Document:

Exhibit 10.63

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement (this
“Agreement”) is entered into between PharmAthene, Inc., a Delaware corporation (the “Company”),
and Clifford J. Stocks (“Executive”). This Agreement is effective as of the day of the closing (the “Closing”)
of the merger by and between the Company and Theraclone Sciences, Inc., a Delaware corporation, and certain other parties, (the
“Merger”) pursuant to that Agreement and Plan of Merger Dated July 31, 2013 (the “Effective Date”).
In the event the Merger is not consummated, this Agreement shall be of no force and effect.

 

1.POSITION
AND DUTIES

 

Executive will serve as the Company’s
President and Chief Executive Officer (“CEO”) and will report to the Company’s Board of Directors (the
“Board”), and will be based in Seattle, Washington. Executive will have overall operating responsibility for
the day-to-day management of the Company and will render such business and professional services in the performance of his duties,
consistent with Executive’s position, as shall reasonably be assigned to him by the Board.

 

2.MEMBERSHIP
ON BOARD

 

Executive will be promptly elected to the
Board upon the Closing, and as long as Executive serves as CEO, the Company will nominate Executive for election and/or reelection
as a member of the Board whenever his term is scheduled to expire. Executive may be removed from the Board in accordance with applicable
law and the Company’s Bylaws. Upon any termination of employment of Executive with the Company, Executive agrees to resign
from the Board upon the date of Executive’s termination of employment.

 

3.EXCLUSIVE
SERVICE

 

Executive will devote his full working time
and attention to the business of the Company and will not directly or indirectly, engage or participate in any business that is
competitive in any manner with the business of the Company; provided, however, that Executive may continue to serve on the advisory
boards on which he presently serves, all of which have been disclosed to the Company, and may serve on additional boards (whether
advisory or boards of directors) with the prior approval of the Board, such to not be unreasonably withheld. Executive will also
be expected to comply with and be bound by the Company’s operating policies, procedures and practices that are from time
to time in effect during the term of his employment. Executive’s service on the boards of directors of other companies will
be subject to the same review and approval process that applies to other members of the Board. Executive will not render other
services to any for-profit business other than the Company without the prior approval of the Board. It is understood that the Board
may deny approval for any reason that it deems in the best interests of the Company, including the desire to have Executive not
take on additional time commitments.

 

4.At-will
EMPLOYMENT

 

Executive and the Company understand and
acknowledge that Executive’s employment with the Company constitutes “at-will” employment, and the employment
relationship may be terminated at any time, with or without cause and with or without notice. Executive agrees to resign from all
positions that he holds with the Company, including, without limitation, his position as a member of the Board immediately following
the termination of his employment, if the Board so requests. Upon the Board’s request, Executive shall execute any and all
documents reasonably required to give effect to any such terminations.

 

    	 

    	 

    

 

5.COMPENSATION
AND BENEFITS

 

5.1Base Salary. While
employed by the Company pursuant to this Agreement, the Company shall pay Executive an annual base salary for fiscal year 2014
of $440,000 (the “Base Salary”), payable in accordance with the Company’s normal payroll practices. From
the Effective Date through December 31, 2013 the Company will continue to pay Executive a base salary of $379,600.00. The Base
Salary will be reviewed annually by the Compensation Committee of the Board. Any changes thereto shall be determined by the Company
in its sole and absolute discretion. Except as specifically set forth in this Section 5.1, the term “Base Salary” as
used in this Agreement means the base salary of Executive immediately preceding Executive’s Termination Date.

 

5.2Incentive Compensation
Target Bonus. Executive will be eligible to receive an annual objective-based incentive bonus (“Target Bonus”)
based on criteria established by the Board. For the 2014 fiscal year of Executive’s employment and subsequent fiscal years,
Executive’s Target Bonus will be up to fifty percent (50%) of Executive’s then-current Base Salary. The Target Bonus
will be reviewed annually by the Compensation Committee of the Board. The bonus will be paid as soon as reasonably practicable
after the fiscal-year end but no later than the Section 409A short-term deferral period under Treasury Regulation 1.409-1(b)(4).
Except as otherwise provided for herein, Executive must be employed with the Company on the date the Target Bonus is paid. The
corporate objectives bonus target for 2013 shall remain at thirty-five percent (35%).

 

5.3Employee Benefits.
Executive shall be eligible to participate in all employee benefit plans and arrangements, including, but not limited to, medical,
dental, vision and long-term disability insurance benefits and arrangements, as are made available by the Company to its other
senior executives, subject to the terms and conditions thereof.

 

5.4Vacation. Executive
will be entitled to four weeks paid vacation (in addition to Company holidays) pursuant to the terms of the Company’s vacation
policy as may exist from time to time.

 

5.5Expenses. The Company
will, in accordance with applicable Company policies and guidelines, reimburse Executive for all reasonable and necessary expenses
incurred by Executive in connection with his performance of services on behalf of the Company.

 

6.EQUITY
GRANTS

 

6.1Equity Grants. The
Company will recommend to the Board that Executive be granted options under the Company’s 2007 Long Term Incentive Compensation
Plan (the “Plan”) to purchase 903,666 shares (which, for the avoidance of doubt, is intended to constitute
0.75% of the fully-diluted shares of the Company as measured as of immediately following the Closing of the Merger) of the Company’s
common stock (the “Options”) with an exercise price equal to the closing price of the Company’s common
stock on the date of grant. It is expected that the Option grant will occur on the day of the Closing (the “Grant Date”).
The Options will vest over four (4) years in equal installments on each of forty-eight (48) monthly anniversaries of the Grant
Date and become exercisable on each monthly anniversary date of the Grant Date, such vesting to be subject to Executive’s
continued employment with the Company. Notwithstanding the foregoing, in the event of certain separations from service from the
Company, the vesting of the Options will be accelerated as set forth in Section 7.

 

6.2Additional Equity.
Executive will be eligible to receive additional equity grants pursuant to a compensation program or plan that the Board (or the
Compensation Committee of the Board) may establish in the future.

 

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6.3Options Generally.
The options to be granted pursuant to Section 6.1 will have a term of ten (10) years from the date of grant, and will be granted
as an “Incentive Stock Option” to the maximum extent permitted by law.

 

7.TERMINATION
BENEFITS

 

7.1Prior Obligations.
In the event that Executive’s employment terminates for any reason, whether voluntary or involuntary, Executive shall be
entitled to the benefits under this Section 7.1:

 

7.1.1Accrued Salary and Vacation.
A lump sum payment of all salary and accrued but unused vacation earned through the Termination Date.

 

7.1.2Expense Reimbursement.
Upon submission of proper expense reports by Executive, the Company shall reimburse Executive for all expenses incurred by Executive,
consistent with past practices, in connection with the business of the Company prior to Executive’s Termination Date.

 

7.1.3Employee Benefits.
Benefits, if any, under any 401(k) plan, nonqualified deferred compensation plan, employee stock purchase plan and other Company
benefit plans under which Executive may be entitled to benefits, subject to and payable pursuant to the terms of such plans.

 

7.2Termination in Absence
of a Change of Control. Subject to Section 7.4 and provided that (i) Executive executes a binding Termination Release Agreement
in a form specified by the Company within sixty (60) days from his Termination Date as set forth therein and (ii) Executive resigns
his position as a member of the Board, in the event of Executive’s Termination in the Absence of a Change of Control, in
addition to the benefits provided under Section 7.1 of this Agreement, Executive shall be entitled to the following benefits:

 

7.2.1Executive shall receive
an amount equal to twelve (12) months of Executive’s Base Salary, payable in one lump sum (the “Severance
Amount”).

 

7.2.2The Company will reimburse
Executive for monthly premiums paid for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985 (“COBRA”) for a period of twelve (12) months after Executive’s Termination Date, provided Executive
timely elects COBRA continuation coverage. Such premium reimbursement shall cease on the date that Executive becomes covered under
another group health plan. Notwithstanding the foregoing, if the Company determines in its sole discretion that it cannot provide
the COBRA benefits described herein without violating applicable law (including, without limitation, Section 2716 of the Public
Health Service Act), the Company shall in lieu thereof provide Executive a lump sum payment in an amount equal to the monthly COBRA
premium that Executive would be required to pay to continue group health coverage for a period of up to twelve (12) months, which
payment shall be made regardless of whether Executive elects COBRA continuation coverage.

 

7.2.3Executive will receive accelerated
vesting of any outstanding Equity Awards (including, for the avoidance of doubt, the Options, future Equity Awards and the stock
options carried over from Theraclone Sciences, Inc. that were exchanged for PharmAthene options pursuant to the Merger) as to twenty-five
percent (25%) of the total number of shares subject to outstanding Equity Awards. Notwithstanding the provisions of this Section
7.2.3, the Board may in its sole discretion provide for additional vesting of the Options or other past or future equity awards
made to Executive upon termination under this Section 7.2.

 

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7.3Additional Benefits on
Termination Upon Change of Control. Subject to Section 7.4 and provided (i) Executive executes a binding Termination Release
Agreement in a form specified by the Company within sixty (60) days from his Termination Date as set forth therein and (ii) Executive
resigns his position as a member of the Board, in the event of Executive’s Termination Upon a Change of Control, in addition
to the benefits provided under Section 7.1 of this Agreement (and in place of the benefits provided under Section 7.2 (except as
set forth below in 7.3.2) of this Agreement), Executive shall be entitled to the following benefits:

 

7.3.1Executive shall receive an
amount equal to the Severance Amount (but in any event the Severance Amount shall not be less than twelve (12) months of Executive’s
Base Salary), payable in one lump sum.

 

7.3.2The payment set forth above
in Section 7.2.2.

 

7.3.3Executive will receive accelerated
vesting of 100% of the unvested portion of any and all of Executive’s outstanding Equity Awards (including, for the avoidance
of doubt, the Options, the Annual Options, the options carried over from Theraclone Sciences, Inc. that were exchanged for PharmAthene
options pursuant to the Merger and any future Equity Awards made to Executive).

 

7.3.4Transition Services for
Termination Upon Change of Control. As a condition to receipt of the benefits provided pursuant to this Section 7.3, Executive
agrees to provide services to the Company (and any Successor) following the Termination Upon a Change of Control to provide reasonable
transition services for a period of time not to exceed three (3) months, provided that such services shall not account for greater
than twenty percent (20%) of the level of services Executive provided as CEO prior to the Termination Upon Change of Control.

 

7.4Timing of Payments.

 

7.4.1In the event that Executive’s
employment terminates for any reason, whether voluntarily or involuntarily, all payments made under Section 7.1 of this Agreement
shall be made within the time prescribed by applicable law, provided however that in no case shall payments extend beyond ninety
(90) days of the Termination Date.

 

7.4.2In the event of a Termination
in Absence of a Change of Control, all payments (other than COBRA premium reimbursements) made under Section 7.2 of this Agreement
shall be made within sixty (60) days of the Termination Date, provided that, for any payments where a release is required, such
release has been executed and is effective.

 

7.4.3In the event of a Termination
Upon a Change of Control, all payments (other than COBRA premium reimbursements) made under Section 7.3 of this Agreement shall
be made within sixty (60) days of the Termination Date, provided, however, that if Executive’s Termination Date is prior
to the consummation of the Change of Control, all payments (other than COBRA premium reimbursements) made under Section 7.3 of
this Agreement (less any payments previously made under Section 7.2 of this Agreement) shall be made within sixty (60) days of
the consummation of the Change of Control, provided further that, for any payments where a release is required, such release has
been executed and is effective.

 

8.FEDERAL
EXCISE TAX UNDER SECTION 280G

 

If (1) any amounts payable to Executive
under this Agreement or otherwise are characterized as excess parachute payments pursuant to Section 4999 of the Internal Revenue
Code of 1986, as amended (the “Code”), and (2) Executive thereby would be subject to any United States federal
excise tax due to that characterization, then Executive’s termination benefits hereunder will be payable either in full or
in a lesser amount, whichever would result, after taking into account the applicable federal, state and local income taxes and
the excise tax imposed by Section 4999, in Executive’s receipt on an after-tax basis of the greatest amount of termination
and other benefits. The determination of any reduction required pursuant to this section (including the determination as to which
specific payments shall be reduced) shall be made by a nationally recognized accounting firm doing business in the United States
which otherwise does not perform services for the Company (which will be chosen by the mutual agreement of Executive and the Company,
such services to be paid by the Company), and such determination shall be conclusive and binding upon the Company or any related
corporation for all purposes. If required, the payments and benefits under this Agreement shall be reduced in the following order:
(A) a pro rata reduction of (i) cash payments that are subject to Section 409A as deferred compensation and (ii) cash payments
not subject to Section 409A; (B) a pro rata reduction of (i) employee benefits that are subject to Section 409A as deferred compensation
and (ii) employee benefits not subject to Section 409A; and (C) a pro rata cancellation of (i) accelerated vesting of stock and
other equity-based awards that are subject to Section 409A as deferred compensation and (ii) stock and other equity-based awards
not subject to Section 409A. In the event that acceleration of vesting of stock and other equity-based award compensation is to
be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s stock
and other equity-based awards unless Executive elects in writing a different order for cancellation.

 

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9.DEFINITIONS

 

9.1Capitalized Terms Defined.
Capitalized terms used in this Agreement shall have the meanings set forth in this Section 9, unless defined elsewhere herein or
the context clearly requires a different meaning.

 

9.2“Cause”
means:

 

(a)a clear refusal by Executive
to carry out any material lawful duties of Executive as CEO or any directions by the Board;

 

(b)Executive’s persistent
failure to carry out any lawful duties as CEO or any directions of the Board reasonably consistent with those duties; provided,
however, that Executive has been given reasonable notice of the specific failure and an opportunity to correct such failure within
thirty (30) business days from the date of the notice;

 

(c)Executive’s conviction
of or plea of nolo contendere to a felony or a crime involving moral turpitude, which the Board believes has had or will have a
detrimental effect on the Company’s reputation or business;

 

(d)Executive engaging in an act
of gross negligence or willful misconduct in the performance of his employment obligations and duties;

 

(e)Executive’s committing
an act of fraud against the Company or willful misappropriation of property belonging to the Company;

 

(f)Executive engaging in any other
willful misconduct that has caused or will cause material harm to the Company’s reputation or business; or

 

(g)Executive’s breach of
the Proprietary Information, Invention and Assignment Agreement.

 

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9.3 “Change of Control”
means:

 

(a)a sale, conveyance, exchange
or transfer in which any person or entity, either directly or indirectly, becomes the beneficial owner, directly or indirectly,
of securities of the Company representing fifty percent (50%) or more of the total voting power of all of its then outstanding
voting securities;

 

(b)the consummation of a merger
or consolidation, or series of related transactions, which results in the voting securities of the Company outstanding immediately
prior thereto failing to continue to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity), directly or indirectly, a majority of the voting power of all voting securities of the surviving entity
outstanding immediately after such merger or consolidation; or

 

(c)the sale or disposition of all
or substantially all of the Company’s assets (or consummation of any transaction, or series of related transactions, having
similar effect).

 

9.4 “Company”
means PharmAthene, Inc. and any Successor.

 

9.5“Equity Award”
shall mean any option, restricted stock award, restricted stock unit award, stock appreciation right or other equity award to acquire
shares of the Company’s common stock granted or issued to Executive.

 

9.6“Good Reason”
means any of the following actions that have been taken by the Company without Executive’s written consent, provided, that
the Company receives, within ninety (90) days following the occurrence of any of the conditions or events set forth in clauses
(a) through (d) below, written notice from Executive specifying the specific basis for Executive’s belief that Executive
is entitled to terminate employment for Good Reason, the Company fails to cure the condition or event constituting Good Reason
within thirty (30) days after receipt of such written notice thereof, and Executive terminates employment within thirty (30) days
following expiration of such cure period:

 

(a)a material change, adverse to
Executive, in Executive’s position, titles, offices or duties;

 

(b)an assignment of any significant
duties to Executive that are inconsistent with any positions or offices held under this Agreement;

 

(c)a material decrease in Executive’s
then current annual Base Salary;

 

(d)the relocation of Executive
to a facility or a location more than fifty (50) miles from Executive’s then current location.

 

9.7 “Permanent Disability”
means “disability” within the meaning of Section 22(e)(3) of the Code:

 

9.8“Successor”
means the Company as defined above and any successor to or assignee of substantially all of its business and/or assets whether
or not as part of a Change of Control.

 

9.9“Termination Date”
means the effective date of an Executive’s “separation from service” as defined (to the extent applicable) in
Section 409A and the Treasury Regulations promulgated thereunder.

 

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9.10“Termination in
Absence of Change of Control” means:

 

9.10.1any termination of Executive’s
employment by the Company without Cause other than where such termination occurs in connection with a Change of Control or during
the twelve (12) month period following the consummation of a Change of Control; or

 

9.10.2any resignation by Executive
for Good Reason where such Good Reason does not occur in connection with a Change of Control or does not occur during the twelve
(12) month period following the consummation of the Change of Control.

 

9.10.3Notwithstanding the foregoing,
the term “Termination in Absence of Change of Control” shall not include any termination of Executive’s employment
(1) by the Company for Cause; (2) by the Company as a result of Executive’s Permanent Disability; (3) as a result of Executive’s
death; or (4) as a result of Executive voluntarily terminating Executive’s employment with the Company for other than Good
Reason.

 

9.11“Termination Upon
Change of Control” means:

 

9.11.1any termination of the employment
of Executive by the Company without Cause that occurs in connection with a Change of Control or during the twelve (12) month period
following the consummation of a Change of Control; or

 

9.11.2any resignation by Executive
for Good Reason that occurs in connection with a Change of Control or during the twelve (12) month period following the consummation
of a Change of Control.

 

9.11.3Notwithstanding the foregoing,
the term “Termination Upon Change of Control” shall not include any termination of Executive’s employment (1)
by the Company for Cause; (2) by the Company as a result of Executive’s Permanent Disability; (3) as a result of Executive’s
death; or (4) as a result of Executive’s voluntary termination of Executive’s employment with the Company other than
for Good Reason.

 

10.RELEASE
OF CLAIMS

 

Executive’s receipt of payments and
benefits under this Agreement is conditioned upon the delivery by Executive of a signed and effective Termination Release; provided,
however, that Executive shall not be required to release any rights Executive may have to be indemnified by the Company.

 

11.NONCUMULATION
OF BENEFITS

 

Executive may not cumulate cash severance
payments, acceleration of Equity Award vesting or other termination benefits under both this Agreement, any other written agreement
with the Company and/or another plan or policy of the Company. If Executive has any other binding written agreement or other binding
arrangement with the Company that provide that upon a change of control or termination of employment Executive shall receive change
of control, termination, severance or similar benefits, then Executive hereby expressly waives Executive’s rights to such
other benefits and any agreement providing such benefits terminates and is superseded on the Effective Date of this Agreement.

 

12.PROPRIETARY
AND CONFIDENTIAL INFORMATION

 

Executive’s receipt of the payments
and benefits described in this Agreement are conditioned upon Executive’s acknowledgment of Executive’s continuing
obligation under the Theraclone Sciences, Inc. confidential information and assignment agreement, and Executive’s agreement
to execute and abide by the terms and conditions of the Company’s confidential information and assignment agreement (the
“Information Agreement”) between Executive and the Company. Accordingly, during the term of this Agreement and
following the Termination Date, Executive agrees to continue to abide by the terms and conditions of the Information Agreement.

 

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13.indemnificATION

 

The Company will indemnify Executive with
respect to activities in connection with employment hereunder to the fullest extent provided in the Company’s bylaws. Executive
will be named as an insured on the director and officer liability insurance policy currently maintained, or as may be maintained
by the Company from time to time, and, in addition, Executive will enter into the form of Indemnification Agreement provided to
other similarly situated executive officers and directors of the Company.

 

14.ARBITRATION

 

14.1Disputes Subject to Arbitration.
Executive and the Company agree to submit to mandatory binding arbitration, in King County, Washington, any and all claims arising
out of or related to this Agreement and Executive’s employment with the Company and the termination thereof, except that
each party may, at its or his option, seek injunctive relief in court related to the improper use, disclosure or misappropriation
of a party’s proprietary, confidential or trade secret information. EXECUTIVE AND THE COMPANY HEREBY WAIVE ANY RIGHTS TO
TRIAL BY JURY IN REGARD TO SUCH CLAIMS. This Agreement to arbitrate does not restrict Executive’s right to file administrative
claims Executive may bring before any government agency where, as a matter of law, the parties may not restrict Executive’s
ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity
Commission and the Department of Labor). However, Executive and the Company agree that, to the fullest extent permitted by law,
arbitration shall be the exclusive remedy for the subject matter of such administrative claims. The arbitration shall be conducted
through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect. The arbitrator
shall issue a written decision that contains the essential findings and conclusions on which the decision is based.

 

14.2Site of Arbitration.
The site of the arbitration proceeding shall be in King County, State of Washington.

 

15.NOTICES

 

For purposes of this Agreement, notices
and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed return receipt requested as follows:

 

If to the Company:

PharmAthene, Inc.

1124 Columbia Street, Suite 300

Seattle, WA 98104

 

and, if to Executive, at such address specified by Executive
in writing to the Company. Either party may provide the other with notices of change of address, which shall be effective upon
receipt.

 

16.MISCELLANEOUS
PROVISIONS

 

16.1Heirs and Representatives
of Executive; Successors and Assigns of the Company. This Agreement shall be binding upon and shall inure to the benefit of
and be enforceable by Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees,
devises and legatees. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors and
assigns of the Company.

 

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16.2No Assignment of Rights.
The interest of Executive in this Agreement or in any distribution to be made under this Agreement may not be assigned, pledged,
alienated, anticipated, or otherwise encumbered (either at law or in equity) and shall not be subject to attachment, bankruptcy,
garnishment, levy, execution, or other legal or equitable process. Any act in violation of this Section 16.2 shall be void.

 

16.3Amendment; Waiver.
No provision of this Agreement shall be modified, amended, waived or discharged unless the modification, amendment, waiver or discharge
is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by
either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be
considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

16.4Entire Agreement.
This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein (whether oral
or written and whether express or implied) and expressly supersedes any existing agreement or understanding providing for any employment,
change of control, severance, termination or similar benefits by and between Executive and the Company or by and between Executive
and Theraclone Sciences, Inc., including, for the avoidance of doubt, that certain Executive Employment Agreement by and between
Executive and Theraclone Sciences, Inc. dated as of December 2, 2011.

 

16.5Withholding Taxes; 409A.
All payments made under this Agreement shall be subject to reduction to reflect all federal, state, local and other taxes required
to be withheld by applicable law. To the extent (a) any payments or benefits to which Executive becomes entitled under this Agreement,
or under any agreement or plan referenced herein, in connection with Executive’s termination of employment with the Company
constitute deferred compensation subject to Section 409A of the Code (“Section 409A”) and (b) Executive is deemed
at the time of such termination of employment to be a “specified employee” under Section 409A of the Code, then such
payments shall not be made or commenced until the earliest of (i) the expiration of the six (6)-month period measured from the
date of Executive’s “separation from service” (as such term is at the time defined in Treasury Regulations under
Section 409A of the Code) from the Company; or (ii) the date of Executive’s death following such separation from service;
provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive,
including, without limitation, the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section
409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments
which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph
shall be paid to Executive or Executive’s beneficiary in one lump sum (without interest). Any termination of Executive’s
employment is intended to constitute a “separation from service” as such term is defined in Treasury Regulation Section
1.409A-1. It is intended that each installment of the payments provided hereunder constitute separate “payments” for
purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further intended that payments hereunder satisfy, to the greatest
extent possible, the exemption from the application of Code Section 409A (and any state law of similar effect) provided under Treasury
Regulation Section 1.409A-1(b)(4) (as a “short-term deferral”). Except as otherwise expressly provided herein, to the
extent any expense reimbursement or the provision of any in-kind benefit under this Agreement is determined to be subject to Section
409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar
year shall not affect the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate
limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year
following the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the
provision of any in-kind benefit be subject to liquidation or exchange for another benefit.

 

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16.6Severability. The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision hereof, which shall remain in full force and effect.

 

16.7Choice of Law. The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the state of Washington,
without regard to where Executive has his residence or principal office or where he performs his duties hereunder.

 

16.8Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which, taken
together, constitute one and the same agreement.

 

16.9Attorneys’ Fees.
In the event of any claim, demand or suit arising out of or with respect to this Agreement, Executive following a prevailing judgment
shall be entitled to reasonable costs and attorneys’ fees, including any such costs and fees upon appeal.

 

IN WITNESS WHEREOF, each of the parties has
executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below. 

 

	 	CLIFFORD J. STOCKS
	 	 
	 	 
	 	 
	 	 
	 	Dated: 	
	 	 	

	 	 	 

 

	 	PHARMATHENE, INC.
	 	 
	 	 
	 	 
	 	 
	 	By:	 
	 	 	
	 	Title:	Chairman of the Board
	 	 	 
	 	Dated:	 

  

  

 

 

    	10Exhibit 10.64

  

LEASE AGREEMENT

 

THIS LEASE AGREEMENT
(this “Lease”) is made this 24th day of May, 2007, between ALEXANDRIA REAL ESTATE EQUITIES, INC.,
a Maryland corporation (“Landlord”), and SPALTUDAQ CORP., a Delaware corporation (“Tenant”).

 

	Address:	1124 Columbia Street, Seattle, Washington
	 	 
	Premises:	The entire 3rd floor of the Building, containing approximately 24,346 rentable square feet, as determined by Landlord, as shown on Exhibit A.
	 	 
	Project:	The real property on which the building (the “Building”) in which the Premises are located, together with all improvements thereon and appurtenances thereto as described on Exhibit B.
	 	 
	Base Rent:	$31.07 per rentable square foot per year, subject to adjustment as provided in Section 4 hereof.

  

	Rentable Area of Premises:  24,346 sq. ft.
	 
	Rentable Area of Project:  203,817 sq. ft.
	 
	Tenant’s Share of Operating Expenses:  11.95%
	 
	Security Deposit:  $63,035.85	Target Commencement Date:  May 21, 2007
	 
	Rent Commencement Date:  The date that is 60 days after the Commencement Date.
	 
	Rent Adjustment Percentage:  The greater of 3% or the CPI Adjustment Percentage not to exceed 6%.

 

	Base Term:	Beginning on the Commencement Date and ending 60 months from the first day of the first full month following the Rent Commencement Date.
	 	 
	Permitted Use:	Research and development laboratory, related office and other related uses consistent with the character of the Project and otherwise in compliance with the provisions of Section 7 hereof.

 

	Address for Rent Payment:

385 E. Colorado Boulevard, Suite 299

Pasadena, CA 91101

Attention: Accounts Receivable	Landlord’s Notice Address:

385 E. Colorado Boulevard, Suite 299

Pasadena, CA 91101

Attention: Corporate Secretary
	 	 
	Tenant’s Notice Address:

1124 Columbia Street, Suite 300

Seattle, Washington 98104

Attention: Russ Hawkinson	 

 

The following Exhibits and Addenda are attached hereto and incorporated herein by this reference:

 

	x EXHIBIT A - PREMISES DESCRIPTION	x EXHIBIT B - DESCRIPTION OF PROJECT
	x EXHIBIT C – WORK LETTER	x EXHIBIT D - COMMENCEMENT DATE
	x EXHIBIT E - RULES AND REGULATIONS	x EXHIBIT F – TENANT’S PERSONAL PROPERTY
	x EXHIBIT G – REMOVABLE IMPROVEMENTS	 

  

    	 

    	 

    

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 2

 

1.            Lease
of Premises. Upon and subject to all of the terms and conditions hereof, Landlord hereby leases the Premises to Tenant and
Tenant hereby leases the Premises from Landlord. The portions of the Project which are for the non-exclusive use of tenants of
the Project are collectively referred to herein as the “Common Areas.” Landlord reserves the right to modify
Common Areas, provided that such modifications do not materially adversely affect Tenant’s access to and use of the Premises
for the Permitted Use.

 

2.            Delivery;
Acceptance of Premises; Commencement Date.

 

(a)          If
Landlord does not Deliver the Premises on or before the Target Commencement Date, Landlord shall not be liable to Tenant for any
loss or damage resulting therefrom, and this Lease shall not be void or voidable except as provided herein. “Delivery”
or “Deliver” means Landlord’s delivery of the Premises to Tenant.

 

(b)          The
“Commencement Date” shall be the date that Landlord Delivers the Premises to Tenant. Landlord shall Deliver
the Premises to Tenant 1 business day after (i) the mutual execution and delivery of this Lease by the parties, and (ii) Tenant’s
delivery to Landlord of certificates of insurance as required pursuant to Section 17 hereof and payment to Landlord of the
first month’s Base Rent and the Security Deposit. The “Rent Commencement Date” shall be the later of (x)
the date that is 60 days after the Commencement Date, or (y) the date of substantial completion of Landlord’s Work. Upon
request of Landlord, Tenant shall execute and deliver a written acknowledgment of the Commencement Date, the “Rent Commencement
Date” and the expiration date of the Term when such are established in the form of the “Acknowledgement of Commencement
Date” attached to this Lease as Exhibit D; provided, however, Tenant’s failure to execute and
deliver such acknowledgment shall not affect Landlord’s rights hereunder. The “Term” of this Lease shall
be the Base Term, as defined above on the first page of this Lease and any Extension Terms which Tenant may elect pursuant to Section
40 hereof.

 

(c)          Tenant
acknowledges that following the Commencement Date, Landlord shall require access to the Premises in order to complete Landlord’s
Work. Landlord and its contractors and agents shall have the right to enter the Premises to perform Landlord’s Work and Tenant
shall cooperate with Landlord in connection with the same. Tenant acknowledges that Landlord’s performance of Landlord’s
Work may adversely affect Tenant’s use and occupancy of the Premises. Tenant waives all claims against Landlord in connection
with Landlord’s Work. “Landlord’s Work” means sealing the existing access opening between the Premises
and the second floor of the Building in accordance with all applicable Legal Requirements (as defined in Section 7 hereof).
Landlord’s Work shall be constructed at Landlord’s sole cost and expense.

 

(d)          If
Landlord’s Work is not substantially completed within 120 days following the Commencement Date for any reason other than
Force Majeure delays or delays caused by Tenant, this Lease may be terminated by Landlord or Tenant by written notice to the other,
and if so terminated by either: (a) the Security Deposit, or any balance thereof (i.e., after deducting therefrom all amounts to
which Landlord is entitled under the provisions of this Lease), shall be returned to Tenant, and (b) neither Landlord nor Tenant
shall have any further rights, duties or obligations under this Lease, except with respect to provisions which expressly survive
termination of this Lease. If neither Landlord nor Tenant elects to void this Lease within 10 business days of the lapse of such
120 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect.

 

(e)          Except
as set forth in the Work Letter, if applicable, and subject to completion of Landlord’s Work: (i) Tenant shall accept the
Premises in their condition as of the Commencement Date; (ii) Landlord shall have no obligation for any defects in the Premises
except for defects arising from the failure of Landlord’s Work to comply with applicable Legal Requirements; and (iii) Tenant’s
taking possession of the Premises shall be conclusive evidence that Tenant accepts the Premises and that the Premises were in good
condition at the time possession was taken.

 

 

    	 

    	 

    

  

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 3

 

(f)          Tenant
agrees and acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to
the condition of all or any portion of the Premises or the Project, and/or the suitability of the Premises or the Project for the
conduct of Tenant’s business, and Tenant waives any implied warranty that the Premises or the Project are suitable for the
Permitted Use. This Lease constitutes the complete agreement of Landlord and Tenant with respect to the subject matter hereof and
supersedes any and all prior representations, inducements, promises, agreements, understandings and negotiations which are not
contained herein. Landlord in executing this Lease does so in reliance upon Tenant’s representations, warranties, acknowledgments
and agreements contained herein.

 

(g)          Upon
Tenant’s written request, within 90 days following the Rent Commencement Date, Landlord shall, as Tenant’s sole cost
and expense, measure the rentable square footage of the Project and the Premises. Such measurement shall be performed in accordance
with the 1996 Standard Method of Measuring Floor Area in Office Buildings as adopted by the Building Owners and Managers Association
(ANSI/BOMA Z65.1-1996) (“BOMA Standards”). If the actual square footage of the Premises and/or the Project deviates
from the amount specified in the definitions of “Premises”, “Rentable Area of Premises” and
“Rentable Area of Project” on page 1 of this Lease, then, promptly following such measurement, this Lease shall
be amended so as to (i) reflect the actual square footage thereof in the definitions of “Premises”, “Rentable
Area of Premises” and “Rentable Area of Project”, and (ii) appropriately adjust the amount set forth
in the definition of “Tenant’s Share of Operating Expenses” which was calculated based on the estimated
square footage of the Premises and the Project.

 

3.            Rent.

 

(a)          Base
Rent. Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base
Rent on or before the first day of each calendar month during the Term hereof after the Rent Commencement Date, in lawful money
of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such
other place as Landlord may from time to time designate in writing. Payments of Base Rent for any fractional calendar month shall
be prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease
are independent obligations. Tenant shall have no right at any time to abate, reduce, or set-off any Rent (as defined in Section
5) due hereunder except for any abatement as may be expressly provided in this Lease. Notwithstanding the amount set forth
as Base Rent on page 1 of this Lease, for the first 12 months after the Rent Commencement Date, Tenant shall only be required to
pay Base Rent in the amount of $51,783.33 per month.

 

(b)          Additional
Rent. In addition to Base Rent, Tenant agrees to pay to Landlord as additional rent (“Additional Rent”):
(i) Tenant’s Share of “Operating Expenses” (as defined in Section 5), and (ii) any and all other amounts
Tenant assumes or agrees to pay under the provisions of this Lease, including, without limitation, any and all other sums that
may become due by reason of any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of
this Lease to be performed by Tenant, after any applicable notice and cure period.

 

4.            Base
Rent Adjustments.

 

(a)          Additional
Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall,
subject to the terms of the Work Letter, make available to Tenant an additional tenant improvement allowance (“Additional
TI Allowance”) for the construction of the Tenant Improvements (as defined in the Work Letter) in the Premises of up
to $300,000.00. Base Rent shall be increased by the amount necessary to fully amortize the portion of the Additional TI Allowance
funded by Landlord pursuant to Section 5 of the Work Letter in equal payments with interest at a rate of 10% per annum over
the period from the Rent Commencement Date to the scheduled expiration date of the Base Term. The Additional TI Allowance shall
only be available for use by Tenant as part of the construction of the initial Tenant Improvements and Tenant shall have no right
thereafter to use any undisbursed portion thereof.

 

    	 

    	 

    

  

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 4

 

(b)          Annual
Adjustments. Base Rent shall be increased on each annual anniversary of the Rent Commencement Date during the Term of this
Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date
by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date.
Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month
shall be prorated. “CPI Adjustment Percentage” means (i) a fraction, stated as a percentage, the numerator of
which shall be the Index for the calendar month 3 months before the month in which the Adjustment Date occurs, and the denominator
of which shall be the index for the calendar month 3 months before the last Adjustment Date or, if no prior Base Rent adjustment
has been made, 3 months before the first day of the first full month during the Term of this Lease, less (ii) 100%. “Index”
means the “Consumer Price Index-All Urban Consumers-Seattle, Tacoma, Bremerton WA Area, All items” compiled by the
U.S. Department of Labor, Bureau of Labor Statistics, (1982-84 = 100). If a substantial change is made in the Index, the revised
Index shall be used, subject to such adjustments as Landlord may reasonably deem appropriate in order to make the revised Index
comparable to the prior Index. If the Bureau of Labor Statistics ceases to publish the Index, then the successor or most nearly
comparable index, as reasonably determined by Landlord, shall be used, subject to such adjustments as Landlord may reasonably deem
appropriate in order to make the new index comparable to the Index. Landlord shall give Tenant written notice indicating the Base
Rent, as adjusted pursuant to this Section, and the method of computation and Tenant shall pay to Landlord an amount equal to any
underpayment of Base Rent by Tenant within 15 days of Landlord’s notice to Tenant. Failure to deliver such notice shall not
reduce, abate, waive or diminish Tenant’s obligation to pay the adjusted Base Rent; provided that Tenant shall not have any
liability for late payment of the increase in the Base Rent until such notice is delivered to Tenant.

 

5.           Operating
Expense Payments.

 

(a)          Landlord
shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (the “Annual Estimate”),
which may be revised by Landlord from time to time during such calendar year. Commencing on the Commencement Date and thereafter
on the first day of each month during the Term, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of
the Annual Estimate. Payments for any fractional calendar month shall be prorated.

 

(b)          The
term “Operating Expenses” means all costs and expenses of any kind or description whatsoever incurred or accrued
each calendar year by Landlord with respect to the Project (including, without duplication, Taxes (as defined in Section 9),
reasonable reserves consistent with good business practice for future repairs and replacements, capital repairs and improvements
amortized over the lesser of 7 years and the useful life of such capital items, and the costs of Landlord’s third party property
manager or, if there is no third party property manager, administration rent in the amount of 3.0% of Base Rent), excluding only:

 

(i)          the
original construction costs of the Project and renovation prior to the date of the Lease and costs of correcting defects in such
original construction or renovation;

 

(ii)         capital
expenditures for expansion of the Project;

 

(iii)        interest,
principal payments of Mortgage (as defined in Section 27) debts of Landlord, financing costs and amortization of funds borrowed
by Landlord, whether secured or unsecured and all payments of base rent (but not taxes or operating expenses) under any ground
lease or other underlying lease of all or any portion of the Project;

 

(iv)         depreciation
of the Project (except for capital improvements, the cost of which are includable in Operating Expenses);

 

(v)          advertising,
legal and space planning expenses and leasing commissions and other costs and expenses incurred in procuring and leasing space
to tenants for the Project, including any leasing office maintained in the Project, free rent and construction allowances for tenants;

 

    	 

    	 

    

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 5

 

(vi)         legal
and other expenses incurred in the negotiation or enforcement of leases;

 

(vii)        completing,
fixturing, improving, renovating, painting, redecorating or other work, which Landlord pays for or performs for other tenants within
their premises, and costs of correcting defects in such work;

 

(viii)      costs
of utilities outside normal business hours sold to tenants of the Project;

 

(ix)         costs
to be reimbursed by other tenants of the Project or Taxes to be paid directly by Tenant or other tenants of the Project, whether
or not actually paid;

 

(x)          salaries,
wages, benefits and other compensation paid to officers and employees of Landlord who are not assigned in whole or in part to the
operation, management, maintenance or repair of the Project;

 

(xi)         general
organizational, administrative and overhead costs relating to maintaining Landlord’s existence, either as a corporation,
partnership, or other entity, including general corporate, legal and accounting expenses;

 

(xii)        costs
(including attorneys’ fees and costs of settlement, judgments and payments in lieu thereof) incurred in connection with disputes
with tenants, other occupants, or prospective tenants, and costs and expenses, including legal fees, incurred in connection with
negotiations or disputes with employees, consultants, management agents, leasing agents, purchasers or mortgagees of the Building;

 

(xiii)      costs
incurred by Landlord due to the violation by Landlord, its employees, agents or contractors or any tenant of the terms and conditions
of any lease of space in the Project or any Legal Requirement (as defined in Section 7);

 

(xiv)        penalties,
fines or interest incurred as a result of Landlord’s inability or failure to make payment of Taxes and/or to file any tax
or informational returns when due, or from Landlord’s failure to make any payment of Taxes required to be made by Landlord
hereunder before delinquency;

 

(xv)         overhead
and profit increment paid to Landlord or to subsidiaries or affiliates of Landlord for goods and/or services in or to the Project
to the extent the same exceeds the costs of such goods and/or services rendered by unaffiliated third parties on a competitive
basis;

 

(xvi)        costs
of Landlord’s charitable or political contributions, or of fine art maintained at the Project;

 

(xvii)      costs
in connection with services (including electricity), items or other benefits of a type which are not standard for the Project and
which are not available to Tenant without specific charges therefor, but which are provided to another tenant or occupant of the
Project, whether or not such other tenant or occupant is specifically charged therefor by Landlord;

 

(xviii)     costs
incurred in the sale or refinancing of the Project;

 

(xix)        net
income taxes of Landlord or the owner of any interest in the Project, franchise, capital stock, gift, estate or inheritance taxes
or any federal, state or local documentary taxes imposed against the Project or any portion thereof or interest therein;

 

(xx)         capital
expenditures required solely as a result of Landlord’s failure to comply with Legal Requirements in effect before the Commencement
Date;

 

    	 

    	 

    

  

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 6

 

(xxi)        costs
incurred by Landlord for the repair of damage to the Building to the extent that Landlord is actually reimbursed by insurance proceeds;

 

(xxii)      electric
power costs for which any tenant directly contracts with the local public service company;

 

(xxiii)     costs
incurred in connection with upgrading the Building to comply with handicap, life, fire and safety codes in effect prior to the
Commencement Date;

 

(xxiv)      costs
incurred in connection with environmental clean up, response action or remediation on, in or under or about the Project, to the
extent related to known conditions existing in, on or under or about the Project on or before the Commencement Date;

 

(xxv)        costs
arising from latent defects in the original construction of the Project prior to the date of this Lease in all or any portion of
the structural, exterior, parking and other Common Areas, including any Building Systems;

 

(xxvi)      costs
incurred by Landlord in providing entertainment (including but not limited to musical performances, exhibits, contests, meals,
etc.) where such entertainment is not specifically related to promotion or advertising;

 

(xxvii)     rental
concessions or lease buyouts;

 

(xxviii)    expenses
incurred in relocating tenants in the Building;

 

(xxix)      the
cost of installing, operating and maintaining any specialty service or special facility such as a health club (not including locker
rooms), cafeteria or dining facility; and

 

(xxx)        any
expenses otherwise includable within Operating Expenses to the extent actually reimbursed by persons other than tenants of the
Project under leases for space in the Project.

 

Within 90 days after
the end of each calendar year (or such longer period as may be reasonably required), Landlord shall furnish to Tenant a statement
(an “Annual Statement”) showing in reasonable detail: (i) the total and Tenant’s Share of actual Operating
Expenses for the previous calendar year, and (ii) the total of Tenant’s payments in respect of Operating Expenses for such
year. If Tenant’s Share of actual Operating Expenses for such year exceeds Tenant’s payments of Operating Expenses
for such year, the excess shall be due and payable by Tenant as Rent within 30 days after delivery of such Annual Statement to
Tenant. If Tenant’s payments of Operating Expenses for such year exceed Tenant’s Share of actual Operating Expenses
for such year Landlord shall pay the excess to Tenant within 30 days after delivery of such Annual Statement, except that after
the expiration, or earlier termination of the Term or if Tenant is delinquent in its obligation to pay Rent, Landlord shall pay
the excess to Tenant after deducting all other amounts due Landlord,

 

    	 

    	 

    

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 7

 

The Annual Statement
shall be final and binding upon Tenant unless Tenant, within 90 days after Tenant’s receipt thereof, shelf contest any item
therein by giving written notice to Landlord, specifying each item contested and the reason therefor. Operating Expenses for the
calendar years in which Tenant’s obligation to share therein begins and ends shall be prorated. if, during such 90 day period,
Tenant reasonably and in good faith questions or contests the accuracy of Landlord’s statement of Tenant’s Operating
Expense Obligation, Landlord will provide Tenant with access to Landlord’s books and records relating to the operation of
the Project and such information as Landlord reasonably determines to be responsive to Tenant’s questions (the “Expense
Information”). If after Tenant’s review of such Expense Information, Landlord and Tenant cannot agree upon the
amount of Tenant’s Operating Expense Obligation, then Tenant shall have the right to have an independent public accounting
firm selected by Tenant from among the 5 largest in the United States, working pursuant to a fee arrangement other than a contingent
fee (at Tenant’s sole cost and expense) and approved by Landlord (which approval shall not be unreasonably withheld or delayed),
audit and/or review the Expense Information for the year in question (the “Independent Review”). The results
of any such Independent Review shall be binding on Landlord and Tenant. If the Independent Review shows that the payments actually
made by Tenant with respect to Tenant’s estimated Operating Expense Obligation for the calendar year in question exceeded
Tenant’s actual Operating Expense Obligation for such calendar year, Landlord shall at Landlord’s option either (i)
credit the excess amount to the next succeeding installments of Tenant’s estimated Operating Expense Obligation or (ii) pay
the excess to Tenant within 30 days after delivery of such statement, except that after the expiration or earlier termination of
this Lease or if Tenant is delinquent in its obligation to pay Rent, Landlord shall pay the excess to Tenant after deducting all
other amounts due Landlord. If the Independent Review shows that Tenant’s payments with respect to Tenant’s Operating
Expense Obligation for such calendar year were less than Tenant’s actual Operating Expense Obligation for the calendar year,
Tenant shall pay the deficiency to Landlord within 30 days after delivery of such statement. if the Independent Review shows that
Tenant has overpaid with respect to Tenant’s Operating Expense Obligation by more than 5% then Landlord shall reimburse Tenant
for all costs incurred by Tenant for the Independent Review. Notwithstanding anything set forth herein to the contrary, if the
Project is not at least 95% occupied on average during any year of the Term, Tenant’s Share of Operating Expenses for such
year shall be computed as though the Project had been 95% occupied on average during such year.

 

“Tenant’s
Share” shall be the percentage set forth on the first page of this Lease as Tenant’s Share as reasonably adjusted
by Landlord for changes in the physical size of the Premises or the Project occurring thereafter. Landlord may equitably increase
Tenant’s Share for any item of expense or cost reimbursable by Tenant that relates to a repair, replacement, or service that
benefits only the Premises or only a portion of the Project that includes the Premises or that varies with occupancy or use. Base
Rent, Tenant’s Share of Operating Expenses and all other amounts payable by Tenant to Landlord hereunder are collectively
referred to herein as “Rent.”

 

6.           Security
Deposit.

 

(a)          Tenant
shall deposit with Landlord, upon delivery of an executed copy of this Lease to Landlord, a security deposit (the “Security
Deposit”) for the performance of all of Tenant’s obligations hereunder in the amount set forth on page 1 of this
Lease, which Security Deposit shall be in the form of an unconditional and irrevocable letter of credit (the “Letter of
Credit”): (i) in form and substance satisfactory to Landlord, (ii) naming Landlord as beneficiary, (iii) expressly allowing
Landlord to draw upon it at any time from time to time by delivering to the issuer notice that Landlord Is entitled to draw thereunder,
(iv) Issued by an FDIC-insured financial institution satisfactory to Landlord, and (v) redeemable by presentation of a sight draft
in the state of Landlord’s choice. if Tenant does not provide Landlord with a substitute Letter of Credit complying with
all of the requirements hereof at least 10 days before the stated expiration date of any then current Letter of Credit, Landlord
shall have the right to draw the full amount of the current Letter of Credit and hold the funds drawn in cash without obligation
for interest thereon as the Security Deposit. The Security Deposit shall be held by Landlord as security for the performance of
Tenant’s obligations under this Lease. The Security Deposit is not an advance rental deposit or a measure of Landlord’s
damages in case of Tenant’s default. Upon each occurrence of a Default (as defined in Section 20), Landlord may use
all or any part of the Security Deposit to pay delinquent payments due under this Lease, future rent damages, and the cost of any
damage, injury, expense or liability caused by such Default, without prejudice to any other remedy provided herein or provided
by law. Landlord’s right to use the Security Deposit under this Section 6 includes the right to use the Security Deposit
to pay future rent damages following the termination of this Lease pursuant to Section 21(c) below. Upon any use of all
or any portion of the Security Deposit, Tenant shall pay Landlord on demand the amount that will restore the Security Deposit to
the amount set forth on Page 1 of this Lease. Tenant hereby waives the provisions of any law, now or hereafter in force, which
provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment
of Rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those
sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the act
or omission of Tenant or any officer, employee, agent or invitee of Tenant. Upon bankruptcy or other debtor-creditor proceedings
against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord
for periods prior to the filing of such proceedings. Upon any such use of all or any portion of the Security Deposit, Tenant shall,
within 5 business days after demand from Landlord, restore the Security Deposit to its original amount. If Tenant shall fully perform
every provision of this Lease to be performed by Tenant, the Security Deposit, or any balance thereof (i.e., after deducting therefrom
all amounts to which Landlord is entitled under the provisions of this Lease), shall be returned to Tenant (or, at Landlord’s
option, to the last assignee of Tenant’s interest hereunder) within 90 days after the expiration or earlier termination of
this Lease.

 

    	 

    	 

    

  

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 8

 

(b)          If
Landlord transfers its interest in the Project or this Lease, Landlord shall either (i) transfer any Security Deposit then held
by Landlord to a person or entity assuming Landlord’s obligations under this Section 6, or (ii) return to Tenant any
Security Deposit then held by Landlord and remaining after the deductions permitted herein. Upon such transfer to such transferee
or the return of the Security Deposit to Tenant, Landlord shall have no further obligation with respect to the Security Deposit,
and Tenant’s right to the return of the Security Deposit shall apply solely against Landlord’s transferee. Landlord’s
obligation respecting the Security Deposit is that of a debtor, not a trustee, and no interest shall accrue thereon.

 

7.            Use.

 

(a)          The
Premises shall be used solely for the Permitted Use set forth in the basic lease provisions on page 1 of this Lease, and in compliance
with all laws, orders, judgments, ordinances, regulations, codes, directives, permits, licenses, covenants and restrictions now
or hereafter applicable to the Premises, and to the use and occupancy thereof, including, without limitation, the Americans With
Disabilities Act, 42 U.S.C. § 12101, et seq. (together with the regulations promulgated pursuant thereto, “ADA”)
(collectively, “Legal Requirements” and each, a “Legal Requirement”). Tenant shall, upon
10 business days’ written notice from Landlord, discontinue any use of the Premises which is declared by any Governmental
Authority (as defined in Section 9) having jurisdiction to be a violation of a Legal Requirement. Tenant will not use or
permit the Premises to be used for any purpose or in any manner that would void Tenant’s or Landlord’s insurance, increase
the insurance risk, or cause the disallowance of any sprinkler or other credits. Tenant shall not permit any part of the Premises
to be used as a “place of public accommodation”, as defined in the ADA or any similar Legal Requirement. Tenant shall
reimburse Landlord promptly upon demand for any additional premium charged for any such insurance policy by reason of Tenant’s
failure to comply with the provisions of this Section or otherwise caused by Tenant’s use and/or occupancy of the Premises.
Tenant will use the Premises in a careful, safe and proper manner and will not commit or permit waste, overload the floor or structure
of the Premises, subject the Premises to use that would damage the Premises or obstruct or interfere with the rights of Landlord
or other tenants or occupants of the Project, including conducting or giving notice of any auction, liquidation, or going out of
business sale on the Premises, or using or allowing the Premises to be used for any unlawful purpose. Tenant shall cause any equipment
or machinery to be installed in the Premises so as to reasonably prevent sounds or vibrations from the Premises from extending
into Common Areas, or other space in the Project. Tenant shall not place any machinery or equipment weighing 500 pounds or more
in or upon the Premises or transport or move such items through the Common Areas of the Project or in the Project elevators without
the prior written consent of Landlord, which shall not be unreasonably withheld. Landlord acknowledges that Tenant intends to install
an irradiator in the Premises, the weight of which will exceed 500 pounds and will require movement through Common Areas, and Landlord
consents thereto, subject to (i) the delivery to Landlord of a report prepared by a structural engineer reasonably acceptable to
Landlord confirming that the installation of the irradiator within the Premises will not adversely affect the structural integrity
of the floor, and (ii) coordination of the move and installation with Landlord. Except as may be provided under the Work Letter,
Tenant shall not, without the prior written consent of Landlord, use the Premises in any manner which will require ventilation,
air exchange, heating, gas, steam, electricity or water beyond the existing capacity of the Project as proportionately allocated
to the Premises based upon Tenant’s Share as usually furnished for the Permitted Use.

 

    	 

    	 

    

  

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 9

 

(b)          Tenant
shall make any alterations or modifications to the interior or the exterior of the Premises or the Project that are required by
Legal Requirements (including, without limitation, compliance of the Premises with the ADA) related to Tenant’s use or occupancy
of the Premises, at Tenant’s sole expense. Notwithstanding anything to the contrary contained herein, Landlord shall be responsible,
subject to reimbursement as part of Operating Expenses, for making (i) all improvements and alterations to the Project (outside
of the Premises) which are required to cause the same to comply with all present and future Legal Requirements, and (ii) structural
improvements or alterations to the Project (including the Premises) which are required to cause the same to comply with all present
and future Legal Requirements, unless in either clause (i) or (ii) such improvements or alterations are required by virtue of Tenant’s
particular manner of use of the Premises or are required as a result of improvements, alterations or modifications made by Tenant.

 

(c)          Notwithstanding
any other provision herein to the contrary, Tenant shall be responsible for any and all Claims arising out of or In connection
with Tenant’s failure to meet Tenant’s obligations under this Lease to comply with Legal Requirements. As used herein,
“Claims” shall mean any and all demands, claims, liabilities, losses, costs, expenses, actions, causes of action,
damages or judgments, and all reasonable expenses incurred in investigating or resisting the same (including, without limitation,
reasonable attorneys’ fees, charges and disbursements and costs of suit).

 

8.            Holding
Over. If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of
the Term, unless otherwise agreed in such written consent, (i) such possession shall be subject to immediate termination by Landlord
at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent
pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other
similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the
date of the expiration or earlier termination of this Lease or such other amount as Landlord may indicate, in Landlord’s
sole and absolute discretion, in such written consent, which shall not exceed 150% of Rent in effect during the last 30 days of
the Term, and (iv) all other payments shall continue under the terms of this Lease, If Tenant remains in possession of the Premises
after the expiration or earlier termination of the Term without the express written consent of Landlord, (a) Tenant shall become
a tenant at sufferance upon the terms of this Lease except that the monthly rental shall be equal to 150% of Rent in effect during
the last 30 days of the Term, and (b) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned
by Tenant’s holding over, including consequential damages. No holding over by Tenant, whether with or without consent of
Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed
as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Term or
earlier termination of this Lease shall not result in a renewal or reinstatement of this Lease.

 

9.            Taxes.
Landlord shall pay, as part of Operating Expenses, all taxes, levies, assessments and governmental charges of any kind (collectively
referred to as “Taxes”) Imposed by any federal, state, regional, municipal, local or other governmental authority
or agency, including, without limitation, quasi-public agencies (collectively, “Governmental Authority”) during
the Term, including, without limitation, all Taxes: (i) imposed on or measured by or based, in whole or in part, on rent payable
to Landlord under this Lease and/or from the rental by Landlord of the Project or any portion thereof, or (ii) based on the square
footage, assessed value or other measure or evaluation of any kind of the Premises or the Project, or (iii) assessed or imposed
by or on the operation or maintenance of any portion of the Premises or the Project, including parking, or (iv) assessed or imposed
by, or at the direction of, or resulting from statutes or regulations, or interpretations thereof, promulgated by, any Governmental
Authority, or (v) imposed as a license or other fee on Landlord’s business of leasing space in the Project. Landlord may
contest by appropriate legal proceedings the amount, validity, or application of any Taxes or liens securing Taxes. Taxes shall
not include any net income taxes or business and occupation taxes imposed on Landlord unless such net income taxes or business
and occupation taxes are in substitution for any Taxes payable hereunder. If any such Tax is levied or assessed directly against
Tenant, then Tenant shall be responsible for and shall pay the same at such times and in such manner as the taxing authority shall
require. Tenant shall pay, prior to delinquency, any and all Taxes levied or assessed against any personal property or trade fixtures
placed by Tenant in the Premises, whether levied or assessed against Landlord or Tenant. if any Taxes on Tenant’s personal
property or trade fixtures are levied against Landlord or Landlord’s property, or if the assessed valuation of the Project
is increased by a value attributable to improvements in or alterations to the Premises, whether owned by Landlord or Tenant and
whether or not affixed to the real property so as to become a part thereof, higher than the base valuation on which Landlord from
time-to-time allocates Taxes to all tenants in the Project, Landlord shall have the right, but not the obligation, to pay such
Taxes. Landlord’s determination of any excess assessed valuation shall be binding and conclusive, absent manifest error.
The amount of any such payment by Landlord shall constitute Additional Rent due from Tenant to Landlord Immediately upon demand.

 

    	 

    	 

    

  

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10.         Parking.
Subject to all matters of record, Force Majeure, a Taking (as defined in Section 19 below) and the exercise by Landlord of its
rights hereunder, Tenant shall have the right, in common with other tenants of the Project pro rata in accordance with the rentable
area of the Premises and the rentable areas of the Project, to park in those areas designated for non-reserved parking on the surface
parking lots owned by Landlord and located at the southwest and northwest corners of Boren Avenue and James Street, subject in
each case to Landlord’s reasonable rules and regulations. Tenant acknowledges that the parking ratio is currently approximately
0.75 spaces per 1,000 rentable square feet of the Premises. if Landlord notifies Tenant from time to time during the Term that
additional parking spaces (“Additional Spaces”) are available and Landlord is willing (without any obligation
to do so) to lease the same to Tenant, Tenant shall have the right, within 5 business days after delivery of Landlord’s written
notice to Tenant, to lease such Additional Spaces from Landlord. If Tenant does not elect to lease such Additional Spaces within
such 5 business day period, Tenant shall be deemed to have waived its right to lease Additional Spaces until such time, if at all,
that Landlord delivers a subsequent written notice to Tenant that Additional Spaces are available for lease by Tenant. Landlord
shall, at any time and from time to time, have the right to recapture any Additional Spaces leased by Tenant.

 

Tenant’s parking
rights shall be subject to the payment by Tenant to Landlord, commencing on the Commencement Date, of Landlord’s then current
charge for parking. Landlord’s current charge is $110 per parking space per month. Commencing on the first anniversary of
the Commencement Date and on each anniversary thereafter (each, a “Parking Charge Adjustment Date”), the parking
charges provided for in the preceding sentence (“Parking Charges”) shall be increased by multiplying the Parking
Charges payable immediately before such Parking Charge Adjustment Date by the Rent Adjustment Percentage and adding the resulting
amount to the Parking Charges payable immediately before such Parking Charge Adjustment Date. The Parking Charges, as so adjusted,
shall thereafter be due as provided herein. Landlord shall give Tenant written notice indicating the Parking Charges, as adjusted
pursuant to this Section 10, and the method of computation and Tenant shall pay to Landlord an amount equal to any underpayment
of Parking Charges by Tenant within 15 business days of Landlord’s notice to Tenant. Failure to deliver such notice shall
not reduce, abate, waive or diminish Tenant’s obligation to pay the adjusted Parking Charges. Landlord may allocate parking
spaces among Tenant and other tenants in the Project pro rata as described above if Landlord determines that such parking facilities
are becoming crowded. Landlord shall not be responsible for enforcing Tenant’s parking rights against any third parties,
including other tenants of the Project.

 

11.         Utilities,
Services. Landlord shall provide, subject to the terms of this Section 11, water, electricity, heat, light, power, telephone,
sewer, and other utilities (including gas and fire sprinklers to the extent the Project is plumbed for such services), refuse and
trash collection and janitorial services (collectively, “Utilities”). Landlord shall pay, as Operating Expenses
or subject to Tenant’s reimbursement obligation, for all Utilities used on the Premises, all maintenance charges for Utilities,
and any storm sewer charges or other similar charges for Utilities imposed by any Governmental Authority or Utility provider, and
any taxes, penalties, surcharges or similar charges thereon. Landlord may cause, at Tenant’s expense, any Utilities to be
separately metered or charged directly to Tenant by the provider. Tenant shall pay directly to the Utility provider, prior to delinquency,
any separately metered Utilities and services which may be furnished to Tenant or the Premises during the Term. Tenant shall pay,
as part of Operating Expenses, its share of all charges for jointly metered Utilities based upon consumption, as reasonably determined
by Landlord. Upon Tenant’s written request, Landlord shall provide Tenant with evidence of the amounts of such jointly metered
Utilities and the manner in which Landlord determined Tenant’s Share thereof. No Interruption or failure of Utilities, from
any cause whatsoever other than Landlord’s willful misconduct, shall result in eviction or constructive eviction of Tenant,
termination of this Lease or the abatement of Rent. Tenant agrees to limit use of water and sewer with respect to Common Areas
to normal restroom use. Tenant shall be solely responsible for contracting and paying for its own in-suite janitorial services.
Utilities shall be available to Tenant for use and occupancy of the Premises at any and all times, 24 hours per day, 7 days per
week (including without limitation on nights, weekends and holidays), subject to the failure of any Utility provider to provide
such Utilities, the performance by Landlord or any Utility provider of any installation, maintenance or repairs, or any other temporary
interruptions.

 

    	 

    	 

    

  

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12.         Alterations
and Tenant’s Property.

 

(a)          Except
as otherwise expressly provided in this Lease or the Work Letter, any alterations, additions, or improvements made to the Premises
by or on behalf of Tenant, including additional locks or bolts of any kind or nature upon any doors or windows in the Premises,
but excluding installation, removal or realignment of furniture systems (other than removal of furniture systems owned or paid
for by Landlord) not involving any modifications to the structure or connections (other then by ordinary plugs or jacks) to Building
Systems (as defined in Section 13) (“Alterations”) shall be subject to Landlord’s prior written
consent, which may be given or withheld in Landlord’s sole discretion if any such Alteration affects the structure or Building
Systems. If Landlord approves any Alterations, Landlord may impose reasonable conditions on Tenant in connection with the commencement,
performance and completion of such Alterations provided, however, that Landlord will not be acting unreasonably if Landlord disapproves
removal or material alteration of laboratory improvements. Any request for approval shall be in writing, delivered not less than
15 business days in advance of any proposed construction, and accompanied by plans, specifications, bid proposals, work contracts
and such other information concerning the nature and cost of the alterations as may be reasonably requested by Landlord, including
the identities and mailing addresses of all persons performing work or supplying materials. Landlord’s right to review plans
and specifications and to monitor construction shall be solely for its own benefit, and Landlord shall have no duty to ensure that
such plans and specifications or construction comply with applicable Legal Requirements. Tenant shall cause, at its sole cost and
expense, all Alterations to comply with Insurance requirements and with Legal Requirements and shall implement at its sole cost
and expense any alteration or modification required by Legal Requirements as a result of any Alterations. Tenant shall pay to Landlord,
as Additional Rent, on demand an amount equal to 5% of all charges incurred by Tenant or its contractors or agents in connection
with any Alteration to cover Landlord’s overhead and expenses for plan review, coordination, scheduling and supervision,
Before Tenant begins any Alteration, Landlord may post on and about the Premises notices of non-responsibility pursuant to applicable
law. Tenant shall reimburse Landlord for, and indemnify and hold Landlord harmless from, any expense incurred by Landlord by reason
of faulty work done by Tenant or its contractors, delays caused by such work, or inadequate cleanup.

 

(b)          Tenant
shall furnish security or make other arrangements satisfactory to Landlord to assure payment for the completion of all Alterations
work free and clear of liens, and shall provide (and cause each contractor or subcontractor to provide) certificates of insurance
for workers’ compensation and other coverage in amounts and from an insurance company satisfactory to Landlord protecting
Landlord against liability for personal injury or property damage during construction. Upon completion of any Alterations, Tenant
shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and subcontractors who did the work
and final lien waivers from all such contractors and subcontractors; and (ii) “as built” plans for any such Alteration.

 

    	 

    	 

    

  

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(c)          Except
for Tenant’s Property (as hereinafter defined), all Installations (as hereinafter defined) shall be and shall remain the
property of Landlord during the Term and following the expiration or earlier termination of the Term, shall not be removed by Tenant
at any time during the Term, and shall remain upon and be surrendered with the Premises as a part thereof. Notwithstanding the
foregoing, Landlord may, at the time its approval of any such Installation is requested, notify Tenant that Landlord requires that
Tenant remove such Installation upon the expiration or earlier termination of the Term, in which event Tenant shall remove such
installation In accordance with the immediately succeeding sentence. Upon the expiration or earlier termination of the Term, Tenant
shall remove (i) all wires, cables or similar equipment which Tenant has installed in the Premises or in the risers or plenums
of the Building, (ii) any Installations for which Landlord has given Tenant notice of removal in accordance with the immediately
preceding sentence, and (iii) all of Tenant’s Property (as hereinafter defined), and Tenant shall restore and repair any
damage caused by or occasioned as a result of such removal, including, without limitation, capping off all such connections behind
the walls of the Premises and repairing any holes. Tenant shall not be required to remove any wires, cables or similar equipment
not installed by Tenant. During any restoration period beyond the expiration or earlier termination of the Term, Tenant shall pay
Rent to Landlord as provided herein as if said space were otherwise occupied by Tenant. If Landlord is requested by Tenant or any
lender, lessor or other person or entity claiming an interest in any of Tenant’ Property to waive any lien Landlord may have
against any of Tenant’s Property, and Landlord consents to such waiver, then Landlord shall be entitled to be paid as administrative
rent a fee of $1,000 per occurrence for its time and effort in preparing and negotiating such a waiver of lien.

 

(d)          For
purposes of this Lease, (i) “Tenant’s Property” means any items listed on Exhibit F attached hereto and
any items agreed by Landlord in writing to be included on Exhibit F in the future and other than Installations, any personal property
or equipment of Tenant that may be removed without material damage to the Premises, and (ii) “Installations”
means all property of any kind paid for with the TI Fund, all Alterations, all fixtures, and all partitions, hardware, built-in
machinery, built-in casework and cabinets and other similar additions, equipment, property and improvements built into the Premises
so as to become an integral part of the Premises, including, without limitation, fume hoods which penetrate the roof or plenum
area, built-in cold rooms, built-in warm rooms, walk-in cold rooms, walk-in warm rooms, deionized water systems, glass washing
equipment, autoclaves, chillers, built-In plumbing, electrical and mechanical equipment and systems, and any power generator and
transfer switch.

 

13.         Landlord’s
Repairs. Landlord, as an Operating Expense, shall maintain all of the structural, exterior, parking and other Common Areas
of the Project, including HVAC, plumbing, fire sprinklers, elevators and all other building systems serving the Premises and other
portions of the Project (“Building Systems”), in good repair, reasonable wear and tear and uninsured losses
and damages caused by Tenant, or by any of Tenant’s agents, servants, employees, invitees and contractors (collectively,
“Tenant Parties”) excluded. Losses and damages caused by Tenant or any Tenant Party shall be repaired by Landlord,
to the extent not covered by insurance, at Tenant’s sole cost and expense. Landlord reserves the right to stop Building Systems
services when necessary (i) by reason of accident or emergency, or (ii) for planned repairs, alterations or improvements, Which
are, in the judgment of Landlord, desirable or necessary to be made, until said repairs, alterations or improvements shall have
been completed. Landlord shall have no responsibility or liability for failure to supply Building Systems services during any such
period of interruption; provided, however, that Landlord shall, except in case of emergency, give Tenant not less
than 24 hours advance notice of any planned stoppage of Building Systems services for routine maintenance, repairs, alterations
or improvements. Tenant shall promptly give Landlord written notice of any repair required by Landlord pursuant to this Section
(or with respect to any emergency, oral notice followed immediately by written notice), after which Landlord shall make a commercially
reasonable effort to effect such repair within a reasonable period. Landlord shall not be liable for any failure to make any repairs
or to perform any maintenance unless such failure shall persist for an unreasonable time after Tenant’s written notice of
the need for such repairs or maintenance. Tenant waives its rights under any state or local law to terminate this Lease or to make
such repairs at Landlord’s expense and agrees that the parties’ respective rights with respect to such matters shall
be solely as set forth herein. Notwithstanding the foregoing, Tenant shall have the self-help rights specifically provided for
in Section 31(b) hereof. Repairs required as the result of fire, earthquake, flood, vandalism, war, or similar cause of
damage or destruction shall be controlled by Section 18.

 

    	 

    	 

    

  

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14.         Tenant’s
Repairs. Subject to Section 13 hereof, Tenant, at its expense, shall repair, replace and maintain i all portions of
the Premises in the condition received including, without limitation, entries, doors, ceilings, interior windows, interior walls,
and the interior side of demising walls, unless such repair, replacement or maintenance is required due to the willful misconduct
or gross negligence of Landlord or a Landlord Party (as defined In Section 17(b) hereof). Such repair and replacement may
include capital expenditures and repairs whose benefit may extend beyond the Term. Should Tenant fail to make any such repair or
replacement or fail to maintain the Premises, Landlord shall give Tenant notice of such failure. If Tenant fails to commence cure
of such failure within 10 days of Landlord’s notice, and thereafter diligently prosecute such cure to completion, Landlord
may perform such work and shall be reimbursed by Tenant within 10 days after demand therefor; provided, however, that if such failure
by Tenant creates or could create an emergency, Landlord may immediately commence cure of such failure and shall thereafter be
entitled to recover the costs of such cure from Tenant. Subject to Sections 17 and 18, Tenant shall bear the full
uninsured cost of any repair or replacement to any part of the Project that results from damage caused by Tenant or any Tenant
Party and any repair that benefits only the Premises.

 

15.         Mechanic’s
Liens. Tenant shall discharge, by bond or otherwise, any mechanic’s lien filed against the Premises or against the Project
for work claimed to have been done for, or materials claimed to have been furnished to, Tenant within 20 days after the filing
thereof, at Tenant’s sole cost and shall otherwise keep the Premises and the Project free from any liens arising out of work
performed, materials furnished or obligations incurred by Tenant. Should Tenant fail to discharge any lien described herein, Landlord
shall have the right, but not the obligation, to pay such claim or post a bond or otherwise provide security to eliminate the lien
as a claim against title to the Project and the cost thereof shall be immediately due from Tenant as Additional Rent. If Tenant
shall lease or finance the acquisition of office :equipment, furnishings, or other personal property of a removable nature utilized
by Tenant in the operation of Tenant’s business, Tenant warrants that any Uniform Commercial Code Financing Statement filed
as a matter of public record by any lessor or creditor of Tenant will upon its face or by exhibit thereto indicate that such Financing
Statement is applicable only to removable personal property of Tenant located within the Premises. In no event shall the address
of the Project be furnished on the statement without qualifying language as to applicability of the lien only to removable personal
property, located in an identified suite held by Tenant.

 

16.         Indemnification.

 

(a)          Indemnification
by Tenant. Tenant hereby indemnifies and agrees to defend, save and hold Landlord harmless from and against any and all Claims
for injury or death to persons or damage to property occurring within or about the Premises, arising directly or indirectly out
of use or occupancy of the Premises or a breach or default by Tenant in the performance of any of its obligations hereunder, unless
caused by the willful misconduct or gross negligence of Landlord. Landlord shall not be liable to Tenant for, and Tenant assumes
all risk of damage to, personal property (including, without limitation, loss of records kept within the Premises). Tenant further
waives any and all Claims for injury to Tenant’s business or loss of income relating to any such damage or destruction of
personal property (including, without limitation, any loss of records). Landlord shall not be liable for any damages arising from
any act, omission or neglect of any tenant in the Project or of any other third party.

 

(b)          Indemnification
by Landlord. Landlord hereby indemnifies and agrees to defend, save and hold Tenant harmless from and against any and all Claims
for injury or death to persons or damage to property occurring in or about the Project outside of the Premises caused solely by
the willful misconduct or gross negligence of Landlord or a Landlord Party.

 

17.         Insurance.

 

(a)          Landlord
shall maintain all risk property and, if applicable, sprinkler damage insurance covering the full replacement cost of the Project.
Landlord shall further procure and maintain commercial general liability insurance with a single loss limit of not less than $2,000,000
for bodily injury and property damage with respect to the Project. Landlord may, but is not obligated to, maintain such other insurance
and additional coverages as it may deem necessary, including, but not limited to, flood, environmental hazard and earthquake, loss
or failure of building equipment, errors and omissions, rental loss during the period of repair or rebuilding, workers’ compensation
insurance and fidelity bonds for employees employed to perform services and insurance for any improvements installed by Tenant
or which are in addition to the standard improvements customarily furnished by Landlord without regard to whether or not such are
made a part of the Project. All such insurance shall be included as part of the Operating Expenses. The Project may be included
in a blanket policy (in which case the cost of such insurance allocable to the Project will be determined by Landlord based upon
the insurer’s cost calculations). Tenant shall also reimburse Landlord for any increased premiums or additional insurance
which Landlord reasonably deems necessary as a result of Tenant’s use of the Premises.

 

    	 

    	 

    

  

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(b)          Tenant,
at its sole cost and expense, shall maintain during the Term: all risk property insurance with business interruption and extra
expense coverage, covering the full replacement cost of all personal property and trade fixtures installed or placed in the Premises
by Tenant at Tenant’s expense; workers’ compensation insurance with no less than the minimum limits required by law;
employer’s liability insurance with such limits as required by law; and commercial general liability insurance, with a minimum
limit of not less than $2,000,000 per occurrence for bodily injury and property damage with respect to the Premises. The commercial
general liability insurance policy shall name Alexandria Real Estate Equities, Inc., and Landlord, its officers, directors, employees,
managers, agents, invitees and contractors (collectively, “Landlord Parties”), as additional insureds; insure
on an occurrence and not a claims-made basis; be issued by insurance companies which have a rating of not less than policyholder
rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide”; shall not be cancelable
for nonpayment of premium unless 10 days prior written notice shall have been given to Landlord from the insurer; contain a contractual
liability endorsement; contain coverage for smoke from a hostile fire; and provide primary coverage to Landlord (any policy issued
to Landlord providing duplicate or similar coverage shall be deemed excess over Tenant’s policies). Copies of such policies
(if required by any lender of Landlord holding a security interest in the Project or any portion thereof), or certificates of insurance
showing the limits of coverage required hereunder and showing Landlord as an additional insured, along with reasonable evidence
of the payment of premiums for the applicable period, shall be delivered to Landlord by Tenant upon commencement of the Term and
upon each renewal of said insurance. Tenant’s policy may be a “blanket policy” with an aggregate per location
endorsement which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy.
Tenant shall, prior to the expiration of such policies, furnish Landlord with renewal certificates.

 

(c)          In
each instance where insurance is to name Landlord as an additional insured, Tenant shall upon written request of Landlord also
designate and furnish certificates so evidencing Landlord as additional insured to: (i) any lender of Landlord holding a security
interest in the Project or any portion thereof, (ii) the landlord under any lease wherein Landlord is tenant of the real property
on which the Project is located, if the interest of Landlord is or shall become that of a tenant under a ground or other underlying
lease rather than that of a fee owner, and/or (iii) any management company retained by Landlord to manage the Project.

 

(d)          The
property insurance obtained by Landlord and Tenant shall include a waiver of subrogation by the insurers and all rights based upon
an assignment from its insured, against Landlord or Tenant, and their respective officers, directors, employees, managers, agents,
invitees and contractors (“Related Parties”), in connection with any loss or damage thereby insured against.
Neither party nor its respective Related Parties shall be liable to the other for loss or damage caused by any risk insured against
under property insurance required to be maintained hereunder, and each party waives any claims against the other party, and its
respective Related Parties, for such loss or damage. The failure of a party to insure its property shall not void this waiver.
Landlord and its respective Related Parties shall not be liable for, and Tenant hereby waives all claims against such parties for,
business interruption and losses occasioned thereby sustained by Tenant or any person claiming through Tenant resulting from any
accident or occurrence in or upon the Premises or the Project from any cause whatsoever. If the foregoing waivers shall contravene
any law with respect to exculpatory agreements, the liability of Landlord or Tenant shall be deemed not released but shall be secondary
to the other’s insurer.

 

(e)          Landlord
may require insurance policy limits to be raised to conform with requirements of Landlord’s lender and/or to bring coverage
limits to reasonable levels then being generally required of new tenants within the Project.

 

    	 

    	 

    

  

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18.         Restoration.

 

(a)          lf,
at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty (“Casualty”),
Landlord shall notify Tenant within 60 days after discovery of such Casualty as to the amount of time Landlord reasonably estimates
it will take to restore the Project or the Premises, as applicable (the “Restoration Period”). If the Restoration
Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect
to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction provided,
however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written
notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the
Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord
shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense),
promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant unless covered
by the insurance Landlord maintains as an Operating Expense hereunder, in which case such improvements shall be included, to the
extent of such insurance proceeds, in Landlord’s restoration), subject to delays arising from the collection of insurance
proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to
enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment,
generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about
the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however,
that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or,
if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and
restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration
Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation
to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery
of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain
any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Notwithstanding the foregoing,
either Landlord or Tenant may terminate this Lease if the Premises are damaged during the last 1 year of the Term and Landlord
reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available to
Landlord for such restoration.

 

(b)          In
the event of a Casualty to the Premises, subject to Landlord’s restoration obligations under Section 18(a) hereof,
Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force
Majeure (as defined in Section 34) events or to obtain Hazardous Materials Clearances, all repairs or restoration not required
to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease.

 

(c)          In
the event of a Casualty to the Premises, Rent shall be abated from the later of (i) the date all required Hazardous Material Clearances,
if any, are obtained, or (ii) the date of such Casualty, until the Premises are repaired and restored, in the proportion which
the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides
Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such
abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to
terminate the Lease by reason of damage or casualty loss.

 

(d)          The
provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect
to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Project, and any statute
or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to
all or any part of the Premises or any other portion of the Project, the parties hereto expressly agreeing that this Section
18 sets forth their entire understanding and agreement with respect to such matters.

 

    	 

    	 

    

  

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19.         Condemnation.
If the whole or any material part of the Premises or the Project is taken for any public or quasi-public use under governmental
law, ordinance, or regulation, or by right of eminent domain, or by private purchase in lieu thereof (a “Taking”
or “Taken”), and the Taking would (i) in Landlord’s reasonable judgment materially interfere with
or impair Landlord’s ownership or operation of the Project, or (ii) in the reasonable judgment of Landlord and Tenant either
prevent or materially interfere with Tenant’s use of the Premises (as resolved, if the parties are unable to agree, by arbitration
by a single arbitrator with the qualifications and experience appropriate to resolve the matter and appointed pursuant to and acting
in accordance with the rules of the American Arbitration Association), then upon written notice by Landlord or Tenant, as applicable,
this Lease shall terminate and Rent shall be apportioned as of said date. If part of the Premises shall be Taken, and this Lease
is not terminated as provided above, Landlord shall promptly restore the Premises and the Project as nearly as is commercially
reasonable under the circumstances to their condition prior to such partial Taking and the rentable square footage of the Building,
the rentable square footage of the Premises, Tenant’s Share of Operating Expenses and the Rent payable hereunder during the
unexpired Term shall be reduced to such extent as may be fair and reasonable under the circumstances. Upon any such Taking, Landlord
shall be entitled to receive the entire price or award from any such Taking without any payment to Tenant, and Tenant hereby assigns
to Landlord Tenant’s interest, if any, in such award. Tenant shall have the right, to the extent that same shall not diminish
Landlord’s award, to make a separate claim against the condemning authority (but not Landlord) for such compensation as may
be separately awarded or recoverable by Tenant for moving expenses and damage to Tenant’s trade fixtures, if a separate award
for such items is made to Tenant. Tenant hereby waives any and all rights it might otherwise have pursuant to any provision of
state law to terminate this Lease upon a partial Taking of the Premises or the Project. This Section 19 shall govern Landlord’s
and Tenant’s rights to terminate this Lease upon any Taking of the Premises or the Project.

 

20.         Events
of Default. Each of the following events shall be a default (“Default”) by Tenant under this Lease:

 

(a)          Payment
Defaults. Tenant shall fail to pay any installment of Rent or any other payment hereunder when due.

 

(b)          Insurance.
Any insurance required to be maintained by Tenant pursuant to this Lease shall be canceled or terminated or shall expire or shall
be reduced or materially changed, or Landlord shall receive a notice of nonrenewal of any such insurance and Tenant shall fail
to obtain replacement insurance and to provide satisfactory evidence to Landlord thereof before the expiration of the current coverage.

 

(c)          Abandonment.
Tenant shall abandon the Premises.

 

(d)          Improper
Transfer. Tenant shall assign, sublease or otherwise transfer or attempt to transfer all or any portion of Tenant’s interest
in this Lease or the Premises except as expressly permitted herein, or Tenant’s interest in this Lease shall be attached,
executed upon, or otherwise judicially seized and such action is not released within 90 days of the action.

 

(e)          Liens.
Tenant shall fail to discharge or otherwise obtain the release of any lien placed upon the Premises in violation of this Lease
within 20 days after any such lien is filed against the Premises.

 

(f)          Insolvency
Events. Tenant or any guarantor or surety of Tenant’s obligations hereunder shall: (i) make a general assignment for
the benefit of creditors; (ii) commence any case, proceeding or other action seeking to have an order for relief entered on its
behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation,
dissolution or composition of it or its debts or seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or of any substantial part of its property (collectively a “Proceeding for Relief”); (iii)
become the subject of any Proceeding for Relief which is not dismissed within 90 days of its filing or entry; or (iv) be dissolved
or otherwise fail to maintain its legal existence.

 

    	 

    	 

    

  

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(g)          Estoppel
Certificate or Subordination Agreement. Tenant fails to execute any document required from Tenant under Sections 23
or 27 within 5 days after a second notice requesting such document.

 

(h)          Other
Defaults. Tenant shall fail to comply with any provision of this Lease other than those specifically referred to in this Section
20, and, except as otherwise expressly provided herein, such failure shall continue for a period of 20 days after written notice
thereof from Landlord to Tenant. Any notice given under this Section 20(h) shall: (i) specify the alleged default, (ii)
demand that Tenant cure such default, (iii) be in lieu of, and not in addition to, or shall be deemed to be, any notice required
under any provision of applicable law, and (iv) not be deemed a forfeiture or a termination of this Lease unless Landlord elects
otherwise in such notice; provided that if the nature of Tenant’s default pursuant to Section 20(h) is such
that it cannot be cured by the payment of money and reasonably requires more than 20 days to cure, then Tenant shall not be deemed
to be in default if Tenant commences such cure within said 20 day period and thereafter diligently prosecutes the same to completion;
provided, however, that if Tenant has not cured the default within 45 days from the date of Landlord’s notice,
Tenant shall deliver a written status report to Landlord every week thereafter until Tenant’s default has been cured detailing
Tenant’s continuing efforts to cure the default. Tenant’s failure to deliver such status report(s) to Landlord as provided
for in the preceding sentence shall constitute a default under this Lease.

 

21.         Landlord’s
Remedies.

 

(a)          Payment
by Landlord; Interest. Upon a Default by Tenant hereunder, Landlord may, without waiving or releasing any obligation of Tenant
hereunder, make such payment or perform such act. All sums so paid or incurred by Landlord, together with interest thereon, from
the date such sums were paid or incurred, at the annual rats equal to 12% per annum or the highest rate permitted by law (the “Default
Rate”), whichever is less, shall be payable to Landlord on demand as Additional Rent. Nothing herein shall be construed
to create or impose a duty on Landlord to mitigate any damages resulting from Tenant’s Default hereunder.

 

(b)          Late
Payment Rent. Late payment by Tenant to Landlord of Rent and other sums due will cause Landlord to incur costs not contemplated
by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are
not limited to, processing and accounting charges and late charges which may be imposed on Landlord under any Mortgage covering
the Premises. Therefore, if any installment of Rent due from Tenant is not received by Landlord within 5 business days after the
date such payment is due, Tenant shall pay to Landlord an additional sum equal to 6% of the overdue Rent as a late charge. The
parties agree that this late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late
payment by Tenant. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate from the 5th
day after the date due until paid.

 

(c)          Remedies.
Upon the occurrence of a Default, Landlord, at its option, without further notice or demand to Tenant, shall have in addition to
all other rights and remedies provided in this Lease, at law or in equity, the option to pursue any one or more of the following
remedies, each and all of which shall be cumulative and nonexclusive, without any notice or demand whatsoever.

 

(i)          Terminate
this Lease, or at Landlord’s option, Tenant’s right to possession only, in which event Tenant shall immediately surrender
the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for
possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person
who may be occupying the Premises or any part thereof, without being liable for prosecution or any claim or damages therefor;

 

(ii)         Upon
any termination of this Lease, whether pursuant to the foregoing Section 21(c)(i) or otherwise, Landlord may recover from
Tenant the following:

 

    	 

    	 

    

  

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(A)         The
worth at the time of award of any unpaid rent which has been earned at the time of such termination; plus

 

(B)         The
worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time
of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus

 

(C)         The
worth at the time of award of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the
amount of such rental loss that Tenant proves could have been reasonably avoided; plus

 

(D)         Any
other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its
obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, specifically including,
but not limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Premises or any portion
thereof for a new tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant; and

 

(E)         At
Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time
by applicable law.

 

(iii)        Landlord
may continue this Lease in effect after Tenant’s Default and recover rent as it becomes due (Landlord and Tenant hereby agreeing
that Tenant has the right to sublet or assign hereunder, subject only to reasonable limitations). Accordingly, if Landlord does
not elect to terminate this Lease following a Default by Tenant, Landlord may, from time to time, without terminating this Lease,
enforce all of its rights and remedies hereunder, including the right to recover all Rent as it becomes due.

 

(iv)         Whether
or not Landlord elects to terminate this Lease following a Default by Tenant, Landlord shall have the right to terminate any and
all subleases, licenses, concessions or other consensual arrangements for possession entered into by Tenant and affecting the Premises
or may, in Landlord’s sole discretion, succeed to Tenant’s interest in such subleases, licenses, concessions or arrangements.
Upon Landlord’s election to succeed to Tenant’s interest in any such subleases, licenses, concessions or arrangements,
Tenant shall, as of the date of notice by Landlord of such election, have no further right to or interest in the rent or other
consideration receivable thereunder.

 

(v)          Independent
of the exercise of any other remedy of Landlord hereunder or under applicable law, Landlord may conduct an environmental test of
the Premises as generally described in Section 30(d) hereof, at Tenant’s expense.

 

(vi)         The
term “rent” as used in this Section 21 shall be deemed to be and to mean all sums of every nature required
to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 21(c)(ii) (A)
and (B), above, the “worth at the time of award” shall be computed by allowing interest at the Default
Rate. As used in Section 21(c)(ii)(C) above, the “worth at the time of award” shall be computed by discounting
such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

 

    	 

    	 

    

  

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(d)          Effect
of Exercise. Exercise by Landlord of any remedies hereunder or otherwise available shall not be deemed to be an acceptance
of surrender of the Premises and/or a termination of this Lease by Landlord, it being understood that such surrender and/or termination
can be effected only by the express written agreement of Landlord and Tenant. Any law, usage, or custom to the contrary notwithstanding,
Landlord shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof;
and the failure of Landlord at any time to enforce Its rights under this Lease strictly in accordance with same shall not be construed
as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having
modified the same and shall not be deemed a waiver of Landlord’s right to enforce one or more of its rights in connection
with any subsequent default. A receipt by Landlord of Rent or other payment with knowledge of the breach of any covenant hereof
shall not be deemed a waiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been
made unless expressed in writing and signed by Landlord. To the greatest extent permitted by law, Tenant waives the service of
notice of Landlord’s intention to re-enter, re-take or otherwise obtain possession of the Premises as provided in any statute,
or to institute legal proceedings to that end, and also waives all right of redemption in case Tenant shall be dispossessed by
a judgment or by warrant of any court or judge. Any reletting of the Premises or any portion thereof shall be on such terms and
conditions as Landlord in its sole discretion may determine Landlord shall not be liable for, nor shall Tenant’s obligations
hereunder be diminished because of, Landlord’s failure to relet the Premises or collect rent due in respect of such reletting
or otherwise to mitigate any damages arising by reason of Tenant’s Default.

 

22.         Assignment
and Subletting.

 

(a)          General
Prohibition. Without Landlord’s prior written consent subject to and on the conditions described in this Section 22,
Tenant shall not, directly or indirectly, voluntarily or by operation of law, assign this Lease or sublease the Premises or any
part thereof or mortgage, pledge, or hypothecate its leasehold interest or grant any concession or license within the Premises,
and any attempt to do any of the foregoing shall be void and of no effect. If Tenant is a corporation, partnership or limited liability
company, the shares or other ownership interests thereof which are not actively traded upon a stock exchange or in the over-the-counter
market, a transfer or series of transfers whereby 49% or more of the issued and outstanding shares or other ownership interests
of such corporation are, or voting control is, transferred (but excepting transfers upon deaths of individual owners) from a person
or persons or entity or entities which were owners thereof at time of execution of this Lease to persons or entities who were not
owners of shares or other ownership interests of the corporation, partnership or limited liability company at time of execution
of this Lease, shall be deemed an assignment of this Lease requiring the consent of Landlord as provided in this Section 22.

 

(b)          Permitted
Transfers. If Tenant desires to assign, sublease, hypothecate or otherwise transfer this Lease or sublet the Premises other
than pursuant to a Permitted Assignment (as defined below), then at least 15 business days, but not more than 45 business days,
before the date Tenant desires the assignment or sublease to be effective (the “Assignment Date”), Tenant shall
give Landlord a notice (the “Assignment Notice”) containing such information about the proposed assignee or
sublessee, including the proposed use of the Premises and any Hazardous Materials proposed to be used, stored handled, treated,
generated in or released or disposed of from the Premises, the Assignment Date, any relationship between Tenant and the proposed
assignee or sublessee, and all material terms and conditions of the proposed assignment or sublease, including a copy of any proposed
assignment or sublease in its final form, and such other information as Landlord may deem reasonably necessary or appropriate to
its consideration whether to grant its consent. Landlord may, by giving written notice to Tenant within 15 business days after
receipt of the Assignment Notice: (i) grant such consent, (ii) refuse such consent, in its sole and absolute discretion, if the
proposed assignment, hypothecation or other transfer or subletting concerns more than (together with all other then effective subleases)
50% of the Premises, (iii) refuse such consent, in its reasonable discretion, if the proposed subletting concerns (together with
all other then effective subleases) 50% or less of the Premises (provided that Landlord shall further have the right to review
and approve or disapprove the proposed form of sublease prior to the effective date of any such subletting), or (iv) terminate
this Lease with respect to the space described in the Assignment Notice as of the Assignment Date (an “Assignment Termination”).
If Landlord delivers notice of its election to exercise an Assignment Termination, Tenant shall have the right to withdraw such
Assignment Notice by written notice to Landlord of such election within 10 business days after Landlord’s notice electing
to exercise the Assignment Termination. If Tenant withdraws such Assignment Notice, this Lease shall continue in full force and
effect. If Tenant does not withdraw such Assignment Notice, this Lease, and the term and estate herein granted, shall terminate
as of the Assignment Date with respect to the space described in such Assignment Notice. No failure of Landlord to exercise any
such option to terminate this Lease, or to deliver a timely notice in response to the Assignment Notice, shall be deemed to be
Landlord’s consent to the proposed assignment, sublease or other transfer. Tenant shall reimburse Landlord for all of Landlord’s
reasonable out-of-pocket expenses in connection with its consideration of any Assignment Notice. Notwithstanding the foregoing,
Landlord consent to an assignment of this Lease or a subletting of any portion of the Premises to any entity controlling, controlled
by or under common control with Tenant (a “Control Permitted Assignment”) shall not be required, provided that
Landlord shall have the right to approve the form of any such sublease or assignment. In addition, Tenant shall have the right
to assign this Lease, upon 30 days prior written notice to Landlord but without obtaining Landlord’s prior written consent,
to a corporation or other entity which is a successor-in-interest to Tenant, by way of merger, consolidation or corporate reorganization,
or by the purchase of all or substantially all of the assets or the ownership interests of Tenant provided that (i) such merger
or consolidation, or such acquisition or assumption, as the case may be, is for a good business purpose and not principally for
the purpose of transferring the Lease, and (ii) the net worth (as determined in accordance with generally accepted accounting principles
(“GAAP”)) of the assignee is not less than the net worth (as determined in accordance with GAAP) of Tenant as
of the date of Tenant’s most current quarterly or annual financial statements, and (iii) such assignee shall agree in writing
to assume all of the terms, covenants and conditions of this Lease arising after the effective date of the assignment (a “Corporate
Permitted Assignment”). Control Permitted Assignments and Corporate Permitted Assignments are hereinafter referred to
as “Permitted Assignments.”

 

    	 

    	 

    

  

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(c)          Additional
Conditions. As a condition to any such assignment or subletting, whether or not Landlord’s consent is required, Landlord
may require:

 

(i)          That
any assignee or subtenant agree, in writing at the time of such assignment or subletting, that if Landlord gives such party notice
that Tenant is in default under this Lease, such party shall thereafter make all payments otherwise due Tenant directly to Landlord,
which payments will be received by Landlord without any liability except to credit such payment against those due under the Lease,
and any such third party shall agree to attorn to Landlord or its successors and assigns should this Lease be terminated for any
reason; provided, however, in no event shall Landlord or its successors or assigns be obligated to accept such attornment;
and

 

(ii)         A
list of Hazardous Materials, certified by the proposed assignee or sublessee to be true and correct, which the proposed assignee
or sublessee intends to use, store, handle, treat, generate in or release or dispose of from the Premises, together with copies
of all documents relating to such use storage, handling, treatment, generation, release or disposal of Hazardous Materials by the
proposed assignee or subtenant in the Premises or on the Project, prior to the proposed assignment or subletting, including, without
limitation: permits; approvals; reports and correspondence; storage and management plans; plans relating to the installation of
any storage tanks to be installed in or under the Project (provided, said installation of tanks shall only be permitted after Landlord
has given its written consent to do so, which consent may be withheld in Landlords sole and absolute discretion); and all closure
plans or any other documents required by any and all federal, state and local Governmental Authorities for any storage tanks installed
in, on or under the Project for the closure of any such tanks. Neither Tenant nor any such proposed assignee or subtenant is required,
however, to provide Landlord with any portion(s) of the such documents containing information of a proprietary nature which, in
and of themselves, do not contain a reference to any Hazardous Materials or hazardous activities.

 

    	 

    	 

    

  

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(d)          No
Release of Tenant, Sharing of Excess Rents. Notwithstanding any assignment or subletting, Tenant and any guarantor or surety
of Tenant’s obligations under this Lease shall at all times remain fully and primarily responsible and liable for the payment
of Rent and for compliance with all of Tenant’s other obligations under this Lease. If the Rent due and payable by a sublessee
or assignee (or a combination of the rental payable under such sublease or assignment plus any bonus or other consideration therefor
or Incident thereto in any form) exceeds the sum of the rental payable under this Lease, (excluding however, any Rent payable under
this Section) and actual and reasonable brokerage fees, legal costs and any design or construction fees directly related to and
required pursuant to the terms of any such sublease (“Excess Rent”), then Tenant shall be bound and obligated
to pay Landlord as Additional Rent hereunder 50% of such Excess Rent within 10 days following receipt thereof by Tenant. If Tenant
shall sublet the Premises or any part thereof, Tenant hereby immediately and irrevocably assigns to Landlord, as security for Tenant’s
obligations under this Lease, all rent from any such subletting, and Landlord as assignee and as attorney-in-fact for Tenant, or
a receiver for Tenant appointed on Landlord’s application, may collect such rent and apply it toward Tenant’s obligations
under this Lease; except that, until the occurrence of a Default, Tenant shall have the right to collect such rent.

 

(e)          No
Waiver. The consent by Landlord to an assignment or subletting shall not relieve Tenant or any assignees of this Lease or any
sublessees of the Premises from obtaining the consent of Landlord to any further assignment or subletting nor shall it release
Tenant or any assignee or sublessee of Tenant from full and primary liability under the Lease. The acceptance of Rent hereunder,
or the acceptance of performance of any other term, covenant, or condition thereof, from any other person or entity shall not be
deemed to be a waiver of any of the provisions of this Lease or a consent to any subletting, assignment or other transfer of the
Premises.

 

(f)          Prior
Conduct of Proposed Transferee. Notwithstanding any other provision of this Section 22, if (i) the proposed assignee
or sublessee of Tenant has been required by any prior landlord, lender or Governmental Authority to take remedial action in connection
with Hazardous Materials contaminating a property, where the contamination resulted from such party’s action or use of the
property in question, (ii) the proposed assignee or sublessee is subject to an enforcement order issued by any Governmental Authority
in connection with the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials (including, without
limitation, any order related to the failure to make a required reporting to any Governmental Authority), or (iii) because of the
existence of a pre-existing environmental condition in the vicinity of or underlying the Project, the risk that Landlord would
be targeted as a responsible party in connection with the remediation of such pre-existing environmental condition would be materially
increased or exacerbated by the proposed use of Hazardous Materials by such proposed assignee or sublessee, Landlord shall have
the absolute right to refuse to consent to any assignment or subletting to any such party.

 

23.         Estoppel
Certificate. Tenant shall, within 10 business days of written notice from Landlord, execute, acknowledge and deliver a statement
in writing in any form reasonably requested by a proposed lender or purchaser, (i) certifying that this Lease is unmodified and
in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease as so modified
is in full force and effect) and the dates to which the rental and other charges are paid In advance, if any, (ii) acknowledging
that there are not any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are claimed, and
(iii) setting forth such further information with respect to the status of this Lease or the Premises as may be reasonably requested
thereon. Any such statement may be relied upon by any prospective purchaser or encumbrancer of all or any portion of the real property
of which the Premises are a part. Tenant’s failure to deliver such statement within such time shall, at the option of Landlord,
constitute a Default under this Lease, and, in any event, shall be conclusive upon Tenant that the Lease is in full force and effect
and without modification except as may be represented by Landlord in any certificate prepared by Landlord and delivered to Tenant
for execution.

 

24.         Quiet
Enjoyment. So long as Tenant shall perform all of the covenants and agreements herein required to be performed by Tenant, Tenant
shall, subject to the terms of this Lease, at ail times during the Term, have peaceful and quiet enjoyment of the Premises against
any person claiming by, through or under Landlord.

 

25.         Prorations.
All prorations required or permitted to be made hereunder shall be made on the basis of a 360 day year and 30 day months.

 

    	 

    	 

    

  

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26.         Rules
and Regulations. Tenant shall, at all times during the Term and any extension thereof, comply with all reasonable rules and
regulations at any time or from time to time established by Landlord covering use of the Premises and the Project. The current
rules and regulations are attached hereto as Exhibit E. If there is any conflict between said rules and regulations and
the provisions of this Lease, the terms and provisions of this Lease shall control. Landlord shall not have any liability or obligation
for the breach of any rules or regulations by other tenants in the Project and shall not enforce such rules and regulations in
a discriminatory manner.

 

27.         Subordination.
This Lease and Tenant’s interest and rights hereunder are hereby made and shall be subject and subordinate at all times to
the lien of any Mortgage now existing or hereafter created on or against the Project or the Premises, and all amendments, restatements,
renewals, modifications, consolidations, refinancing, assignments and extensions thereof, without the necessity of any further
instrument or act on the part of Tenant; provided, however that so long as there is no Default hereunder, Tenant’s
right to possession of the Premises shall not be disturbed by the Holder of any such Mortgage. Tenant agrees, at the election of
the Holder of any such Mortgage, to attorn to any such Holder. Tenant agrees upon demand to execute, acknowledge and deliver such
instruments, confirming such subordination, and such instruments of attornment as shall be reasonably requested by any such Holder,
provided any such instruments contain appropriate non-disturbance provisions assuring Tenant’s quiet enjoyment of the Premises
as set forth in Section 24 hereof. If Tenant fails to execute, acknowledge and deliver any such instrument within a reasonable
time after requested by Landlord, Tenant hereby appoints Landlord attorney-in-fact for Tenant irrevocably (such power of attorney
being coupled with an interest) to execute, acknowledge and deliver any such instrument and instruments for and in the name of
Tenant and to cause any such Instrument to be recorded. Notwithstanding the foregoing, any such Holder may at any time subordinate
its Mortgage to this Lease, without Tenant’s consent, by notice in writing to Tenant, and thereupon this Lease shall be deemed
prior to such Mortgage without regard to their respective dates of execution, delivery or recording and in that event such Holder
shall have the same rights with respect to this Lease as though this Lease had been executed prior to the execution, delivery and
recording of such Mortgage and had been assigned to such Holder. The term “Mortgage” whenever used in this Lease
shall be deemed to include deeds of trust, security assignments and any other encumbrances, and any reference to the “Holder”
of a Mortgage shall be deemed to include the beneficiary under a deed of trust.

 

28.         Surrender.

 

(a)          Upon
the expiration of the Term or earlier termination of Tenant’s right of possession, Tenant shall surrender the Premises to
Landlord in the same condition as received, subject to any Alterations or Installations permitted by Landlord to remain in the
Premises, free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed
of from, the Premises by any person other than a Landlord Party (collectively, “Tenant HazMat Operations”) and
released of all Hazardous Materials Clearances, broom clean, ordinary wear and tear and casualty loss and condemnation covered
by Sections 18 and 19 excepted. At least 3 months prior to the surrender of the Premises, Tenant shall deliver to
Landlord a narrative description of the actions proposed (or required by any Governmental Authority) to be taken by Tenant in order
to surrender the Premises (including any Installations permitted by Landlord to remain in the Premises) at the expiration or earlier
termination of the Term, free from any residual impact from the Tenant HazMat Operations and otherwise released for unrestricted
use and occupancy (the “Surrender Plan”). Such Surrender Plan shall be accompanied by a current listing of (i)
all Hazardous Materials licenses and permits held by or on behalf of any Tenant Party with respect to the Premises, and (ii) all
Hazardous Materials used, stored, handled, treated, generated, released or disposed of from the Premises, and shall be subject
to the review and approval of Landlord’s environmental consultant. In connection with the review and approval of the Surrender
Plan, upon the request of Landlord, Tenant shall deliver to Landlord or its consultant such additional non-proprietary information
concerning Tenant HazMat Operations as Landlord shall request. On or before such surrender, Tenant shall deliver to Landlord evidence
that the approved Surrender Plan shall have been satisfactorily completed and Landlord shall have the right, subject to reimbursement
at Tenant’s expense as set forth below, to cause Landlord’s environmental consultant to inspect the Premises and perform
such additional procedures as may be deemed reasonably necessary to confirm that the Premises are, as of the effective date of
such surrender or early termination of the Lease, free from any residual impact from Tenant HazMat Operations. Tenant shall reimburse
Landlord, as Additional Rent, for the actual out-of pocket expense incurred by Landlord for Landlord’s environmental consultant
to review and approve the Surrender Plan and to visit the Premises and verify satisfactory completion of the same, which cost shall
not exceed $5,000. Landlord shall have the unrestricted right to deliver such Surrender Plan and any report by Landlord’s
environmental consultant with respect to the surrender of the Premises to third parties

 

    	 

    	 

    

  

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(b)          If
Tenant shall fail to prepare or submit a Surrender Plan approved by Landlord, or if Tenant shall fail to complete the approved
Surrender Plan, or if such Surrender Plan, whether or not approved by Landlord, shall fail to adequately address any residual effect
of Tenant HazMat Operations in, on or about the Premises, Landlord shall have the right to take such actions as Landlord may deem
reasonable or appropriate to assure that the Premises and the Project are surrendered free from any residual impact from Tenant
HazMat Operations, the cost of which actions shall be reimbursed by Tenant as Additional Rent, without regard to the limitation
set forth in Section 28(a).

 

(c)          Tenant
shall immediately return to Landlord all keys and/or access cards to parking, the Project, restrooms or all or any portion of the
Premises furnished to or otherwise procured by Tenant. If any such access card or key is lost, Tenant shall pay to Landlord, at
Landlord’s election, either the cost of replacing such lost access card or key or the cost of reprogramming the access security
system in which such access card was used or changing the lock or locks opened by such lost key. Any Tenant’s Property, Alterations
and property not so removed by Tenant as permitted or required herein shall be deemed abandoned and may be stored, removed, and
disposed of by Landlord at Tenant’s expense, and Tenant waives all claims against Landlord for any damages resulting from
Landlord’s retention and/or disposition of such property. All obligations of Tenant hereunder not fully performed as of the
termination of the Term, including the obligations of Tenant under Section 30 hereof, shall survive the expiration or earlier
termination of the Term, including, without limitation, indemnity obligations, payment obligations with respect to Rent and obligations
concerning the condition and repair of the Premises.

 

29.         Waiver
of Jury Trial. TO THE EXTENT PERMITTED BY LAW, TENANT AND LANDLORD WAIVE ANY RIGHT TO TRIAL BY JURY OR TO HAVE A JURY PARTICIPATE
IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN LANDLORD AND TENANT ARISING OUT OF THIS LEASE
OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.

 

30.         Environmental
Requirements.

 

(a)          Prohibition/Compliance/Indemnity.
Tenant shall not cause or permit any Hazardous Materials (as hereinafter defined) to be brought upon, kept, used, stored, handled,
treated, generated in or about, or released or disposed of from, the Premises or the Project in violation of applicable Environmental
Requirements (as hereinafter defined) by Tenant or any Tenant Party. If Tenant breaches the obligation stated in the preceding
sentence, or if the presence of Hazardous Materials in the Premises during the Term or any holding over results in contamination
of the Premises, the Project or any adjacent property or if contamination of the Premises, the Project or any adjacent property
by Hazardous Materials brought Into, kept, used, stored, handled, treated, generated in or about, or released or disposed of from,
the Premises by anyone other than Landlord and Landlord’s employees, agents and contractors otherwise occurs during the Term
or any holding over, Tenant hereby indemnifies and shall defend and hold Landlord, its officers, directors, employees, agents and
contractors harmless from any and all actions (including, without limitation, remedial or enforcement actions of any kind, administrative
or judicial proceedings, and orders or judgments arising out of or resulting therefrom), costs, claims, damages (including, without
limitation, punitive damages and damages based upon diminution in value of the Premises or the Project, or the loss of, or restriction
on, use of the Premises or any portion of the Project), expenses (including, without limitation, attorneys’, consultants’
and experts’ fees, court costs and amounts paid in settlement of any claims or actions), fines, forfeitures or other civil,
administrative or criminal penalties, injunctive or other relief (whether or not based upon personal injury, property damage, or
contamination of, or adverse effects upon, the environment, water tables or natural resources), liabilities or losses (collectively,
“Environmental Claims”) which arise during or after the Term as a result of such contamination. This indemnification
of Landlord by Tenant includes, without limitation, costs incurred in connection with any investigation of site conditions or any
cleanup, treatment, remedial, removal, or restoration work required by any federal, state or local Governmental Authority because
of Hazardous Materials present in the air, soil or ground water above, on, or under the Premises. Without limiting the foregoing,
if the presence of any Hazardous Materials on the Premises, the Project or any adjacent property caused or permitted by Tenant
or any Tenant Party results in any contamination of the Premises, the Project or any adjacent property, Tenant shall promptly take
all actions at its sole expense and in accordance with applicable Environmental Requirements as are necessary to return the Premises,
the Project or any adjacent property to the condition existing prior to the time of such contamination, provided that Landlord’s
approval of such action shall first be obtained, which approval shall not unreasonably be Withheld so long as such actions would
not potentially have any material adverse long-term or short-term effect on the Premises or the Project.

 

    	 

    	 

    

  

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(b)          Business.
Landlord acknowledges that it is not the intent of this Section 30 to prohibit Tenant from using the Premises for the Permitted
Use. Tenant may operate its business according to prudent industry practices so long as the use or presence of Hazardous Materials
is strictly and properly monitored according to all then applicable Environmental Requirements. As a material inducement to Landlord
to allow Tenant to use Hazardous Materials in connection with its business, Tenant agrees to deliver to Landlord prior to the Commencement
Date a list identifying each type of Hazardous Materials to be brought upon, kept, used, stored, handled, treated, generated on,
or released or disposed of from, the Premises and setting forth any and all governmental approvals or permits required in connection
with the presence, use, storage, handling, treatment, generation, release or disposal of such Hazardous Materials on or from the
Premises (“Hazardous Materials List”). Tenant shall deliver to Landlord an updated Hazardous Materials List
at least once a year and shall also deliver an updated list before any Hazardous Material not previously listed on Tenant’s
Hazardous Materials List is brought onto, kept, used, stored, handled, treated, generated on, or released or disposed of from,
the Premises. Tenant shall deliver to Landlord true and correct copies of the following documents (the “Haz Mat Documents”)
relating to the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials prior to the Commencement
Date, or if unavailable at that time, concurrent with the receipt from or submission to a Governmental Authority: permits; approvals;
reports and correspondence; storage and management plans, notice of violations of any Legal Requirements; plans relating to the
installation of any storage tanks to be installed in or under the Project (provided, said installation of tanks shall only be permitted
after Landlord has given Tenant its written consent to do so, which consent may be withheld in Landlord’s sole and absolute
discretion); all closure plans or any other documents required by any and all federal, state and local Governmental Authorities
for any storage tanks installed in, on or under the Project for the closure of any such tanks; and a Surrender Plan (to the extent
surrender in accordance with Section 28 cannot be accomplished in 3 months). Tenant is not required, however, to provide
Landlord with any portion(s) of the Haz Mat Documents containing information of a proprietary nature which, in and of themselves,
do not contain a reference to any Hazardous Materials or hazardous activities. It is not the intent of this Section to provide
Landlord with information which could be detrimental to Tenant’s business should such information become possessed by Tenant’s
competitors.

 

(c)          Tenant
Representation and Warranty. Tenant hereby represents and warrants to Landlord that (i) neither Tenant nor any of its legal
predecessors has been required by any prior landlord, lender or Governmental Authority at any time to take remedial action in connection
with Hazardous Materials contaminating a property which contamination was permitted by Tenant of such predecessor or resulted from
Tenant’s or such predecessor’s action or use of the property in question, and (ii) Tenant is not subject to any enforcement
order issued by any Governmental Authority in connection with the use, storage, handling, treatment, generation, release or disposal
of Hazardous Materials (including, without limitation, any order related to the failure to make a required reporting to any Governmental
Authority). If Landlord determines that this representation and warranty was not true as of the date of this Lease, Landlord shall
have the right to terminate this Lease in Landlord’s sole and absolute discretion.

 

    	 

    	 

    

  

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(d)          Testing.
Landlord shall have the right to conduct annual tests of the Premises to determine whether any contamination of the Premises or
the Project has occurred as a result of Tenant’s use. Tenant shall be required to pay the cost of such annual test of the
Premises; provided, however, that if Tenant conducts its own tests of the Premises using third party contractors and test procedures
acceptable to Landlord which tests are certified to Landlord, Landlord shall accept such tests in lieu of the annual tests to be
paid for by Tenant. In addition, at any time, and from time to time, prior to the expiration or earlier termination of the Term,
Landlord shall have the right to conduct appropriate tests of the Premises and the Project to determine if contamination has occurred
as a result of Tenant’s use of the Premises. In connection with such testing, upon the request of Landlord, Tenant shall
deliver to Landlord or its consultant such non-proprietary information concerning the use of Hazardous Materials in or about the
Premises by Tenant or any Tenant Party. If contamination has occurred for which Tenant is liable under this Section 30,
Tenant shall pay all costs to conduct such tests. If no such contamination is found, Landlord shall pay the costs of such tests
(which shall not constitute an Operating Expense). Landlord shall provide Tenant with a copy of all third party, non-confidential
reports and tests of the Premises made by or on behalf of Landlord during the Term without representation or warranty and subject
to a confidentiality agreement. Tenant shall, at its sole cost and expense, promptly and satisfactorily remediate any environmental
conditions identified by such testing for which Tenant is responsible under this Lease in accordance with all Environmental Requirements.
Landlord’s receipt of or satisfaction with any environmental assessment in no way waives any rights which Landlord may have
against Tenant.

 

(e)          Underground
Tanks. If underground or other storage tanks storing Hazardous Materials located on the Premises or the Project are used by
Tenant or are hereafter placed on the Premises or the Project by Tenant, Tenant shall install, use, monitor, operate, maintain,
upgrade and manage such storage tanks, maintain appropriate records, obtain and maintain appropriate insurance, implement reporting
procedures, properly close any underground storage tanks, and take or cause to be taken all other actions necessary or required
under applicable state and federal Legal Requirements, as such now exists or may hereafter be adopted or amended in connection
with the installation, use, maintenance, management, operation, upgrading and closure of such storage tanks.

 

(f)          Tenant’s
Obligations. Tenant’s obligations under this Section 30 shall survive the expiration or earlier termination of
the Lease. During any period of time after the expiration or earlier termination of this Lease required by Tenant or Landlord to
complete the removal from the Premises of any Hazardous Materials (including, without limitation, the release and termination of
any licenses or permits restricting the use of the Premises and the completion of the approved Surrender Plan), Tenant shall continue
to pay the full Rent in accordance with this Lease for any portion of the Premises not relet by Landlord in Landlord’s sole
discretion, which Rent shall be prorated daily.

 

(g)          Definitions.
As used herein, the term “Environmental Requirements” means all applicable present and future statutes, regulations,
ordinances, rules, codes, judgments, orders or other similar enactments of any Governmental Authority regulating or relating to
health, safety, or environmental conditions on, under, or about the Premises or the Project, or the environment, including without
limitation, the following: the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation
and Recovery Act; and all state and local counterparts thereto, and any regulations or policies promulgated or issued thereunder.
As used herein, the term “Hazardous Materials” means and includes any substance, material, waste, pollutant,
or contaminant listed or defined as hazardous or toxic, or regulated by reason of its impact or potential impact on humans, animals
and/or the environment under any Environmental Requirements, asbestos and petroleum, including crude oil or any fraction thereof,
natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or mixtures of natural gas and such synthetic gas).
As defined in Environmental Requirements, Tenant is and shall be deemed to be the “operator” of Tenant’s
“facility” and the “owner” of all Hazardous Materials brought on the Premises by Tenant or
any Tenant Party, and the wastes, by-products, or residues generated, resulting, or produced therefrom.

 

    	 

    	 

    

  

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31.         Tenant’s
Remedies/Limitation of Liability.

 

(a)          Landlord
shall not be in default hereunder unless Landlord fails to perform any of its obligations hereunder within 30 days after written
notice from Tenant specifying such failure (unless such performance will, due to the nature of the obligation, require a period
of time In excess of 30 days, then after such period of time as is reasonably necessary). Upon any default by Landlord, Tenant
shall give notice by registered or certified mail to any Holder of a Mortgage covering the Premises and to any landlord of any
lease of property in or on which the Premises are located and Tenant shall offer such Holder and/or landlord a reasonable opportunity
to cure the default, including time to obtain possession of the Project by power of sale or a judicial action if such should prove
necessary to effect a cure; provided Landlord shall have furnished to Tenant in writing the names and addresses of all such
persons who are to receive such notices. All obligations of Landlord hereunder shall be construed as covenants, not conditions;
and, except as may be otherwise expressly provided in this Lease, Tenant may not terminate this Lease for breach of Landlord’s
obligations hereunder.

 

(b)          Notwithstanding
the foregoing, if any claimed Landlord default hereunder will immediately, materially and adversely affect Tenant’s ability
to conduct its business in the Premises (a “Material Landlord Default”) or there is an emergency within the
Premises which poses an immediate threat of damage to property or injury to person (an “Emergency Situation”),
Tenant shall, as soon as reasonably possible give Landlord written notice of such claim and telephonic notice to Tenant’s
principal contact with Landlord. If (x) any claimed Material Landlord Default is not a default by Landlord hereunder, (y) any Emergency
Situation is not a matter which Landlord is responsible for under this Lease or (z) if Tenant failed to give Landlord notice promptly
after learning of the conditions giving rise to the claimed Material Landlord Default or claimed Emergency Situation, Landlord
shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord in connection with such cure in excess
of the costs, if any, that Landlord would otherwise have been liable to pay hereunder. If (i) Landlord fails to commence cure of
any claimed Material Landlord Default within 2 business days after notice thereof and diligently pursue the same until completion,
or (ii) Tenant has notified or attempted to notify Landlord of the Emergency Situation and Landlord fails to commence cure of the
same in a timely manner in light of the nature of the particular Emergency Situation, Tenant may commence and prosecute such cure
to completion (so long as the prosecution of such cure affects only matters within the Premises and does not affect any portion
of the Project outside the Premises including, without limitation, any Building Systems serving the Common Areas or any other tenant
at the Project), and shall be entitled to promptly recover the costs of such cure (but not any consequential or other damages)
from Landlord, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default or Emergency Situation,
subject to the limitations set forth in this paragraph and the other provisions of this Lease.

 

(c)          All
obligations of Landlord under this Lease will be binding upon Landlord only during the period of its ownership of the Premises
and not thereafter. The term “Landlord” in this Lease shall mean only the owner for the time being of the Premises.
Upon the transfer by such owner of its interest in the Premises, such owner shall thereupon be released and discharged from all
obligations of Landlord thereafter accruing, but such obligations shall be binding during the Term upon each new owner for the
duration of such owner’s ownership.

 

32.         Inspection
and Access. Landlord and its agents, representatives, and contractors may enter the Premises at any reasonable time to inspect
the Premises and to make such repairs as may be required or permitted pursuant to this Lease and for any other business purpose.
Landlord and Landlord’s representatives may enter the Premises during business hours on not less than 48 hours advance written
notice (except in the case of emergencies in which case no such notice shall be required and such entry may be at any time) for
the purpose of effecting any such repairs, inspecting the Premises, showing the Premises to prospective purchasers and, during
the last year of the Term, to prospective tenants or for any other business purpose. Notwithstanding the foregoing, prospective
purchasers and prospective tenants may be excluded by Tenant from those portions of the Premises designated by Tenant to Landlord
as being restricted areas (“Restricted Areas”) unless such parties comply with Tenant’s written protocols
with respect to such Restricted Areas and Tenant is present during any entries by such parties into Restricted Areas. Landlord
may erect a suitable sign on the Premises stating the Premises are available to let or that the Project is available for sale.
Landlord may grant easements, make public dedications, designate Common Areas and create restrictions on or about the Premises,
provided that no such easement, dedication, designation or restriction materially, adversely affects Tenant’s use
or occupancy of the Premises for the Permitted Use. At Landlord’s request, Tenant shall execute such instruments as may be
necessary for such easements, dedications or restrictions. Tenant shall at all times, except in the case of emergencies, have the
right to escort Landlord or its agents, representatives, contractors or guests while the same are in the Premises, provided such
escort does not materially and adversely affect Landlord’s access rights hereunder. Landlord shall use reasonable efforts
to comply with Tenant’s written protocol with respect to entering Restricted Areas; provided, however, that a copy of the
same has previously been provided to Landlord or the same is clearly posted outside of such Restricted Areas.

 

    	 

    	 

    

  

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33.         Security.
Tenant acknowledges and agrees that security devices and services, if any, while Intended to deter crime may not in given instances
prevent theft or other criminal acts and that Landlord is not providing any security services with respect to the Premises. Tenant
agrees that Landlord shall not be liable to Tenant for, and Tenant waives any claim against Landlord with respect to, any loss
by theft or any other damage suffered or Incurred by Tenant in connection with any unauthorized entry into the Premises or any
other breach of security with respect to the Premises. Tenant shall be solely responsible for the personal safety of Tenant’s
officers, employees, agents, contractors, guests and invitees while any such person is in, on or about the Premises and/or the
Project. Tenant shall at Tenant’s cost obtain insurance coverage to the extent Tenant desires protection against such criminal
acts.

 

34.         Force
Majeure. Landlord shall not responsible or liable for delays in the performance of its obligations hereunder when caused by,
related to, or arising out of acts of God, strikes, lockouts, or other labor disputes, embargoes, quarantines, weather, national,
regional, or local disasters, calamities, or catastrophes, inability to obtain labor or materials (or reasonable substitutes therefor)
at reasonable costs or failure of, or inability to obtain, utilities necessary for performance, governmental restrictions, orders,
limitations, regulations, or controls, national emergencies, delay in issuance or revocation of permits, enemy or hostile governmental
action, terrorism, insurrection, riots, civil disturbance or commotion, fire or other casualty, and other causes or events beyond
the reasonable control of Landlord (“Force Majeure”).

 

35.         Brokers.
Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, “Broker”)
in connection with this transaction and that no Broker brought about this transaction, other than The Staubach Company (which represents
Tenant) and GVA Kidder Mathews (which represents Landlord). Landlord and Tenant each hereby agree to indemnify and hold the other
harmless from and against any claims by any Broker, other than the broker, if any named in this Section 35, claiming a commission
or other form of compensation by virtue of having dealt with Tenant or Landlord, as applicable, with regard to this leasing transaction.

 

36.         Limitation
on Landlord’s Liability. NOTWITHSTANDING ANYTHING SET FORTH HEREIN OR IN ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT
TO THE CONTRARY: (A) LANDLORD SHALL NOT BE LIABLE TO TENANT OR ANY OTHER PERSON FOR (AND TENANT AND EACH SUCH OTHER PERSON ASSUME
ALL RISK OF) LOSS, DAMAGE OR INJURY, WHETHER ACTUAL OR CONSEQUENTIAL TO: TENANT’S PERSONAL PROPERTY OF EVERY KIND AND DESCRIPTION,
INCLUDING, WITHOUT LIMITATION TRADE FIXTURES, EQUIPMENT, INVENTORY, SCIENTIFIC RESEARCH, SCIENTIFIC EXPERIMENTS, LABORATORY ANIMALS,
PRODUCT, SPECIMENS, SAMPLES, AND/OR SCIENTIFIC, BUSINESS, ACCOUNTING AND OTHER RECORDS OF EVERY KIND AND DESCRIPTION KEPT AT THE
PREMISES AND ANY AND ALL INCOME DERIVED OR DERIVABLE THEREFROM; (B) THERE SHALL BE NO PERSONAL RECOURSE TO LANDLORD FOR ANY ACT
OR OCCURRENCE IN, ON OR ABOUT THE PREMISES OR ARISING IN ANY WAY UNDER THIS LEASE OR ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT
WITH RESPECT TO THE SUBJECT MATTER HEREOF AND ANY LIABILITY OF LANDLORD HEREUNDER SHALL BE STRICTLY LIMITED SOLELY TO LANDLORD’S
INTEREST IN THE PROJECT OR ANY PROCEEDS FROM SALE OR CONDEMNATION THEREOF AND ANY INSURANCE PROCEEDS PAYABLE IN RESPECT OF LANDLORD’S
INTEREST IN THE PROJECT OR IN CONNECTION WITH ANY SUCH LOSS; AND (C) IN NO EVENT SHALL ANY PERSONAL LIABILITY BE ASSERTED AGAINST
LANDLORD IN CONNECTION WITH THIS LEASE NOR SHALL ANY RECOURSE BE HAD TO ANY OTHER PROPERTY OR ASSETS OF LANDLORD OR ANY OF LANDLORD’S
OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS. UNDER NO CIRCUMSTANCES SHALL LANDLORD OR ANY OF LANDLORD’S OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS BE LIABLE FOR INJURY TO TENANT’S BUSINESS OR FOR ANY LOSS OF INCOME OR PROFIT
THEREFROM.

 

    	 

    	 

    

  

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37.         Severability.
If any clause or provision of this Lease is illegal, invalid or unenforceable under present or future laws, then and in that event,
it is the intention of the parties hereto that the remainder of this Lease shall not be affected thereby. It is also the intention
of the parties to this Lease that In lieu of each clause or provision of this Lease that is illegal, invalid or unenforceable,
there be added, as a part of this Lease, a clause or provision as similar in effect to such illegal, invalid or unenforceable clause
or provision as shall be legal, valid and enforceable.

 

38.         Signs;
Exterior Appearance. Tenant shall not, without the prior written consent of Landlord, which may be granted or withheld in Landlord’s
sole discretion: (i) attach any awnings, exterior lights, decorations, balloons, flags, pennants, banners, painting or other projection
to any outside wall of the Project, (ii) use any curtains, blinds, shades or screens other than Landlord’s standard window
coverings, (iii) coat or otherwise sunscreen the interior or exterior of any windows, (iv) place any bottles, parcels, or
other articles on the window sills, (v) place any equipment, furniture or other items of personal property on any exterior balcony,
or (vi) paint, affix or exhibit on any part of the Premises or the Project any signs, notices, window or door lettering, placards,
decorations, or advertising media of any type which can be viewed from the exterior of the Premises. Suite entry identification
on the main entrance to the Premises and the directory tablet shall be inscribed, painted or affixed for Tenant by Landlord at
the sole cost and expense of Landlord, and shall be of a size, color and type reasonably acceptable to Landlord. Interior signs
on doors other than the main entrance to the Premises shall be inscribed, painted or affixed by Tenant at the sole cost and expense
of Tenant, and shall be of a size, color and type reasonably acceptable to Landlord. Nothing may be placed on the exterior of corridor
walls or corridor doors other than Landlord’s standard lettering. The directory tablet shall be provided exclusively for
the display of the name and location of tenants.

 

39.         Right
to Expand.

 

(a)          Expansion
in the Project. Tenant shall have the right, but not the obligation, to expand the Premises (the “Expansion Right”)
to include any Available Space in the Project upon the terms and conditions in this Section. For purposes of this Section 39(a),
“Available Space” shall mean any space on the 2nd Floor or the 4th Floor of the Project which is not occupied
by a tenant or which is occupied by an existing tenant whose lease is expiring within 6 months or less and such tenant does not
wish to renew (whether or not such tenant has a right to renew) its occupancy of such space. If there is any Available Space in
the Project, Landlord shall, at such time as Landlord shall elect so long as Tenant’s rights hereunder are preserved, deliver
to Tenant written notice (the “Expansion Notice”) of such Available Space, together with the terms and conditions
on which Landlord is prepared to lease Tenant such Available Space. Tenant acknowledges and agrees that such terms and conditions
shall include, without limitation, the following: (i) a requirement that Tenant exercise its Expansion Right with respect to no
less than the entire Available Space described in the applicable Expansion Notice, and (ii) a requirement that the Term of this
Lease be extended to expire concurrently with the term of the lease offered for the Available Space. Tenant shall have 20 days
following delivery of the Expansion Notice (“Negotiation Period”) to Tenant to deliver to Landlord written notification
of Tenant’s exercise of the Expansion Right and to negotiate with Landlord enter into an amendment to this Lease setting
forth the terms for the rental of the Available Space consistent with those set forth in the Expansion Notice and otherwise consistent
with the terms of this Lease (the “Lease Amendment”). Provided that no right to expand is exercised by any tenant
with superior rights, Tenant shall be entitled to lease such Available Space upon such terms and conditions as Tenant and Landlord
shall negotiate.

 

(b)          Amended
Lease. If for any reason the Lease Amendment has not been fully executed and delivered by both parties prior to the expiration
of the Negotiation Period, Tenant shall be deemed to have waived its right to lease such Available Space until such time as the
Available Space has again been leased to a third party and, subsequently, becomes available for lease, if at all, during the Term,
and Landlord shall be free to lease the Available Space to any third party upon any terms and conditions.

 

    	 

    	 

    

  

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(c)          Exceptions.
Notwithstanding the above, the Expansion Right shall not be in effect and may not be exercised by Tenant:

 

(i)          during
any period of time that Tenant is in Default under any provision of the Lease; or

 

(ii)         if
Tenant has been in Default under any provision of the Lease 3 or more times, whether or not the Defaults are cured, during the
12 month period prior to the date on which Tenant seeks to exercise the Expansion Right.

 

(d)          Termination.
The Expansion Right shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of the
Expansion Right, if, after such exercise, but prior to the commencement date of the lease of such Available Space, (i) Tenant fails
to timely cure any default by Tenant under the Lease; or (ii) Tenant has Defaulted 3 or more times during the period from the date
of the exercise of the Expansion Right to the date of the commencement of the lease of the Available Space, whether or not such
Defaults are cured.

 

(e)          Subordinate.
Tenant’s rights in connection with the Expansion Right are and shall be subject to and subordinate to any expansion or extension
rights granted in the Project to any other parties.

 

(f)          Rights
Personal. Expansion Rights are personal to Tenant and are not assignable without Landlord’s consent, which may be granted
or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s
interest in the Lease.

 

(g)          No
Extensions. The period of time within which any Expansion Rights may be exercised shall not be extended or enlarged by reason
of Tenant’s inability to exercise the Expansion Rights.

 

40.         Right
to Extend Term. Tenant shall have the right to extend the Term of the Lease upon the following terms and conditions:

 

(a)          Extension
Rights. Tenant shall have 1 right (an “Extension Right”) to extend the term of this Lease for 3 years (an
“Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written
notice of its election to exercise the Extension Right at least 9 months prior to the expiration of the Base Term of the Lease.

 

(i)          Upon
the commencement of the Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter
be adjusted on each annual anniversary of the commencement of such Extension Term by the Rent Adjustment Percentage.

 

(ii)         As
used herein, “Market Rate” shall mean the then market rental rate for comparable office and laboratory facilities
within the boundaries of Seattle’s First Hill, Denny Regrade and South Lake Union, as determined by Landlord and agreed to
by Tenant, which shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of
the Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, Landlord may impose a
market rent for the parking rights provided hereunder.

 

(iii)        If,
on or before the date which is 180 days prior to the expiration of the Base Term of this Lease, Tenant has not agreed with Landlord’s
determination of the Market Rate after negotiating in good faith, Tenant shall be deemed to have elected arbitration as described
in Section 40(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering
notice to Landlord as required In this Section 40(a), Tenant shall have no right thereafter to rescind or elect not to extend
the term of the Lease for the Extension Term.

 

    	 

    	 

    

  

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(b)          Arbitration.

 

(i)          Within
10 days of Tenant’s notice to Landlord of its election (or deemed election) to arbitrate Market Rate, each party shall deliver
to the other a proposal containing the Market Rate that the submitting party believes to be correct (“Extension Proposal”).
If either party fails to timely submit an Extension Proposal, the other party’s submitted proposal shall determine the Base
Rent for the Extension Term. If both parties submit Extension Proposals, then Landlord and Tenant shall meet within 7 days after
delivery of the last Extension Proposal and make a good faith attempt to mutually appoint a single Arbitrator (and defined below)
to determine the Market Rate. If Landlord and Tenant are unable to agree upon a single Arbitrator, then each shall, by written
notice delivered to the other within 10 days after the meeting, select an Arbitrator. If either party fails to timely give notice
of its selection for an Arbitrator, the other party’s submitted proposal shall determine the Base Rent for the Extension
Term. The 2 Arbitrators so appointed shall, within 5 business days after their appointment, appoint a third Arbitrator. If the
2 Arbitrators so appointed cannot agree on the appointment of the third Arbitrator within the time above specified, then either
party, on behalf of both parties, may request such appointment of such third Arbitrator by application to any state court of general
jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior written notice to the other party of such
intent.

 

(ii)         The
determination of the Market Rate shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator,
as applicable. The decision of the single Arbitrator shall be final and binding upon the parties. The average of the two closest
Arbitrators in a three Arbitrator panel shall be final and binding upon the parties. Each party shall pay the fees and expenses
of the Arbitrator appointed by or on behalf of such party and the fees and expenses of the third Arbitrator shall be borne equally
by both parties. If the Market Rate are not determined by the first day of the Extension Term, then Tenant shall pay Landlord Base
Rent in an amount equal to the Base Rent in effect immediately prior to the Extension Term and increased by the Rent Adjustment
Percentage until such determination is made. After the determination of the Market Rate, the parties shall make any necessary adjustments
to such payments made by Tenant. Landlord and Tenant shall then execute an amendment recognizing the Market Rate for the initial
year of the Extension Term.

 

(iii)        An
“Arbitrator” shall be any person appointed by or on behalf of either party or appointed pursuant to the provisions
hereof and: (i) shall be (a) a member of the American Institute of Real Estate Appraisers with not less than 10 years of experience
in the appraisal of improved office and high tech industrial real estate in the greater Seattle metropolitan area, or (b) a licensed
commercial real estate broker with not less than 15 years experience representing landlords and/or tenants in the leasing of high
tech or life sciences space in the greater Seattle metropolitan area, (ii) devoting substantially all of their time to professional
appraisal or brokerage work, as applicable, at the time of appointment and (iii) be in all respects impartial and disinterested.

 

(c)          Rights
Personal. Extension Rights are personal to Tenant and are not assignable without Landlord’s consent, which may be granted
or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s
interest in the Lease,

 

(d)          Exceptions.
Notwithstanding anything set forth above to the contrary, Extension Rights shall not be in effect and Tenant may not exercise any
of the Extension Rights:

 

(i)          during
any period of time that Tenant is in Default under any provision of this Lease; or

 

(ii)         if
Tenant has been in Default under any provision of this Lease 3 or more times, whether or not the Defaults are cured, during the
12 month period immediately prior to the date that Tenant intends to exercise an Extension Right, whether or not the Defaults are
cured.

 

    	 

    	 

    

  

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(e)          No
Extensions. The period of time within which any Extension Rights may be exercised shall not be extended or enlarged by reason
of Tenant’s inability to exercise the Extension Rights.

 

(f)          Termination.
The Extension Rights shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of
an Extension Right, if, after such exercise, but prior to the commencement date of an Extension Term, (i) Tenant fails to timely
cure any default by Tenant under this Lease; or (ii) Tenant has Defaulted 3 or more times during the period from the date of the
exercise of an Extension Right to the date of the commencement of the Extension Term, whether or not such Defaults are cured.

 

41.         Intentionally
Omitted.

 

42.         Termination
Rights

 

(a)          If,
at anytime prior to the 42nd month of the Term, Landlord, or any affiliate of Landlord, and Tenant have entered into a new lease
agreement (“New Lease”) pursuant to which Tenant shall lease space comparable in size and quality to the Premises
at another property in Seattle, Washington owned or operated by Landlord or its affiliate (“New Premises”) for
a term comparable to the Term of this Lease and, otherwise, upon terms and conditions acceptable to Landlord, or its affiliate,
and Tenant in their respective sole discretion, this Lease shall terminate as of the date (“New Lease Commencement Date”)
that Tenant commences to pay base rent under the New Lease for the New Premises. Tenant acknowledges that nothing contained herein
shall obligate Landlord in any way to enter into the New Lease nor shall anything contained herein be construed to grant to Tenant
any option or right to lease any space at another property owned or operated by Landlord or its affiliate. If this Lease is terminated
pursuant to this Section 42(a), then, upon the New Lease Commencement Date, Tenant shall vacate the Premises and deliver
possession thereof to Landlord in the condition required by the terms of this Lease on or before the New Lease Commencement Date
and Tenant shall have no further obligations under this Lease except for those accruing prior to the New Lease Commencement Date
and those which, pursuant to the terms of the Lease, survive the expiration or early termination of the Lease.

 

(b)          Tenant
shall have the right to terminate this Lease (“Early Termination Right”) any time after the 42nd month of the
Base Term and prior to the expiration of the Base Term, so long as Tenant delivers to Landlord a written notice (“Termination
Notice”), of its intent to exercise its Early Termination Right at least 9 months prior to the date upon which Tenant
desires to terminate this Lease (“Early Termination Date”), which Termination Notice shall state the Early Termination
Date. Upon receipt of the Early Termination Notice, Landlord shall notify Tenant of the unamortized portion, as calculated by Landlord,
of the sum of (i) the TI Allowance, (ii) the Additional TI Allowance; and (iii) the leasing commissions paid by Landlord to The
Staubach Company with respect to the Lease, all fully amortized with 10% interest over the Base Term (“Early Termination
Payment”). Tenant shall pay the Early Termination Payment to Landlord within 10 business days after receipt of notice
of such amount from Landlord. If Tenant timely and properly exercises the Early Termination Right and pays the Early Termination
Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of
this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease except for those
accruing prior to the Early Termination Date and those which, pursuant to the terms of the Lease, survive the expiration or early
termination of the Lease.

 

    	 

    	 

    

  

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43.         Sales
Tax Deferral/Exemption.

 

(a)          Retail
sales tax otherwise applicable to portions of construction of the Tenant Improvements may be eligible for deferral pursuant to
RCW 82.63 (the “Sales Tax Deferral”) as a result of Tenant’s intended use of the Premises. Promptly following
the execution of this Lease, Tenant shall prepare and process applications with the Washington State Department of Revenue for
a deferral of state and local sales and use taxes with respect to the construction of the Tenant Improvements. Landlord shall,
at no cost or expense to Landlord, cooperate with Tenant’s preparation and processing of such applications. Tenant shall
notify Landlord in writing once the Sales Tax Deferral has been granted by the Department of Revenue. If the retail sales tax for
any of the Tenant Improvements requested by Tenant is deferred, and if, for any reason, any part of the retail sales tax so deferred
is subsequently required to be repaid, Tenant shall promptly pay the same, together with any interest, penalties, or other charges
that are or become due in connection therewith, and Tenant shall indemnify and hold Landlord harmless from any and all costs, expenses,
losses, damages, liability and claims arising out of or related to any retail sales tax deferral for the Tenant Improvements. Tenant
acknowledges and agrees that Landlord shall have no liability in the event that any design, construction, construction managements
services and/or any other activities performed by Landlord prior to the date hereof preclude or limit Tenant’s ability to
obtain the Sales Tax Deferral. Landlord hereby agrees that, to the extent Landlord realizes cost savings because of the tax deferral,
Landlord shall pass the economic benefit to Tenant in the form of reduced rent payments.

 

(b)          Tenant
shall on an annual basis report to Landlord the nature of Tenant’s use of the Premises and the extent to which such use does
not qualify for the Sales Tax Deferral and complete the annual survey required by RCW 82.63.020. Tenant shall, after consultation
with Landlord, be responsible for reporting any non-qualifying use to the State of Washington Department of Revenue and paying
any tax (plus any interest or penalties) resulting from the non-qualifying use and shall deliver copies of the same to Landlord
concurrently with its delivery of the same to the State of Washington Department of Revenue. Tenant acknowledges and agrees that,
as between Landlord and Tenant, Tenant shall be solely responsible for paying for any tax resulting from any non-qualifying use.

 

(c)          Landlord
will, at no cost or expense to Landlord, reasonably cooperate with and assist Tenant In any challenges or audits to the Sales Tax
Deferral benefit. In any contest regarding the Sales Tax Deferral benefit, Tenant shall be the main contact with the Department
of Revenue; provided, however, that Tenant shall promptly provide Landlord with copies of any correspondence between Tenant and
the Department of Revenue and Landlord shall have the right to be present at any and all meetings or proceedings relating to any
such contest. Landlord and Tenant shall promptly notify each other of any such challenges or audits that they become aware of and
will promptly forward to one another any correspondence regarding any such challenge or audit. Tenant shall have the right to contest
or review any proceedings regarding the Sales Tax Deferral benefit, which may be instituted either during or after the Term of
this Lease. Landlord will on a timely basis execute all reasonably necessary instruments submitted by Tenant to Landlord for execution
in connection with any such protest, appeal or other proceedings, provided, however, that the same are reasonably acceptable to
Landlord. If any proceeding may only be instituted and maintained by Landlord, then Landlord shall do so at Tenant’s cost
and expense upon the request of Tenant. Landlord shall not settle any appeal or other proceeding with respect to such Sales Tax
Deferral without obtaining Tenant’s prior written approval in each instance (not to be unreasonably withheld, conditioned
or delayed). Landlord shall not abandon any appeal without first offering to Tenant the right to prosecute such appeal at Tenant’s
expense, which election Tenant shall make by written notice to Landlord within 15 days after notice by Landlord of its intent to
so abandon its appeal. Tenant shall be entitled to any resulting refund obtained by reason of any such proceeding or otherwise,
whether obtained during or after the expiration of the Term and whether obtained by Landlord or Tenant. Tenant shall Indemnify
and hold Landlord harmless from any and all costs, expenses, losses, damages, liability and claims arising out of or related to
Landlord’s compliance with the provisions of this Section 43(c), including, without limitation, as a result of the
execution of any instruments provided to Landlord by Tenant for execution.

 

The provisions of this
Section 43 shall survive the expiration or termination of this Lease.

 

44.         Miscellaneous.

 

(a)          Notices.
All notices or other communications between the parties shall be in writing and shall be deemed duly given upon delivery or refusal
to accept delivery by the addressee thereof if delivered in person, or upon actual receipt if delivered by reputable overnight
guaranty courier, addressed and sent to the parties at their addresses set forth above. Landlord and Tenant may from time to time
by written notice to the other designate another address for receipt of future notices.

 

    	 

    	 

    

  

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(b)          Joint
and Several Liability. If and when included within the term “Tenant,” as used in this instrument, there is more
than one person or entity, each shall be jointly and severally liable for the obligations of Tenant.

 

(c)          Financial
Information. Tenant shall furnish Landlord with true and complete copies of (i) Tenant’s most recent audited annual financial
statements within 120 days of the end of each of Tenant’s fiscal years during the Term, (ii) Tenant’s most recent unaudited
quarterly financial statements within 45 days of the end of each of Tenant’s first three fiscal quarters of each of Tenant’s
fiscal years during the Term, (iii) at Landlord’s request from time to time, updated business plans, Including cash flow
projections and/or pro forma balance sheets and income statements, all of which shall be treated by Landlord as confidential information
belonging to Tenant, (iv) corporate brochures and/or profiles prepared by Tenant for prospective investors, and (v) any other financial
information or summaries that Tenant typically provides to its lenders or shareholders. Landlord agrees to maintain the confidentiality
of the financial information and other non-public information provided to Landlord by Tenant pursuant to this Section 44(c),
except as may be required by applicable Legal Requirements. The provisions of this Section 44(c) shall survive the expiration
or any earlier termination of this Lease.

 

(d)          Recordation.
Neither this Lease nor a memorandum of lease shall be filed by or on behalf of Tenant in any public record unless such filing is
required to comply with applicable Legal Requirements and Tenant has provided Landlord with prior written notice thereof. Landlord
may prepare and file, and upon request by Landlord Tenant will execute, a memorandum of lease.

 

(e)          Interpretation.
The normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Lease or any exhibits or amendments hereto. Words of any gender used in this Lease shall be held
and construed to include any other gender, and words In the singular number shall be held to include the plural, unless the context
otherwise requires. The captions inserted in this Lease are for convenience only and in no way define, limit or otherwise describe
the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease.

 

(f)          Not
Binding Until Executed. The submission by Landlord to Tenant of this Lease shall have no binding force or effect, shall not
constitute an option for the leasing of the Premises, nor confer any right or impose any obligations upon either party until execution
of this Lease by both parties.

 

(g)          Limitations
on Interest. It is expressly the intent of Landlord and Tenant at all times to comply with applicable law governing the maximum
rate or amount of any interest payable on or in connection with this Lease. If applicable law is ever judicially interpreted so
as to render usurious any interest called for under this Lease, or contracted for, charged, taken, reserved, or received with respect
to this Lease, then it is Landlord’s and Tenant’s express intent that all excess amounts theretofore collected by Landlord
be credited on the applicable obligation (or, if the obligation has been or would thereby be paid in full, refunded to Tenant),
and the provisions of this Lease immediately shall be deemed reformed and the amounts thereafter collectible hereunder reduced,
without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery
of the fullest amount otherwise called for hereunder.

 

(h)          Choice
of Law. Construction and interpretation of this Lease shall be governed by the internal laws of the state in which the Premises
are located, excluding any principles of conflicts of laws.

 

(i)          Time.
Time is of the essence as to the performance of Tenant’s obligations under this Lease.

 

(j)          Incorporation
by Reference. All exhibits and addenda attached hereto are hereby incorporated into this Lease and made a part hereof. If there
is any conflict between such exhibits or addenda and the terms of this Lease, such exhibits or addenda shall control.

 

    	 

    	 

    

  

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(k)          Entire
Agreement. This Lease, including the exhibits attached hereto, constitutes the entire agreement between Landlord and Tenant
pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, letters of intent,
negotiations and discussions, whether oral or written, of the parties, and there are no warranties, representations or other agreements,
express or implied, made to either party by the other party in connection with the subject matter hereof except as specifically
set forth herein.

 

(l)          Hazardous
Activities. Notwithstanding any other provision of this Lease, Landlord, for itself and its employees, agents and contractors,
reserves the right to refuse to perform any repairs or services in any portion of the Premises which, pursuant to Tenant’s
routine safety guidelines, practices or custom or prudent industry practices, require any form of protective clothing or equipment
other than safety glasses. In any such case, Tenant shall contract with parties who are acceptable to Landlord, in Landlord’s
reasonable discretion, for all such repairs and services, and Landlord shall, to the extent required, equitably adjust Tenant’s
Share of Operating Expenses in respect of such repairs or services to reflect that Landlord is not providing such repairs or services
to Tenant.

 

[ Signatures on next page ]

 

    	 

    	 

    

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 35

 

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

 

	 	TENANT:
	 	 
	 	SPALTUDAQ CORP.,
	 	a Delaware corporation
	 	 
	 	By:  	/s/ [illegible]
	 	Its:  	President and CEO
	 	 
	 	LANDLORD:
	 	 
	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,
	 	a Maryland corporation
	 	 
	 	By:  	/s/ Jackie Clem
	 	Name:  	Jackie Clem
	 	Title:  	VP

 

    	 

    	 

    

 

[TENANT NOTARIAL ACKNOWLEDGMENT]

 

	STATE OF Washington	)	 
	 	)	ss.
	COUNTY OF KING	)	 

 

On May 24, 2007 before
me, David Fanning, Pres. & CEO (here insert name and title of officer), personally appeared at 1616 Eastlake Ave E, Ste 200,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and
that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed
the instrument.

 

WITNESS my hand and
official seal.

 

	Signature	/s/ Lindsay A. Rayle	 	(Seal)

 

[LANDLORD NOTARIAL ACKNOWLEDGMENT]

 

	STATE OF cALIFORNIA	)	 
	 	)	ss.
	COUNTY OF LOS ANGELES	)	 

 

On June 13, 2007 before
me, Elizabeth M. Aguilera, Notary Public (here insert name and title of officer), personally appeared Jackie Clem, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument.

 

WITNESS my hand and
official seal.

 

	Signature	/s/ Elizabeth M. Aguilera	 	(Seal)

 

    	 

    	 

    

 

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq

 

EXHIBIT A TO LEASE

 

DESCRIPTION OF PREMISES

 

SEE ATTACHED

 

    	 

    	 

    

 

 

    	 

    	 

    

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq

 

EXHIBIT B TO LEASE

 

DESCRIPTION OF PROJECT

 

SEE ATTACHED

 

    	 

    	 

    

 

 

    	 

    	 

    

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 1

 

EXHIBIT C TO LEASE

 

WORK LETTER

 

THIS WORK LETTER (this
“Work Letter”) is incorporated into that certain Lease (the “Lease”) dated as of May __,
2007 by and between ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation (“Landlord”), and SPALTUDAQ
CORP., a Delaware corporation (“Tenant”). Any initially capitalized terms used but not defined herein shall
have the meanings given them in the Lease.

 

1.           General
Requirements.

 

(a)          Tenant’s
Authorized Representative. Tenant designates Russ Hawkinson and David Fanning (any such individual acting alone, “Tenant’s
Representative”) as the only persons authorized to act for Tenant pursuant to this Work Letter. Landlord shall not be
obligated to respond to or act upon any request, approval, inquiry or other communication (“Communication”)
from or on behalf of Tenant in connection with this Work Letter unless such Communication is in writing from Tenant’s Representative.
Tenant may change either Tenant’s Representative at any time upon not less than 5 business days advance written notice to
Landlord.

 

(b)          Landlord’s
Authorized Representative. Landlord designates Peter Moglia and Tim McBride (either such individual acting alone, “Landlord’s
Representative”) as the only persons authorized to act for Landlord pursuant to this Work Letter. Tenant shall not be
obligated to respond to or act upon any request, approval, inquiry or other Communication from or on behalf of Landlord in connection
with this Work Letter unless such Communication is in writing from Landlord’s Representative. Landlord may change either
Landlord’s Representative at any time upon not less than 5 business days advance written notice to Tenant.

 

(c)          Architects,
Consultants and Contractors. Landlord and Tenant hereby acknowledge and agree that the architect (the “TI Architect”)
for the Tenant Improvements (as defined in Section 2(a) below), the general contractor and any subcontractors for the Tenant
Improvements shall be selected by Tenant, subject to Landlord’s approval, which approval shall not be unreasonably withheld,
conditioned or delayed. Landlord shall be named a third party beneficiary of any contract entered into by Tenant with the TI Architect,
any consultant, any contractor or any subcontractor, and of any warranty made by any contractor or any subcontractor.

 

2.           Tenant
Improvements.

 

(a)          Tenant
Improvements Defined. As used herein, “Tenant Improvements” shall mean all improvements to the Premises
desired by Tenant of a fixed and permanent nature. Other than funding the TI Allowance (as defined below) as provided herein, Landlord
shall not have any obligation whatsoever with respect to the finishing of the Premises for Tenant’s use and occupancy. Tenant
shall have the right to remove the laboratory space improvements consisting of 2 benches and 1 fume hood located as of the Commencement
Date in the portion of the Premises more particularly shown on Exhibit G attached hereto; provided, however, that (i) the
benches and fume hood are not destroyed during the removal of the same and are delivered to a storage facility as directed by Landlord
for future use, and (ii) at the expiration of the Term of the Lease, Landlord will reinstall the benches and Tenant will install
the counter tops and the shelving connected to the counter tops.

 

(b)          Tenant’s
Space Plans. Tenant shall deliver to Landlord schematic drawings and outline specifications and a written scope of work (collectively,
the “TI Design Drawings”) detailing Tenant’s requirements for the Tenant Improvements. Not more than 5
business days thereafter, Landlord shall deliver to Tenant the written objections, questions or comments of Landlord and the TI
Architect with regard to the TI Design Drawings. Tenant shall cause the TI Design Drawings to be revised to address such written
comments and shall resubmit said drawings to Landlord for approval within 5 business days thereafter. Such process shall continue
until Landlord has approved the TI Design Drawings.

 

    	 

    	 

    

  

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(c)          Working
Drawings. Not later than 15 business days following the approval of the TI Design Drawings by Landlord, Tenant shall cause
the TI Architect to prepare and deliver to Landlord for review and comment construction plans, specifications and drawings for
the Tenant Improvements (“TI Construction Drawings”), which TI Construction Drawings shall be prepared substantially
in accordance with the TI Design Drawings. Tenant shall be solely responsible for ensuring that the TI Construction Drawings reflect
Tenant’s requirements for the Tenant Improvements. Landlord shall deliver its written comments on the TI Construction Drawings
to Tenant not later than 10 business days after Landlord’s receipt of the same; provided, however, that Landlord may not
disapprove any matter that is consistent with the TI Design Drawings. Tenant and the TI Architect shall consider all such comments
in good faith and shall, within 10 business days after receipt, notify Landlord how Tenant proposes to respond to such comments.
Any disputes in connection with such comments shall be resolved in accordance with Section 2(d) hereof. Provided that the
design reflected in the TI Construction Drawings is consistent with the TI Design Drawings, Landlord shall approve the TI Construction
Drawings submitted by Tenant. Once approved by Landlord, subject to the provisions of Section 4 below, Tenant shall not
materially modify the TI Construction Drawings except as may be reasonably required in connection with the issuance of the TI Permit
(as defined in Section 3(a) below).

 

(d)          Approval
and Completion. if any dispute regarding the design of the Tenant Improvements is not settled within 10 business days after
notice of such dispute is delivered by one party to the other, Tenant may make the final decision regarding the design of the Tenant
Improvements, provided (i) Tenant acts reasonably and such final decision is either consistent with or a compromise between Landlord’s
and Tenant’s positions with respect to such dispute, (ii) that all costs and expenses resulting from any such decision by
Tenant shall be payable out of the TI Fund (as defined in Section 5(d) below), and (iii) Tenant’s decision will not
affect the base Building, structural components of the Building or any Building systems (in which case Landlord shall make the
final decision). Any changes to the TI Construction Drawings following Landlord’s and Tenant’s approval of same requested
by Tenant shall be processed as provided in Section 4 hereof.

 

3.            Performance
of the Tenant Improvements.

 

(a)          Commencement
and Permitting of the Tenant Improvements. Tenant shall commence construction of the Tenant improvements upon obtaining and
delivering to Landlord applicable permits (the “TI Permit”) authorizing the construction of the Tenant Improvements
consistent with the TI Construction Drawings approved by Landlord. The cost of obtaining the TI Permit shall be payable from the
TI Fund. Landlord shall assist Tenant in obtaining the TI Permit. Prior to the commencement of the Tenant Improvements, Tenant
shall deliver to Landlord a copy of any contract with Tenant’s contractors (including the TI Architect), and certificates
of Insurance from any contractor performing any part of the Tenant Improvement evidencing industry standard commercial general
liability, automotive liability, “builder’s risk”, and workers’ compensation insurance. Tenant shall cause
the general contractor to provide a certificate of insurance naming Landlord and Landlord’s lender (if any) as additional
insureds for the general contractor’s liability coverages required above.

 

(b)          Selection
of Materials, Etc. Where more than one type of material or structure is indicated on the TI Construction Drawings approved
by Tenant and Landlord, the option will be within Tenant’s reasonable discretion if the matter concerns the Tenant Improvements,
and within Landlord’s sole and absolute subjective discretion if the matter concerns the structural components of the Building
or any Building system.

 

(c)          Tenant
Liability. Tenant shall be responsible for correcting any deficiencies or defects in the Tenant Improvements.

 

    	 

    	 

    

  

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(d)          Substantial
Completion. Tenant shall substantially complete or cause to be substantially completed the Tenant Improvements in a good and
workmanlike manner, in accordance with the TI Permit subject, in each case, to Minor Variations and normal “punch list”
items of a non-material nature which do not interfere with the use of the Premises (“Substantial Completion”
or “Substantially Complete”). Upon Substantial Completion of the Tenant Improvements, Tenant shall require the
TI Architect and the general contractor to execute and deliver, for the benefit of Tenant and Landlord, a Certificate of Substantial
Completion in the form of the American Institute of Architects (“AlA”) document G704. For purposes of this Work
Letter, “Minor Variations” shall mean any modifications reasonably required: (i) to comply with all applicable
Legal Requirements and/or to obtain or to comply with any required permit (including the TI Permit); (ii) to comport with good
design, engineering, and construction practices which are not material; or (iii) to make reasonable adjustments for field deviations
or conditions encountered during the construction of the Tenant Improvements.

 

4.           Changes.
Any changes requested by Tenant to the Tenant Improvements after the delivery and approval by Landlord of the TI Design Drawings,
shall be requested and instituted in accordance with the provisions of this Section 4 and shall be subject to the written
approval of Landlord, which approval shall not be unreasonably withheld, conditioned or delayed.

 

(a)          Tenant’s
Right to Request Changes. If Tenant shall request changes (“Changes”), Tenant shall request such Changes
by notifying Landlord in writing in substantially the same form as the AIA standard change order form (a “Change Request”),
which Change Request shall detail the nature and extent of any such Change. Such Change Request must be signed by Tenant’s
Representative. Landlord shall review and approve or disapprove such Change Request within 10 business days thereafter, provided
that Landlord’s approval shall not be unreasonably withheld, conditioned or delayed.

 

(b)          Implementation
of Changes. If Landlord approves such Change and Tenant deposits with Landlord any Excess TI Costs (as defined in Section
5(d) below) required in connection with such Change, Tenant may cause the approved Change to be instituted. If any TI Permit
modification or change is required as a result of such Change, Tenant shall promptly provide Landlord with a copy of such TI Permit
modification or change.

 

5.           Costs.

 

(a)          Budget
For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Tenant shall obtain a detailed
breakdown, by trade, of the costs incurred or that will be incurred, in connection with the design and construction of the Tenant
Improvements (the “Budget”), and deliver a copy of the Budget to Landlord for Landlord’s approval, which
shall not be unreasonably withheld or delayed, The Budget shall be based upon the TI Construction Drawings approved by Landlord
and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2% of the TI
Costs (as hereinafter defined) for monitoring and inspecting the construction of the Tenant Improvements, which sum shall be payable
from the TI Fund. Such Administrative Rent shall Include, without limitation, all out-of-pocket costs, expenses and fees incurred
by or on behalf of Landlord arising from, out of, or in connection with, such monitoring of the construction of the Tenant improvements,
and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the
difference, in cash, prior to the commencement of construction of the Tenant Improvements, for disbursement by Landlord as described
in Section 5(d).

 

(b)          TI
Allowance. Landlord shall provide to Tenant a tenant improvement allowance (collectively, the “TI Allowance”)
as follows:

 

1.            a
“Tenant Improvement Allowance” in the maximum amount of $117,384.00, which is included in the Base Rent set
forth in the Lease; and

 

2.            the
Additional TI Allowance, which shall, to the extent used, result in adjustments to the Base Rent as set forth in the Lease.

 

    	 

    	 

    

 

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 4

 

Before the Rent Commencement Date, Tenant
shall notify Landlord how much Additional Tenant Improvement Allowance Tenant has elected to receive from Landlord. Such election
shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted
or withheld in Landlord’s sole and absolute subjective discretion The TI Allowance shall be disbursed in accordance with
this Work Letter.

 

Tenant shall have no right to the use or
benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the
Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant
to Section 4. Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of
the month that is 18 months after the Commencement Date.

 

(c)          Costs
Includable in TI Fund. The TI Fund shall be used solely for the payment of design, permits and construction costs in connection
with the construction of the Tenant improvements, including, without limitation, the cost of electrical power and other utilities
used in connection with the construction of the Tenant Improvements, the cost of preparing the TI Design Drawings and the TI Construction
Drawings, all costs set forth in the Budget, including Landlord’s Administrative Rent, and the cost of Changes (collectively,
“TI Costs”). Notwithstanding anything to the contrary contained herein, the TI Fund shall not be used to purchase
any furniture, fixtures, personal property or other non-Building system materials or equipment, including, but not be limited to,
non-ducted biological safety cabinets and other scientific equipment not incorporated into the Tenant Improvements, except for
Tenant’s voice and data cabling, cage washing equipment, fume hoods, autoclaves and other fixed laboratory equipment.

 

(d)          Excess
TI Costs. Landlord shall have no obligation to bear any portion of the cost of any of the Tenant Improvements except to the
extent of the TI Allowance. If at any time and from time-to-time, the remaining TI Costs under the Budget exceed the remaining
unexpended TI Allowance, Tenant shall deposit with Landlord, as a condition precedent to Landlord’s obligation to complete
the Tenant Improvements, 100% of the then current TI Cost in excess of the remaining TI Allowance (“Excess TI Costs”).
If Tenant fails to deposit, or is late in depositing any Excess TI Costs with Landlord, Landlord shall have all of the rights and
remedies set forth in the Lease for nonpayment of Rent (including, but not limited to, the right to interest at the Default Rate
and the right to assess a late charge). For purposes of any litigation instituted with regard to such amounts, those amounts will
be deemed Rent under the Lease. The TI Allowance and Excess TI Costs is herein referred to as the “TI Fund.”
Funds deposited by Tenant shall be the first thereafter disbursed to pay TI Costs. Notwithstanding anything to the contrary set
forth in this Section 5(d), Tenant shall be fully and solely liable for TI Costs and the cost of Minor Variations in excess
of the TI Allowance. If upon Substantial Completion of the Tenant Improvements and the payment of all sums due in connection therewith
there remains any undisbursed portion of the TI Fund, Tenant shall be entitled to such undisbursed TI Fund solely to the extent
of any Excess TI Costs deposit Tenant has actually made with Landlord.

 

(e)          Payment
for TI Costs. During the course of design and construction of the Tenant Improvements, Landlord shall pay TI Costs once a month
against a draw request in Landlord’s standard form, containing such certifications, lien waivers (including a conditional
lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection
reports and other matters as Landlord customarily obtains, to the extent of Landlord’s approval thereof for payment, no later
than 30 days following receipt of such draw request; provided, however, that Landlord shall not unreasonably disapprove a draw
request that is consistent with the Budget and is submitted in proper form with all required supporting materials. Upon completion
of the Tenant Improvements (and prior to any final disbursement of the TI Fund), Tenant shall deliver to Landlord: (i) sworn statements
setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers
from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic
CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) a certificate
of occupancy for the Premises; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises.

 

    	 

    	 

    

  

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 5

  

6.            Miscellaneous.

 

(a)          Consents.
Whenever consent or approval of either party is required under this Work Letter, that party shall not unreasonably withhold, condition
or delay such consent or approval, except as may be expressly set forth herein to the contrary.

 

(b)          Modification.
No modification, waiver or amendment of this Work Letter or of any of its conditions or provisions shall be binding upon Landlord
or Tenant unless in writing signed by Landlord and Tenant

 

[ Signatures on next page ]

 

    	 

    	 

    

  

	Multi-Tenant Office/Laboratory	1124 Columbia Street/Spaltudaq - Page 6

  

IN WITNESS WHEREOF,
Landlord and Tenant have executed this Work Letter to be effective on the date first above written.

 

	TENANT:	 	 
	 	 
	 	SPALTUDAQ CORP.,

a Delaware corporation
	 	 	 
	 	By:	/s/ [illegible]
	 	Its:	President and CEO
	 	 	 
	LANDLORD:	 	 
	 	 
	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,

a Maryland corporation
	 	 	 
	 	By:	/s/ Jackie Clem
	 	Name:	Jackie Clem
	 	Title:	VP

 

    	 

    	 

    

 

1124 Columbia Street/Spaltudaq

 

EXHIBIT D TO LEASE

 

ACKNOWLEDGMENT OF COMMENCEMENT DATE

 

This ACKNOWLEDGMENT
OF COMMENCEMENT DATE is made as of this _____ day of ____________, 2007, between ALEXANDRIA REAL ESTATE EQUITIES, INC.,
a Maryland corporation (“Landlord”), and SPALTUDAQ CORP., a Delaware corporation (“Tenant”),
and is attached to and made a part of the Lease dated as of May 24, 2007 (the “Lease”), by and between
Landlord and Tenant. Any initially capitalized terms used but not defined herein shall have the meanings given them in the Lease.

 

Landlord and Tenant
hereby acknowledge and agree, for all purposes of the Lease, that the Commencement Date of the Base Term of the Lease is June 25,
2007, the Rent Commencement Date is August 25, 2007 and the termination date of the Base Term of the Lease shall be midnight on
June 24, 2012. In case of conflict between the terms of the Lease and the terms of this Acknowledgment of Commencement Date,
this Acknowledgment of Commencement Date shall control for all purposes.

 

IN WITNESS WHEREOF,
Landlord and Tenant have executed this ACKNOWLEDGMENT OF COMMENCEMENT DATE to be effective on the date first above written.

 

	TENANT:	 	 
	 	 
	 	SPALTUDAQ CORP.,

a Delaware corporation
	 	 	 
	 	By:	 
	 	Its:	 
	 	 
	LANDLORD:	 
	 	 
	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,

a Maryland corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

1124 Columbia Street/Spaltudaq

 

EXHIBIT
D TO LEASE

 

ACKNOWLEDGMENT OF COMMENCEMENT DATE

 

This ACKNOWLEDGMENT
OF COMMENCEMENT DATE is made as of this _____ day of ____________, 2007, between ALEXANDRIA REAL ESTATE EQUITIES, INC.,
a Maryland corporation (“Landlord”), and SPALTUDAQ CORP., a Delaware corporation (“Tenant”),
and is attached to and made a part of the Lease dated as of _____________, __________ (the “Lease”),
by and between Landlord and Tenant. Any initially capitalized terms used but not defined herein shall have the meanings given them
in the Lease.

 

Landlord and Tenant
hereby acknowledge and agree, for all purposes of the Lease, that the Commencement Date of the Base Term of the Lease is _____________,
__________, the Rent Commencement Date is _____________, __________ and the termination date of the Base Term of the Lease shall
be midnight on _____________, __________. In case of conflict between the terms of the Lease and the terms of this Acknowledgment
of Commencement Date, this Acknowledgment of Commencement Date shall control for all purposes.

 

IN WITNESS WHEREOF,
Landlord and Tenant have executed this ACKNOWLEDGMENT OF COMMENCEMENT DATE to be effective on the date first above written.

 

	TENANT:	 	 
	 	 
	 	SPALTUDAQ CORP.,

a Delaware corporation
	 	 	 
	 	By:	 
	 	Its:	 
	 	 
	LANDLORD:	 
	 	 
	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,

a Maryland corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

1124 Columbia Street/Spaltudaq

 

EXHIBIT E TO LEASE

 

Rules and Regulations

 

1.          The
sidewalk, entries, and driveways of the Project shall not be obstructed by Tenant, or any Tenant Party, or used by them for any
purpose other than ingress and egress to and from the Premises.

 

2.          Tenant
shall not place any objects, including antennas, outdoor furniture, etc., in the parking areas, landscaped areas or other areas
outside of its Premises, or on the roof of the Project.

 

3.          Except
for animals assisting the disabled, no animals shall be allowed in the offices, halls, or corridors in the Project.

 

4.          Tenant
shall not disturb the occupants of the Project or adjoining buildings by the use of any radio or musical instrument or by the making
of loud or improper noises.

 

5.          If
Tenant desires telegraphic, telephonic or other electric connections in the Premises, Landlord or its agent will direct the electrician
as to where and how the wires may be introduced; and, without such direction, no boring or cutting of wires will be permitted.
Any such installation or connection shall be made at Tenant’s expense.

 

6.          Tenant
shall not install or operate any steam or gas engine or boiler, or other mechanical apparatus in the Premises, except as specifically
approved in the Lease. The use of oil, gas or inflammable liquids for heating, lighting or any other purpose is expressly prohibited.
Explosives or other articles deemed extra hazardous shall not be brought Into the Project.

 

7.          Parking
any type of recreational vehicles is specifically prohibited on or about the Project. Except for the overnight parking of operative
vehicles, no vehicle of any type shall be stored in the parking areas at any time. In the event that a vehicle is disabled, it
shall be removed within 48 hours. There shall be no “For Sale” or other advertising signs on or about any parked vehicle.
All vehicles shall be parked in the designated parking areas in conformity with all signs and other markings. All parking will
be open parking, and no reserved parking, numbering or lettering of individual spaces will be permitted except as specified by
Landlord.

 

8.          Tenant
shall maintain the Premises free from rodents, insects and other pests.

 

9.          Landlord
reserves the right to exclude or expel from the Project any person who, in the judgment of Landlord, is intoxicated or under the
influence of liquor or drugs or who shall in any manner do any act in violation of the Rules and Regulations of the Project.

 

10.         Tenant
shall not cause any unnecessary labor by reason of Tenant’s carelessness or indifference in the preservation of good order
and cleanliness. Landlord shall not be responsible to Tenant for any loss of property on the Premises, however occurring, or for
any damage done to the effects of Tenant by the janitors or any other employee or person.

 

11.         Tenant
shall give Landlord prompt notice of any defects in the water, lawn sprinkler, sewage, gas pipes, electrical lights and fixtures,
heating apparatus, or any other service equipment affecting the Premises.

 

12.         Tenant
shall not permit storage outside the Premises, including without limitation, outside storage of trucks and other vehicles, or dumping
of waste or refuse or permit any harmful materials to be placed in any drainage system or sanitary system in or about the Premises.

 

    	 

    	 

    

  

1124 Columbia Street/Spaltudaq 

 

13.         All
moveable trash receptacles provided by the trash disposal firm for the Premises must be kept in the trash enclosure areas, if any,
provided for that purpose.

 

14.         No
auction, public or private, will be permitted on the Premises or the Project.

 

15.         No
awnings shall be placed over the windows in the Premises except with the prior written consent of Landlord.

 

16.         The
Premises shall not be used for lodging, sleeping or cooking or for any immoral or illegal purposes or for any purpose other than
that specified in the Lease. No gaming devices shall be operated in the Premises.

 

17.         Tenant
shall ascertain from Landlord the maximum amount of electrical current which can safely be used in the Premises, taking into account
the capacity of the electrical wiring in the Project and the Premises and the needs of other tenants, and shall not use more than
such safe capacity. Landlord’s consent to the installation of electric equipment shall not relieve Tenant from the obligation
not to use more electricity than such safe capacity.

 

18.         Tenant
assumes full responsibility for protecting the Premises from theft, robbery and pilferage.

 

19.         Tenant
shall not install or operate on the Premises any machinery or mechanical devices of a nature not directly related to Tenant’s
ordinary use of the Premises and shall keep all such machinery free of vibration, noise and air waves which may be transmitted
beyond the Premises.

 

    	 

    	 

    

 

1124 Columbia Street/Spaltudaq

 

EXHIBIT F TO LEASE

 

TENANT’S PERSONAL PROPERTY

 

None.

 

    	 

    	 

    

 

1124 Columbia Street/Spaltudaq

  

EXHIBIT G TO LEASE

 

REMOVABLE IMPROVEMENTS

 

SEE ATTACHED

 

    	 

    	 

    

   

 

    	 

    	 

    

 

FIRST AMENDMENT TO LEASE

 

THIS FIRST AMENDMENT
TO LEASE (this “First Amendment”) is made as of October 11, 2011, by and between ALEXANDRIA REAL ESTATE EQUITIES,
INC., a Maryland corporation (“Landlord”), and THERACLONE SCIENCES, INC., a Delaware corporation
(“Tenant”).

 

RECITALS

 

A.           Landlord
and Tenant are now parties to that certain Lease Agreement dated as of May 24, 2007 (the “Lease”). Pursuant
to the Lease, Tenant leases certain premises consisting of approximately 24,346 rentable square feet (“Premises”)
in a building located at 1124 Columbia Street, Seattle, Washington. The Premises are more particularly described in the Lease.
Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.

 

B.           Landlord
and Tenant desire, subject to the terms and conditions set forth herein, to amend the Lease to, among other things, extend the
Base Term of the Lease through June 30, 2018.

 

NOW, THEREFORE,
in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant hereby agree as follows:

 

		1.	Base Term. Commencing on the date of this
First Amendment, the defined term “Base Term” on page 1 of the Lease is hereby deleted in its entirety and
replaced with the following:

 

“Base Term: Beginning
on the Commencement Date and ending on June 30, 2018.”

 

		2.	Base Rent. Tenant shall continue to pay
Base Rent for the Premises (including any Additional TI Allowance which is being amortized and paid for pursuant to Section
4(a) of the Lease) as provided for in the Lease through June 30, 2012. Commencing on July 1, 2012, Tenant shall pay Base
Rent for the Premises in the amount of $32.00 per rentable square foot per year. Base Rent shall be increased on July 1, 2013,
and on each subsequent July 1st during the Base Term (each an “Adjustment Date”) by multiplying
the Base Rent payable immediately before such Adjustment Date by 3% and adding the resulting amount to the Base Rent payable immediately
before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for
any fractional calendar month shall be prorated.

 

		3.	Tenant Improvements.

 

(a)          Following
the mutual execution and delivery of this First Amendment by the parties, Landlord shall, pursuant to the terms of the Work Letter
attached to this First Amendment as Exhibit A, construct Tenant Improvements (as defined in the Work Letter ) in the Premises.

 

(b)          Tenant
acknowledges that Landlord shall require access to the Premises after the mutual execution and delivery of this First Amendment
by the parties in order to complete Landlord’s Work (as defined in the Work Letter), and Landlord acknowledges that, among
other things, Tenant conducts research in the Premises that involves processes which cannot be interrupted once started. Accordingly,
Landlord and Tenant agree to reasonably and in good faith cooperate with each other to develop a schedule for Landlord’s
Work, which will identify when Landlord’s contractors and agents will perform work in the Premises and when any interruption
to service to the Premises will occur (the “Schedule”). Except in an emergency, neither Landlord nor any contractor
or agent of Landlord shall enter the Premises to perform any work without Tenant’s prior consent after not less than 48 hours
advance written notice. Any amendment to or deviation from the Schedule must be approved in writing by both parties.

 

    	14

    	 

    

 

(c)          Landlord
and its contractors and agents shall have the right to enter the Premises to complete Landlord’s Work as provided herein,
and Tenant shall cooperate with Landlord in connection with the same; provided that Landlord’s Work shall be conducted at
all times in such manner so as not to interfere with Tenant’s use and occupancy of the Premises except as set forth in the
Schedule or otherwise approved in advance in writing by Tenant.

 

		4.	Right to Expand. For the avoidance of any
doubt, Tenant retains its right under the Lease to expand the Premises pursuant to the terms of Section 39 of the Lease.

 

		5.	Right to Extend Term. For the avoidance
of any doubt, Tenant retains its right under the Lease to extend the term of the Lease pursuant to the terms of Section 40
of the Lease.

 

		6.	Termination Right. Section 42 of
the Lease is hereby deleted in its entirety and replaced with the following:

 

“42.         Termination
Right. If Tenant is acquired by or merged with another company as part of a bona fide transaction and not primarily to trigger
Tenant’s rights under this Section 42, Tenant shall have the right to terminate this Lease (“Early Termination
Right”) any time after June 30, 2016, and prior to the expiration of the Base Term, so long as Tenant delivers to Landlord
a written notice (“Termination Notice”), of its intent to exercise its Early Termination Right at least 8 months
prior to the date upon which Tenant desires to terminate this Lease (“Early Termination Date”), which Termination
Notice shall state the Early Termination Date. Upon receipt of the Early Termination Notice, Landlord shall notify Tenant of the
sum of, as calculated by Landlord, (i) the unamortized Tenant Improvements (as defined in the Work Letter), (ii) the unamortized
portion of the leasing commissions paid by Landlord to Jones Lang LaSalle with respect to this First Amendment, (iii) the unamortized
value of any free rent accrued up to and through the Early Termination Date, with (i), (ii) and (iii) all fully amortized with
8% interest over the Base Term, plus (iv) 6 months of Base Rent that would otherwise have been due following the Early Termination
Date had Tenant not exercised the Early Termination Right (collectively, the “Early Termination Payment”). Tenant
shall pay the Early Termination Payment to Landlord within 10 business days after receipt of notice of such amount from Landlord.
If Tenant timely and properly exercises the Early Termination Right and pays the Early Termination Payment, Tenant shall vacate
the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early
Termination Date and Tenant shall have no further obligations under this Lease except for those accruing prior to the Early Termination
Date and those which, pursuant to the terms of the Lease, survive the expiration or early termination of the Lease. If Tenant fails
to comply with the notice or payment provisions of this Section 42, Tenant shall, at Landlord’s option, be deemed
to have forfeited Tenant’s Early Termination Right.”

 

		7.	Brokers. Landlord and Tenant each represents
and warrants that it has not dealt with any broker, agent or other person (collectively, “Broker”) in connection
with the transaction reflected in this First Amendment and that no Broker brought about this transaction, other than Jones Lang
LaSalle, who represented Tenant in this transaction. Landlord and Tenant each hereby agrees to indemnify and hold the other harmless
from and against any claims by any Broker, other than the broker, if any named in this First Amendment, claiming a commission
or other form of compensation by virtue of having dealt with Tenant or Landlord, as applicable, with regard to this leasing transaction.

 

		8.	Notification of Asbestos.

 

(a)          Notification
of Asbestos. Landlord hereby notifies Tenant of the presence of asbestos-containing materials (“ACMs”) and/or
presumed asbestos-containing materials (“PACMs”) within or about the Building in the location identified in
Exhibit B.

 

    	15

    	 

    

 

(b)          Tenant
Acknowledgement. Tenant hereby acknowledges receipt of the notification in paragraph (a) of this Section 8 and understands
that the purpose of such notification is to make Tenant and any agents, employees, and contractors of Tenant aware of the presence
of ACMs and/or PACMs within or about the Building in order to avoid or minimize any damage to or disturbance of such ACMs and/or
PACMs.

 

____________

Tenant’s Initials

 

(c)          Acknowledgement
from Contractors/Employees. Tenant shall give Landlord at least 14 days’ prior written notice before conducting, authorizing
or permitting any of the activities listed below within or about the Building, and before soliciting bids from any person to perform
such services. Such notice shall identify or describe the proposed scope, location, date and time of such activities and the name,
address and telephone number of each person who may be conducting such activities. Thereafter, Tenant shall grant Landlord the
right to enter the Premises, to determine whether any ACMs or PACMs will be disturbed in connection with such activities; provided
that Landlord shall schedule such entry with Tenant at least 48 hours in advance. Tenant shall not solicit bids from any person
for the performance of such activities without Landlord’s prior written approval. Upon Landlord’s request, Tenant shall
deliver to Landlord a copy of a signed acknowledgement from any contractor, agent, or employee of Tenant acknowledging receipt
of information describing the presence of ACMs and/or PACMs within or about the Building in the locations identified in Exhibit
C prior to the commencement of such activities. Nothing in this Section 8 shall be deemed to expand Tenant’s rights
under the Lease or this Consent or otherwise to conduct, authorize or permit any such activities.

 

(i)          Removal
of thermal system insulation (“TSI”) and surfacing ACMs and PACMs (i.e., sprayed-on or troweled-on material,
e.g., textured ceiling paint or fireproofing material);

 

(ii)         Removal
of ACMs or PACMs that are not TSI or surfacing ACMs or PACMs; or

 

(iii)        Repair
and maintenance of operations that are likely to disturb ACMs or PACMs.

 

		9.	Miscellaneous.

 

(a)          This
First Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous oral and written agreements and discussions. This First Amendment may be amended only by an agreement in writing,
signed by the parties hereto.

 

(b)          This
First Amendment is binding upon and shall inure to the benefit of the parties hereto, their respective agents, employees, representatives,
officers, directors, divisions, subsidiaries, affiliates, assigns, heirs, successors in interest and shareholders.

 

(c)          This
First Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when
taken together shall constitute one and the same instrument. The signature page of any counterpart may be detached therefrom without
impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical
thereto except having additional signature pages executed by other parties to this First Amendment attached thereto.

 

    	16

    	 

    

 

(d)          Except
as amended and/or modified by this First Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease
shall remain in full force and effect, unaltered and unchanged by this First Amendment. In the event of any conflict between the
provisions of this First Amendment and the provisions of the Lease, the provisions of this First Amendment shall prevail. Whether
or not specifically amended by this First Amendment, all of the terms and provisions of the Lease are hereby amended to the extent
necessary to give effect to the purpose and intent of this First Amendment.

 

[Signatures are on the next page.]

 

    	17

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this First Amendment as of the day and year first above written.

 

	LANDLORD:	ALEXANDRIA REAL ESTATE EQUITIES, INC.,
	 	a Maryland corporation
	 	 
	 	By:	/s/ Jackie Clem
	 	Its:	VP Real Estate Legal Affairs
	 	 	 
	TENANT:	THERACLONE SCIENCES, INC.,
	 	a Delaware corporation
	 	 
	 	By:	/s/ [illegible]
	 	Its:	CFO

 

    	18

    	 

    

 

EXHIBIT A

 

Work Letter

 

THIS WORK LETTER dated
October 11, 2011 (this “Work Letter”) is made and entered into by and between ALEXANDRIA REAL ESTATE EQUITIES,
INC., a Maryland corporation (“Landlord”), THERACLONE SCIENCES, INC., a Delaware corporation (“Tenant”),
and is attached to and made a part of the Lease Agreement dated as of May 24, 2007, as amended by that certain First Amendment
to Lease dated as of October 11, 2011 (“First Amendment”)(as amended, the “Lease”), by and
between Landlord and Tenant. Any initially capitalized terms used but not defined herein shall have the meanings given them in
the Lease.

 

1.         General
Requirements.

 

(a)          Tenant’s
Authorized Representative. Tenant designates Russ Hawkinson and Tenant’s project manager, to be identified in writing
to Landlord by Tenant (either such individual acting alone, “Tenant’s Representative”) as the only persons
authorized to act for Tenant pursuant to this Work Letter. Landlord shall not be obligated to respond to or act upon any request,
approval, inquiry or other communication (“Communication”) from or on behalf of Tenant in connection with this
Work Letter unless such Communication is in writing from Tenant’s Representative. Tenant may change either Tenant’s
Representative at any time upon not less than 5 business days advance written notice to Landlord. Neither Tenant nor Tenant’s
Representative shall be authorized to direct Landlord’s contractors in the performance of Landlord’s Work (as hereinafter
defined).

 

(b)          Landlord’s
Authorized Representative. Landlord designates Gary Carlson and Tim McBride (either such individual acting, alone, “Landlord’s
Representative”) as the only persons authorized to act for Landlord pursuant to this Work Letter. Tenant shall not be
obligated to respond to or act upon any Communication from or on behalf of Landlord in connection with this Work Letter unless
such Communication is in writing from Landlord’s Representative. Landlord may change either Landlord’s Representative
at any time upon not less than 5 business days advance written notice to Tenant. Landlord’s Representative shall be the sole
persons authorized to direct Landlord’s contractors in the performance of Landlord’s Work.

 

(c)          Architects,
Consultants and Contractors. Landlord and Tenant hereby acknowledge and agree that: (i) the general contractor and any subcontractors
for the Tenant Improvements shall be selected by Landlord, subject to Tenant’s approval, which approval shall not be unreasonably
withheld, conditioned or delayed, and (ii) SABA Architects shall be the architect (the “TI Architect”) for the
Tenant Improvements.

 

2.         Tenant
Improvements.

 

(a)          Tenant
Improvements Defined. As used herein, “Tenant Improvements” shall mean the improvements, which shall be
of a fixed and permanent nature as shown on the TI Construction Drawings, as defined in Section 2(c) below. Other than Landlord’s
Work (as defined in Section 3(a) below, Landlord shall not have any obligation whatsoever with respect to the finishing
of the Premises for Tenant’s use and occupancy.

 

(b)          Tenant’s
Space Plan. Landlord and Tenant acknowledge and agree that the plan dated July 14, 2011, prepared by the TI Architect attached
to this Work Letter as Exhibit 1 (the “Space Plan”) has been approved by both Landlord and Tenant.

 

    	A-1

    	 

    

 

(c)          Tenant
Improvement Budget. Landlord and Tenant agree to reasonably and in good faith cooperate with each other to develop a budget
setting forth costs and expenses incurred or estimated to be incurred in completing the Tenant Improvements, including contingency
reserves (the “Budget”), which shall contain a detailed estimate, by category, of (i) all indirect costs, such
as engineering and architect’s fees and other costs, and (ii) all direct construction costs required to complete the Tenant
Improvements, such as construction labor, materials and supplies, and other costs. In developing the Budget, the parties agree
to start with the Mid-Range Concept Budget set forth in the Executive Summary prepared by BNBuilders dated July 15, 2011.

 

(d)          Changes
in Space Plan. Landlord and Tenant acknowledge and agree that any changes to the Space Plan requested by Tenant shall constitute
a Change Request the cost of which changes shall be paid for by Tenant if the cost of all Change Requests requested by Tenant cause
the cost of Landlord’s .Work to exceed the amount set forth in the Budget (including contingencies).

 

(e)          Working
Drawings. Landlord shall cause the TI Architect to prepare and deliver to Tenant for review and comment construction plans,
specifications and drawings for the Tenant Improvements (“TI Construction Drawings”), which TI Construction
Drawings shall be prepared substantially in accordance with the Space Plan. Tenant shall be solely responsible for ensuring that
the TI Construction Drawings reflect Teriaqs requirements for the Tenant Improvements. Tenant shall deliver its written comments
on the TI Construction Drawings to Landlord not later than 5 business days after Tenant’s receipt of the same; provided,
however, that Tenant may not disapprove any matter that is substantially in accordance with the Space Plan without submitting a
Change Request. Landlord and the TI Architect shall consider all such comments in good faith and shall, within 5 days after receipt,
notify Tenant how Landlord proposes to respond to such comments. Any disputes in connection with such comments shall be resolved
in accordance with Section 2(f), hereof. Provided that the design reflected in the TI Construction Drawings is substantially
in accordance with the Space Plan, Tenant shall approve the TI Construction Drawings submitted by Landlord, unless Tenant submits
a Change Request. Once approved by Tenant, subject to the provisions of Section 4 below, Landlord shall not materially modify
the TI Construction Drawings except as may be reasonably required in connection with the issuance of the TI Permit (as defined
in Section 3(b) below).

 

(f)          Approval
and Completion. Upon any dispute regarding the design of the Tenant Improvements, which is not settled within 10 business days
after notice of such dispute is delivered by one party to the other, Tenant may make the final decision regarding the design of
the Tenant Improvements, provided that (i) Tenant acts reasonably and such final decision is a compromise between Landlord’s
and Tenant’s positions with respect to such dispute, (ii) all costs and expenses resulting from any such decision by Tenant
that exceed the Budget shall be payable by Tenant, and (iii) Tenant’s decision will not affect the structural components
of the Building or any Building systems. Any changes to the TI Construction Drawings following Landlord’s and Tenant’s
approval of same requested by Tenant shall be processed as provided in Section 4 below.

 

3.         Performance
of Landlord’s Work.

 

(a)          Definition
of Landlord’s Work. As used herein, “Landlord’s Work” shall mean the work of constructing the
Tenant Improvements.

 

(b)          Commencement
and Permitting. Landlord shall commence construction of the Tenant Improvements upon obtaining a building permit (the “TI
Permit”) authorizing the construction of the Tenant Improvements in accordance with the TI Construction Drawings approved
by Tenant. The cost of obtaining the TI Permit shall be payable by Landlord. Tenant shall assist Landlord in obtaining the TI Permit,
at Landlord’s expense. If any Governmental Authority having jurisdiction over the construction of Landlord’s Work or
any portion thereof shall impose terms or conditions upon the construction thereof that: (i) are inconsistent with Landlord’s
obligations hereunder in any material respect, (ii) increase the cost of constructing Landlord’s Work beyond the amount set
forth in the Budget (including contingencies), or (iii) will delay the construction of Landlord’s Work beyond the time set
forth in the Schedule, Landlord and Tenant shall reasonably and in good faith seek means by which to mitigate or eliminate any
such adverse terms and conditions.

 

    	A-2

    	 

    

 

(c)          Completion
of Landlord’s Work. Landlord shall substantially complete or cause to be substantially completed Landlord’s Work
in a good and workmanlike manner, in accordance with the TI Construction Drawings and the TI Permit subject, in each case, to Minor
Variations and normal “punch list” items of a non-material nature that do not interfere with the use of the Premises
(“Substantial Completion” or “Substantially Complete”). Upon Substantial Completion of Landlord’s
Work, Landlord shall require the TI Architect and the general contractor to execute and deliver, for the benefit of Tenant and
Landlord, a Certificate of Substantial Completion in the form of the American Institute of Architects (“AIA”)
document G704. For purposes of this Work Letter, “Minor Variations” shall mean any modifications reasonably
required: (i) to comply with all applicable Legal Requirements and/or to obtain or to comply with any required permit (including
the TI Permit); (ii) to comply with any Change Request by Tenant; (iii) to comport with good design, engineering, and construction
practices that are not material; or (iv) to make reasonable adjustments for field deviations or conditions encountered during the
construction of Landlord’s Work; provided that Tenant shall not be required to pay for any Minor Variations other than Change
Requests, as set forth herein, and such Minor Variations do not materially affect Tenant’s ability to use and occupy the
Premises as contemplated in the Space Plan.

 

(d)          Selection
of Materials. Where more than one type of material or structure is specified on the TI Construction Drawings approved by Landlord
and Tenant, the option will be selected at Landlord’s sole and absolute subjective discretion. As to all building materials
and equipment that Landlord is obligated to supply under the TI Construction Drawings approved by Landlord and Tenant, Landlord
shall select the manufacturer thereof in its sole and absolute subjective discretion.

 

(e)          Acceptance
of Landlord’s Work. When Landlord’s Work is Substantially Complete, subject to the remaining terms and provisions
of this Section 3(e), Tenant shall accept Landlord’s Work. Tenant’s acceptance of Landlord’s Work shall
not constitute a waiver of: (i) any warranty with respect to workmanship or material (exclusive of equipment provided directly
by manufacturers), (ii) any non-compliance of Landlord’s Work with applicable Legal Requirements, or (iii) any claim that
Landlord’s Work was not completed substantially in accordance with the TI Construction. Drawings (subject to Minor Variations
and such other changes as are permitted hereunder) (collectively, a “Construction Defect”). Tenant shall have
one year after Substantial Completion within which to notify Landlord of any such Construction Defect discovered by Tenant, and
Landlord shall use reasonable efforts to remedy or cause the responsible contractor to remedy any such Construction Defect within
30 days thereafter. Notwithstanding the foregoing, Landlord shall not be in default under the Lease if the applicable contractor,
despite Landlord’s reasonable efforts, fails to remedy such Construction Defect within such 30-day period. Thereafter, Landlord
shall, however, be required use reasonable and diligent efforts to cause the Construction Defect to be remedied within a reasonable
period of time.

 

(f)          Warranties.
Tenant shall be entitled to receive the benefit of all construction warranties relating to the Tenant Improvements and manufacturer’s
equipment warranties relating to equipment installed in the Premises. If requested by Tenant, Landlord shall attempt to obtain
extended warranties from manufacturers and suppliers of such equipment, but the cost of any such extended warranties shall be borne
solely by Tenant.

 

(g)          Punch
List Items. Landlord shall promptly undertake and complete, or cause to be completed, all punch list items.

 

4.         Changes.
Any changes requested by Tenant to the Tenant Improvements after approval of the TI Construction Drawings and the Budget by Landlord
and Tenant shall be requested and instituted in accordance with the provisions of this Section 4 and shall be subject to
the written approval of Landlord and the TI Architect, such approval not to be unreasonably withheld, conditioned or delayed.

 

    	A-3

    	 

    

 

(a)          Tenant’s
Request For Changes. If Tenant shall request changes to the Tenant Improvements (“Changes”), Tenant shall
request such Changes by notifying Landlord in writing in substantially the same form as the AIA standard change order form (a “Change
Request”), which Change Request shall detail the nature and extent of any such Change. Such Change Request must be signed
by Tenant’s Representative. Landlord shall, before proceeding with any Change, use commercially reasonable efforts to respond
to Tenant as soon as is reasonably possible with an estimate of: (i) the time it will take, and (ii) the architectural and engineering
fees and costs that will be incurred, to analyze such Change Request (which costs shall be paid by Tenant to the extent the analysis
is authorized by Tenant and the costs are actually incurred by Landlord, whether or not such Change Request is implemented). Tenant
shall notify Landlord within 2 business days after receipt of Landlord’s estimate whether Tenant desires to have Landlord
proceed with analysis of the Change Request. If Tenant notifies Landlord to proceed, Landlord shall thereafter submit to Tenant
in writing, within 5 business days of receipt of the notification to proceed (or such longer period of time as is reasonably required
depending on the extent of the Change Request), an analysis of the additional cost or savings in relation to the Budget, including,
without limitation, architectural and engineering costs and the period of time, if any, that the Change will extend the date on
which Landlord’s Work will be Substantially Complete. Any such delay in the completion of Landlord’s Work caused by
a Change, including any suspension of Landlord’s Work while any such Change is being evaluated and/or designed, shall be
a delay caused by Tenant.

 

(b)          Implementation
of Changes. If Tenant approves in writing the cost or savings and the estimated extension in the time for completion of Landlord’s
Work, if any; Landlord shall cause the approved Change to be instituted. Tenant shall be billed for actual Excess TI Costs by Landlord
upon Landlord’s receipt of invoices(s), and Tenant shall be required to pay the applicable Excess TI Costs to Landlord within
3 business days after receipt of such invoices (along with reasonable back-up information to support the same). Notwithstanding
any approval or disapproval by Tenant of any estimate of the delay caused by such proposed Change, the TI Architect’s determination
of the amount of delay caused by Tenant in connection with such Change shall be final and binding on Landlord and Tenant.

 

5.         Costs.

 

(a)          TI
Costs. Landlord shall be responsible for the payment of design, permits and construction costs in connection with the construction
of the Tenant Improvements, including, without limitation, the cost of preparing the TI Construction Drawings and the Space Plan
and Landlord’s out-of-pocket expenses (collectively, “TI Costs”). Notwithstanding anything to the contrary
contained herein, the TI Costs shall not include the purchase of any furniture, personal property or other non-Building system
materials or equipment, including, but not limited to, Tenant’s voice or data cabling, non-ducted biological safety cabinets
and other scientific equipment not incorporated into the Tenant Improvements.

 

(b)          Excess
TI Costs. Notwithstanding anything to the contrary contained herein, Tenant acknowledges and agrees that Landlord shall have
no responsibility for any costs arising from or related to Tenant’s changes to the TI Construction Drawings, delays caused
by Tenant, the cost of Changes and Change Requests if the net effect is to increase the cost of the Tenant Improvements over the
amount in the Budget, including contingencies (collectively, “Excess TI Costs”). Tenant shall pay for such Excess
TI Costs as provided for in Section 4(b) above. If Tenant fails to pay any Excess TI Costs to Landlord as and when due under
Section 4(b), Landlord shall have all of the rights and remedies set forth in the Lease for nonpayment of Rent (including,
but not limited to, the right to interest at the Default Rate and the right to assess a late charge). For purposes of any litigation
instituted with regard to such amounts, those amounts will be deemed Rent under the Lease.

 

(c)          Tenant’s
Access Rights. Landlord and Tenant acknowledge that prior to the date of this Work Letter, Tenant has occupied the Premises
pursuant to the terms of the Lease. Subject to applicable Legal Requirements, Tenant shall have the right to continue to occupy
those portions of the Premises which are not subject to the construction of the Tenant Improvements, at Tenant’s sole risk
and expense, during the construction of the Tenant Improvements, provided that Landlord and its contractors and agents shall comply
with Section 3 of the First Amendment and shall use reasonable efforts to construct the Tenant Improvements in such manner
so as not to unreasonably interfere with Tenant’s access to or operations on the portions of the Premises so occupied by
Tenant. Tenant shall cooperate with Landlord in connection with the performance of the Tenant Improvements. Tenant acknowledges
that the Tenant Improvements may adversely affect Tenant’s use and occupancy of the Premises during the construction of the
Tenant improvements.

 

    	A-4

    	 

    

 

(d)          No
Interference. Neither Tenant nor any Tenant Party (as defined in the Lease) shall interfere with the performance of Landlord’s
Work, nor with any inspections or issuance of final approvals by applicable Governmental Authorities, and upon any such interference,
Landlord shall have the right to exclude Tenant and any Tenant Party from the portions of the Premises subject to construction
of the Tenant Improvements from time to time until Substantial Completion of Landlord’s Work.

 

6.         Miscellaneous.

 

(a)          Consents.
Whenever consent or approval of either party is required under. this Work Letter, that party shall not unreasonably withhold, condition
or delay such consent or approval, unless expressly set forth herein to the contrary.

 

(b)          Modification.
No modification, waiver or amendment of this Work Letter or of any of its conditions or provisions shall be binding upon Landlord
or Tenant unless in writing signed by Landlord and Tenant.

 

    	A-5

    	 

    

 

Exhibit 1 to Work Letter

 

Space Plan

 

 

    	A-6

    	 

    

 

EXHIBIT B

 

Asbestos Disclosure

 

NOTIFICATION OF THE PRESENCE OF ASBESTOS
CONTAINING MATERIALS

 

1124 Columbia Street, Seattle, Washington

 

This notification provides certain information about asbestos
within or about the Building. Historically, asbestos was commonly used in building products used in the construction of buildings
across the country. Asbestos-containing building products were used because they are fire-resistant and provide good noise and
temperature insulation. Because of their prevalence, asbestos-containing materials, or ACMs, are still sometimes found in buildings
today.

 

Asbestos surveys of the Building have determined that ACMs and/or
materials that might contain ACMs, referred to as presumed asbestos-containing materials or PACMs, are present within or about
the Building at several locations. The surveys found ACMs and/or PACMs of the types, in the amounts and at the locations indicated
in Table 1 attached hereto. ACMs located in the Building include two types of floor tiles and the mastic beneath such tiles.
Roofing materials were not sampled, and are considered to be PACMs

 

Because ACMs and PACMs are present and may continue to be present
within or about the Building, we have hired an independent environmental consulting firm to prepare an operations and maintenance
program (“O&M Program”). The O&M Program is designed to minimize the potential of any harmful asbestos
exposure to any person within or about the Building. The O&M Program includes a description of work methods to be taken in
order to maintain any ACMs or PACMs within or about the Building in good condition and to prevent any significant disturbance of
such ACMs or PACMs. Appropriate personnel receive regular periodic training on how to properly administer the O&M Program.

 

The O&M Program describes the risks associated with asbestos
exposure and how to prevent such exposure through appropriate work practices. ACMs and PACMs generally are not thought to be a
threat to human health unless asbestos fibers are released into the air and inhaled. This does not typically occur unless (1) the
ACMs are in a deteriorating condition, or (2) the ACMs have been significantly disturbed (such as through abrasive cleaning, or
maintenance or renovation activities). If inhaled, asbestos fibers can accumulate in the lungs and, as exposure increases, the
risk of disease (such as asbestosis or cancer) increases. However, measures to minimize exposure and consequently minimize the
accumulation of asbestos fibers, reduces the risks of adverse health effects.

 

The O&M Program describes a number of activities that should
be avoided in order to prevent a release of asbestos fibers. In particular, you should be aware that some of the activities which
may present a health risk include moving, drilling, boring, or otherwise disturbing ACMs. Consequently, such activities should
not be attempted by any person not qualified to handle ACMs.

 

The O&M Program is available for review during regular business
hours at our office located at 1616 Eastlake Avenue East, Suite 100, Seattle, Washington 98102.

 

    	B-1

    	 

    

 

TABLE 1

RESULTS OF ASBESTOS SURVEY

1124 COLUMBIA STREET

SEATTLE, WASHINGTON

 

	SAMPLE

NUMBER	 	MATERIAL

DESCRIPTION	 	MATERIAL LOCATION	 	MATERIAL

CONDITION	 	ANALYTICAL

RESULT	 	ESTIMATED

QUANTITY
	1 to 3	 	12” off-white floor tile

and

mastic	 	Basement, south-center and southeast

hallway areas	 	Good to fair	 	Tile – Trace

(<1%)

Mastic – 3%	 	500 SF
	4 to 6	 	2’ x 2’ ceiling tile	 	Basement, hallways	 	Good	 	ND	 	N/A
	7 to 9	 	Pipe insulation	 	Basement mechanical room	 	Good to poor	 	ND	 	N/A
	10 to 12	 	Tan vinyl sheet flooring	 	Basement, rooms 28A and 29	 	Good	 	ND	 	N/A
	13 to 19	 	Drywall/joint compound	 	Basement, throughout walls; 5th floor, southwest rooms walls and ceilings; 6th and 7th floors, throughout walls and restroom ceilings	 	Good	 	Trace (<1%)	 	N/A
	20 to 22	 	2’ x 2’ ceiling tile	 	6th and 7th floors, throughout hallways, offices, and portions of laboratories	 	Good	 	ND	 	N/A
	23 to 25	 	Cove base and mastic	 	Basement, 5th, 6th and 7th floors, base of walls	 	Good to fair	 	ND	 	N/A
	26 to 28	 	12” off-white floor tile and mastic	 	6th and 7th floors, throughout hallways, restrooms, southern stairwell landings, and majority of laboratories (see

Figures 1A and 2A for locations)	 	Good	 	Tile – Trace

(<1%)

Mastic – 3%	 	30,000 SF
	N/A	 	Roofing materials	 	Throughout roof	 	Unknown	 	Assumed1	 	17,000 SF

 

ND – not detected                  N/A – not applicable                  SF
– square feet

 

1 – Roofing materials were not sampled and are assumed
to contain asbestos.

 

    	B-2

    	 

    

 

SECOND AMENDMENT TO LEASE

 

THIS SECOND AMENDMENT
TO LEASE (this “Second Amendment”) is made as of October 12, 2011, by and between ALEXANDRIA REAL ESTATE
EQUITIES, INC., a Maryland corporation (“Landlord”), and THERACLONE SCIENCES, INC., a Delaware corporation
(“Tenant”).

 

RECITALS

 

A.           Landlord
and Tenant are now parties to that certain Lease Agreement dated as of May 24, 2007, as amended by that certain First Amendment
to Lease dated October 11, 2011 (the “Lease”). Pursuant to the Lease, Tenant leases certain premises consisting
of approximately 24,346 rentable square feet (“Premises”) in a building located at 1124 Columbia Street, Seattle,
Washington. The Premises are more particularly described in the Lease. Capitalized terms used herein without definition shall have
the meanings defined for such terms in the Lease.

 

B.           Landlord
and Tenant’ desire, subject to the terms and conditions set forth herein, to amend the Lease to, among other things, provide
for certain abated Base Rent during the Base Term of the Lease.

 

NOW, THEREFORE,
in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant hereby agree as follows:

 

1.         Base
Rent. Tenant shall not be required to pay monthly Base Rent for the Premises during the following periods (the “Base
Rent Abatement Period”):

  

	Months Abated	 	Total Months
	January 2012 – June 2012	 	6 months
	January 2013 – March 2013	 	3 months
	January 2014 – February 2014	 	2 months
	January 2015 – February 2015	 	2 months
	January 2016 – February 2016	 	2 months
	Total	 	15 months

 

Prior to and after the Base Rent
Abatement Period, Tenant shall be required to pay monthly Base Rent as provided for in the Lease. Notwithstanding the foregoing,
if a Default exists during any Base Rent Abatement Period, Tenant shall not have the right to abate Base Rent during the applicable
Base Rent Abatement Period.

 

2.         Confidentiality.
Tenant hereby agrees that, except as otherwise provided herein, (i) Tenant shall hold the Confidential Information (as defined
below) in strict confidence, and (ii) Tenant shall not disclose the Confidential Information to any third party, except as authorized
in writing by Landlord or as required by Legal Requirements. Tenant shall use the same degree of care to prevent the misuse of
the Confidential Information as Tenant uses with respect to its own proprietary information, but in no event less than reasonable
care. Tenant shall immediately notify Landlord in the event of any unauthorized disclosure of Confidential Information. “Confidential
Information” shall mean all of the terms, covenants, conditions or agreements set forth in this Second Amendment.

 

3.         Brokers.
Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, “Broker”)
in connection with the transaction reflected in this Second Amendment and that no Broker brought about this transaction. Landlord
and Tenant each hereby agrees to indemnify and hold the other harmless from and against any claims by any Broker, other than the
broker, if any, named in this Second Amendment, claiming a commission or other form of compensation by virtue of having dealt
with Tenant or Landlord, as applicable, with regard to this leasing transaction.

 

    	3

    	 

    

 

4.         Miscellaneous.

 

(a)          This
Second Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous oral and written agreements and discussions. This Second Amendment may be amended only by an agreement in writing,
signed by the parties hereto.

 

(b)          This
Second Amendment is binding upon and shall inure to the benefit of the parties hereto, their respective agents, employees, representatives,
officers, directors, divisions, subsidiaries, affiliates, assigns, heirs, successors in interest and shareholders.

 

(c)          This
Second Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when
taken together shall constitute one and the same instrument. The signature page of any counterpart may be detached therefrom without
impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical
thereto except having additional signature pages executed by other parties to this Second Amendment attached thereto.

 

(d)          Except
as amended and/or modified by this Second Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease
shall remain in full force and effect, unaltered and unchanged by this Second Amendment. In the event of any conflict between the
provisions of this Second Amendment and the provisions of the Lease, the provisions of this Second Amendment shall prevail. Whether
or not specifically amended by this Second Amendment, all of the terms and provisions of the Lease are hereby amended to the extent
necessary to give effect to the purpose and intent of this Second Amendment.

 

[Signatures are on the next page.]

  

    	4

    	 

    

  

IN WITNESS WHEREOF,
the parties hereto have executed this Second Amendment as of the day and year first above written.

 

	LANDLORD:	ALEXANDRIA REAL ESTATE EQUITIES, INC.,
	 	a Maryland corporation
	 	 
	 	By:	/s/ Jackie Clem
	 	Its:	VP Real Estate Legal Affairs
	 	 	 
	TENANT:	THERACLONE SCIENCES, INC.,
	 	a Delaware corporation
	 	 
	 	By:	/s/ [illegible]
	 	Its:	CFO

 

    	5

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