Exhibit 10.36
SUBLEASE AGREEMENT
THIS SUBLEASE AGREEMENT (this “Agreement”) is
made on March 17, 2017, by Elion, LLC (the “Sublandlord”) whose address is 0000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxx 00000 and Antriabio, Inc. (the “Subtenant”) whose address is 0000 Xxxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx
00000:
RECITALS
| A. | WHEREAS 0000 XXXXXXXX XXXXX, LLC (the “Landlord”), as landlord, and Sublandlord, as tenant, have entered
into a Lease dated as of December 13, 2016 (the “Lease”) with regard to certain premises consisting of approximately
41,033 rentable square feet (the “Premises”) in the building located at 0000 Xxxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx
00000 (the “Building”); and |
| B. | WHEREAS Sublandlord wishes to sublease to Subtenant, and Subtenant wishes to sublease from Sublandlord a portion of the Premises
as depicted on Exhibit A to this Agreement which is incorporated into this Agreement and made a part hereof for all purposes whatsoever,
consisting of approximately 1,485 Rentable Square Feet of warehouse space located on the 1st Floor of the Building (the
“Warehouse Space”) and approximately 18,887 Rentable Square Feet of office space located on the 2nd
floor of the Building (the “Office Space”), as well as the proportion of the common areas on the 1st
floor of the Building that is equivalent to 000 Xxxxxxxx Xxxxxx Feet (the “Common Area”) (all of which shall
constitute the “Sublease Premises”), on the terms and conditions set forth below; and |
| C. | WHEREAS Pursuant to the Lease, Landlord has consented to the sublease of a part of the Premises by Sublandlord to Subtenant; |
| D. | NOW THEREFORE, in consideration of the mutual covenants and promises contained herein which the parties hereto agree constitutes
good, valuable and sufficient consideration, the Sublandlord and Subtenant hereby agree as follows: |
| 1. | Effectiveness. This Agreement will be effective on the later of the date, if ever (the “Effective Date”)
that, (a) this Agreement is executed on behalf of both Sublandlord and Subtenant, and (b) a mutually agreeable sublease for approximately
10,364 Rentable Square Feet of the Premises from Subtenant to Sublandlord for use as office space is executed on behalf of both
Subtenant and Sublandlord (the “Additional Sublease”), and (c) the date on which an effective consent of the
Landlord, if required by Subtenant’s lease of its premises in the Building, to the Additional Sublease is executed by Landlord.
It is understood and agreed that Subtenant and Sublandlord may not take possession of the premises which are the subject of this
Agreement or the Additional Sublease, respectively, until some time after the Effective Date, however this Agreement shall be otherwise
in full force and effect as of the Effective Date, including, without limitation, the provisions regarding payment of Rent (as
hereinafter defined) notwithstanding the deferral of possession of the applicable premises. Subtenant and Sublandlord shall reasonably
cooperate with each other in accomplishing taking possession of their respective premises, each at their own respective cost and
expense. |
| 2. | Sublease. Subject to and upon the terms, provisions, and conditions of this Agreement and to the terms, provisions and
conditions of the Lease as any of the same may apply to this Agreement, Sublandlord hereby sublets to Subtenant and Subtenant hereby
sublets from Sublandlord, the Sublease Premises. Sublandlord agrees not to voluntarily terminate the Lease except pursuant to a
right of termination arising out of casualty or condemnation as expressly set forth in the Lease or amend or modify the Lease in
any way that increases Subtenant’s obligations under this Agreement or adversely affects Subtenant’s rights hereunder.
Subtenant will be entitled to quiet enjoyment of the Sublease Premises during the Sublease Term, and except as provided for herein,
Sublandlord will not interfere with that right so long as Subtenant pays Rent in a timely manner as provided for herein and performs
all other obligations of Subtenant under this Agreement. Provided however, that Subtenant agrees that Landlord, and its agents
shall have the right to enter upon the Sublease Premises as otherwise provided for in the Lease. |
| 3. | Sublease Term. The term of this Agreement with respect to the Office Space will begin on the Effective Date, and will
end on January 31, 2024 inclusive. With respect to the Warehouse Space and Common Area, the term of this Agreement will begin on
the Effective Date, and will end on February 29, 2020 inclusive. For purposes of this Agreement, the Sublease Term will
be as set forth above for each of the Office Space and the Warehouse Space and Common Area, respectively. |
| 4. | Use. Subtenant will use and occupy the Sublease Premises during the Sublease Term for general office and warehouse use
and for such uses are as provided for in the Lease and for no other purpose whatsoever. Subtenant will, at Subtenant’s sole
cost and expense, comply with all applicable federal, state and local laws, ordinances, rules and regulations, court orders, governmental
directives and governmental orders (collectively the “Laws”) relating to, affecting or arising out of Subtenant’s
use and occupancy of the Sublease Premises. As a material inducement of Sublandlord to enter into this Agreement, Subtenant expressly
acknowledges and agrees that under no circumstances shall Subtenant use the Sublease Premises for any other use than as set forth
in this Section 4, and that Subtenant’s failure to comply with this requirement shall be deemed a breach of a substantial
obligation of this Agreement on the part of Subtenant. |
| (a) | Base Sublease Rent. During the Sublease Term, Subtenant will pay Sublandlord as rent for the Sublease Premises (the
“Base Sublease Rent”), as follows: |
| March 1, 2017 to February 28, 2018 |
$ |
16.25 psf NNN per annum |
| March 1, 2018 to February 28, 2019 |
$ |
16.75 psf NNN per annum |
| March 1, 2019 to February 29, 2020 |
$ |
17.25 psf NNN per annum |
| March 1, 2020 to February 28, 2021 |
$ |
17.75 psf NNN per annum |
| March 1, 2021 to February 28, 2022 |
$ |
18.25 psf NNN per annum |
| March 1, 2022 to February 28, 2023 |
$ |
18.75 psf NNN per annum |
| March 1, 2023 to January 31, 2024 |
$ |
19.25 psf NNN per annum |
For purposes of this Agreement, the annual Base Sublease
Rent shall be computed by multiplying the number of Rentable Square Feet within the Sublease Premises by the rate as shown above
for each year of this Agreement. Accordingly, for clarity, the annual Base Sublease Rent for the first year of this Agreement is
Three Hundred Forty One Thousand One Hundred Three and 75/100ths U.S. Dollars ($341,103.75) to be adjusted for each succeeding
year of this Agreement thereafter.
| (b) | Additional Sublease Rent. To the extent Sublandlord is obligated to pay additional rent under the Lease for operating
expenses, taxes, utilities, CAM Costs (as defined in the Lease) or other charges related to Landlord’s operation of the Building
(the “Operating Expenses”), Subtenant will pay to Sublandlord Subtenant’s proportionate share of the Operating
Expenses due under the Lease (the “Additional Sublease Rent”). For the purposes of this Agreement, the Subtenant’s
proportionate share of the Operating Expenses will be determined by multiplying the Operating Expenses by a fraction, the numerator
of which is the number of rentable square feet of the Sublease Premises and the denominator of which is the total number of rentable
square feet of the Premises. For clarity, as of the Effective Date, the Subtenant’s proportionate share is Fifty-one and
2/10ths percent (51.2%). Any other costs, expenses, or charges payable by Subtenant to Sublandlord under this Agreement shall also
be a part of Additional Sublease Rent for all purposes under this Agreement. During the Sublease Term, but not more than once in
a calendar year, Subtenant may, at its sole cost and expense, examine the books and records of Sublandlord relating to Operating
Expenses for the Sublease Premises and the Premises, which examination will be conducted subject to the terms and conditions of
the Lease. Subtenant will also promptly pay all costs and expenses incurred by Sublandlord in connection with any such examination
as Additional Sublease Rent. In the event as a result of such examination, it is determined by Subtenant, and agreed to by Sublandlord,
that Subtenant has paid an excess of its share of the Operating Expenses, Sublandlord shall promptly refund the amount of such
overpayment to Subtenant. Conversely, in the event as a result of such
examination, it is determined by Subtenant, and agreed to by Sublandlord, that Subtenant has underpaid a loss of its share of the
Operating Expenses, Subtenant shall promptly pay the amount of such underpayment to Sublandlord. |
| (c) | Payment of Rent. Base Sublease Rent and Additional Sublease Rent (collectively the “Rent”) is payable
in advance in equal monthly installments (the amount of monthly Rent so payable to be determined for each year by dividing the
then annual Base Sublease Rent by twelve (12) in advance and by dividing the then known Additional Sublease Rent by twelve (12)
and adding the two resulting quotients together) on the first calendar day of each month during the Sublease Term, except that
the first installment of Rent will be paid by Subtenant to Sublandlord upon execution of this Agreement on behalf of Subtenant.
To the extent that the Sublandlord’s share of the costs for Operating Expenses is modified during any year of the Sublease
Term, the amount of monthly Rent payable by Subtenant shall be adjusted to take such modification into account. All Rent will be
paid without notice, demand, set-off or deduction, in lawful money of the United States of America, at the address of Sublandlord
for notices set forth below or at such other place as Sublandlord may from time to time designate in writing. If the Sublease Term
begins on other than the first calendar day of a month (i.e. the Effective Date), Rent will be prorated on a per diem basis. If
during the Sublease Term, Subtenant shall fail to pay Rent within seven (7) days of when the Rent shall be due and payable, Subtenant
shall pay to Sublandlord as liquidated damages for such late payment, without notice or demand by Sublandlord, a sum equal to ten
percent (10%) per annum on the amount of Rent then due, compounding monthly from the due date until paid in full and a $100.00
USD administrative charge. Subtenant and Sublandlord agree that such sums of liquidated damages are fair and reasonable
due to the uncertainty of calculating actual damages. Provided further, however, that nothing contained in this Section 5 (c) shall
be deemed or construed to be a limitation of or in substitution of Sublandlord’s other rights and remedies as provided under
this Agreement, and Sublandlord shall have the right to apply any monies received from Subtenant first to any deficiency in the
payment of liquidated damages and any excess thereof to any item of Rent, or any other charge, as Sublandlord may determine. Notwithstanding
any other provision hereof to the contrary, Subtenant’s liability for Rents accruing during the Sublease Term and Sublandlord’s
obligation to refund overpayment of Rents paid to it by Subtenant shall survive the expiration or sooner termination of this Agreement. |
| (d) | Additional Fees and Expenses. Notwithstanding any provision of this Agreement to the contrary, Subtenant will be responsible
for the payment of all charges, fees and expenses imposed under the Lease for any special purposes relating to Subtenant’s
use of the Sublease Premises, including, without limitation, any fees or charges for any disproportionate use of utility services
or any after-hours or extra services provided to the Sublease Premises, any charges for any repairs performed by Landlord or Sublandlord
to or for the Sublease Premises, which fees or charges are not included as an Operating Expense under the Lease, and any and all
similar charges. Subtenant will pay any such costs, fees or charges within ten (10) business days after written demand for the
same (i) to Landlord if Landlord bills Subtenant directly for such services, or (ii) to Sublandlord if Sublandlord bills Subtenant
for such services provided to Subtenant. |
| (e) | Personal Property and Telecommunications, Internet Services. The Sublandlord and Subtenant agree that Subtenant shall
be entitled to use the personal property of Sublandlord located within the Sublease Premises (the “Personal Property”)
during the Sublease Term without any charge for the use thereof. In the event Subtenant desires that any such Personal Property
be removed from the Sublease Premises during the Sublease Term, it shall notify Sublandlord of the same and the Subtenant may then
remove the same at Subtenant’s sole cost and expense, unless the parties shall agree otherwise. Subtenant shall arrange for
and be responsible for and shall pay as required by all providers of telecommunication and Internet services (the “Communication
Services”) for all such Communication Services provided to the Sublease Premises, inasmuch as Sublandlord has no obligation
to provide such services to the Sublease Premises. |
| 6. | Security Deposit. Contemporaneously with the execution of this Agreement, Subtenant will pay to Sublandlord the sum
of two month’s Base Sublease Rent (i.e.$56,851) (the “Security Deposit”), which will be held by Sublandlord
to secure Subtenant’s performance of its obligations under this Agreement. The Security Deposit is not an advance payment
of Rent or a measure or limit of Sublandlord’s damages or other rights under this Agreement or a payment of liquidated damages.
Sublandlord may, from time to time and without prejudice to any other remedy, use all or a part of the Security Deposit to perform
any obligation that Subtenant fails to perform hereunder on or before the expiration of the applicable notice and cure period,
if any. Following any such application of the Security Deposit, Subtenant will pay to Sublandlord, on demand, the amount so applied
in order to restore the Security Deposit to its original amount. Provided that Subtenant has performed all of its obligations hereunder,
Sublandlord will, within sixty (60) business days after the end of the Sublease Term, return to Subtenant the portion of the Security
Deposit that was not applied to satisfy Subtenant’s obligations hereunder. The Security Deposit may be commingled with other
funds of Sublandlord and no interest will be paid thereon. If Sublandlord transfers its interest in the Sublease Premises and the
transferee assumes Sublandlord’s obligations under this Agreement, then Sublandlord may assign the Security Deposit to the
transferee and the Sublandlord will thereafter have no further liability to Subtenant for the return of the Security Deposit. |
| 7. | Acceptance of the Sublease Premises. Subtenant has inspected the Sublease Premises, the Personal Property and the Building,
and on the Effective Date, Subtenant will accept the Sublease Premises and the Personal Property in their then current “AS
IS” condition without further improvements by Sublandlord or Landlord. Subtenant acknowledges that neither Sublandlord
or its agents have made any representation or warranty as to the condition of the Sublease Premises and the Personal Property or
the suitability of the Sublease Premises and the Personal Property for the conduct of Subtenant’s business, and that Sublandlord
will not be obligated to make any alteration or improvements to the Sublease Premises or the Personal Property on account of this
Agreement. |
| 8. | Care of the Sublease Premises; Alterations. |
| (a) | Subtenants Care of the Sublease Premises. Subtenant will exercise all reasonable care in Subtenant’s use of the
Sublease Premises so as to avoid any deterioration in the condition thereof, reasonable wear and tear excepted. Subtenant agrees
not to draw more electricity than that which the feeders, risers, panels and other electricity supply equipment serving the Sublease
Premises are capable of safely supplying. Subtenant will immediately notify Sublandlord of any damage to the Sublease Premises.
All damage and injury to the Sublease Premises or the Building, or the fixtures, appurtenances, and equipment therein, caused by
Subtenant, its agents, contractors, employees, invitees or customers, will be repaired, restored, or replaced by Subtenant, at
Subtenant’s sole cost and expense, regardless of the cause of the same. |
| (b) | Alterations. Subtenant will not make any alterations, additions, or improvements in or to the Sublease Premises in excess
of $1,000.00 `without the prior written consent of Sublandlord in each instance, which consent may be withheld or conditioned in
Sublandlord’s sole discretion, or the consent of the Landlord as required and specifically provided for in the Lease. |
| (c) | Sublandlord’s Property. All fixtures and improvements existing in the Sublease Premises as of the Effective Date
will be and remain the property of the Sublandlord or Landlord, as their interests may appear, and unless otherwise agreed in writing
by Sublandlord, will not be removed by Subtenant. Unless Sublandlord, or Landlord, as appropriate, have advised Subtenant in writing
that any improvements, alterations, additions or fixtures must be removed at the end of the Sublease Term or earlier termination
thereof, all improvements, alterations, additions or fixtures permanent in nature made in the Sublease Premises by Subtenant or
Sublandlord or Landlord will immediately become Sublandlord’s or Landlord’s property as their interests may appear
and will remain on the Sublease Premises without compensation to Subtenant. If Sublandlord, or Landlord has, as a condition to
approving any improvements, alterations, additions or fixtures that are made upon the Sublease Premises by Subtenant that Subtenant
on, or before, expiration or earlier termination of this Agreement, be required to remove all such improvements, alterations, additions
or fixtures, Subtenant shall do so at Subtenant’s sole cost and expense. Upon the expiration of the Sublease Term or earlier
termination of this Agreement, nothing in this Section 8 (c) shall prohibit Subtenant from removing its personal property from
the Sublease Premises at such time and Subtenant shall cause such removal at, or before, such time, at Subtenant’s sole cost
and expense. |
| 9. | Services. According to the Lease, the Landlord is not required to furnish any utilities to the Premises (including,
without limitation, heat, air conditioning, hot and cold water, gas, electricity, oil, steam, sewer rent or other charges) (the
“Services”) and the Sublandlord is solely responsible for obtaining and providing the same, including hot water.
However, in the event the Services are provided through facilities of Landlord located in the Building, Subtenant shall pay Sublandlord
as Additional Sublease Rent for Subtenant’s proportionate share (determined as Subtenant’s proportionate share of Operating
Expenses are determined in Section 5 (b) hereof) of the Services so provided to the Sublease Premises for which the Sublandlord
is being charged, either by the Landlord or directly by the provider of such Services. Accordingly, Sublandlord shall not have
any obligation to provide any of the Services to Subtenant under this Agreement, it being Subtenant’s responsibility to obtain
the Services at Subtenant’s sole cost and expense, even if the Services are obtained from Landlord or Sublandlord as a result
of the operation of the Premises. Sublandlord will in no event be liable to Subtenant for Sublandlord’s failure to provide
the Services nor will any such failure be deemed or construed as a breach hereof by Sublandlord or an eviction of Subtenant, or
entitle Subtenant to an abatement of any of the Rent due under this Agreement, except if such failure is a result of the gross
negligence or willful misconduct on the part of Sublandlord. Subtenant shall not during the term of this Agreement impede the free
access to Landlord’s mechanical installations or interfere with the moving of Landlord’s equipment to and from any
enclosures containing such installations or equipment and shall not at any time enter these enclosures, or tamper with, adjust
or otherwise in any manner affect these mechanical installations or equipment. |
| 10. | Access to Sublease Premises. Upon 24 hours advance notice to Subtenant (and without notice in the event of an emergency),
Sublandlord will have the right to enter the Sublease Premises, including during business hours, to examine and inspect it; provided
such entry will not unreasonably interfere with Subtenant’s use of the Sublease Premises for the purposes described in Section
4 above. Sublandlord will have the right to require the removal of any object or material that Sublandlord, in its sole discretion,
deems hazardous to the safety or operation of the Sublease Premises or the Building, or to be in violation of this Agreement. Furthermore,
Landlord will have access to the Sublease Premises as provided for in the Lease. |
| 11. | Parking. Inasmuch as both Sublandlord and Subtenant have direct leases with the Landlord for space in the Building which
direct leases contain provisions, terms and conditions regarding a license for parking spaces upon the land upon which the Building
is also located, there is no need for further provisions in this Agreement for parking matters related to the Sublease Premises. |
Subtenant’s and Sublandlord’s Insurance.
During the Sublease Term, or until Subtenant has relinquished possession of the Sublease Premises if thereafter, Subtenant
agrees that all property of Subtenant kept or stored in the Sublease Premises will be at the sole risk of Subtenant and that Sublandlord
and Landlord will not be liable or any injury or damage to such property. At its sole option, Subtenant may procure and maintain
in full force and effect, at Subtenant’s sole cost and expense, all such insurance policies as Subtenant deems advisable
to insure against all such risks and the risks that are the subject of the indemnification provisions contained in Section 18,
below. Sublandlord covenants and agrees that during the Sublease Term it shall procure and maintain all insurance coverages covering
the Premises (including the Sublease Premises) required of it as “tenant” under the Lease and will name the Subtenant
as an additional insured on any commercial general liability policies so maintained.
| 13. | Repairs. Subtenant agrees that during the Sublease Term it shall repair, maintain and take good care of the Sublease
Premises, and will comply with all repair, maintenance, care and other related requirements imposed on Sublandlord under the Lease
at Subtenant’s sole cost and expense with respect to that portion of the Premises that constitute the Sublease Premises.
In the event the Landlord under the Lease undertakes repairs to the Sublease Premises according to the Lease, Sublandlord will
in no event be liable to Subtenant for any failure to perform any repairs, maintenance or the like by Landlord nor will any such
failure be construed as a breach hereof by Sublandlord or an eviction of Subtenant or entitle Subtenant to an abatement of any
Rent due under this Agreement, except to the extent that Sublandlord is entitled to any of the same under the Lease. |
| 14. | Lease. This Agreement is subject and subordinate to the Lease. Except as otherwise provided for herein, all of the terms,
provisions, covenants and conditions of the Lease will be applicable to this Agreement as if Sublandlord were the “Landlord”
under the Lease and Subtenant were the “Tenant” under the Lease. The following additional provisions relate to the
relationship between the Lease and this Agreement: |
| (a) | Subtenant’s Use. Subtenant’s use and occupancy of the Sublease Premises and the common areas of the Building
will at all times be consistent with all of the terms and provisions of the Lease and Subtenant will indemnify and hold Sublandlord
harmless against any and all claims of liability to Landlord and others resulting from any failure by Subtenant to abide by the
restrictions, conditions, and requirements of the Lease relating to the use and occupancy of the Sublease Premises and other areas
of the Building. |
| (b) | Subtenant’s Default. In the event of a default by Subtenant under this Agreement, Subtenant agrees that the remedies
of Sublandlord with respect to Subtenant will be the same as those of Landlord with respect to Sublandlord, as “Tenant”
under the Lease. |
| (c) | Lease Termination. If the Lease is terminated for any reason, this Agreement, if not sooner terminated hereunder, will
automatically terminate on the effective date of termination of the Lease and Sublandlord will not be liable to Subtenant or any
other person for any loss, damage or expense resulting therefrom unless such termination was due to a default by Sublandlord under
the Lease; provided however, if the Lease gives the Sublandlord any right to terminate the Lease in the event of partial or total
damage, destruction, or condemnation, then the exercise of such right by Sublandlord will not constitute a default or breach by
Sublandlord under this Agreement. If such termination of the Lease results from the fault of Subtenant, Sublandlord will be entitled
to recover from Subtenant and Subtenant will pay, in addition to all other sums to which Sublandlord may be entitled under this
Agreement, any expenditures or obligations for the payment of money (including reasonable attorneys’ fees and costs) suffered
or incurred by Sublandlord as a result of such termination. |
| (d) | Consents. Whenever the provisions of the Lease require the written consent of the Landlord, those provisions will be
deemed and construed to require the written consent of both Sublandlord and Landlord and any failure of Subtenant to obtain Sublandlord’s
consent as required under this Agreement will render Landlord’s consent null and void. |
| (e) | Copy of Lease. Subtenant represents that it has received a copy of the Lease and is familiar with the terms of the Lease
as the same may apply to this Agreement and the Sublease Premises and understands Subtenant’s obligations as set forth in
the Lease. A copy of the Lease is attached hereto as Exhibit B which is incorporated herein and made a part hereof for all purposes. |
| (f) | No obligations of Sublandlord. No covenants or obligations of Landlord under the Lease will be deemed to be covenants
or obligations of Sublandlord under this Agreement. |
| (g) | Sublandlord’s Representations. Sublandlord represents to Subtenant as follows: |
| (1) | the copy of the Lease attached as Exhibit B hereto is a true and complete copy of the Lease; |
| (2) | the Sublandlord is the tenant under the Lease; |
| (3) | the term of the Lease commenced on January 1, 2017 and will expire, if not extended, approximately Eighty-Five (85) months
thereafter; |
| (4) | the Lease is in full force and effect; |
| (5) | to the best of Sublandlord’s knowledge, Sublandlord is not in default under the Lease; and |
| (6) | Sublandlord has not received any notice of default under the Lease; |
| 15. | No Assignment or Subletting. Without the prior written consent of the Sublandlord and Landlord which shall not be unreasonably
withheld, conditioned, or delayed, Subtenant may not assign, convey, mortgage, hypothecate or encumber this Agreement or any interest
herein or sub-lease all or any part of the Sublease Premises, or suffer or permit the Sublease Premises or any part thereof to
be used by others, including its successor in any corporate change of control transaction (any and all of which will be referred
to as a “Transfer”). Any attempted Transfer in contravention of this Section 15 will be void, ab initio, and
will confer no rights upon any third party. In attempting to obtain the consent of Sublandlord and Landlord to any such Transfer,
Subtenant will comply with all of the requirements contained in the Lease regarding an attempt by Sublandlord to obtain the Landlord’s
consent to such a Transfer. |
| 16. | Surrender; Holding Over. Upon the expiration or earlier termination of this Agreement, Subtenant will surrender possession
of the Sublease Premises (including any cabling installed by Subtenant) and Personal Property to Sublandlord, in the same condition
as the Sublease Premises and Personal Property were in on the day Sublandlord delivered possession to Subtenant, reasonable wear
and tear excepted. Provided however, if Subtenant has made any alterations or modification to the Sublease Space and has obtained
all necessary consents thereto, then the space as altered or modified need not be surrendered in the same condition as existed
on the day Sublandlord delivered possession to Subtenant, with an exception for reasonable wear and tear thereto. If Subtenant
holds over after the expiration of the Sublease Term by lapse of time, with Sublandlord’s consent but without any written
agreement providing otherwise, the Subtenant will be deemed to be a subtenant from month to month, at a monthly rent equal to Two
Hundred percent (200%) of the fixed annual Base Sublease Rent at the time of the final year of the Sublease Term, prorated monthly
and subject to all of the other provisions and conditions of this Agreement. Nothing in this provision will be deemed or construed
to require Sublandlord to permit Subtenant to occupy the Sublease Premises for any period after the end of the Sublease Term, or,
if Sublandlord has permitted Subtenant to occupy the Sublease Premises for any period as a subtenant from month to month, to prevent
Sublandlord from terminating such subtenancy at the end of any month. If Subtenant holds over after the expiration of the Sublease
Term by lapse of time, without Sublandlord’s written consent, Subtenant will be guilty of an unlawful detention of the Sublease
Premises and will be liable to Sublandlord for damages for use of the Sublease Premises during the period of such unlawful detention
and will pay Rent equal to Two Hundred percent (200%) of the fixed annual Base Sublease Rent at the time of the final year of the
Sublease Term prorated monthly, plus any and all consequential damages suffered by Sublandlord, including, without limitation,
damages payable by Sublandlord to Landlord by reason of Subtenant’s holdover. In the event of such holding over, Subtenant
will indemnify and hold Sublandlord harmless from and against any and all claims, suits, proceedings, losses, damages, liabilities,
costs and expenses, including, without limitation, reasonable attorneys’ fees, costs and disbursements, asserted against
or incurred by Sublandlord as a result of such unapproved holding over. Notwithstanding the foregoing, Sublandlord will be entitled
to all other remedies and damages provided under this Agreement or at law or in equity. |
| 17. | Termination of Agreement. |
| a. | Sublandlord, at its sole option, may terminate this Agreement if (i) Subtenant or its agents, employees, or any other person
entering the Sublease Premises under the express or implied invitation of Subtenant, causes material physical damage to the Sublease
Premises or the Building (including that portion of the Premises not included in the Sublease Premises) and fails to promptly repair
the damaged areas to their pre-existing condition or (ii) Subtenant defaults in any way under this Agreement unless Subtenant is
granted a right to cure such default, but then only to the extent of the right to cure so granted. Furthermore, Sublandlord shall
have the absolute right to terminate this Agreement and sublease if Subtenant is unable to secure a renewal or new lease with Subtenant’s
then existing landlord for Subtenant’s 10,364 Rentable Square Feet of office space located on the 2nd floor of
the Building for a term extending until January 31, 2024 or later which the Sublandlord will be subleasing from the Subtenant pursuant
to a separate sublease agreement. Subtenant has until |
| b. | April 1, 2018 to secure such renewal or new lease agreement. In the event such renewal or new lease agreement is not effective
as of April 1, 2018, then in this event Sublandlord has the right to terminate this Agreement as provided for herein, upon ninety
(90) days prior written notice. Furthermore, if the Sublease Agreement dated March __, 2017 by Antriabio, Inc. and Elion, LLC terminates
as provided in any manner in Section 17 b. thereof, Sublandlord shall have the right to terminate this Agreement on May 31, 2020
and Subtenant shall repay Sublandlord the sum of the unamortized real estate brokerage commissions. |
| c. | Subtenant, at its sole option, may terminate this Agreement if (i) the Sublease Agreement dated March __, 2017, by Antriabio,
Inc. (as Sublandlord) and Elion, LLC (as Subtenant) is terminated or (ii) a payment default by Elion, LLC occurs under such sublease
and continues for more than [30] days after any applicable cure period under such sublease has expired. |
| 18. | Indemnification and Waiver. Subtenant hereby assumes all risk of damage to property or injury to persons in, upon or
about the Sublease Premises from any cause whatsoever and agrees that Sublandlord, its affiliates, members, officers and employees
(the “Sublandlord Parties”) will not be liable for, and are hereby released from any responsibility for, any
damage either to person or property or resulting from the loss of use thereof, which damage is sustained by Subtenant or by other
persons or entities claiming through Subtenant. Subtenant will indemnify and defend the Sublandlord Parties and hold the Sublandlord
Parties harmless from and against any and all third party claims, losses, costs, actions, damages, liability, obligation, and expense
(including, without limitation, court costs, reasonable attorneys’ fees, and other costs of litigation) incurred by or asserted
against any of the Sublandlord Parties arising from (i) any occurrence in or at the Sublease Premises, (ii) any act, omission,
conduct or negligence in or about the Building by Subtenant or its affiliates, shareholders, directors, officers, agents, employees,
contractors, or invitees or (iii) the failure of Subtenant to perform any act, obligation, or covenant of Subtenant under this
Agreement or of Sublandlord under the Lease that Subtenant is obligated to Perform under this Agreement. The obligations set forth
in this Section 18 will survive the expiration or sooner termination of this Agreement. |
| 19. | Right to Cure Other Party’s Default. |
| (a) | Default by Subtenant: In the event of a default by Subtenant under this Agreement, or an event occurs which involves
Subtenant or the Sublease Premises which would constitute a default under the Lease if it involved Sublandlord or the Premises
and Subtenant fails to cure such default or defect within the applicable notice and cure periods, if any, Sublandlord may, but
will not be obligated to, make any payment or undertake to perform such covenant or agreement constituting such default. In such
event, amounts so paid and amounts expended in undertaking such performance, together with all costs, expenses and reasonable attorneys’
fees incurred by Sublandlord, will be Additional Sublease Rent under this Agreement payable as provided for herein. |
| (b) | Default by Sublandlord. In the event that Sublandlord defaults in the performance or observance of any of Sublandlord’s
obligations under this Agreement, then Subtenant will give Sublandlord written notice of Sublandlord’s default. If such default
will not be cured by Sublandlord within thirty (30) business days after the date of Subtenant’s notice (except if such default
cannot be cured within this thirty (30) business day period, this period will be extended for an additional reasonable time, provided
that Sublandlord commences to cure such default within such thirty (30) business day period and proceeds diligently thereafter
to effect such cure as quickly as possible), then Subtenant will be entitled to cure such default and promptly collect from Sublandlord
Subtenant’s reasonable expenses in so doing (including reasonable attorneys’ fees and costs). Subtenant will not be
required, however, to wait the entire cure period described herein if earlier action is required to comply with the Lease or any
applicable law. Provided further that, in the event Sublandlord defaults in a manner that would result in the Lease being terminated
by the Landlord, the Subtenant may, if it so chooses, attempt to obtain the Landlord’s consent that the Subtenant be recognized
as the Tenant under the Lease leasing directly from the Landlord upon and with the existing terms of this Agreement being recognized
and upheld. |
| 20. | No Options. Subtenant shall not have any option or right to extend the sublease granted pursuant to this Agreement regardless
of whether Sublandlord extends the term of the Lease pursuant to the provisions and terms of the Lease. |
| 21. | Signage. Subtenant may install directory and suite entry identification signage, at Subtenant’s sole cost and
expense, provided such signage shall be subject to Landlord’s reasonable approval. In addition, with respect to the Sublease
Premises, Subtenant shall otherwise comply with the requirements of the Lease with respect to signage and other related matters
as contained in the Lease, as the same are applicable to Sublandlord and the Premises. |
| 22. | Limitation of Liability. Subtenant agrees that, with the exception of Sublandlord, the Sublandlord Parties will have
no personal liability under this Agreement for satisfaction of any claims or damages, and no property or assets of the Sublandlord
Parties will be subject to lien, levy, execution, or other enforcement action or procedure. |
| 23. | Conflict. In the event of any conflict between this Agreement and the Lease with regard to the specific subject matter
contained herein, the Lease provisions will prevail. |
| 24. | Survival. The covenants, conditions, and agreements contained in this Agreement will bind and inure to the benefit of
Sublandlord and Subtenant and their respective successors and permitted assigns. |
| 25. | Consents and Approvals. In any instance when Sublandlord’s consent or approval is required under this Agreement,
Sublandlord’s refusal to consent or to approve any matter or thing will be deemed to be reasonable if, among other things,
Sublandlord has made a good faith effort to obtain Landlord’s consent or approval to such matter or thing, if required, and
such consent or approval was not obtained. |
| 26. | Headings; Interpretation. Descriptive headings are for convenience only and will not control or affect the meaning or
construction of any provision of this Agreement. Whenever the context of this Agreement requires, words used in the singular will
be construed to include the plural and vice versa. |
| 27. | Counterparts; Facsimile Signatures. For convenience of the parties, any number of counterparts of this Agreement may
be executed by the parties hereto and each such executed counterpart will be and will be deemed to be, an original instrument.
Electronic signatures will be accepted as originals. |
| 28. | Entire and Binding Sublease. This Agreement contains all of the agreements between Sublandlord and Subtenant relating
to the Sublease Premises and the Subtenant’s use and occupancy thereof, and may not be modified in any manner other than
by agreement, in writing, duly executed on behalf of Sublandlord and Subtenant. |
| 29. | Brokers. Sublandlord represents and warrants to the Subtenant that, with respect to this Agreement and transaction,
Sublandlord has only engaged the services of real estate brokers whose fees are to be paid by Sublandlord pursuant to separate
agreements. Sublandlord agrees to defend, indemnify and hold harmless the Subtenant and Landlord from and against any claim for
broker’s or finder’s fees or commissions made by any party claiming to have dealt with the indemnified party in connection
with this Agreement or the transaction contemplated herein. The obligations of Sublandlord under this Section 29 will survive the
expiration or earlier termination of this Agreement. Provided further, Subtenant will indemnify and hold Sublandlord harmless from
and against any party claiming to have dealt with the Subtenant in connection with this Agreement or the transaction contemplated
herein. The obligations of the Subtenant under this Section 29 will survive the expiration of earlier termination of this Agreement. |
| 30. | Attorneys’ Fees and Waiver of Jury Trial. In the event of any litigation, mediation or arbitration between Sublandlord
and Subtenant arising out of or relating to this Agreement or the Sublease Premises (including pretrial, trial, appellate, administrative,
bankruptcy or insolvency proceedings), the prevailing party will be awarded, as part of the judgment or settlement, all reasonable
attorneys’ fees, costs, court costs, and expenses incurred in connection with such matter, except as may be limited by applicable
law or as may be otherwise awarded by the tribunal involved in such matter. IN THE INTEREST OF OBTAINING A SPEEDIER RESULT AND
LESS COSTLY HEARING OF ANY DISPUTE RELATED TO, OR ARISING OUT OF, THIS AGREEMENT OR THE SUBLEASE PREMISES, THE PARTIES HERETO EACH
IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY. |
| 31. | Notices; Business Day. Any notice or other communication under this Agreement shall be in writing and shall be sent
by United States express mail or by a nationally recognized overnight delivery service addressed to the party for whom intended
at 0000 Xxxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx 00000 or to such other address as such intended party shall have previously designated
by proper notice to the other in the manner herein prescribed. Any such notice or communication shall be deemed given and received
when delivered or refused or when delivery is attempted on a business day. For all purposes under this Agreement, a business day
is deemed to be a day upon which national banks are open for business in the Denver metropolitan area. |
| 32. | Applicable Law; Jurisdiction and Venue. This Agreement will be construed in accordance with the laws of the State of
Colorado. The parties hereto hereby irrevocably submit to the jurisdiction of the Boulder County Colorado District Court over any
suit, action or proceeding arising out of this Agreement. |
IN WITNESS WHEREOF, this Agreement has been executed on behalf
of the Sublandlord and Subtenant by their duly authorized officers on the dates set forth below.
| ELION, LLC |
|
| A Colorado Limited Liability Company |
|
| |
|
| By: |
/s/ Xxxx Xxxxxxxxxx |
|
| |
Xxxx Xxxxxxxxxx, President & CEO |
|
| |
|
|
| Date: |
___March 17________________, 2017 |
|
| |
|
|
| ANTRIABIO, INC. |
|
| A Delaware corporation |
|
| |
|
|
| By: |
/s/ Xxxxx Xxxx |
|
| |
Nevan Xxxxxxx Xxxx, Chairman & CEO |
|
| |
|
|
| Date: |
___March 17___________________, 2017 |
|
