Document:

EX-10.1

EXHIBIT 10.1

LEASE BETWEEN

250 PARK AVENUE, LLC,

as Landlord

and

CIFC CORP.,

as Tenant

PREMISES:

The entire rentable portion of the fourth (4th) floor at

250 Park Avenue

New York, New York

This draft lease, any other draft lease, and/or any correspondence, writings, communications or
other documents delivered or exchanged between Landlord and Tenant shall in no event be deemed to
be an offer or an agreement to lease or to enter into a lease on the terms set forth herein or
otherwise and no lease, or agreement to lease, shall be binding on either Landlord or Tenant until
executed and delivered by both parties.

TABLE OF CONTENTS

	 	 	 
	LEASE

Article

	 	

Page No.

	1.	 	COMMENCEMENT OF TERM:	 

	2.	 	OCCUPANCY:	 

	3.	 	RENT:	 

	4.	 	DEFINITIONS:	 

	5.	 	ADJUSTMENTS OF RENT:	 

	6.	 	LATE PAYMENT CHARGE:	 

	7.	 	ALTERATIONS:	 

	8.	 	REPAIRS; SERVICES PROVIDED BY LANDLORD:	 

	9.	 	WINDOW CLEANING:	 

	10.	 	REQUIREMENTS OF LAW, FIRE INSURANCE, FLOOR LOAD:	 

	11.	 	SUBORDINATION:	 

	12.	 	PROPERTY LOSS, DAMAGE, REIMBURSEMENT, INDEMNITY:	 

	13.	 	DESTRUCTION, FIRE AND OTHER CASUALTY:	 

	14.	 	EMINENT DOMAIN:	 

	15.	 	ASSIGNMENT, SUBLETTING, ETC.:	 

	16.	 	ELECTRIC CURRENT:	 

	17.	 	ACCESS TO PREMISES:	 

	18.	 	VAULT, VAULT SPACE, AREA:	 

	19.	 	BANKRUPTCY:	 

	20.	 	DEFAULT:	 

	21.	 	REMEDIES OF LANDLORD AND WAIVER OF REDEMPTION:	 

	22.	 	FEES AND EXPENSES:	 

	23.	 	NO REPRESENTATIONS BY LANDLORD:	 

	24.	 	END OF TERM:	 

	25.	 	QUIET ENJOYMENT:	 

	26.	 	FAILURE TO GIVE POSSESSION:	 

	27.	 	NO WAIVER:	 

	28.	 	WAIVER OF TRIAL BY JURY:	 

	29.	 	INABILITY TO PERFORM:	 

	30.	 	CAPTIONS:	 

	31.	 	ADJACENT EXCAVATION — SHORING:	 

	32.	 	RULES AND REGULATIONS:	 

	33.	 	SECURITY:	 

	34.	 	SUCCESSORS AND ASSIGNS:	 

	35.	 	INSURANCE:	 

	36.	 	BROKERAGE:	 

	37.	 	ESTOPPEL CERTIFICATE:	 

	38.	 	HOLDING OVER:	 

	39.	 	NOTICES:	 

	40.	 	CERTAIN RIGHTS RESERVED TO LANDLORD:	 

	41.	 	HAZARDOUS MATERIALS:	 

	42.	 	LANDLORD’S WORK:	 

	43.	 	RENEWAL OPTION:	 

	44.	 	ROOFTOP EQUIPMENT:	 

	45.	 	TERMINATION RIGHT:	 

	46.	 	MISCELLANEOUS:	 

EXHIBIT A — LEASED PREMISES

EXHIBIT B — CLEANING SPECIFICATIONS

EXHIBIT C — RULES AND REGULATIONS

EXHIBIT D — FORM OF LETTER OF CREDIT

EXHIBIT E – LANDLORD’S BASE BUILDING WORK

EXHIBIT F – CONTRACTOR’S INSURANCE REQUIREMENTS

EXHIBIT G – CONSTRUCTION RULES AND REGULATIONS

EXHIBIT H – APPROVED CONTRACTORS

EXHIBIT I– HVAC SPECIFICATION

EXHIBIT J– TENANT’S SCHEMATIC PLAN

AGREEMENT OF LEASE, made as of this 16th day of September, 2011, between 250 PARK
AVENUE, LLC, a Delaware limited liability company, having its principal place of business at c/o
AEW Capital Management, L.P., World Trade Center East, Two Seaport Lane, Boston, Massachusetts
02210 ( “Landlord”), and CIFC CORP., a Delaware corporation, having an address at 250 Park Avenue,
New York, New York 10177 (“Tenant”).

WITNESSETH:

Landlord hereby leases to Tenant and Tenant hereby hires from Landlord certain space
consisting of the entire rentable portion of the fourth (4th) floor, substantially as
shown hatched on the floor plan annexed hereto as Exhibit A and made a part hereof (the
“Premises”) in the building known as 250 Park Avenue, New York, New York (the “Building”; the
Building, together with the land on which it is located (the “Land”) and all other improvements
thereon being called the “Property”), on the terms and conditions hereinafter set forth.

The parties hereto, for themselves, their heirs, distributees, executors, administrators,
legal representatives, successors and assigns, hereby covenant as follows:

COMMENCEMENT OF TERM:

1. (A) The term of this Lease (the “Term” or “term”) shall commence on the date
upon which Landlord’s Base Building Work and Landlord’s Work (as such terms are hereinafter
defined) has been substantially completed and possession of the Premises has been delivered to
Tenant (the “Commencement Date”), and shall end on the date (the “Expiration Date”) which is the
last day of the month preceding the month in which occurs the ten (10) year six (6) month
anniversary of the Commencement Date or until such term shall sooner cease and terminate as herein
provided. The Rent Commencement Date shall be the date as specified in Section 3(C) hereof. For
the purposes hereof, Landlord’s Base Building Work and Landlord’s Work shall be deemed
substantially complete notwithstanding the fact that minor or insubstantial details of
construction, mechanical adjustment or decoration (if any) remain to be performed, the
non-completion of which do not materially interfere with Tenant’s use of the Premises or Tenant’s
ability to perform or continue Tenant’s Alterations. Landlord shall give Tenant notice of the
Commencement Date on or prior to the date that is fifteen (15) days immediately preceding the
Commencement Date.

(B) Landlord shall use commercially reasonable efforts to substantially complete Landlord’s
Work and Landlord’s Base Building Work on or prior to the date which is four (4) months after
receipt of the Final Plans (as hereinafter defined), but in no event shall Landlord be obligated to
incur overtime or premium pay labor in connection therewith.

(C) Landlord shall accompany Tenant and/or Tenant’s representatives on walk-throughs of the
Premises for purposes of confirming the substantial completion of Landlord’s Base Building Work and
Landlord’s Work and developing a mutually agreeable list(s) of so-called “punch list(s) items”
which have not been completed (collectively, “Punch List Items”). The parties agree to perform
such walk-through(s) upon such mutually agreeable time(s) as is reasonably agreed upon by Landlord
and Tenant. Tenant acknowledges that the Punch List Items, if any, may be performed in whole or
part after the Commencement Date and may be performed during business hours and that the
performance by Landlord of work relating to the Punch List Items may temporarily disturb Tenant’s
quiet enjoyment of, and partially limit access to, the Premises. In connection with Landlord’s
performance of the work for the Punch List Items, Landlord shall use commercially reasonable
efforts to complete such work within sixty (60) days after the Commencement Date (subject to Force
Majeure and Tenant Delay) and to minimize any interference with Tenant’s use of the Premises as a
result thereof but in no event shall Landlord be obligated to incur overtime or premium pay labor
in connection therewith (unless such interference entails a voluntary utility or service shut down
during regular business hours). Landlord and Tenant shall cooperate with each other (and cause
their contractors to cooperate) and shall keep each other apprised of their respective work so as
to facilitate the scheduling, coordination and orderly progress of work relating to the Punch List
Items and in such a manner to assure the prompt performance of all work, provided same does not
cause unreasonable delays in the completion of the Punch List Items or cause the cost thereof to
increase, other than to a de minimis extent.

(D) Subject to the terms of Section 1(C) hereof, Tenant shall accept possession of the
Premises on the Commencement Date in its then “as is” condition, with Landlord’s Base Building Work
and Landlord’s Work substantially completed and subject only to the completion by Landlord of the
Punch List Items, if any. Landlord shall be under no obligation to make any changes, improvements,
or alterations to the Premises other than Landlord’s Base Building Work and Landlord’s Work.
Unless otherwise expressly provided herein, the taking of occupancy of the whole or any part of the
Premises by Tenant shall be conclusive evidence as against Tenant that Tenant shall have accepted
possession of the Premises and that the Premises shall be in good and satisfactory condition at the
time such occupancy shall be so taken subject only to the completion of the Punch List Items, if
any.

(E) Promptly after the occurrence of the Commencement Date, upon the request of either party,
Landlord and Tenant will execute an agreement, hereafter referred to as the “Commencement Date
Agreement” stating, among other things, the Commencement Date, the Rent Commencement Date and the
stated Expiration Date. Tenant’s failure or refusal to sign the same shall in no event affect
Landlord’s designation of the Commencement Date, the Rent Commencement Date, or the stated
Expiration Date or any of Tenant’s obligations hereunder.

OCCUPANCY:

2. (A) Tenant agrees to use, occupy, operate and maintain the Premises for
executive, administrative and general offices, trading desks and ancillary uses related thereto
(collectively, the “Permitted Use”) and for no other purpose whatsoever without Landlord’s consent,
which may be granted or denied in Landlord’s sole and absolute discretion. Without limiting the
foregoing, in no event shall the Premises or any part thereof be used for any of the following:

(i) sale at retail of any products or materials;

(ii) the conduct of a public auction of any kind;

(iii) a branch or agency for a retail bank, trust company, savings
bank, savings and loan association or any branches of any of the foregoing or a loan
company business;

(iv) an employment agency;

(v) offices or agencies of a foreign government or political
subdivisions thereof;

(vi) offices of any governmental bureau or agency of the United
States or any state or political subdivision thereof;

(vii) data processing services rendered primarily to parties other
than Tenant and which are not strictly ancillary to Tenant’s business;

(viii) health care professionals;

(ix) schools or other training or educational uses (other than those
which are strictly ancillary to Tenant’s business, such as training of Tenant’s
personnel);

(x) clerical support concerns rendering clerical support services
primarily to others than Tenant or performing functions other than those which are
strictly ancillary to Tenant’s business;

	 	 	 
	(xi)

(xii)

(xiii)

	 	reservation centers

any manufacturing purpose;

broadcasting centers and television stations;

(xiv) the operation of any coin-operated vending machine or other
devices for the sale of goods, wares, merchandise, food and beverages, including, but
not limited to, amusement devices and machines, electronic games and machines for the
sale of beverages, food, candy, gum, cigarettes or other commodities or edibles
(provided vending machines solely for use by Tenant’s employees shall be permitted at
the Premises);

(xv) any sex-related obscene, immoral or pornographic use;

(xvi) massage parlors, adult book stores, adult theaters, peep
shows, establishments offering topless and/or bottomless entertainment and/or
sex-related activities or offices for same;

(xvii) betting parlors, gambling casinos, arcades or gambling-type
establishments;

(xviii) a cafeteria, luncheonette, coffee shop, diner, pizzeria,
delicatessen, salad bar or fast food restaurant (provided one or more pantries solely
for the use by Tenant’s employees or invitees shall be permitted at the Premises);

(xix) a night club, discotheque, or similar establishment;

(xx) housing accommodations or for lodging or sleeping purposes;
and/or

(xxi) any other use or purpose which, (a) in the reasonable judgment
of Landlord, is not in keeping with the character and dignity of the Property or (b)
involves the receiving of the general public for the purpose of the dispensing of any
services provided by Tenant.

(B) Tenant will not make or permit to be made any use of the Premises which would violate this
Lease or which is forbidden by Legal Requirements (as hereinafter defined) or which may be
dangerous to life, limb, or property, or which may invalidate or increase the premium cost of any
policy of insurance carried on the Property or concerning its operation, or which will suffer or
permit the Premises or any part thereof to be used in any manner, or anything to be brought into or
kept therein, which, in the reasonable judgment of Landlord, shall in any way impair or tend to
impair the character, reputation or appearance of the Property as a high quality retail/office
building, or which will impair or interfere, other than to a de minimis extent, with any of the
services performed by Landlord for the Property. In any event, Landlord makes no representation as
to the condition of the Premises, except as otherwise expressly provided in this Lease. Tenant
will not at any time use or occupy the Premises, or permit same to be used or occupied in violation
of the certificate of occupancy for the Building provided that the current certificate of occupancy
permits the Premises to be used for general, executive and administrative office purposes.
Landlord agrees that it will not amend the current certificate of occupancy to preclude the use of
the Premises for general, executive and administrative offices purposes. Notwithstanding the
foregoing, if any violations of record against the Building as of the Commencement Date shall
prevent Tenant from performing any of Tenant’s Alterations (as hereinafter defined) or prevent
Tenant from carrying on the ordinary conduct of its business, Landlord shall take all commercially
reasonable efforts to promptly remove any such violations so that Tenant may obtain all permits and
approvals required by governmental authorities having jurisdiction or take other reasonable steps
so that Tenant may perform Tenant’s Alterations or carry on the ordinary conduct of its business.

RENT:

3. (A) Tenant shall pay Minimum Rent (as hereinafter defined) at an annual rental
rate as hereinafter provided. The Minimum Rent and all other sums of money as shall become due and
payable by Tenant under this Lease (hereinafter called “additional rent” or “Additional Rent”)
which shall be paid by Tenant in lawful money of the United States which shall be legal tender in
payment of all debts and dues, public and private, at the time of payment. The Minimum Rent shall
be due and payable in equal monthly installments in advance on the first day of each month during
the Term, at the office of Landlord or such other place as Landlord may designate in writing and,
unless otherwise expressly provided herein, without any set off or deduction whatsoever, except
that Tenant shall pay the first monthly installment(s) on the execution hereof. The Minimum Rent
and Additional Rent are collectively referred to herein as the “rent”.

(i) Tenant shall pay minimum annual rent (the “Minimum Rent”), at an
annual rate, as follows: $1,606,660.00 per annum for the period beginning on the
Commencement Date and ending on the day immediately preceding the sixth
(6th) anniversary of the Commencement Date payable in advance in equal
monthly installments of $133,888.33; and

(ii) $1,752,720.00 per annum for the period beginning on the sixth
(6th) anniversary of the Commencement Date and ending on the Expiration
Date, payable in advance in equal monthly installments of $146,060.00.

(B) If the payment of Minimum Rent hereunder shall commence on any day other than the first
day of a calendar month or the expiration of the First Abatement Period or the Second Abatement
Period (as such terms are hereinafter defined) shall not be the last day of the month, the Minimum
Rent for such calendar month shall be prorated on a per diem basis, and any excess amount paid on
the execution of this Lease shall be credited to the Minimum Rent for the next calendar month.

(C) Provided Tenant is not in default hereunder beyond the expiration of any applicable notice
and/or cure period, (i) the Minimum Rent only payable by Tenant shall be abated in part in an
amount equal to $133,888.33 per month for a period (the “First Abatement Period”) of three (3)
month(s) beginning on the Commencement Date, (ii) the Minimum Rent only payable by Tenant shall be
abated in part in an amount equal to $133,888.33 per month for a period (the “Second Abatement
Period”) of three (3) month(s) beginning on the first day of the month immediately following the
month during which the first anniversary of the Commencement Date shall have occurred. The first
day immediately following the last day of the First Abatement Period is referred to herein as the
“Rent Commencement Date”). Notwithstanding the foregoing, Tenant shall continue to be obligated
during the First Abatement Period and the Second Abatement Period to pay any and all Additional
Rent and other charges payable by Tenant hereunder in accordance with the terms of this Lease. If,
at any time during the Term, Tenant shall default hereunder beyond the expiration of any applicable
notice and/or cure period and as a result thereof this Lease is terminated or, in the case of a
Bankruptcy Event (as hereinafter defined), this Lease shall be rejected, the unamortized portion of
the Minimum Rent so abated pursuant to the provisions of this Section 3(E) shall immediately be due
and payable; it being understood that such abated Minimum Rent, for purposes of this Section 3(E)
shall be amortized on a straight line basis over the period commencing on the Rent Commencement
Date and ending on the stated Expiration Date. If, upon the stated Expiration Date, Tenant is not
in default hereunder, Tenant shall be relieved of its obligation to pay such abated Minimum Rent.

DEFINITIONS:

4. The following definitions shall have the meanings set forth below:

(A) The term “office”, or “offices”, wherever used in this Lease, shall not be construed to
mean premises used as a store or stores, for the sale or display, at any time, of goods, wares or
merchandise, of any kind or as a restaurant, shop, booth or for other similar purposes or for
manufacturing. The term “Landlord” as used in this Lease means only the owner, or the mortgagee in
possession, for the time being of the Land and Building (or the owner of a lease of the Building or
of the Land and Building) so that in the event of a sale or lease of the Building, or of the Land
and Building, the said Landlord shall be and hereby is entirely freed and relieved of all covenants
and obligations of Landlord hereunder, and it shall be deemed and construed without further
agreement between the parties or their successors in interest, or between the parties and the
purchaser, at any such sale, or the said lessee of the Building, or of the Land and Building, that
the purchaser or the lessee of the Building has assumed and agreed to carry out any and all
covenants and obligations of Landlord, hereunder. The words “re-enter” and “re-entry” as used in
this Lease are not restricted to their technical legal meaning. The phrases “Landlord shall not
have liability to Tenant”, “the same shall be without liability to Landlord” or “without incurring
any liability to Tenant therefor” or phrases of similar import shall mean that Tenant is not
entitled to terminate this Lease, or to claim actual or constructive eviction, whether partial or
total, or to receive any abatement or diminution of rent, or to be relieved in any manner of any of
its other obligations hereunder, or to be compensated for loss or injury suffered or to enforce any
other right or kind of liability whatsoever against Landlord under or with respect to this Lease or
with respect to Tenant’s use of occupancy of the Premises or any part thereof, unless otherwise
expressly provided in this Lease. The term “business days” as used in this Lease shall exclude
Saturdays, Sundays and all days designated as holidays by the applicable building service union
employees service contract or by the applicable Operating Engineers contract with respect to
heating, ventilation and air-conditioning service (“HVAC”). The terms “hereby”, “hereof”,
“hereto”, “herein”, “hereunder” and any similar terms shall refer to this Lease, and “hereafter”
shall mean after, and “heretofore” shall mean before, the date of this Lease. Words of the
masculine, feminine or neuter gender shall mean and include the correlative words of the other
genders and words importing the singular number shall mean and include the plural number and vice
versa.

(B) “Broker” shall mean collectively, Cassidy Turley New York, Inc. and Newmark Knight Frank.

(C) “Legal Requirements” shall mean all laws, codes, statutes and ordinances and the orders,
directives and requirements of all governmental entities whether now or hereafter in force.

(D) “Interest Rate” shall mean the annual interest rate that is four percent (4%) per annum
above the then published prime interest rate upon unsecured loans charged by JP Morgan Chase Bank,
NA (or any successor thereto) on loans of 90 days (“Prime Rate”).

(E) “Force Majeure” shall mean any delays resulting from any causes beyond Landlord’s or
Tenant’s reasonable control, as the case may be, including, without limitation, governmental
regulation, governmental restriction, strike, labor dispute, riot, inability to obtain materials or
supplies (exclusive of delays inherent in ordering long lead items except as otherwise expressly
provided herein), acts of God, war, terrorist or bio-chemical attack, fire or other casualty and
other like circumstances. Under no circumstances shall the non-payment of money or a failure
attributable to a lack of funds be deemed to be (or to have caused) an event of Force Majeure nor
shall weather conditions which are reasonably anticipatable as to frequency, duration and severity
in their season of occurrence be deemed an event of Force Majeure. Each party shall use all
commercially reasonable efforts to mitigate the delay caused by any event of Force Majeure to the
extent reasonably commercially practicable, but without the necessity of employing overtime or
premium pay labor unless such party elects to do so within its sole discretion or unless the other
party elects to pay for such overtime or premium pay labor.

(F) “Original Tenant” shall mean the tenant named herein (i.e., CIFC Corp.

	 	 	 	 	 
	ADJUSTMENTS OF RENT:
	 	 
	5.

	 	(A)
	 	Definitions as used herein:

(i) “Taxes” shall mean (1) the amount finally determined, of all
real estate taxes or other taxes imposed in substitution thereof, assessments
(including for any business improvement districts), and other governmental
impositions and charges of every kind whatsoever, which shall be levied, assessed or
imposed, or become liens upon the Property or any part thereof or interest therein,
and (2) all costs and expenses (including reasonable attorneys’ fees and
disbursements) incurred by Landlord in contesting the assessment of the Property for
real estate tax purposes or in otherwise contesting the amount of any of the real
estate taxes or other governmental charges described above. If, due to a change in
the method of taxation, a new or additional tax, however designated, shall be levied
against Landlord, and/or the Property, in addition to or in substitution, in whole or
in part, for any tax which would otherwise constitute “Taxes”, or in lieu of
additional Taxes, such tax or imposition shall be deemed for the purposes hereof to
be included within the term “Taxes”. “Taxes” shall not include (i) any succession,
gains, recording, income, franchise, transfer, inheritance, capital stock, excise,
excess profits, occupancy or rent, gift, estate, foreign ownership or control,
payroll or stamp tax of Landlord or any superior party (except as expressly set forth
in the preceding sentence), (ii) any other tax, assessment, charge or levy on the
rent reserved under this Lease, or (iii) any Taxes resulting from any penalty or
interest due to any late payment of Taxes by Landlord.

(ii) “Tax Base” shall mean the average of the Taxes for the Tax Year
commencing on July 1, 2011 and ending upon June 30, 2012 and the Tax Year commencing
on July 1, 2012 and ending upon June 30, 2013.

(iii) “Tenant’s Tax Proportionate Share” shall mean 5.40%.

(iv) “Tenant’s Operating Proportionate Share” shall mean 5.58%.

(v) “Tax Year” shall mean each period of twelve (12) months,
commencing on the first day of July, in which occurs any part of the Term or such
other period as may hereafter be adopted as the fiscal year for real estate tax
purposes of The City of New York.

(vi) “Landlord’s Tax Statement” shall mean an annual statement
setting forth the amount payable by Tenant for a specified Tax Year pursuant to this
Article 5.

(vii) “Base Operating Expenses” shall mean Operating Expenses for
the Base Year.

(viii) “Base Year” shall mean the 2012 calendar year.

(B) PAYMENTS — TAX ESCALATIONS.

(i) If Taxes payable in any Tax Year shall exceed the Tax Base,
Tenant shall pay as additional rent a sum (hereinafter referred to as “Tenant’s Tax
Payment”) equal to Tenant’s Tax Proportionate Share of the amount by which the Taxes
for such Tax Year exceed the Tax Base.

(ii) Tenant’s Tax Payment shall be payable in the same number of
installments as Taxes are payable and shall be paid within thirty (30) days following
rendition of a Landlord’s Tax Statement which may not be issued more than thirty (30)
days prior to the date upon which the corresponding installment is due to the taxing
authorities. If there shall be any increase in Taxes for any Tax Year, prior to or
during such Tax Year, Landlord may deliver to Tenant a revised Landlord’s Tax
Statement, and Tenant’s Tax Payment for such Tax Year shall be appropriately
adjusted. In the event of any increase in Taxes, Tenant shall, within thirty (30)
days of rendition of such revised Landlord’s Tax Statement, pay to Landlord the
amount of any underpayment of Tenant’s Tax Payment with respect to such Tax Year. At
any time after, during or prior to the end of each Tax Year, Landlord shall cause the
actual amount of Tenant’s Tax Payment to be computed and a “Final Tax Statement” to
be given to Tenant. If such Final Tax Statement shall show a deficiency, Tenant
shall pay such amount to Landlord within thirty (30) days; if it shall show that
Tenant has made an overpayment, Landlord shall pay to Tenant the amount of such
overpayment within thirty (30) days after the delivery of such Final Tax Statement.
Landlord shall deliver a copy of the tax bill for the applicable Tax Year to Tenant
together with the Final Tax Statement (provided that Landlord shall also deliver the
tax bill for the Tax Base along with the delivery of the tax bill for the Tax Year
immediately succeeding the Tax Base).

(iii) The Final Tax Statements furnished to Tenant shall constitute
a final determination as between Landlord and Tenant of the Taxes for the periods
represented thereby, unless the Taxes for any such period are subsequently reduced by
tax certiorari proceedings or otherwise (in which event the Final Tax Statement for
such adjusted Taxes shall be conclusive and binding). If the Commencement Date is
not the first day of a Tax Year or if the date of expiration or termination of this
Lease, whether or not same is the Expiration Date or another date prior or subsequent
thereto, is not the last day of a Tax Year, then Tenant’s Tax Payment shall be
prorated based upon the number of days of the applicable Tax Year within the term of
this Lease. With respect to the year in which the term of this Lease expires or
terminates, such pro rata portion shall become immediately due and payable by Tenant
to Landlord, if it has not theretofore already been paid, and Landlord, as soon as
reasonably practicable, shall cause the annual statements of the Taxes for that Tax
Year to be prepared and furnished to Tenant. Landlord and Tenant thereupon shall
make appropriate adjustments of all amounts then owing. Landlord’s failure to
render any Tax Statements during any Tax Year shall not prejudice Landlord’s right to
render such Tax Statement with respect thereto or subsequently for up to two (2)
years after the expiration of the applicable Tax Year. The obligations of Landlord
and Tenant under the provisions of this Article with respect to any of Tenant’s Tax
Payment shall survive the expiration date or any sooner termination of this Lease.

(iv) If the Taxes for the Tax Base or any other Tax Year are reduced as a
result of a certiorari proceeding or otherwise, the Taxes as so reduced shall for all
purposes be deemed to be the Taxes for such Year and Landlord shall give notice
thereof to Tenant and appropriate adjustments and payments shall be made, subject to
the provisions of the following paragraph.

(v) Only Landlord shall be eligible to institute tax reduction or
other proceedings to reduce the assessed valuation of the Property. If Landlord
shall receive a refund or credit of Taxes for any Tax Year (after Landlord’s payment
of any legal or other fees or expenses incurred to obtain such reduction). Landlord
shall either pay to Tenant, or, at Landlord’s election, credit against the next due
payments under this Section 5(B) an amount equal to Tenant’s Tax Proportionate Share
of such net amount, but such amount shall not exceed Tenant’s Tax Payment paid for
such Tax Year. Provided Tenant is not then in default beyond the expiration of any
applicable notice and/or cure period, any credit or refund due Tenant at the
expiration or sooner termination of the Term of this Lease shall be paid to Tenant
within thirty (30) days after the expiration or sooner termination of this Lease.
Nothing herein shall obligate Landlord to file any application or institute any
proceeding seeking a reduction in Taxes or assessed valuation.

(vi) Tenant shall be liable for the payment of any and all
commercial occupancy tax or commercial rent tax for this Lease which are due and
payable by Tenant pursuant to any applicable Legal Requirements.

(C) PAYMENTS — OPERATING EXPENSES.

(i) “Operating Expenses” shall mean the aggregate of all costs and
expenses (including taxes, if any, thereon) paid or incurred by or on behalf of
Landlord (whether directly or through independent contractors) in connection with the
operation and maintenance of the Property, except as provided herein. Operating
Expenses shall be calculated on the accrual basis of accounting and shall, include,
without limitation, but subject to the limitations set forth herein, the following
expenses:

(a) salaries, wages, pension and welfare payments or contributions
and all medical, insurance and other fringe benefits paid to, for or with respect to
all persons (whether they be employees of Landlord, its managing agent or any
independent contractor) for their services in the operation, maintenance, repair,
security or cleaning of the Property, and payroll taxes, workers’ compensation,
uniforms and dry cleaning costs for such persons;

(b) payments under service contracts with independent contractors
for operating (including, without limitation, providing security services),
maintaining, repairs, or cleaning of the Property or any portion thereof or any
fixtures or equipment therein;

(c) all costs or charges for steam, HVAC and water (including sewer
rents) furnished to public and service areas of the Property and/or used in the
operation of the Property and all costs or charges for electricity furnished to the
public and service areas of the Property and/or used in the operation of the service
facilities of the Property, including any taxes on any such utilities;

(d) repairs and replacements which are appropriate to the continued
operation of the Property as a first-class Manhattan office building, provided that
to the extent the cost of any such repair and/or replacement is required to be
capitalized under generally accepted real estate practices, such cost shall be
amortized on a straight-line basis over the useful life thereof, with an interest
factor equal to the Interest Rate at the time of Landlord’s incurring of such
expenditure, and the annual amortization of such repair and/or replacement shall be
included in Operating Expenses;

(e) cost of lobby decoration, and painting and decoration of
non-tenant areas;

(f) cost of snow removal and landscaping in and about the Property;

(g) cost of building and cleaning supplies and equipment, cost of
replacements for tools and equipment used in the operation, maintenance and repair of
the Property and charges for telephone service for the Property;

(h) financial expenses incurred in connection with the operation of
the Property, such as insurance premiums, including, without limitation, liability
insurance, fire and other casualty insurance, rent insurance and any other insurance
that is then generally carried by owners of first-class office buildings in Manhattan
or may be reasonably required by the holder of any mortgage on the Property,
reasonable attorneys’ fees and disbursements (exclusive of any such attorneys’ fees
and disbursements incurred in connection with the leasing of space in the Property or
any “landlord-tenant” matters), auditing and other professional fees and expenses,
association dues and other ordinary and customary financial expenses incurred in
connection with the operation of the Property;

(i) reasonable and customary management fees payable to a management
company (which may be owned or controlled by Landlord or Landlord’s principals);

(j) the cost of capital expenditures relating to the operations and
maintenance of the Property and capital improvements to the extent permitted under
subparagraph 20 below;

(k) subject to the limitations set forth subparagraph 20 below in
the exclusions to Operating Expenses, rental payments made for equipment used in the
operation and maintenance of the Property;

(l) the cost of governmental licenses and permits, or renewals
thereof, necessary for the operation of the Property; and

(m) all other reasonable and necessary expenses paid in connection
with the operation, maintenance, repair and cleaning of the Property which are
properly chargeable against income.

The following costs and expenses shall be excluded from Operating Expenses or Operating
Expenses shall be limited as provided herein:

(1) Taxes;

(2) debt service, amortization of principal and penalties, refinancing
costs, or ground rent under any ground lease;

(3) leasing costs and expenses, including brokerage commissions and
similar fees;

(4) any legal and accounting fees and disbursements incurred in
connection with the preparation of Landlord’s tax returns or Landlord’s tax
reporting or accounting at Landlord entity level or higher;

(5) the cost of electrical energy or other utilities paid for directly
by the tenants of the Property;

(6) the cost of tenant installations and decorations incurred in
connection with preparing space for any tenant or any other occupant (including:
(a) the cost of removing tenant installations or demolition of tenant space; (b)
permit, license; and inspection fees; and (c) any other contribution by Landlord
to the cost of tenant improvements);

(7) salaries or fringe benefits of personnel above the grade of
building manager;

(8) the cost of any item to the extent to which such cost is
reimbursed to Landlord by tenants of the Property (other than pursuant to this
Article), including overtime charges, or through insurance or condemnation
proceeds, or third parties;

(9) depreciation, amortization (except as provided in this Article)
and other non-cash charges;

(10) costs and expenses incurred in connection with enforcement of
leases or disputes with tenants (including Tenant), including court costs,
accounting fees, auditing fees, and attorneys’ fees and disbursements in
connection with any summary proceeding to dispossess any tenant except as provided
in this Lease;

(11) costs and expenses incurred in connection with procuring tenants,
including marketing and advertising expenses;

(12) amounts paid to Landlord or to affiliates of Landlord (except for
the payment of management fees as provided in Section 5(C)(i) hereof) for any
services in the Building to the extent such amounts exceed the cost of such
services rendered by other unaffiliated third parties on a competitive basis;

(13) any compensation paid to clerks, attendants or other persons in
commercial concessions operated for profit by Landlord;

(14) profits, franchise, gains, estate, income, succession, gift,
corporation, unincorporated business and gross receipts taxes imposed upon
Landlord, or any interest or penalties for failure to timely pay those taxes or
any other taxes; and any mortgage recording or transfer taxes;

(15) any expenses which are not paid or incurred solely in respect of
the Property but rather in respect of the Property and other property owned by
Landlord or its affiliates, provided that with respect to any expenses
attributable in part to the Property and in part to other property owned or
managed by Landlord or its affiliates, Operating Expenses shall include only such
portion thereof as are apportioned by Landlord to the Property on a fair and
equitable basis;

(16) costs incurred with respect to a sale or transfer of all or any
portion of the Property or any interest therein or in any person of whatever tier
owning an interest therein;

(17) any interest, fine, penalty or other late charges payable by
Landlord, incurred as a result of late payments, except to the extent the same was
with respect to a payment, part or all of which was the responsibility of Tenant
hereunder and with respect to which Tenant did not make in a timely fashion or did
not make at all;

(18) the cost of repairs or replacements or restorations by reason of
fire or other casualty or condemnation to the extent (a) Landlord receives
compensation through the proceeds of insurance or by the condemning authority and
(b) representing the amount of any deductible in excess of customary or
commercially reasonable deductible amounts under any insurance policy maintained
by Landlord;

(19) any bad debt loss, rent loss or reserves for bad debts or rent
loss;

(20) expenditures for capital improvements except the following
expenditures for capital improvements or capital expenditures will, however, be
included in the definition of Operating Expenses, as provided for hereinbelow:
(a) capital expenditures or expenses for equipment designed to result in savings
or reduction of Operating Expenses (e.g., energy saving devices), (b)
subject to the provisions of Section 5(C)(d) hereof, capital expenditures or
expenses incurred in lieu of a repair, (c) capital expenditures required in order
for the Building to comply with Legal Requirements enacted after the date of this
Lease (including the cost of compliance with Legal Requirements enacted prior to
the date of this Lease if such compliance is required for the first time by reason
of any amendment, modification or reinterpretation thereof which is imposed or
enacted after the date of this Lease), in any of which cases under clause (a) or
(c) the amortized cost thereof shall be included in Operating Expenses for the
calendar year in which the costs are incurred and subsequent calendar years, on a
straight line basis, depreciated over their useful life, consistently applied,
with an interest factor equal to the Interest Rate at the time of Landlord having
incurred said expenditure; provided that the amount of any such capital
expenditure under clause (a) above relating to any particular calendar year that
may be included in Operating Expenses for such calendar year shall not exceed the
savings realized by Landlord for such calendar year as a result of such
expenditure by Landlord, as reasonably estimated by Landlord. If Landlord shall
lease any such item of capital equipment designed to result in savings or
reductions in Operating Expenses, then the rentals and other costs paid pursuant
to such leasing shall be included in Operating Expenses for the calendar year in
which they are incurred;

(21) expenditures for repairing and/or replacing any defect in any
work performed by Landlord pursuant to the provisions of this Lease to the extent
expenditures for such repairs and/or replacements are covered by a warranty for
such work;

(22) the removal, encapsulation or other required treatment of
Hazardous Material (as hereinafter defined) in the Building (but costs to test and
monitor are includable in Operating Expenses) unless such Hazardous Materials were
introduced to the Building by Tenant or any person or entity claiming by or
through Tenant.

(ii) For each calendar year during the term of this Lease after the
Base Year, Tenant shall pay to Landlord as Additional Rent for the Premises an amount
equal to Tenant’s Operating Proportionate Share of the amount by which Operating
Expenses for such calendar year exceed Base Operating Expenses (such excess being
referred to herein as the “Operating Excess”).

(iii) On account of its obligations in respect of Operating
Expenses, Tenant shall pay to Landlord, monthly, in advance, together with each
monthly installment of Minimum Rent, an amount equal to one-twelfth (1/12th) of
Tenant’s Operating Proportionate Share of the Operating Excess for the preceding
lease year. Such amount may be adjusted by Landlord from time to time, at any time
during the term hereof, on notice to Tenant, to an amount equal to one-twelfth
(1/12th) of Tenant’s Operating Proportionate Share of the Operating Excess with
respect to the preceding lease year plus one-twelfth (1/12th) of Landlord’s
good-faith estimate of the amount by which Tenant’s Operating Proportionate Share of
the Operating Excess will increase during the current lease year.

(iv) Following the end of each calendar year, Landlord shall furnish
to Tenant a written statement (“Landlord’s Operating Statement”) in reasonable detail
covering the calendar year just expired showing the Operating Expenses for such
calendar year, the amount of Tenant’s Operating Proportionate Share of the Operating
Excess for such year, and payments, if any, made by Tenant with respect thereto.
Landlord shall use reasonable efforts to deliver to Tenant Landlord’s Operating
Statement within two hundred seventy (270) days following the expiration of the
applicable calendar year without being obligated to incur any commercially
unreasonable costs in connection therewith, it being agreed that Landlord shall have
no liability to Tenant if Landlord fails for any reason to deliver to Tenant any
Landlord Operating Statement prior to such date for any reason, but Tenant shall have
no obligation to pay Landlord’s estimate of Tenant’s Operating Proportionate Share of
the Operating Excess for the period following the expiration of such two hundred
seventy (270) day period until Landlord shall deliver Landlord’s Operating Statement
to Tenant; it being understood and agreed that Tenant shall be obligated to pay any
such amounts once Landlord shall deliver Landlord’s Operating Statement to Tenant.

(v) If Landlord’s Operating Statement shall indicate any overpayment
or deficiency, then Landlord or Tenant, as the case may be, shall pay the same to the
party entitled to the same within thirty (30) days after delivery of Landlord’s
Operating Statement or, in the case of sums payable to Tenant, at Landlord’s option,
Tenant shall be granted a credit for the amount of the overpayment made by Tenant, to
be applied against the next due payments of Minimum Rent or additional rent.
Provided Tenant is not then in default beyond the expiration of any applicable notice
and/or grace period, any credit or refund due Tenant at the expiration or sooner
termination of the Term of this Lease shall be paid to Tenant within thirty (30) days
after the expiration or sooner termination of this Lease.

(D) In the event that the date of the expiration or other termination of this Lease shall be a
day other than the last day of a Tax Year or a calendar year, then, in such event, in applying the
provisions of this Article with respect to any Tax Year (for the purpose of calculating Tenant’s
share of Taxes) or calendar year (for the purpose of calculating Tenant’s share of Operating
Expenses), appropriate pro rata adjustments in the escalation due hereunder shall be made to
reflect the occurrence of such event on a basis consistent with the principles underlying the
provisions of this Article taking into consideration that the expiration date of this Lease
occurred during a partial lease year.

(E) In no event shall the Minimum Rent ever be reduced by operation of this Article 5.
Landlord’s failure to render a Landlord’s Tax Statement with respect to any Tax Year or a
Landlord’s Operating Statement with respect to any calendar year, respectively, shall not prejudice
Landlord’s right to thereafter render a Landlord’s Tax Statement or Landlord’s Operating Statement
with respect thereto or with respect to any subsequent Tax Year or calendar year provided that such
Landlord’s Tax Statement or Landlord’s Operating Statement, as applicable, shall have been given to
Tenant within two (2) years after the expiration of the Tax Year or calendar year in question, as
applicable.

(F) If, at the time Landlord is required to give Tenant a credit or refund under this Article,
Tenant is then in default under this Lease beyond the expiration of any applicable notice and/or
cure period, Landlord may offset the amount of such credit or refund payable to Tenant against
amounts properly due and owing by Tenant to Landlord.

(G) If during all or part of any calendar year (including the Base Year) Landlord shall not
furnish any particular item(s) of work or service (which would otherwise constitute an Operating
Expense hereunder) to portions of the Building due to the fact that (i) such portions are not
occupied or leased, (ii) such item of work or service is not required or desired by the tenant of
such portion, (iii) such tenant is itself obtaining and providing such item of work or service or
(iv) for other reasons, then, for the purposes of computing Operating Expenses, the amount for such
item and for such period shall be deemed to be increased by an amount equal to the additional costs
and expenses which would reasonably have been incurred during such period by Landlord if it had at
its own expense furnished such item of work or services to 95% of the aggregate rentable area of
the office space in the Building or to such tenant.

(H) Each of Landlord’s Tax Statements and Landlord’s Operating Statements shall be conclusive
and binding upon Tenant unless (i) pending the determination of such dispute by agreement or
otherwise, Tenant shall pay additional rent in accordance with the applicable Landlord’s Tax
Statement and/or Landlord’s Operating Statement, as the case may be, without prejudice to Tenant’s
position, and (ii) within ninety (90) days after receipt of such Landlord’s Tax Statement and/or
Landlord’s Operating Statement, Tenant shall notify Landlord in writing that it disputes the
correctness thereof, which notice shall specify the particular respects in which the disputed
Statement is inaccurate to the extent known. Tenant shall have the right, during reasonable
business hours and upon not less than ten (10) business days’ prior written notice to Landlord, to
examine Landlord’s books and records with respect to any Landlord’s Tax Statement or Landlord’s
Operating Statement, provided that (a) such examination is commenced within ninety (90) days and
concluded within one hundred fifty (150) days following the rendition of the Statement in question,
(b) such examination may only be conducted by: (i) a certified public accountant or other
qualified professional who is a member of an independent certified public accounting firm or other
qualified professional services firm or (ii) an employee of Tenant, who, in each instance, is not
(and whose firm is not) being compensated by Tenant or any other person or entity, in whole or in
part, on a contingency or success fee basis, and (c) upon Landlord’s request, Tenant and such
accounting or other firm or employee of Tenant deliver a confidentiality agreement to Landlord with
respect to such dispute and such examination in form and substance reasonably satisfactory to
Landlord. In connection with any examination by Tenant of Landlord’s books and records, Tenant
agrees to treat, and to instruct its employees, accountants and agents reviewing such records to
treat, all information as confidential and not disclose it to any other person except as may be
required by law or in connection with any dispute with Landlord under this Lease relating thereto.
Each party shall be responsible for its own fees in connection with such dispute. If it is
determined ultimately that (i) Landlord, in an Operating Statement, overstated the Building’s
Operating Expenses by more than five (5%) percent, and (ii) Tenant overpaid Tenant’s Operating
Proportionate Share of the Operating Expense for a particular year by more than five percent (5%),
then in addition to Tenant being entitled to credit the amount of such overpayment against the
rental thereafter coming due hereunder; Landlord shall also reimburse Tenant for the reasonable
fees paid or incurred by Tenant in connection with such dispute (it being understood that Landlord
shall promptly pay such amount after Tenant provides to Landlord reasonable supporting
documentation describing the aforesaid costs).

(I) Landlord’s and Tenant’s obligations under this Article shall survive the expiration
or earlier termination of the term of this Lease to the extent provided herein.

LATE PAYMENT CHARGE:

6. (A) If Tenant shall fail to make any payment of Minimum Rent or Additional Rent
for more than ten (10) days after the same is due and payable, Tenant shall pay a late payment
charge of $.03 for each $1.00 which remains unpaid to compensate Landlord for additional expenses
in processing such late payment (provided, however, that no such late charge shall be due and
payable for the first late payment of any Additional Rent by Tenant in any twelve (12) months
period unless Tenant fails to make such payment within ten (10) days after receipt of Landlord’s
notice of such late payment). In addition, if Tenant fails to pay any Minimum Rent or Additional
Rent when due and such failure shall continue for fifteen (15) days or more, Tenant shall pay
interest thereon from the date due until the date paid at an annual rate equal to the Prime Rate
plus five percent (5%) per annum but not in excess of the maximum amount permitted by law to be
charged to Tenant, and such interest shall be deemed to be Additional Rent hereunder.

(B) If any check of Tenant shall be returned for insufficient funds, there shall be an
additional charge to Tenant of $150.00.

ALTERATIONS:

7. (A) Tenant shall not make any alterations or improvements (“Alterations”) in or
to the Premises without Landlord’s prior consent, which consent shall not be unreasonably withheld
for changes which are non-structural and which will not adversely affect (i) the Building’s systems
or structure located outside of the Premises or (ii) any other tenant’s use of its premises. Any
permitted Alterations must be performed by contractors or mechanics from Landlord’s approved list
of contractors as set forth in Exhibit H attached hereto and made a part hereof, or such
other reputable contractors or mechanics as Landlord shall approve (which approval shall not be
unreasonably withheld, conditioned or delayed); it being agreed, however, that for any Alterations
affecting the Building’s systems or structure located outside of the Premises, Tenant must use
Landlord’s designated contractor relating to fire safety system of the Building or structural
changes (provided that the fees charged by such contractor shall be commercially competitive).
Tenant agrees that all Alterations shall be performed by Tenant in accordance with all applicable
Legal Requirements and Landlord’s abide by Landlord’s reasonable construction requirements then in
effect for the Building, including without limitation, the “Construction Rules and Regulations”
attached as Exhibit G, except that if there are any conflicting provisions of this Lease
and the Construction Rules and Regulations, the provisions of this Lease shall prevail. Landlord
may from time to time make Building wide changes in the Construction Rules and Regulations, and
Tenant shall abide thereby. Tenant agrees to use a reputable engineer and architect licensed in
the State of New York approved by Landlord (which approval shall not be unreasonably withheld) for
the preparation of all construction documents and drawings pertaining to any Alterations and to
file all plans with and obtain all required permits from appropriate governmental authorities.
Notwithstanding the foregoing, Landlord’s designated engineer shall review any construction
documents or drawings prepared by or on behalf of Tenant in connection with any Alteration that
affects the Building’s systems or structure. Tenant’s architect shall file all required
architectural drawings and obtain all necessary permits at Tenant’s cost. Upon receipt thereof,
Tenant shall promptly submit to Landlord, copies of all approved plans, permits, applications,
final approvals and sign-offs. Upon the request of Tenant, Landlord, at Tenant’s cost,
shall join in any applications for any permits, approvals or certificates required to be obtained
by Tenant in connection with any permitted Alteration (provided that the applicable Legal
Requirement requires Landlord to join in such application) and shall otherwise cooperate with
Tenant in connection therewith.

(B) All fixtures and all paneling, partitions, railings and like installations, installed
in the Premises at any time, either by Tenant or by Landlord on Tenant’s behalf, shall, upon
installation, become the property of Landlord and, subject to the provisions of Section 7(E) below,
shall remain upon and be surrendered with the Premises. All Specialty Alterations (as hereinafter
defined) and such other alterations as Tenant may be required to remove pursuant to Section 7(E)
below shall be removed from the Premises by Tenant prior to the expiration of this Lease, at
Tenant’s sole cost and expense. Nothing in this Article shall be construed to give Landlord title
to or to prevent Tenant’s removal of trade fixtures, moveable furniture and equipment, but upon
removal of any such items from the Premises, Tenant shall promptly and at its expense, repair and
restore the Premises to the condition existing prior to installation and repair any damage caused
by such removal. All property permitted or required to be removed by Tenant at the end of the term
remaining in the Premises after Tenant’s removal shall be deemed abandoned and may, at the election
of Landlord, either be retained as Landlord’s property or may be removed from the Premises by
Landlord at Tenant’s expense.

(C) Tenant, at its expense, before making any Alterations, shall obtain all approvals required
by any governmental bodies and (upon completion) certificates of final approval thereof and shall
deliver promptly duplicates of all such approvals to Landlord. If any mechanic’s lien is filed
against the Building for work claimed to have been performed by or on behalf of Tenant or for
materials claimed to have been furnished to Tenant, it shall be discharged by Tenant within thirty
(30) days after Tenant receives notice thereof, at Tenant’s expense, by filing the bond required by
law or payment or otherwise. If Tenant fails to so discharge such lien by bonding or otherwise,
then Landlord shall have the right to discharge same (by filing the bond required by law or by
payment in full of the mechanic’s lien or otherwise) and Landlord’s costs and expenses in obtaining
such discharge shall be repaid in full by Tenant to Landlord as additional rent upon demand.

(D) Notwithstanding anything to the contrary contained in this Article 7, Landlord’s consent
shall not be required with respect to (i) decorative alterations such as painting, wall coverings
and floor coverings (“Decorative Alterations”) or (ii) non-structural alterations by Tenant which
(a) shall be located wholly within the Premises, (b) shall not affect the structural integrity of
the Building or the operation of the systems of the Building or affect any other tenant, (c) are
not visible from outside of the Premises, and (d) do not cost more than $75,000 for any single
project, provided, in each instance that (1) such alterations shall otherwise be performed in
accordance with this Lease, (2) Tenant gives Landlord at least ten (10) days’ prior notice of such
work and, for informational purposes, the plans and specifications therefor but only to the extent
the same would be customarily prepared or be required to be prepared in order to obtain any
necessary permits, (3) such item(s) shall be performed in a good and workerlike manner and (4)
Tenant is not in default under this Lease beyond any applicable notice and cure period.

(E) Tenant shall not be required to remove (or perform any restoration with respect to) any
Alterations other than Specialty Alterations. Tenant shall remove in accordance with the
requirements of this Lease, all Specialty Alterations, unless (i) at the time Landlord approves the
plans and specifications for any such proposed Specialty Alterations, Landlord specifically
designates those Specialty Alterations that do not have to be removed at the end of the Term
(provided, however, that at the time Tenant requests Landlord’s consent to any such Specialty
Alterations, Tenant specifically requests whether such Specialty Alterations will be so designated
by Landlord to remain in the Premises and specifically references this Section 7(E) of the Lease),
and (ii) Landlord, by notice to Tenant no later than ninety (90) days prior to the stated
Expiration Date, gives Tenant notice that all or a portion of the Specialty Alterations may remain
in the Premises. All Specialty Alterations required to be removed by Tenant pursuant to the terms
of this Section shall be removed from the Premises by Tenant prior to the expiration of this Lease
at Tenant’s sole cost and expense, and Tenant shall, at its sole cost and expense, restore the
Premises with respect thereto to the same condition as that which existed prior to the installation
thereof, reasonable wear and tear excepted. As used herein, “Specialty Alterations” shall mean any
Alterations which are not standard office installations such as kitchens (but not a pantry
permitted as part of the Permitted Use as set forth above), executive bathrooms, raised computer
floors, computer room installations, supplemental HVAC equipment, safe deposit boxes, vaults,
libraries or file rooms requiring reinforcement of floors, internal staircases, slab penetrations,
conveyors, dumbwaiters, floor or other Alterations constructed or installed in violation of the
rules and regulations for the Building and other Alterations of a similar character. Tenant shall
have no obligation to remove any item of Landlord’s Base Building Work or Landlord’s Work.
Notwithstanding the foregoing, Tenant shall not be required to remove any supplemental HVAC
equipment if the same is used to supplement the HVAC services provided by the Building’s systems
and the same shall be in working order on the Expiration Date.

(F) Tenant agrees that with respect to the performance of any Alterations in the Premises
(other than Landlord’s Base Building Work and Landlord’s Work), Tenant shall pay to Landlord, as
additional rent hereunder, promptly upon being billed therefor, Landlord’s reasonable out-of-pocket
expenses including, without limitation, the fees of any architect, engineer or expeditor employed
or hired by Landlord, indirect costs, costs of field supervision and coordination incurred by
Landlord.

(G) (i) Before proceeding with any Alteration estimated to cost in excess of
$150,000.00 (other than Decorative Alterations), upon Landlord’s request, Tenant shall furnish to
Landlord one of the following (as selected by Landlord): (a) a cash deposit, (b) an irrevocable,
unconditional, negotiable letter of credit, issued by and drawn on a bank or trust company which is
a member of the Clearing House Association in a form reasonably satisfactory to Landlord; each in
an amount equal to one hundred twenty-five percent (125%) of the estimated cost of the Alteration
or (c) such other security as Landlord may reasonably require.

(ii) Upon (a) the completion of the Alteration in accordance with the terms of
this Article and (b) the submission to Landlord of proof evidencing the payment in full for said
Alteration including, but not limited to, delivery of Waivers of Mechanic Liens (in the form set
forth below), the security deposited under Section 7(G)(i) with Landlord (or the balance of the
proceeds thereof, if Tenant has furnished cash or a letter of credit and if Landlord has drawn on
the same) shall be returned to Tenant (it being agreed that if Tenant is in good faith dispute over
the payment of any portion of such Alteration, Landlord shall return any portion of the cash
security deposited under Section 7(G)(i) hereof that represents the payment which is not being
disputed by Tenant and has already been made by Tenant for any Alteration).

(iii) Upon Tenant’s failure to properly perform, complete and fully pay for the
said Alteration, as reasonably determined by Landlord, if Tenant fails to cure such breach within
fifteen (15) days after written notice by Landlord of such failure, Landlord shall be entitled to
draw on the security deposited under this Section 7(G)(i) and Article 33 to the extent it deems
necessary to complete any incomplete Alteration or otherwise hazardous condition, to effect any
necessary restoration and/or protection of the Premises or the Property and to apply such funds to
the payment or satisfaction of any costs, damages or expenses in connection with the foregoing
and/or Tenant’s obligations under this Article and this Lease relating to Alterations and repairs,
including the satisfaction of any mechanic’s lien.

(H) Tenant agrees that Tenant will not at any time during the term hereof, use any
contractors and/or labor and/or materials if the use of such contractors and/or labor and/or
materials would create any difficulty with other contractors and/or labor engaged by Tenant or
Landlord or others in the performance of any work at the Building or any part thereof. If Tenant
employs, or permits the employment of, any contractor, mechanic or laborer in the Premises which
interferes or causes any conflict with other contractors, mechanics or laborers engaged in the
maintenance, repair, management or operation of the Building, Tenant shall cause all contractors,
mechanics or laborers causing such interference or conflict to leave the Building immediately and
shall take such other action as may be reasonably necessary to resolve such conflict.

(I) Tenant shall cause each contractor to carry the insurance specified on Exhibit F
attached hereto and made a part hereof. Before commencing any work or delivering material to the
Building, each such contractor shall deliver certificates evidencing such insurance to Landlord and
naming Landlord as an additional insured party under the policy.

(J) No approval of any plans or specifications by Landlord or consent by Landlord allowing
Tenant to make any Alterations shall in any way be deemed to be an agreement by Landlord that the
contemplated improvements comply with Legal Requirements or insurance requirements nor shall it be
deemed to be a waiver by Landlord of the compliance by Tenant with this Lease.

(K) Provided Tenant is not in default hereunder beyond the expiration of any applicable notice
and/or cure period, Landlord shall promptly after Tenant’s request, at no out of pocket cost,
expense or liability to Landlord, cooperate with and assist Tenant in all reasonable respects in
attempting to procure all approvals that may be required for the performance of any approved
Alterations to be performed by Tenant provided that any such applications and other documents
comply in all respects with all Legal Requirements and this Lease.

(L) Tenant acknowledges and agrees that, except for the completion of Landlord’s Base Building
Work and Landlord’s Work and the Punch List Items, if any, the performance, procurement,
construction and/or installation of any work, materials, fixtures and/or equipment required for the
use and occupancy by Tenant of, and the conduct of Tenant’s business in, the Premises, shall be the
sole responsibility, cost and expense of Tenant. In addition to the foregoing requirements of this
Article 7, the following provisions shall be applicable to Tenant’s Alterations:

(i) Prior to the performance of any Alterations, Tenant will submit
for Landlord’s review and approval, four (4) complete sets of signed and stamped,
ready for filing, complete dimensioned architectural plans, complete engineering
plans and decorating plans (if applicable) for any Tenant’s work to be performed in
the Premises, including, to the extent applicable, HVAC, electrical, plumbing,
sprinkler and, if required, structural plans, with respect thereto.

(ii) Landlord agrees to review Tenant’s plans and specifications
with respect to Tenant’s Alterations and approve the same or make written exceptions
thereto within fifteen (15) business days after receipt of a complete set thereof.
Any disapproval given by Landlord shall be accompanied by a statement in reasonable
detail of the reasons for such disapproval, itemizing those portions of the plans so
disapproved. If Landlord disapproves such Tenant’s plans, Tenant shall revise them
and re-submit them to Landlord for approval. Landlord shall advise Tenant within ten
(10) days following receipt of Tenant’s revised plans of Landlord’s approval or
disapproval of the revised plans or portions thereof, and shall set forth its reasons
for any such further disapproval in writing and in reasonable detail. If Landlord
fails to approve or disapprove such plans or revised plans within such fifteen (15)
business days or within ten (10) days, as the case may be, then Tenant shall have the
right to give Landlord a reminder notice, which reminder notice shall contain the
following caption on the first page thereof in bold and capitalized type:

YOUR CONSENT TO THE PROPOSED PLANS SHALL BE DEEMED GIVEN IF YOU FAIL TO RESPOND TO
THIS REQUEST WITHIN FIVE (5) BUSINESS DAYS FROM THE DATE OF YOUR RECEIPT OF THIS
NOTICE.

If Landlord fails to grant or deny the requested consent within five (5)  business days after its
receipt of such reminder notice, Landlord’s consent to the Alterations shown in the Plans shall be
deemed given and Tenant shall be permitted to perform the same, provided that Tenant complies with
the other applicable provisions of this Article 7.

(iii) Tenant shall make prompt application for any required permits
or approvals required in respect of Tenant’s Alterations. Tenant shall perform
Tenant’s Alterations with due diligence in accordance with the approved plans
therefor.

(M) Tenant, at its expense and in accordance with Legal Requirements, may install one (1) or
more signs reasonably approved by Landlord identifying Tenant in a location(s) reasonably
designated by Landlord on or adjacent to the exterior doors of the Premises. Tenant at its expense
shall maintain such sign(s) and remove such sign(s) (and repair any damage caused by the removal
thereof) prior to the expiration or sooner termination or cancellation of this Lease.

	 	 	 	 	 	 	 
	REPAIRS; SERVICES PROVIDED BY LANDLORD:
	 	8.	 	 	(A)
	 	Repairs.

	 	 	 	 	 	 	 

(i) Except as required to be made by Tenant herein, Landlord shall make all
repairs and replacements, structural and otherwise, necessary or desirable in order to keep in good
order and repair all structural portions of the Building, the roof, foundation, footings, exterior
walls, load bearing columns, floor slabs and Building systems. Tenant agrees to notify Landlord of
the necessity of repairs of which Tenant may have knowledge, for which Landlord may be responsible.
In performing any such repairs Landlord agrees to use commercially reasonable efforts to (a)
perform the same with due diligence and continuity and (b) minimize interference with Tenant’s use
and occupancy of the Premises; provided that in no event shall Landlord be required to utilize
overtime or premium pay labor or incur any extraordinary costs in connection therewith unless
Tenant shall request that Landlord perform the same on an overtime or premium pay basis and Tenant
shall agree to reimburse Landlord for the same, in which event Tenant shall pay to Landlord an
amount equal to all reasonable costs and expenses incurred by Landlord to perform such work or
repairs on an overtime basis, as additional rent within twenty (20) days after demand.

(ii) Tenant shall, throughout the term of this Lease, take good care of the
Premises and the fixtures and appurtenances therein, and all electrical, plumbing, HVAC systems (or
portions thereof) installed by Tenant or otherwise exclusively located within and serving the
Premises and at Tenant’s sole cost and expense, make all repairs thereto as and when needed to
preserve them in good working order and condition, reasonable wear and tear, obsolescence and
damage from the elements, fire or other casualty, excepted. The term “appurtenances” in this
Article 8 shall include (a) all horizontal portions of the systems and facilities of the Building
within or exclusively serving the Premises, including, without limitation, any Tenant’s HVAC System
(as hereinafter defined), ductwork, VAV boxes and light fixtures and (b) all Alterations made by or
on behalf of Tenant or any person claiming through Tenant.

(iii) Notwithstanding anything to the contrary contained herein, all damage to the
Premises or to any other part of the Building, whether requiring structural or non-structural
repairs, caused by or resulting from (a) the neglect or improper conduct of Tenant or Tenant’s
employees, invitees, agents or licensees, (b) as a result of any Alterations, and/or (c) the moving
of Tenant’s fixtures, furniture or equipment shall be repaired promptly by Tenant at its sole cost
and expense, to the reasonable satisfaction of Landlord. All repairs by Tenant hereunder shall be
of quality or class equal to the original work or construction. If Tenant fails after thirty (30)
days’ notice to proceed with due diligence to make repairs required to be made by Tenant, the same
may be made by Landlord at the expense of Tenant and the expense thereof incurred by Landlord shall
be collectible as additional rent upon demand. Except as specifically provided in Article 13 of
this Lease, there shall be no allowance to Tenant for a diminution of rental value and no liability
on the part of Landlord by reason of inconvenience, annoyance or injury to business arising from
Landlord, Tenant or others making or failing to make any repairs or Alterations. Notwithstanding
anything to the contrary contained herein, in the event that as a result of any failure by Landlord
to make repairs or provide services required under this Lease, or the making of any repairs or
alterations required or permitted to be made by Landlord under this Lease, or any default by
Landlord under this Lease, Tenant is unable to occupy the Premises (or any material portion
thereof) for the ordinary conduct of its business for more than seven (7) consecutive business days
(and Tenant shall actually vacate the Premises or such portion), then provided Tenant is not in
default hereunder beyond the expiration of any applicable notice and cure period and provided
further that such repairs are not due to or arising out of acts or omissions of Tenant or Tenant’s
Agents, then the rent hereunder shall be totally abated (or partially abated for a partial
untenantability on an equitable basis) for each day that Tenant shall not occupy the Premises (or
such portion thereof) for the ordinary conduct of its business commencing with the day immediately
following such seven (7) business day period and ending on the date Tenant shall reoccupy all or
any portion of the Premises. The provisions of this Article 8 with respect to the making of repairs
shall not apply in the case of fire or other casualty which are dealt with in Article 13 hereof.

(iv) Landlord reserves the right upon reasonable prior notice (at least twenty
(24) hours unless in an event of emergency) to stop or reduce service of any of the elevator,
plumbing, Building HVAC, sanitary, sprinkler, water, power or other Building systems or cleaning or
other services, if any, when necessary by reason of accident or for repairs, alterations,
replacements or improvements necessary or desirable to the Building, the Premises, or Building for
as long as may be reasonably required by reason thereof or by reason of Force Majeure. Landlord
shall use reasonable efforts to minimize the duration of such stoppage or reduction of service,
without in any event being obligated to employ overtime labor or to incur any extraordinary costs
in connection therewith unless Tenant shall request that Landlord perform the same on an overtime
or premium basis and Tenant shall agree to reimburse Landlord for the same, in which event Tenant
shall pay to Landlord an amount equal to all reasonable costs and expenses incurred by Landlord to
perform such work or repairs on an overtime basis as additional rent within twenty (20) days after
demand.

(B) HVAC.

(i) Landlord, at its expense, shall maintain and operate the heating, ventilating
and air-conditioning systems (collectively, the “systems”) and, subject to energy conservation
requirements of any applicable local, State, or Federal public authorities, shall furnish heat,
ventilating and air-conditioning in the Premises through the currently existing systems as may be
required for reasonably comfortable occupancy of the Premises during “regular hours” (i.e., 8:00
A.M. to 6:00 P.M.) on “business days” (i.e., Mondays through Fridays, except such days as are
observed by the State or Federal government as legal holidays and those days designated as holidays
by the applicable building service union employees contract). Air conditioning service shall be-
provided as aforesaid from May 1 to September 30 of each year during the term hereof, and heat
service shall be provided as aforesaid from October 15 to March 31 of each year during the term
hereof. If Tenant shall require heating, ventilating or air-conditioning service at any other time
(collectively, “after hours”), Landlord shall furnish such after hours service on reasonable
advance notice from Tenant, and Tenant shall pay within thirty (30) days of demand Landlord’s cost
plus 10%. The after hours charge for HVAC in effect on the Commencement Date is $389 per hour
(which amount includes the aforementioned additional 10%), which charge shall be prorated among all
tenants requesting after hours service for the same period. HVAC service shall be- provided as
aforesaid in accordance with the HVAC specification attached hereto as Exhibit I. Tenant
may not install supplemental HVAC equipment without Landlord’s prior consent which consent shall
not be unreasonably withheld.

(ii) Use of the Premises, or any part thereof, in a manner exceeding the design
conditions (including occupancy and connected electrical load) specified for the systems or
rearrangement of partitioning which interferes with normal operation of the heat, ventilation and
air-conditioning in the Premises, may require changes in the heat, ventilation and air-conditioning
system servicing the Premises. Such changes, so occasioned, shall be made by Tenant, at its
expense, in accordance with the terms of this Lease. Tenant agrees to use its reasonable efforts to
keep or cause to be kept closed all windows in the Premises whenever the air-conditioning system is
in operation. In addition, Tenant agrees at all times to cooperate fully with Landlord and to abide
by all reasonable regulations and requirements which Landlord may prescribe for the proper
functioning and protection of the heat, air-conditioning and ventilating system.

(iii)  During the Term, Tenant shall have the right (subject to Landlord’s
reasonable approval of the plans therefor) to install in the Premises, at Tenant’s sole expense,
supplemental HVAC equipment (the “Tenant HVAC System”). The Tenant HVAC System shall include
meters or other measuring devices specified by Landlord, installed by Tenant at Tenant’s expense,
which meters or other measuring devices shall be connected to the base Building monitoring system
and record the hours of operation of the Tenant HVAC System. Tenant hereby requests and Landlord
hereby reserves for Tenant during the Term ten (10) tons of condenser water for the Tenant HVAC
System which shall be available for use by Tenant twenty-four (24) hours per day, seven (7) days
per week. Tenant shall have the right to increase Tenant’s reserved condenser water by up to an
additional five (5) tons of condenser water in the aggregate so that Tenant shall have the right to
obtain from Landlord an aggregate of fifteen (15) tons of condenser water during the Term,
provided, however, such request for an increase in the reserved condenser water must be made by
Tenant on or prior to the date this is the six (6) month anniversary of the Commencement Date
(“Tenant’s Request Date”). Tenant acknowledges that (x) Landlord will not reserve in excess of
fifteen (15) tons of condenser water during the first six (6) months of the Term, (y) if Tenant
fails to increase its reserved amount from ten (10) tons to up to fifteen (15) ton of condenser
water on or prior to the Tenant’s Request Date, thereafter, Tenant is deemed to have waived its
right to reserve such additional five (5) tons of condenser water and Landlord shall have no
liability or responsibility if condenser water in excess of ten (10) tons shall not be available
for Tenant’s use. Tenant shall pay to Landlord a one-time up-front “tie-in” charge for connection
by Tenant to the condenser water so reserved by Tenant in the amount of $1,500 per tap per floor.
Tenant shall pay to Landlord, as additional rent, an annual charge (the “Condenser Water Charge”)
for the condenser water reserved by Tenant pursuant to the provisions of this Section. As of the
date hereof, Tenant’s current Condenser Water Charge is $720 per ton per annum, which amount shall
be subject to increase from time to time in a manner applied consistently to Building tenants. Such
billing shall be paid by Tenant as Additional Rent within thirty (30) days after Tenant’s receipt
thereof. Notwithstanding anything to the contrary contained in this Lease, Tenant shall, at its
sole cost and expense, be responsible for the maintenance and repair of the Tenant HVAC System
(including the making and maintaining of replacements, if any) and shall surrender the same to
Landlord at the expiration or earlier termination of the Term.

(C) Water. Landlord shall furnish adequate hot and cold water for normal drinking,
pantry, lavatory and normal cleaning purposes. If Tenant uses water for any other purpose,
Landlord may install and maintain, at Tenant’s expense, meters to measure Tenant’s consumption of
cold water and/or hot water for such other purpose. Tenant shall reimburse Landlord on demand for
the cost of cold water and hot water shown on such meters.

(D) Cleaning. Landlord, at its expense, shall cause the Premises to be cleaned in
accordance with the then current Building standard cleaning specifications. The current cleaning
specifications, which may be revised by Landlord in its reasonable discretion from time to time
(but in no event shall such revisions materially diminish the services provided), are attached
hereto as Exhibit B. Tenant shall pay to Landlord within thirty (30) days of demand the
reasonable costs incurred by Landlord for (a) extra cleaning work in the Premises required because
of (i) misuse or neglect on the part of Tenant or its employees or visitors, (ii) use of portions
of the Premises for preparation, serving or consumption of food or beverages, data processing or
reproducing operations, private lavatories or toilets or other special purposes requiring greater
or more difficult cleaning work than office areas, (iii) unusual quantity of interior glass
surfaces (Tenant may request that Landlord specify whether its quantity of interior glass is
“unusual” for this purpose at the time of approval of Tenant’s plans), (iv) non-building standard
materials or finishes installed by Tenant or at its request (Tenant may request that Landlord
specify whether certain materials and finishes are “non-building standard” at the time of approval
of Tenant’s plans), and (b) removal from the Premises and the Building of so much of any refuse and
rubbish of Tenant as shall exceed that ordinarily accumulated daily in the routine of business
office occupancy. Landlord, its cleaning contractor and their employees shall have after-hours
access to the Premises and the free use of light, power and water in the Premises as reasonably
required for the purpose of cleaning the Premises in accordance with Landlord obligations
hereunder.

(E) Elevator. Landlord, at its expense, shall provide public elevator service,
passenger and freight, by elevators serving the floor on which the Premises are situated during
regular hours on business days, and shall have at least one automatic passenger elevator at all
other times. Freight elevators shall be available after hours, subject to Tenant’s payment of
expenses then reasonably and customarily charged by Landlord in connection with the use thereof. On
the Commencement Date, the charge for after hours use of freight elevators is $108 per hour.
Tenant acknowledges that it has been advised that there is a four (4) hour minimum charge for
after-hours freight service. Notwithstanding the foregoing, Tenant shall receive up to fifteen
(15) hours, in the aggregate, of free after hours freight elevator service to permit Tenant to
perform Tenant’s Initial Work (as hereinafter defined) or move into the Premises.

(F) Riser Space. Landlord shall provide, at no charge to Tenant, existing riser space
within the Building for Tenant’s telecommunications and data services. Landlord, as part of
Landlord’s Work shall install sprinkler loop around the core of the Building for the Premises, in
compliance with applicable Legal Requirements.

(G) No Other Services. Landlord shall not be required to furnish any services to the
Premises, except as specifically set forth in this Lease.

WINDOW CLEANING:

9. Tenant will not clean, nor require, permit, suffer or allow any window in the Premises to
be cleaned, from the outside in violation of Section 202 of the Labor Law or any other applicable
Legal Requirements or of the rules of the Board of Standards and Appeals, or of any other board or
body having or asserting jurisdiction.

REQUIREMENTS OF LAW, FIRE INSURANCE, FLOOR LOAD:

10. Prior to the commencement of the Term, if Tenant is then in possession or otherwise given
access to the Premises, and at all times thereafter, Tenant, at Tenant’s sole cost and expense,
shall promptly comply with all Legal Requirements and all orders, recommendations and regulations
of the Insurance Services Office or any similar body which shall impose any duty upon Landlord or
Tenant with respect to the Premises, or, with respect to the Building, if arising out of Tenant’s
particular use or manner of use (as opposed to general office use) of the Premises. Nothing herein
shall require Tenant to upgrade any of the major mechanical or Building systems (unless such
upgrade becomes necessary as a result of any Alterations made by Tenant to the Premises) or to make
structural repairs or alterations under this Article 10 unless (i) Tenant’s particular use or
manner of use (as opposed to general office use) of the Premises violated any such Legal
Requirements or orders, recommendations or regulations with respect thereto or (ii) the same
relate or are otherwise necessary as a result of any Alterations. Tenant may, after securing
Landlord to Landlord’s reasonable satisfaction against all damages, interest, penalties and
expenses, including, but not limited to, reasonable attorneys’ fees and disbursements, by cash
deposit or by surety bond in an amount and in a company reasonably satisfactory to Landlord,
contest any such Legal Requirements, recommendations or regulations provided same is done with all
reasonable promptness and provided such appeal shall not subject Landlord to any civil liability,
prosecution for a criminal offense. Tenant shall not do or permit any act or thing to be done in
or to the Premises which is contrary to Legal Requirements, or which will invalidate or be in
conflict with public liability, fire or other policies of insurance at any time carried by or for
the benefit of Landlord with respect to the Premises or the Building, nor shall Tenant keep
anything in the Premises except as now or hereafter permitted by the Insurance Services Office or
other authority having jurisdiction, and then only in such manner so as not to increase the rate
for fire insurance applicable to the Building. Tenant shall pay all costs, expenses, fines,
penalties, or damages, which may be imposed upon Landlord by reason of Tenant’s failure to comply
with the provisions of this Article and if by reason of such failure the fire insurance rate shall,
at the beginning of this Lease or at any time thereafter, be higher than it otherwise would be,
then Tenant shall reimburse Landlord, as additional rent hereunder, for that portion of all fire
insurance premiums thereafter paid by Landlord which shall have been charged because of such
failure by Tenant, and shall make such reimbursement upon the first day of the month following such
outlay by Landlord. In any action or proceeding wherein Landlord and Tenant are parties a schedule
or “make-up” of rate for the Building or the Premises issued by the Insurance Services Office, or
other body making fire insurance rates applicable to the Premises shall be conclusive evidence of
the facts therein stated and of the several items and charges in the fire insurance rate then
applicable to the Premises. Tenant shall not place a load upon any floor of the Premises exceeding
the floor load per square foot area which it was designed to carry and which is allowed by law.
Landlord reserves the right in its reasonable discretion to prescribe the weight and position of
all safes, business machines and mechanical equipment. Such installation shall be placed and
maintained by Tenant, at Tenant’s expense, in settings sufficient, in Landlord’s reasonable
judgment, to absorb and prevent vibration, noise and annoyance.

SUBORDINATION:

11. (A) The rights of Tenant under this Lease shall be and are subject and
subordinate at all times to all ground leases, and/or underlying leases, if any, now or hereafter
in force against the Property, and to each and every mortgage that may now or hereafter be placed
by Landlord on its interest in the Property, and to all modifications, consolidations, replacements
and extensions thereof. This Article is self-operative and no further instrument of subordination
shall be required. In confirmation of such subordination Tenant shall promptly execute such
further instruments as may be reasonably requested by Landlord. In the event of the enforcement by
such mortgagee or lessor of the remedies provided for by the mortgage or lease, if such mortgagee
or lessor or any successors or assigns of such mortgagee or lessor shall succeed to the interest of
Landlord under this Lease, whether through possessory or foreclosure action or a deed in lieu of
foreclosure or otherwise, and this Lease shall not be terminated or affected by such foreclosure or
any such proceedings, Tenant, at the election of such mortgagee or lessor or its successors or
assigns, shall attorn to and recognize such mortgagee or lessor (or its successors or assigns) as
its landlord upon the terms contained in this Lease to the same extent and in the same manner as if
this Lease was a direct lease between such mortgagee or lessor (or its successors or assigns) and
Tenant, except that such mortgagee or lessor (or its successors or assigns), whether or not it
shall have succeeded to the interest of Landlord under this Lease, shall not (i) have any liability
for refusal or failure to perform or complete any work required to be performed by Landlord under
this Lease to prepare the Premises for occupancy in accordance with the provisions of this Lease or
otherwise (other than Landlord’s Work), (ii) be liable for any act, omission or default of any
prior landlord under this Lease except for a default continuing after any such succession, (iii) be
subject to any offsets, claims or defenses which shall have theretofore accrued to Tenant against
any prior landlord under this Lease, (iv) be bound by any rent or additional rent which Tenant
might have paid to any prior landlord for more than one (1) month in advance, (v) be liable for the
return of any security deposit unless such security shall actually be received by such superior
mortgagee or superior lessor (or its successor or assigns) and/or (vi) be bound by any
cancellation, abridgement, surrender, modification or amendment of this Lease, without the prior
written consent of such mortgagee or lessor (or its successors or assigns), unless the same shall
be expressly provided in this Lease. Upon request by such party, Tenant shall execute and deliver
an instrument or instruments confirming such attornment.

(B) Notwithstanding anything to the contrary contained in this Article, the subordination
provided for herein with respect to any current superior underlying or ground lease or any current
superior mortgage is subject to delivery of a SNDA (as hereinafter defined) on such superior
lessor’s or mortgagee’s, as the case may be, standard form in accordance with the terms hereof. In
addition, Landlord shall use commercially reasonable efforts to obtain for the benefit of Tenant
from any future superior lessor and/or future mortgagee which hereafter affects the Land a
recognition agreement or a subordination, non-disturbance agreement, as applicable (in either case,
hereinafter referred to as a “SNDA”), on such superior lessor’s or mortgagee’s, as the case may be,
standard form of SNDA. Notwithstanding the previous sentence, in no event shall Landlord be
required to request a SNDA from any future superior mortgagee or superior lessor if Tenant shall
then be in default hereunder beyond applicable notice and/or cure periods. Landlord shall have no
liability to Tenant if Tenant does not execute the standard form of SNDA provided by any superior
mortgagee or superior lessor or if any future mortgagee or superior lessor refuses to execute
and/or deliver an SNDA to Tenant (in which event this Lease shall not be subject and subordinate to
any such future mortgage or superior underlying or ground lease) or, if executed and delivered,
such mortgagee or superior lessor does not abide by the terms thereof. In connection with any
SNDA, Tenant must promptly provide to the superior lessor or the mortgagee, as the case may be, all
such information as the superior lessor or the future mortgagee, as the case may be, may reasonably
require, including, but not limited to, any reasonably requested financial statements of Tenant.
In no event shall Landlord be required to (i) pay any consideration to any mortgagee or ground
lessor, or (ii) alter any of the monetary terms of the mortgage, the ground lease or this Lease, or
(iii) commence any action against any ground lessor or mortgagee in order to obtain a SNDA. Tenant
shall be solely responsible for the payment of any costs imposed by any such superior mortgagee or
superior lessor, including, without limitation, reasonable attorneys’ fees and disbursements, in
connection with the review of this Lease, the preparation and delivery of such party’s standard
form of SNDA and any negotiation thereof.

PROPERTY LOSS, DAMAGE, REIMBURSEMENT, INDEMNITY:

12. (A) Neither Landlord nor Landlord’s agents, members, officers, directors,
shareholders, partners or principals (disclosed or undisclosed) shall be liable to Tenant or
Tenant’s agents, employees, contractors, invitees or licensees (collectively, “Tenant Party”) or
any other occupant of the Premises for any damage to property of Tenant or of others entrusted to
employees of the Building, nor for any injury to Tenant or to any other person or for any damage
to, or theft or other loss of, any of Tenant’s property or of the property of any other person
resulting from any cause of whatsoever nature, unless due to the gross negligence or willful acts
of Landlord or Landlord’s agents; provided, however, that even if due to any such gross negligence
or willful acts of Landlord or Landlord’s agents, Tenant waives, to the fullest extent permitted by
law, any claim for consequential damages in connection therewith; nor shall Landlord or its agents
be liable for any such damage caused by other tenants or persons in, upon or about the Building or
caused by operations in construction of any private, public or quasi public work. If at any time
any windows of the Premises are temporarily closed, darkened or bricked up (or permanently closed,
darkened or bricked up, if required by law) for any reason whatsoever (but excluding Landlord’s own
acts), Landlord shall not be liable for any damage Tenant may sustain thereby and Tenant shall not
be entitled to any compensation therefor nor abatement or diminution of rent nor shall the same
release Tenant from its obligations hereunder nor constitute an eviction.

(B) Except to the extent any claim shall arise from or as a result of the willful act or
negligence of Landlord, its agents, servants, employees or invitees, Tenant shall indemnify and
save harmless Landlord and the Building manager against and from all liabilities, obligations,
damages, penalties, claims, costs and expenses including reasonable attorneys’ fees and
disbursements, paid, suffered or incurred in connection with or arising from (i) any breach by
Tenant or any Tenant Party of any obligation of this Lease on Tenant’s part to be performed, or
(ii) the negligence or willful acts of Tenant or any Tenant Party or any other person or entity
claiming through Tenant, or (iii) the use or occupancy of the Premises by Tenant, Tenant Party or
any person or entity claiming through Tenant, or (iv) any acts, omissions or negligence of Tenant,
Tenant Party or any such person or entity, or the contractors, agents, employees, invitees or
licensees of Tenant or any such person or entity, in or about the Premises or the Property. Tenant
shall pay to Landlord as Additional Rent, within thirty (30) days following rendition by Landlord
to Tenant of bills or statements therefor, sums equal to all losses, costs, liabilities, claims,
damages, fines, penalties and expenses referred to in this Section. Tenant’s liability under this
Lease extends to the acts and omissions of any Tenant Party and any subtenant. In case any action
or proceeding is brought against Landlord by reason of any such claim, Tenant, upon notice from
Landlord, will, at Tenant’s expense, resist or defend such action or proceeding by counsel approved
by Landlord in writing, such approval not to be unreasonably withheld (and Landlord hereby agrees
that counsel selected by Tenant’s insurance carrier shall be deemed acceptable). In connection
with such indemnity, (a) Landlord shall promptly notify Tenant of the relevant claim or action (it
being agreed that the timing of said notice shall not be a condition to the effectiveness of the
foregoing indemnity), (b) Landlord shall reasonably cooperate with Tenant in Tenant’s defense of
such claim or action, provided that Landlord shall not incur any expense thereby, (c) prior to
Tenant’s settlement of any such claim or action, Tenant shall request Landlord’s consent thereto,
such consent not to be unreasonably withheld and (d) if Tenant shall request that Landlord settle
such claim or action, and Tenant shall deliver to Landlord the necessary funds to do so (together
with all other amounts due or payable to Landlord in connection with this indemnity), Landlord
shall accede to such request in any case where the only relief being sought by the claimant or
plaintiff in any proposed settlement is monetary damages and Landlord and parties related to
Landlord are absolutely and unconditionally released in connection therewith.

(C) Landlord shall indemnify and save harmless Tenant and its respective directors, officers,
principals, shareholders, agents and employees against and from all liabilities, obligations,
damages, penalties, claims, costs and expenses including reasonable attorneys’ fees and
disbursements, paid, suffered or incurred in connection with or arising from any occurrence in the
Building resulting from (i) the management of the Property by Landlord or any work or thing done or
any condition created by Landlord, its agents, servants, employees, contractors or invitees, (ii)
any act, omission or negligence of Landlord, its agents, employees, contractors or invitees, and
(iii) any breach or default by Landlord in the performance of its obligations under this Lease,
unless such claim shall arise as a result of the willful act or negligence of Tenant, its agents,
servants, employees or invitees or except as otherwise provided in this Lease.

(D) Tenant shall look only to Landlord’s estate and interest in the Property (including rental
or sales proceeds, or the net unused insurance or condemnation proceeds from any casualty or
condemnation thereof) for the satisfaction of Tenant’s remedies or for the collection of a judgment
(or other judicial process) requiring the payment of money by Landlord in the event of any default
by or liability of Landlord under this Lease, and no other property or assets of Landlord and no
property of any officer, member, employee, director, shareholder, partner or principal of Landlord
shall be subject to levy, execution or other enforcement procedure for the satisfaction of Tenant’s
remedies under or with respect to this Lease, the relationship of Landlord and Tenant hereunder or
Tenant’s use or occupancy of the Premises.

(E) The provisions of this Article shall survive the expiration or sooner termination of this
Lease.

(F) Tenant shall have no liability for any consequential, indirect or punitive damages
that Landlord suffers, other than as set forth in Section 38(A) of this Lease. Landlord shall have
no liability for any consequential, indirect or punitive damages that are suffered by Tenant or any
person claiming by, through or under Tenant.

DESTRUCTION, FIRE AND OTHER CASUALTY:

13. (A) If the Building or the Premises shall be partially or totally damaged or
destroyed by fire or other cause, then, whether or not the damage or destruction shall have
resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this
Lease shall not have been terminated as in this Article hereinafter provided), Landlord shall
repair the damage and restore and rebuild the Building and/or the Premises, at its expense, with
reasonable dispatch after notice to it of the damage or destruction; provided, however, that
Landlord shall not be required (i) to repair or replace any of Tenant’s property, or (ii) to
restore any Alterations (including, but not limited to, any Specialty Alterations) installed by or
on behalf of Tenant.

(B) If the Building or the Premises shall be partially damaged or partially destroyed by fire
or other casualty, the rents payable hereunder shall be abated to the extent that the Premises
shall have been rendered untenantable and for the period from the date of such damage or
destruction to the date which is ninety (90) days after the damage shall be repaired or restored.
If the Premises or a major part thereof shall be totally (which shall be deemed to include
substantially totally) damaged or destroyed or rendered completely (which shall be deemed to
include substantially completely) untenantable on account of fire or other cause, the rents shall
abate as of the date of the damage or destruction and until the date which is ninety (90) days
after Landlord shall have repaired, restored and rebuilt the Building and the Premises, provided,
however, that if Tenant reoccupies a portion of the Premises during the period the restoration work
is taking place and prior to the date that the same are made completely tenantable, rents allocable
to such portion shall be payable by Tenant from the date of such occupancy.

(C) If the Building and/or the Premises are damaged by fire or other casualty such that, in
Landlord’s reasonable estimate, the Premises cannot be restored within three hundred sixty-five
(365) days from the date of the casualty, Landlord shall give notice of such estimate to Tenant
within one hundred twenty (120) days from the date of the casualty. Tenant shall have sixty (60)
days from the date of such notice to elect to terminate this Lease by giving written notice to
Landlord, and such termination shall be effective as of the date of Tenant’s notice. If
Tenant shall not have elected to terminate this Lease as set forth above (or is not otherwise
entitled to terminate this Lease pursuant to the provisions hereof), then such damage shall be
repaired by and at the expense of Landlord as set forth above. In addition, if such repair work is
not substantially completed within such three hundred sixty-five (365) day period, Tenant shall
again have the right to terminate this Lease by notice given to Landlord within fifteen (15) days
following the expiration of such three hundred sixty-five (365) day period (time being of the
essence), in which case the term of this Lease shall expire on the fifth (5th) day following
receipt of such notice by Landlord as if such date were the Expiration Date and Tenant shall vacate
the Premises and surrender the same to Landlord by such date in accordance with the provisions of
this Lease as if such date were the Expiration Date. 

(D) If the Building or the Premises shall be totally damaged or destroyed by fire or other
cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not
the Premises are damaged or destroyed) (i) such that 25% or more of the Building is rendered
untenantable, (ii) the general Building systems are rendered inoperable and, in Landlord’s
reasonable estimate, cannot be repaired within three hundred sixty-five (365) days from the date of
the damage, or (iii) within the last two (2) years of the Term, Landlord may terminate this Lease
as of the date of the casualty by giving Tenant notice to such effect within one hundred twenty
(120) days after the date of the casualty. If during the last twelve (12) months of the Term, the
Premises or the Building are totally damaged or rendered wholly unusable by fire or other casualty
so that Tenant is unable to use the Premises for the uses permitted hereunder and Tenant actually
vacates the Premises as a result thereof, then Tenant shall have the right to terminate this Lease
by notice given to Landlord within thirty (30) days after such fire or casualty (time being of the
essence), in which case the Term of this Lease shall expire on the fifth (5th) day following
receipt of such notice by Landlord and Tenant shall vacate the Premises and surrender the same to
Landlord by such date in accordance with the provisions of this Lease as if such date were the
Expiration Date.

(E)  If Landlord or Tenant does not elect to so terminate this Lease as aforesaid,
Landlord shall undertake the repair of the damage and restoration and rebuilding of the Building
and/or the Premises with reasonable promptness, subject to reasonable delays for insurance
adjustment and/or Unavoidable Delay. “Unavoidable Delay” shall mean any strikes, labor troubles or
accident, or by any cause whatsoever beyond Landlord’s reasonable control, including legal
requirements, governmental preemption in connection with a national emergency, shortages, or
unavailability of labor, fuel, steam, water, electricity or materials, Tenant Delay, delays caused
by other tenants or other occupants of the Building, acts of God, enemy action, civil commotion,
fire or other casualty.

(F) No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of
business or annoyance arising from any repair or restoration of any portion of the Premises or of
the Building pursuant to this Article.

(G) Each party agrees to include in each of its policies insuring against loss, damage or
destruction by fire, a waiver of the insurer’s right of subrogation against the other party in
connection with any loss or damage covered by any such policy or permission to release third
parties from liability resulting from such casualties. If such waiver or permission shall not be,
or shall cease to be, obtainable without additional charge or at all, the insured party shall
promptly so notify the other party. In any case in which such waiver or permission shall cease to
be obtainable without additional charge, if the other party shall so elect and shall pay the
insurer’s additional charge therefor, such waiver or permission shall be included in the policy.

(H) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a
result of damage from fire or other casualty. Notwithstanding the foregoing, each party shall look
first to any insurance in its favor before making any claim against the other party for recovery
for loss or damage resulting from fire or other casualty, and, except as herein provided, to the
extent that such insurance is in force and collectible and to the extent permitted by law, Landlord
and Tenant each hereby releases and waives all right of recovery against the other or any one
claiming through or under each of them by way of subrogation or otherwise. The foregoing release
and waiver shall be in force only if both releasors’ insurance policies contain a clause providing
that such a release or waiver shall not invalidate the insurance and also, provided that such a
policy can be obtained without additional premiums.

(I) Tenant acknowledges that Landlord will not carry insurance on Tenant’s furniture,
furnishings and other personal property or any Alterations (including, but not limited to, any
Specialty Alterations) installed by or on behalf of Tenant and agrees that Landlord will not be
obligated to insure or repair any damage thereto or replace the same and unless this Lease is
terminated as provided in this Article 13, Tenant shall promptly repair, restore and/or replace the
same regardless if the insurance proceeds therefor are sufficient for the same.

(J) This Article shall be considered an express agreement governing any casualty or damage to
or destruction of the Building or any part thereof by fire or other casualty, and Section 227 of
the Real Property Law of the State of New York providing for such a contingency in the absence or
such express agreement, and any other law of like import now or hereafter enacted, shall have no
application in such case.

EMINENT DOMAIN:

14. If the whole or any material part of the Premises shall be acquired or condemned by
eminent domain for any public or quasi public use or purpose, then and in that event, the term of
this Lease shall cease and terminate from the date of title vesting in such proceeding and Tenant
shall have no claim for the value of any unexpired term of this Lease. Tenant acknowledges that
Landlord shall be entitled to receive the entire compensation or award therefor. Notwithstanding
the foregoing, Tenant may make a separate claim in any eminent domain proceeding (affecting all or
any portion of the Premises) solely for the then value of Tenant’s property and/or for any moving
expenses incurred by Tenant in connection therewith, provided that such award shall not result in a
reduction of the award made to Landlord in connection therewith. If only a non-material part of
the Premises shall be acquired or condemned by eminent domain as aforesaid and this Lease shall not
be terminated, this Lease and the term of this Lease shall continue in full force and effect,
provided, however, that from and after the date of the vesting of title, the Minimum Rent and
Additional Rent shall be equitably reduced to include only that portion of the Premises that was
not acquired or condemned by eminent domain.

ASSIGNMENT, SUBLETTING, ETC.:

15. (A) Tenant expressly agrees that neither this Lease nor any part hereof nor
the interest of Tenant in any sublease or the rentals thereunder, shall, by operation of law or
otherwise, be assigned, mortgaged, encumbered or otherwise transferred by Tenant or Tenant’s
successors in interest and neither the Premises, nor any part thereof, nor any Tenant’s property
shall be encumbered in any manner nor sublet or used or occupied for concession or desk space or
for mailing privileges, without the prior consent of Landlord in each instance except as otherwise
expressly provided in this Article 15. For purposes of this Article 15, (i) the issuance of
interests in Tenant, any Guarantor (as hereinafter defined) or any subtenant (whether stock,
partnership interests, membership interests in a limited liability company or otherwise) to any
person or group of related persons, whether in a single transaction or a series of transactions, in
such quantities that after such issuance control of Tenant, Guarantor or any party with the ability
to effectively control or direct the business decisions of such party, shall have changed, shall be
deemed an assignment of this Lease or such sublease, as the case may be, (ii) a transfer of more
than fifty percent (50%) in interest of Tenant, Guarantor or any subtenant by any party or parties
in interest whether in a single transaction or a series of transactions shall be deemed an
assignment of this Lease, or such sublease, as the case may be, (iii) a take-over agreement with
respect to the Premises or any portion thereof shall be deemed an assignment of this Lease, (iv)
any person or legal representative of Tenant, to whom Tenant’s interest under this Lease passes by
operation of law, or otherwise, shall be bound by the provisions of this Article 15, and (v) any
amendment or extension of a sublease shall be deemed a sublease. Notwithstanding the foregoing, if
Tenant is a corporation whose stock is publicly traded on a nationally recognized stock exchange
(including, without limitation, an initial public offering), then clauses (i) and (ii) of the
preceding sentence shall not be applicable to the issuance of stock or one or more transfers of
stock or other beneficial interest in Tenant (whether or not more than fifty percent (50%) of the
stock or other beneficial interest in Tenant is so transferred other than to those deemed
“insiders” within the meaning of the Securities Exchange Act of 1934, as amended). Any assignment
(or deemed assignment), sublease (or deemed sublease), license, concession, mortgage, pledge,
encumbrance or transfer by Tenant in contravention of this Article 15 shall be void.

(B) If this Lease be assigned, or if the Premises or any part thereof be underlet or occupied
by anybody other than Tenant, whether or not in violation of this Article 15, Landlord may, after
default by Tenant, collect rent from the assignee, under-tenant or occupant, and apply the net
amount collected to the rent herein reserved, but no such assignment, underletting, occupancy or
collection shall be deemed a waiver of this covenant, or the acceptance of the assignee,
under-tenant or occupant as tenant, or a release of Tenant from the further performance by Tenant
of covenants on the part of Tenant herein contained. The consent by Landlord to an assignment or
underletting shall not in any way be construed to relieve Tenant from obtaining the express consent
in writing of Landlord to any further assignment or underletting, which consent shall be granted or
withheld based upon the same criteria as provided in this Article which is applicable to an
assignment or underletting by Tenant, except to the extent such consent is not required under the
express terms of this Article.

(C) (i) If Tenant desires to assign this Lease or sublet the Premises in whole or
in part, Tenant shall submit to Landlord a written request for Landlord’s consent to such
assignment or subletting, which request shall be accompanied by the following information (such
request shall be referred to herein as “Tenant’s Offer”): (i) the name and address of the proposed
assignee or subtenant; (ii) a term sheet or letter of intent signed by Tenant and the proposed
assignee or proposed subtenant setting forth the terms of the proposed assignment or subletting;
(iii) the nature and character of the business of the proposed assignee or subtenant and of its
proposed use of the Premises; (iv) current financial information; (v) in the case of a proposed
subletting, a description of the proposed sublet space; and (vi) any other information as Landlord
may reasonably request with respect to the proposed assignee or subtenant. Landlord shall have the
option, to be exercised by notice given to Tenant within thirty (30) days after the later of
(a) receipt of Tenant’s request for consent or (b) receipt of such further information as Landlord
may reasonably request pursuant to clause (vi) above, to require a surrender of the Premises or the
proposed sublet space as of a date to be specified in said notice (the “Termination Date”) which
shall be not earlier than one (1) day before the effective date of the proposed assignment or
subletting or later than thirty-one (31) days after said effective date, in which event Tenant
shall vacate and surrender the Premises or the proposed sublet space on or before the Termination
Date and the term of this Lease relating to the Premises, or in the case of a subletting, relating
to such sublet space shall end on the Termination Date as if that were the Expiration Date.

(D) In the event that Landlord shall not exercise the option to cancel this Lease as above
provided in Section 15(C) within thirty (30) days after the receipt of both Tenant’s Offer and all
other information required to be delivered by Tenant pursuant to Section 15(C), then Landlord’s
consent (which must be in writing and in form reasonably satisfactory to Landlord) to a proposed
assignment of this Lease or proposed subletting of all or a part of the Premises shall not be
unreasonably withheld following the satisfaction of the following conditions:

(a) in Landlord’s reasonable discretion, the proposed
assignee or subtenant is a reputable person of good character and with
sufficient financial worth considering the responsibility involved, and
Landlord has been furnished with reasonable proof thereof;

(b) in the reasonable opinion of Landlord the nature of the
business of the proposed assignee or sublessee would not result in an
excessive burden upon the loading facilities, elevator facilities and/or
other systems of the Building;

(c) the rental and other terms and conditions of the
sublease or the assignment, as applicable, are upon the substantially the
same economic and substantially the same non-economic terms (i.e., in
each instance, there is not a variance in such terms of more than 5%) as
those contained in the Offer;

(d) Tenant shall not have (1) advertised or publicized in
any way the availability of the Premises without prior notice to, and
approval by, Landlord, which approval Landlord agrees not to unreasonably
withhold, nor shall any advertisement state the rental rate or the name (as
distinguished from the address) of the Building or (2) advertised any rental
rate for the Premises (or any portion thereof) with respect to any such
proposed assignment or subletting;

(e) if a sublease, any such subletting shall result in there
being no more than three (3) occupants (including Tenant but excluding any
Space Sharer (as hereinafter defined)) at the Premises;

(f) on the date of the Offer and on the effective date of
such assignment or sublease, Tenant is not in default hereunder beyond the
expiration of any applicable notice and/or grace period;

(g) If Landlord shall then have any comparable space in the
Building, neither (1) the proposed assignee or sublessee nor (2) any person
that, directly or indirectly controls, is controlled by, or is under common
control with, the proposed assignee or sublessee, is then an occupant or
tenant of any part of the Building nor negotiating to lease space in the
Building (as used in this clause (g), the term “negotiating” shall mean that
either Landlord or such assignee or subtenant shall have submitted a proposed
term sheet or letter of intent to the other for the leasing of space in the
Building and, in the good faith determination of Landlord, negotiations with
respect to such proposal are continuing); and

(h) the proposed assignee or sublessee is a person or
domestic entity fully subject to the jurisdiction of the Courts of the State,
City and County of New York, without immunity of any kind.

(E) No assignment or sublease shall be valid, and no assignee or subtenant shall take
possession of the Premises until an executed counterpart of such assignment or sublease has been
delivered to Landlord, which sublease or assignment agreement, as applicable, shall be in form
reasonably satisfactory to Landlord and shall comply with the applicable provisions of this Article
15.

(F) Each sublease shall expressly provide that it is subject and subordinate to this Lease
and to the matters to which this Lease is or shall be subordinate, and that, in the event of any
termination, re-entry, or dispossess by Landlord under this Lease, Landlord may, at its option,
take over all of the right, title and interest of Tenant as sublandlord under such sublease, and
such subtenant shall, at Landlord’s option, attorn to Landlord pursuant to the then executory
provisions of such sublease, except that Landlord shall not (a) be liable for any previous act or
omission of Tenant under such sublease, (b) be subject to any offset, not expressly provided in
such sublease, that theretofore accrued to such subtenant against Tenant or (c) be bound by any
previous modification of such sublease not approved in writing by Landlord or by any prepayment of
more than one month’s minimum rent or any additional rent then due.

(G) In the event that either (a) Tenant fails to consummate a proposed assignment or
subletting that was the subject of an Offer within one hundred twenty (120) days after Landlord’s
election (or deemed election) not to recapture as contemplated by Section 15(C) above or (b) if
Tenant consummates an assignment or sublease transaction, as the case may be, and any of economic
terms or material non-economic terms substantially varies from the corresponding terms set forth in
the Offer (i.e., in each instance, there is not a variance in the economic terms of more than five
percent (5%)), then in either case of clause (a) or (b) the provisions of Sections 15(C) and 15(D)
shall again apply (and in the case of clause (b) of this clause (iv), such provisions shall apply
to such assignment or sublease transaction, notwithstanding that Tenant consummated the same) and
Tenant shall be required to submit a new Offer (together with the information required to be
delivered in connection therewith) if Tenant still desires to assign this Lease or sublease all or
any part of the Premises, whether pursuant to such consummated assignment or sublease transaction
or otherwise.

(H) Any assignment or transfer shall be made only if, and shall not be effective until, the
assignee shall execute, acknowledge and deliver to Landlord an agreement, in form and substance
reasonably satisfactory to Landlord, whereby the assignee shall assume all of the obligations of
this Lease on the part of Tenant to be performed or observed.

(I) In the event of any assignment of this Lease or any subletting, fifty percent (50%) of any
rentals and/or consideration paid or payable by the assignee of this Lease or sublessee of the
Premises in excess of the rentals reserved and/or payable under this Lease (on a per square foot
basis) shall be paid by Tenant as and when received by Tenant to Landlord as additional rent, after
deducting from such excess, the Permitted Expenses (as hereinafter defined) proven to have been
incurred by Tenant in effecting such assignment or sublease, as the case may be, appropriately pro
rated (if a sublease) over the term of the sublease. For the purposes hereof, “Permitted Expenses”
shall mean brokerage fees, reasonable attorneys’ fees and disbursements in negotiating such
assignment or sublease, advertising costs, reasonable concessions to the assignee or sublessee,
including, without limitation, free rent or work contributions to the assignee or subtenant, and
the costs incurred in connection with alterations, decorations and installations made by Tenant
pursuant to the terms of such assignment or sublease, as the case may be, to prepare the space for
occupancy by the assignee or sublessee. For purposes of this Section 15(I), consideration paid to
Tenant shall include, without limitation, any consideration paid for or on account of any leasehold
improvements, fixtures, furnishings, equipment and/or other personnel property in the Premises
which are in excess of the then unamortized costs thereof as shown on Tenant’s books and records.
Such unamortized cost shall be determined in accordance with generally accepted accounting
principles and consistent with Tenant’s customary accounting practices. If part of the
consideration for such sublease or assignment shall be payable in other than in cash, Landlord’s
share of such non-cash consideration shall be in such form as is reasonably satisfactory to
Landlord.

(J) Notwithstanding any provision to the contrary contained herein, Tenant may, without
obtaining Landlord’s consent (but subject to compliance with the requirements of this Section 15(J)
and without being subject to the consideration or profit sharing, recapture or cancellation
provisions of this Article), (i) assign or transfer this Lease to a corporation or other entity
into which Tenant shall be merged or consolidated (a “successor entity”) or an entity which
acquires all or substantially all of the assets, stock, or other equity interest of Tenant (an
“acquiring entity”), or (ii) assign this Lease or sublet the entire Premises to an entity which
controls, is controlled by, or is under common control with Tenant (a “related entity”) provided
that in all such cases: (a) Tenant shall not be in default hereunder beyond the expiration of any
applicable notice and/or cure period at the time of such sublet or assignment; (b) the principal
purpose of such transfer or acquisition is not the acquisition of Tenant’s interest in this Lease
and is not made to circumvent the provisions of this Article; (c) in the case of an assignment to a
successor entity or acquiring entity, such successor entity or acquiring entity has a net worth,
computed in accordance with generally accepted accounting principles, exclusive of good will and
general intangibles and the impact of consolidated variable interest entities (the “Net
Worth”), immediately following such merger or acquisition which is at least equal to the Net Worth
of Tenant immediately prior to such merger, consolidation or acquisition; (d) in the case of a
subletting to a related entity, the rights granted to Tenant and such related entity pursuant to
this Section shall be for only so long as such person or entity shall remain a related entity and
at such time as such person or entity shall no longer be a related entity the rights accorded to
Tenant by this Section shall not apply and (x) if a subletting, Tenant shall promptly comply with
all of the terms and conditions of this Article 15 or (y) if a Desk Sharing Arrangement, Tenant
shall immediately terminate such Desk Sharing Arrangement, (e) there shall have been delivered to
Landlord, prior to the effective date of such assignment or subletting, (1) in the case of an
assignment to a successor entity or acquiring entity, proof satisfactory to Landlord of the Net
Worth of the assignor and such assignee, and which shall be evidenced by certified financial
statements prepared by their respective independent certified public accountants in a form
reasonably satisfactory to Landlord, or (2) in the case of a subletting or assignment to a related
entity, proof satisfactory to Landlord that such sublessee or assignee is a related entity (which
proof shall include, among other things, an affidavit of a senior officer or a managing member of
Tenant affirming the related entity relationship); (f) there shall have been delivered to Landlord,
within ten (10) days after the effective date of such assignment or subletting, a duplicate
original of the assignment or sublease instrument; (g) in the event of an assignment, there shall
have been delivered to Landlord, within ten (10) days after the effective date of such assignment,
an instrument in form and substance reasonably satisfactory to Landlord, duly executed by the
assignee, in which such assignee assumes (as of the effective date of such assignment) observance
of and performance of, and agrees to be bound by, all of the terms, covenants and conditions of
this Lease on Tenant’s part to be performed; (h) in the event of a subletting, Landlord shall have
received, within ten (10) days after the effective date of such subletting, an instrument in form
and substance reasonably satisfactory to Landlord, duly executed by the sublessee, in which such
sublessee agrees that in the event of a termination of this Lease, such sublessee shall, at
Landlord’s election, attorn to Landlord upon all of the terms and conditions of this Lease or, at
Landlord’s election, enter into a new lease with Landlord upon all of the then executory terms and
conditions of such sublease with respect to the premises so subleased; (i) Landlord shall have
received, within ten (10) days after the effective date of such assignment or subletting, an
instrument in form and substance acceptable to Landlord, duly executed by such assignee or
sublessee, in which such assignee or sublessee consents to the exclusive jurisdiction of the courts
of New York State and the Federal courts located in the County of New York, State of New York, but
the organization of the entity in the State of New York and such entity being in good standing and
subject to service of process to the Secretary of State of the State of New York shall be
sufficient.

(K) In no event shall any assignment or subletting (including any assignment not requiring
Landlord’s consent hereunder) release or relieve Tenant from its obligations fully to perform all
of the terms, covenants and conditions of this Lease on Tenant’s part to be performed.

(M) In the case of any subletting which includes any space which is less than the entire
Premises, Tenant, at its sole cost and expense, shall (A) make or cause to be made, at no expense
to Landlord, such Alterations as may be required or reasonably deemed necessary to provide
reasonably appropriate means of ingress and egress from the sublet space (which means of ingress
and egress shall conform to all applicable Legal Requirements and insurance requirements and all
Alterations relating thereto shall be subject to the provisions of Article 7 hereof), and (B)
physically separate the sublet space from the balance of the Premises in such commercially
reasonable manner that the configuration of the sublet space, the Premises and the balance of the
floor would not inhibit, in Landlord’s reasonable discretion, Landlord’s ability to independently
lease the sublet space or the balance of the floor to one (1) or more office tenants for general
and executive office use.

(N) Tenant shall reimburse Landlord (whether or not the proposed transaction is consummated),
within thirty (30) days after demand, for all reasonable costs incurred by Landlord in connection
with any assignment or sublease (whether or not, in either instance, Landlord’s consent is required
therefor) or sublease, including the costs of making investigations as to the acceptability of the
proposed assignee or subtenant (or whether such proposed assignee or subtenant satisfies the
conditions set forth in this Article 15) and reasonable attorney’s fees and disbursements incurred
in connection with the granting or reviewing of any matters reasonably related to any such
assignment, subletting or other transfer.

(O) Notwithstanding anything herein to the contrary, Tenant may, without Landlord’s
consent, permit third parties (individually, a “Space Sharer”) to use a portion of the Premises in
common with Tenant which shall not exceed five (5) desks in the Premises (each a “Desk Sharing
Arrangement”), provided that (i) such Desk Sharing Arrangement will terminate automatically upon a
default occurring and continuing beyond any applicable notice and grace period under this Lease;
(ii) any Space Sharer shall use the Premises in conformity with all applicable provisions of this
Lease; (iii) in no event shall the use of any portion of the Premises by a Space Sharer create or
be deemed to create any right, title or interest in or to the Premises for such Space Sharer; and
(iv) the portion of the Premises occupied by any Space Sharer and the portion of the Premises
occupied by Tenant shall not be, and shall not be required by law to be, separated by legal
demising walls within the Premises or so as to create separate entrances from the elevator landing
or public corridors. Any such use of all or any portion of the Premises by such Space Sharer shall
not relieve Tenant of any of its obligations or liabilities under this Lease.

ELECTRIC CURRENT:

16. (A) Landlord will furnish electricity to Tenant through presently installed
electrical facilities for Tenant’s reasonable use of such lighting, electrical appliances,
supplemental air conditioning systems, ordinary office equipment, and such other equipment as
Tenant may be permitted to install in the Premises.

(B) Landlord shall furnish to the Premises, through the existing transmission facilities
installed by Landlord in the Building, alternating electric current subject to and upon the terms
of Section 16(C) hereof. Electric current provided to Tenant shall be measured by meter or meters
provided and installed by Landlord at Landlord’s cost at such location or locations as Landlord
shall select and Tenant shall pay monthly to Landlord such amounts (which shall be computed by
using the Electric Rates, as hereinafter defined), paid by Landlord plus (as an administrative fee)
an additional seven percent (7%) of such computed amount as may be billed by Landlord to Tenant
therefor on the basis of Tenant’s consumption of alternating current in the Premises. If Tenant
shall fail to pay any such amount within thirty (30) days after billing, Tenant shall pay Landlord
interest thereon at the then Interest Rate until such bill shall be fully paid plus any of
Landlord’s reasonable attorneys’ fees, costs and expenses paid or incurred in collecting on such
bill(s).

(C) Landlord agrees that risers, panel boxes, meters, feeders and wiring will be installed in
the Building sufficient to furnish electrical service to the Premises of six (6) watts, connected
load, per useable square foot of the Premises (exclusive of base building HVAC but inclusive of any
Tenant’s HVAC System), available for use by Tenant (the “Electrical Capacity”), which Electrical
Capacity may be distributed by Tenant within the Premises at Tenant’s sole cost and expense.
Tenant agrees that at all times its use of electrical current shall not exceed the Electrical
Capacity. Landlord and its agents shall be permitted access to the electric closets and the
meters. Tenant shall supply, at Tenant’s cost, adequate electric lighting and electric power to
Landlord or Landlord’s contractors to clean or make repairs in the Premises.

(D) Landlord shall not be liable in any way to Tenant for any failure or defect in the supply
or character of electric energy, or other utilities furnished to the Premises, except to the extent
caused by the negligence or willful misconduct of Landlord. Tenant’s use of electric energy in the
Premises shall not at any time exceed the Electrical Capacity. In order to ensure that the
Electrical Capacity is not exceeded, Tenant agrees not to connect any additional electrical
equipment, fixtures, machinery or appliances of any type to the Building electric distribution
system, other than lamps, printers, typewriters, personal computers, local area network services,
work stations, trading desks, copy machines, fax machines, telecommunication and audio/video
equipment and other small office machines which consume comparable amounts of electricity, without
Landlord’s prior written consent which consent shall not be unreasonably withheld. Any additional
risers, feeders, or other equipment proper or necessary to increase available electrical capacity
to the extent permitted by Landlord or under this Lease or to supply Tenant’s electrical
requirements (including, such reasonable requirements that may be necessary for any of Tenant’s
supplemental HVAC System installed by Tenant in the Premises), upon written request of Tenant, will
be installed by Landlord at the sole cost and expense of Tenant, if, in Landlord’s reasonable
judgment, the same are necessary and will not cause or create a hazardous condition or entail
excessive or unreasonable alterations, repairs or expense or interfere with or disturb other
tenants (taking into account the future needs of existing and future occupants of space in the
Building (whether or not such space is then vacant) as well as Landlord’s existing and future
reasonable needs in the operation of the Building) or cause permanent damage or injury to the
Building. Landlord’s approval of any electrical alterations or changes shall not be deemed a
representation that the same comply with applicable codes or other legal requirements. Landlord,
its agents and engineers and consultants may survey the electrical fixtures, appliances and
equipment in the Premises and Tenant’s use of electrical energy therein from time to time to
determine whether Tenant is complying with its obligations under this Article.

(E) Provided contemporaneously therewith Landlord also discontinues furnishing electric
current to at least fifty percent (50%) of the office tenants in the Building to whom Landlord
shall then be providing such service, Landlord reserves the right to discontinue furnishing
electric energy to Tenant at any time upon not less than ninety (90) days’ written notice to Tenant
(unless a sooner period is required under applicable Legal Requirements or by the public utility
company servicing the Building), and from and after the effective date of such termination,
Landlord shall no longer be obligated to furnish Tenant with electric energy. If Landlord
exercises such right of termination, this Lease shall remain unaffected thereby and shall continue
in full force and effect, and thereafter Tenant shall diligently arrange to obtain electric service
directly from the public utility company servicing the Building, and may utilize the then existing
electric feeders, risers and wiring serving the Premises to the extent that they are available and
safely capable of being used for such purpose and only to the extent of Tenant’s then authorized
connected load. Landlord shall not be obligated to pay any part of the cost required for Tenant’s
direct electric service if Landlord is required to discontinue such electric service pursuant to
any applicable Legal Requirements. If Landlord shall discontinue furnishing electrical energy to
Tenant pursuant to this Section, then provided that Tenant is using diligent efforts to obtain
electrical energy directly from the utility supplying the same to the Building, Landlord agrees not
to terminate the furnishing of electrical energy to Tenant until Tenant succeeds in procuring same
directly from the utility, unless Landlord is prohibited from doing so by any applicable legal or
insurance requirements.

(F) Landlord shall have the right on five (5) days’ prior notice to Tenant (whenever possible)
to “shut down” electrical energy to the Premises when necessitated by the need for repairs,
alterations, connections or reconnections, with respect to the Building electrical system
(singularly or collectively, “Electrical Work”), regardless of whether the need for such Electrical
Work arises in respect of the Premises, any other tenant space, or any Building common areas.
Landlord may not, however, shut down Tenant’s electrical energy for such Electrical Work during
business hours unless such Electrical Work shall be required because of an emergency or required by
the electric energy provider servicing the Building. Subject to the terms of Section 8A(iii),
Landlord shall have no liability to Tenant for any loss, damage, or expense which Tenant may
sustain due to such “shut down” or Electrical Work.

(G) For the purposes hereof, the term “Electric Rates” shall be deemed to mean the rates at
which Landlord purchases electrical energy from the utility company or other provider supplying
electrical service to the Building, including any surcharges or charges incurred, or utility taxes
or sales taxes or other taxes payable by or imposed upon Landlord in connection therewith, or
increase thereof by reason of fuel adjustment or any substitutions for such Electric Rates or
additions thereto. Landlord and Tenant acknowledge that they understand that the electric rates,
charges, taxes and other costs may be changed by virtue of peak demand, time-of-day rates, or other
methods of billing, and that the foregoing reference to changes in methods or rules of billing is
intended to include any such change. In the event that any tax shall be imposed upon Landlord’s
receipts from the sale, use or resale of electrical energy to Tenant, the pro rata share allocable
to the electrical energy service received by Tenant shall be passed onto, included in the bill of,
and paid by Tenant if and to the extent not prohibited by law.

(H) Tenant acknowledges that it shall, at its sole cost and expense, furnish, install and
replace all light bulbs, light fixtures, tubes, lamps, starters and ballasts required in the
Premises.

ACCESS TO PREMISES:

17. Landlord or Landlord’s agents shall have the right to enter the Premises in any emergency
at any time, and, at other reasonable times, upon reasonable prior notice to Tenant, to examine the
same and to make such repairs, replacements and improvements as Landlord may deem necessary or
desirable to any portion of the Building or which Landlord may elect to perform following Tenant’s
failure to make repairs or perform any work which Tenant is obligated to perform or to comply with
Legal Requirements. Landlord shall repair, at Landlord’s expense, any damage caused during the
course of such work and/or entry into the Premises, and shall restore the Premises as nearly as
reasonably practicable to the condition existing prior to such installation but, unless otherwise
expressly provided herein, in no event shall Landlord be obligated to employ overtime labor or to
incur any extraordinary expenses in connection therewith. Tenant shall permit Landlord to erect,
use and maintain ducts, pipes and conduits in and through the Premises and to erect new pipes and
conduits therein; provided, however, that (i) to the extent reasonably possible, any such ducts,
pipes or conduits where there is no drop ceiling shall either be concealed behind, beneath or
within walls, columns, ceilings or floors located in the Premises, or completely furred, (ii) the
installation, when completed, shall not reduce the usable area of the Premises beyond a de minimis
amount and (iii) Landlord shall repair any damage caused by such installations. Landlord may,
during the progress of any work in the Premises, take materials and equipment into the Premises
without the same constituting an eviction. Landlord shall have the right to enter the Premises at
reasonable hours, upon reasonable prior notice to Tenant, to show prospective purchasers or
mortgagees, and during the last year of the Term, to showing prospective tenants. If Tenant is not
present to open and permit an entry into the Premises, Landlord or Landlord’s agents may enter
whenever necessary or permissible by master key or forcibly (in the event of any emergency) and
provided reasonable care is exercised to safeguard Tenant’s property, such entry shall not render
Landlord or its agents liable therefor, except that Landlord shall promptly repair any damage.
Landlord shall have the right at any time, without constituting an eviction to change the
arrangement, design and/or location of public entrances, passageways, doors, doorways, corridors,
elevators, stairs, toilets, or other public parts of the Building and to change the name or number
by which the Building may be known, provided that any such change does not diminish Tenant’s means
of access to the Premises beyond a de minimis extent. In connection with any access under this
Article, Landlord shall use commercially reasonable efforts to minimize interference with Tenant’s
use and occupancy of the Premises; provided that Landlord shall not be required to utilize overtime
or premium pay labor or incur any extraordinary costs in connection therewith unless Tenant shall
request that Landlord perform the same on an overtime or premium pay basis and Tenant shall agree
to reimburse Landlord for the same as additional rent hereunder.

VAULT, VAULT SPACE, AREA:

18. No vaults, vault space or area, not within the property line of the Building is leased
hereunder. Landlord makes no representation as to the location of the property line of the
Building. All vaults and vault space and all such areas not within the property line of the
Building, which Tenant may be permitted to use and/or occupy, is to be used and/or occupied under a
revocable license, and if any such license be revoked, Landlord shall not be subject to any
liability nor shall Tenant be entitled to any compensation or diminution or abatement of rent, nor
shall such revocation, diminution or requisition be deemed constructive or actual eviction. Any
tax, fee or charge of municipal authorities for such vault or area shall be paid by Tenant.

BANKRUPTCY:

19. (A) Neither Tenant’s interest in this Lease, nor any estate hereby created in
Tenant nor any interest herein or therein, shall pass to any debtor-in-possession, trustee, or
receiver or assignee for the benefit of creditors or otherwise by operation of law except as may
specifically be provided pursuant to the provisions of the Bankruptcy Code, 11 U.S.C. 101 et seq.
(the “Bankruptcy Code”). If this Lease is assigned pursuant to the Bankruptcy Code, any and all
consideration for such assignment shall be paid to Landlord, shall be and remain the exclusive
property of Landlord and shall not constitute property of Tenant or of the estate of Tenant within
the meaning of the Bankruptcy Code. Any and all monies and other consideration due under the
preceding sentence shall be held in trust for the benefit of Landlord and be promptly paid to or
turned over to Landlord.

(B) Anything elsewhere in this Lease to the contrary notwithstanding, this Lease may be
cancelled by Landlord by the sending of a notice to Tenant within a reasonable time after the
happening of any one or more of the following events (each, a “Bankruptcy Event”): (i) the
commencement of a case in bankruptcy or under the laws of any state naming Tenant or any Guarantor
as the debtor; which case shall not have been dismissed within ninety (90) days after the
institution thereof, or (ii) the making by Tenant of an assignment or any other arrangement for the
benefit of creditors under any state statute. If this Lease shall be assigned in accordance with
its terms, the provisions of this Article 19 shall be applicable only to the party then owning
Tenant’s interest in this Lease.

(C) It is stipulated and agreed that in the event of the termination of this Lease pursuant to
Section 19(B) hereof, Landlord shall forthwith be entitled to recover from Tenant as and for
liquidated damages an amount computed as provided in Section 21(B) hereof. Nothing herein
contained shall limit or prejudice the right of Landlord to prove for and obtain as liquidated
damages by reason of such termination, an amount equal to the maximum allowed by any statute or
rule of law in effect at the time.

DEFAULT:

20. (A) This Lease is subject to the limitation that if (i) Tenant shall default
in the payment of the Minimum Rent reserved herein or any item of Additional Rent or any part of
either for more than five (5) business days after notice from Landlord of such default; (ii) Tenant
defaults in fulfilling any of the covenants of this Lease, other than the covenants for the payment
of Minimum Rent or Additional Rent or other enumerated defaults in this Section 20(A), then, in any
one or more of such events, upon Landlord serving a written thirty (30) days’ notice upon Tenant
specifying the nature of said default, and upon the expiration of said thirty (30) days, if Tenant
shall have failed to comply with or remedy such default, or if the said default or omission
complained of shall be of such a nature that the same cannot be completely cured or remedied within
said thirty (30) day period, and if Tenant shall not have diligently commenced curing such default
within said thirty (30) day period, and shall not thereafter with reasonable diligence and in good
faith proceed to remedy or cure such default; (iii)  the Premises are abandoned; (iv) any execution
or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises
shall be taken or occupied by someone other than Tenant without Landlord’s express consent; and/or
(v) Tenant shall fail to deliver or replace any security deposit required to be delivered hereunder
within the applicable time periods set forth herein, then in any of said events Landlord may give
to Tenant notice of intention to terminate this Lease to end the Term and the estate hereby granted
at the expiration of five (5) business days from the date of the giving of such notice, and, in the
event such notice is given, this Lease and the Term and estate hereby granted (whether or not the
Term shall have commenced) shall terminate upon the expiration of said five (5) business days with
the same effect as if that day were the Expiration Date, but Tenant shall remain liable for damages
as hereinafter provided in this Article 20.

(B) Nothing in Section 20(A) shall be deemed to require Landlord to give any further notice in
addition to the notices, if any, required under such Section prior to the commencement of a summary
proceeding for nonpayment of rent or a plenary action for the recovery of rent on account of any
default in the payment of the same; it being intended that such notices are for the sole purpose of
creating a conditional limitation hereunder pursuant to which this Lease shall terminate, and if
Tenant thereafter remains in possession or occupancy, it shall become a holdover tenant.

REMEDIES OF LANDLORD AND WAIVER OF REDEMPTION:

21. (A) In case of any such default beyond the expiration of any applicable notice
and/or cure period, re-entry, expiration and/or dispossess by summary proceedings or otherwise,
(i) the rent shall become due thereupon and be paid up to the time of such re-entry, dispossess
and/or expiration, together with such reasonable expenses as Landlord may incur for attorneys’ fees
and disbursements, brokerage, and/or putting the Premises in good order, or for preparing the same
for re-rental; (ii) Landlord may (but without any obligation to do so) re-let the Premises or any
part or parts thereof, either in the name of Landlord or otherwise, for a term or terms, which may
at Landlord’s option be less than or exceed the period which would otherwise have constituted the
balance of the term and may grant concessions or free rent, and/or (iii) Tenant shall also pay
Landlord as liquidated damages, any deficiency between the rent hereby reserved and/or covenanted
to be paid and the net amount, if any, of the rents collected on account of the lease or leases of
the Premises for each month of the period which would otherwise have constituted the balance of the
Term of this Lease. The failure of Landlord to re-let the Premises or any part or parts thereof
shall not release or affect Tenant’s liability for damages. In computing such liquidated damages
there shall be added to the said deficiency such expenses as Landlord may incur in connection with
re-letting, such as reasonable attorneys’ fees and disbursements, brokerage, advertising and for
keeping the Premises in good order or for preparing the same for re-letting. Any such liquidated
damages shall be paid in monthly installments by Tenant on the rent day specified in this Lease and
any suit brought to collect the amount of the deficiency for any month shall not prejudice in any
way the rights of Landlord to collect the deficiency for any subsequent month by a similar
proceeding. Landlord, in putting the Premises in good order or preparing the same for re-rental
may, at Landlord’s option, make such alterations, repairs, replacements, and/or decorations in the
Premises as Landlord, in Landlord’s sole judgment, considers advisable and necessary for the
purpose of re-letting the Premises. Landlord shall not be liable for failure to re-let the
Premises, or in the event that the Premises are re-let, for failure to collect the rent thereof
under such re-letting, and in no event shall Tenant be entitled to receive any excess, if any, of
such net rent collected over the sums payable by Tenant. Landlord shall have the right of
injunction and the right to invoke any remedy allowed at law or in equity as if re-entry, summary
proceedings and other remedies were not herein provided for. Mention in this Lease of any
particular remedy shall not preclude Landlord from any other remedy in law or in equity. Tenant
hereby expressly waives any and all rights of redemption granted by or under any present or future
laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of
Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the
covenants and conditions of this Lease, or otherwise.

(B) In the event this Lease is terminated pursuant to the provisions of Article 20 herein,
then in lieu of exercising Landlord’s remedies pursuant to Section 21(A) herein, Landlord may
elect, at its option, to recover from Tenant, all damages it may incur by reason of such breach,
including the cost of recovering the Premises and reasonable attorneys’ fees and expenses and shall
be entitled to recover as and for liquidated damages, and not as a penalty, an amount equal to the
difference between (1) the Minimum Rent, Additional Rent and charges equivalent to rent payable
hereunder for the remainder of the stated Term and (2) the reasonable rental value of the Premises
for the remainder of the stated term, both discounted at the rate of four percent (4%) per annum to
present worth, all of which shall be immediately due and payable by Tenant. In determining the
rental value of the Premises for such period, the rental realized by any reletting, if such
reletting be accomplished by Landlord within a reasonable period of time after the termination of
this Lease, shall be deemed prima facie to be the rental value. Landlord shall not
be liable in any way whatsoever for its failure or refusal to relet the Premises or any part
thereof, or if the Premises are so relet, for its failure to collect the rent under such reletting,
and no refusal or failure to relet or failure to collect rent shall affect Tenant’s liability for
damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of
Landlord to prove and obtain as liquidated damages by reason of such termination an amount equal to
the maximum allowed by any statute or rule of law in effect at the time when, and governing the
proceedings in which, such damages are to be proved, whether or not such amount be greater, equal
to, or less than the amounts referred to herein.

(C) Tenant, on its own behalf and on behalf of all persons claiming by, through or under
Tenant, including all creditors, does, to the fullest extent permitted by law, hereby expressly
waive any and all rights which Tenant and all such persons might otherwise have to (i) the service
of any notice of intention to re-enter or to institute legal proceedings to that end (except for
any notices expressly provided for in this Lease, including, without limitation, this Article 21),
(ii) redeem the Premises or any interest therein, (iii) re-enter or repossess the Premises, or
(iv) restore the operation of this Lease, after Tenant shall have been dispossessed by a judgment
or by a warrant of any court or judge, or after any re-entry by Landlord, or after any termination
of this Lease, whether such dispossess, re-entry by Landlord or termination shall be by operation
of law or pursuant to the provisions of this Lease.

(D) In the event of any breach or threatened breach by Tenant or Landlord hereunder or by any
person or entity claiming through or Tenant or Landlord, as the case may be, of any term, covenant
or condition of this Lease, the other party shall have the right to enjoin such breach or
threatened breach or, subject to the limitations contained herein, to invoke any other right or
remedy allowed by law or in equity.

(E) Each right and remedy provided for in this Lease shall be cumulative and shall be in
addition to every other right provided for in this Lease or now or hereafter existing at law or in
equity (including, without limitation, the equitable remedies of specific performance and
injunctive relief), by statute or otherwise, and the exercise or beginning of the exercise by a
party of any one or more of such rights shall not preclude the simultaneous or later exercise by
such party of any or all other rights provided for in this Lease or now or hereafter existing at
law or in equity, by statute or otherwise.

(F) The provisions of this Article 21 shall survive the expiration or earlier
termination of this Lease.

FEES AND EXPENSES:

22. If Tenant shall default under this Lease which shall continue after the expiration of any
applicable notice and/or cure period, then, unless otherwise provided elsewhere in this Lease,
Landlord may immediately or at any time thereafter and without notice perform the obligation of
Tenant thereunder, and if Landlord, in connection therewith makes any expenditures or incurs any
obligations for the payment of money, including but not limited to reasonable attorneys’ fees and
disbursements, in instituting, prosecuting or defending any action or proceeding, such sums so paid
or obligations incurred with interest and costs shall be deemed to be additional rent hereunder and
shall be paid by Tenant to Landlord within thirty (30) days of rendition of any bill or statement
to Tenant therefor, and if the Term shall have expired at the time of making of such expenditures
or incurring of such obligations, such sums shall be recoverable by Landlord as damages.

NO REPRESENTATIONS BY LANDLORD:

23. Neither Landlord nor Landlord’s agents have made any representations or promises with
respect to the physical condition of the Building, the Land or the Premises, the rents, leases,
expenses of operation or any other matter or thing related to the Premises except as herein
expressly set forth. Tenant has inspected the Building and the Premises and is thoroughly
acquainted with their condition, and agrees to take the same “as is” subject to (i) completion of
Landlord’s Base Building Work and Landlord’s Work, and (ii) Punch List Items (if any), and
acknowledges that the taking of possession of the Premises on the Commencement Date by Tenant shall
be conclusive evidence that the Premises and the Building were in good and satisfactory condition
at the time such possession was so taken, subject to completion of Punch List Items, if any. All
understandings and agreements heretofore made between the parties hereto are merged in this Lease,
which alone fully and completely expresses the agreement between Landlord and Tenant.

END OF TERM:

24. Upon the expiration or earlier termination of the term of this Lease, Tenant shall quit
and surrender to Landlord the Premises, broom clean, vacant, in good order and condition, ordinary
wear excepted, and Tenant shall perform any restoration obligation imposed upon Tenant pursuant to
the terms hereof, including, without limitation, Article 7 and remove all of its personal property.
Tenant’s obligation to observe or perform this covenant shall survive the expiration or other
termination of this Lease. If the last day of the term of this Lease or any renewal thereof, falls
on Sunday, this Lease shall expire at noon on the preceding Saturday unless it be a legal holiday
in which case it shall expire on the preceding business day.

QUIET ENJOYMENT:

25. As long as this Lease shall be in full force and effect, Landlord covenants that Tenant
may peaceably and quietly enjoy the Premises hereby demised, subject, nevertheless, to the terms
and conditions of this Lease including, but not limited to, Article 32 hereof and to the ground
leases, underlying leases and mortgages hereinbefore mentioned.

FAILURE TO GIVE POSSESSION:

26. If Landlord is unable to give possession of the Premises on the date of the commencement
of the term hereof, because of the holding-over or retention of possession of any tenant,
undertenant or occupants, or for any other reason, Landlord shall not be subject to any liability
for failure to give possession on said date and the validity of this Lease shall not be impaired
under such circumstances, nor shall the same be construed in any wise to extend the term of this
Lease, or of any rent abatement or free rent period provided herein, if any, but the rent payable
hereunder shall be abated (provided Tenant is not responsible for the inability to obtain
possession) until after Landlord shall have given Tenant notice that the Premises are substantially
ready for Tenant’s occupancy. If permission is given to Tenant to enter into the possession of the
Premises prior to the date specified as the commencement of the term of this Lease, Tenant
covenants and agrees that such occupancy shall be deemed to be under all the terms, covenants,
conditions and provisions of this Lease, except as to the covenant to pay Minimum Rent and
Additional Rent pursuant to Articles 3 and 5, respectively. The provisions of this Article are
intended to constitute “an express provision to the contrary” within the meaning of Section 223-a
of the New York Real Property Law.

NO WAIVER:

27. The failure of Landlord or Tenant to seek redress for violation of, or to insist upon the
strict performance of any covenant or condition of this Lease or of any of the Rules or Regulations
shall not prevent a subsequent act which would have originally constituted a violation from having
all the force and effect of an original violation. The receipt by Landlord, or the payment by
Tenant, of rent with knowledge of the breach of any covenant of this Lease shall not be deemed a
waiver and no provision of this Lease shall be deemed to have been waived by Landlord or Tenant
unless such waiver be in writing signed by the party to be charged. No payment by Tenant or
receipt by Landlord of a lesser amount than the monthly rent herein stipulated shall be deemed to
be other than on account of the earliest stipulated rent, nor shall any endorsement or statement of
any check or any letter accompanying any check or payment as rent be deemed an accord and
satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right
to recover the balance of such rent or pursue any other remedy in this Lease provided. No act or
thing done by Landlord or Landlord’s agents during the term hereby demised shall be deemed an
acceptance of a surrender of the Premises and no agreement to accept such surrender shall be valid
unless in writing signed by Landlord. No employee of Landlord or Landlord’s agent shall have any
power to accept the keys of the Premises prior to the termination of this Lease and the delivery of
keys to any such agent or employee shall not operate as a termination of this Lease or a surrender
of the Premises.

WAIVER OF TRIAL BY JURY:

28. It is mutually agreed by and between Landlord and Tenant that the respective parties
hereto shall and they hereby do waive trial by jury in any action, proceeding (except for personal
injury or property damage) on any matters whatsoever arising out of or connected with this Lease,
the relationship of Landlord and Tenant and Tenant’s use of or occupancy of the Premises. It is
further agreed that if Landlord commences any summary proceeding for possession of the Premises,
Tenant will not interpose any counterclaim in any such proceeding (except a compulsory or mandatory
counterclaims that would be waived if not raised in such proceeding).

INABILITY TO PERFORM:

29. This Lease and the obligation of Tenant to pay rent hereunder and perform all of the other
covenants and agreements hereunder on part of Tenant to be performed shall in no way be impaired or
excused because Landlord is unable to perform any of its obligations under this Lease or to supply
or is delayed in supplying any service expressly or impliedly to be supplied or is unable to make,
or is delayed in making any Alterations or is unable to supply or is delayed from so doing by
reason of strike or labor troubles or any cause whatsoever, unless otherwise expressly provided
herein.

CAPTIONS:

30. The captions are inserted only as a matter of convenience and for reference and in no way
define, limit or describe the intent of any provision hereof.

ADJACENT EXCAVATION — SHORING:

31. If an excavation shall be made upon land adjacent to the Premises, Tenant shall afford to
the person causing or authorized to cause such excavation, license to enter upon the Premises for
the purpose of doing such work as said person shall deem necessary to preserve the wall or the
Building from injury or damage and to support the same by proper foundations.

RULES AND REGULATIONS:

32. Tenant and Tenant’s servants, employees, agents, visitors, and licensees shall observe and
comply with the Rules and Regulations attached hereto as Exhibit C and such other and
further reasonable Rules and Regulations as Landlord or Landlord’s agents may from time to time
adopt upon reasonable notice to Tenant. To the extent any inconsistencies arise between this Lease
and the Rules and Regulations, as amended, the terms of this Lease shall govern and take precedence
over the Rules and Regulations. Notice of any additional rules or regulations shall be given in
such manner as Landlord may elect. Landlord shall not have any duty or obligation to enforce the
Rules and Regulations against any other tenant and Landlord shall not be liable to Tenant for
violation of the same by any other tenant, its servants, employees, agents, visitors or licensees.
The Rules and Regulations will not be enforced against Tenant in a discriminatory manner.

SECURITY:

33. (A) As a condition to the entering into of this Lease, simultaneously herewith
Tenant shall deliver to Landlord a security deposit in the amount of $1,606,660.00 (the “Security
Deposit”) in the form of cash or a Letter of Credit (as hereinafter defined) as security for the
full and punctual performance by Tenant of all of the terms of this Lease. In the event Tenant
defaults in the performance of any of the terms of this Lease, including the payment of rent,
beyond any applicable notice or cure period, or in the event of a Bankruptcy Event, Landlord may
use, apply or retain the whole or any part of the Security Deposit to the extent required for the
payment of any rent or for any sum which Landlord may expend or may be required to expend by reason
of Tenant’s default in respect of any of the terms of this Lease, including any damages or
deficiency in the re-letting of the Premises, whether accruing before or after summary proceedings
or other re-entry by Landlord. In the case of every such use, application or retention, Tenant
shall, on demand, pay to Landlord the sum so used, applied or retained which shall be added to the
Security Deposit so that the same shall be replenished such that, the security deposit hereunder is
not less than $1,606,660.00. If Tenant shall fully comply with all of the terms of this Lease, the
Letter of Credit, shall be returned to Tenant after the termination of this Lease and delivery of
exclusive possession of the Premises to Landlord in the manner required hereunder.

(B) Tenant acknowledges that it is a material inducement to Landlord to enter into this Lease
that the Security Deposit be maintained in the form of a Letter of Credit and that Tenant’s failure
to provide and maintain any such Letter of Credit throughout the Term shall constitute a material
default under this Lease, and Tenant further acknowledges that notwithstanding anything else in
this Lease, Tenant shall not be permitted to provide cash security (other than any deposit under
Article 7 hereof, which may be in the form of cash). Notwithstanding the foregoing, Tenant may
provide Landlord with cash security pursuant to the terms of this Lease provided that within sixty
(60) days of the date hereof (time being of the essence and failure to do so being a material
default hereunder) Tenant replaces such cash security with a Letter of Credit in the form required
by the terms of this Lease; it being agreed that Landlord’s holding of such cash security shall not
be deemed a waiver of Tenant’s obligation to maintain the security in the form of a Letter of
Credit. Any letter of credit on account of the Security Deposit shall be a clean, irrevocable and
unconditional Letter of Credit (the “Letter of Credit”) issued by and drawn upon any commercial
bank which is a member of The Clearing House Association (hereinafter referred to as the “Issuing
Bank”) with offices for banking purposes in the City of New York and having a net worth of not less
than One Billion and 00/100 ($1,000,000,000.00) Dollars, which Letter of Credit may be drawn upon
in New York City, shall have a term of not less than one year, be in the form attached hereto as
Exhibit D, be for the account of Landlord and be in the amount of the Security Deposit.
Each Letter of Credit shall provide that:

(i) The Issuing Bank shall pay to Landlord or its duly authorized
representative an amount up to the face amount of the Letter of Credit upon
presentation of the Letter of Credit, a sight draft in the amount to be drawn and a
signed statement substantially in the form of the applicable Drawing Certificate
annexed to the Letter of Credit attached hereto as Exhibit D;

(ii) The Letter of Credit shall be deemed to be automatically
renewed, without amendment, for consecutive periods of one year each during the term
of this Lease (and shall remain in effect for not less than two (2) months following
the Expiration Date), unless the Issuing Bank sends notice (hereinafter referred to
as the “Non-Renewal Notice”) to Landlord by certified or registered mail, return
receipt requested, not less than forty-five (45) days next preceding the then
expiration date of the Letter of Credit, that it elects not to have such Letter of
Credit renewed;

(iii) If Landlord receives a Non-Renewal Notice and Tenant fails to
provide a replacement Letter of Credit which meets the requirements of this Lease not
fewer than thirty (30) days prior to the expiration of the Letter of Credit, such
failure shall constitute a material default under this Lease and Landlord shall have
the right, exercisable by a sight draft, to draw upon and receive the monies
represented by the Letter of Credit (which moneys shall be held by Landlord as a cash
deposit, without interest, pending the replacement of such Letter of Credit);
however, Landlord’s holding of such cash security shall not be deemed a waiver of
Tenant’s default of its obligation to maintain the security in the form of a Letter
of Credit);

(C) Tenant further agrees that Landlord is hereby authorized and shall have the right,
exercisable by sight draft:

(a) if a Bankruptcy Event occurs, to receive monies represented by the Letter of
Credit; and/or

(b) if a voluntary termination of this Lease occurs upon the written agreement
of the parties hereto, to receive monies represented by the Letter of Credit in order
to satisfy any fees and payments owed by Tenant in connection with such termination,
including without limitation, accrued but unpaid rents and/or other charges payable
pursuant to this Lease; and/or

(c) In the event of a sale or lease of Landlord’s interest in the land
and the Building, Landlord shall transfer (at no expense to Landlord) the Security
Deposit deposited hereunder to the vendee or lessee, and Landlord shall be released
by Tenant from all liability for the return of the Security Deposit. In such event,
Tenant agrees to look solely to the new landlord for the return of the Security
Deposit. It is agreed that the provisions hereof shall apply to every transfer or
assignment made of the Security Deposit to a new landlord.

(D) Notwithstanding anything to the contrary contained herein, Tenant acknowledges that
Tenant is obligated to provide Landlord with Replacement Security (as hereinafter defined) within
fifteen (15) business days of notice from Landlord if any of the following events (each, a
“Triggering Event”) occurs: (1) the Issuing Bank of the Letter of Credit is placed into
receivership or conservatorship by the Federal Deposit Insurance Corporation or any successor or
similar entity; (2) the Issuing Bank of the Letter of Credit fails to meet the Minimum Rating
Requirement (as hereinafter defined); or (3) the net worth of the Issuing Bank of the Letter of
Credit is less than One Billion and 00/100 Dollars ($1,000,000,000.00). Within fifteen (15)
business days of Landlord’s notice to Tenant of a Triggering Event, Tenant shall replace the Letter
of Credit with either a letter of credit issued by an Eligible Issuer or other security (the
“Replacement Security”) acceptable to Landlord in its sole and absolute discretion. If Tenant
fails to provide the Replacement Security as aforesaid, then, notwithstanding anything in the
Agreement to the contrary, Landlord may immediately draw upon the Letter of Credit in whole or in
part, and the proceeds thereof shall be held or applied, as applicable, pursuant to the terms of
this Lease. Tenant shall have the right to direct Landlord to draw upon the Letter of Credit prior
to the expiration of such fifteen (15) business day period. Notwithstanding anything to the
contrary contained in this Lease, in the event that Landlord shall so draw upon the Letter of
Credit and shall receive the proceeds thereof, Tenant’s default shall be deemed to be cured and
Landlord shall hold such funds pursuant to the terms of this Lease. In addition, following any
such draw by Landlord, Tenant may obtain a replacement Letter of Credit from an Eligible Issuer,
and upon issuing of same to Landlord, Landlord shall return to Tenant all such funds unapplied and
drawn by Landlord in accordance with this Lease.

(E) The term “Eligible Issuer” means any depository institution that is a member of the
Clearing House Association, with offices for banking purposes in the City of New York and having a
net worth calculated in accordance with generally accepted accounting principles, consistently
applied, of not less than One Billion Dollars ($1,000,000,000), the long term unsecured debt
obligations of which are rated at least “A-” by Standard & Poor’s Ratings Group, a division of the
McGraw-Hill Companies (“S&P”), or, if an S&P rating is unavailable, “A-” by Fitch IBCA, Inc.
(“Fitch”) or “A3” by Moody’s Investors Service, Inc. (“Moody’s”) (such rating requirements,
collectively, the “Minimum Rating Requirement”).

(F) Tenant covenants that it will not assign or encumber the Security Deposit, and that
neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance,
or attempted encumbrance.

(G) Tenant shall pay Landlord’s reasonable attorneys’ fees and disbursements in connection
with the renewal, replacement, substitution or amendment of the Letter of Credit or the drawing
thereon by Landlord.

(H) Notwithstanding anything herein to the contrary, provided that (i) Tenant shall not have
been in default hereunder beyond the expiration of any applicable notice or cure periods during the
twelve (12) month period prior to both the date of any written notice of Tenant to reduce the
Security Deposit as hereinafter provided and the date that the Security Deposit may be so reduced
hereunder and (Y) on the date of any written notice of Tenant to reduce the Security Deposit as
hereinafter provided and the date that the Security Deposit may be so reduced, (ii) no mechanics’
or other liens are then filed against the Premises or the Property in connection with any work or
other Alterations performed by or on behalf of Tenant hereunder which have not been removed of
record by bond or otherwise, Tenant may give Landlord notice to reduce the Security Deposit as
follows: (a) to $1,338,883.33 as of the third (3rd) anniversary of the Rent Commencement
Date, and (b) to $669,441.65 as of the fifth (5th) anniversary of the Rent Commencement
Date. In order for the applicable notice for the reduction in the Security Deposit as aforesaid to
be effective, it must be accompanied by an amendment to the Letter of Credit or a replacement
Letter of Credit in the reduced amount of the security required hereunder, which replacement Letter
of Credit or amendment thereto shall otherwise satisfy the requirements of this Article. If Tenant
notifies Landlord with respect to a reduction in the Security Deposit in the manner set forth
herein and Tenant is entitled to so reduce the Security Deposit, then in the case of a replacement
Letter of Credit, subject to mutually acceptable escrow arrangements (the parties agreeing to act
reasonably with respect thereto), simultaneously with Landlord’s receipt of such replacement of the
Letter of Credit satisfying the above requirements, Landlord shall return to Tenant the Letter of
Credit then held by Landlord. In no event shall the security deposited with Landlord hereunder be
reduced below an amount equal to $669,441.65. If the conditions set forth in clauses (i) and (ii)
referred to above are not satisfied on the foregoing dates upon which the Security Deposit may be
reduced, the reduction in the Security Deposit shall be delayed until all of such conditions set
forth therein have been satisfied.

SUCCESSORS AND ASSIGNS:

34. This Lease shall bind and inure to the benefit of Landlord and Tenant and their respective
heirs, executors, administrators, successors, and permitted assigns.

INSURANCE:

35. (A) Tenant shall not, directly or indirectly, do, or permit anything to be
done, or keep or permit anything to be kept in the Premises that (i) is prohibited by applicable
law, ordinance, court order or decree, or other requirement of a governmental authority, (ii) may
jeopardize the issuance by an insurance company of good standing of any insurance coverage then in
effect with respect to the Building or may increase the cost of any insurance or require additional
insurance coverage with respect to the Building, or (iii) would subject Landlord to any liability
or responsibility for personal injury or death or property damage. If Tenant violates the
provisions of this Section 35(A), and, as a result, any insurance coverage is jeopardized or
insurance premiums are increased, then Tenant’s failure to cease or correct the conduct causing the
same after notice and before the expiration of any applicable cure period, then Tenant’s failure
shall constitute a default by Tenant hereunder. Landlord acknowledges that Tenant’s use of the
Premises for the uses permitted under this Lease (x) does not violate Landlord’s insurance policies
in effect on the Commencement Date, and (y) to the best of Landlord’s knowledge, will not cause an
increase in the insurance premiums payable for such policies.

(B) Tenant covenants to provide to Landlord on or before the Commencement Date and to keep in
force during the term hereof with respect to the Premises the following insurance coverage, as same
shall be increased upon Landlord’s reasonable request: (1) for the benefit of Landlord and Tenant
commercial general policy of commercial general liability insurance protecting (i) Landlord, the
Building manager, Landlord’s leasing and development agents and any mortgagee designated by
Landlord in writing as additional insureds, and (ii) Tenant against any liability occasioned by
accident on or about the Premises or any appurtenances thereto. Such policy shall be written by a
good and solvent insurance company authorized to do business in the state of New York and rated
“A-” or better by A.M. Best Company, Inc. or an equivalent rating by another nationally recognized
insurance rating agency, and the limits of liability thereunder shall not be less than the amount
of Five Million and 00/100 ($5,000,000.00) Dollars combined single limit coverage on a per
occurrence basis, and in the amount of Five Million and 00/100 ($5,000,000.00) Dollars in respect
of property damage per occurrence, and such amounts and coverages shall be subject to change from
time to time as Landlord may reasonably request in light of changes in statutory limits or
coverages required by landlords in comparable buildings in midtown Manhattan. Such policy shall
include coverage for premises/operations, personal and advertising injury, products/completed
operations, contractual liability, and host liquor insurance coverage and may be carried under a
blanket policy covering the Premises and other locations of Tenant, if any or under an umbrella
policy; (2) property insurance covering property damage in an amount adequate to cover the cost of
replacement of all personal property, fixtures, furnishings and equipment, including all tenant
improvements located in the Premises, and business interruption insurance covering twelve (12)
months of operations in the Premises. Such policy shall be written (i) on an “all-risk” of
physical loss or damage basis in an amount sufficient for full replacement of the covered items and
in amounts that meet any co-insurance clause of such policy with a deductible amount not to exceed
$25,000, and (ii) by a good and solvent insurance company authorized to do business in the State of
New York and rated “A” or better by A.M. Best Company, Inc, or an equivalent rating by another
nationally recognized insurance rating agency. Workers’ compensation insurance with statutory
benefits and employers liability insurance with limits of liability of not less than $500,000 for
each accident, $500,000 for disease, and $500,000 disease for each employee.

(C) Prior to the time such insurance is first required to be carried by Tenant and thereafter,
at least thirty (30) days prior to the expiration of any such policies, Tenant agrees to deliver to
Landlord either duplicate originals of the aforesaid policies or certificates evidencing such
insurance, provided said certificates shall state that such insurance may not be modified or
cancelled except upon thirty (30) days’ notice to Landlord and Tenant (or ten (10) days’ notice in
the event of a termination due to failure to pay the premium for such policies) together with
evidence of payment for the policy. Such insurance shall be deemed to be primary insurance and any
insurance maintained by Landlord shall be deemed secondary thereto. Tenant’s failure to provide
and keep in force the aforementioned insurance shall be regarded as a material default hereunder,
entitling Landlord to exercise any or all of the remedies as provided in this Lease in the event of
Tenant’s default.

(D) Landlord and Tenant each hereby waive any and all claim for recovery from the other for
any and all loss of or damage to the Building or the Premises or to the contents thereof or for any
loss of business by the other party which loss or damage is covered by a valid and collectible
property insurance policy. Landlord hereby waives any and every claim against Tenant for any and
all loss of or damage to the Building or the Premises or the contents thereof or for any loss of
business that is actually covered or that would have been covered had the insurance policies
required to be maintained by Landlord by this Lease have been in force, to the extent that such
loss or damage would have been recoverable under such insurance policies. Tenant waives any and
every claim against Landlord for any and all loss of, or damage to, the Building or the Premises or
the contents thereof or any loss of business that would have been covered had Tenant maintained in
force the insurance policies required to be maintained by Tenant hereunder to the extent that such
loss or damage would have been recoverable under such insurance policies. Inasmuch as this mutual
waiver will preclude the assignment of any such claim by subrogation (or otherwise) to an insurance
company (or any other person), Landlord and Tenant each agree to give to each insurance company
that has issued or in the future may issue, to Landlord or Tenant, as the case may be, policies of
property insurance written notice of the terms of this mutual waiver, and to have such insurance
policies properly endorsed, if necessary to prevent the invalidation of such insurance coverage by
reason of such mutual waiver. Each party shall bear the cost, if any, associated with obtaining a
waiver of subrogation from the insurance companies providing coverage to such party.

(E) Subject to the foregoing provisions of this Article 35, and insofar as may be permitted by
the terms of the insurance policies carried by it, each party hereby releases the other with
respect to any claim (including a claim for negligence) which it might otherwise have against the
other party for loss, damages or destruction with respect to its property by fire or other casualty
(including rental value or business interruption, as the case may be) occurring during the term of
this Lease.

(F) If, by reason of a failure of Tenant to comply with the provisions of this Lease, the rate
of all-risk insurance on the Building or equipment or other property of Landlord shall be higher
than it otherwise would be, Tenant shall reimburse Landlord, on demand, for that part of the
premiums for all-risk coverage paid by Landlord because of such failure on the part of Tenant.

(G) Landlord shall procure and keep in effect from the Commencement Date through the Term,
with reputable insurance carriers licensed to do business in the State of New York, the following
coverages: (i) property insurance against loss or damage by fire or other casualty to the Building
under then available standard forms of “all-risk” insurance policies in an amount equal to one
hundred percent (100%) of the replacement value thereof, (ii) commercial general liability
insurance (including contractual liability coverage) with regard to the Land and the Building with
such coverages as a reasonably prudent owner of similar buildings would maintain, and (iii)
workers’ compensation insurance in accordance with applicable law.

BROKERAGE:

36. Tenant and Landlord represent and warrant that neither party has had any dealings or
communications with any broker or agent in connection with this Lease other than the Broker, and
Tenant and Landlord covenant and agree to hold harmless and indemnify the other party and its
officers, directors, employees and members from and against any and all cost, expense (including
reasonable attorneys’ fees and disbursements) and liability arising out of any inaccuracy or
alleged inaccuracy of the above representation. Tenant’s and Landlord’s liability under this
Article extends to the acts and omissions of any employees, officers, directors, shareholders,
members, and representatives of each respective party. Landlord agrees to pay any commission due
the Broker with respect to this Lease. The provisions of this Article 36 shall survive the
expiration or sooner termination of this Lease.

ESTOPPEL CERTIFICATE:

37. A. Tenant shall at any time and from time to time upon not less than ten (10) days’ prior
notice from Landlord, execute, acknowledge and deliver to Landlord a statement in writing setting
forth the Commencement Date, the Expiration Date and the Minimum Rent and certifying (i) that this
Lease is unmodified and in full force and effect (or if there has been any modification, that the
same is in full force and effect as modified and stating the modification), (ii) the dates to which
the Minimum Rent and Additional Rent have been paid in advance, if any, (iii) whether or not to the
knowledge of Tenant, Landlord is in default in performance of any of its obligations under this
Lease and, if so, specifying each such default of which Tenant may have knowledge, (iv) whether
there exist any offsets or defenses against enforcement of any of the terms of this Lease upon the
part of Tenant to be performed, and, if so, specifying the same, and (v) such further information
as Landlord may reasonably request. Any such statement shall be binding upon Tenant and may be
relied upon by Landlord and by any prospective purchaser of the Real Property and/or the Building
or any part thereof or of the interest of Landlord in any part thereof, by any mortgagee or
prospective mortgagee thereof, by any lessor or prospective lessor thereof, by any lessee or
prospective lessee thereof, or by any prospective assignee of any mortgage thereof.

B. Landlord shall at any time and from time to time (but not more often than two (2) times in
any twelve (12) month period) upon not less than ten (10) business days’ following receipt of
notice from Tenant, execute, acknowledge and deliver to Tenant a statement in writing setting
forth the Commencement Date, the Expiration Date, and the Minimum Rent and certifying (i) that this
Lease is unmodified and in full force and effect (or if there have been modifications, that the
same is in full force as modified and stating the modifications), (ii) the dates to which the
Minimum Rent and Additional Rent have been paid, (iii) whether or not, to the knowledge of
Landlord, Tenant is in default in performance of any of its obligations under this Lease, and, if
so, specifying each such default of which Landlord may have knowledge, (iv) whether there exist any
offsets or defenses against enforcement of any of the terms of this Lease upon the part of Landlord
to be performed, and, if so, specifying the same, and (v) any other information Tenant may
reasonably request, it being intended that any such statement delivered pursuant hereto may be
relied upon by others with whom Tenant may be dealing.

HOLDING OVER:

38. (A) Tenant hereby indemnifies and agrees to hold Landlord harmless from and
against any loss, cost, liability, claim, damage and expense (including reasonable attorneys’ fees
and disbursements) resulting from delay by Tenant in surrendering the Premises for a period of more
than thirty (30) days after the expiration or termination of this Lease as provided in Article 24,
including any claims made by any succeeding tenant or prospective tenant founded upon such delay.

(B) In the event of any holding over by Tenant, Tenant shall pay as holdover use and occupancy
for each month (or portion thereof) of the holdover tenancy an amount equal to (i) one and one-half
(11/2) times the Minimum Rent and Additional Rent payable during the last month of the Term for the
first thirty (30) days of any such holdover, and thereafter, (ii) two (2) times the Minimum Rent
and Additional Rent payable during the last month of the Term, subject to all of the other terms of
this Lease insofar as the same are applicable to such holdover tenancy. The acceptance of any such
use and occupancy payment paid by Tenant pursuant to this Section shall in no event preclude
Landlord from commencing and prosecuting a holdover or summary eviction proceeding and the
provisions of this Section shall be deemed be an “agreement expressly providing otherwise” within
the meaning of Section 232-c of the Real Property Law of the State of New York and any successor or
similar law of like import. Nothing contained in this Section shall (i) imply any right of Tenant
to remain in the Premises after the termination of this lease without the execution of a new lease,
(ii) imply any obligation of Landlord to grant a new lease or (iii) be construed to limit any right
or remedy that Landlord has against Tenant as a holdover tenant or trespasser.

NOTICES:

39. Every notice, demand and other communication (collectively, “notices”) which is given
under this Lease or by law must be in writing and shall be sent either by (A) reputable overnight
courier or (B) hand delivery (against confirmation of delivery), and shall be addressed:

(i) if to Tenant, addressed to Tenant at the Premises, or at such
other place as Tenant may from time to time designate by notice to Landlord addressed
to: Elizabeth Chow, with copies to General Counsel and Chief Operating Officer, in
each case at the Premises.

(ii) if to Landlord, to

250 Park Avenue, LLC

c/o AEW Capital Management, L.P.

World Trade Center East

Two Seaport Lane

Boston, MA 02110-2021

Attention: Asset Manager, 250 Park Avenue, New York, NY

With a copies to:

c/o AEW Capital Management, L.P.

World Trade Center East

Two Seaport Lane

Boston, MA 02110-2021

Attention: James Finnegan, General Counsel

and

Cassidy Turley New York, Inc.

40 East 52nd Street

New York, New York 10022

Attention: Robert L. Billingsley and

Attention: David L. Hoffman, Jr.

and the same shall be deemed delivered (A) the first business day following delivery to an
overnight courier or (B) when delivered by hand. A copy of any notice to Landlord shall be sent in
like manner to Landlord’s counsel, Patterson Belknap Webb & Tyler LLP, 1133 Avenue of the Americas,
New York, New York 10036, Attention: Andrew L. Herz, Esq. A copy of any default or termination
notice to Tenant shall be sent in like manner to Tenant’s counsel at Morrison Cohen LLP, 909 Third
Avenue, New York, NY 10022, Attention: Evan I. Maron, Esq. A notice given by counsel for Landlord
or Tenant shall be deemed a valid notice if addressed and sent in accordance with the provisions of
this Article. In addition, notices may be given on behalf of Landlord by the managing agent for
the Building, which as of March 1, 2010 is Cassidy Turley New York, Inc. Either party may
designate, by similar notice to the other party, any other address for such purposes.
Notwithstanding the foregoing, either party hereto may give the other party facsimile or oral
notice of the need of emergency repairs. Notices requesting after hours services may be given by
delivery to the Building Manager or any other person in the Building designated by Landlord to
receive such notices. Landlord’s Tax Statements, Landlord’s Operating Statement and all other rent
bills may be delivered by Landlord via ordinary United States mail.

CERTAIN RIGHTS RESERVED TO LANDLORD:

40. Landlord reserves the following rights:

(A) To name the Property.

(B) To install, affix and maintain all signs, awnings, scaffolding, sidewalk bridges and
canopies on the exterior of the Building.

(C) To have pass keys to the Premises.

(D) Subject to the Rules and Regulations, Force Majeure and Landlord’s security measures,
Tenant shall have access to the Premises 24 hours per day, 7 days per week. Notwithstanding the
foregoing but subject to the provisions of Article 13 and Article 14, Landlord shall have no
liability to Tenant, nor shall Tenant be entitled to terminate this Lease, to claim an actual or
constructive eviction in whole or in part, or be entitled to any abatement or diminution of rent
payable by Tenant under this Lease or to any relief from any of its obligations under this Lease if
by reason of strike or labor trouble or any other similar cause beyond the reasonable control of
Landlord there is (i) a lack of access to the Building or the Premises (which shall include without
limitation the lack of access to the Building or the Premises when it or they are structurally
sound but inaccessible due to evacuation of the surrounding area or damage to nearby structures or
public areas); (ii) reduced air quality or other contaminants in the Building that would adversely
affect the Building or its occupants; (iii) disruption of mail and deliveries to the Building or
the Premises; (iv) disruption of telephone and/or other communications services to the Building or
the Premises; or (v) disruption of any other services to the Premises or any of the Building
systems if Tenant is otherwise unable to use and/or occupy the Premises for the conduct of its
business.

HAZARDOUS MATERIALS:

41. (A) Tenant hereby covenants that it shall not install, cause or permit any
Hazardous Materials to be placed or stored in or about the Premises in violation of any applicable
environmental or other Legal Requirements; provided, that nothing herein shall prevent Tenant’s use
of such reasonable and legally permissible amounts of Hazardous Materials customarily used in the
ordinary course of operation of Tenant’s business in the Premises. Tenant shall indemnify and hold
Landlord harmless from and against any claims, demands, losses, liabilities, penalties and damages
arising out of, or in any way connected with the installation, placement, storage or release of
Hazardous Materials used or installed upon the Premises in violation of the terms of this Lease.
If Tenant, or its employees, contractors or agents install, use, store or place Hazardous Materials
in the Premises, Tenant shall be obligated to remove and dispose of said Hazardous Materials in
compliance with all Legal Requirements. This covenant shall survive the expiration or earlier
termination of this Lease. Landlord shall deliver an ACP-5 Certificate to Tenant for the Premises.

(B) Landlord represents that the Premises shall be free from Hazardous Materials on the
Commencement Date. If at any time during the Term, Hazardous Materials shall be discovered within
the Premises which have not been introduced Tenant or anyone acting under or through Tenant,
Landlord shall, upon Tenant’s request, at Landlord’s sole cost and expense, remove or encapsulate
such Hazardous Materials in compliance with Legal Requirements relating to the removal and/or
encapsulation thereof and restore any Alterations previously performed in such portion of the
Premises and Landlord shall indemnify and hold Tenant harmless from and against any claims,
demands, losses, liabilities, penalties and damages arising out of, or in any way connected with
the installation, placement, storage or release of Hazardous Materials used or installed upon the
Premises by Landlord or anyone acting under or through Landlord in violation of the terms of this
Lease.

(C) As used herein, the term “Hazardous Materials” (i) means any substance or material that is
included within the definitions of “hazardous substances,” “hazardous materials,” “toxic
substances,” “pollutant,” “contaminant,” “hazardous waste,” or “solid waste” in any Environmental
Law and mildew, fungus, mold, bacteria and/or other organic spore material, and (ii) “Environmental
Laws” means Legal Requirements relating to pollution or the protection of the environment.

(D) Tenant shall surrender the Premises to Landlord upon the expiration or earlier termination
of this Lease free of Hazardous Materials and in a condition which complies with all Environmental
Laws and any additional requirements of Landlord that are reasonably necessary to protect the value
of the Premises and the Building. Tenant’s obligations and liabilities pursuant to this 41(C)
shall be in addition to any other surrender requirements in this Lease and shall survive the
expiration or earlier termination of this Lease.

LANDLORD’S WORK:

42. (A) Landlord shall not be required to perform any work to the Premises, other
than Landlord’s Base Building Work and Landlord’s Work, subject to the provisions of this Article
42. Tenant expressly agrees to take the Premises on the Commencement Date in its then “as is”
condition, subject to substantial completion of Landlord’s Base Building Work and Landlord’s Work.
Landlord shall cause a licensed architect to promptly prepare, based on Tenant’s schematic plan
dated June 21, 2011, a copy of which is attached hereto and made a part hereof as Exhibit
J, complete dimensioned architectural plans and complete engineering plans with respect to the
Premises (such plans shall be referred to herein collectively as the “Preliminary Plans”; such
Preliminary Plans, as amended by any changes thereto so that such plans shall be approved by Tenant
and Landlord (which approval by Landlord and Tenant shall not be unreasonably withheld or delayed),
shall be referred to herein collectively as the “Final Plans”; the work set forth on the Final
Plans, as amended by any changes and/or additions requested by Tenant and approved by Landlord
pursuant to the terms hereof, shall be referred to herein collectively as “Landlord’s Work”).
Tenant hereby agrees that unless otherwise agreed to by Landlord pursuant to the terms hereof,
Landlord’s Work shall be performed using materials, standards and finishes of Building standard
quality, quantity, color and design and in compliance with the Final Plans. Notwithstanding
anything herein to the contrary, Tenant shall not unreasonably withhold or delay its consent to any
changes and/or additions to Landlord’s Work required by Landlord solely to (a) correct any errors
in the Final Plans, and/or (b) cause the Final Plans to comply with applicable Legal Requirements,
it being agreed that changes of a de minimis nature on account of field conditions and the like
shall not require the prior written consent of Tenant (but Landlord shall use commercially
reasonable efforts to notify Tenant of such required changes). Tenant’s consent to (i) the initial
draft of the Preliminary Plans shall be granted or denied within five (5) business days after
Tenant’s receipt thereof, and (ii) any revisions to the Preliminary Plans shall be granted or
denied within five (5) business days after Tenant’s receipt thereof. Landlord shall make all
changes to the Preliminary Plans requested by Tenant and submit a revised draft thereof to Tenant
for its review within five (5) business days after Landlord’s receipt of Tenant’s comments with
respect thereto.

(B) Omitted.

(C) In connection with the performance of Landlord’s Work, (i) Landlord shall solicit bids
from no fewer than three (3) general contractors, (ii) Tenant’s architect or representative may
participate in the bidding process, (iii) Landlord shall share the bidding packages with Tenant’s
architect or representative but the selection of the winning bid and the overall bid package shall
be under the sole control of Landlord (it being agreed that Landlord shall select the lowest
complying bidder based upon the Final Plans, unless Landlord, in its reasonable discretion,
believes another complying bidder is more suitable to perform Landlord’s Work based upon the Final
Plans, and Landlord shall notify Tenant of its reasons for not selecting the lowest complying
bidder), and (iv) subject to the terms of the foregoing sub-clause (iii), all contractors and
subcontractors shall be selected by Landlord.

(D) Provided that Tenant is not then in default under this Lease beyond the expiration of any
applicable notice and cure periods, Landlord shall contribute the sum of $2,336,960.00 toward the
cost of Landlord’s Work (the “Work Allowance”). The cost of Landlord’s Work shall include (i) all
hard costs and soft costs reasonably incurred by Landlord in connection therewith, including,
without limitation, (x) with respect to the obtaining of all required permits and approvals and the
preparation, modification and filing of plans, and (y) in connection with any changes and/or
additions requested in writing by Tenant (whether or not such changes and/or additions are actually
performed by Landlord), but excluding any changes and/or additions required as a result of any
errors or omissions made by Landlord’s architect, (ii) the general contractor’s overhead and
profit, and (iii) a project management fee to Cassidy Turley New York, Inc. in an amount equal to
three percent (3%) of the hard construction costs of Landlord Work (taking into account any change
orders requested by Tenant). After ninety (90%) percent of the entire Work Allowance shall have
been disbursed by Landlord and Landlord has notified Tenant of same (which notice shall be
accompanied with reasonably detailed documentation), Tenant shall be responsible, as Additional
Rent, for all amounts, if any, thereafter incurred by Landlord in connection with Landlord’s Work,
it being agreed that the final ten (10%) percent of the total Work Allowance in the amount of
$233,696.00 shall be applied by Landlord to the final costs of Landlord’s Work incurred by Landlord
immediately prior to the substantial completion thereof. Such amounts, if any, shall be paid by
Tenant to Landlord as Additional Rent within ten (10) days after demand by Landlord therefor; it
being understood that Tenant shall not pay any contractors directly. If any portion of the Work
Allowance remains after the completion by Landlord of Landlord’s Work, such portion shall be the
sole property of Landlord. The parties agree that the cost of Landlord’s Work shall be paid by the
following sources in the order listed below (to the extent that each such source shall be so
required): (1) the first ninety (90%) percent of the Work Allowance, (2) the funds of Tenant in an
amount equal to the difference between the cost of Landlord’s Work and the sum of the Work
Allowance, and (3) the final ten (10%) percent of the Work Allowance; in all events subject to
adjustment for change orders requested by Tenant pursuant to Section 42(F) below.

(E) In addition to Landlord’s Work, following the date hereof, Landlord agrees, at Landlord’s
sole cost and expense (except as otherwise expressly provided herein), to complete the work
indicated on Exhibit E annexed hereto (collectively, “Landlord’s Base Building Work”) in
and to the Premises using Building standard materials.

(F) Subject to any delay caused by Tenant or its agents, employees or contractors or by force
majeure, Landlord shall use commercially reasonable efforts to substantially complete Landlord’s
Work and Landlord’s Base Building Work in a timely manner (without being obligated to employ
overtime labor or to incur any extraordinary costs in connection therewith). Any changes and/or
additions requested by Tenant to Landlord’s Work (including, without limitation, with respect to
any non-Building standard items), shall be subject to Landlord’s prior written approval, which
approval may be withheld in Landlord’s sole but reasonable discretion, unless such
changes/additional are required to correct any errors or omissions made by Landlord or required as
result of a field condition. Tenant acknowledges that Landlord shall in no event be bound by any
estimate(s) of the hard and/or soft costs of any such proposed changes and/or additions requested
by Tenant and furnished to Tenant by or on behalf of Landlord, and Landlord shall not be liable to
Tenant if any of such estimate(s) shall be incorrect for any reason, including Force Majeure.

(G) As used in this Article, the term “Tenant Delay” shall mean any delay in the substantial
completion of Landlord’s Work due to any act, neglect, failure or omission of Tenant or its agents,
employees, servants or contractors, including but not limited to: (a) any delay in paying any sums
due from Tenant hereunder when due, (b) any delay due to any Tenant’s change orders or any other
changes in or revisions to the Final Plans requested in writing by Tenant (it being agreed that
such event shall not be deemed a Tenant Delay unless Landlord notified Tenant of the delay which
may be caused by such change orders or changes and Tenant fails to withdraw the same within one (1)
business day after notice thereof from Landlord to Tenant), (c) any delay due to request for
materials, finishes or installations which have a delivery date that does not allow for sufficient
time for installation prior to what would have been the Commencement Date or which require
construction or lead time to perform in excess of that which would be required for use of Building
standard materials (it being agreed that such event shall not be deemed a Tenant Delay unless
Landlord notified Tenant of the delay which may be caused by request for such materials, finishes
or installations, within five (5) business days after Landlord has been advised of such potential
delay, and Tenant fails to withdraw said request within three (3) business days after notice
thereof from Landlord to Tenant), (d) any delay in supplying any information, requesting revisions
to the Final Plans or approving any specifications, estimates, prices or other matter or giving
authorizations or the like and such delay shall continue for more than one (1) business day after
notice thereof from Landlord to Tenant, and (e) any delay in the completion of any work for which
Tenant or its agents, servants, employees or contractors may be responsible, including, without
limitation, delay caused by the performance of Tenant’s Initial Work pursuant to the terms of
Section 42(J) hereof. Notwithstanding anything herein to the contrary, if there is a delay in the
substantial completion of Landlord’s Work, or any portion thereof, due to a Tenant Delay, then
Landlord’s Work shall be deemed substantially complete on the date when the Premises or such
portion would have been available but for such delay even though work to be done by Landlord has
not been commenced or completed. Any additional cost to Landlord to complete the Premises
occasioned by a Tenant Delay shall be paid as Additional Rent within ten (10) days after demand
therefor. For the purposes of the preceding sentence “additional cost to Landlord” shall mean the
total cost incurred in excess of the aggregate cost which Landlord would have incurred to complete
the Premises if there had not been a Tenant Delay.

(H) All time periods imposed upon Tenant and/or its agents, employees or contractors in
this Article shall be of the essence.

(I) Landlord shall have no obligation to furnish a work allowance or perform
any work or provide any services in or to the Premises in order to prepare the same for occupancy
by Tenant, other than Landlord’s Work and Landlord’s Base Building Work. Except as otherwise
expressly provided herein, (a) Landlord shall have no obligation to perform any work or provide any
work allowance or services in or to the Premises in order to prepare the same for occupancy by
Tenant, (b) Landlord has not made and does not make any representations or warranties with respect
to the Premises, and (c) Tenant agrees to take the Premises in its then “as is” condition on the
Commencement Date.

(J) Landlord shall cause the general contractor performing Landlord’s Work to include Tenant
and Tenant’s consultant, S.A. Gavish, Inc., as additional insureds on such general contractor’s
Commercial General Liability insurance. Landlord shall provide Tenant with early access to the
Premises at appropriate and reasonable times no more than eight (8) weeks prior to the date on
which Landlord’s Work is anticipated by Landlord to be substantially complete solely to perform
Tenant’s IT work or for the purposes of taking measurements for furniture (collectively, “Tenant’s
Initial Work”) simultaneously with the performance by Landlord of Landlord’s Work, provided that
Tenant’s Initial Work can be performed in a manner which will not interfere with the performance of
Landlord’s Work. Prior to the Commencement Date, Landlord and its contractors performing
Landlord’s Work in the Premises shall have full and complete priority over the performance by
Tenant and its contractors of Tenant’s Initial Work in the Premises. Tenant and Landlord each
agrees to (a) cooperate with the other in the performance and scheduling of Tenant’s Initial Work
and Landlord’s Work and (b) keep each other apprised of their respective work so as to facilitate
the scheduling, coordination and orderly progress of Landlord’s Work and Tenant’s Initial Work,
but in no event shall Landlord be obligated to employ overtime labor in connection therewith or to
incur any costs in connection therewith in excess of the costs it would have incurred absent such
coordination of Landlord’s Work with Tenant’s Initial Work. Tenant agrees that in the performance
of Tenant’s Initial Work or otherwise, (i) neither Tenant nor its agents or employees shall
interfere with the performance of Landlord’s Work by Landlord and/or its agents or contractors,
(ii) Tenant shall comply with any work schedule, rules and regulations reasonably established by
Landlord, its agents or employees in connection therewith, and (iii) the labor employed by Tenant
shall be harmonious and compatible with the labor employed by Landlord in the Building upon and
subject to the applicable terms of Article 7 hereof. Tenant’s access to the Premises prior to
the Commencement Date for the purposes permitted in this Section shall be upon and subject to all
of the terms and conditions of this Lease (but excluding Tenant’s obligation to pay the Minimum
Rent and the monthly recurring payments of additional rent pursuant to the terms of Article 5
hereof), including, without limitation, the obligations set forth in Section 8(E) hereof to pay for
Tenant’s use of the freight elevator and the like and the obligations set forth in Articles 12 and
35 hereof to indemnify Landlord and to furnish insurance.

RENEWAL OPTION:

43. (A) Provided (i) Tenant is not in default hereunder beyond the expiration of
any applicable notice and/or cure periods as of (a) the date Tenant delivers to Landlord the
Election Notice (as hereinafter defined) and (b) the expiration of the initial Term, (ii) Original
Tenant (or its successor entity, acquiring entity or related entity) shall be in actual occupancy
of at least eighty (80%) percent of the rentable square footage of the Premises at the time of the
delivery of the Election Notice and on the commencement of the Renewal Term, and (iii) the Original
Tenant, at the time of delivery of the Election Notice, and as of the commencement of the Renewal
Term, is the tenant hereunder, Tenant shall have the one-time option to renew the term of this
Lease (the “Renewal Option”) for the entire Premises for one additional five (5) year term (the
“Renewal Term”) commencing on the day immediately following the last day of the initial Term and
ending five (5) years later, which shall thereupon be and become the Expiration Date of this Lease.
The Renewal Option must be exercised by notice (the “Election Notice”) to Landlord delivered no
earlier than twenty-four (24) months and no later than twelve (12) months prior to the last day of
the initial Term.

(B) This Lease, if and as so extended during the Renewal Term, shall be upon the same terms
and conditions as contained in this Lease except that (i) the annual Minimum Rent for the Renewal
Term shall be a sum equal to the greater of (a) the then escalated rent payable hereunder and (b)
the “fair market rent” for the Premises, as determined pursuant to the provisions of Section 43(D)
hereof, as of the date occurring six (6) months prior to the commencement of the Renewal Term (such
date is hereinafter called the “Determination Date”) and which determination of fair market rent
shall be made within a reasonable period of time after the occurrence of the Determination Date
pursuant to the provisions of Section 43(D) hereof assuming all of the terms set forth herein, (ii)
the Premises shall be delivered in its then “as is”, “where is” condition, (iii) Landlord shall not
be required to do any work to the Premises or to provide any work allowance or free rent period or
concession and (iv) this Lease, as extended for the Renewal Term, shall not contain any further
renewal option. In determining the fair market rent, the provisions of Article 5 hereof in respect
of Taxes and Operating Expenses shall remain in effect during the Renewal Term with the same base
year as set forth therein, and the retention of such base year shall be recognized in making such
determination of fair market rent.

(C) The Renewal Option must be exercised in the manner specifically set forth in Section 43(A)
hereof or such option shall be deemed irrevocably waived and all of Tenant’s rights with respect
thereto shall wholly cease, terminate and expire. Time shall be of the essence in connection with
the exercise of the Renewal Option and the delivery of the Election Notice by Tenant hereunder.
Any Election Notice shall be irrevocable by Tenant upon delivery. If Tenant shall fail to duly and
timely exercise any Renewal Option, Tenant agrees upon request of Landlord to confirm such
non-exercise in writing, but failure to do so by Tenant shall not operate to revive any rights of
Tenant under this Article.

(D) (i) Landlord and Tenant shall endeavor to agree as to the amount of the fair market rent
for the Premises pursuant to the provisions of Section 43(B) hereof, during the thirty (30) day
period following the Determination Date. In the event that Landlord and Tenant can not agree as to
the amount of the fair market rent within such thirty (30) day period following the Determination
Date, then Landlord or Tenant may initiate the appraisal process provided for herein by giving
notice to that effect to the other, and the party so initiating the appraisal process (such party
hereinafter called the “Initiating Party”) shall specify in such notice the name and address of the
person designated to act as an arbitrator on its behalf. Within thirty (30) days after the
designation of such arbitrator, the other party (hereinafter called the “Other Party”) shall give
notice to the Initiating Party specifying the name and address of the person designated to act as
an arbitrator on its behalf. If the Other Party fails to notify the Initiating Party of the
appointment of its arbitrator within the time above specified, then the appointment of the second
arbitrator shall be made in the same manner as hereinafter provided for the appointment of a third
arbitrator in a case where the two arbitrators appointed hereunder and the parties are unable to
agree upon such appointment. The two arbitrators so chosen shall meet within ten (10) days after
the second arbitrator is appointed and if, within thirty (30) days after the second arbitrator is
appointed, the two arbitrators shall not agree as to the fair market rent of the Premises, they
shall together appoint a third arbitrator. In the event of their being unable to agree upon such
appointment within thirty (30) days after the appointment of the second arbitrator, the third
arbitrator shall be selected by the parties themselves if they can agree thereon within a further
period of fifteen (15) days. If the parties do not so agree, then either party, on behalf of both
and on notice to the other, may request such appointment by the American Arbitration Association
(or organization successor thereto) in New York City in accordance with its rules then prevailing.

(ii) Each party shall pay the fees and expenses of the one of the two original arbitrators
appointed by or for such party, and the fees and expenses of the third arbitrator and all other
expenses (not including the attorneys’ fees, witness fees and similar expenses of the parties which
shall be borne separately by each of the parties) of the arbitration shall be borne by the parties
equally.

(iii) The third arbitrator shall determine the fair market rent of the Premises by choosing
either Landlord’s or Tenant’s arbitrator’s determination of fair market value. In the event the
first two arbitrators shall have agreed upon the fair market rent of the Premises, they shall
render a written certified report of their determination to both Landlord and Tenant within thirty
(30) days of the appointment of the first two arbitrators. In the event a third arbitrator was
appointed pursuant to this Section 43(D), the third arbitrator shall render a written certified
report of his or her determination to both Landlord and Tenant within thirty (30) days from the
appointment of the third arbitrator. The fair market rent, as so determined, shall be applied to
determine the Minimum Rent pursuant to Section 43(B) hereof.

(iv) Each of the arbitrators selected as herein provided shall have at least ten (10) years
experience in the leasing and renting of office space in first class office buildings in the
Borough of Manhattan and shall not be affiliated with either party or have been in either party’s
employment within the prior five (5) years.

(E) (i) If on the first day of the Renewal Term, the amount of the Minimum Rent payable during
the Renewal Term in accordance with the foregoing paragraphs of this Article shall not have been
determined, then, pending such determination, Tenant shall pay Minimum Rent at the rent for the
Renewal Term as proposed by Landlord (the “Temporary Rate”). After the determination by
arbitration of the annual fair market rental value of the Premises, if such rental value is less
than the “Temporary Rate,” Landlord shall promptly pay to Tenant (or credit against the next
Minimum Rent becoming due) the excess of the Temporary Rate above the rental value required to be
paid during the Renewal Term, together with interest at the Prime Rate on the amount so paid; and
the Minimum Rent so determined by the arbitration shall be payable during the Renewal Term.

(F) Upon determination of the Minimum Rent for the Renewal Term, upon the request of either
Landlord or Tenant, the parties shall execute, acknowledge and deliver to each other an agreement
specifying the amount of the Minimum Rent for such Renewal Term (but any failure to execute such an
agreement shall not affect Tenant’s obligation to pay and Landlord’s right to receive such Minimum
Rent).

ROOFTOP EQUIPMENT:

44. Landlord has leased to SpectraSite Communications, LLC through February 20, 2016 the
Building’s rooftop space available for the installation of communications antennas and satellite
dishes. If Tenant desires to install a communications antenna or satellite dish on the Building’s
rooftop to provide service to the Premises, Tenant shall make arrangements directly with
SpectraSite Communications, LLC. Tenant acknowledges that SpectraSite Communications, LLC has the
right (i) to charge a licensing fee to Tenant for the installation of any equipment on the
Building’s rooftop, (ii) to regulate access to such antenna or satellite dish, and (iii) to approve
the equipment, means of installation, any modifications to the equipment, and removal of the same
at the end of the Term.

TERMINATION RIGHT:

45. (A) Subject to and in accordance with the provisions of this Article, provided
(i) Tenant is not in default hereunder beyond the expiration of any applicable notice and/or cure
periods, and (ii) Original Tenant (or its successor entity, acquiring entity or related entity)
shall be Tenant under this Lease, Tenant shall have the one-time right (“Termination Right”) to
terminate this Lease effective as of the date that is the seventh (7th) anniversary of
the Commencement Date (the “Termination Effective Date”) to be exercised by notice to Landlord (the
“Termination Notice”) delivered no earlier than twenty-four (24) months and no later than twelve
(12) months prior to Termination Effective Date (time being of the essence) in accordance with the
provisions of this Article (such date of termination set forth in Tenant’s notice being hereinafter
referred to as the “Early Termination Date”); which right is granted in consideration of the
payment by Tenant to Landlord of the Termination Fee (as hereinafter defined), as hereinafter
provided.

(B) Any Termination Notice delivered to Landlord by Tenant must be accompanied by a bank or
certified check (subject to collection) payable to the direct order of Landlord in an amount (the
“Termination Fee”) equal to $1,573,782. Tenant’s Termination Notice shall, at Landlord’s option,
be null and void if on the date Landlord receives the same, or as of the Early Termination Date,
Tenant is in monetary or material non-monetary default under the Lease beyond the expiration of any
applicable notice and/or grace periods or if Landlord has not timely received payment of the
Termination Fee. If Tenant’s Termination Notice is declared by Landlord to be null and void as
aforesaid, Landlord shall have the right to apply any portion of the Termination Fee received by it
to any reasonable out-of-pocket expenses and damages incurred by Landlord as a result of Tenant’s
default, and the balance shall immediately be returned to Tenant.

(C) If Tenant properly exercises its Termination Right, then as of the Early Termination Date
this Lease shall terminate and end as fully and completely as if such Early Termination Date were
the Expiration Date. Accordingly and without limiting the generality of the foregoing, on or prior
to the Early Termination Date, Tenant shall vacate the Premises in accordance with the provisions
of this Lease, and from and after such Early Termination Date neither party shall have any further
rights against or obligations to the other with respect to Premises by reason of the Lease (as
amended hereby) or the estate created thereby, except for such rights and obligations which by the
terms of the Lease are otherwise to survive the expiration or termination hereof.

(D) Notwithstanding anything to the contrary contained in this Agreement, the provisions of
Article 38 of this Lease (as amended hereby) shall expressly apply to the surrender of the Premises
by Tenant to Landlord upon the applicable Early Termination Date. Nothing contained in this
Paragraph shall (i) imply any right of Tenant to remain in the Premises after the applicable Early
Termination Date without the execution of a new lease, (ii) imply any obligation of Landlord to
grant a new lease, or (iii) be construed to limit any right or remedy that Landlord has against
Tenant as a holdover tenant or trespasser.

MISCELLANEOUS:

46. (A) If any of the provisions of this Lease, or the application thereof to any
person or circumstances, shall, to any extent, be invalid or unenforceable, the remainder of this
Lease, or the application of such provision or provisions to persons or circumstances other than
those as to whom or which it is held invalid or unenforceable, shall not be affected thereby, and
every provision of this Lease shall be valid and enforceable to the fullest extent permitted by
law.

(B) Landlord and Tenant each hereby (a) irrevocably consents and submits to the jurisdiction
of any Federal, state, county or municipal court sitting in the State of New York having subject
matter jurisdiction in respect to any action or proceeding concerning any matters arising out of or
in any way relating to this Lease; (b) irrevocably waives all objections as to venue and any and
all rights it may have to seek a change of venue with respect to any such action or proceedings if
the same is brought in New York City; and (c) agrees that this Lease and the rights and obligations
of the parties shall be governed by and construed, and all actions, proceedings and all
controversies and disputes arising under or of or relating to this Lease shall be resolved in
accordance with the internal substantive laws of the State of New York applicable to agreements
made and to be wholly performed with the State of New York.

(C) If, in connection with obtaining financing for the Building, a bank, insurance company or
other lending institution shall request reasonable modifications to this Lease as a condition to
such financing, Tenant will not unreasonably withhold its consent thereto, provided that such
modifications do not adversely affect Tenant’s rights or increase Tenant’s obligations hereunder,
in each case beyond a de minimis extent.

(D) Wherever it is specifically provided in this Lease that a party’s consent is not to be
unreasonably withheld, a response to a request for such consent shall also not be unreasonably
conditioned or delayed. Tenant hereby waives any claim against Landlord which it may have based
upon any assertion that Landlord has unreasonably withheld or unreasonably delayed any consent
required hereunder, and Tenant agrees that its sole remedy shall be an action or proceeding to
enforce any such provision or for specific performance, injunction or declaratory judgment. In the
event of such a determination, the requested consent shall be deemed to have been granted; however,
Landlord shall have no liability to Tenant for its refusal or failure to give such consent. The
sole remedy for Landlord’s unreasonably withholding or delaying of consent shall be as provided in
this Section; provided, however, in the event that a court determines that Landlord acted
maliciously or in bad faith in unreasonably withholding, conditioning, or delaying its consent or
approval in an instance where Landlord was obligated not to unreasonably withheld, condition or
delay its consent or approval, then the limitation on damages and remedies provided for in Section
shall have no further application. Notwithstanding anything to the contrary provided in this
Lease, in any instance where the consent of a ground lessor and/or a mortgagee is required,
Landlord shall not be required to give its consent until and unless such ground lessor and/or
mortgagee has given its consent. Landlord agrees to seek such consent if Landlord would otherwise
consent in such instance.

(E) The person(s) executing this Lease on behalf of Tenant and Landlord hereby represent and
warrant that they have been duly authorized to execute this Lease for and on behalf of their
respective parties.

(F) The listing of any name other than that of Tenant, whether on the doors of the Premises,
on the Building directory, if any, or otherwise, shall not operate to vest any right or interest in
this Lease or in the Premises, nor shall it be deemed to be the consent of Landlord to any
assignment or transfer of this Lease, to any sublease of the Premises, or to the use or occupancy
thereof by others.

(G) If Tenant is a partnership (or is comprised of two (2) or more persons, individually, or
as joint venturers or as copartners of a partnership, which for purposes of this Section shall
include a limited liability partnership and a limited liability company) or if Tenant’s interest in
this Lease shall be assigned to a partnership (or to two (2) or more persons, individually, or as
joint venturers or as copartners or a partnership) (any such partnership and such persons are
referred to in this Section as “Partnership Tenant”), the following provisions shall apply to such
Partnership Tenant: (i) the liability of each of the general partners comprising Partnership Tenant
shall be joint and several, and (ii) each of the parties comprising Partnership Tenant hereby
consents in advance to, and agrees to be bound by, any modification, termination or surrender of
this Lease which may hereafter be made and by any notices, demands, requests or other
communications which may hereafter be given, by Partnership Tenant or by any of the parties
comprising Partnership Tenant, and (iii) any bills, statements, notices, demands, requests or other
communications given or rendered to Partnership Tenant or to any of the parties comprising
Partnership Tenant shall be deemed given or rendered to Partnership Tenant and to all such parties
and shall be binding upon Partnership Tenant and all parties and (iv) if Partnership Tenant shall
admit new general partners, all such new general partners shall, by their admission to Partnership
Tenant, be deemed to have assumed performance of all of the terms, covenants and conditions of this
Lease on Tenant’s part to be observed and performed, and (v) Partnership Tenant shall give prompt
notice to Landlord of the admission of any such new general partners, and upon demand of Landlord,
shall cause each such new general partner to execute and deliver to Landlord an agreement in form
satisfactory to Landlord, wherein each such new general partner shall assume jointly and severally
performance of all of the terms, covenants and conditions of this Lease on Tenant’s part to be
observed and performed (but neither Landlord’s failure to request any such agreement nor the
failure of any such new general partner to execute or deliver any such agreement to Landlord shall
vitiate the provisions of this Section 49(G).

(H) Omitted.

(I) Landlord and Tenant understand, agree, and acknowledge that (i) this Lease has been freely
negotiated by both parties and (ii) in any controversy, dispute, or contest over the meaning,
interpretation, validity, or enforceability of this Lease or any of its terms or conditions, there
shall be no inference, presumption, or conclusion drawn whatsoever against either party by virtue
of that party having drafted this Lease or any portion thereof.

(J) Notwithstanding anything herein to the contrary, it is to be strictly understood and
agreed that (i) the submission by Landlord to Tenant of any drafts of this Lease or any
correspondence with respect thereto shall (a) be deemed submission solely for Tenant’s
consideration and not for acceptance and execution, (b) have no binding force or effect, (c) not
constitute an option for the leasing of the Premises or a lease or conveyance of the Premises by
Landlord to Tenant and (d) not confer upon Tenant or any other party any title or estate in the
Premises, (ii) the terms and conditions of this Lease shall not be binding upon either party hereto
in any way unless and until it is unconditionally executed and delivered by both parties and all
conditions precedent to the effectiveness thereof shall have been fulfilled or waived, and (iii) if
this Lease is not so executed and delivered for any reason whatsoever (including, without
limitation, either party’s willful or other refusal to do so or bad faith), neither party shall be
liable to the other with respect to this Lease on account of any written or parol representations,
negotiations, any legal or equitable theory (including, without limitation, part performance,
detrimental reliance, promissory estoppel, or undue enrichment) or otherwise.

(K) Tenant expressly acknowledges and agrees that Tenant shall not cause or permit any work of
art or other item that fall under the protection or regulation of the Visual Artists Rights Act of
1990 to be installed, constructed, erected or maintained in, on or at the Premise in violation of
the Visual Artists Rights Act of 1990.

(L) In the event of any dispute between Landlord and Tenant in any way related to this Lease,
the non-prevailing party shall pay to the prevailing party all reasonable attorneys’ fees and
disbursements, without restriction by statute, court rule or otherwise, incurred by the prevailing
party in connection with any action or proceeding (including any appeal and the enforcement of any
judgment or award), whether or not the dispute is litigated or prosecuted to final judgment
(collectively, “Fees”). The “prevailing party” shall be determined based upon an assessment of
which party’s major arguments or positions taken in the action or proceeding could fairly be said
to have prevailed (whether by compromise, settlement, abandonment by the other party of its claim
or defense, final decision, after any appeals, or otherwise) over the other party’s major arguments
or positions on major disputed issues. Any Fees incurred in enforcing a judgment shall be
recoverable separately from any other amount included in the judgment and shall survive and not be
merged in the judgment.

(M) Tenant represents and warrants to Landlord that (a) Tenant and each person or entity
directly or indirectly owning an interest in Tenant is (1) not currently identified on the
Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets
Control of the Department of the Treasury (“OFAC”) and/or on any other similar list maintained by
OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”),
and (2) not a person or entity with whom a citizen of the United States is prohibited to engage in
transactions by any trade embargo, economic sanction, or other prohibition of United States law,
regulation, or Executive Order of the President of the United States, (b) none of the funds or
other assets of Tenant constitute property of, or are beneficially owned, directly or indirectly,
by, any Embargoed Person, (c) no Embargoed Person has any interest of any nature whatsoever in
Tenant (whether directly or indirectly), (d) none of the funds of Tenant have been derived from any
unlawful activity with the result that the investment in Tenant is prohibited by law or that this
Lease is in violation of law, and (e) Tenant has implemented procedures, and will consistently
apply those procedures, to ensure the foregoing representations and warranties remain true and
correct at all times. The term “Embargoed Person” means any person, entity or government subject
to trade restrictions under U.S. law, including but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et
seq., and any Executive Orders or regulations promulgated thereunder with the result that the
investment in Tenant is prohibited by law or Tenant is in violation of law.

(i) Tenant covenants and agrees (a) to comply with all Legal
Requirements relating to money laundering, anti-terrorism, trade embargos and
economic sanctions, now or hereafter in effect, (b) to immediately notify Landlord in
writing if any of the representations, warranties or covenants set forth in this
Section are no longer true or have been breached or if Tenant has a reasonable basis
to believe that they may no longer be true or have been breached, (c) not to use
funds from any “Prohibited Person” (as such term is defined in the September 24, 2001
Executive Order Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Landlord
under this Lease and (d) at the request of Landlord, to provide such information as
may be reasonably requested by Landlord to determine Tenant’s compliance with the
terms hereof.

(ii) Tenant hereby acknowledges and agrees that Tenant’s inclusion
on the List at any time during this Lease Term shall be a material default of this
Lease. Notwithstanding anything to the contrary contained herein, including but not
limited to Tenant’s rights under Section 15(I), Tenant shall not permit the Premises
or any portion thereof to be used or occupied by any person or entity on the List or
by any Embargoed Person (on a permanent, temporary or transient basis), and any such
use or occupancy of the Premises by any such person or entity shall be a material
default of this Lease.

(N) This Lease may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a single agreement. Any
signature page to any counterpart may be detached from such counterpart without impairing the legal
effect of the signatures thereon and thereafter attached to another counterpart identical thereto
except having attached to it additional signature pages. Delivery of an executed counterpart of
this Lease by facsimile or electronically shall be equally effective as delivery of an original
executed counterpart.

[end of agreement; signatures follow on the next page]

1

IN WITNESS WHEREOF, Landlord and Tenant have respectively signed and sealed this Lease as of
the date first above written.

LANDLORD:

250 PARK AVENUE, LLC, a Delaware limited liability company

By: /s/ Daniel J. Bradley

Name: Daniel J. Bradley

Title: Authorized Signatory

TENANT:

CIFC CORP.

By: /s/ Robert C. Milton III

Name: Robert C. Milton III

Title: Authorized Signatory

2petrus1ex101_9162011.htm

 

Exhibit 10.1

 

 

 

ESCROW AGREEMENT

THIS AGREEMENT made and entered into this 15 day of March,  2011, by and between Petrus Resources Corporation (“registrant” and also referred to as “Company”) and Rory O'Dare  3211 Ocean Drive , Vero Beach, FL 32963 ( together the “Client”); and Evolve Bank & Trust , as escrow agent (“Escrow Agent”).

W I T N E S S E T  H:

WHEREAS, the Client has established an escrow account in which up to $500,000 (the “Funds”) may be deposited;

WHEREAS, Evolve Bank & Trust agrees to serve as Escrow Agent, in accordance with the terms and conditions set forth herein; and,

WHEREAS, the Client and the Escrow Agent desire to enter into an agreement with respect to the above-described escrow.

NOW, THEREFORE, in consideration of the foregoing and mutual promises and covenants contained herein, it has been and IT IS HEREBY AGREED as follows:

 

	
  

	
1.

	
Establishment of Escrow Account. The parties have established an escrow account with the Escrow Agent. O'Dare shall sell his shares only at the price of $0.05 per share and only after  Petrus Resources Corporation . has sold at least the minimum number of shares in its offering.

	  	
2.

	Appointment of Escrow Agent; Deposits of Cash.

 

	
  

	
(a)   The Client herby appoints the Escrow Agent as its agent and custodian to hold and disburse the consideration deposited with the Escrow Agent pursuant to the terms of this Escrow Agreement in accordance with the terms hereof.

 

(b)  Following the execution of this Escrow Agreement, the Client will cause to be delivered to the Escrow Agent from time to time any and all consideration received from the investors upon the execution  and delivery of the Subscription Agreement (the “Escrow Funds”).

	  	
3.

	
Deposit into the Escrow Account.

 

 

DEPOSIT OF OFFERING PROCEEDS AND SECURITIES

 

Rule 419 of the Securities Exchange Act of 1933 requires that the net offering proceeds, and all securities to be issued (and those sold by a selling shareholder) be deposited by the Company into an escrow or trust account (the "Deposited Funds" and "Deposited Securities," respectively) governed by an agreement which contains certain terms and provisions specified by the rule. Under Rule 419, the Deposited Funds and Deposited Securities will be released by the Escrow Agent to the Company and to investors, respectively, only after the Company has met the following three conditions: First, the Company must execute an agreement for an acquisition(s) valued at at least 80% of the offering amount; second, the Company
must successfully complete a reconfirmation offering which is reconfirmed by at least 80% of the shares sold in the offering; and third, the acquisition(s) meeting the above criteria must be consummated.

 

Deposit and investment of offering proceeds.

 

	
i.  

	
All offering proceeds shall be deposited promptly into the escrow or trust account.

 

  

Exhibit 10.1 -- Page 1

  

 

	
ii.  

	
Deposited proceeds shall be in the form of checks, drafts, or money orders payable to the order of the escrow agent or trustee.

 

 

	
iii.  

	
Deposited proceeds and interest or dividends thereon, if any, shall be held for the sole benefit of the purchasers of the securities.

 

 

	
iv.  

	
Deposited proceeds shall be invested at the discretion of the Escrow Agent in one of the following:

 

 

	
A.  

	
An obligation that constitutes a "deposit," as that term is defined in section 3(1) of the Federal Deposit Insurance Act;

 

 

	
B.  

	
Securities of any open-end investment company registered under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of paragraphs (c)(2), (c)(3), and (c)(4) of Rule 2a-7 under the Investment Company Act; or

 

 

	
C.  

	
Securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.

 

 

	
v.  

	
Interest or dividends earned on the funds, if any, shall be held in the escrow or trust account until the funds are released in accordance with the provisions of this section. If funds held in the escrow or trust account are released to a purchaser of the securities, the purchasers shall receive interest or dividends earned, if any, on such funds up to the date of release. If funds held in the escrow or trust account are released to the registrant, interest or dividends earned on such funds up to the date of release may be released to the registrants.

 

 

	
vi.  

	
The registrant may receive up to 10 percent of the proceeds remaining after payment of underwriting commissions, underwriting expenses and dealer allowances permitted by Rule 419(b)(2)(vi) of the Securities Act of 1933 exclusive of interest or dividends, only after such time as the minimum offering has been completed and upon written request of the registrant.

 

	
  v. 

	
This escrow will termination upon the happening of one of the following:  1) the failure to reach the minimum offering amount within 180 days of the effectiveness of the offering, 2) confirmation by Petrus Resources Corporation legal counsel that a reconfirmation offering has been completed  or 3) failure to complete the reconfirmation offering within 18 months of the date of effectiveness.   In the event of termination, funds and securities shall be delivered as described herein.

 

Deposit of securities.

 

 

	
i.  

	
All securities issued in connection with the offering (including the shares sold by Rory O'Dare), whether or not for cash consideration, and any other securities issued with respect to such securities, including securities issued with respect to stock splits, stock dividends, or similar rights, shall be deposited by the Company directly into the escrow or trust account promptly upon issuance. The identity of the purchaser of the securities shall be included on the stock certificates or other documents evidencing such securities. See also Rule 15g-8 of the Exchange Act regarding restrictions on sales of, or offers to sell, securities deposited in the escrow or trust account.

 

  

Exhibit 10.1 -- Page 2

  

 

 

 

	
ii.  

	
Securities held in the escrow or trust account are to remain as issued and deposited and shall be held for the sole benefit of the purchasers, who shall have voting rights, if any, with respect to securities held in their names, as provided by applicable state law. No transfer or other disposition of securities held in the escrow or trust account or any interest related to such securities shall be permitted other than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order as defined by the Internal Revenue Code of 1986 as amended (26 U.S.C. 1 et seq.), or Title 1 of the Employee
Retirement Income Security Act (29 U.S.C. 1001 et seq.), or the rules thereunder.

 

 

	
iii.  

	
Warrants, convertible securities or other derivative securities relating to securities held in the escrow or trust account may be exercised or converted by the Escrow Agent at the direction of the Company in accordance with their terms; provided, however, that securities received upon exercise or conversion, together with any cash or other consideration paid in connection with the exercise or conversion, are promptly deposited into the escrow or trust account.

 

POST-EFFECTIVE AMENDMENT

Once the agreement(s) governing the acquisition(s) of a business(es) between the parties to this Agreement, if applicable, meeting the above criteria has (have) been executed, Rule 419 requires the Company to update the registration statement of which the prospectus relative to the acquisition registration is a part with a post-effective amendment. The post-effective amendment must contain information about: the proposed acquisition candidate(s) and its business(es), including audited financial statements; the results of this offering; and the use of the funds disbursed from the escrow account. The post-effective amendment must also include the terms of the reconfirmation offer mandated by Rule 419. The Company
must execute an agreement for an acquisition(s) valued at at least 80% of the offering amount; second, the Company must successfully complete a reconfirmation offering which is reconfirmed by at least 80% of the shares sold in the offering; and third, the acquisition(s) meeting the above criteria must be consummated

RECONFIRMATION OFFERING

The reconfirmation offer by the Company must commence within five business days after the effective date of the post-effective amendment. Pursuant to Rule 419, the terms of the reconfirmation offer must include the following conditions:

(1) The prospectus contained in the post-effective amendment will be sent by the Company to each investor whose securities are held in the escrow account within five business days after the effective date of the post-effective amendment;

2) Each investor will have no fewer than 20, and no more than 45, business days from the effective date of the post-effective amendment to notify the Company in writing that the investor elects to remain an investor;

(3) If the Company does not receive written notification from any investor within 45 business days following the effective date, the pro rata portion of the Deposited Funds (and any related interest or dividends) held in the escrow account on such investor's behalf will be returned to the investor within five  business days by first class mail or other equally prompt means;

(4) The acquisition(s) will be consummated only if investors having contributed 80% of the maximum offering proceeds elect to reconfirm their investments; and

  

Exhibit 10.1 -- Page 3

  

(5) If a consummated acquisition(s) has not occurred within 18 months from the date that the Securities and Exchange Commission deems the offering effective as indicated on the prospectus, Deposited Funds held in the escrow account shall be returned to all investors on a pro rata basis within five business days by first class mail or other equally prompt means.

RELEASE OF DEPOSITED SECURITIES AND DEPOSITED FUNDS

Methods of Disposition of Escrow Funds.   The Escrow Agent will hold the Escrow Funds and Securities as specified in this Escrow Agreement until authorized hereunder to deliver such Escrow Funds or Securities as follows:

The Deposited Funds and Deposited Securities may be released to the Company and the investors, respectively, after:

(1) The Escrow Agent has received written certification from the Company and any other evidence acceptable by the Escrow Agent that the Company has executed an agreement for the acquisition(s) of a business(es) the value of which represents at least 80% of the maximum offering proceeds and has filed the required post-effective amendment, the post-effective amendment has been declared effective, the mandated reconfirmation offer having the conditions prescribed by Rule 419 has been completed, and the Company has satisfied all of the prescribed conditions of the reconfirmation offer(at least 80% of the offering shares must have voted in favor of reconfirmation); and

(2) The acquisition(s) of the business(es) the value of which represents at least 80% of the maximum offering proceeds is (are) consummated or

(3) The minimum offering amount is not raised within 180 days.

3.          Discretion of Escrow Agent. The Escrow Agent, in its actions pursuant to this Agreement, shall be fully protected in every reasonable exercise of its discretion and shall have no obligations hereunder either to the Company or to any other party, except as expressly set forth herein and as stated in Rule 419 of the Securities Act of 1933.

It is understood and agreed that the duties of the Escrow Agent are entirely ministerial, being limited to receiving and holding and disbursing such Funds in accordance with this Agreement.

4.          Escrow Fees. The fee of the Escrow Agent is a fee of $1,500, $750 of which shall be paid by the registrant at the opening of escrow and the remainder of which fee shall be paid after the close of the offering.  In addition, all hard costs (wire fees, etc.) shall be deducted from disbursements.

5.          Expenses of Escrow Agent. Escrow Agent does not anticipate any expenses other than hard costs as described above.  In the event Escrow Agent does incur any expenses, Client agrees to promptly reimburse Escrow Agent for its actual costs incurred.

6..          Limitation of Liability of Escrow Agent In performing any of its duties hereunder, the Escrow Agent shall not incur any liability to anyone for any damages, losses or expenses, except for willful default or knowing violation of law, and it shall, accordingly, not incur any such liability with respect to: (i) any action taken or omitted in good faith upon advice of its counsel or counsel for the Client given with respect to any questions relating to the duties and responsibilities of the Escrow Agent under this Agreement; or
(ii) any action taken or omitted in reliance upon any instrument, including the written advice provided for herein, not only as to its due execution and the validity and effectiveness of its provisions, but also as the truth and accuracy of any information contained therein, which the Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons, and to conform with the provisions of this Agreement.

  

Exhibit 10.1 -- Page 4

  

7.          Indemnity of Escrow Agent. The Client hereby agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities, attorneys’ fees (even if Escrow Agent represents himself), and expenses, including any litigation arising from this Agreement or involving the subject matter hereof.

8.          Disputes. In the event that a dispute arises as to the terms of this Agreement, the Escrow Agent shall be entitled to deposit, in the nature of any interpleader action, any documents or proceeds then held by such Escrow Agent with any court of competent jurisdiction within the State of Arkansas and shall be reimbursed for all its attorney’s fees and costs connected therewith, even if Escrow Agent, as attorney, represents himself.

9.          Entire Agreement This is the entire Agreement of the parties. Any other agreements of any nature whether oral or written not contained herein are expressly made null and void.

10.          Governing Law. This Agreement shall be governed by the laws of the State of Arkansas.

IN WITNESS WHEREOF, the Company, and the Escrow Agent have executed this Escrow Agreement on the day and year first above-written.

	
THE CLIENT

	  
	  	  
	
/s/ Rory O'Dare

	
Date: March 15, 2011

	
Rory O'Dare President

	  
	
Petrus Resources Corporation

	  
	  	  
	
THE SELLING SHAREHOLDER

	  
	  	  
	
/s/ Rory O'Dare

	
Date: March 15, 2011

	
Rory O'Dare Selling Shareholder

	  
	
Petrus Resources Corporation.

	  
	  	  
	
THE ESCROW AGENT

	  
	  	  
	
Evolve Bank & Trust

	  
	  	  
	  	  
	
By:  /s/ C.Douglas Kelso, III

	
Date:  March 15, 2011

	
Name: C.Douglas Kelso, III

	  
	
Evolve Bank & Trust

	  

 

 

Exhibit 10.1 -- Page 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}]]