Document:

Document

FIRST AMENDMENT TO LEASE

FIRST AMENDMENT TO LEASE (this “First Amendment”) dated as of this _8__ day of August, 2022 (this “Execution Date”), by and between BP PRUCENTER ACQUISITION LLC, a Delaware limited liability company (“Landlord”), and FEDERAL HOME LOAN BANK OF BOSTON, a Federal instrumentality (“Tenant”).

RECITALS

By Lease dated October 26, 2010 (the “Original Lease”), Landlord did lease to Tenant, and Tenant did hire and lease from Landlord, certain premises containing approximately 53,972 rentable square feet of space (the “Existing Premises”) (referred to in the Lease as the “Rentable Floor Area of the Premises” and the “Rentable Floor Area of Tenant’s Premises” and hereinafter sometimes referred to as the “Rentable Floor Area of the Existing Premises”), comprised of the entirety of the ninth (9th) and tenth (10th) floors of the building (the “Building”) known as the Prudential Tower, Boston, Massachusetts.  

Landlord and Tenant have agreed to (i) relocate Tenant from the Existing Premises to 39,185 rentable square feet of space (the “Rentable Floor Area of the Relocation Premises”) comprised of the entirety of the sixth (6th) floor of the Building (the “6th Floor Relocation Premises”), as shown on the plan attached hereto as Exhibit A-1, and a portion of the seventh (7th) floor of the Building (the “7th Floor Relocation Premises”), as shown as the cross-hatched area on the plan attached hereto as Exhibit A-2 (collectively, the “Relocation Premises”), (ii) extend the Term of the Lease for one (1) period of fifteen (15) years from and after the expiration of the current Term of the Lease, and (iii) amend certain other terms and conditions of the Lease.
  
Landlord and Tenant are entering into this instrument to (a) set forth said leasing of the Relocation Premises, (b) set forth said extension of the Term of the Lease, and (c) further amend the Lease.

NOW THEREFORE, in consideration of One Dollar ($1.00) and other good and valuable consideration in hand this date paid by each of the parties to the other, the receipt and sufficiency of which are hereby severally acknowledged, and in further consideration of the mutual promises herein contained, Landlord and Tenant hereby agree to and with each other as follows:

1.Extension of Term.  The Term of the Lease, which but for this First Amendment is scheduled to expire on December 31, 2023, is hereby extended for an additional term (the “Additional Term”) of fifteen (15) years commencing as of January 1, 2024 (the “Additional Term Commencement Date”) and, unless sooner terminated in accordance with the Lease, ending on December 31, 2038 (the “Additional Term Expiration Date”).  Said Additional Term shall be upon all of the same terms and conditions of the Lease in effect immediately preceding the Additional Term, except as set forth herein. 

2.Leasing of Relocation Premises.  Landlord hereby leases to Tenant, and Tenant hereby hires and takes from Landlord, the Relocation Premises for a term commencing as of (i) the 6th Floor Delivery Date with respect to the 6th Floor Relocation Premises and (ii) the 7th Floor Delivery Date with respect to the 7th Floor Relocation Premises, and terminating with respect to the entire Relocation Premises as of the Additional Term Expiration Date.  Said leasing of the Relocation Premises shall be upon all of the same terms and conditions of the Lease, except as follows or as otherwise set forth in this First Amendment:

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A.6th Floor Delivery Date.  The “6th Floor Delivery Date” shall mean January 1, 2023.  Landlord shall deliver the 6th Floor Relocation Premises to Tenant on the 6th Floor Delivery Date in its then “as-is” condition.  From the 6th Floor Delivery Date until the 7th Floor Delivery Date, any reference herein or in the Lease to the Premises shall be deemed to mean the Existing Premises and the 6th Floor Relocation Premises, collectively. 

B.7th Floor Delivery Date.  The “7th Floor Delivery Date” shall mean the later to occur of (x) January 1, 2023 and (y) the date when Landlord delivers the 7th Floor Relocation Premises to Tenant (i) with the 7th Floor Relocation Premises separately demised substantially in accordance with the plan attached hereto as Exhibit A-2 (“Landlord’s 7th Floor Demising Work”) and (ii) otherwise in its then “as-is” condition.  From the 7th Floor Delivery Date until the Relocation Effective Date (as defined in Section 3 below), any reference herein or in the Lease to the Premises shall be deemed to mean the Existing Premises and the Relocation Premises, collectively.  Landlord shall use reasonable efforts to cause the 7th Floor Delivery Date to occur on or before the date that is the later to occur of (a) January 1, 2023 or (b) one hundred twenty (120) days after the Execution Date of this First Amendment (the “Target 7th Floor Delivery Date”); provided, however, that if the 7th Floor Delivery Date does not occur on or before such date, Tenant shall not have any claim against Landlord, and Landlord shall have no liability to Tenant, by reason thereof.  Notwithstanding the foregoing, if the 7th Floor Delivery Date has not occurred on or before the Outside 7th Floor Delivery Date, Tenant shall be entitled to a credit against Tenant’s obligation to pay Annual Fixed Rent following the 7th Floor Delivery Date in an amount equal to one-half (1/2) day for each day between the Outside 7th Floor Delivery Date and the 7th Floor Delivery Date.  The “Outside 7th Floor Delivery Date” shall mean the date sixty (60) days after the Target 7th Floor Delivery Date, provided, however, that the Outside 7th Floor Date shall be extended by the length of any delays arising from Landlord’s Force Majeure or Tenant Delay.  As used herein, “Tenant Delay” shall mean (i) Tenant’s failure timely to respond to any request from Landlord for approvals or information in connection with Landlord’s 7th Floor Demising Work within two (2) business days of Tenant’s receipt of such request; and (ii) any other delays caused by the acts or omissions of Tenant, Tenant’s contractors, architects, engineers or anyone else engaged by Tenant (including any such delays caused by any of the foregoing parties in connection with the preparation of the Relocation Premises for Tenant’s occupancy).  The provisions set forth in this Section 2(B) shall be Tenant’s sole remedy for any delay in the 7th Floor Delivery Date.

C.Condition of Relocation Premises.  Except for Landlord’s 7th Floor Demising Work and Landlord’s 7th Floor Elevator Lobby Work (as defined in Section 10(A) below), Tenant shall accept the Relocation Premises in their “as-is” condition without any obligation on Landlord’s part to perform any additions, alterations, improvements, demolition or other work therein or pertaining thereto.  Landlord shall cause all base building systems (i) serving the 6th Floor Relocation Premises to be in good working order on the 6th Floor Delivery Date and (ii) serving the 7th Floor Relocation Premises to be in good working order on the 7th Floor Delivery Date.  

D.Tenant’s Relocation Premises Work.  The parties acknowledge that Tenant intends to perform certain alterations and improvements in the Relocation Premises, which alterations and improvements shall be performed in accordance with the terms and conditions set forth in Exhibit B-1 attached hereto and otherwise in accordance with the applicable provisions of the Lease (including Article IX thereof).
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3.Termination of Lease With Respect to Existing Premises.  

A.The Term of the Lease in respect of the Existing Premises shall terminate effective as of the date (the “Relocation Effective Date”) that is the earliest to occur of (i) fourteen (14) days after the date on which Tenant substantially completes Tenant’s Relocation Premises Work (as defined in Exhibit B-1 attached hereto), (ii) the date upon which Tenant first occupies all or any portion of the Relocation Premises for the Permitted Use (it being understood that Tenant’s access to the Relocation Premises for purposes of performing Tenant’s Relocation Premises Work shall not be deemed “occupancy” for purposes of this subclause (ii)) or (iii) October 1, 2023 (the date set forth in this subclause (iii), as it may be extended pursuant to Section 3(B) of this First Amendment, being hereinafter referred to as the “Outside Relocation Effective Date”).  On or before the Relocation Effective Date, Tenant shall vacate the Existing Premises and deliver the Existing Premises to Landlord in “broom clean” condition and otherwise in the condition in which Tenant is required pursuant to the Lease to the deliver the Existing Premises at the expiration or earlier termination of the Term of the Lease, normal wear and tear excepted.  Notwithstanding anything to the contrary set forth in the Lease (including Section 9.6(b) thereof), Tenant shall not be obligated to remove any interior staircase installed within the Existing Premises upon the Relocation Effective Date.  Without limitation, if Tenant fails to vacate the Existing Premises on or before the Relocation Effective Date as described in this Section 3(A), then Tenant shall be deemed to be holding over with respect to the Existing Premises and such holdover tenancy shall be governed by the applicable provisions of the Lease (including, without limitation, Section 16.18 of the Original Lease).  From and after the Relocation Effective Date, any reference herein or in the Lease to the “Premises” shall be deemed to mean the Relocation Premises only. 

B.Notwithstanding the foregoing, on the conditions that (x) Tenant’s Relocation Premises Work has been delayed due to supply chain issues outside of Tenant’s reasonable control (“Supply Chain Delays”) and (y) Tenant has been using commercially reasonable efforts to mitigate such Supply Chain Issues, Tenant may, by written notice (“Tenant’s Relocation Extension Notice”) given to Landlord not later than July 31, 2023, extend the Outside Relocation Effective Date (i.e., October 1, 2023) to a date not later than December 15, 2023 (which extended Outside Relocation Effective Date shall be set forth in Tenant’s Relocation Extension Notice).

C.Promptly after the Relocation Effective Date has occurred, Landlord and Tenant shall execute a written declaration setting forth the Relocation Effective Date, in a form substantially similar to that attached to the Original Lease as Exhibit E.  Any failure of the parties to execute such declaration shall not affect the validity of the Relocation Effective Date as determined in accordance with this Section 3.

4.Annual Fixed Rent.  Notwithstanding that the size of the “Premises” will increase effective as of the 6th Floor Delivery Date and the 7th Floor Delivery Date, for the period from and after the Execution Date of this First Amendment, Annual Fixed Rent for the entire Premises shall be payable in the following amounts and in accordance with the provisions of Section 5.1 of the Original Lease:

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	Time Period
	Annual Fixed Rent
	Monthly Fixed Rent
	Rate PSF

	Execution Date of this First Amendment through December 31, 2022
	$2,536,684.00*
	$211,390.33	$47.00
	January 1, 2023 – December 31, 2023 
	$1,841,695.00^ 
	$153,474.58	$47.00
	January 1, 2024 –  December 31, 2024
	$2,233,545.00 
	$186,128.75	$57.00
	January 1, 2025 – December 31, 2025
	$2,278,215.90 
	$189,851.33	$58.14
	January 1, 2026 – December 31, 2026
	$2,323,670.50 
	$193,639.21	$59.30
	January 1, 2027 – December 31, 2027
	$2,370,300.65 
	$197,525.05	$60.49
	January 1, 2028 – December 31, 2028
	$2,417,714.50 
	$201,476.21	$61.70
	January 1, 2029 – December 31, 2029
	$2,465,912.05 
	$205,492.67	$62.93
	January 1, 2030 – December 31, 2030
	$2,515,285.15 
	$209,607.10	$64.19
	January 1, 2031 – December 31, 2031
	$2,565,441.95 
	$213,786.83	$65.47
	January 1, 2032 – December 31, 2032
	$2,616,774.30 
	$218,064.53	$66.78
	January 1, 2033 – December 31, 2033
	$2,669,282.20 
	$222,440.18	$68.12
	January 1, 2034 – December 31, 2034
	$2,722,573.80 
	$226,881.15	$69.48
	January 1, 2035 – December 31, 2035
	$2,777,040.95 
	$231,420.08	$70.87
	January 1, 2036 – December 31, 2036
	$2,832,683.65 
	$236,056.97	$72.29
	January 1, 2037 – December 31, 2037
	$2,889,501.90 
	$240,791.83	$73.74
	January 1, 2038 – December 31, 2038
	$2,947,103.85 
	$245,591.99	$75.21

* Being the product of (i) $47.00 and (ii) the Rentable Floor Area of the Existing Premises (being 53,972 square feet).

^ Being the product of (i) $47.00 and (ii) the Rentable Floor Area of the Relocation Premises (being 39,185 square feet).  Notwithstanding the foregoing or the above rent table, if Tenant shall default on any of its obligations under the Lease during the period (the “Reduced Rent Period”) beginning on January 1, 2023 and ending on December 31, 2023, then the Annual Fixed Rent payable by Tenant thereafter during the Reduced Rent Period shall automatically increase to $211,390.33 per month (i.e., calculated based on the Rentable Floor Area of the Existing Premises). 

5.Operating Expenses and Taxes.

(A)Tenant’s Proportionate Share.  Notwithstanding that the size of the “Premises” will increase effective as of the 6th Floor Delivery Date and the 7th Floor Delivery Date, for the period from and after the Execution Date of this First Amendment and continuing through December 31, 2022, for purposes of computing payments made by Tenant on account of (i) the Operating Cost Excess pursuant to Section 6.4 of the Original Lease and (ii) the Tax Excess pursuant to Section 6.2 of the Original Lease, the “Rentable Floor Area of the Premises” (also referred to in the Lease as the “Rentable Floor Area of Tenant’s Premises”) shall be deemed to be the Rentable Floor Area of the Existing Premises (being 53,972 rentable square feet).  From and after January 1, 2023, for purposes of computing such payments, the “Rentable Floor Area of the Premises” (also referred to in the Lease as the “Rentable Floor Area of Tenant’s Premises”) shall be deemed to be the Rentable Floor Area of the Relocation Premises (being 39,185 rentable square feet).  Notwithstanding the foregoing, if Tenant shall default on 
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any of its obligations under the Lease during the Reduced Rent Period (as defined in Section 4 above), then the “Rentable Floor Area of the Premises” for the remainder of the Reduced Rent Period for purposes of computing such payments shall automatically be deemed to be the Rentable Floor Area of the Existing Premises (being 53,972 rentable square feet).

(B)Operating Expense Base Year.  Effective as of January 1, 2024, for purposes of computing payments made by Tenant on account of the Operating Cost Excess pursuant to Section 6.4 of the Original Lease, the second (2nd) sentence of Section 6.3 of the Original Lease shall be deleted in its entirety and replaced with the following:

“‘Base Operating Expenses’ means Operating Expenses for the Building for calendar year 2024 (that is, the period beginning January 1, 2024 and ending December 31, 2024).”

(C)Tax Base Year.  Effective as of January 1, 2024, for the purposes of computing payments made by Tenant on account of the Tax Excess pursuant to Section 6.2 of the Original Lease, Section 6.1(e) of the Original Lease shall be deleted in its entirety and replaced with the following:

    “‘Base Taxes’ means Landlord’s Tax Expenses for fiscal tax year 2024 
    (that is, the period beginning July 1, 2023 and ending June 30, 2024).” 

6.Parking.  Tenant shall continue to have the right to use the Unreserved Passes and the Reserved Space through the remaining Term of the Lease upon all of the terms and conditions set forth in Article X of the Lease; provided, however, that from and after the Relocation Effective Date, the Maximum Parking Amount shall be reduced proportionately in accordance with the parking ratio set forth in Section 10.1 of the Lease.  

7.Extension Option

(A)On the conditions (which conditions Landlord may waive by written notice to Tenant) that both at the time of exercise of the herein described option to extend and as of the commencement of the Extended Term in question (i) there exists no Event of Default and there have been no more than two (2) Events of Default during the Term, (ii) the Lease is still in full force and effect, and (iii) Tenant has neither assigned the Lease nor sublet any portion of the Premises (except for an assignment or subletting permitted without Landlord’s consent under Section 12.2 of the Original Lease), Tenant shall have the right to extend the Term of the Lease upon all the same terms, conditions, covenants and agreements contained in the Lease (except for the Annual Fixed Rent which shall be adjusted during the option period as hereinbelow set forth and except that there shall be no further option to extend) for two (2) periods of five (5) years each as hereinafter set forth. Each such option period is sometimes herein referred to as an “Extended Term.”  A relevant factor in determining Prevailing Market Rent with respect to any Extended Term shall be whether Landlord has agreed to provide any additional payment to Tenant in respect of any construction allowance or the like or to perform any work to the Premises (it being understood that Landlord shall have no obligation to do so, but no such construction allowance being provided to Tenant and/or work being performed by Landlord would each be relevant factors in determining the Prevailing Market Rent for such Extended Term).

(B)If Tenant desires to exercise an option to extend the Term, then Tenant shall give notice (“Extension Exercise Notice”) to Landlord not later than fifteen (15) months prior to the expiration of the then-current Term of the Lease (as it may have been previously extended) exercising such option to extend.  Promptly after Landlord’s receipt of the Extension Exercise 
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Notice, Landlord shall provide Landlord’s quotation to Tenant of a proposed Annual Fixed Rent for the applicable Extended Term (“Landlord’s Rent Quotation”); provided, however, in no event shall Landlord be obligated to provide Landlord’s Rent Quotation more than fourteen (14) months prior to the expiration of the then Term of the Lease (as it may have been previously extended). If at the expiration of thirty (30) days after the date when Landlord provides such quotation to Tenant (the “Negotiation Period”), Landlord and Tenant have not reached agreement on a determination of an Annual Fixed Rent for such Extended Term and executed a written instrument extending the Term pursuant to such agreement, then Tenant shall have the right, for thirty (30) days following the expiration of the Negotiation Period, to make a request to Landlord for a broker determination (the “Broker Determination”) of the Prevailing Market Rent (as defined in Exhibit C attached hereto) for such Extended Term, which Broker Determination shall be made in the manner set forth in said Exhibit C. If Tenant timely shall have requested the Broker Determination, then the Annual Fixed Rent for such Extended Term shall be the greater of (a) the Prevailing Market Rent as determined by the Broker Determination or (b) the Annual Fixed Rent in effect during the last twelve (12) month period of the Lease Term immediately prior to such Extended Term. If (i) Landlord and Tenant have not reached agreement on a determination of an Annual Rent for such extended Term and executed a written instrument extending the Term pursuant to such agreement during the Negotiation Period and (ii) Tenant does not timely request the Broker Determination, then the Annual Fixed Rent during the applicable Extended Term shall be equal to the greater of (a) Landlord’s Rent Quotation or (b) the Annual Fixed Rent in effect during the last twelve (12) month period of the Lease Term immediately prior to such Extended Term. 

(C)Upon the giving of the Extension Exercise Notice by Tenant to Landlord exercising Tenant’s applicable option to extend the Lease Term in accordance with the provisions of Section 7(B) above, then the Term of the Lease shall automatically be deemed extended, for the applicable Extended Term, without the necessity for the execution of any additional documents, except that Landlord and Tenant agree to enter into an instrument in writing setting forth the Annual Fixed Rent for the applicable Extended Term as determined in the relevant manner set forth in this Section 7; and in such event all references herein to the Lease Term or the Term of the Lease shall be construed as referring to the Lease Term, as so extended, unless the context clearly otherwise requires, and except that there shall be no further options to extend the Lease Term in addition to the options described herein. Notwithstanding anything contained herein to the contrary, in no event shall Tenant have the right to exercise more than one extension option at a time and, further, Tenant shall not have the right to exercise its second extension option unless it has duly exercised its first extension option and in no event shall the Lease Term hereof be extended for more than ten (10) years after the expiration of the Additional Term (as defined in Section 1 above).  Except as set forth in this Section 7, Tenant shall have no further right or option to extend the Term of the Lease, it being agree that Section 3.2 of the Original Lease and Exhibit G to the Original Lease are each hereby deleted and of no further force or effect.

8.Right of First Offer.

A.ROFO Conditions.  On the conditions (“ROFO Conditions”) (which conditions Landlord may waive by written notice to Tenant) that both at the time that Landlord is required to give Landlord’s ROFO Notice, as hereinafter defined, and as of the ROFO Premises Commencement Date, as hereinafter defined, (i) there exists no Event of Default and there have been no more than two (2) Events of Default during the Term, (ii) this Lease is still in full force and effect and (iii) Tenant has not assigned this Lease or sublet any portion of the Premises 
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(except for an assignment or subletting permitted without Landlord’s consent under Section 12.2 hereof), Tenant shall have the following one-time right (“Right of First Offer”) to lease the ROFO Premises, as hereinafter defined, when such ROFO Premises becomes Available for Lease to Tenant, as hereinafter defined.

B.Definition of ROFO Premises.  “ROFO Premises” shall be defined as any portion of the remaining area on the seventh (7th) floor of the Building (i.e., the portion of the seventh (7th) floor not included in the 7th Floor Relocation Premises), when such area becomes Available for Lease, as hereinafter defined, during the Term of the Lease.  For the purposes of this Section 8, the ROFO Premises shall be deemed to be “Available for Lease” when Landlord determines, in its reasonable judgment, that such area will become available for leasing to Tenant (i.e., when Landlord determines that the then-current occupant of such ROFO Premises will vacate such ROFO Premises, and when Landlord intends to offer such ROFO Premises for lease).  Notwithstanding the foregoing, the parties acknowledge that the ROFO Premises is currently vacant, and therefore agree that in no event shall any portion of the ROFO Premises be deemed to be “Available for Lease” until such ROFO Premises have been leased to a third party, and thereafter Landlord determines that such third party tenant of such ROFO Premises will vacate such ROFO Premises, and when Landlord intends to offer such area for lease.

C.Exercise of Right to Lease ROFO Premises.  Landlord shall give Tenant written notice (“Landlord’s ROFO Notice”) at the time that Landlord determines, as aforesaid, that a ROFO Premises will become Available for Lease to Tenant.  Landlord’s ROFO Notice shall set forth Landlord’s determination of the Prevailing Market Rent (as defined in Exhibit C attached hereto) applicable to the available ROFO Premises and the anticipated ROFO Premises Commencement Date.  Tenant may lease such ROFO Premises in its entirety only, by delivering written notice of exercise to Landlord (“Tenant's ROFO Exercise Notice”) within five (5) business days after the date of Landlord’s ROFO Notice.  If Tenant disagrees with Landlord’s reasonable determination of the Prevailing Market Rent, Tenant shall so state in Tenant’s ROFO Exercise Notice, and the matter shall be submitted to a broker determination in accordance with the provisions of Exhibit C hereof.  Notwithstanding the foregoing, Tenant shall have no right to exercise its Right of First Offer if less than three (3) years would remain in the Term as of the ROFO Premises Commencement Date unless Tenant, simultaneously with delivering Tenant’s ROFO Exercise Notice, also validly exercises its extension option in accordance with Section 7 hereof (Tenant recognizing that in accordance with Section 7, Landlord is not obligated to deliver Landlord’s Rent Quotation for the applicable Extended Term until the date fourteen (14) months prior to the end of the then-current Term).  In any case where Tenant has no right to exercise its Right of First Offer (that is, during the last three (3) years of the Term of the Lease if Tenant does not have the ability to exercise said extension option, or if the ROFO Conditions are not met), Landlord shall not be obligated to deliver Landlord’s ROFO Notice to Tenant.  If Tenant fails to timely give Tenant’s ROFO Exercise Notice, Tenant shall have no further right to lease the ROFO Premises and Tenant’s Right of First Offer shall thereafter be void and without any further force or effect, time being of the essence of this Section 8.

D.Lease Provisions Applying to ROFO Premises.  The leasing to Tenant of such ROFO Premises shall be upon all of the same terms and conditions of the Lease (subject to application of the Prevailing Market Rent as aforesaid), except as follows:

(i)The “ROFO Premises Commencement Date” shall be the date that Landlord delivers such ROFO Premises to Tenant.

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(ii)The “ROFO Premises Rent Commencement Date” shall be as set forth in Landlord’s ROFO Notice.

(iii)Tenant shall take such ROFO Premises “as-is” in its then (i.e., as of the date of delivery) state of construction, finish, and decoration, without any obligation on the part of Landlord to construct or prepare any ROFO Premises for Tenant’s occupancy.

(iv)The expiration date in respect of the ROFO Premises shall be the expiration date of the Term of the Lease (as it may have been extended pursuant to Section 7 above).

E.Execution of Lease Amendments.  Notwithstanding the fact that Tenant’s exercise of the above-described option to lease the ROFO Premises shall be self-executing, as aforesaid, the parties hereby agree promptly to execute a lease amendment reflecting the addition of the ROFO Premises.  The execution of such lease amendment shall not be deemed to waive any of the conditions to Tenant’s exercise of the herein option to lease the ROFO Premises, unless otherwise specifically provided in such lease amendment.

F.Superior Rights.  Notwithstanding anything herein to the contrary, Tenant’s Right of First Offer is subject and subordinate to (i) the expansion rights (whether such rights are designated as a right of first offer, right of first refusal, expansion option or otherwise) of any tenant of the Building existing on the date hereof (“Prior Rights”) and (ii) the right of Landlord to extend the term of the lease of any existing tenant of a ROFO Premises (whether or not pursuant to rights under such tenant’s lease) or execute a new lease with the then-occupant of a ROFO Premises prior to the ROFO Premises becoming Available for Lease, which rights shall be deemed prior to the rights of Tenant under this Section 8.  Landlord hereby confirms that Ropes & Gray LLP is the only tenant with a Prior Right.

G.Deletion of Existing Right of First Offer.  Section 2.2 of the Original Lease (Right of First Offer) is hereby deleted and of no further force or effect.

9.7th Floor Early Termination Option.

A.On the conditions (which conditions Landlord may waive, at its election, by written notice to Tenant at any time) that Tenant is not in default of its covenants and obligations under the Lease at the time that Tenant gives Tenant’s Termination Notice, as hereinafter defined, then Tenant shall have the one-time right (the “7th Floor Termination Right”) to terminate the Term of the Lease with respect to the 7th Floor Expansion Premises only effective as of January 1, 2034 (i.e., the tenth (10th) anniversary of the Additional Term Commencement Date) (the “Effective Termination Date”) by giving Landlord written notice (“Tenant’s Termination Notice”) not later than the date fifteen (15) months prior to the Effective Termination Date, and by paying to Landlord, at the time that Tenant gives Tenant’s Termination Notice, a termination fee equal to One Million Three Hundred Eighty Four Thousand and 00/100 Dollars ($1,384,000.00) (the “Termination Fee”). If Tenant does not pay the Termination Fee at the time that it gives Tenant’s Termination Notice, Tenant’s Termination Notice shall, at Landlord’s election, be void and ineffective.

B.If Tenant timely and properly exercises its 7th Floor Termination Right and timely pays to Landlord the Termination Fee, then the term of the Lease with respect to the 7th 
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Floor Relocation Premises only shall terminate as of the Effective Termination Date, and Annual Fixed Rent and Additional Rent with respect to the 7th Floor Relocation Premises shall be apportioned as of said Effective Termination Date (provided that if the Operating Cost Excess or Tax Excess are not finally determined as of the Effective Termination Date, Tenant shall make payment on account thereof as reasonably estimated by Landlord if so requested by Landlord, and Tenant shall make final payment of any remaining amounts due, allocated in proportion to the Effective Termination Date, within ten (10) days after final billing by Landlord).  If Tenant fails timely to give Tenant’s Termination Notice or timely to pay the Termination Fee, Tenant shall have no right to terminate the Term of the Lease with respect to the 7th Floor Relocation Premises, pursuant to this Section 9, time being of the essence.  Notwithstanding anything to the contrary contained herein, in the event that Tenant exercises its Right of First Offer pursuant to Section 8 above, then Tenant’s 7th Floor Termination Right and the provisions of this Section 9 shall automatically be void and without any further force or effect.  In addition, in the event that Tenant exercises its 7th Floor Termination Right pursuant to this Section 9 above, then Tenant’s Right of First Offer and the provisions of Section 8 above shall automatically be void and without any further force or effect.

10.Landlord’s 7th Floor Elevator Lobby Work.  Landlord shall, at its expense, refurbish the existing seventh (7th) floor elevator lobby using Building standard materials and finishes (“Landlord’s 7th Floor Elevator Lobby Work”).  The parties acknowledge that Landlord’s 7th Floor Elevator Lobby Work will be performed following the 7th Floor Delivery Date concurrently with Tenant’s Relocation Premises Work.  Accordingly, Landlord and Tenant agree to cooperate with each other to minimize interference with the construction of the other party.

11.Signage.  Landlord shall provide Building standard directional signage identifying Tenant’s name in the seventh (7th) floor elevator lobby.  Any signage within the 6th Floor Relocation Premises shall be installed by Tenant as part of Tenant’s Relocation Premises Work.

12.HVAC.  Section II(B) of Exhibit C to the Lease is hereby amended by inserting the following after the last sentence thereof: “Notwithstanding the foregoing, Tenant shall not be obligated to pay such costs with respect to any request that Landlord furnish such HVAC services on Patriots’ Day.”

13.Property Management.  Tenant may (up to once every three (3) calendar months) request a status update meeting with one or more members of Landlord’s property management personnel (which status update meetings may be conducted via video conference). 

14.Service Stoppage.  The last sentence of Section 7.4(B) of the Lease is hereby deleted in its entirety and replaced with the following: “Except in case of emergencies, Landlord will give Tenant at least three (3) business days’ advance notice of any scheduled stoppage of any such service or utility system and will use reasonable efforts to avoid unnecessary inconvenience to Tenant by reason thereof.”

15.Modifications to Stairwell Space Agreement.  Reference is hereby made to that certain Agreement for Use of Stairwell Space dated as of October 31, 2011 between Landlord and Tenant (the “Stairwell Space Agreement”), pursuant to which Tenant was granted the non-exclusive right to use the base building emergency stairwell known as Stairwell “B” East between the 9th and 10th floors of the Building, all as more particularly set forth in the Stairwell 
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Space Agreement.  The parties hereby agree to modify the Stairwell Space Agreement as follows:

A.Effective as of the Relocation Effective Date, Section 2 of the Stairwell Space Agreement and the second “WHEREAS” recital to the Stairwell Space Agreement are each hereby amended by deleting the language “9th and 10th floors of the Building” and replacing the same with “6th and 7th floors of the Building”. 

B.Effective as of the Relocation Effective Date, the plans attached to the Stairwell Space Agreement as Exhibit A are hereby deleted and replaced with the plans attached hereto as Exhibit D.  

C.In no event may Tenant make any improvements, alterations or installations (including cosmetic alterations) in or to the Specified Stairwell Space (as defined in the Stairwell Space Agreement).  Notwithstanding the foregoing, from and after the Relocation Effective Date, Tenant may paint the walls of Specified Stairwell Space, provided that (i) Landlord shall have approved the plans and/or scope (including color and/or type of paint) for any such painting work in advance and (ii) Tenant performs such painting work in accordance with the applicable provisions of the Lease.  

D.As amended by this Section 12, the Stairwell Space Agreement is hereby ratified and confirmed and approved in all respects

16.(A)    Tenant warrants and represents that Tenant has not dealt with any broker in connection with the consummation of this First Amendment other than Savills Studley (the “Broker”), and in the event any claim is made against Landlord relative to dealings by Tenant with brokers other than the Broker, Tenant shall defend the claim against Landlord with counsel of Tenant’s selection first approved by Landlord (which approval will not be unreasonably withheld) and save harmless and indemnify Landlord on account of loss, cost or damage which may arise by reason of such claim.

(B)    Landlord warrants and represents that Landlord has not dealt with any broker in connection with the consummation of this First Amendment other than the Broker and in the event any claim is made against Tenant relative to dealings by Landlord with brokers, Landlord shall defend the claim against Tenant with counsel of Landlord’s selection first approved by Tenant (which approval will not be unreasonably withheld) and save harmless and indemnify Tenant on account of loss, cost or damage which may arise by reason of such claim or by reason of Landlord’s failure to pay the brokerage commissions described in the following sentence.  Landlord agrees that it shall be responsible for the payment of the brokerage commission to the Broker per separate agreement

17.Except as otherwise expressly provided herein, all capitalized terms used herein without definition shall have the same meanings as are set forth in the Lease.

18.Except as herein amended, the Lease shall remain unchanged and in full force and effect. All references to the “Lease” shall be deemed to be references to the Lease, as amended hereby.

- 10 -

19.Each of Landlord and Tenant hereby represents and warrants to the other that all necessary action has been taken to enter this First Amendment and that the person signing this First Amendment on its behalf has been duly authorized to do so.

20.This First Amendment may be executed by electronic signature, which
shall be considered as an original signature for all purposes and shall have the same force and effect as an original signature. Without limitation, in addition to electronically produced signatures, “electronic signature” shall include electronically scanned and transmitted versions (e.g., via PDF and/or DocuSign) of an original signature. This First Amendment may be executed in multiple counterparts (which counterparts may be executed and delivered by PDF, DocuSign, or another file sent by email) which shall together constitute a single document. Any executed counterpart of this First Amendment delivered by PDF, DocuSign or another file sent by email shall be equally effective as an original counterpart for all purposes.

--page ends here--
- 11 -

EXECUTED as of the date and year first above written.

																		
			LANDLORD:
			
			BP PRUCENTER ACQUISITION LLC

			
			By:	Boston Properties Limited Partnership,
				its sole member and manager
			
				By:	Boston Properties, Inc.,
				its general partner
			
					/s/ Patrick Mulvihill
					By:	pmulvihill@bxp.com
				Name:	Patrick Mulvihill
				Title:	SVP

												
			TENANT:
			
			FEDERAL HOME LOAN BANK OF BOSTON, a Federal instrumentality

			
				/s/ Timothy Barrett
			By:	tim.barrett@fhlbboston.com
			Name:	Timothy J. Barrett
			Title:	President and CEO
				

                        
- 12 -

EXHIBIT A-1

6TH FLOOR RELOCATION PREMISES

NOTE: Existing interior walls and other conditions may not be as shown on the above plan.

    Exhibit A-1

EXHIBIT A-2

7TH FLOOR RELOCATION PREMISES

    Exhibit A-2

EXHIBIT B-1

WORK AGREEMENT

1.1    Tenant’s Relocation Premises Work

(A)    Tenant shall accept the Relocation Premises in their as-is condition without any obligation on Landlord’s part to perform any additions, alterations, improvements, demolition or other work therein or pertaining thereto. Tenant, at its sole cost and expense, shall perform all work necessary to prepare the Relocation Premises for Tenant’s occupancy in accordance with plans and specifications prepared by an architect, licensed by the Commonwealth of Massachusetts and reasonably approved by Landlord, such plans and specifications to be subject to the reasonable approval of the Landlord. Tenant shall submit to Landlord, no later than October 1, 2022, a detailed floor plan layout together with working drawings (the “Tenant’s Submission”) for work to be performed by Tenant to prepare the Relocation Premises for Tenant’s occupancy (“Tenant’s Relocation Premises Work”). Such floor plan layout and working drawings (the “Plans”) shall contain at least the information required by, and shall conform to the requirements of, Exhibit B-2 attached hereto. If Landlord disapproves of any Plans, then Tenant shall promptly have the Plans revised by its architect to incorporate all objections and conditions presented by Landlord and shall resubmit such plans to Landlord no later than seven (7) days after Landlord has submitted to Tenant its objections and conditions; provided, however, that the Plans contain at least the information required by, and conform to the requirements of, said Exhibit B-2, Landlord’s approval of the Plans shall not be unreasonably withheld, conditioned or delayed; provided further, however, Landlord’s determination of matters relating to aesthetic issues relating to alterations or changes which are visible outside the Relocation Premises shall be in Landlord’s sole discretion. Such process shall be followed until the Plans shall have been approved by the Landlord without objection or condition.  Tenant’s Submission shall also include a reasonably detailed project schedule for the performance of Tenant’s Relocation Premises Work (the “Project Schedule”).  Tenant shall use commercially reasonable efforts (i) to ensure that Tenant’s Relocation Premises Work progresses in accordance with any interim milestones set forth in the Project Schedule and (ii) to cause substantial completion of Tenant’s Relocation Premises Work to occur as quickly as possible (and in all events on or before the estimated substantial completion date set forth in the Project Schedule).  

(B)    Once the Plans have been approved by Landlord, Tenant, at its sole cost and expense, shall promptly, and with all due diligence, perform Tenant’s Relocation Premises Work as set forth on the Plans, and, in connection therewith, the Tenant shall obtain all necessary governmental permits and approvals for Tenant’s Relocation Premises Work.  All of Tenant’s Relocation Premises Work shall be performed strictly in accordance with the Plans and in accordance with applicable Legal Requirements and Insurance Requirements. Tenant shall have Tenant’s Relocation Premises Work performed by contractors, reasonably approved by Landlord, which contractors shall provide to Landlord such insurance as required by the applicable provisions of the Lease. Landlord shall have the right to provide such rules and regulations relative to the 
    Exhibit B-1-1

performance of Tenant’s Relocation Premises Work and any other work which the Tenant may perform under the Lease and Tenant shall abide by all such reasonable rules and regulations and shall cause all of its contractors to so abide including, without limitation, payment for the costs of using Building services. Without limiting the foregoing, and for the avoidance of doubt, the parties acknowledge and agree that Tenant shall be obligated to pay for any electricity, HVAC or other utilities furnished to the Relocation Premises during the performance of Tenant’s Relocation Premises Work in accordance with the applicable provisions of the Lease.  It shall be Tenant’s obligation to obtain a certificate of occupancy or other like governmental approval for the use and occupancy of the Relocation Premises to the extent required by law, and Tenant shall not occupy the Relocation Premises for the conduct of business until and unless it has obtained such approval and has submitted to Landlord a copy of the same together with waivers of lien from all of Tenant’s contractors in form adequate for recording purposes. Tenant shall also prepare and submit to Landlord promptly after Tenant’s Relocation Premises Work is substantially complete a set of as-built plans in both print and electronic forms showing the work performed by Tenant to the Relocation Premises including, without limitation, any wiring or cabling installed by Tenant or Tenant’s contractor for Tenant’s computer, telephone and other communication systems. Within thirty (30) days after receipt of an invoice from Landlord, Tenant shall pay to Landlord, as Additional Rent, an amount equal to third-party expenses incurred by Landlord to review Tenant’s Plans and to review Tenant’s Relocation Premises Work (“Third-Party Costs”); provided, however, that the amount of Third-Party Costs payable by Tenant shall not exceed $5,000.00. Notwithstanding the foregoing, Landlord shall be entitled to deduct such Third-Party Costs from the Tenant Allowance. 

1.2    Quality and Performance of Work

All construction work required or permitted by the Lease shall be done in a good and workmanlike manner and in compliance with all applicable laws, ordinances, rules, regulations, statutes, by-laws, court decisions, and orders and requirements of all public authorities (“Legal Requirements”) and all Insurance Requirements (as defined in Section 9.1 of the Lease). All of Tenant’s Relocation Premises Work shall be coordinated with any work being performed by or for Landlord and in such manner as to maintain harmonious labor relations. Each party may inspect the work of the other at reasonable times and shall promptly give notice of observed defects.  Each party authorizes the other to rely in connection with design and construction upon approval and other actions on the party’s behalf by any Construction Representative of the party named in the following sentence or any person hereafter designated in substitution or addition by notice to the party relying. For purposes of the immediately preceding sentence, the Construction Representative for Landlord shall be Joe Goncalves, whose email address is jgoncalves@bxp.com, and the Construction Representative for Tenant shall be Patrick Schmidt, whose email address is patrick.schmidt@avisonyoung.com. Notwithstanding the notice provisions contained in the Lease, any written notices relating to work being performed by Landlord or Tenant hereunder may be sent by email to each party’s Construction Representative. Tenant acknowledges that Tenant is acting for its own benefit and account and that Tenant will not be acting as Landlord’s agent in performing any of Tenant’s Relocation Premises Work, accordingly, no contractor, subcontractor or supplier shall have a right to lien Landlord’s interest in the Property in connection with any work.

1.3    Special Allowance
    Exhibit B-1-2

Landlord shall provide to Tenant a special allowance equal to the product of (i) $150.00 and (ii) the Rentable Floor Area of the Relocation Premises (the “Tenant Allowance”). The Tenant Allowance shall be used and applied by Tenant solely on account of the cost of Tenant’s Relocation Premises Work. Provided that Tenant (i) has opened for business in the Relocation Premises, (ii) has completed all of such Tenant’s Relocation Premises Work in accordance with the terms hereof, has paid for all of such Tenant’s Relocation Premises Work in full and has delivered to Landlord lien waivers from all persons who might have a lien as a result of such work, in the recordable forms that are reasonably acceptable to Landlord, (iii) has delivered to Landlord its certificate specifying the cost of such Tenant’s Relocation Premises Work and all contractors, subcontractors and suppliers involved with Tenant’s Relocation Premises Work, together with evidence of such cost in the form of paid invoices, receipts and the like, (iv) has delivered to Landlord a final set of record drawings for Tenant’s Relocation Premises Work, (v) has satisfied the requirements of (i) through (iv) above and made request for such payment on or before March 31, 2024, (vi) is not otherwise in default under the Lease, and (vii) there are no liens (unless bonded to the reasonable satisfaction of Landlord) against Tenant’s interest in the Lease or against the Building or the Property arising out of Tenant’s Relocation Premises Work or any litigation in which Tenant is a party, then within thirty (30) days after the satisfaction of the foregoing conditions, the Landlord shall pay to the Tenant the lesser of the amount of such costs so certified or the amount of the Tenant Allowance.  For the purposes hereof, the cost to be so reimbursed by Landlord shall include the cost of leasehold improvements but not the cost of any of Tenant’s personal property, trade fixtures or trade equipment or any so-called soft costs. Notwithstanding the foregoing, it is understood and agreed that Tenant may utilize up to a maximum of twenty percent (20%) of the Tenant Allowance towards (i) architectural and engineering fees incurred in connection with the Plans and (ii) cabling installed in the Premises.  Notwithstanding the foregoing, Landlord shall be under no obligation to apply any portion of the Tenant Allowance for any purposes other than as provided in this Section 1.3, nor shall Landlord be deemed to have assumed any obligations, in whole or in part, of Tenant to any contractors, subcontractors, suppliers, workers or materialmen. Further, the Tenant Allowance shall only be applied towards the cost of leasehold improvements and in no event shall Landlord be required to make application of any portion of the Tenant Allowance towards Tenant’s personal property, trade fixtures or moving expenses or on account of any supervisory fees, overhead, management fees or other payments to Tenant, or any partner or affiliate of Tenant. In the event that such cost of Tenant’s Relocation Premises Work is less than the Tenant Allowance, Tenant shall not be entitled to any payment or credit nor shall there be any application of the same toward Annual Fixed Rent or Additional Rent owed by Tenant under the Lease. Landlord shall be entitled to deduct from the Tenant Allowance an amount equal to the Third-Party Costs.

1.4Early Access

Provided the same can be done without material interference with any remaining Landlord’s 7th Floor Demising Work or with the maintenance of harmonious labor relations, Tenant and its contractors may access the 6th Floor Relocation Premises and the 7th Floor Relocation Premises for the purposes of measuring, designing, planning and otherwise preparing for Tenant’s Relocation Premises Work during the period from the Execution Date hereof through the 6th Floor Delivery Date and the 7th Floor Delivery Date.  Tenant shall not undertake any construction or make any alterations to the 6th Floor 
    Exhibit B-1-3

Relocation Premises or the 7th Floor Relocation Premises during such Early Access Period.  Any such early access to the 6th Floor Relocation Premises or the 7th Floor Relocation Premises by Tenant shall be upon all of the terms and conditions of the Lease (other than the payment of Annual Fixed Rent) and shall be at Tenant’s sole risk, and Landlord shall not be responsible for any injury to persons or damage to property resulting from such early access by Tenant.  If so requested by Landlord, Tenant shall also provide certificates of insurance to Landlord as provided herein and as provided in the Lease.

    Exhibit B-1-4

EXHIBIT B-2

TENANT PLAN AND WORKING DRAWING REQUIREMENTS

1.    Floor plan indicating location of partitions and doors (details required of partition and door types).

2.    Location of standard electrical convenience outlets and telephone outlets.

3.    Location and details of special electrical outlets; (e.g., Xerox), including voltage, amperage, phase and NEMA configuration of outlets.

4.    Reflected ceiling plan showing layout of standard ceiling and lighting fixtures. Partitions to be shown lightly with switches located indicating fixtures to be controlled.

5.    Locations and details of special ceiling conditions, lighting fixtures, speakers, etc.

6.    Location and heat load in BTU/Hr. of all special air conditioning and ventilating requirements and all necessary HVAC mechanical drawings.

7.    Location and details of special structural requirements, e.g., slab penetrations and areas with floor loadings exceeding a live load of 70 lbs./s.f.

8.    Locations and details of all plumbing fixtures; sinks, drinking fountains, etc.

9.    Location and specifications of floor coverings, e.g., vinyl tile, carpet, ceramic tile, etc.

10.    Finish schedule plan indicating wall covering, paint or paneling with paint colors referenced to standard color system.

11.    Details and specifications of special millwork, glass partitions, rolling doors and grilles, blackboards, shelves, etc.

12.    Hardware schedule indicating door number keyed to plan, size, hardware required including butts, latchsets or locksets, closures, stops, and any special items such as thresholds, soundproofing, etc. Keying schedule is required.

13.    Verified dimensions of all built-in equipment (file cabinets, lockers, plan files, etc.).

14.    Location of any special soundproofing requirements.

15.    All drawings to be uniform size (30” X 42”) and shall incorporate the standard project electrical and plumbing symbols and be at a scale of 1/8” = 1’ or larger.

16.    Drawing submittal shall include the appropriate quantity required for Landlord to file for permit along with four half size sets and one full size set for Landlord’s review and use.

17.    Provide all other information necessary to obtain all permits and approvals for Landlord’s Work.

18.    Upon completion of the work, Tenant shall provide Landlord with two hard copies and one CAD file of updated architectural and mechanical drawings to reflect all project sketches and changes.

Exhibit B-4

EXHIBIT C

BROKER DETERMINATION OF PREVAILING MARKET RENT

Where in the First Amendment to which this Exhibit is attached provision is made for a Broker Determination of Prevailing Market Rent, the following procedures and requirements shall apply:

1.    Tenant’s Request. Tenant shall send a notice to Landlord in accordance with the application Section of the Lease, requesting a Broker Determination of the Prevailing Market Rent, which notice to be effective must (i) make explicit reference to the Lease and to the specific section of the Lease pursuant to which said request is being made, (ii) include the name of a broker selected by Tenant to act for Tenant, which broker shall be affiliated with a major Boston commercial real estate brokerage firm selected by Tenant and which broker shall have at least ten (10) years’ experience dealing in properties of a nature and type generally similar to the Building located in the Downtown Boston and Back Bay Markets, and (iii) explicitly state that Landlord is required to notify Tenant within thirty (30) days of an additional broker selected by Landlord.

2.    Landlord’s Response. Within thirty (30) days after Landlord’s receipt of Tenant’s notice requesting the Broker Determination and stating the name of the broker selected by Tenant, Landlord shall give written notice to Tenant of Landlord’s selection of a broker having at least the affiliation and experience referred to above.

3.    Selection of Third Broker. Within ten (10) days thereafter the two (2) brokers so selected shall select a third such broker also having at least the affiliation and experience referred to above.

4.    Rental Value Determination. Within thirty (30) days after the selection of the third broker, the three (3) brokers so selected, by majority opinion, shall make a determination of the annual fair market rental value of the Premises for the Extended Term or the ROFO Premises for the remainder of the then-Term of the Lease, as the case may be. Such annual fair market rental value determination (i) may include provision for annual increases in rent if so determined, (ii) shall take into account the as-is condition of the Premises or the ROFO Premises, as the case may be, (iii) shall take account of, and be expressed in relation to, the payment in respect of taxes and operating costs and provisions for paying for so-called tenant electricity as contained in the Lease and (iv) shall take into account all other relevant factors and relevant prevailing market considerations. The brokers shall advise Landlord and Tenant in writing by the expiration of said thirty (30) day period of the annual fair market rental value which as so determined shall be referred to as the “Prevailing Market Rent”.

5.    Resolution of Broker Deadlock. If the Brokers are unable to agree at least by majority on a determination of annual fair market rental value, then the brokers shall send a notice to Landlord and Tenant by the end of the thirty (30) day period for making said determination setting forth their individual determinations of annual fair market rental value, and the highest such determination and the lowest such determination shall be disregarded and the remaining determination shall be deemed to be the determination of annual fair market rental value and shall be referred to as the Prevailing Market Rent.

Exhibit C

6.    Costs. Each party shall pay the costs and expenses of the broker selected by it and each shall pay one half (1/2) of the costs and expenses of the third broker.

7.    Failure to Select Broker or Failure of Broker to Serve. If Tenant shall have requested a Broker Determination and Landlord shall not have designated a broker within the time period provided therefor above and such failure shall continue for more than ten (10) days after notice thereof, then Tenant’s broker shall alone make the determination of the Prevailing Market Rent in writing to Landlord and Tenant within thirty (30) days after the expiration of Landlord’s right to designate a broker hereunder. If Tenant and Landlord have both designated brokers but the two brokers so designated do not, within a period of fifteen (15) days after the appointment of the second broker, agree upon and designate the third broker willing so to act, Tenant, Landlord or either broker previously designated may request the Boston Bar Association (or such organization as may succeed to the Boston Bar Association) to designate the third broker willing so to act and a broker so appointed shall, for all purposes, have the same standing and powers as though he had been reasonably appointed by the brokers first appointed. In case of the inability or refusal to serve of any person designated as a broker, or in case any broker for any reason ceases to be such, a broker to fill such vacancy shall be appointed by Tenant, Landlord, the brokers first appointed or the Boston Bar Association, as the case may be, whichever made the original appointment, or if the person who made the original appointment fails to fill such vacancy, upon application of any broker who continues to act or by Landlord or Tenant such vacancy may be filled by the said Boston Bar Association, and any broker so appointed to fill such vacancy shall have the same standing and powers as though originally appointed.

Exhibit C

EXHIBIT D

SPECIFIED STAIRWELL SPACE

Exhibit DDocument

Exhibit 10.4

Amendment to Loan Documents

    THIS AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is made as of March 10, 2022, by and between LUNA INNOVATIONS INCORPORATED, a Delaware corporation (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

BACKGROUND

    A.    The Borrower or another obligor has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements, collateral assignments, and other agreements, instruments, certificates and documents, some or all of which are more fully described on attached Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which evidence or secure some or all of the indebtedness and other obligations of the Borrower to the Bank for one or more loans or other extensions of credit (as used herein, collectively, together with the Obligations, if and as defined in the Loan Documents, the “Obligations”).  Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan Documents.  

    B.    The Borrower and the Bank desire to amend the Loan Documents as provided for in this Amendment. 

    NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows:

    1.    Certain of the Loan Documents are amended as set forth in Exhibit A.  Any and all references to any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as amended by this Amendment.  This Amendment is deemed incorporated into each of the Loan Documents.  To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and provisions of this Amendment shall control.

    2.    The Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as amended by this Amendment, are, except as may otherwise be stated in this Amendment: (i) true and correct in all material respects as of the date of this Amendment, (ii) ratified and confirmed without condition as if made anew, and (iii) incorporated into this Amendment by reference (it being understood that (x) any representation or warranty which by its terms is made as of a specified date shall be true and correct in all material respects only as of such specified date and (y) any other representation or warranty is true and correct in all material respects), (b) no Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan Document which will not be cured by the execution and effectiveness of this Amendment, (c) as of the date hereof, it has no defenses, set offs, counterclaims, discounts or charges of any kind against the Bank, its officers, directors, employees, agents or attorneys with respect to the Loan or Loan Documents, (d) no consent, approval, order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained, and (e) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms.  The Borrower confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.  

    3.    The Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

    4.    As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any) specified in Exhibit A.

    5.    This Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such copies shall constitute one and the same instrument.  Delivery 

Form 17A – Multistate  Rev. 01/21

of an executed counterpart of a signature page to this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart.  Upon written request by the other party (which may be made by electronic mail), any party so executing this Amendment by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.  

    6.    Notwithstanding any other provision herein or in the other Loan Documents, the Borrower agrees that this Amendment, the Loan Documents, any other amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record.  Any Communication may, at the Bank’s option, be signed or executed using electronic signatures.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.  The Borrower and the Bank acknowledge and agree that the methods for delivering Communications, including notices, under the Loan Documents include electronic transmittal to any electronic address provided by either party to the other party from time to time.  

    7.    The Bank may modify this Amendment for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail).

    8.    This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators, successors and assigns.

    9.    This Amendment will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State of New York, excluding its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in such state (or, to the extent controlling, the laws of the United States of America, including without limitation the Electronic Signatures in Global and National Commerce Act).  This Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State.  

    10.    Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed.  Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank’s rights and remedies (all of which are hereby reserved).  The Borrower expressly ratifies and confirms the dispute resolution, waiver of jury trial or arbitration provisions, as applicable, contained in the Loan Documents, all of which are incorporated herein by reference.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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Form 17A – Multistate  Rev. 01/21

Amendment to Loan Documents 
[SIGNATURE PAGE]

    WITNESS the due execution of this Amendment as a document under seal as of the date first written above.

BORROWER:

LUNA INNOVATIONS INCORPORATED, 
a Delaware corporation 

By:                /s/ Scott A. Graeff                
    Scott A. Graeff,
    Chief Executive Officer 

SIGNATURES CONTINUE ON FOLLOWING PAGE

- 3 -
Form 17A – Multistate  Rev. 01/21

Amendment to Loan Documents 
[SIGNATURE PAGE]

    WITNESS the due execution of this Amendment as a document under seal as of the date first written above.

BANK:

PNC BANK, NATIONAL ASSOCIATION

By:    _____________________________
Name:    _____________________________
Title:    _____________________________

SIGNATURES CONTINUE ON FOLLOWING PAGE

- 4 -
Form 17A – Multistate  Rev. 01/21

EXHIBIT A 

Amendment to Loan Documents 
DATED AS OF MARCH 10, 2022

A.    Loan Documents.  The Loan Documents that are the subject of this Amendment include the following (as each of such documents has been amended, modified or otherwise supplemented previously): 

    1.    Term Note dated as of December 1, 2020 made by Borrower payable to the order of Bank in the original principal amount of $12,500,000.00;

    2.    Revolving Line of Credit Note dated as of December 1, 2020 made by Borrower payable to the order of Bank in the maximum principal amount of $15,000,000.00;

    3.    Loan Agreement dated as of December 1, 2020 among Borrower, Guarantors and Bank; and 

    4.    Guaranty and Suretyship Agreement dated as of December 1, 2020 among Guarantors and Bank.

B.    Amendments.  The Loan Documents are amended as follows:

    1.     The following text is hereby added as a new Section 6.9(c) of the Loan Agreement:

(c)    Notwithstanding the foregoing or any provision contained herein to the contrary, the Net Leverage Ratio set forth in the preceding clause (a) and the Fixed Charge Coverage Ratio set forth in the preceding clause (b) shall not be tested for the fiscal quarters ending March 31, 2022 and June 30, 2022.  Instead, Borrower shall maintain (i) a minimum EBITDA which is not less than Six Million Dollars ($6,000,000.00) for the fiscal quarter ending March 31, 2022, calculated on a trailing twelve-month basis, and (ii) a minimum EBITDA which is not less than Seven and One Half Million Dollars ($7,500,000.00) for the fiscal quarter ending June 30, 2022, calculated on a trailing twelve-month basis.  For the avoidance of doubt, testing of the Net Leverage Ratio and Fixed Charge Coverage Ratio shall resume with the fiscal quarter ending September 30, 2022.

    2.    Section 7.3 of the Loan Agreement entitled “Mergers or Acquisitions” is hereby amended to (i) remove “or” at the end of clause (d) and (ii) insert the following immediate after clause (d):

            (e) the Project Merkel Acquisition.  

For the avoidance of doubt, notwithstanding any contrary provision contained herein or in any other Loan Document, including, without limitation, those set forth in this Section 7.3 or in Sections 6.14, 7.1, 7.2 or 7.5 hereof, the Bank (1) has consented to the Project Hoya Sale under terms and conditions set forth in the Project Hoya Consent and Release Agreement, (2) hereby consents to the Project Merkel Acquisition, and (3) agrees that neither the consummation of the Project Hoya Sale nor the consummation of the Project Merkel Acquisition shall, by themselves, constitute a breach or violation of this Agreement or any other Loan Document.  

    3.    The following defined terms are hereby added to Section 13.1 of the Loan Agreement:
        
“Project Hoya Sale” means, as set forth in that certain Equity Purchase Agreement, dated as of March 8, 2022, the sale of substantially all of Borrower’s equity interests in Luna Labs USA, LLC, to which Bank has consented by virtue of the Project Hoya Consent and Release Agreement.  

“Project Hoya Consent and Release Agreement” means that certain Limited Consent and Release Agreement dated as of March 8, 2022 by and among Bank and Borrower, pursuant to which, among other things, Bank has consented to the 
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Form 17A – Multistate  Rev. 01/21

consummation of Project Hoya Sale subject to certain terms and conditions more specifically set forth therein.  

“Project Merkel Acquisition” means, as set forth in that certain Share Purchase Agreement dated as of March 10, 2022, the acquisition of all of the ownership interests of NKT Photonics GmbH, a Gesellschaft mit beschränkter Haftung organized under the laws of Germany, by Borrower, along with certain other transactions contemplated thereunder.  

    4.    The following definitions contained within Section 13.1 of the Loan Agreement are hereby deleted in their entirety and replaced with the following text:

“EBITDA” means net income, plus interest expense, plus income tax expense, plus depreciation, plus amortization, plus stock-based compensation, plus one-time transaction and integration costs associated with the Project Owen Acquisition, Project Hoya Sale, and Project Merkel Acquisition, plus losses related to discontinued operations, plus costs associated to the closure of the Ann Arbor, Michigan facility, plus or minus non-cash items as may have been approved by Bank from time to time in its reasonable discretion.  Commencing with the fiscal quarter ending March 31, 2022, “EBITDA” shall, on a proforma basis: (i) specifically exclude EBITDA deriving from Borrower’s “Luna Labs” division  sold pursuant to the Project Hoya Sale; (ii) specifically include EBITDA deriving from the businesses, divisions or entities acquired pursuant to the Project Merkel Acquisition; and (iii) specifically exclude any income tax expense directly attributable to the Project Hoya Sale. 

“Fixed Charge Coverage Ratio” means (i) EBITDA minus Unfunded Capital Expenditures, divided by (ii) the sum of Current Maturities, plus interest expense, plus cash taxes paid (but specifically excluding taxes directly attributable to the Project Hoya Sale), plus dividends.

    4.    In Section 12(b) of each of the Term Note and the Revolving Line of Credit Note entitled “Events of Default”, the text which reads “if an Event of Default specified in clause (iii) or (iv) above shall occur” is hereby deleted and replaced with the following text:

if an Event of Default specified in Section 8.5(b) or (c) of the Loan Agreement shall occur

    5.    In each of the Term Note and the Revolving Line of Credit Note, Section 14 entitled “Anti-Money Laundering/International Trade Law Compliance” is hereby deleted and replaced with the following text:

14.      Anti-Money Laundering/International Trade Law Compliance.  The Borrower represents, warrants and covenants to the Bank, as of the date hereof, the date of each advance of proceeds under the Facility, the date of any renewal, extension or modification of the Facility, and at all times until the Facility has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of a Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Jurisdiction or Sanctioned Person; (b) the proceeds of the Facility will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Jurisdiction or Sanctioned Person; (c) the funds used to repay the Facility are not derived from any unlawful activity; (d) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws; and (e) no Collateral is or will become Embargoed Property. The Borrower covenants and agrees that (a) it shall immediately notify the Bank in writing upon the occurrence of a Reportable Compliance Event; and (b) if, at any time, any Collateral becomes Embargoed Property, in addition to 
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Form 17A – Multistate  Rev. 01/21

all other rights and remedies available to the Bank, upon request by the Bank, the Borrower shall provide substitute Collateral acceptable to the Bank that is not Embargoed Property.

As used in this provision, the following terms shall have the following meanings: “Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time; “Bank” means PNC Bank, National Association; “Collateral” means any collateral securing any debt, liabilities or other obligations of any Obligor to the Bank; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and subsidiaries, all guarantors, pledgors of collateral, all owners of the foregoing, and all brokers or other agents of the Borrower acting in any capacity in connection with the Facility; “Embargoed Property” means any property (a) in which a Sanctioned Person holds an interest; (b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d) that is located in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by the Bank of any applicable Anti-Terrorism Law if the Bank were to obtain an encumbrance on, lien on, pledge of or security interest in such property or provide services in consideration of such property; “Facility” means the loan evidenced by this Note; “Obligor” means the Borrower and any guarantor of, or any pledgor, mortgagor or other person or entity providing collateral support for, the Borrower’s obligations to the Bank existing on the date of this Note or arising in the future; “Reportable Compliance Event” means (1) any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; (2) any Covered Entity engages in a transaction that has caused or may cause the Bank to be in violation of any Anti-Terrorism Laws, including a Covered Entity’s use of any proceeds of the Facility to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly, a Sanctioned Jurisdiction or Sanctioned Person; or (3) any Collateral becomes Embargoed Property; “Sanctioned Jurisdiction” means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority.

    6.    In the Guaranty, Section 18 entitled “Anti-Money Laundering/International Trade Law Compliance” is hereby deleted and replaced with the following text:

18.    Anti-Money Laundering/International Trade Law Compliance.  The Guarantor represents, warrants, and covenants to the Bank, as of the date of this Guaranty, the date of each disbursement of loan proceeds, the date of any renewal, extension or modification of any loan, and at all times any Obligations exist that:  (a) no Guarantor (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of a Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned 
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Form 17A – Multistate  Rev. 01/21

Jurisdiction or Sanctioned Person; (b) the proceeds of any loan will not be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Jurisdiction or Sanctioned Person; (c) the funds used to repay the loan proceeds are not derived from any unlawful activity; (d) each Guarantor is in compliance with, and no Guarantor engages in any dealings or transactions prohibited by, any laws of the United States including but not limited to any Anti-Terrorism Laws; and (e) no Collateral is or will become Embargoed Property. The Guarantor covenants and agrees that (A) it shall immediately notify the Bank in writing upon the occurrence of a Reportable Compliance Event; and (B) if, at any time, any Collateral becomes Embargoed Property, in addition to all other rights and remedies available to the Bank, upon request by the Bank, the Guarantor shall provide substitute Collateral acceptable to the Bank that is not Embargoed Property. 

As used in this provision, the following terms shall have the following meanings: “Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time; “Bank” means PNC Bank, National Association; “Collateral” means any collateral securing any debt, liabilities or other obligations of any Obligor to the Bank; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and subsidiaries, all guarantors, pledgors of Collateral, all owners of the foregoing, and all brokers or other agents of the Borrower acting in any capacity in connection with any loan, loan proceeds or other Obligations; “Embargoed Property” means any property (a) in which a Sanctioned Person holds an interest; (b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d) that is located in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by the Bank of any applicable Anti-Terrorism Law if the Bank were to obtain an encumbrance on, lien on, pledge of or security interest in such property or provide services in consideration of such property; “Obligations” means all loans, advances, debts, liabilities, obligations, covenants and duties owing by the Borrower to the Bank or to any other direct or indirect subsidiary of The PNC Financial Services Group, Inc., of any kind or nature, present or future; “Obligor” means the Guarantor, the Borrower, any other guarantor of, or any pledgor, mortgagor or other person or entity providing collateral support for, the Obligations; “Reportable Compliance Event” means (a) any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; (b) any Covered Entity engages in a transaction that has caused or may cause the Bank to be in violation of any Anti-Terrorism Laws, including a Covered Entity’s use of any proceeds of any loan to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly, a Sanctioned Jurisdiction or Sanctioned Person; or (c) any Collateral becomes Embargoed Property; “Sanctioned Jurisdiction” means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means any individual person, a group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or 
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Form 17A – Multistate  Rev. 01/21

specially designated under, any sanctions program maintained by any Compliance Authority.

C.    Conditions to Effectiveness of Amendment.  The Bank’s willingness to agree to the amendments set forth in this Amendment is subject to the prior satisfaction of the following conditions:

    1.    Execution by all parties and delivery to the Bank of this Amendment, including the attached Consent of Guarantors; and 

    2.    Payment by the Borrower to the Bank of all fees and expenses required by the Bank in connection with this Amendment.

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Form 17A – Multistate  Rev. 01/21

CONSENT OF GUARANTORS TO
AMENDMENT TO LOAN DOCUMENTS

    Each of the undersigned guarantors (each, jointly and severally, a “Guarantor”) consents to the provisions of the foregoing Amendment and all prior amendments, if any, and confirms and agrees that: (a) each Guarantor’s obligations under the Guaranty and Suretyship Agreement dated as of December 1, 2020 (the “Guaranty”), relating to the Obligations mentioned in the Amendment, shall be unimpaired by the Amendment; (b) each Guarantor has no defenses, set offs, counterclaims, discounts or charges of any kind against the Bank, its officers, directors, employees, agents or attorneys with respect to the Guaranty; and (c) all of the terms, conditions and covenants in the Guaranty remain unaltered (except as expressly modified by the Amendment) and in full force and effect, are hereby ratified and confirmed, and continue to apply to the Obligations, as modified by the Amendment.  Each Guarantor certifies that all representations and warranties made in the Guaranty are true and correct. 

    Each Guarantor hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by such Guarantor or third parties (if applicable), shall continue unimpaired and in full force and effect, shall cover and secure all of such Guarantor’s existing and future Obligations to the Bank, as modified by this Amendment.  Each Guarantor ratifies and confirms the indemnification, waiver of jury trial or arbitration provisions contained in the Guaranty, all of which are incorporated herein by reference.

By signing below, each Guarantor agrees that this Consent, the Guaranty, the other Loan Documents, any amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record.  Any Communication may, at the Bank’s option, be signed or executed using electronic signatures.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.  Each Guarantor acknowledges and agrees that the methods for delivering Communications, including notices, under the Guaranty and the other Loan Documents include electronic transmittal to any electronic address provided by any party to the other party from time to time.  

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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Form 17A – Multistate  Rev. 01/21

CONSENT OF GUARANTORS TO
AMENDMENT TO LOAN DOCUMENTS

    WITNESS the due execution of this Consent as a document under seal as of the date of this Amendment, intending to be legally bound hereby.

GUARANTORS:

LUNA TECHNOLOGIES, INC., 
a Delaware corporation, successor by merger to 
Former Luna Subsidiary, Inc., a Delaware corporation, and 
Terametrix LLC, a Delaware limited liability company

By:                /s/ Scott A. Graeff                
        Scott A. Graeff,
        Chief Executive Officer 

GENERAL PHOTONICS CORP., 
a California corporation

By:                /s/ Scott A. Graeff                
        Scott A. Graeff,
        President 

44867459_7
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Form 17A – Multistate  Rev. 01/21

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