as the Superior Landlord deems necessary to insure against

 

		(v)	Interest Rate: the base rate from time to time of Barclays Bank Plc or if that base rate
stops being used or published then a comparable commercial rate reasonably determined by the Landlord.

 

		(w)	Landlord's Premises: means office accommodation comprising the whole of the first floor
of the Building registered under Land Registry title number NGL 943659

 

		(x)	LTA 1954: Landlord and Tenant Act 1954.

 

		(y)	Male Changing Rooms: means the area shown cross hatched green on the Cycle Spaces Plan or
such other area within the basement of the Building as the Landlord shall designate from time to time.

 

		(z)	Permitted Use: means use as high class offices within class B1(a) of the Town and Country
Planning (Use Classes) Order 1987 (as originally enacted).

 

		(aa)	Plan 1: the plan attached to this lease marked Plan 1.

 

		(bb)	Property: the part of the 1st floor of the Building shown edged red on Plan 1
including:

 

		(i)	the interior finishes on all walls and columns;

 

		(ii)	the inner half severed vertically or horizontally (as the case may be) of all non-loadbearing walls,
floors, ceilings and other partitions between the Property and any part of the Landlord's Premises or the Building;

 

    	8

    	 

    

 

		(iii)	the raised floors and any voids beneath them down to (but excluding) the loadbearing floor slab
beneath them which support such raised floors;

 

		(iv)	the ceiling finishes and any suspended or false ceilings and any voids between them and the ceiling
slab above them;

 

		(v)	any central or other heating and air conditioning installations (including fan coil units) within
the Property and exclusively serving the Property;

 

		(vi)	all doors and door frames (including any glass in them) incorporated in all walls whether loadbearing
or not;

 

		(vii)	all fixtures and fittings in or forming part of the Property;

 

		(viii)	all Conduits at any time in and exclusively serving the Property except those belonging to utility
companies; and

 

		(ix)	all alterations, additions or other works to the Property;

 

but shall
exclude:

 

		(x)	all structural parts of the Building;

 

		(xi)	all Conduits except for those mentioned in paragraph (viii);

 

		(xii)	all Common Parts; and

 

		(xiii)	the inside and outside of all external windows and other lights and the frames, glass, equipment
and fitments relating to external windows and lights.

 

		(xiv)	Any sub-meters for supply of electricity or other services to the Property to the extent such are
within the demise shown edged red on Plan 1

 

		(cc)	Rent Concessions: £18,125.00 (net) 

 

		(dd)	Rent Payment Dates: 25 March, 24 June, 29 September and 25 December

 

		(ee)	Reservations: all of the rights excepted, reserved and granted to the Landlord by this lease.

 

		(ff)	Roof Terrace: means the area shown coloured yellow on the Roof Terrace Plan.

 

		(gg)	Roof Terrace Plan: means the plan annexed to this Lease and labelled Roof Terrace Plan.

 

    	9

    	 

    

 

		(hh)	Service Charge: the Tenant's Proportion of the collective Estate Service Charge, the Building
Service Charge and the Block Service Charge payable by the Landlord under the terms of the Superior Lease and as defined within
the Superior Lease.

 

		(ii)	Service Charge Period: means the period of 12 months ending on 31 December in each year,
or such other period as accords with the Service Charge Period under the Superior Lease

 

		(jj)	Service Media: all media for the supply or removal of heat, electricity, gas, water, sewage,
air-conditioning, energy, telecommunications, data and all other services and utilities and all structures, machinery and equipment
ancillary to those media.

 

		(kk)	Superior Landlord: the landlord for the time being of the Superior Lease.

 

		(ll)	Superior Landlord's Covenants: the obligations in the Superior Lease to be observed by the
Superior Landlord.

 

		(mm)	Superior Landlord's Neighbouring Property: each and every part of the adjoining and neighbouring
property in which the Superior Landlord has an interest known as 2 St Pancras Square King’s Cross Central London.

 

		(nn)	Superior Lease: means the lease of the Landlord's Premises dated 24th June 2014
and made between KCC NOMINEE 1 (B4) LIMITED and KCC NOMINEE 2 (B4) LIMITED (1) and MERCK SHARP & DOHME LIMITED (2).

 

		(oo)	Superior Rent: the annual rent payable by the Landlord under clause 1.1 of the Superior
Lease.

 

		(pp)	Third Party Rights: all rights, covenants and restrictions affecting the Building and or
the Landlord's Premises including the matters referred to at the date of this lease in the property register.

 

		(qq)	Tenant's Proportion: the percentage of the net internal area of the Property relative to
the total net internal area of the Landlords Premises subject to recalculation in the event that the Landlord exercises
its right to stop up or reduce the Common Parts pursuant to clause 3.4.

 

		(rr)	Uninsured Risk means an Insured Risk against which insurance is not or ceases to be obtainable
on normal commercial terms in the London insurance market at rates generally available in the London insurance market for a property
of this type, size and location.

 

		(ss)	

 

    	10

    	 

    

 

		(tt)	VAT: value added tax chargeable under the VATA 1994 and any similar replacement tax and
any similar additional tax.

 

		(uu)	VATA 1994: Value Added Tax Act 1994.

 

		1.2	A reference to the Superior Lease is a reference to the superior lease and any deed, licence,
consent, approval or other instrument supplemental to it. A reference to this lease, except a reference to the date of this
lease or to the grant of the lease, is a reference to this deed and any deed, licence, consent, approval or other instrument supplemental
to it.

 

		1.3	A reference to the Superior Landlord includes a reference to the person entitled to the
immediate reversion to the Superior Lease. A reference to the Landlord includes a reference to the person entitled to the
immediate reversion to this lease. A reference to the Tenant includes a reference to its successors in title and assigns.
A reference to a guarantor is to any guarantor of the tenant covenants of this lease including a guarantor who has entered
into an authorised guarantee agreement.

 

		1.4	The expressions landlord covenant and tenant covenant each has the meaning given
to it by the Landlord and Tenant (Covenants) Act 1995.

 

		1.5	Unless the context otherwise requires, references to the Landlord's Premises, the Building,
the Common Parts and the Property are to the whole and any part of them or it.

 

		1.6	The expression neighbouring property does not include the Building.

 

		1.7	A reference to the term is to the Contractual Term and any agreed or statutory continuation
of this lease.

 

		1.8	A reference to the end of the term is to the end of the term however it ends.

 

		1.9	References to the consent of the Landlord are to the consent of the Landlord given in accordance
with clause 40.5 and references to the approval of the Landlord are to the approval of the Landlord given in accordance
with clause 40.6. References to any consent or approval required from the Landlord shall be construed as also including a requirement
to obtain the consent or approval of the Superior Landlord where such consent or approval is required under the terms of the Superior
Lease except that nothing in this lease shall be construed as imposing on the Superior Landlord any obligation (or indicating that
such an obligation is imposed on the Superior Landlord by the terms of the Superior Lease) not unreasonably to refuse any such
consent unless a corresponding obligation is contained within the Superior Lease

 

		1.10	A working day is any day which is not a Saturday, a Sunday, a bank holiday or a public holiday
in England.

 

		1.11	A reference to laws in general is a reference to all local, national and directly applicable supra-national
laws as amended, extended or re-enacted from time to time and shall include any subordinate laws made from time to time under them
and all orders, notices, codes of practice and guidance made under them.

 

    	11

    	 

    

 

		1.12	Unless otherwise specified, a reference to a statute or statutory provision is a reference to it
as amended, extended or re-enacted from time to time and shall include all subordinate legislation made from time to time under
that statute or statutory provision and all orders, notices, codes of practice and guidance made under it.

 

		1.13	Any obligation on the Tenant not to do something includes an obligation not to allow that thing
to be done and an obligation to use reasonable endeavours to prevent that thing being done by another person.

 

		1.14	Unless the context otherwise requires, any words following the terms including, include,
in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense
of the words, description, definition, phrase or term preceding those terms.

 

		1.15	A person includes a natural person, corporate or unincorporated body (whether or not having
separate legal personality).

 

		1.16	A reference to writing or written includes fax but not e-mail.

 

		1.17	Unless the context otherwise requires, references to clauses and Schedules are reference to the
clauses and Schedules of this lease and references in to paragraphs are to paragraphs of the relevant Schedule.

 

		1.18	Clause, Schedule and paragraph headings shall not affect the interpretation of this lease.

 

		1.19	Unless the context otherwise requires, a reference to one gender shall include a reference to the
other genders

 

		1.20	Unless the context otherwise requires, words in the singular shall include the plural and in the
plural shall include the singular.

 

		2.	Grant

 

		2.1	The Landlord with full title guarantee lets the Property to the Tenant for the Contractual Term.

 

		2.2	The grant is made together with the ancillary rights set out in clause 3, excepting and reserving
to the Landlord the rights set out in clause 4 and subject to the Third Party Rights.

 

		2.3	The grant is made with the Tenant paying the following as rent to the Landlord:

 

		(a)	the Annual Rent beginning on the date of this Lease and all VAT in respect of it;

 

    	12

    	 

    

 

		(b)	the Service Charge and all VAT in respect of it payable within 30 days of demand; and

 

		(c)	the Insurance Rent payable within 30 days of demand.

 

		3.	Ancillary
                                         rights

 

		3.1	The Landlord grants the Tenant the following rights exercisable at all times unless otherwise specified
below (the Rights):

 

		(a)	the right to support and protection from the Landlord's Premises to the extent that the Landlord's
Premises provide support and protection to the Property at the date of this lease;

 

		(b)	the rights of support and protection from the Building (to the extent the Landlord can grant the
same) that the Landlord benefits from under the terms of the Superior Lease so far and as long as the Landlord continues to benefit
from such rights.

 

		(c)	the rights (in common with the Landlord and all other persons having the same right) to use the
Common Parts (excluding the Roof Terrace) for access to and from the Property and for such other purposes as may be reasonably
necessary for the use and occupation of the Property in accordance with this Lease;

 

		(d)	the full, free and uninterrupted passage and running of water, soil, steam, air, oil, gas and electricity,
telephone and all other services or supplies from and to the Premises through the Conduits in, on or under the Building (other
than Conduits which exclusively serve other parts of the Building);

 

		(e)	the right to use the Cycle Spaces solely for parking in each space one bicycle and for such purposes
the right (in common with the Landlord and all other persons having such right) to wheel bicycles (but not ride bicycles) to and
from the Cycle Spaces along the Accessway);

 

		(f)	the right for the Tenant and all persons deriving title under or through the Tenant and/or their
servants, agents and licensees such rights as are granted to the Landlord from time to time under the Superior Lease over the Estate
Common Parts and the Block B Common Parts (as such terms are defined in the Superior Lease and as may be varied from time to time
pursuant to the Superior Lease) to the extent such rights are necessary for the Tenant’s use and enjoyment of the Property;

 

		(g)	the right to use the loading bay provided from time to time by the Landlord and/or the Superior
Landlord for the purpose of deliveries to and collections from the Property;

 

    	13

    	 

    

 

		(h)	the right to use the refuse storage/collection facilities within the Building for the purposes
of refuse disposal only;

 

		(i)	the right to use the Male Changing Rooms and Female Changing Rooms in the basement of the Building
in common with the other tenants of the Building.

 

		(j)	the right to use 2 (two) lockers in the Male Changing Rooms and 1 (one) locker in the Female Changing
Rooms the exact location of such lockers to be designated by the Landlord from time to time.

 

		(k)	the right to use the Roof Terrace during such periods as the Landlord may in writing notify the
Tenant from time to time subject to complying with the Superior Landlord’s reasonable rules and regulations as to use of
the Roof Terrace notified to the Tenant from time to time save that the Superior Landlord may close the Roof Terrace for such periods
as it sees fit for the purposes of cleaning and maintaining the Roof Terrace and for any private events the Superior Landlord or
those authorised by the Superior Landlord wish to hold on the Roof Terrace;

 

		(l)	with the prior written consent of the Superior Landlord and the Landlord (not to be unreasonably
withheld or delayed) the right to install Tenant’s plant and equipment in the basement of the Building and on the roof of
the Building in connection with the use and occupation of the Property in such position as the Superior Landlord and the Landlord
shall designate (acting reasonably), in the interests of good estate management and having regard to the requirements of the other
tenants and occupiers of the Building and subject to the right for the Superior Landlord and the Landlord to require the Tenant
to move such plant and equipment at the Landlord's cost to such other location as the Superior Landlord and the Landlord shall
reasonably designate that is not materially less commodious to the Tenant;

 

		(m)	the right to connect pipes and cables from any plant installed pursuant to paragraph 3.1(l)
via such routes through the Building as designated by the Superior Landlord, in the interests of good estate management and having
regard to the requirements of the other tenants and occupiers of the Building and subject to the right for the Superior Landlord
to require the Tenant to move (at the Superior Landlord’s cost) such plant and equipment to such other location as the Landlord
shall designate that is not materially less commodious to the Tenant.;

 

		(n)	the right to display the name and logo of the Tenant on a sign in the ground floor reception of
the Building and in the 1st Floor lift lobby subject in each case to the Landlord's consent (not to be unreasonably
withheld) and the Superior Landlord’s consent and in a form and manner approved by the Landlord and the Superior Landlord,
acting reasonably and in accordance with clause 3.29 of the Superior Lease;

 

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		(o)	the grant of this Lease does not include any liberties, privileges, easements, rights or advantages
over any part of the Building unless these are expressly included in this clause 3.

 

		3.2	The Rights are granted in common with the Landlord, the Superior Landlord and any other person
authorised by Landlord or the Superior Landlord except for those set out in clauses 3.1(e), (j) and (l)

 

		3.3	The Common Parts may (after reasonable notice of intention has been given, except in an emergency)
be closed as often as may be necessary for repairs or alterations or for obtaining access to any services or Conduits through or
under them or for any other purpose relating to the proper operation or management of the Building but not (except in an emergency)
in any manner as to interfere with the conduct of the Tenant’s business.

 

		3.4	If at any time during the Term and in its reasonable discretion in the interests of good estate
management of the Building the Superior Landlord or the Landlord (insofar as it has the right to do so under the Superior Lease)
shall desire to alter, stop up, reduce or divert any of the Common Parts (including the Conduits under the Common Parts) the Superior
Landlord or the Landlord (insofar as it has the right to do so under the Superior Lease) shall have full right and liberty so to
do but at its own expense and subject to the Superior Landlord or the Landlord leaving available for use by the Tenant reasonable
means of access to and from the Property and the Cycle Spaces and subject also to the right of free passage and running of services
referred to in paragraph 3.1(d) applying to any substituted or diverted Conduits and provided that the Landlord (unless
the Superior Landlord properly requires the same under the provisions of the Superior Lease) shall not exercise the right in any
manner as to materially interfere with the conduct of the Tenant's business.

 

		3.5	The Rights are granted subject to the Third Party Rights insofar as the Third Party Rights affect
the Common Parts and the Tenant shall not do anything that may interfere with any Third Party Right or obstruct the Common Parts.

 

		3.6	The Tenant shall exercise the Rights (other than the Right mentioned in clause 3.1(a)) only in
connection with its use of the Property for the Permitted Use and in accordance with any reasonable regulations made by the Landlord
and notified to the Tenant in writing as mentioned in clause 28.1 including the Accessway Regulations.

 

		3.7	In relation to the Rights mentioned where the Tenant requires the consent of the Landlord and of
the Superior Landlord in accordance with the terms of the Superior Lease, to carry out works to the Property, the Tenant may only
exercise such Rights when consent has been granted and in accordance with the terms of that consent.

 

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		4.	Rights
                                         excepted and reserved

 

		4.1	The following rights are excepted and reserved from this lease to the Landlord for the benefit
of the Landlord's Premises and to the Superior Landlord for the benefit of the Building:

 

		(a)	rights of light, air, support and protection to the extent those rights are capable of being enjoyed
at any time during the term;

 

		(b)	the right to:

 

		(i)	use and connect into, service, maintain, replace or otherwise undertake works to or with Service
Media at (but not forming part of) the Property or required for the use and enjoyment of the Landlord's Premises which are in existence
at the date of this lease or which are installed or constructed during the Term;

 

		(ii)	install, replace and construct Service Media at the Property to serve any part of the Landlord's
Premises (whether or not such Service Media also serve the Property); and

 

		(iii)	re-route any Service Media mentioned in this clause 4.1(b);

 

		(iv)	the right to inspect the Property at reasonable times upon reasonable prior written notice (save
in cases of emergency when no notice shall be required) for any purpose set out in this lease;

 

		(v)	The right to enter the Property upon reasonable notice for the purpose of taking meter readings.

 

notwithstanding that the exercise
of any of the Reservations or the works carried out pursuant to them result in a reduction in the flow of light or air to the Property
or the Common Parts or loss of amenity for the Property or the Common Parts.

 

		4.2	The Landlord reserves for itself for the benefit of the Landlord's Premises and for the Superior
Landlord for the benefit of the Building the right to enter the Property:

 

		(a)	to repair, maintain, install, construct re-route or replace any Service Media or structure relating
to any of the Reservations;

 

		(b)	to carry out any works to any other part of the Building; and

 

		(c)	for any other purpose mentioned in or connected with:

 

		(i)	this lease;

 

		(ii)	the Superior Lease;

 

		(iii)	the Reservations; and

 

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		(iv)	the interests of the Landlord and the Superior Landlord in the Property the Landlord's Premises
and the Building.

 

		4.3	The Reservations may be exercised by the Landlord and the Superior Landlord and by anyone else
who is or becomes entitled to exercise them and by anyone authorised by the Landlord or the Superior Landlord, the person exercising
the Reservations causing as little damage and disturbance as reasonably practicable and making good as soon as reasonably practicable
any damage to the Property so caused.

 

		4.4	The Tenant shall allow all those entitled to exercise any right to enter the Property to do so
with their workers, contractors, agents and professional advisors and to enter the Property at any reasonable time (whether or
not during usual business hours) and, except in the case of an emergency, after having given reasonable notice (which need not
be in writing) to the Tenant.

 

		4.5	No party exercising any of the Reservations, nor its workers, contractors, agents and professional
advisors, shall be liable to the Tenant or to any undertenant or other occupier of or person at the Property for any loss, damage,
injury, nuisance or inconvenience arising by reason of its exercising any of the Reservations except for:

 

		(a)	physical damage to the Property; or

 

		(b)	any loss, damage, injury, nuisance or inconvenience in relation to which the law prevents the Landlord
from excluding liability.

 

		5.	Third
                                         Party Rights

 

		5.1	The Tenant shall comply with all obligations on the Landlord and the Superior Landlord relating
to the Third Party Rights (insofar as those obligations relate to the Property) and shall not do anything (even if otherwise permitted
by this lease) that may interfere with any Third Party Right.

 

		5.2	The Tenant shall allow the Landlord, the Superior Landlord and any other person authorised by the
terms of the Third Party Right to enter the Property in accordance with its terms.

 

		6.	The Annual
                                         Rent

 

		6.1	The Tenant shall pay the Annual Rent and any VAT in respect of it by four equal instalments in
advance on or before the Rent Payment Dates. The payments shall be made by banker’s standing order or by any other method
that the Landlord reasonably requires at any time by giving notice to the Tenant.

 

		6.2	The first instalment of the Annual Rent and any VAT in respect of it shall be made on the date
of this lease and shall be the proportion, calculated on a daily basis, in respect of the period beginning on the date of this
lease and ending on the day before the next Rent Payment Date less the Rent Concessions.

 

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		7.	Services
                                         and Service Charge

 

		7.1	The Services are the services mentioned in Schedule 4 of the Superior Lease and provided
by the Superior Landlord.

 

		7.2	Subject to the Tenant paying the Service Charge, the Landlord shall take all reasonable steps (provided
the same are commercially prudent) to enforce the Superior Landlord's obligations in the Superior Lease in relation to the provision
of the Services.

 

		7.3	the Landlord shall not be liable for:

 

		(a)	any interruption in, or disruption to, the provision of any of the Services for any reason that
is outside the reasonable control of the Landlord; or

 

		(b)	any injury, loss or damage suffered by the Tenant as a result of any absence or insufficiency of
any of the Services or of any breakdown or defect in any Service Media, except where due to the negligence of the Landlord or the
Superior Landlord.

 

		7.4	Within 10 working days of receipt of the Building Service Charge estimate from the Superior Landlord,
the Landlord shall prepare and send the Tenant a statement of the estimated Service Charge for that Service Charge Period based
on the Superior Landlord's estimate.

 

		7.5	The Tenant shall pay the Service Charge for each Service Charge Period in four equal instalments
on each of the Rent Payment Dates.

 

		7.6	In relation to the Service Charge Period current at the date of this lease, the Tenant’s
obligations to pay the estimated Service Charge and the actual Service Charge shall be limited to an apportioned part of those
amounts, such apportioned part to be calculated on a daily basis for the period beginning on the date of this lease and ending
on the last day of the Service Charge Period. The first payment of the Service Charge in respect of the period from the date of
this lease until the day before the next Rent Payment Date is to be paid on the date of this lease.

 

		7.7	As soon as reasonably practicable after the receipt of the certified statement of the Building
Service Charge under paragraph 4 of Schedule 4 of the Superior Lease, the Landlord shall prepare and send to the Tenant a certificate
showing the service costs and the Service Charge for that Service Charge Period based on the Superior Landlord's certified statement.

 

		7.8	Without prejudice to clause 8.4(f), where the Landlord provides any Service by reason of the damage
to or destruction of the Common Parts by an Insured Risk, the costs of that Service shall not be included in the Service Charge.

 

		7.9	If, in respect of any Service Charge Period, the Landlord’s estimate of the Service Charge
is less than the Service Charge, the Tenant shall pay the difference within 30 working days of demand. If, in respect of any Service
Charge Period, the Landlord’s estimate of the Service Charge is more than the Service Charge, the Landlord shall credit the
difference against the Tenant’s next instalment of the estimated Service Charge (and, where the difference exceeds the next
instalment, then the balance of the difference shall be credited against each succeeding instalment until it is fully credited).

 

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		7.10	As soon as reasonably practicable after the expiry of the Contractual Term or earlier determination
of this Lease (unless the lease shall have been forfeit or disclaimed), the Landlord shall refund to the Tenant a fair and reasonable
proportion (which may be 100% if reasonable) of the element of any Service Charge already paid and relating to the period from
and excluding the date of termination up to and excluding the next Rent Payment Date where such monies remain unexpended or uncommitted
by the Superior Landlord.

 

		8.	Insurance

 

		8.1	The Landlord shall use reasonable endeavours to procure that the Superior Landlord complies with
the covenants imposed on it regarding insurance contained in the Superior Lease save to the extent that the policy of insurance
has been vitiated or any insurance proceeds withheld in consequence of any act or omission in breach of this Lease by the Tenant
or its workers, contractors or agents or any person on the Property with the actual or implied authority of any of them. Neither
the Superior Landlord nor the Landlord shall be obliged to insure any part of the Property installed by the Tenant.

 

		8.2	Notwithstanding that the Tenant is obliged to pay the Insurance Rent in respect of the Insured
Risks, the Landlord may also insure against:

 

		(a)	its public liability in respect of the Common Parts; and

 

		(b)	loss of Annual Rent to the extent that the Annual Rent exceeds the Tenant's Proportion of the Superior
Rent

 

		8.3	The Tenant shall pay to the Landlord on demand:

 

		(a)	the Insurance Rent and a sum equivalent to the premium payable by the Landlord in respect of any
costs that it incurs under clause 8.2(b) together with any insurance premium tax payable;

 

		(b)	the Tenant's Proportion of any costs that the Landlord incurs under clause 8.2(a); and

 

		(c)	the Tenant's Proportion of any amount that is deducted or disallowed by the Superior Landlord's
insurers pursuant to any excess provision in the insurance policy; and

 

		(d)	Any increase in the usual insurance premium that is payable by the Landlord to the Superior Landlord
as a consequence of the Tenants occupation beyond what would otherwise usually be payable if the Landlord had occupied the Property
themselves

 

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		8.4	The Tenant shall, provided that the Landlord has given the Tenant a copy of the latest policy that
the Landlord received from the Superior Landlord of any relevant insurance policy to the Tenant:

 

		(a)	immediately inform the Landlord and the Superior Landlord if any matter occurs that any insurer
or underwriter may treat as material in deciding whether or on what terms to insure or to continue to insure the Building and shall
give the Landlord and the Superior Landlord notice of that matter and shall also immediately inform the Landlord if any matter
occurs that any insurer or underwriter may treat as material in deciding whether or on what terms to insure or to continue the
insurance referred to in clause 8.2 of this lease and shall give the Landlord notice of that matter;

 

		(b)	not do or omit anything as a result of which:

 

		(i)	any policy of insurance of the Building or in respect of the Landlord's right under clause 8.2(a)
of the lease may become void or voidable or otherwise prejudiced;

 

		(ii)	the payment of any policy money may be withheld; or

 

		(iii)	(unless the Tenant has previously notified the Landlord and the Superior Landlord and has paid
any increased or additional premium) any increased or additional insurance premium may become payable;

 

		(c)	comply at all times with the requirements and reasonable recommendations of the insurers relating
to the Property and the use by the Tenant of the Common Parts;

 

		(d)	as soon as reasonably practicable inform the Landlord and the Superior Landlord of the occurrence
of any damage or loss relating to the Building arising from an Insured Risk or of any other event that might affect any insurance
policy relating to the Building and shall give the Landlord and the Superior Landlord notice of that damage or loss.

 

		(e)	not effect any insurance of the Property (except any plate glass at the Property) but if it becomes
entitled to the benefit of any insurance proceeds in respect of the Property (other than in respect of plate glass) pay those proceeds
or cause them to be paid to the Superior Landlord; and

 

		(f)	pay the Superior Landlord an amount equal to any insurance money that the insurers of the Building
refuse to pay (in relation to the Building) by reason of any act or omission in breach of this lease (or the law generally) by
the Tenant, its workers, contractors or agents or any person at the Property or the Common Parts with the actual or implied authority
of any of them. The Tenant shall do likewise if the Landlord is similarly refused any insurance money in respect of its obligations
under clause 8.2 of this lease.

 

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		8.5	The Landlord shall pay the Insurance Rent received from the Tenant to the Superior Landlord in
accordance with its obligations under the Superior Lease in respect of the Insurance Rent payable thereunder.

 

		8.6	If the Property is damaged or destroyed by an Insured Risk so as to be unfit for occupation and
use or if the Common Parts are damaged or destroyed by an Insured Risk so as to make the Property inaccessible or unusable then,
unless the policy of insurance of the Property has been vitiated in whole or in part in consequence of any act or omission of the
Tenant, or its workers, contractors or agents or any other person on the Property with the actual or implied authority of any of
them, payment of the Annual Rent and all other sums due under this lease, or a fair proportion of them according to the nature
and extent of the damage, shall be suspended until the soonest of one of the following:

 

		(a)	the date that the Property has been reinstated and made fit for occupation and use or the Common
Parts have been reinstated so as to make the Property accessible or usable (as the case may be);

 

		(b)	the end of three years from the date of damage or destruction; and

 

		(c)	the end of the period of suspension of the payment of the Superior Rent under the Superior Lease.

 

		8.7	If, following damage to or destruction of the Property, the Superior Lease is determined in accordance
with the provisions of the Superior Lease, the Landlord shall notify the Tenant of this no later than five working days after:

 

		(a)	receipt by the Landlord of the Superior Landlord's notice to determine; or

 

		(b)	service by the Landlord of the notice to determine the Superior Lease on the Superior Landlord.

 

On the same date, the Landlord
shall send to the Tenant a certified copy of the notice to determine and any accompanying correspondence that the Landlord has
sent to or received from the Superior Landlord. The determination of this lease under this clause 8.7 shall be without prejudice
to any right or remedy of the Landlord in respect of any breach of the tenant covenants of this lease. Any proceeds of the insurance
effected by the Superior Landlord under the terms of the Superior Lease shall belong to the Superior Landlord and any proceeds
of the insurance effected by the Landlord under clause 8.2 of this lease shall belong to the Landlord.

 

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		8.8	Provided that the Tenant has complied with its obligations in this clause, the Tenant may terminate
this lease by giving notice to the Landlord if, following damage or destruction of the Property or the Common Parts by an Insured
Risk, the Property has not been reinstated so as to be fit for occupation and use or the Common Parts have not been reinstated
so as to make the Property accessible or useable within 6 months after the date of damage or destruction. On giving this notice
this lease shall determine but this shall be without prejudice to any right or remedy of the Landlord in respect of any breach
of the tenant covenants of this lease. Any proceeds of the insurance effected by the Superior Landlord under the terms of the Superior
Lease shall belong to the Superior Landlord. Any proceeds of the insurance effected by the Landlord under clause 8.2 of this lease
shall belong to the Landlord.

 

		9.	Uninsured Risk

 

		9.1	For the purposes of this Clause 9:

 

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

 

		(b)	references to an Insured Risk becoming an Uninsured Risk shall, without limitation, include the
application by the Superior Landlord's insurers of an exclusion, condition or limitation to an Insured Risk to the extent to which
such risk thereby is or become an Uninsured Risk; and

 

		(c)	the Landlord shall notify the Tenant in writing as soon as reasonably practicable after receiving
notification that an Insured Risk has become an Uninsured Risk.

 

		9.2	If the Building or any part of it shall be damaged or destroyed by an Uninsured Risk so as to make
the Premises unfit for occupation or use or inaccessible:

 

		(a)	The Principal Rent and the Building Service Charge, the Estate Service Charge and Block Service
Charge (or a fair proportion according to the nature and extent of the damage sustained) will be suspended from the relevant date
of damage or destruction until:

 

		(i)	the Property is again made fit for occupation or use (excluding fitting out and replacements of
contents) or made accessible (as the case may be); or (if earlier)

 

		(ii)	the date on which this Lease shall be terminated in accordance with Clause 9.2(b) or Clause 9.5;
and

 

		(b)	If the Superior Landlord serves notice on the Landlord confirming that it will reinstate the Property
(a "Reinstatement Notice") so that the Property shall be fit for occupation or use or made accessible the Landlord shall
inform the Tenant of the same and if the Superior Landlord fails to serve a Reinstatement Notice the Lease will automatically end
of the date one year after the date of such damage or destruction.

 

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		9.3	If the Superior Landlord serves a Reinstatement Notice in accordance with Clause 9.2 then the Landlord
shall ensure that the Superior Landlord complies with its obligation to carry out the reinstatement of the Building and the Property
as if the damage had been caused by an Insured Risk.

 

		9.4	This clause 9 (Uninsured Risks) shall not apply if an Insured Risk shall have become an
Uninsured Risk owing to the act in breach of this lease or default of the Tenant of any person deriving title under the Tenant
or their respecting agent, employees, licensees or contractors .

 

		9.5	If the Superior Landlord shall have served a Reinstatement Notice and such reinstatement has not
been completed by the date three years from the date of the Reinstatement Notice at any time after that date (but not following
completion of such reinstatement) the Landlord or the Tenant may terminate this Lease by serving not less than two months' notice
on the other stating that it terminates this Lease.

 

		10.	Rates and taxes

 

		10.1	The Tenant shall pay all present and future rates, taxes and other impositions and outgoings payable
in respect of the Property, its use and any works carried out there, except:

 

		(a)	any taxes payable by the Landlord in connection with any dealing with or disposition of:

 

		(i)	the reversion to this lease; or

 

		(ii)	the Landlord's interest in the Superior Lease;

 

		(b)	any taxes payable by the Superior Landlord in connection with any dealing with or disposition of
the reversion to the Superior Lease; or

 

		(c)	any taxes, other than VAT and insurance premium tax, payable by the Landlord or the Superior Landlord
or by reason of the receipt of any of the rents due under this lease or the Superior Lease.

 

		10.2	The Tenant shall not make any proposal to alter the rateable value of the Property or that value
as it appears on any draft rating list, without the approval of the Landlord and the Superior Landlord.

 

		10.3	If, after the end of the term, either the Landlord or the Superior Landlord loses rating relief
(or any similar relief or exemption) because it has been allowed to the Tenant, then the Tenant shall pay the Landlord or the Superior
Landlord, as appropriate, an amount equal to the relief or exemption that has been lost.

 

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		11.	Utilities

 

		11.1	The Tenant shall pay all costs in connection with the supply and removal of electricity, gas, water,
sewage, telecommunications and data and other services and utilities to or from the Property insofar as such costs do not form
part of the Service Charge.

 

		11.2	The Tenant shall comply with all laws and with any recommendations of the relevant suppliers relating
to the use of those services and utilities.

 

		12.	Common items

 

		12.1	The Tenant shall pay the Landlord within 30 working days of demand a fair proportion of all costs
payable by the Landlord to the Superior Landlord for the maintenance, repair, lighting, cleaning and renewal of all Service Media,
structures and other items not on the Building but used or capable of being used by the Building in common with other property
provided that such costs have not already been recovered through payment of the Service Charge.

 

		12.2	The Tenant shall comply with all reasonable regulations that the Landlord or the Superior Landlord
may make from time to time in connection with the use of any of those Service Media, structures or other items.

 

		13.	VAT

 

		13.1	All sums payable by the Tenant are exclusive of any VAT that may be chargeable. The Tenant shall
pay VAT in respect of all taxable supplies made to it in connection with this lease on the due date for making any payment or,
if earlier, the date on which that supply is made for VAT purposes.

 

		13.2	Every obligation on the Tenant, under or in connection with this lease, to pay the Landlord or
any other person any sum by way of a refund or indemnity, shall include an obligation to pay an amount equal to any VAT incurred
on that sum by the Landlord or other person, except to the extent that the Landlord or other person obtains credit for such VAT
under the Value Added Tax Act 1994.

 

		14.	Default interest and interest

 

		14.1	If any Annual Rent or any other money payable under this lease has not been paid by the date it
is due, in the case of the Annual Rent only whether it has been formally demanded or not, the Tenant shall pay the Landlord interest
on that amount at the Default Interest Rate (both before and after any judgment). Such interest shall accrue on a daily basis for
the period beginning on the due date and ending on the date of payment.

 

		14.2	If the Landlord does not demand or accept any Annual Rent or other money due or tendered under
this lease because the Landlord reasonably believes that the Tenant is in material breach of any material tenant covenants of this
lease, then the Tenant shall, when that amount is accepted by the Landlord, also pay interest at the Interest Rate on that amount
for the period beginning on the date the amount (or each part of it) became due and ending on the date it is accepted by the Landlord
(acting reasonably at all times).

 

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		15.	Costs

 

		15.1	The Tenant shall pay the proper costs and expenses of the Landlord and those of the Superior Landlord
properly incurred including any solicitors’ or other professionals’ costs and expenses (incurred both during and after
the end of the term) in connection with any of the following:

 

		(a)	the enforcement of the tenant covenants of this lease;

 

		(b)	serving any notice in connection with this lease under section 146 or 147 of the Law of Property
Act 1925 or taking any proceedings under either of those sections, notwithstanding that forfeiture is avoided otherwise than by
relief granted by the court;

 

		(c)	serving any notice in connection with this lease under section 17 of the Landlord and Tenant (Covenants)
Act 1995;

 

		(d)	the preparation and service of a schedule of dilapidations in connection with this lease; or

 

		(e)	the reasonable cost of any consent or approval applied for under:

 

		(i)	this lease, whether or not it is granted (unless the consent or approval is unreasonably withheld
by the Landlord in circumstances where the Landlord is required to act reasonably in withholding it); and

 

		(ii)	the Superior Lease, where the consent of the Superior Landlord is required under this Lease, whether
or not it is granted (unless the consent or approval is unreasonably withheld by the Superior Landlord in circumstances where the
Superior Landlord is required to act reasonably in withholding it).

 

		15.2	Where the Tenant is obliged to pay or indemnify the Landlord against any solicitors’ or other
professionals’ costs and expenses (whether under this or any other clause of this lease) that obligation extends to those
costs and expenses assessed on a full indemnity basis.

 

		16.	Compensation on vacating

 

Any right of the Tenant or anyone
deriving title under the Tenant to claim compensation from the Landlord on leaving the Property under the LTA 1954 is excluded,
except to the extent that the legislation prevents that right being excluded.

 

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		17.	Set-off

 

The Annual Rent and all other amounts
due under this lease shall be paid by the Tenant or any guarantor (as the case may be) in full without any set-off, counterclaim,
deduction or withholding (other than any deduction or withholding of tax as required by law).

 

		18.	Assignments

 

		18.1	The Tenant shall not assign the whole of this lease without the consent of the Landlord, such consent
not to be unreasonably withheld, and of the Superior Landlord in accordance with the terms of the Superior Lease.

 

		18.2	Notwithstanding clause 18.1, INTERCEPT PHARMACEUTICALS, INC. (company no 001270073) only may assign
with the prior written consent of the Landlord (such consent not to be unreasonably withheld or delayed) the whole of this lease
to a wholly-owned UK subsidiary (as defined in the Companies Act 2006) of INTERCEPT PHARMACEUTICALS, INC. (company no 001270073
during the Contractual Term provided that:

 

		(a)	INTERCEPT PHARMACEUTICALS, INC. (company no 001270073) shall:

 

		(i)	comply with the provisions of clause 18.4 (a); and

 

		(ii)	procure that a rent deposit deed in the same form as that annexed hereto (mutatis mutandis) in
such sum as should then be maintained at the time of such proposed assignment shall be provided by the assignee (together with
payment of the deposit sum) as a condition precedent to the issue of any consent (and such is so deemed to be a requirement for
such assignment pursuant to the provisions of section 19(1A) of the Landlord and Tenant Act 1927; and

 

		(b)	that there shall have been no event giving rise to a right of forfeiture of this Lease that remains
un-remedied prior to such assignment taking place.

 

		18.3	The Tenant shall not assign part only of this lease.

 

		18.4	The Landlord and the Tenant agree that for the purposes of section 19(1A) of the Landlord and Tenant
Act 1927 the Landlord may give its consent to an assignment subject to all or any of the following conditions:

 

		(a)	a condition that the assignor enters into an authorised guarantee agreement which:

 

		(i)	is in respect of all the tenant covenants of this lease;

 

		(ii)	is in respect of the period beginning with the date the assignee becomes bound by those covenants
and ending on the date when the assignee is released from those covenants by virtue of section 5 of the Landlord and Tenant (Covenants)
Act 1995;

 

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		(iii)	imposes principal debtor liability on the assignor;

 

		(iv)	requires (in the event of a disclaimer of liability of this lease) the assignor to enter into a
new tenancy for a term equal to the unexpired residue of the Contractual Term; and

 

		(v)	is otherwise in a form reasonably required by the Landlord and the Superior Landlord;

 

		(b)	a condition that a person of standing acceptable to the Landlord enters into a guarantee and indemnity
of the tenant covenants of this lease in a form set out by the Landlord or its conveyancer.

 

		18.5	The Landlord and the Tenant agree that for the purposes of section 19(1A) of the Landlord and Tenant
Act 1927 the Landlord may refuse its consent to an assignment if any of the following circumstances exist at the date of the Tenant's
application for consent to assign this lease:

 

		(a)	the Annual Rent or any other money due under this lease is outstanding or there is a material breach
of a material covenant by the Tenant that has not been remedied within a reasonable period of notice having been served on the
Tenant by the Landlord; or

 

		(b)	in the Landlord's reasonable opinion the assignee is not of sufficient financial standing to enable
it to comply with the Tenant's covenants and conditions contained in this lease; or

 

		(c)	(Other than permitted by clause 18.2) the assignee and the Tenant are group companies within the
meaning of Section 42 of the Landlord and Tenant Act 1954

 

		18.6	Nothing in this clause shall prevent the Landlord from giving consent subject to any other reasonable
condition, nor from refusing consent to an assignment in any other circumstance where it is reasonable to do so.

 

		19.	Underlettings

 

		19.1	The Tenant shall not underlet the whole or part of the Property.

 

		19.2	Notwithstanding clause 19.1 the Landlord agrees that, upon written request of the Tenant, the Landlord
will (and if necessary at the cost of the Tenant) make a written request to the Superior Landlord asking that it exercises its
discretion to waive the provisions of the Superior Lease which restrict sub underletting subject strictly to the following terms:

 

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		(a)	The Landlord agrees to submit the request to the Superior Landlord promptly following request by
the Tenant but can give no guarantee as to the response of the Superior Landlord

 

		(b)	Such application or request for consent of the Superior Landlord shall only be in respect of consent
to underlet the whole of the Property

 

		(c)	Such application or request for consent of the Superior Landlord implies no obligation on the Landlord
to pursue the consent further than is reasonable

 

		20.	sharing occupation with group companies

 

		20.1	The Tenant may share occupation of the Property with any company that is a member of the same group
(within the meaning of section 42 of the Landlord and Tenant Act 1954) as the Tenant for as long as that company remains within
that group and provided that no relationship of landlord and tenant is established by that arrangement.

 

		21.	Prohibition of other dealings

 

Except as expressly permitted by
this lease, the Tenant shall not assign, underlet, charge, part with or share possession or share occupation of this lease or the
Property or assign, part with or share any of the benefits or burdens of this lease, or in any interest derived from it, whether
by a virtual assignment or other similar arrangement or hold the lease on trust for any person (except pending registration of
a dealing permitted by this lease at HM Land Registry or by reason only of joint legal ownership).

 

		22.	Registration and notification of dealings and occupation

 

		22.1	In this clause a Transaction is:

 

		(a)	any dealing with this lease or the devolution or transmission of, or parting with possession of
any interest in it; or

 

		(b)	the making of any other arrangement for the occupation of the Property.

 

		22.2	No later than 14 days after a Transaction the Tenant shall:

 

		(a)	give notice of the Transaction to the Landlord's solicitors;

 

		(b)	deliver four certified copies of any document effecting the Transaction to the Landlord’s
solicitors;

 

		(c)	pay the Landlord’s solicitors their registration fee of a maximum of £35 plus VAT together
with any charges payable to the Superior Landlord's solicitors in accordance with the terms of the Superior Lease and;

 

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		(d)	deliver to the Landlord's solicitors a copy of any Energy Performance Certificate and Recommendation
Report issued as a result of the Transaction.

 

		22.3	If the Landlord reasonably requests, the Tenant shall promptly supply the Landlord with full details
of the occupiers of the Property and the terms upon which they occupy it.

 

		23.	Repairs

 

		23.1	The Tenant shall keep the Property clean and tidy and in good and substantial repair and condition
and shall ensure that any Service Media within and exclusively serving the Property is kept in good working order.

 

		23.2	The Tenant will notify the Landlord in writing as soon as practicable of any defect or lack of
repair in the Property of which the Tenant becomes aware.

 

		23.3	The Tenant shall not be liable to repair the Property to the extent that any disrepair has been
caused by an Uninsured Risk or an Insured Risk, unless and to the extent that the policy of insurance of the Property has been
vitiated or any insurance proceeds withheld in consequence of any act or omission in breach of this lease of the Tenant or its
workers, contractors or agents or any person on the Property with the actual or implied authority of any of them.

 

		24.	Decoration.

 

		24.1	The Tenant shall paint with two coats of good quality paint all the wood, metal and other parts
normally painted of the interior of the Property in the last year of the Term (however determined) and after painting to decorate,
grain, varnish, wash or suitably treat all such parts as have previously been so dealt with and to repaper the parts usually papered
with suitable paper of a good quality provided that any change of colour or design shall be previously approved in writing by the
Landlord (such approval not to be unreasonably withheld).

 

		24.2	All decoration shall be carried out in a good and proper manner using good quality materials that
are appropriate to the Property and the Permitted Use and shall include all appropriate preparatory work.

 

		24.3	All decoration carried out in the last three months of the term shall also be carried out to the
satisfaction of the Landlord and using materials, designs and colours approved by the Landlord.

 

		25.	Alterations and signs

 

		25.1	The Tenant shall not make any alteration to the Property without the consent of the Landlord, such
consent not to be unreasonably withheld, and of the Superior Landlord in accordance with the terms of the Superior Lease.

 

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		25.2	The Tenant shall not install or alter the route of any Service Media at the Property without the
consent of the Landlord, such consent not to be unreasonably withheld, and of the Superior Landlord in accordance with the terms
of the Superior Lease.

 

		25.3	Save as provided in clause 3.1(n) of this lease, the Tenant shall not attach any sign, fascia,
placard, board, poster or advertisement to the Property.

 

		25.4	The Tenant shall allow the Landlord or the Superior Landlord to fix to and keep at the Property
any sale or re-letting board as the Landlord or Superior Landlord reasonably requires.

 

		25.5	Notwithstanding the above, the Tenant may install and/or remove internal demountable partitioning
without the Landlord's consent provided that:

 

		(a)	the Tenant shall first supply the Landlord with full details and plans of such partitioning or
its removal;

 

		(b)	any partitioning installed in the Property does not affect the appearance of the external window
lines of the Building;

 

		(c)	any partitioning adjacent to the external elevation of the Building dovetails with the window mullions;

 

		(d)	such installation or removal does not adversely affect any of the Conduits; and

 

		(e)	any damage caused to the structure of the Building is made good to the Landlord's reasonable satisfaction
as soon as reasonably practicable by the Tenant at its own cost.

 

		(f)	the Tenant shall otherwise comply with the provisions of clauses 3.14.1 to 3.14.5 (inclusive) and
clauses 3.14.7 and 3.14.8 of the Superior Lease

 

		26.	Returning the Property to the Landlord

 

		26.1	At the end of the term the Tenant shall return the Property to the Landlord in the repair and condition
required by this lease.

 

		26.2	The Tenant shall remove items it has fixed to the Property, remove any alterations it has made
to the Property if required by the Landlord by notice 6 months before the end of the term (time not to be of the essence) and make
good any damage caused to the Property by that removal.

 

		26.3	At the end of the term, the Tenant shall remove from the Property all chattels belonging to or
used by it.

 

		26.4	The Tenant irrevocably appoints the Landlord and the Superior Landlord to be the Tenant’s
agent to store or dispose of any chattels or items it has fixed to the Property and which have been left by the Tenant on the Property
for more than ten working days after the end of the term. Neither the Landlord nor the Superior Landlord shall be liable to the
Tenant by reason of that storage or disposal. The Tenant shall indemnify the Landlord or the Superior Landlord in respect of any
claim made by a third party in relation to that storage or disposal.

 

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		27.	Use

 

		27.1	The Tenant shall not use the Property for any purpose other than the Permitted Use.

 

		27.2	The Tenant shall not use the Property for any illegal purpose nor for any purpose or in a manner
that would cause loss, damage, injury, nuisance or inconvenience to the Landlord, the other tenants or occupiers of the Building,
the Superior Landlord or any owner or occupier of neighbouring property.

 

		27.3	The Tenant shall not overload any structural part of the Property or Building nor any Service Media
at or serving the Property.

 

		28.	Management of the Building

 

		28.1	The Tenant shall observe all reasonable regulations made by the Landlord or Superior Landlord from
time to time in accordance with the principles of good estate management and notified to the Tenant relating to the use of the
Common Parts and the management of the Building.

 

		28.2	Nothing in this lease shall impose or be deemed to impose any restriction on the use of any other
part of the Building or any neighbouring property.

 

		29.	Compliance with laws

 

		29.1	The Tenant shall comply with all laws relating to:

 

		(a)	the Property and the occupation and use of the Property by the Tenant;

 

		(b)	the use or operation of all Service Media and machinery and equipment at or serving the Property
whether or not used or operated, and shall, where necessary, replace or convert such Service Media within or exclusively serving
the Property so that it is capable of lawful use or operation;

 

		(c)	any works carried out at the Property; and

 

		(d)	all materials kept at or disposed from the Property.

 

		29.2	Without prejudice to any obligation on the Tenant to obtain any consent or approval under this
lease, the Tenant shall carry out all works that are required under any law to be carried out at the Property whether by the owner
or the occupier.

 

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		29.3	The tenant shall comply with the Landlord’s ethical business requirements annexed in the
Schedule

 

		29.4	Within five working days after receipt of any notice or other communication affecting the Property
or the Building (and whether or not served pursuant to any law) the Tenant shall:

 

		(a)	send a copy of the relevant document to the Landlord and the Superior Landlord; and

 

		(b)	in so far as it relates to the Property, take all steps necessary to comply with the notice or
other communication and take any other action in connection with it as the Landlord may require and at the Landlord's cost.

 

		29.5	The Tenant shall not apply for any planning permission for the Property.

 

		29.6	The Tenant shall comply with its obligations under the CDM Regulations, including all requirements
in relation to the provision and maintenance of a health and safety file. The Tenant shall maintain the health and safety file
for the Property in accordance with the CDM Regulations and shall give it to the Landlord at the end of the term.

 

		29.7	The Tenant shall supply all information to the Landlord that the Landlord reasonably requires from
time to time to comply with its obligations under the CDM Regulations.

 

		29.8	As soon as reasonably practicable after the Tenant becomes aware of any defect in the Property,
it shall give the Landlord notice of it. The Tenant shall indemnify the Landlord against any liability under the Defective Premises
Act 1972 in relation to the Property by reason of any failure of the Tenant to comply with any of the tenant covenants in this
lease.

 

		29.9	The Tenant shall keep the Property equipped with all fire prevention, detection and fighting machinery
and equipment and fire alarms which are required under all relevant laws or required by the insurers of the Property or reasonably
recommended by them or reasonably required by the Landlord or the Superior Landlord and shall keep that machinery, equipment and
alarms properly maintained and available for inspection (only to the extent that the Landlord or Superior Landlord are not under
an obligation to provide and maintain such equipment pursuant to the Superior Lease or the headlease dated 18th December
2012 and made between (1) King’s Cross Central (Trustee No. One) Limited and King’s Cross Central (Trustee No. Two)
Limited and (2) the Superior Landlord).

 

		30.	Encroachments, obstructions and acquisition of rights

 

		30.1	The Tenant shall not grant any right or licence over the Property to a third party.

 

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		30.2	If a third party makes or attempts to make any encroachment over the Property or takes any action
by which a right may be acquired over the Property, the Tenant shall:

 

		(a)	as soon as reasonably practicable inform the Landlord and shall give the Landlord notice of that
encroachment or action; and

 

		(b)	take all steps (including any proceedings) the Landlord reasonably requires to prevent or license
the continuation of that encroachment or action at the Landlord's cost.

 

		30.3	The Tenant shall not obstruct the flow of light or air to the Property or any other part of the
Landlord's Premises or the Building nor obstruct any means of access to the Property or Landlord's Premises or any other part of
the Building.

 

		30.4	The Tenant shall not make any acknowledgement that the flow of light or air to the Property or
any other part of the Building or that the means of access to the Property or any other part of the Building is enjoyed with the
consent of any third party.

 

		30.5	If any person takes or threatens to take any action to obstruct the flow of light or air to the
Property or obstruct the means of access to the Property, the Tenant shall:

 

		(a)	as soon as reasonably practicable inform the Landlord and shall give the Landlord notice of that
action; and

 

		(b)	take all steps (including proceedings) the Landlord reasonably requires to prevent or secure the
removal of the obstruction at the Landlord's cost.

 

		31.	Breach of repair and maintenance obligations

 

		31.1	The Landlord and the Superior Landlord may enter the Property at reasonable times during the normal
business hours of the Tenant and on reasonable notice of at least 2 working days (or less in the case of the Superior Landlord)
and otherwise than in cases of emergency where no notice shall be required to inspect its condition and state of repair and may
give the Tenant a notice of any breach of any of the tenant covenants in this lease relating to the condition or repair of the
Property.

 

		31.2	If the Tenant has not begun any works needed to remedy that breach within six weeks following that
notice (or if works are required as a matter of emergency, then as soon as reasonably practicable following that notice), then
the Landlord may enter the Property and carry out the works needed.

 

		31.3	The proper costs incurred by the Landlord in carrying out any works pursuant to this clause (and
any professional fees and any VAT in respect of those costs) shall be a debt due from the Tenant to the Landlord and payable on
demand.

 

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		31.4	Any action taken by the Landlord pursuant to this clause shall be without prejudice to the Landlord’s
other rights, including those under clause 36.

 

		32.	Indemnity

 

The Tenant shall keep the Landlord
indemnified against all proper expenses, costs, claims, damage and loss properly incurred (including any diminution in the value
of the Landlord’s interest in the Building and loss of amenity of the Landlord's Premises) arising from any breach of any
tenant covenants in this lease, or any act or omission of the Tenant or its workers, contractors or agents or any other person
on the Property or the Common Parts with the actual or implied authority of any of them provided that the Landlord shall take reasonable
steps to mitigate any such loss.

 

		33.	Covenant to comply with covenants in the Superior Lease

 

The Tenant shall observe and perform
the tenant covenants in the Superior Lease (insofar as they relate to the Property and rights granted to the Tenant), except the
covenants to pay the rents reserved by the Superior Lease.

 

		34.	Covenant with the Superior Landlord

 

		34.1	The Tenant covenants with the Superior Landlord and its successors in title in their own right
to observe and perform:

 

		(a)	the tenant covenants in this lease and any document that is collateral to it; and

 

		(b)	the tenant covenants in the Superior Lease (insofar as they relate to the Property and rights granted
to the Tenant), except the covenants to pay the rents reserved by the Superior Lease.

 

		35.	Landlord's covenants

 

		35.1	The Landlord covenants with the Tenant, that, so long as the Tenant pays the rents reserved by
and complies with its obligations in this lease, the Tenant shall have quiet enjoyment of the Property without any interruption
by the Landlord or any person claiming under the Landlord except as otherwise permitted by this lease.

 

		35.2	The Landlord shall pay the rents reserved by the Superior Lease and perform the covenants on the
part of the tenant contained in the Superior Lease so far as the Tenant is not liable for such performance under the terms of this
lease.

 

		35.3	The Landlord shall use all reasonable endeavours to procure that the Superior Landlord complies
with the Superior Landlord's Covenants during such period as the Superior Lease subsists.

 

		35.4	If the Landlord exercises its contractual right to terminate the Superior Lease it shall give 4
months written notice of that right being exercised to the Tenant, together with a copy of the notice exercising that right.

 

    	34

    	 

    

 

		36.	Re-entry and forfeiture

 

		36.1	The Landlord may re-enter the Property (or any part of the Property in the name of the whole) at
any time after any of the following occurs:

 

		(a)	any rent is unpaid 21 days after becoming payable whether it has been formally demanded or not;

 

		(b)	any material breach of any material condition of, or tenant covenant in, this lease which has not
been remedied within a reasonable period of notice given by the Landlord to the Tenant; and

 

		(c)	an Act of Insolvency.

 

		36.2	If the Landlord re-enters the Property (or any part of the Property in the name of the whole) pursuant
to this clause, this lease shall immediately end, but without prejudice to any right or remedy of the Landlord in respect of any
breach of covenant by the Tenant or any guarantor.

 

		37.	Joint and several liability

 

		37.1	Where the Tenant comprises more than one person, those persons shall be jointly and severally liable
for the obligations and liabilities of the Tenant arising under this lease. The Landlord may take action against, or release or
compromise the liability of, or grant time or other indulgence to, any one of those persons without affecting the liability of
any other of them.

 

		37.2	The Landlord shall not be liable to the Tenant for any failure of the Landlord to perform any landlord
covenant in this lease unless and until the Tenant has given the Landlord notice of the failure and the Landlord has not remedied
the failure within a reasonable time of service of that notice.

 

		38.	Disputes under the Superior Lease

 

Notwithstanding the other terms
of this lease, if any dispute, issue, question or matter arising out of or under or relating to the Superior Lease also affects
or relates to the provisions of this lease, the determination of that dispute, issue, question or matter pursuant to the provisions
of the Superior Lease is to be binding on the Tenant as well as the Landlord for the purposes both of the Superior Lease and this
lease.

 

		39.	Entire agreement

 

		39.1	This lease and any documents annexed to it constitutes the whole agreement between the parties
and supersedes all previous discussions, correspondence, negotiations, arrangements, understandings and agreements between them
relating to their subject matter.

 

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		39.2	Each party acknowledges that in entering into this lease and any documents annexed to it such party
does not rely on, and shall have no remedies in respect of, any representation or warranty (whether made innocently or negligently)

 

		39.3	Nothing in this lease constitutes or shall constitute a representation or warranty that the Property
or the Common Parts may lawfully be used for any purpose allowed by this lease.

 

		40.	Notices, consents and approvals

 

		40.1	Except where this lease specifically states that a notice need not be in writing, any notice given
under or in connection with this lease shall be:

 

		(a)	in writing and for the purposes of this clause an e-mail is not in writing; and

 

		(b)	given;

 

		(c)	by hand or by pre-paid first class post of other next working day delivery service or by commercial
courier if the Tenant's registered address is abroad at the party's registered office address (if the party is a company) or (in
any other case) at the party's principal place of business

 

		40.2	If a notice complies with clause 40.1, whether or not this lease requires that notice to be in
writing, it shall be deemed to have been received:

 

		(a)	if delivered by hand, at the time the notice is left at the proper address;

 

		(b)	if sent by pre-paid first class post or other next working day delivery service, on the second
working day after posting; or

 

		(c)	if sent by fax, at 9:00 am on the next working day after transmission (if delivered by commercial
courier, at the time the notice is left at the proper address).

 

		40.3	This clause does not apply to the service of any proceedings or other documents in any legal action
or, where applicable, any arbitration or other method of dispute resolution.

 

		40.4	Section 196 of the Law of Property Act 1925 shall otherwise apply to notices given under this lease.

 

		40.5	Where the consent of the Landlord is required under this lease, a consent shall only be valid if
it is given by deed, unless:

 

		(a)	it is given in writing and signed by the Landlord or a person duly authorised on its behalf; and

 

		(b)	it expressly states that the Landlord waives the requirement for a deed in that particular case.

 

    	36

    	 

    

 

If a waiver is given, it shall
not affect the requirement for a deed for any other consent.

 

		40.6	Where the approval of the Landlord is required under this lease, an approval shall only be valid
if it is in writing and signed by or on behalf of the Landlord, unless:

 

		(a)	the approval is being given in a case of emergency; or

 

		(b)	this lease expressly states that the approval need not be in writing.

 

		40.7	If the Landlord gives a consent or approval under this lease, the giving of that consent or approval
shall not imply that any consent or approval required from a third party has been obtained, nor shall it obviate the need to obtain
any consent or approval from a third party.

 

		40.8	Where the consent of the Superior Landlord is required under this lease, a consent shall only be
valid if it would be valid as a consent given under the Superior Lease. Where the approval of the Superior Landlord is required
under this lease, an approval shall only be valid if it would be valid as an approval given under the Superior Lease.

 

		40.9	Where the Tenant requires the consent or approval of the Superior Landlord to any act or omission
then, subject to the provisions of clause 1.9, the Landlord shall at the cost of the Tenant use all reasonable endeavours to obtain
that consent or approval.

 

		41.	Governing law

 

This lease and any dispute or claim
arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall
be governed by and construed in accordance with the law of England and Wales.

 

		42.	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).

 

		43.	Exclusion of sections 24-28 of the LTA 1954

 

		43.1	The parties confirm that:

 

		(a)	the Landlord served a notice on the Tenant, as required by section 38A(3)(a) of the LTA 1954, applying
to the tenancy created by this lease, before this lease was entered into

 

		(b)	Clare Wedderburn who was duly authorised by the Tenant to do so made a statutory declaration dated
17 February 2015 in accordance with the requirements of section 38A(3)(b) of the LTA 1954

 

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		43.2	The parties agree that the provisions of sections 24 to 28 of the LTA 1954 are excluded in relation
to the tenancy created by this lease.

 

		44.	Contracts (Rights of Third Parties) Act 1999

 

Save for the Superior Landlord,
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.

 

In witness whereof this document has been executed
and delivered on the date first stated above.

 

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Schedule 1 – Ethical Business

 

In this Schedule
the following definitions shall apply:

 

“Company”
shall mean the Landlord, Merck & Co, Inc and all of their connected companies and businesses

 

“Affiliate”
shall mean all companies or businesses with which the Company or the Tenant shall have some connection by way of control, ownership
or dealings in the course of the business of the Tenant

 

“Representative”
shall include all Affiliates of the Tenant and other 3rd parties as the Tenant or their Affiliates shall engage to promote
the interests of the Tenant or their Affiliates

 

By signing
this Lease, the Parties agree to conduct activities directly related to the lease, alteration or maintenance of the Property in
a manner which is consistent with all applicable laws, including (without limitation) the U.S. Foreign Corrupt Practices Act. 
Specifically, the Tenant warrants and agrees that in connection with the lease, alteration or maintenance of the Property, it,
its Affiliates, their respective Representatives, and anyone acting on their behalf shall not offer, make or promise any payment,
either directly or indirectly, of money or other assets (hereinafter collectively referred to as “Payment”),
to any government, political party or international organization official, candidate or persons acting on behalf of any of the
foregoing or directly associated with them including their staff, business partners, close associates and family (hereinafter collectively
referred to as “Officials”) where such Payment would constitute a violation of any applicable law.  In
addition, regardless of legality, the Parties shall make no Payment, either directly or indirectly, to Officials if such Payment
is for the purpose of improperly influencing decisions or actions with respect to the subject matter of this Lease. 

 

 
The Tenant represents and warrants that, to the best of its knowledge, the Tenant and its Affiliates have provided complete and
accurate information and documentation to Company, its Affiliates, and their Representatives in the course of any due diligence
that was conducted by the Company in the course of negotiations leading to the grant of this Lease. The Tenant also acknowledges
and agrees that in the event that the Tenant engages an Affiliate, subcontractor or agent in relation to the lease, alteration
or maintenance of the Property, that the Tenant will conduct reasonable and proper due diligence on such Affiliate, subcontractor
or agent and to mitigate any identified risks.

 

 The
Tenant represents, warrants and covenants that all accounting records relating to payments and expenses to be made in relation
to the lease, alteration and maintenance of the Property shall be properly maintained. 

 

 The
Tenant further represents, warrants and agrees that no “off the books” or other similar funds will be maintained or
used in connection with the lease, alteration and maintenance of the Property.

 

Any material
violation of, or any breach of a representation or warranty set forth in, this Schedule shall be deemed a material breach of this
Lease, and in such event shall give rise to the right of the Company in its discretion to terminate this Lease (otherwise in accordance
with the provisions of this Lease) immediately without payment of penalty or damages or further performance of any kind.

 

The
provisions of this Schedule shall cease to be of effect in the event that:-

 

    	39

    	 

    

 

a)
the unexpired remainder of the Term shall no longer be vested in INTERCEPT PHARMACEUTICALS,
INC. incorporated in the State of Delaware, USA with company number 001270073, or any of their Affiliates; or

 

b)
The reversion expectant upon determination of the Term of the Lease shall not longer be vested in MERCK, SHARP & DOHME LIMITED
(company no 0820771) or any of their Affiliates; or

 

c)
The Term of the Lease shall have been otherwise determined for any reason. 

 

    	40

    	 

    

 

	Executed as a deed by MERCK SHARP & DOHME LIMITED acting by M. Creamer, a director, in the presence of:	 	
        /s/ M. Creamer__________

        Director

	/s/ Melissa Leonard__________	 	 
	[SIGNATURE OF WITNESS]	 	 
	[NAME, ADDRESS AND OCCUPATION OF WITNESS]	 	 

 

	Executed as a deed on behalf of  INTERCEPT PHARMACEUTICALS,  INC, a company incorporated in the State of Delaware, USA by persons who, in accordance with the laws of that territory, are acting under the authority of the company	 	
         /s/ Mark Pruzanski_______

        Authorised Signatory

         

        /s/ Bryan Yoon___________

        Authorised Signatory

 

    	41

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