Document:

Exhibit

Exhibit 10.3

Execution Version

SEVENTH AMENDMENT TO LEASE

THIS SEVENTH AMENDMENT TO LEASE (this "Amendment") is entered into as of
May 6, 2016, by and between THE REALTY ASSOCIATES FUND X, L.P., a Delaware limited partnership ("Landlord"), as successor in interest to BCIA New England Holdings LLC ("BCIA"), and AMERESCO, INC., a Delaware corporation ("Tenant").

Recitals

A.Reference is made to that certain lease dated as of November 20, 2000 (the "Original Lease") between BCIA, as landlord, and Tenant, as tenant, with respect to a portion of the building (the “Building”) located at 111 Speen Street, Framingham, Massachusetts, which portion originally consisted of approximately 11,684 rentable square feet (the "Original Premises") on the fourth floor. BCIA and Tenant subsequently entered into (i) a First Amendment to Lease dated as of November 30, 2001, and (ii) a Second Amendment to Lease and Expansion Agreement dated April 8, 2005.

B.RREEF America REIT III-Z1 LLC (“RREEF”) succeeded to the interests of BCIA as the Landlord under the Lease. RREEF and Tenant entered into (i) a Third Amendment to Lease and Expansion Agreement dated April 17, 2007, (ii) a Fourth Amendment to Lease dated January 1, 2010, and (iii) a Fifth Amendment to Lease dated August 31, 2011.

C.111 MPA LLC (“MPA”) succeeded to the interests of RREEF as landlord under the Lease. MPA and Tenant entered into a Sixth Amendment to Lease dated June 18, 2013. The Original Lease, as amended by the aforementioned six amendments, is referred to as the “Lease.” The Original Premises have been altered and enlarged and now contain approximately 23,003 rentable square feet of space on the fourth floor of the Building (the “Current Premises”).

D.Landlord has succeeded to all of MPA's right, title and interest in and to the Property and the Lease.

E.Landlord and Tenant now desire to again increase the size of the Premises as of July 1, 2016, by adding thereto approximately 3,356 rentable square feet, as depicted on Exhibit A-1 attached hereto ("New Premises I"), and to make such other changes as provided herein.

F.Landlord and Tenant also desire to further increase the size of the Premises (subject to the terms set forth herein) by adding thereto approximately 1,097 rentable square feet, also as depicted on Exhibit A-1 attached hereto ("New Premises II"), and to make such other changes as provided herein.

Agreements

NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, Landlord and Tenant hereby agree as follows:

1.Capitalized Terms. Each capitalized term appearing but not defined herein shall have the meaning, if any, ascribed to such term in the Lease.

2.Recitals; Term. The recitals above set forth are true and complete and are incorporated herein by reference. The Term of the Lease commenced on January 1, 2001 and is currently scheduled to expire on June 30, 2017. The Term of the Lease is hereby extended to expire at 11:59 PM, Boston time, on June 30, 2025, unless sooner terminated as is otherwise provided in the Lease. Except as set forth in this Amendment, Tenant shall have no right or option to extend or renew the Term beyond June 30, 2025.

3.Basic Rent; Additional Rent; Defined Terms. (a) With respect to the Current Premises, Tenant shall continue to pay Annual Rent and all Additional Rent as is currently provided in the Lease through June 30, 2017.

(b)From and after July 1, 2017, and with respect to the Current Premises, Tenant shall pay Basic Rent according to the following schedule:

	
				
	Period
	Annual Basic Rent/RSF
	Annual Basic Rent
	Monthly Payment

	7/1/17 - 6/30/18*
	$29.25
	$672,837.75*
	$56,069.81*

	7/1/18 - 6/30/19
	$30.00
	$690,090.00
	$57,507.50

	7/1/19 - 6/30/20
	$30.75
	$707,342.25
	$58,945.19

	7/1/20 - 6/30/21
	$31.50
	$724,594.50
	$60,382.88

	7/1/21 - 6/30/22
	$32.25
	$741,846.75
	$61,820.56

	7/1/22 - 6/30/23
	$33.00
	$759,099.00
	$63,258.25

	7/1/23 - 6/30/24
	$33.75
	$776,351.25
	$64,695.94

	7/1/24 - 6/30/25
	$34.50
	$793,603.50
	$66,133.63

* Notwithstanding the foregoing, so long as no Default of Tenant (nor any event or circumstance which, with the giving of notice, the passage of time or the expiration of all  cure  rights permitted, would constitute a Default of Tenant), Landlord will waive the requirement that Tenant pay Annual Basic Rent on the Current Premises for the month of July, 2017.

(c)In addition to the above amounts, from and after the First Expansion Commencement Date, and with respect to New Premises I, Tenant shall pay Basic Rent according to the following schedule:   
	
				
	Period
	Annual Basic Rent/RSF
	Annual Basic Rent
	Monthly Payment

	First Exp. Comm. Date
	 
	 
	 

	- 6/30/17*
	$29.25
	$98,163.00*
	$8,180.25*

	
				
	7/1/17 - 6/30/18
	$29.25
	$98,163.00
	$8,180.25

	7/1/18 - 6/30/19
	$30.00
	$100,680.00
	$8,390.00

	7/1/19 - 6/30/20
	$30.75
	$103,197.00
	$8,599.75

	7/1/20 - 6/30/21
	$31.50
	$105,714.00
	$8,809.00

	7/1/21 - 6/30/22
	$32.25
	$108,231.00
	$9,019.25

	7/1/22 - 6/30/23
	$33.00
	$110,748.00
	$9,229.00

	7/1/23 - 6/30/24
	$33.75
	$113,265.00
	$9,438.75

	7/1/24 - 6/30/25
	$34.50
	$115,782.00
	$9,648.50

* Notwithstanding the foregoing, so long as no Default of Tenant (nor any event or circumstance which, with the giving of notice, the passage of time, or the expiration of all cure rights permitted, would constitute a Default of Tenant), Landlord will waive the requirement that Tenant pay Annual Basic Rent on New Premises I for the first thirty (30) days following the First Expansion Commencement Date.

(d)In addition to the above amounts, from and after the Second Expansion Commencement Date, and with respect to New Premises II, Tenant shall pay Basic Rent according to the following schedule:

	
				
	Period
	Annual Basic Rent/RSF
	Annual Basic Rent
	Monthly Payment

	Second Exp. Comm. Date
- 6/30/18*
	$29.25
	$32,087.25
	$2,673.94

	7/1/18 - 6/30/19
	$30.00
	$32,910.00
	$2,742.50

	7/1/19 - 6/30/20
	$30.75
	$33,732.75
	$2,811.06

	7/1/20 - 6/30/21
	$31.50
	$34,555.50
	$2,879.63

	7/1/21 - 6/30/22
	$32.25
	$35,378.25
	$2,948.19

	7/1/22 - 6/30/23
	$33.00
	$36,201.00
	$3,016.75

	7/1/23 - 6/30/24
	$33.75
	$37,023.75
	$3,085.31

	7/1/24 - 6/30/25
	$34.50
	$37,846.50
	$3,153.88

* Notwithstanding the foregoing, so long as no Default of Tenant (nor any event or circumstance which, with the giving of notice, the passage of time or the expiration of all  cure  rights permitted, would constitute a Default of Tenant), Landlord will waive the requirement that Tenant pay Annual Basic Rent on New Premises II for the first thirty (30) days following the Second Expansion Commencement Date.

(e)Effective (i) on the First Expansion Commencement Date, and as to New Premises I, and (ii) on July 1, 2017 as to the Current Premises, the definition of “Base Year for Operating Expenses” shall be calendar year 2016.

(f)Effective on the Second Expansion Commencement Date, and as to New Premises II only, the definition of “Base Year for Operating Expenses” shall be calendar year 2017.

(g)Effective (i) on the First Expansion Commencement Date as to New Premises I, and  (ii)  on  July  1,  2017  as  to  the  Current  Premises,  and  (iii)  on  the  Second  Expansion

Commencement Date as to New Premises II, the definition of “Base Year for Taxes” shall be the twelve-month period beginning July 1, 2017 (Fiscal 2017).

(h)(i) Commencing on the First Expansion Commencement Date, the “Tenant’s Proportionate Share” with respect to New Premises I shall be 3.11%, which shall be added to the Tenant’s Proportionate Share for the Current Premises.

(ii) Commencing on the Second Expansion Commencement Date, the “Tenant’s Proportionate Share” with respect to New Premises II shall be 1.02%, which shall be added to the Tenant’s Proportionate Share for the Current Premises and New Premises I.

(i)The use of electricity in the Current Premises is measured by a “check-meter” and the cost of electricity used in the Current Premises is paid by Tenant to Landlord based on such usage. Commencing on the First Access Date, and in addition to the Annual Basic Rent and all other additional rent, with respect to New Premises I, Tenant will pay an electricity charge to Landlord of $5,873.00 ($1.75 per rentable square foot of New Premises I) per annum to cover the cost of “convenience electricity” (excluding HVAC) provided to New Premises I. Such amount may be adjusted by written notice from Landlord from time to time (but not more than once in any twelve-month period) to reflect any changes in the cost of electricity paid by Landlord. Commencing on the Second Access Date, and in addition to the Annual Basic Rent and all other additional rent, with respect to New Premises II, Tenant will pay an electricity charge to Landlord of $1,919.75 ($1.75 per rentable square foot of New Premises II) per annum to cover the cost of such convenience electricity provided to New Premises II. Such amount may be adjusted by written notice from Landlord from time to time (but not more than once in any twelve-month period) to reflect any changes in the cost of electricity paid by Landlord.

(j)Effective only from and after the First Expansion Commencement Date, the Lease definition of “Premises” in the Lease shall be increased to include both the Current Premises and New Premises I, and the definition of “Premises Rentable Area” shall be increased to 26,359 rentable square feet.

(k)Effective only from and after the Second Expansion Commencement Date, the Lease definition of “Premises” in the Lease shall be increased to include the Current Premises, New Premises I and New Premises II, and the definition of “Premises Rentable Area” shall be increased to 27,456 rentable square feet.

4.(a) New Premises I; Delivery; Condition. New Premises I contains approximately 3,356 rentable square feet of space on the third floor of the Building, and is shown on Exhibit A-1 attached hereto and made a part hereof. Effective from and after the First Expansion Commencement Date, New Premises I shall be a part of the Premises demised under the Lease for all purposes. The “First Expansion Commencement Date” will be the first to occur of (i) ninety (90) days following the date on which possession of New Premises I is tendered to Tenant for the performance of Tenant’s Work (the “First Access Date”), and (ii) substantial completion of Tenant’s New Premises I Work, and (iii) the date on which Tenant commences use of New Premises I for the conduct of Tenant’s business. Upon the occurrence of the First Expansion Commencement Date, each party shall enter into a letter agreement 

substantially in the form of Exhibit B-1 hereto, confirming the First Expansion Commencement Date. The failure of either party to enter into such a letter agreement shall have no effect on the occurrence of the First Expansion Commencement Date as provided herein. All terms and conditions of the Lease will apply to New Premises I from and after the First Access Date, including without limitation all insurance and indemnification obligations, except that Tenant shall not be required to pay Basic Rent or additional rent with respect to New Premises I prior to the First Expansion Commencement Date.

(b)New Premises II; Delivery; Condition. (1) New Premises II contains approximately 1,097 rentable square feet of space on the third floor of the Building, and is shown on Exhibit A-2 attached hereto and made a part hereof. Effective from and after the Second Expansion Commencement Date, New Premises II shall be a part of the Premises demised under the Lease for all purposes. The “Second Expansion Commencement Date II” will be the first to occur of (i) ninety (90) days following the date on which possession of New Premises II is tendered to Tenant for the performance of Tenant’s Work (the “Second Access Date”), and (ii) substantial completion of Tenant’s New Premises II Work, and (iii) the date on which Tenant commences use of New Premises II for the conduct of Tenant’s business. Landlord currently anticipates that Landlord will be able to tender possession of New Premises II to Tenant between July, 2016 and February, 2017, but such estimated date is not binding on Landlord, and Landlord may tender possession of New Premises II before or after such estimated time period, and Landlord shall have no liability for failure to tender possession of New Premises II on any specific date. Upon the occurrence of the Second Expansion Commencement Date, each party shall enter into a letter agreement substantially in the form of Exhibit B-1 hereto confirming the Second Expansion Commencement Date. The failure of either party to enter into such a letter agreement shall have no effect on the occurrence of the Second Expansion Commencement Date as provided herein. All terms and conditions of the Lease will apply to New Premises II from and after the Second Access Date, including without limitation all insurance and indemnification obligations, except that Tenant shall not be required to pay Basic Rent or additional rent with respect to New Premises II prior to the Second Expansion Commencement Date.

(c)Each New Premises is being leased in its then condition AS IS WITHOUT REPRESENTATION OR WARRANTY by Landlord. Tenant acknowledges and agrees that Tenant shall be solely responsible for any work done in the New Premises to make the same suitable for Tenant’s occupancy, including without limitation telephone/data cabling or infrastructure, floor coring, any furniture, any security system and any other changes with respect to the New Premises (it being understood that all such work shall be subject to Landlord’s prior approval and to the terms and conditions of the Lease, including without limitation Section 5.2 thereof). Tenant acknowledges that it has visually inspected the New Premises and currently occupies the Current Premises, and is reasonably familiar with the common areas of the Building and has found all of the same visually satisfactory. Landlord is not required to complete any other work with respect to the New Premises, and Landlord shall not be required to provide to Tenant any allowance or reimbursement for the cost of any work or repairs to be undertaken by Tenant except as provided below.

(d)Landlord acknowledges that Tenant may desire to make certain alterations or improvements in New Premises I and the Current Premises to make the same more suitable for Tenant’s occupancy or continued occupancy, as the case may be (collectively, the “First Tenant Improvements”), which may include, without limitation design and construction of leasehold improvements and wiring and infrastructure for Tenant’s furniture systems. The First Tenant Improvements shall be undertaken by Tenant in accordance with the Lease, including without limitation Section 5.2 thereof, and in accordance with plans and specifications approved in advance by Landlord as provided in said Section 5.2. The First Tenant Improvements shall be deemed substantially complete on that date on which the First Tenant Improvements have been completed except for items of work (and, if applicable, adjustment of equipment and fixtures) which can be completed without causing undue interference with Tenant’s use of the Premises. To the extent that (i) such work is substantially completed in accordance with such requirements, and (ii) receipted invoices (and other material required under this Lease or reasonably required by Landlord such as, but not limited to, final lien waivers from any contractor or subcontractor performing the Tenant Improvements) showing the actual cost thereof are presented to Landlord, within eighteen (18) months after the date hereof, and (iii) at the time of any advance of funds, there then exists no Default of Tenant under the Lease, nor any event or circumstance which, with the giving of notice or the passage of time, or both, would constitute a Default of Tenant, Landlord shall reimburse Tenant, within thirty (30) days after receipt of such invoices and supporting material, for costs actually incurred by Tenant, as evidenced by such invoices, in connection with the construction of the Tenant Improvements, but in no event shall Landlord be obligated to reimburse Tenant more than the lesser of (x) such actual cost, or (y) Six Hundred Fifty-eight Thousand Nine Hundred Seventy-five Dollars ($658,975.00) (the “Landlord’s First Allowance”). Landlord agrees that Tenant may use up to forty-percent (40%) of the total Landlord’s First Allowance expended by Tenant for furniture, fixtures and equipment to be placed in the Premises; otherwise, no portion of the Landlord’s First Allowance may be applied to costs of purchasing or installing any furniture, equipment or trade fixtures. To the extent that Tenant has not substantially completed the First Tenant Improvements and requested disbursement of the Landlord’s First Allowance within eighteen (18) months after the date hereof, Landlord shall have no further obligation to reimburse Tenant for any such costs incurred by Tenant.

(e)Landlord further acknowledges that Tenant may desire to make certain alterations or improvements in New Premises II (the “Second Tenant Improvements”). The Second Tenant Improvements shall be deemed substantially complete on that date on which the Second Tenant Improvements have been completed except for items of work (and, if applicable, adjustment of equipment and fixtures) which can be completed without causing undue interference with Tenant’s use of the Premises (including without limitation New Premises II). To the extent that (i) the Second Tenant Improvements are substantially completed in accordance with such requirements, and (ii) receipted invoices (and other material required under this Lease or reasonably required by Landlord such as, but not limited to, final lien waivers from any contractor or subcontractor performing the Second Tenant Improvements) showing the actual cost thereof are presented to Landlord, within eighteen (18) months after the date hereof, and (iii) at the time of any advance of funds, there then exists no Default of Tenant under the Lease, nor any event or circumstance which, with the giving of notice or the passage of time, or both, would constitute a Default of Tenant, Landlord shall

reimburse Tenant, within thirty (30) days after receipt of such invoices and supporting material, for costs actually incurred by Tenant, as evidenced by such invoices, in connection with the construction of the Tenant Improvements, but in no event shall Landlord be obligated to reimburse Tenant more than the lesser of (x) such actual cost, or (y) Twenty Seven Thousand Four Hundred Twenty-five Dollars ($27,425.00) (the “Landlord’s Second Allowance”). Landlord agrees that Tenant may use up to forty-percent (40%) of the total Landlord’s Second Allowance expended by Tenant for furniture, fixtures and equipment to be placed in the Premises; otherwise, no portion of the Landlord’s Second Allowance may be applied to costs of purchasing or installing any furniture, equipment or trade fixtures. To the extent that Tenant has not substantially completed the Second Tenant Improvements and requested disbursement of the Landlord’s Second Allowance within eighteen (18) months after the date thereof, Landlord shall have no further obligation to reimburse Tenant for any such costs incurred by Tenant.

(f)(1) If Tenant expends the entire Landlord’s First Allowance on the First Tenant Improvements as provided in paragraph (d) above and Tenant desires to perform additional leasehold improvements in the Premises, Tenant will so notify Landlord, and Landlord will provide an additional allowance (the “Landlord’s First Additional Allowance”) equal to the lesser of (i) the actual cost of such further work, or (ii) Three Hundred Ninety-five Thousand Three Hundred Eighty-five Dollars ($395,385.00), all upon satisfaction of the same requirements and conditions as are described above. No portion of the Landlord’s First Additional Allowance may be applied to costs of purchasing or installing any furniture, equipment or trade fixtures. To the extent that Tenant has not substantially completed the Tenant Improvements and requested disbursement of the Landlord’s First Additional Allowance within eighteen (18) months after the date hereof, Landlord shall have no further obligation to reimburse Tenant for any such costs incurred by Tenant. If Tenant requests that Landlord advance any or all of the Landlord’s First Additional Allowance, then commencing on the first day of the calendar month following the disbursement of the Landlord’s First Additional Allowance, each monthly payment of Basic Rent thereafter payable by Tenant over the then-remainder of the Term will be increased by an amount sufficient to repay the principal amount of Landlord’s First Additional Allowance so advanced, with interest thereon at eight percent (8%) per annum, on a direct reduction basis with equal monthly payments.

(2) If Tenant expends the entire Landlord’s Second Allowance on the Second Tenant Improvements as provided in paragraph (e) above and Tenant desires to perform additional leasehold improvements in the New Premises II, Tenant will so notify Landlord, and Landlord will provide an additional allowance (the “Landlord’s Second Additional Allowance”) equal to the lesser of (i) the actual cost of such further work, or (ii) Sixteen Thousand Four Hundred Fifty-five Dollars ($16,455.00), all upon satisfaction of the same requirements and conditions as are described above. No portion of the Landlord’s Second Additional Allowance may be applied to costs of purchasing or installing any furniture, equipment or trade fixtures. To the extent that Tenant has not substantially completed the Tenant Second Improvements and requested disbursement of the Landlord’s Second Additional Allowance within eighteen (18) months after the

 date hereof, Landlord shall have no further obligation to reimburse Tenant for any such costs incurred by Tenant. If Tenant requests that Landlord advance any or all of the Landlord’s Second Additional Allowance, then commencing on the first day of the calendar month following the disbursement of the Landlord’s Second Additional Allowance, each monthly payment of Basic Rent thereafter payable by Tenant over the then-remainder of the Term will be increased by an amount sufficient to repay the principal amount of Landlord’s Second Additional Allowance so advanced, with interest thereon at eight percent (8%) per annum, on a direct reduction basis with equal monthly payments.

Landlord has previously paid to Tenant’s architect a contribution of $2,636.00 (“Landlord’s First Plan Allowance”) toward the cost of preparing the Tenant’s plans for the First Tenant Improvements. Further, Landlord will provide a contribution (“Landlord’s Second Plan Allowance”) toward the cost of preparing plans and specifications for Second Tenant’s Improvements, which shall be equal to the lesser of (i) the actual cost of preparing such plans and specifications, or (ii) One Hundred Nine and 70/100 Dollars ($109.70). The Landlord’s Second Plan Allowance will be advanced when such plans and specifications have been approved by Landlord as required under the Lease and Tenant has submitted a receipted invoice from Tenant’s architect or engineer reflecting such costs. No portion of Landlord’s First or Second Allowance, Landlord’s First or Second Additional Allowance or Landlord’s First or Second Plan Allowance will be applied to or used for payment of Basic Rent or other costs of Tenant not specifically provided for above.

5.Rights to Lease Other Space. (a) Subject to the terms hereof, if (i) during the Term of this Lease there exists no Default of Tenant under the Lease (or any event or circumstance which, with the giving of notice or the passage of time, and the expiration of all cure rights permitted, would constitute a Default of Tenant), and (ii) Tenant shall not have assigned the Lease or sublet all or any portion of the Premises, and then actually occupies the entire Premises, and (iii) the Lease is still in full force and effect and at least three (3) years remain on the Term of the Lease (any and all of which conditions are for the benefit of, and may be waived by, Landlord), and (iv) Landlord desires to lease all or a portion of the space on the third floor of the Building (the “First Offer Space”), then Landlord shall so notify Tenant (the “ROFO Notice”, and deliver with such ROFO Notice a description of that portion (if less than all) of the First Offer Space that Landlord proposes to lease (the “Offered Space”) and all of the material terms and conditions on which Landlord is willing to so lease the Offered Space to Tenant (including without limitation the rent, any allowances and the  rentable  square footage of the Offered Space). Landlord shall not be required to give any such ROFO Notice, and Tenant shall have no rights hereunder, with respect to any space for which Tenant was given a ROFR Notice under paragraph (b) below. Tenant shall have a one-time right, which Tenant may exercise by giving Landlord notice within seven (7) days after Landlord's ROFO Notice, to irrevocably elect to lease the Offered Space on the terms and conditions set forth in Landlord’s ROFO Notice. If Tenant shall so elect to lease the Offered Space (and provided that the conditions in clauses (i) through (iii) above continue to exist at the time of execution of such lease or amendment), Landlord shall furnish a commercially reasonable draft lease or lease amendment incorporating such terms and conditions set forth in Landlord’s  ROFO Notice, and Tenant shall, within ten (10) days after receipt of such lease or amendment,

execute and deliver the same to Landlord. Once Tenant has elected to lease any Offered Space, Tenant's failure to execute and deliver such a lease or amendment shall have no effect on Tenant's obligation to lease the Offered Space, unless Landlord shall elect to nullify Tenant's election as a result of such failure. If Tenant shall fail to elect to lease any Offered Space within such 7-day period as provided herein (time being of the essence), Tenant shall have no further rights with respect to the First Offer Space (or any portion thereof) described in the specific ROFO Notice, and Landlord shall thereafter be free to lease any or all of the First Offer Space to such party or parties, on such terms as Landlord may from time to time determine. For the purposes hereof, the term “lease,” as used in the first sentence of this section shall not include any lease to a then existing tenant of the First Offer Space (or any sublessee or assignee then in possession), including without limitation any extension or replacement of an existing lease or sublease, nor shall the same include any lease to another tenant in the Building having an option to expand, a first right to lease or a right of first refusal affecting or covering the First Offer Space (or the portion thereof in question).

(b)Subject to the terms hereof, if (i) during the Term of the Lease there exists no Default of Tenant hereunder (or any event or circumstance which, with the giving of notice or the passage of time, and the expiration of all cure rights permitted, would constitute a Default of Tenant), and (ii) Tenant shall not have assigned the Lease or sublet all or any portion of the Premises, and then actually occupies the entire Premises, and (iii) the Lease is still in full force and effect and at least three (3) years remain in the Term (any and all of which conditions are for the benefit of, and may be waived by, Landlord), and (iv) Landlord shall receive a bona fide offer (the “Lease Offer”) from a third party (other than a party described in the last sentence of paragraph (a) above) to lease all or a portion of the space on the third floor of the Building (the “ROFR Space”), which Lease Offer Landlord then desires to accept, Landlord shall give Tenant notice (a “ROFR Notice”) of such Lease Offer. Tenant shall have a right of first refusal with respect to the ROFR Space specified therein on the same terms and conditions as are set forth in the Lease Offer. Landlord shall not be required to give Tenant a ROFR Notice, and Tenant shall have no rights hereunder, with respect to any space that was offered to Tenant under paragraph (a) above within the preceding twelve-month period. Tenant shall notify Landlord ("Tenant's ROFR Acceptance Notice") within the ten (10) days after the ROFR Notice if Tenant elects to lease the ROFR Space on the terms set forth in the ROFR Notice. If Tenant shall so elect to lease the ROFR Space (and provided that the conditions in clauses (i) through (iii) above continue to exist at the time of execution of such lease or amendment), Landlord shall furnish a commercially reasonable draft lease or lease amendment incorporating such terms and conditions set forth in the ROFR Notice, and Tenant shall, within ten (10) days after receipt of such lease or amendment, execute and deliver the same to Landlord. Once Tenant has elected to lease any ROFR Space, Tenant's failure to execute and deliver such a lease or amendment shall have no effect on Tenant's obligation to lease the ROFR Space, unless Landlord shall elect to nullify Tenant's election as a result of such failure. If Tenant does not timely elect to lease the ROFR Space as set forth above, then Tenant shall have no further rights with respect to the ROFR Space referenced in the specific ROFR Notice and Landlord shall have the right to enter into a lease substantially consistent with the Lease Offer.

(c)Tenant shall have no right or option to lease additional space in the Building except as expressly set forth above in this Section 5. In addition, the “Right of First Offer to Purchase” set forth in Section 13 of the Fourth Amendment to Lease is agreed to be void and without any further force or effect.

6.Option to Extend.   (a) Subject to the terms hereof, if (i) during the Term of the Lease there exists no Default of Tenant hereunder (or any event or circumstance which, with the giving of notice or the passage of time, and the expiration of all cure rights permitted, would constitute a Default of Tenant), and (ii) Tenant shall not have assigned the Lease or sublet all or any portion of the Premises, and then actually occupies the entire Premises, and (iii) the Lease is still in full force and effect (any and all of which conditions are for the benefit of, and may be waived by, Landlord), Tenant shall have the right to extend the Term of this Lease for one extended term (the "Extended Term") of five (5) years. The Extended Term shall commence on July 1, 2025, and shall end at 11:59 p.m., Boston time, on June 30, 2030. Tenant shall exercise such option to extend by giving written notice to Landlord not later than June 30, 2024. The giving of such notice by Tenant shall automatically and irrevocably extend the Term of the Lease for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, the Lease shall automatically terminate on June 30, 2025, and Tenant shall have no further option to extend the Term of this Lease, it being agreed that time shall be of the essence in the giving of such notice. The Extended Term shall be on all the terms and conditions of this Lease, except that the Annual Basic Rent for the Extended Term shall be determined pursuant to paragraph (b) hereof.

(b)The Annual Basic Rent for the first year of the Extended Term shall be the Fair Market Rental Value of the Premises (exclusive of the cost of supplying Tenant electricity), to be established as of the commencement of the Extended Term (the "Determination Date"). The term "Fair Market Rental Value" shall mean the annual fixed rent that a willing tenant would pay and a willing landlord would accept, each acting in its own best interest and without duress, in an arms-length lease of the Premises as of the Determination Date. For purposes of determining the Fair Market Rental Value, during the Extended Term, the Tenant’s Share of Operating Expenses and Taxes shall be computed using updated base years, consistent with then-prevailing market practices. If Landlord and Tenant shall fail to agree upon the Fair Market Rental Value within six (6) months before the Determination Date, then Landlord and Tenant each shall give notice (the "Determination Notice") to the other setting forth their respective determinations of the Fair Market Rental Value, and, subject to the provisions of paragraph (c) below, either party may apply to the then president of the Real Estate Finance Association of the Greater Boston Real Estate Board, or any successor thereto, for the designation of an arbitrator satisfactory to both parties to render a final determination of the Fair Market Rental Value. That there shall be only one arbitrator, who shall have had at least ten (10) years’ experience as a real estate broker or appraiser in the Natick/Speen Street/Route 30 office rental market. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall, within thirty (30) days after having been appointed, choose one of the determinations set forth in either Landlord’s or Tenant’s Determination Notice, and that choice by the arbitrator shall be binding upon Landlord and Tenant. Each party shall pay its own counsel fees and expenses, if any, in connection with any arbitration under this paragraph (b), and the parties shall share equally all other expenses and fees of any

such arbitration. The determination rendered in accordance with the provisions of this paragraph (b) shall be final and binding in fixing the Fair Market Rental Value. The arbitrator shall not have the power to add to, modify, or change any of the provisions of this Lease.

(c)In the event that the lower of the two determination of the Fair Market Rental Value is greater than ninety-five percent (95%) of the higher determination, then the Fair Market Rental Value shall not be determined by arbitration, but shall instead be set by taking the average of the determinations set forth in Landlord’s and Tenant’s Determination Notices. Only if the lower determination is ninety-five percent (95%) or less of the higher determination shall the actual determination of Fair Market Rental Value be made by an arbitrator as set forth in paragraph (b) above.

(d)If for any reason the Fair Market Rental Value shall not have been determined prior to the Determination Date, then, until the Fair Market Rental Value and, accordingly, the Annual Basic Rent, shall have been finally determined, Tenant shall pay Annual Basic Rent at the rate quoted by Landlord in Landlord’s Determination Notice. Upon final determination of the Fair Market Rental Value, an appropriate adjustment to the Annual Basic Rent theretofore paid by Tenant from and after the Determination Date shall be made reflecting such final determination, and Landlord or Tenant, as the case may be, shall promptly credit or pay, respectively, to the other any overpayment of deficiency, as the case may be, in the payment of Annual Basic Rent from the Determination Date to the date of such final determination. In no event, however, will the Annual Basic Rent for any year of the Extended Term be less than the Annual Basic Rent in effect on June 30, 2025. Following the determination of the Annual Basic Rent, if either party so desires, Landlord will prepare a reasonable confirmatory agreement to reflect the terms and conditions for the Extended Term, but the lack of any such confirmatory agreement will have no effect on the Tenant’s timely exercise of its rights hereunder or on the terms and conditions provided herein.

7.Building Services. For so long as Tenant actually occupies the Premises hereunder, Landlord will continue to operate the Building in a manner (and at a level of service) reasonably consistent with other comparable suburban “Class A” office buildings in the Metrowest office rental market, including but not limited to food service, maintenance and cleaning services.

8.Parking. As provided in the Lease, three (3) of Tenant’s Share of Parking Spaces are located in the parking garage on the Property, and (notwithstanding any provision of the Lease to the contrary) have been designated for Tenant’s use. As of the date hereof, Tenant’s garage spaces are Nos. 3, 4 and 5. Effective from and after the Second Expansion Commencement Date II, Tenant shall be provided (subject to the Rules and Regulations) the right to use one (1) additional designated Parking Space (which is expected to be space No. 6) inside the parking garage on the Property. Landlord shall be under no obligation to monitor or enforce the use of the designated spaces, and Landlord shall have the right to re-assign or relocate any or all of Tenant’s designated spaces within the garage from time to time.

9.Notices. For purposes of Section 15.11 of the Lease, Landlord’s Address is hereby changed to: c/o TA Associates Realty, 28 State Street, Boston, MA 02109, Attention: 

Framingham Asset Manager. Copies of any notices given to Landlord under the Lease shall simultaneously be given to Langer & McLaughlin, LLP, 535 Boylston Street, Boston MA 02116, Attn: TA Leasing.

10.Brokers.      Landlord and Tenant each hereby represents and warrants that it has not dealt with any real estate broker or agent in connection with the procurement of this Amendment other than Transwestern RBJ, whose commissions, if any, shall be paid by Landlord pursuant to separate agreement. Each party covenants and agrees to pay, hold harmless and indemnify the other from and against any and all cost, expense (including reasonable attorneys’ fees) or liability for any compensation, commission or charges to any broker or agent (other than the foregoing named broker) resulting from the falsity of such representation and warranty.

11.Utility Information. If electricity or other services to the Premises  are separately metered, and Tenant pays directly to the providing utility company(ies), Landlord shall have the right to require Tenant to provide Landlord with copies of bills from electricity, natural gas or similar energy providers (collectively, “Energy Providers”) that Tenant receives from Energy Providers relating to Tenant’s energy use at the Premises (“Energy Bills”) within ten (10) days after Landlord’s written request. In addition, Tenant hereby authorizes Landlord to obtain copies of the Energy Bills directly from the Energy Provider(s), and Tenant hereby authorizes each Energy Provider to provide Energy Bills and related usage information directly to Landlord without Tenant’s consent. From time to time within ten (10) days after Landlord’s request, Tenant shall execute and deliver to Landlord an agreement provided by Landlord authorizing the Energy Provider(s) to provide to Landlord Energy Bills and other information relating to Tenant’s energy usage at the Premises. Landlord acknowledges that the information provided by the Energy Providers shall be used by Landlord in connection with Landlord’s on- going energy and environmental conservation initiatives.

12.Successors.    This Amendment shall be binding upon and inure to the benefit of the parties hereto and their perspective successors and assigns, subject to the provisions of the Lease regarding assignment or other transfers of Tenant’s rights under the Lease.

13.Authority. Tenant represents and warrants that each person executing this Amendment on behalf of Tenant has the authority to do so and that such execution has fully obligated and bound Tenant to all terms and provisions of this Amendment.

14.No Further Amendment; No Presumption. It is understood and agreed that all other conditions and terms contained in the Lease not herein specifically amended shall remain unmodified and in full force and effect, and the Lease, as modified by this Amendment, is hereby ratified and confirmed. Landlord and Tenant agree and acknowledge that this Amendment has been freely negotiated by both parties and that, in any controversy, dispute or contest over the meaning, interpretation, validity or enforceability of this Amendment or any of its terms or conditions, there shall be no inference, presumption or conclusion drawn whatsoever against either party by virtue of that party having drafted this Amendment or any portion hereof.

15.Representations. As a material inducement to Landlord entering into this Amendment, Tenant represents and certifies to Landlord that as of the date hereof: (i) the Lease, as modified hereby, contains the entire agreement between the parties hereto relating to the Premises and that there are no other agreements between the parties relating to the Premises, the Lease or the Building which are not contained or referred to herein or in the Lease, (ii) Landlord is not in default in any respect in any of the terms, covenants and conditions of the Lease; (iii) Tenant has no existing setoffs, counterclaims or defenses against Landlord under the Lease; (iv) Tenant has not assigned or pledged its leasehold interest under the Lease, or sublet or licensed or granted any other occupancy rights with respect to any or all of the Premises; (v) no consent or approval of any third party or parties is required in order for Tenant to enter into and be bound by this Amendment; and (vi) Tenant is not, and the performance by Tenant of its obligations hereunder shall not render Tenant, insolvent within the meaning of the United States Bankruptcy Code, the Internal Revenue Code or any other applicable law, code or regulation.

16.Governing Law.       The Lease, this Amendment and the rights and obligations of both parties thereunder and hereunder shall be governed by the laws of The Commonwealth of Massachusetts.

17.Counterparts. This Amendment may be executed in one or more counterparts, and by different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties acknowledge and agree that this Amendment may be executed via facsimile or .pdf format (including computer-scanned or other electronic reproduction of the actual signatures) and that delivery of a facsimile or other signature by electronic or physical means shall be effective to the same extent as delivery of an original signature. Notwithstanding the foregoing, originally signed documents shall be provided upon either party’s request.

[Signature Page Follows]

Executed in one or more counterparts by persons or officers hereunto duly authorized on the date and year first above written.

LANDLORD:

	
			
	LANDLORD:
	 
	TENANT:

	 
	 
	 

	THE REALTY ASSOCIATES FUND X, L.P.,
	 
	AMERESCO, INC.

	a Delaware limited partnership
	 
	 

	 
	 
	 

	By:    Realty Associates Fund X, LLC,
	 
	 

	a Delaware limited liability company,
	 
	 

	its general partner
	 
	 

	 
	 
	 

	By: TA Realty LLC,
	 
	 

	a Massachusetts limited liability company,
	 
	By:_/s/ John Granara 

	 
	 
	Name: John Granara

	By:  /s/ Alexander Dyer
	 
	Title: Chief Financial Officer

	Name:  Alexander Dyer
	 
	 

	Title: Vice President - Regional Director
	 
	 

EXHIBIT A-1
New Premises I and II

EXHIBIT B-1
[To be revised for each New Premises]
 Form of Expansion Commencement Letter

__________________, 20__    

[Name of Contact]

RE:    [Name of Tenant]
[Premises Rentable Area and Floor] 

Dear [Name of Contact]:

Reference is made to that certain Lease, dated as of _________________________, as amended
by that  certain ____________________________ dated _____________________, 2016, between THE

REALTY ASSOCIATES FUND X L.P., as Landlord and AMERESCO, INC., as Tenant, with respect to approximately 26,359 square feet of space on the third and fourth floors of the building at 111 Speen Street, Framingham, Massachusetts.

In accordance with Section 4 of the Seventh Amendment to Lease, this is to confirm that the Expansion Commencement Date occurred on _______________, 20    __.

If the foregoing is in accordance with your understanding, would you kindly execute this letter in the space provided below, and return the same to us for execution by Landlord, whereupon it will become a binding agreement between us.

Very truly yours,

By:___________________________________
Name:
                                                        Title:

Accepted and Agreed: 
[Name of Tenant]

By: ____________ 
    Name:__________
    Title:________
    Date:_________EXHIBIT 10.1

 

ACURA PHARMACEUTICALS INC. 2016 STOCK
OPTION PLAN 

 

1. Purposes.
The Plan described herein, as amended and restated, shall be known as the “Acura Pharmaceuticals, Inc. 2016 Stock Option Plan”
(the “Plan”). The purposes of the Plan are to attract and retain the best available personnel for positions of substantial
responsibility, to provide additional incentive to Employees, Directors and Consultants of the Company or its Subsidiaries (as
defined in Section 2 below) to whom Option’s may be granted under this Plan, and to promote the success of the Company’s business.

 

Options granted hereunder
may be either “incentive stock options,” as defined in Section 422 of the Internal Revenue Code of 1986, as amended,
or “Non-ISO’s,” at the discretion of the Board and as reflected in the terms of the written option agreement.

 

The Plan is not intended
as an agreement or promise of employment. Neither the Plan, nor any Option granted pursuant to the Plan, shall confer on any person
any right to continue in the employ of the Company. The right of the Company to terminate an Employee is not limited by the Plan,
nor by any Option granted pursuant to the Plan, unless such right is specifically described by the terms of any such Option.

 

2. Definitions.
As used herein, the following definitions shall apply:

 

(a) “409A Award
Agreement” has the meaning set forth in Section 24.1.

 

(b) “Board”
shall mean the Committee, if one has been appointed, or the Board of Directors of the Company, if no Committee is appointed.

 

(c) “Change
of Control” shall mean means in one or a series of related transactions any of the following: (a) the acquisition (other
than solely from the Company) by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act) other than the Company (or any entity of which a majority of the outstanding voting stock or voting power is beneficially
owned directly or indirectly by the Company) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934 , as amended) of more than sixty-six and 2/3 percent (66.66%) of the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Voting Securities”);
(b) a reorganization, merger, consolidation, share exchange, recapitalization, business combination or similar combination involving
the Company or its capital stock (a “Business Combination”), other than a Business Combination in which more than thirty-three
and 1/3 percent (33.33%) of the combined voting power of the outstanding voting securities of the surviving or resulting entity
immediately following the Business Combination is held by the persons who, immediately prior to the Business Combination, were
the holders of the Voting Securities; (c) a sale or other transfer (other than license) of all or substantially all of the Company’s
assets (measured by the value or earning power of the assets), including, without limitation, the sale by the Company of its rights
under license agreements or similar agreements relating to its technology (including the sale of royalty payment amounts payable
to the Company or its shareholders under such agreements); (d) the license or similar agreement by the Company to a third party
or third parties, in one or more transactions, of all rights in and to the Company’s technology and, as a result of such
transactions, all or substantially all of the Company’s activities consist of monitoring such arrangements and collecting
fees and payments due thereunder; or (e) a complete liquidation or dissolution of the Company.

 

(d) “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(e) “Committee”
shall mean the Committee appointed under Section 4(a) hereof.

 

(f) “Common
Stock” shall mean the Common Stock, $.01 par value, of the Company.

 

(g) “Company”
shall mean Acura Pharmaceuticals, Inc., a New York corporation.

 

    	 	Page 1 of 11	 

     

    

 

(h) “Continuous
Service or Continuous Status as an Employee” shall mean the absence of any interruption or termination of service as an
Employee. Continuous Status as an Employee shall not be considered interrupted in the case of sick leave, military leave, or any
other leave of absence approved by the Board.

 

(i) “Director”
shall mean any person serving on the Board of Directors.

 

(j) “Employee”
shall mean any person, including officers, employed by the Company or any Parent or Subsidiary of the Company. The payment of a
Director’s fee by the Company shall not be sufficient to constitute “employment” by the Company.

 

(k) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(l) “Fair Market
Value” shall mean (i) the closing price for a share of the Common Stock on the exchange or quotation system which reports
or quotes the closing prices for a share of the Common Stock, as accurately reported for any date (or, if no shares of Common Stock
are traded on such date, for the immediately preceding date on which shares of Common Stock were traded) in The Wall Street Journal
(or if The Wall Street Journal no longer reports such price, in such other reliable publication (electronic or otherwise) as the
Board may select in its discretion or (ii) if no such price quotation is available, the price which the Committee acting in good
faith determines through any reasonable valuation method that a share of Common Stock might change hands between a willing buyer
and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant
facts (provided that such valuation method complies with Treas. Regulation 1.409A-1(b)(5)(iv), or any successor regulation).

 

(m) “Incentive
Stock Option” shall mean an Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code.

 

(n) “Non-ISO”
shall mean an Option to purchase stock which is not intended by the Committee to satisfy the requirements of Section 422 of the
Code. A Non-ISO” shall also mean a non-qualified stock option.

 

(o) “Option”
shall mean a stock option granted pursuant to the Plan.

 

(p) “Optioned
Stock” shall mean the Common Stock subject to an Option.

 

(q) “Optionee”
shall mean an Employee, Director or Consultant who receives an Option.

 

(r) “Parent”
shall mean a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

(s) “Plan”
shall mean this Acura Pharmaceuticals, Inc. 2016 Stock Option Plan, as amended from time to time.

 

(t) “Rule 16b-3”
shall mean Rule 16b-3 of the General Rules and Regulations under the Exchange Act.

 

(u) “Section
409A Award” has the meaning set forth in Section 24.1.

 

(v) “Share”
shall mean a share of the Common Stock, as adjusted in accordance with Section 11 of the Plan.

 

(w) “Subsidiary”
shall mean a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

    	 	Page 2 of 11	 

     

    

 

(x) “Ten Percent
Shareholder” shall mean a person who owns (after taking into account the attribution rules of Section 424(d) of the Code)
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, or a Subsidiary.

 

3. Stock
Authorized.

 

Subject to the provisions
of Section 11 of the Plan, the maximum aggregate number of shares which may be Optioned and sold under the Plan is 600,000 shares
of authorized, but unissued, or reacquired Common Stock. The maximum number of shares underlying Incentive Stock Options which
may be Optioned under the Plan is 600,000. The maximum number of shares which may be subject to Options granted to any one person
in any calendar year (including at fair market value on the date of grant) shall not exceed 60,000 shares (subject to adjustment
under Section 11 hereof consistent with Section 162(m) of the Code). If the shares that would be issued or transferred pursuant
to any Options are not issued or transferred and ceased to be issuable or transferable for any reason, the number of shares subject
to such Option will no longer be charged against a limitation provided for herein and may again be subject to Options. Notwithstanding
the proceeding sentence, with respect to any Option granted to any individual who is a “covered employee” within the
meaning of Section 162(m) of the Code that is cancelled, the number of shares subject to such Option shall continue to count against
the maximum number of shares which may be the subject of Options granted to such individual. For purposes of the preceding sentence
if, after grant, the exercise price of an Option is reduced, such reduction shall be treated as a cancellation of such Option and
the grant of a new Option, and both the cancellation of the Option and the new Option shall reduce the maximum number of shares
for which Options may be granted to the holder of such Option in a calendar year.

 

If an Option should
expire or become unexercisable for any reason without having been exercised in full, the unpurchased Shares which were subject
thereto shall, unless the Plan shall have been terminated, become available for further grant under the Plan.

 

4. Administration.

 

(a) Procedure.
The Company’s Board of Directors may appoint a Committee to administer the Plan which shall be constituted so as to permit the
Plan to continue to comply with Rule 16b-3, as currently in effect or as hereafter modified or amended. The Committee appointed
by the Board of Directors shall consist of not less than two members of the Board of Directors, to administer the Plan on behalf
of the Board of Directors, subject to such terms and conditions as the Board of Directors may prescribe. Once appointed, the Committee
shall continue to serve until otherwise directed by the Board of Directors. From time to time, the Board of Directors may increase
the size of the Committee and appoint additional members thereof, remove members (with or without cause), and appoint new members
in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer
the Plan; provided, however, that at no time shall a Committee of less than two members administer the Plan. Subject to the provisions
of the Plan, the Committee shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations
relating to the Plan and to make all other determinations necessary or advisable for the administration of the Plan. Notwithstanding
anything to the contrary contained herein, no member of the Committee shall serve as such under this Plan unless such person is
a “Non-Employee Director” within the meaning of Rule 16b-3(b)(3)(i) of the Exchange Act. A majority vote of the members
of the Committee shall be required for all of its actions.

 

A majority of the entire
Committee shall constitute a quorum, and the action of the majority of the Committee members present at any meeting at which a
quorum is present shall be the action of the Committee. All decisions, determinations, and interpretations of the Committee shall
be final and conclusive on all persons affected thereby and shall, as to Incentive Stock Options, be consistent with Section 422
of the Code. The Committee shall have all of the powers and duties set forth herein, as well as such additional powers and duties
as the Board of Directors may delegate to it; provided, however, that the Board of Directors expressly retains the right in its
sole discretion (i) to elect and to replace the members of the Committee, and (ii) to terminate or amend this Plan in any manner
consistent with applicable law.

 

    	 	Page 3 of 11	 

     

    

 

(b) Powers of the
Committee. Subject to the provisions of the Plan, the Committee shall have the authority, in its discretion: (i) to grant Incentive
Stock Options, in accordance with Section 422 of the Code, or to grant Non-ISO’s; (ii) to determine the Fair Market Value of the
Common Stock; (iii) to determine the exercise price per share of Options to be granted which exercise price shall be determined
in accordance with Section 8 of the Plan; (iv) to determine the persons to whom (including, without limitation, members of the
Committee) and the time or times at which, Options shall be granted and the number of Shares to be represented by each Option;
(v) to interpret the Plan; (vi) to prescribe, amend and rescind rules and regulations relating to the Plan; (vii) to determine
the terms and provisions of each Option granted (which need not be identical) and, with the consent of the holder thereof, modify
or amend each Option; (viii) to accelerate or defer (with the consent of the Optionee) the exercise date of any Option; (ix) to
authorize any person to execute on behalf of the Company any instrument required to effectuate the grant of an Option previously
granted by the Board; and (x) to make all other determinations deemed necessary or advisable for the administration of the Plan.

 

(c) Subject to the
provisions of this Plan and compliance with Rule 16b-3 of the Exchange Act, the Committee may grant options under this Plan to
members of the Company’s Board of Directors, including members of the Committee, and in such regard may determine:

 

(i) the time at which any such
Option shall be granted;

 

(ii) the
number of Shares covered by any such Option;

 

(iii) the
time or times at which, or the period during which, any such Option may be exercised or whether it may be exercised in whole or
in installments;

 

(iv) the
provisions of the agreement relating to any such Option; and

 

(v) the Option
Price of Shares subject to an Option granted such Board member.

 

(d) Effect of the
Committee’s Decision. All decisions, determinations and interpretations of the Committee shall be final and binding on all
Optionees and any other holders of any Options granted under the Plan.

 

5. Eligibility.
Incentive Stock Options may be granted only to Employees. Non-ISO’s may be granted to Employees as well as non-employee Directors
and Consultants of the Company as determined by the Board or any Committee. Any person who has been granted an Option may, if he
is otherwise eligible, be granted an additional Option or Options.

 

Each grant of an Option
shall be evidenced by an Option agreement, and each Option agreement shall (1) specify whether the Option is an Incentive Stock
Option or a Non-ISO and (2) incorporate such other terms and conditions as the Committee acting in its absolute discretion deems
consistent with the terms of this Plan, including, without limitation, a restriction on the number of shares of stock subject to
the Option which first become exercisable during any calendar year.

 

To the extent that
the aggregate Fair Market Value of the stock of the Company subject to Incentive Stock Options granted (determined as of the date
such an Incentive Stock Option is granted) which first become exercisable in any calendar year exceeds $100,000, such Options shall
be treated as Non-ISO’s. This $100,000 limitation shall be administered in accordance with the rules under Section 422(d) of the
Code.

 

6. Effective Date
and Term of Plan. The effective date of this Plan (“Effective Date”) shall be the date it is adopted by the Board,
provided the shareholders of the Company (acting at a duly called meeting of such shareholders or by the written consent of shareholders)
approve this Plan within twelve (12) months after such Effective Date. The effectiveness of Options granted under this Plan prior
to the date such shareholder approval is obtained shall be contingent on such shareholder approval.

 

    	 	Page 4 of 11	 

     

    

 

Subject to the provisions
of Section 13 hereof, no Option shall be granted under this Plan on or after the earlier of

 

(1) the tenth
anniversary of the Effective Date of this Plan in which event the Plan otherwise thereafter shall continue in effect until all
outstanding Options shall have been surrendered or exercised in full or no longer are exercisable, or

 

(2) the date
on which all of the Common Stock reserved for issuance under Section 3 of this Plan has (as a result of the exercise or expiration
of Options granted under this Plan) been issued or no longer is available for use under this Plan, in which event the Plan also
shall terminate on such date.

 

7. Term of Option.
An Option shall expire on the date specified in such Option, which date shall not be later than the tenth anniversary of the date
on which the Option was granted, except that, if any Employee, at any time an Incentive Stock Option is granted to him or her,
owns stock representing more than ten percent (10%) of the total combined voting power of all classes of Common Stock (or, under
Section 424(d) of the Code is deemed to own stock representing more than ten percent (10%) of the total combined voting power of
all such classes of Common Stock, by reason of the ownership of such classes of stock, directly or indirectly, by or for any brother,
sister, spouse, ancestor or lineal descendant of such Employee, or by or for any corporation, partnership, state or trust of which
such Employee is a shareholder, partner or beneficiary), the Incentive Stock Option granted him or her shall not be exercisable
after the expiration of five (5) years from the date of grant or such earlier expiration as provided in the particular Option agreement.

 

8. Exercise
Price and Consideration.

 

(a) The per Share exercise
price for the Shares to be issued pursuant to exercise of an Option shall be such price as is determined by the Board, but shall
be subject to the following:

 

(i) In the case of an
Incentive Stock Option

 

(A) granted
to an Employee who, immediately before the grant of such Incentive Stock Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall
be no less than 110% of the Fair Market Value per Share on the date of grant.

(B) granted
to any Employee, the per share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.

 

(ii) In the case of
a Non-ISO, the per share exercise price shall be determined by the Board on the date of grant.

 

(b) The consideration
to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the
Board and may consist entirely of

 

(i) cash;

 

(ii) check;

 

(iii) subject to section
402 of the Sarbanes-Oxley Act of 2002 as amended from time to time and subject to such
terms and conditions as the Committee may impose, promissory note, provided such promissory note shall be full recourse as to principal
and interest and shall bear interest at the market rate, which market rate shall be equal to the rate of interest available to
the Optionee in a third party arms-length loan transaction of similar nature and amount;

 

    	 	Page 5 of 11	 

     

    

 

(iv) Shares of Common
Stock having been held by the Optionee for at least six (6) months prior to being surrendered as consideration for the Shares to
be issued upon exercise of an Option and having a Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which said Option shall be exercised, or any combination of such methods of payment; or

 

(v) such other consideration
and method of payment for the issuance of Shares to the extent permitted under New York law.

 

(c) Without limiting
Section 8(b), the Option may be exercised though net exercise, together with other forms of acceptable consideration, such that
the number of Shares of Common Stock issued upon the exercise will be reduced by the largest number of whole Shares that has a
Fair Market Value on the date of exercise that does not exceed the aggregate exercise price (less the exercise price paid, if any,
with other acceptable forms of consideration) as a result of such exercise.

 

(d) The Company has
the right to require the Optionee upon the exercise of an Option to pay to the Company the amount of any federal, state and local
taxes which the Company is required to withhold upon the exercise of the Option. In lieu of requiring cash payment of any such
taxes, the Company shall, in its discretion or at the Optionee’s request, instead withhold from the Shares of Common Stock
to be issued under the Option a number of Shares of Common Stock whose value is equal to the amount of such taxes. Valuation for
this purpose shall be the Fair Market Value on the date of exercise.

 

9. Exercise
of Option. 

 

(a) Procedure for
Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times and under such conditions
as determined by the Committee, including performance criteria with respect to the Company and/or the Optionee, and as shall be
permissible under the terms of the Plan.

 

An Option may not be
exercised for a fraction of a Share.

 

An Option shall be
deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option
by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is exercised has
been received by the Company. Full payment may, as authorized by the Board, consist of any consideration and method of payment
allowable under Section 8(b) or 8(c) of the Plan. Until the issuance, which in no event will be delayed more than thirty (30) days
from the date of the exercise of the Option, (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other
rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except
as provided in the Plan.

 

Exercise of an Option
in any manner shall result in a decrease in the number of Shares which thereafter may be available, both for purposes of the Plan
and for sale under the Option, by the number of Shares as to which the Option is exercised.

 

(b) Termination
of Status as an Employee, or Director or Consultant with Respect to Non-ISO’s. Non-ISO’s granted pursuant to the Plan may be
exercised notwithstanding the termination of the Optionee’s status as an employee, a non-employee Director or a Consultant, except
as provided in the Plan or as provided by the terms of the Option agreement.

 

(c) Termination
of Service as an Employee with Respect to Incentive Stock Options. If the Continuous Service of any Employee terminates, he
or she may, but only within thirty (30) days (or such other period of time not exceeding three (3) months as is determined by the
Committee) after the date he or she ceases to be an Employee of the Company, exercise his or her Incentive Stock Option to the
extent that he or she was entitled to exercise it as of the date of such termination. To the extent that he or she was not entitled
to exercise the Incentive Stock Option at the date of such termination, or if he or she does not exercise such Option (which he
or she was entitled to exercise) within the time specified herein, the Option shall terminate.

 

    	 	Page 6 of 11	 

     

    

 

(d) Disability of
Optionee. Notwithstanding the provisions of Section 9(c) above, subject to Section 24 hereof, in the event an Employee is unable
to continue his or her Continued Service with the Company as a result of his or her total and permanent disability (within the
meaning of Section 22(e)(3) of the Code), he or she may, but only within three (3) months (or such other period of time not exceeding
twelve (12) months as is determined by the Committee) from the date of disability, exercise his or her Option to the extent he
or she was entitled to exercise it at the date of such disability. To the extent that he or she was not entitled to exercise the
Option at the date of disability, or if he or she does not exercise such Option (which he or she was entitled to exercise) within
the time specified herein, the Option shall terminate.

 

(e) Death of Optionee.
In the event of the death of an Optionee:

 

(i) during
the term of the Option who is at the time of his or her death an Employee of the Company and who shall have been in Continuous
Status as an Employee, a Director or Consultant since the date of grant of the Option, the Option may be exercised, subject to
Section 24 hereof, at any time within twelve (12) months following the date of death, by the Optionee’s estate or by a person who
acquired the right to exercise the Option by bequest or inheritance, but only to the extent of the right to exercise that would
have accrued had the Optionee continued living one (1) month after the date of death; or

 

(ii) within
thirty (30) days (or such other period of time not exceeding three (3) months as is determined by the Committee) after the termination
of Continuous Status as an Employee, a Director or Consultant, subject to Section 24 hereof, the Option may be exercised, at any
time within three (3) months following the date of death, by the Optionee’s estate or by a person who acquired the right to exercise
the Option by bequest or inheritance, but only to the extent of the right to exercise that had accrued at the date of termination;
except in the case of a Non-ISO, as otherwise provided in any option agreement between the Company and the Optionee.

 

10. Transferability
of Options. 

 

(a) Incentive Stock
Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the
laws of descent or distribution and may be exercised, during the life time of the Optionee only by the Optionee.

 

(b) Non-ISOs may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent
or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee; provided that the Board, in its
sole discretion, may permit limited transferability, from time to time, on a general or specific basis, and may impose conditions
and limitations on any permitted transferability. Following transfer, any such Options shall continue to be subject to the same
terms and conditions as were applicable immediately prior to transfer, provided that for purposes of determining the rights of
exercise under the Option, the term “Optionee” shall be deemed to refer to the transferee. The termination of service
as an employee, non-employee director or consultant shall continue to be applied with respect to the original Optionee, following
which the options shall be exercisable by the transferee only to the extent, and for the periods specified in Section 9 of the
Plan and in the Option agreement.

 

11. Adjustments
upon Changes in Capitalization or Merger. Subject to any required action by the shareholders of the Company, the number of
shares of Common Stock covered by each outstanding Option, and the number of shares of Common Stock which have been authorized
for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan upon cancellation
or expiration of an Option, as well as the price per share of Common Stock covered by each such outstanding Option, shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split or the payment
of a stock dividend with respect to the Common Stock or any other increase or decrease in the number of issued shares of Common
Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities
of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be
made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein,
no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the number or exercise price of shares of Common Stock
subject to an Option.

 

    	 	Page 7 of 11	 

     

    

 

In the event of a Change
of Control, the proposed dissolution or liquidation of the Company, or in the event of a proposed sale of all or substantially
all of the assets of the Company, or the merger of the Company, the Board may, in the exercise of its sole discretion in such instances,
accelerate the vesting of all or any portion of Options then outstanding.

 

In the event of a Change
in Control, the Board may in its discretion and upon at least 10 days’ advance notice to the affected persons, cancel any outstanding
Options and pay to the holders thereof, in cash or stock, or any combination thereof, the value of such Options based upon the
price per share of Common Stock received or to be received by other shareholders of the Company in the Change of Control transaction.
In the case of any Option with an exercise price that equals or exceeds the price paid for a share of Common Stock in connection
with the Change in Control transaction, the Committee may cancel the Option without consideration therefor.

 

12. Time for Granting
Options. The date of grant of an Option shall, for all purposes, be the date on which the Board makes the determination granting
such Option. Notice of the determination shall be given to each Employee, non-employee Director and Consultant to whom an Option
is so granted within a reasonable time after the date of such grant.

 

13. Amendment and
Termination of the Plan. (a) The Board may amend or terminate the Plan from time to time in such respects as the Board may
deem advisable; provided that, the following revisions or amendments shall require approval of the holders of a majority of the
outstanding shares of the Company entitled to vote:

 

(i) any increase
in the number of Shares subject to the Plan, other than in connection with an adjustment under Section 11 of the Plan;

 

(ii) any
change in the class of Employees which are eligible participants for Options under the Plan; or

 

(iii) if
shareholder approval of such amendment is required for continued compliance with Rule 16b-3.

 

(b) Shareholder
Approval. Any amendment requiring shareholder approval under Section 13(a) of the Plan shall be solicited as described in Section
17 of the Plan.

 

(c) Effect of Amendment
or Termination. Any such amendment or termination of the Plan shall not affect Options already granted and such Options shall
remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between the
Optionee and the Board, which agreement must be in writing and signed by the Optionee and the Company.

 

14. Conditions upon
Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and
the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel
for the Company with respect to such compliance.

 

    	 	Page 8 of 11	 

     

    

 

As a condition to the
exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such
exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares
if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions
of law.

 

15. Reservation
of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as
shall be sufficient to satisfy the requirements of the Plan.

 

16. Option Agreement.
Options shall be evidenced by written Option agreements in such form as the Committee shall approve.

 

17. Shareholder
Approval. This Plan shall not be effective until approved by the affirmative vote of the holders of a majority of the votes
cast at a meeting of shareholders entitled to vote thereon, where a quorum is present. The approval of such shareholders of the
Company shall be (1) solicited substantially in accordance with Section 14(a) of the Exchange Act and the rules and regulations
promulgated thereunder, or (2) solicited after the Company has furnished in writing to the holders entitled to vote substantially
the same information concerning the Plan as that which would be required by the rules and regulations in effect under Section 14(a)
of the Exchange Act at the time such information is furnished.

 

18. Miscellaneous
Provisions. An Optionee shall have no rights as a shareholder with respect to any Shares covered by his Option until the date
of the issuance of a stock certificate to him for such shares.

 

19. Other Provisions.
The stock option agreement authorized under the Plan shall contain such other provisions, including, without limitation, restrictions
upon the exercise of the Option, as the Committee shall deem advisable. Any such stock option agreement shall contain such limitations
and restrictions upon the exercise of the Option as shall be necessary in order that such option will be an Incentive Stock Option
as defined in Section 422 of the Code if an Incentive Stock Option is intended to be granted.

 

20. Indemnification
of Committee. In addition to such other rights of indemnification as they may have as Directors or as members of the Committee,
the members of the Committee shall be indemnified by the Company against the reasonable expenses, including attorneys’ fees actually
and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein,
to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan
or any Option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or
proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Board member
is liable for negligence or misconduct in the performance of his duties; provided that within sixty (60) days after institution
of any such action, suit or proceeding a Board member shall in writing offer the Company the opportunity, at its own expense, to
handle and defend the same.

 

21. Application
of Funds. The proceeds received by the Company from the sale of Common Stock pursuant to Options will be used for general corporate
purposes.

 

22. No Obligation
to Exercise Option. The granting of an Option shall impose no obligation upon the Optionee to exercise such Option.

 

23. Other Compensation
Plans. The adoption of the Plan shall not affect any other stock option or incentive or other compensation plans in effect
for the Company or any Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of incentive or other
compensation for employees and Directors of the Company or any Subsidiary.

 

    	 	Page 9 of 11	 

     

    

 

24. Compliance with Section 409A of
the Code

 

24.1. Options Subject
to Code Section 409A. Notwithstanding anything to the contrary contained in the Plan, any Option that constitutes, or
provides for, a deferral of compensation subject to Section 409A of the Code (a “Section 409A Award”) shall satisfy the
requirements of Section 409A of the Code and this Section 24, to the extent applicable. The Option agreement with respect to a
Section 409A Award (the “409A Award Agreement”) shall incorporate the terms and conditions required by Section 409A of
the Code and this Section 24.

 

24.2. Distributions
under a Section 409A Award.

 

(a) Subject to subsection
(b), any shares of Common Stock, cash or other property or amounts to be paid or distributed upon the grant, issuance, vesting,
exercise or payment of a Section 409A Award shall be distributed in accordance with the requirements of Section 409A(a)(2) of the
Code, and shall not be distributed earlier than:

 

(i)          the
Optionee’s separation from service,

 

(ii)         the
date the Optionee becomes disabled,

 

(iii)         the Optionee’s
death,

 

(iv)        a
specified time (or pursuant to a fixed schedule) specified under the 409A Award Agreement at the date of the deferral of such compensation,

 

(v)         to
the extent provided by the Secretary of the Treasury, a change in the ownership or effective control of the Company or a Subsidiary,
or in the ownership of a substantial portion of the assets of the Company or a Subsidiary, or

 

(vi)        the
occurrence of an unforeseeable emergency with respect to the Optionee.

 

(b)          In
the case of an Optionee who is a specified employee, the requirement of paragraph (a)(i) shall be met only if the distributions
with respect to the Section 409A Award may not be made before the expiration of the applicable holding period under Section 409A,
if any, after the Optionee’s separation from service (or, if earlier, the date of the Optionee’s death). For purposes of this subsection
(b), an Optionee shall be a specified employee if such Optionee is a key employee (as defined in Section 416(i) of the Code without
regard to paragraph (5) thereof) of a corporation any stock of which is publicly traded on an established securities market or
otherwise, as determined under Section 409A(a)(2)(B)(i) of the Code and the Treasury Regulations thereunder.

 

(c)          The
requirement of paragraph (a)(vi) shall be met only if, as determined under Treasury Regulations under Section 409A(a)(2)(B)(ii)
of the Code, the amounts distributed with respect to the unforeseeable emergency do not exceed the amounts necessary to satisfy
such unforeseeable emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after
taking into account the extent to which such unforeseeable emergency is or may be relieved through reimbursement or compensation
by insurance or otherwise or by liquidation of the Optionee’s assets (to the extent the liquidation of such assets would not itself
cause severe financial hardship).

 

(d)          For
purposes of this Section 24, the terms specified herein shall have the respective meanings ascribed thereto under Section 409A
of the Code and the Treasury Regulations thereunder.

 

24.3. Prohibition
on Acceleration of Benefits. The time or schedule of any distribution or payment of any shares of Common Stock, cash or other
property or amounts under a Section 409A Award shall not be accelerated, except as otherwise permitted under Section 409A(a)(3)
of the Code and the Treasury Regulations thereunder.

 

    	 	Page 10 of 11	 

     

    

 

24.4. Compliance
in Form and Operation. A Section 409A Award, and any election under or with respect to
such Section 409A Award, shall comply in form and operation with the requirements of Section 409A of the Code and the Treasury
Regulations thereunder.

 

25. Clawback.
Notwithstanding any other provision in this Plan, any Option which is subject to recovery under any law, government regulation
or stock exchange listing requirement, will be subject to such deductions and clawbacks as may be required to be made pursuant
to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to such
law, government regulation or stock exchange listing requirement).

 

26. Singular, Plural;
Gender. Whenever used herein, nouns in the singular shall include the plural, and the masculine pronoun shall include the feminine
gender.

 

27. Headings, Etc.,
No Part of Plan. Headings of Articles and Sections hereof are inserted for convenience and reference; they constitute no part
of the Plan.

 

28. Governing Law.
The Plan shall be governed by and construed in accordance with the laws of the State of New York, except to the extent preempted
by Federal law. The Plan is intended to comply with Rule 16b-3. Any provisions inconsistent with Rule 16b-3 shall be inoperative
and shall not affect the validity of the Plan, unless the Board of Directors shall expressly resolve that the Plan is no longer
intended to comply with Rule 16b-3.

 

Dated: April 28, 2016

 

    	 	Page 11 of 11

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