Document:

Sublease Agreement, dated Oct. 23, 2003 by and btwn NBC and DWR

 EXHIBIT 10.02 
  
 SUBLEASE AGREEMENT 
  
 This Sublease Agreement (this “Sublease”) is made as of August    , 2003, by and between National Broadcasting
Company, Inc., a Delaware corporation (“Sublandlord”) and Design Within Reach, a California corporation (“Subtenant”), with regard to the following facts: 
  
 A. Xoom.com, Inc. was the original tenant under an Office Lease, dated as of August 13, 1999, with OAIC Bush Street, LLC, a
Delaware limited liability company (the “Original Master Landlord”). Xoom.com, Inc. assigned the Office Lease to NBC Internet, Inc., a Delaware corporation (“NBCi”). NBCi and the Original Master Landlord amended the Office Lease
by: (i) a First Amendment to Lease (“First Amendment”), dated as of February 15, 2000; (ii) a Storage Space License and Mail Room Agreement and Second Amendment to Lease (“Second Amendment”), dated as of February 22, 2000; and
(iii) a Third Amendment to Lease (“Third Amendment”), dated as of May 17, 2000 (the lease and all of the aforementioned amendments and agreements are collectively referred to as the “Master Lease”) with Original Master Landlord
for a Lease term that expires March 31, 2010. A copy of the Master Lease is attached to this Sublease and marked as Exhibit A and incorporated herein. Under the Master Lease, Sublandlord leases office space currently consisting of 220,135 rentable
square feet on portions or all of the 7th, 8th, 9th, 12th, 13th, 14th, 19th, 20th, 21st and 22nd floors (the “Premises”), of the building located at 225 Bush Street, San Francisco, California (the “Building”). 
  
 B. On or about November 1, 2000, the Original Master Landlord sold the
Building to WXIII/225 Bush, LLC, GEM Laredo 225 Bush, LLC, and Citrine 225 Bush, LLC who are now the master landlord under the Master Lease (collectively, the “Master Landlord”). 
  
 C. Sublandlord is the successor-in-interest by operation of law to
NBCi’s interest as tenant under the Master Lease and all of NBCi’s rights and obligations thereunder. 
  
 D. Subtenant desires to sublease from Sublandlord that portion of the Premises, which is the entire 20th, 21st and 22nd floors of the Building, and which
shall be deemed to consist of 59,188 rentable square feet (the “Subleased Premises”). Sublandlord has agreed to sublease the Subleased Premises to Subtenant on the terms, covenants and conditions stated in this Sublease. 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained in this
Sublease, and for valuable consideration, the receipt and sufficiency of which are acknowledged by the parties, the parties agree as follows: 
  
 1. Sublease. Sublandlord subleases to Subtenant and Subtenant subleases from Sublandlord the Subleased Premises, subject to the terms, covenants,
and conditions contained in this Sublease. 
  
 2. Subleased
Premises. 
  
 2.1 The Subleased Premises shall consist of
59,188 rentable square feet, comprising the entire 20th, 21st and 22nd floors of the Building as shown on Exhibit B hereto. 
  

 2.2 Sublandlord hereby designates Frank Morano, whose telephone number is (212) 664-7072, e-mail address
is frank.morano@nbc.com, and street address is 30 Rockefeller Plaza, New York, New York, 10112, to act as its representative (“Sublandlord Move-In Representative”) and such person as Subtenant designates from time to time, to act as its
representative (“Subtenant Move-In Representative”) for purposes of authorizing and executing any and all documents or other writings (following the Sublease execution) pertaining to construction of the improvements in the Subleased
Premises such as approval of plans and specifications for Subtenant’s improvements and submission of requests for payment of the allowance in connection with the preparation of the Subleased Premises for occupancy by Subtenant. Subtenant and
Sublandlord shall have the right to rely on any approvals and authorizations and documents executed by the Sublandlord Move In Representative and the Subtenant Move-In Representative, respectively, and, any provisions in this Sublease to the
contrary notwithstanding, all notices from Subtenant to Sublandlord, or vice versa, regarding any move-in related construction matters shall be deemed to have been satisfied if delivered to the Sublandlord Move-In Representative or the Subtenant
Move-In Representative, as appropriate, as provided above. Sublandlord shall have the right to change the Sublandlord Move-In Representative at any time upon notice to Subtenant and Subtenant shall have the right to change the Subtenant Move-In
Representative at any time upon notice to Sublandlord. 
  
 3.
Term. 
  
 3.1 Subject to the conditions set forth herein, the
terms and provisions of this Sublease shall be effective between Sublandlord and Subtenant upon the full execution hereof; provided that the term of this Sublease shall commence on the latest to occur of (i) the date of this Sublease or (ii)
the date of Master Landlord’s written consent to this Sublease as evidenced by the Non-Disturbance Agreement described in Section 11.11 hereof (the “Commencement Date”) and shall expire on March 10, 2010, unless sooner terminated as
provided in the Master Lease or herein. Sublandlord agrees that the Subleased Premises shall be deemed delivered to Subtenant upon the Commencement Date. 
  
 3.2 Subject to all of the terms and conditions of this Sublease and the Master Lease, except the obligation to pay base rent for the Subleased Premises,
upon the Commencement Date, Subtenant shall have full, uninterrupted and exclusive possession of the Subleased Premises. 
  
 4. Rent. 
  
 4.0 As used herein, the term “Rent Commencement Date” shall mean June 1, 2004. 
  
 4.1 Subtenant shall pay base rent for the Subleased Premises in the amount of (i) Seventy-Eight Thousand Nine Hundred
Seventeen and 33/100 Dollars ($78,917.33) per month from June 1, 2004 through February 28, 2006; (ii) One Hundred Three Thousand Five Hundred Seventy-Nine Dollars ($103,579.00) per month from March 1, 2006 through February 29, 2008; and (iii) One
Hundred Eight Thousand Five Hundred Eleven and 33/100 Dollars ($108,511.33) per month from March 1, 2008 through March 10, 2010, in each case without deduction, notice, demand or offset. Subtenant shall pay the base rent for the Subleased 

  

 2 

 
Premises for the first full month’s base rent due under the Sublease in the amount of Seventy-Eight Thousand Nine Hundred Seventeen and 33/100 Dollars
($78,917.33) (the “Initial Payment”) in advance upon Subtenant’s execution of this Sublease, but in the event Master Landlord does not consent to this Sublease, Sublandlord shall return the Initial Payment to Subtenant within ten (10)
days following notice thereof. Rent for any partial month shall be pro-rated. 
  
 4.2 (a) Any and all other monetary obligations of Subtenant under this Sublease or applicable provisions of the Master Lease shall be deemed to be additional rent. Those obligations shall include, without limitation,
Subtenant’s obligation to pay Subtenant’s share of all (i) Expenses pursuant to, and as defined in, Paragraph 5 of the Master Lease, based upon a Base Year of 2004, and (ii) Real Estate Taxes pursuant to and as defined in, Paragraph 5 of
the Master Lease, based upon a Base Year of 2004. The Subleased Premises comprises 26.88% of the rentable square footage of the Premises and 10.66% of the rentable square footage of the Building (“Subtenant’s Share”). Subtenant’s
Share shall be adjusted to the extent the Master Landlord amends or terminates the Master Lease as to any portion of the Premises. Subtenant’s Share of the Expenses and Real Estate Taxes due under the Master Lease and this Sublease shall
reflect the applicable one of these percentages (unless a greater percentage of an expense or tax is attributable to Subtenant). 
  
 (b) Notwithstanding anything herein or in the Master Lease to the contrary, a failure by Sublandlord to bill Subtenant for any Expenses or for any Real
Estate Taxes within one hundred eighty (180) days after Sublandlord receives a corresponding invoice from Master Landlord for the period for which such relate, shall relieve Subtenant of any obligation or duty to pay any amount that may otherwise be
due for that period. 
  
 4.3 Other than monthly estimates of
Subtenant’s Share of Expenses and Real Estate Taxes and yearly reconciliation amounts, which shall be paid pursuant to Paragraph 5 of the Master Lease, Subtenant shall pay all bills submitted from Sublandlord for any other monetary obligations
to Sublandlord under this Sublease within twenty (20) days of receipt. 
  
 4.4 The provisions of the Master Lease providing Sublandlord the right to contest and audit statements for Expenses or Real Estate Taxes shall inure to the benefit of Subtenant with respect to both the statements provided by Sublandlord and
the underlying statements from Master Landlord. In the event Subtenant desires to contest or audit the Expenses or Real Estate Taxes of the Building, to the extent Master Landlord will not allow Subtenant to perform such contest or audit, then
Sublandlord will act on behalf of and as directed by Subtenant at the expense of Subtenant. 
  
 5. Use. Subtenant agrees to use the Subleased Premises only in accordance with the provisions of the Master Lease and for general business and professional office use, and for no other purpose. 
  
 6. Master Lease. As applied to this Sublease, the words
“Landlord” and “Tenant”, and “Premises” in the Master Lease will be deemed to refer to Sublandlord, Subtenant and Subleased Premises, respectively, under this Sublease, as applicable. Except as otherwise expressly
provided in Section 8 of this Sublease, the covenants, agreements, provisions, and 

  

 3 

 
conditions of the Master Lease, to the extent that they relate to the Subleased Premises, and to the extent that they are not inconsistent with the terms of
this Sublease, are made a part of and incorporated into this Sublease as if recited in full in this Sublease. Except as otherwise specifically provided in this Sublease, the rights and obligations of the Landlord and Tenant under the Master Lease
will be deemed the rights and obligations of Sublandlord and Subtenant, respectively, under this Sublease, and will inure to the benefit of, and be binding on, Sublandlord and Subtenant, respectively. 
  

	7.	Performance by Sublandlord; Status of Master Lease. 

  
 7.1 Subtenant recognizes that Sublandlord is not in a position to render any of the services or to perform any of the obligations required of Master
Landlord by the terms of the Master Lease. Therefore, despite anything to the contrary in this Sublease, Subtenant agrees that performance by Sublandlord of its obligations under this Sublease is conditioned upon performance by the Master Landlord
of its corresponding obligations under the Master Lease, and except as provided in Section 7.2 below, Sublandlord shall not be liable to Subtenant for any default of the Master Landlord under the Master Lease. 
  
 7.2 Provided that there exists no Event of Default by Sublandlord under the
Master Lease, Subtenant shall not have any claim against Sublandlord based on the Master Landlord’s failure or refusal to comply with any of the provisions of the Master Lease unless that failure or refusal is a result of Sublandlord’s act
or failure to act. Despite the Master Landlord’s failure or refusal to comply with any of those provisions of the Master Lease, this Sublease shall remain in full force and effect and Subtenant shall pay the base rent and additional rent and
all other charges provided for in this Sublease without any abatement, deduction or setoff. Except as expressly provided in this Sublease, Subtenant agrees to be subject to, and bound by, all of the applicable covenants, agreements, terms,
provisions, and conditions of the Master Lease with respect to the Subleased Premises, as though Subtenant were the Tenant under the Master Lease. 
  
 7.3 Except as set forth in Section 11.3 below, whenever the consent of the Master Landlord is required under the Master Lease or whenever the Master
Landlord fails to perform its obligations under the Master Lease, Sublandlord agrees to use commercially reasonable efforts to obtain that consent or performance on behalf of Subtenant. Such commercially reasonable efforts shall include efforts to
contact (in person, by telephone and/or in writing) and negotiate with Master Landlord, but shall not include instituting litigation or any other proceedings. 
  

7.4 As of the date of this Sublease, Sublandlord has neither given nor received a notice of default under the Master Lease and has no actual knowledge
of any facts or circumstances which, with the passage of time or the giving of notice, would constitute a default under the Master Lease. 
  
 7.5 (a) Sublandlord agrees not to modify the Master Lease in a manner that adversely affects Subtenant’s rights or obligations under this Sublease
and shall deliver a copy of any modification to Subtenant promptly after entry therein. Neither Subtenant nor Sublandlord shall commit or allow any act or omission that would result in the failure or breach of any of the 

  

 4 

 
covenants, provisions, or conditions of the Master Lease on the part of the Tenant under the Master Lease. 
  
 (b) Subtenant shall have the right to cure any default by Sublandlord under
the Master Lease relating to the Subleased Premises or Subtenant’s rights under this Sublease. 
  
 8. Variations from Master Lease. As between Sublandlord and Subtenant, the terms and conditions of the Master Lease are modified as stated below in
this Section 8. 
  
 8.1 Base Rent; Term. Despite anything
to the contrary stated in the Master Lease, the term of this Sublease, the base rent and additional rent payable under this Sublease are set forth in Sections 3 and 4 herein. 
  
 8.2 Brokers. Sublandlord and Subtenant represent and warrant to each other that, except as provided herein, no
broker, agent, commission salesperson, or other person has represented Sublandlord or Subtenant in the negotiations for and procurement of this Sublease and of the Subleased Premises and that no commissions, fees, or compensation of any kind are due
and payable in connection herewith to any broker, agent, commission salesperson, or other person as a result of any act or agreement of Sublandlord or Subtenant. Sublandlord and Subtenant agree to indemnify and hold each other harmless from all
loss, liability, damage, claim, judgment, cost or expense (including reasonable attorneys’ fees and court costs) suffered or incurred by the other party as a result of a breach by Sublandlord or Subtenant, as applicable, of the representation
and warranty contained in the immediately preceding sentence or as a result of Sublandlord’s or Subtenant’s failure to pay commissions, fees or compensation due to any broker who represented Sublandlord or Subtenant, whether or not
disclosed, or as a result of any claim for any fee, commission or similar compensation with respect to this Sublease made by any broker, agent or finder claiming to have dealt with Sublandlord or Subtenant, whether or not such claim is meritorious.
No broker or finder has been involved by either party in connection with the consummation of this Sublease, except for CB Richard Ellis, on behalf of Sublandlord, and The CAC Group, on behalf of Subtenant. Sublandlord shall pay a commission for this
Sublease pursuant to a separate agreement between Sublandlord and CB Richard Ellis. The provisions of this Section 8.2 shall survive the expiration or earlier termination of this Sublease. 
  
 8.3 Insurance and Condemnation Proceeds/Additional Insureds. Despite
anything contained in the Master Lease to the contrary, as between Sublandlord and Subtenant only, in the event of damage to or condemnation of the Subleased Premises, all insurance proceeds or condemnation awards received by Sublandlord under the
Master Lease (except for Subtenant’s personal property and relocation expenses) shall be deemed to be the property of Sublandlord, and Sublandlord shall have no obligation to rebuild or restore the Subleased Premises. Subtenant shall comply
with the provisions of Paragraph 14 of the Master Lease and, where additional insureds are required to be named on any policies required of Subtenant, Subtenant shall name as additional insureds all of the parties specified in Paragraph 14 of the
Master Lease and also name Sublandlord. 
  
 8.4 Amounts
Payable. All amounts payable under this Sublease by Subtenant are payable directly to Sublandlord. 
  

 5 

 8.5 Provisions of Master Lease not Applicable or Modified. This Sublease is subject and
subordinate to the Master Lease, and all other agreements to which the Master Lease is subordinate. 
  
 As between Sublandlord and Subtenant, however, the following provisions of the Master Lease shall not apply to the Sublease if set forth below, or shall
apply as modified by the parentheticals following the paragraph reference. For the Master Lease: the Basic Lease Information (to the extent that it pertains to the Premises and not the Subleased Premises in such matters as term commencement date,
term expiration date, base monthly rental, base expense year and base tax year), Paragraphs 3, 8(a), 10 (no Subtenant obligations to remove Alterations installed by Sublandlord), 12 (no Subtenant obligation to remove Alterations installed by
Sublandlord), 18(b) (will apply to the extent of the modifications in Section 10 of this Sublease), 18(e) the last sentence of the first paragraph and the second and third paragraphs are deleted; 18(f) (in the first sentence those rights shall only
apply to Master Landlord and not Sublandlord), 18(h), 18(k), 18(1), and 18(m), 35, 40, 47(a) (the third sentence is deleted), 47(b), 47(c) and 47(d), 47(e) and 47(f), 49, 51, 52, 53(a), 54 (only applicable pro-rata for the ration between the
Subleased Premises and the Premises), 56, 57, Exhibit C, Exhibit F, and Schedule l. The provisions of the First Amendment will not apply to this Sublease, except for the provisions of Paragraph 13 thereof. The provisions of the Second Amendment will
not apply to this Sublease. The provisions of the Third Amendment will not apply to this Sublease except to the extent of reflecting the increase in size of the Premises and change in Tenant’s Share of Expenses and Real Estate Taxes.

  
 8.6 “AS-IS”. (a) Sublandlord shall deliver
the Subleased Premises to Subtenant in their current “AS-IS, WHERE-IS” condition and Subtenant accepts delivery in such condition without any express or implied representations or warranties from Sublandlord, or any agent, employee or
representative of Sublandlord, regarding the condition or completeness of the Subleased Premises or their suitability or fitness for Subtenant’s proposed use or compliance with any applicable laws, rules, codes or regulations, including,
without limitation, San Francisco building codes or ADA requirements. Notwithstanding the foregoing, Sublandlord agrees to deliver the Subleased Premises to Subtenant broom-clean, and with all mechanical systems within the Subleased Premises in good
working order. Subtenant’s rights to make any improvements or alterations to the Subleased Premises and Subtenant’s obligation to restore the Subleased Premises to its as-delivered condition upon termination of this Sublease, shall be
governed by the provisions of Exhibit C and Paragraph 10 of the Master Lease, provided, that the consent of both Sublandlord and Master Landlord shall be required thereunder. Upon Sublandlord’s review of the plans for Subtenant’s
alterations, Sublandlord shall notify Subtenant as to whether Subtenant shall be required to restore the Subleased Premises to their original condition upon expiration or termination of this Sublease; provided that if Master Landlord does not
require restoration of Subtenant’s improvements or alterations in the Subleased Premises upon the expiration or termination of this Sublease, Sublandlord shall be deemed to have waived any requirement to so restore. Compliance with any and all
applicable laws, rules, regulations and codes (including without limitation ADA requirements) with respect to the Subleased Premises shall be the responsibility of Subtenant and shall be at Subtenant’s expense, if such compliance requirements
arise from Subtenant’s alterations in the Subleased Premises. 
  

 6 

 (b) All supervisory, management, review or oversight, plan review or approval fees, and any requirements
for payment or performance bonds that Master Landlord may require under the terms of the Master Lease, or otherwise, in connection with the improvements to be made by Subtenant to the Subleased Premises, shall be paid or provided by Subtenant.

  
 (c) Subtenant shall deliver plans for its work in the
Subleased Premises to Sublandlord for its transmittal to Master Landlord which Sublandlord shall do within three (3) business days after approval by Sublandlord. 
  
 (d) Notwithstanding anything herein or in the Master Lease to the contrary, Subtenant shall, with respect to any
alterations made by Subtenant, relinquish such alterations at the end of the Sublease term in the condition required by the Master Landlord as part of its consent to Subtenant’s alterations. 
  
 8.7 Hazardous Substances. (a) In furtherance of, and not in
contradiction of the provisions of the Master Lease, Subtenant shall defend (with counsel approved by Sublandlord), indemnify and hold harmless Sublandlord, and its parent, subsidiary and affiliated companies, against any and all claims, losses,
liabilities, costs and damages (collectively, “Claims”) arising in connection with or in any way relating to the use or occupancy of the Subleased Premises by Subtenant, which arise under or relate to Environmental Laws or Hazardous
Substances, arising from facts or conditions which occur on or after the Commencement Date. Such Claims shall include without limitation: (1) remedial actions; (2) personal injury, wrongful death, economic loss or property damage claims; (3) claims
for natural resource damages; (4) violations of law; or (5) any other cost, loss or damage directly resulting therefrom. This indemnification is supplementary to, and not in replacement of, the indemnification required elsewhere in this Sublease.

  
 (b) Subtenant agrees that this Sublease shall exclusively
define Subtenant’s rights and Sublandlord’s obligations with respect to environmental, health and safety matters related to the Sublease Premises. In no event shall Sublandlord be liable for any loss of profit, loss or interruption of
business, denial of use of the Subleased Premises, or other consequential or indirect damages. Any demand or claim made upon Sublandlord pursuant to this Sublease must be made within one year of the expiration or earlier termination of this
Sublease. Except with respect to the rights set forth herein, Subtenant, for itself and its parent, subsidiary and affiliated entities effective as of the Commencement Date, releases and discharges Sublandlord and its parent, subsidiary and
affiliated companies from any and all claims (whether at law, in equity, or otherwise), rights of subrogation and contribution and remedies of any nature whatsoever, known or unknown, relating to or arising out of Environmental Laws or the
processing, disposal, handling, use or release of Hazardous Substances in the Subleased Premises and arising on or after the Commencement Date. Subtenant knowingly and voluntarily waives the provisions of Section 1542 of the California Civil Code
(set forth below), as well as any other statute, law or rule of similar effect, and acknowledges and agrees that this waiver is an essential and material term of this Sublease, and without such waiver this Sublease would not have been entered into.

  

 7 

 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY EFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
  
 (c) Sublandlord agrees to provide Subtenant with all documentation in Sublandlord’s possession regarding the existence of Hazardous Materials in the
Subleased Premises. 
  
 (d) “Environmental Laws” shall
mean any and all past, present and future local/municipal, state, federal or international law, statute, treaty, directive, decision, judgment, award, regulation, decree, rule, code of practice, guidance, order, direction, consent, authorization,
permit or similar requirement, approval or standard concerning environmental, health or safety matters (including, but not limited to, the clean-up standards and practices for Hazardous Materials) in buildings, equipment, soil, subsurface strata,
air, surface water, or ground water, set forth in applicable law. 
  
 (e) “Hazardous Materials” means any and all dangerous substances, hazardous substances, toxic substances, radioactive substances, hazardous wastes, special wastes, controlled wastes, oils, petroleum and petroleum products,
hazardous chemicals and any other materials which may be harmful to human health or the environment. 
  
 8.8 Conflicts. As between Sublandlord and Subtenant only, in the event of a conflict between the terms of the Master Lease and the terms of this
Sublease, the terms of this Sublease will control. 
  
 9.
Indemnity. In addition to the provisions of Paragraph 16 of the Master Lease, Subtenant agrees to protect, defend, indemnify, and hold Sublandlord harmless from and against any and all liabilities, claims, expenses, losses and damages (including
reasonable attorney’s fees and costs), that may at any time be asserted against Sublandlord by the Master Landlord directly resulting from the failure of Subtenant to perform any of the covenants, agreements, terms, provisions, or conditions
contained in this Sublease or the Master Lease that Subtenant is obligated to perform under the provisions of this Sublease, except to the extent caused by the intentional or negligent act or failure to act of Sublandlord or any of its affiliates
and their respective agents or employees. 
  
 10. Assignment or
Subleasing. (a) Any activity with respect to this Sublease which could be construed to be covered by the “Assignment and Subletting” provisions of Paragraph 18 (as modified by this Sublease) of the Master Lease shall be subject to the
consent of Sublandlord in addition to the consent of Master Landlord, as set forth in Paragraph 18 of the Master Lease. Subject to Paragraph 18 of the Master Lease, including, without limitation, Master Landlord’s rights to fifty percent (50%)
of any sums above the rate paid by Sublandlord under the Master Lease (after subtracting out-of-pocket market rate leasing commissions paid to third party brokers), Subtenant shall be entitled to fifty percent (50%) of the remaining excess
compensation or consideration for rents received on any sub-sublease or assignment of the Sublease in excess of the rents charged under the higher of (i) this Sublease or (ii) the Master Lease, after subtracting out-of-pocket market rate leasing
commissions paid to third party brokers to the 

  

 8 

 
extent not already subtracted above. Subtenant shall have the same rights and obligations as Sublandlord under the provisions of Paragraph 18(b) of the
Master Lease, except that (i) the definition of Affiliate in Paragraph 18(b)(i) (National Broadcasting Company, Inc.) shall be deemed deleted as to Subtenant, and (ii) the definition of Affiliate shall be deemed to include a subsidiary of Subtenant.

  
 (b) Notwithstanding anything in this Sublease to the
contrary, a sale of the assets, stock or ownership interests of Subtenant shall not require the consent of Sublandlord hereunder; provided that the successor or purchaser shall have a net worth equal to or greater than Subtenant on the day
prior to such sale. Moreover, Subtenant shall have the right, without the consent of Sublandlord (a “Permitted Transfer”) either (a) to sublet the Subleased Premises, or portions thereof, or (b) to assign this Sublease in connection with
any of the following: (1) sale of any of the stock or ownership interests or assets of Subtenant, (2) merger or consolidation of Subtenant, (3) an assignment or sublet or management or similar arrangement to an entity which is, directly or
indirectly, controlled by, controlling or under common control with Subtenant; provided that in each case the transferee, sublessee or assignee shall have a net worth equal to or greater than Subtenant on the day prior to such sale. without
Sublandlord’s consent. Sublandlord shall have no right to increase the Rent under this Sublease, to recapture any or all of the Subleased Premises or terminate the Sublease in connection with such Permitted Transfer; provided, however,
that Subtenant shall reimburse Sublandlord for its actual, out-of-pocket expenses incurred in connection with such Permitted Transfer. Any sublet or assignment hereunder shall not release or discharge Subtenant or from any liability, whether past,
present, or future, under this Sublease, and Subtenant shall continue fully liable thereunder. Subtenant shall deliver to Sublandlord promptly after the effective date of any such transfer, an executed copy of each such sublease or assignment.

  
 (c) Subtenant acknowledges that any assignment, sublease or
transfer (including without limitation a Permitted Transfer) shall require the consent of the Master Landlord to the extent set forth in the Master Lease. 
  
 11. General Provisions. 
  
 11.1 Amendment. Any agreement made after the date of this Sublease is ineffective to amend, modify, waive, release, terminate, or effect an
abandonment of this Sublease, in whole or in part, unless that agreement is in writing, is signed by the parties to this Sublease, and specifically states that agreement modifies this Sublease. 
  
 11.2 Further Assurances. Each party to this Sublease will at its own
cost and expense execute and deliver such further documents and instruments and will take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Sublease. 
  
 11.3 Sublease Conditioned upon Consent of Master Landlord.
Sublandlord agrees to comply with all of the requirements of the Master Lease in seeking the consent or approval of the Master Landlord to this Sublease within five (5) business days after Subtenant’s execution and delivery of this Sublease to
Sublandlord and to thereafter use commercially reasonable efforts to have the Master Landlord consent or prove to this Sublease and to enter into 

  

 9 

 
the Non-Disturbance Agreement described in Section 11.11 hereof. The Master Landlord’s written consent to this Sublease in accordance with the terms of
Paragraph 18 of the Master Lease is a condition precedent to the validity of this Sublease. This condition is for the benefit of both Sublandlord and Subtenant. Master Landlord’s consent to this Sublease must be in a form that is acceptable to
Sublandlord and Subtenant in their sole discretion. If (i) the Master Landlord’s consent has not been obtained, and (ii) duplicate originals of the consent have not been delivered to Subtenant within the time periods set forth in Paragraph 18
of the Master Lease, Sublandlord and Subtenant shall each thereafter have the right, subject to the terms of this Section 11.3, to terminate this Sublease pursuant to a notice (the “Termination Notice”) delivered to the other party. If
Sublandlord fails to deliver to Subtenant the consent of Master Landlord to this Sublease within ten (10) days following receipt of the Subtenant’s Termination Notice (“Subtenant’s Termination Date”), this Sublease shall
automatically terminate and the parties shall be released from any further obligations under this Sublease and Sublandlord shall return to Subtenant all sums delivered by Subtenant to Sublandlord for base rent or any security deposit, including the
return of any letter of credit provided pursuant to the terms hereof. If, however, Sublandlord delivers to Subtenant the consent of Master Landlord on or before the Subtenant’s Termination Date, the condition set forth in this Section 11.3
shall be satisfied and this Sublease shall continue in full force and effect. A Termination Notice delivered from Sublandlord to Subtenant (“Sublandlord’s Termination Notice”) shall be deemed effective upon delivery, but shall in no
event be delivered after Sublandlord delivers to Subtenant the consent of Master Landlord to this Sublease. 
  
 11.4 Capitalized Terms. All terms spelled with initial capital letters in this Sublease that are not expressly defined in this Sublease shall have
the respective meanings given such terms in the Master Lease. 
  
 11.5 Counterparts. This Sublease may be executed in one or more counterparts; all so executed shall constitute one sublease, binding upon all of the parties to this Sublease, notwithstanding that all of the parties are not signatory
to the same counterpart. 
  
 11.6 Financial Statements.
Upon Sublandlord’s written request therefor, but not more often than one time per year, Subtenant shall promptly furnish to Sublandlord a financial statement for its most recent fiscal quarter or year, as applicable, prepared in accordance with
generally accepted accounting principles and certified to be true and correct by Subtenant (on a quarterly basis) and Subtenant’s accounting firm (on a yearly basis). 
  
 11.7 Representations and Warranties. (a) Subtenant represents and warrants that, at the time of Subtenant’s
execution of this Sublease: (i) there has been no material adverse change in Subtenant’s financial statement and condition from the time when Subtenant first communicated these matters to Sublandlord and delivered to Sublandlord its financial
statement; and (ii) Subtenant has received all necessary approvals necessary to enter into this Sublease and the person(s) executing this Sublease on behalf of Subtenant have the full power and authority to do so and bind Subtenant to the terms and
provisions thereof. 
  
 (b) Sublandlord represents and warrants
that, at the time of Sublandlord’s execution of this Sublease, Sublandlord has received all necessary approvals necessary to enter into this Sublease and the person(s) executing this Sublease on behalf of 

  

 10 

 
Sublandlord have the full power and authority to do so and bind Sublandlord to the terms and provisions hereof. 
  
 11.8 Signage. Pursuant to Paragraph 47 of the Master Lease (as
limited by this Sublease), and at Subtenant’s sole cost and expense, Subtenant shall have the right to main floor directory signage and signage in each of the 20th, 21st and 22nd Floor elevator lobbies. 
  
 11.9 Master Landlord, Sublandlord and Subtenant Addresses for
Notices. Except as contemplated by Section 2.2, all notices, consents, demands and other communications from one party to the other that are given pursuant to the terms of this Sublease shall be in writing and sent either (i) by deposit in the
United States mail, certified or registered, return receipt requested; (ii) by overnight courier service; or (iii) by personal delivery, in each case addressed as follows: 
  

			
	Master Landlord:	 	 WXIII/225 Bush, LLC
 c/o Flynn Properties, Inc.
 225 Bush Street, Suite 1470
 San Francisco, CA 94104
 Attention:
David Murphy, Director of Real Estate

		
	 	 	 Teachers Insurance and Annuity Association of America
 730 Third Avenue
 New York, NY
10017
 Attention: Director of Portfolio Management,
 National Accounts, Mortgage and Real Estate
 Application #3247, Mortgage #000491100

		
	 	 	 Teachers Insurance and Annuity Association of America
 730 Third Avenue
 New York, NY
10017
 Attention: Vice President and Chief Counsel,
 Mortgage and Real Estate Law
 Application #3247, Mortgage #000491100

		
	Sublandlord:	 	 National Broadcasting Company, Inc.
 30 Rockefeller Plaza
 New York, NY 10112
 Attention: Corporate Real Estate

		
	 	 	 National Broadcasting Company, Inc.
 30 Rockefeller Plaza
 New York, NY 10112
 Attention: Law Department

  

 11 

			
	 Subtenant:
	 	 Prior to the Rent Commencement Date:
 Design Within Reach
 283 Fourth Street
 Oakland, California 94607
 Attention:
Chief Financial Officer

		
	 With a copy to:
	 	 Design Within Reach
 283 Fourth Street
 Oakland, California 94607
 Attention: Vice President of Real Estate

		
	 With a copy to:
	 	 Gardner Carton & Douglas LLP
 191 N. Wacker Drive
 Suite 3700
 Chicago, Illinois 60606
 Attention:
Barnett P. Ruttenberg, Esq.

  
 Notices shall be
effective upon receipt. 
  
 11.10 Publicity. Sublandlord
and Subtenant expressly agree that there shall be no press release or other publicity originated by the parties hereto or any representative thereof concerning the Sublease without the prior written consent of both parties. 
  
 11.11 Non-Disturbance Agreement. Upon the execution and delivery of
this Sublease by Sublandlord, Sublandlord shall provide to Subtenant a Non-Disturbance Agreement from the Master Landlord, in the form attached hereto as Exhibit D. Subtenant agrees that any costs incurred by Sublandlord in obtaining such
Non-Disturbance Agreement from the Master Landlord shall be reimbursed to Sublandlord by Subtenant on demand. 
  
 11.12 Parking. Sublandlord shall make available to Subtenant, and Subtenant shall take from Sublandlord, eight (8) parking stalls in the Building
garage, at the rate charged by the parking garage operator. The use of such parking stalls shall be upon such terms and conditions as the parking garage operator shall establish from time to time. 
  
 11.13 Furniture. Subtenant shall purchase the furniture (including
workstation, office and conference furniture, but expressly excluding chairs) currently located in the Sublease Premises and more particularly described on Exhibit C hereto, for the sum of One Dollar ($1.00). Subtenant agrees that upon such
purchase, Sublandlord shall transfer its right, title and interest in such furniture to Subtenant by bill of sale reasonably approved by Subtenant, without representation or warranty of any kind, express or implied other than the fact that
Sublandlord owns all of such furniture free and clear of any liens or encumbrances, security agreements, conditional sales agreements, any similar or dissimilar encumbrance or reservation. 
  
 11.14 Tenant Improvement Allowance. In further consideration of this
Lease, Sublandlord shall provide for Subtenant’s benefit a tenant improvement allowance of Seven Hundred Fifty Thousand, Eight Hundred Seventy-Four Dollars ($750,874.00) (the “Tenant 

  

 12 

 
Allowance”). Such funds may be applied by Subtenant towards the cost of construction of Subtenant’s improvements in the Subleased Premises,
including without limitation architectural and engineering fees and other soft costs, and costs of acquiring and installing wiring and cabling for data and telecommunications, and any other costs and expenses permitted under Paragraph 6(a) of
Exhibit C to the Master Lease. In the event Subtenant does not use all or any portion of the Tenant Allowance for the payment of the foregoing costs, Subtenant shall not be entitled to any excess funds. Sublandlord shall pay such tenant improvement
allowance upon presentation by Subtenant of invoices from contractors, subcontractors and suppliers, for work and materials provided to or in the Subleased Premises, along with waivers of mechanic’s or materialmen’s liens with respect to
such work or materials. The Tenant Allowance shall be paid in accordance with Exhibit C of the Master Lease. Upon completion of Subtenant’s work, Subtenant shall deliver to Sublandlord final lien waivers from Subtenant’s general contractor
and all subcontractors and material suppliers. 
  
 11.15
Security Deposit. (a) Subtenant shall within three (3) business days following Sublandlord’s delivering evidence to Subtenant of Sublandlord’s execution of this Sublease (the “Security Delivery Date”), deposit with
Sublandlord the sum of One Hundred Eighty-Seven Thousand Four Hundred Twenty-Eight and 67/100 Dollars ($187,428.67) (the “Security Amount”) as security for the full and faithful performance and observance by Subtenant of the terms of this
Sublease. 
  
 (b) If Subtenant defaults in the full and prompt
payment and performance of any of Subtenant’s covenants and obligations under this Sublease, including the payment of base rent and Additional Rent, and such default continues beyond applicable notice and grace periods, Sublandlord may, but
shall not be required to, draw upon such Security Amount and use, apply or retain the whole or any part thereof, to the extent required for the payment of any base rent or Additional Rent or any other sums as to which Subtenant is in default or for
any sum which Sublandlord may expend or may be required to expend by reason of Subtenant’s default in respect of any of the terms, covenants and conditions of this Sublease, including any damages or deficiency in the reletting of the Subleased
Premises, whether such damages or deficiency accrue before or after summary proceedings or other reentry by Sublandlord. If Sublandlord shall so use, apply or retain the whole or any part, Subtenant shall within five (5) days of written notice
deposit with Sublandlord a sum equal to the amount so used, applied or retained, as security as aforesaid, failing which Sublandlord shall have the same rights and remedies as for the non-payment of base rent beyond the applicable grace period. If
Subtenant shall fully and faithfully comply with all of Subtenant’s covenants and obligations under this Sublease, the Security Amount or any portion thereof which have not been so used, applied or retained and any additional amounts deposited
with Sublandlord under the preceding sentence, shall be returned or paid over to Subtenant on the expiration date of this Sublease. In the event of any sale, transfer or assignment of all or substantially all of its interest in the Subleased
Premises, Sublandlord shall have the right to transfer such amounts deposited with Sublandlord, as the case may be, to the vendee, transferee or assignee, and Sublandlord shall, upon the transfer of its interest to, and the assumption of this
Sublease by, such vendee, transferee or assignee, be released by Subtenant from all liability for the return or payment thereof, and Subtenant shall look solely to the new sublandlord for the return or payment of the same. Except in connection with
an assignment of this Sublease as permitted hereunder, Subtenant shall not assign or encumber or attempt to assign or encumber the Security Amount 

  

 13 

 
deposited with Sublandlord, and neither Sublandlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or
attempted encumbrance. 
  
 In lieu of a cash security deposit,
Subtenant, prior to the Security Delivery Date, may furnish Sublandlord an Irrevocable Letter of Credit (the “LC”) for the benefit of Sublandlord in the amount of the Security Deposit, which LC Sublandlord may draw upon in the event of a
Default by Subtenant in the payment of any Rent due under this Sublease, for reimbursement of the costs of curing any Default by Subtenant under this Sublease, or on account of Subtenant’s failure to renew an expiring LC as set forth below. The
LC shall be issued by a United Stated bank reasonably satisfactory to Sublandlord. The LC shall provide that Sublandlord may draw on the LC by furnishing a Sight Draft in the amount demanded, together with a statement by Sublandlord that a Default
has occurred and that Sublandlord is entitled to draw upon the LC in the amount being demanded by Sublandlord. The initial LC shall be valid through at least September 30, 2004, and Subtenant shall cause the LC to be renewed no later than sixty (60)
days prior to its expiration date and any renewal shall be for at least a 12-month period. If Subtenant fails to renew an expiring LC (and furnish Sublandlord the renewal document) at least sixty (60) days prior to an expiration, Sublandlord shall
be entitled thereafter to draw upon the LC in the full amount of the LC in which event Sublandlord shall retain said money as a cash security deposit. If at any time Sublandlord draws upon the LC (except as set forth in the immediately preceding
sentence), Subtenant shall, within five (5) days thereafter, cause the LC to be increased back to the full amount provided for herein. 
  
 WHEREAS, Sublandlord and Subtenant have executed this Sublease as of the date specified above. 
  

									
	Sublandlord	 	 	 	Subtenant
			
	 National Broadcasting Company, Inc.,
 a
Delaware corporation
	 	 	 	Design Within Reach, a California corporation
					
	By:	 	 	 	 	 	By:	 	 
	 	 	
	 	 	 	 	 	

	 	 	 Name:
 Title:
	 	 	 	 	 	 Name:
 Title:

  

 14Lease Agreement, dated Oct. 2, 2003, by and btwn Dugan Financing and DWR

 EXHIBIT 10.03 
  
 LEASE AGREEMENT 
  
 THIS LEASE is executed this 2nd day of October, 2003, by and between DUGAN FINANCING LLC, a Delaware limited liability company (“Landlord”), and
DESIGN WITHIN REACH, INC., a California corporation (“Tenant”). 
  
 WITNESSETH: 
  
 ARTICLE 1 - LEASE OF PREMISES 
  
 Section 1.01. Basic Lease Provisions and Definitions. 
  

	A.	Leased Premises (shown outlined on Exhibit A attached hereto): 2360 Progress Drive, Hebron, Kentucky 41048; Building No. 1 (the “Building”); located in Skyport 275
Business Park (the “Park”); 

  

	B.	Rentable Area: approximately 216,668 square feet; 

  

	C.	Tenant’s Proportionate Share; 

  

				
	 Months 1-9
	  	0.00	%
	 Months 10-12
	  	63.64	%**
	 Months 13-60
	  	68.39	%;

  

	D.	Minimum Annual Rent*: 

  

					
	 Year 1 (months 1-9)
	  	$	0.00 	(9 months)
	 Year 1 (months 10-12)
	  	$	170,352.00 	(3 months)**
	 Year 2 (months 13-21)
	  	$	549,253.35 	(9 months)
	 Year 2 (months 22-24)
	  	$	189,584.49 	(3 months)
	 Year 3 (months 25-33)
	  	$	568,753.47 	(9 months)
	 Year 3 (months 34-36)
	  	$	194,459.52 	(3 months)
	 Year 4 (months 37-45)
	  	$	528,128.28 	(9 months)
	 Year 4 (months 46-48)
	  	$	182,001.12 	(3 months)
	 Year 5 (months 49-57)
	  	$	546,003.36 	(9 months)
	 Year 5 (months 58-60)
	  	$	187,417.83 	(3 months);

  

	E.	Monthly Rental Installments*: 

  

					
	 Months 1-9
	  	$	 0.00 per month	 
	 Months 10-12
	  	$	56,784.00 per month	**
	 Months 13-21
	  	$	61,028.15 per month	 
	 Months 22-33
	  	$	63,194.83 per month	 
	 Months 34-36
	  	$	64,819.84 per month	 
	 Months 37-45
	  	$	58,680.92 per month	 
	 Months 46-57
	  	$	60,667.04 per month	 
	 Months 58-60
	  	$	62,472.61 per month;	 

  

	*	A schedule of the net Minimum Annual Rent per square foot plus Landlord’s Share of Expenses is attached hereto as Schedule 1. 

  

	**	Tenant’s Proportionate Share, Minimum Annual Rent and Monthly Rental Installments are calculated on 201,600 square feet of the Leased Premises. 

  

	F.	Landlord’s Share of Expenses: $0.55 times the rentable area of the Leased Premises which is included in the Minimum Annual Rent; 

  

	G.	Lease Term: Five (5) years and Zero (0) months; 

  

	H.	Target Commencement Date: December 1, 2003; 

  

	I.	Security Deposit: $61,028.15; 

  

	J.	Guarantor(s): None; 

  

	K.	Brokers: Duke Realty Services Limited Partnership representing Landlord and Colliers International representing Tenant; 

  

	L.	Permitted Use: General office, warehousing and distribution of furniture, furnishings and all other merchandise offered in Tenant’s catalogue for sale and related purposes;

  

	M.	Address for notices: 

  

			
		
	 Landlord:
	  	 Dugan Financing LLC
 c/o Duke Realty Services Limited
Partnership
 Attn: Senior Property Manager
 4555 Lake Forest
Drive, Suite 400
 Cincinnati, OH 45242

		
	 With a copy to:
	  	 Dugan Financing LLC
 c/o Duke Realty Services Limited
Partnership
 Attn: Nick Anthony
 600 East 96th Street, Suite 100
 Indianapolis,
IN 46240

		
	 Tenant:
	  	 Design Within Reach, Inc.
 Attn: Chief Financial
Officer
 283 Fourth Street
 Oakland, CA
94607

  

 2 

			
	 With a copy to:
	  	 Barnett P. Ruttenberg, Esq.
 Gardner Carton &
Douglas
 191 N. Wacker Drive
 Suite 3700
 Chicago, IL 60606

	
	Address for rental and other payments:
		
	 	  	 Dugan Financing LLC
 75 Remittance Drive, Suite
1128
 Chicago, IL 60675-1128

  
 Section 1.02.
Leased Premises. Landlord hereby leases to Tenant and Tenant leases from Landlord, under the terms and conditions herein, the Leased Premises. 
  
 ARTICLE 2 - TERM AND POSSESSION 
  
 Section 2.01. Term. The term of this Lease (“Lease Term”) shall be for the period of time as set forth in Section
1.01(G) hereof, and shall commence on the date (the “Commencement Date”) that is the later to occur of (i) the Target Commencement Date and (ii) Substantial Completion (as hereinafter defined) of the Tenant Improvements (as hereinafter
defined). 
  
 Section 2.02. Construction of Tenant
Improvements. 
  
 (a) Tenant has personally inspected the
Leased Premises and accepts the same “AS IS” without representation or warranty by Landlord of any kind except as specifically provided in this Lease and with the understanding that Landlord shall have no responsibility with respect
thereto except to construct in a good and workmanlike manner the improvements described in the scope of work attached hereto as Exhibit B and made a part hereof (the “Tenant Improvements”) at Landlord’s sole cost and expense.
Landlord shall cause construction drawings of the Tenant Improvements to be prepared at Landlord’s cost. Tenant shall review and approve such plans in accordance with the proposed construction schedule given Tenant by Landlord, a copy of which
is attached hereto as Exhibit B-1. 
  
 (b) Landlord shall
provide Tenant with a proposed schedule for the construction and installation of the Tenant Improvements and shall notify Tenant of any material changes to said schedule. Tenant agrees to coordinate with Landlord regarding the installation of
Tenant’s phone and data wiring and any other trade related fixtures that will need to be installed in the Leased Premises prior to Substantial Completion. In addition, if and to the extent permitted by applicable laws, rules and ordinances,
Tenant shall have the right to enter the Leased Premises for thirty (30) days prior to the scheduled date for Substantial Completion (as may be modified from time to time) in order to install fixtures (such as racking) and otherwise prepare the
Leased Premises for occupancy (which right shall expressly exclude making any structural modifications). Landlord shall not require Tenant to pay Landlord a construction deposit or provide Landlord with a performance or similar bond for the
installations being done by Tenant 

  

 3 

 
prior to the Commencement Date. During any entry prior to the Commencement Date (i) Tenant shall comply with all terms and conditions of this Lease other
than the obligation to pay rent, (ii) Tenant shall not interfere with Landlord’s completion of the Tenant Improvements, (iii) Tenant shall cause its personnel and contractors to comply with the terms and conditions of Landlord’s rules of
conduct (which Landlord agrees to furnish to Tenant upon request), and (iv) Tenant shall not begin operation of its business. Tenant acknowledges that Tenant shall be responsible for obtaining all applicable permits and inspections relating to any
such entry by Tenant. 
  
 (c) For purposes of this Lease (i)
“Substantial Completion” (or any grammatical variation thereof) shall mean completion of construction of the Tenant Improvements based on an open warehouse floor plan, subject only to punchlist items to be identified by Landlord and Tenant
in a joint inspection of the Leased Premises prior to Tenant’s occupancy, the completion of which will not materially affect Tenant’s use and occupancy of, or ability to obtain an occupancy permit for the Leased Premises (Tenant
acknowledging, however, that even if Landlord has Substantially Completed the Tenant Improvements, Landlord may not be able to obtain an occupancy permit for the Leased Premises because of the need for completion of all or a portion of improvements
being installed in the Leased Premises directly by Tenant, and Tenant assumes all responsibility for all inspections required after Tenant’s racking system is installed), and (ii) “Tenant Delay” shall mean any delay in the completion
of the Tenant Improvements attributable to Tenant, including, without limitation, (A) Tenant’s failure to meet any time deadlines specified herein or in the proposed schedule given to Tenant by Landlord, (B) Change Orders, (C) Tenant’s
requirements for special work or materials, finishes or installations other than Building standard, (D) the performance of any other work in the Leased Premises by any person, firm or corporation employed by or on behalf of Tenant, or any failure to
complete or delay in completion of such work, and (E) any other act or omission of Tenant. Landlord shall complete any punchlist items within thirty (30) days after the Commencement Date or such later date as may be required for any specific
punchlist item. 
  
 (d) Notwithstanding anything to the contrary
contained in Section 2.01 above, if Substantial Completion of the Tenant Improvements is delayed beyond the Target Commencement Date as a result of Tenant Delay, then, for purposes of determining the Commencement Date, Substantial Completion
of the Tenant Improvements shall be deemed to have occurred on the date that Substantial Completion of the Tenant Improvements would have occurred but for such Tenant Delay. Without limiting the foregoing, Landlord shall use commercially reasonable
speed and diligence to Substantially Complete the Tenant Improvements within sixty (60) days following execution of this Lease by Landlord and Tenant. Promptly following the Commencement Date, Tenant shall execute Landlord’s Letter of
Understanding, acknowledging (x) the Commencement Date of this Lease, and (y) except for any punchlist items, that Tenant has accepted the Leased Premises. If Tenant takes possession of and occupies the Leased Premises, Tenant shall be deemed to
have accepted the Leased Premises and that the condition of the Leased Premises and the Building was at the time satisfactory and in conformity with the provisions of this Lease in all respects, subject to any punchlist items. 
  
 (e) Notwithstanding the above, provided the Leased Premises have not been
delivered to Tenant on or before sixty-five (65) days after receipt of a fully executed Lease by Tenant, completed with the Tenant Improvements, subject to punch list items and any delays not 

  

 4 

 
caused by the acts of Landlord, then Landlord shall provide Tenant one (1) day’s minimum annual rental abatement for each day of delay after such
sixty-five (65) day period in addition to the rent abatement reflected in Section 1.01D and E hereof. Such abatement shall be Tenant’s sole remedy for Landlord’s failure to deliver the Leased Premises as set forth above, and Tenant shall
not be entitled to damages (consequential or otherwise) as a result thereof. Further, notwithstanding the above and provided Tenant has obtained any municipal consents required to be obtained by Tenant for its racking and storage, Tenant may move
its inventory into the Leased Premises commencing on the sixty-sixth (66th) day after receipt of a fully executed
Lease. 
  
 Section 2.03. Surrender of the Premises.
Upon the expiration or earlier termination of this Lease, Tenant shall immediately surrender the Leased Premises to Landlord in broom-clean condition and in good condition and repair. Tenant shall also remove its personal property, trade fixtures
and any of Tenant’s alterations designated by Landlord at the time Landlord approves such alterations, promptly repair any damage caused by such removal, and restore the Leased Premises to the condition existing prior to the installation of
such items. Tenant shall not be required to remove the Tenant Improvements. If Tenant fails to do so, Landlord may restore the Leased Premises to such condition at Tenant’s expense, Landlord may cause all of said property to be removed at
Tenant’s expense, and Tenant hereby agrees to pay all the costs and expenses thereby reasonably incurred. All Tenant property which is not removed within ten (10) days following Landlord’s written demand therefor shall be conclusively
deemed to have been abandoned by Tenant, and Landlord shall be entitled to dispose of such property at Tenant’s cost without thereby incurring any liability to Tenant. The provisions of this section shall survive the expiration or other
termination of this Lease. 
  
 Section 2.04. Holding
Over. If Tenant retains possession of the Leased Premises after the expiration or earlier termination of this Lease, Tenant shall become a tenant from month to month at one hundred fifty percent (150%) of the Monthly Rental Installment in effect
at the end of the Lease Term, and otherwise upon the terms, covenants and conditions herein specified, so far as applicable. Acceptance by Landlord of rent in such event shall not result in a renewal of this Lease, and Tenant shall vacate and
surrender the Leased Premises to Landlord upon Tenant being given thirty (30) days’ prior written notice from Landlord to vacate. Neither Landlord nor Tenant shall have the right to deem this Lease extended for any period beyond a thirty (30)
day tenancy. This Section 2.04 shall in no way constitute a consent by Landlord to any holding over by Tenant upon the expiration or earlier termination of this Lease, nor limit Landlord’s remedies in such event. If Tenant pays holdover
rent and then Landlord and Tenant execute an amendment of the Lease to extend the term then Landlord shall apply the holdover amount in excess of one hundred percent of the Monthly Rental Installment in effect for up to two (2) months to future rent
due. 
  
 ARTICLE 3 - RENT 
  
 Section 3.01. Base Rent. Tenant shall pay to Landlord the
Minimum Annual Rent in the Monthly Rental Installments, in advance, without deduction or offset, beginning on the Commencement Date and on or before the first day of each and every calendar month thereafter during the Lease Term. The Monthly Rental
Installment for partial calendar months shall be prorated. 
  

 5 

 Section 3.02. Additional Rent. In addition to the Minimum Annual Rent Tenant shall pay to
Landlord for each calendar year during the Lease Term, as “Additional Rent,” Tenant’s Proportionate Share of all costs and expenses incurred by Landlord during the Lease Term for Real Estate Taxes and Operating Expenses for the
Building and common areas (collectively “Common Area Charges”) to the extent such Common Area Charges exceed Landlord’s Share of Expenses. 
  
 “Operating Expenses” shall mean all of Landlord’s expenses for operation, repair, replacement and maintenance to keep the Building and
common areas in good order, condition and repair (including all additional direct costs and expenses of operation and maintenance of the Building which Landlord reasonably determines it would have paid or incurred during such year if the Building
had been fully occupied), including, but not limited to, management fees; utilities; stormwater discharge fees; license, permit, inspection and other fees; fees and assessments imposed by any covenants or owners’ association; security services;
insurance premiums and deductibles, painting, and maintenance, repair and replacement of the driveways, parking areas (including snow removal), exterior lighting, landscaped areas, walkways, curbs, drainage strips, sewer lines, exterior walls,
foundation, structural frame, roof and gutters. The cost of any capital improvement shall be amortized over the useful life of such improvement, and only the amortized portion shall be included in Operating Expenses. 
  
 Operating Expenses shall not include the following: 
  

	 	1.	Leasing commissions. 

  

	 	2.	The cost of tenant finish improvements provided solely for the benefit of other tenants or proposed tenants in the Building. 

  

	 	3.	Costs of correcting building code violations which violations were in existence on the Commencement Date. 

  

	 	4.	Depreciation on the Building. 

  

	 	5.	The cost of utilities, services and repairs separately charged to and paid by another tenant in the Building. 

  

	 	6.	Principal payment, interest payments and financing costs associated with Building financing. 

  

	 	7.	Legal fees associated with the preparation, interpretation and/or enforcement of leases. 

  

	 	8.	Repairs and replacements for which and to the extent that Landlord has been reimbursed by insurance and/or paid pursuant to warranties. 

  

	 	9.	Advertising and promotional expenses. 

  

 6 

	 	10.	Costs representing amounts paid to an affiliate of Landlord for services or materials which are in excess of the amounts which would have been paid in the absence of such
relationship. 

  

	 	11,	Salaries or fringe benefits of Landlord’s personnel above the grade of senior property manager. 

  

	 	12.	Costs incurred by Landlord as a result of Landlord’s breach of this Lease or any other lease with another tenant of the Building. 

  

	 	13.	Costs incurred in connection with the construction, reconstruction, redevelopment or expansion of the Building. 

  

	 	14.	Any fines, penalties or additional costs imposed upon Landlord due to violations of any applicable law. 

  
 “Real Estate Taxes” shall include any form of real estate tax or assessment or service payments in lieu thereof,
and any license fee, commercial rental tax, improvement bond or other similar charge or tax (other than inheritance, personal income or estate taxes or excise or franchise taxes) imposed upon the Building or common areas (or against Landlord’s
business of leasing the Building) by any authority having the power to so charge or tax, together with costs and expenses of contesting the validity or amount of Real Estate Taxes. Any assessments shall be spread over the longest period allowed by
law without the payment of interest, fines or penalties. 
  
 Section 3.03. Payment of Additional Rent. Landlord shall estimate the total amount of Additional Rent to be paid by Tenant during each calendar year of the Lease Term, pro-rated for any partial years. Commencing on the
Commencement Date, Tenant shall pay to Landlord each month, at the same time the Monthly Rental Installment is due, an amount equal to one-twelfth (1/12) of the estimated Additional Rent for such year. Within a reasonable time after the end of each
calendar year, Landlord shall submit to Tenant a statement of the actual amount of such Additional Rent and within thirty (30) days after receipt of such statement, Tenant shall pay any deficiency between the actual amount owed and the estimates
paid during such calendar year. In the event of overpayment, Landlord shall credit the amount of such overpayment toward the next installments of Minimum Rent. If Landlord has not delivered a statement of the actual amount of such Additional Rent
within one (1) year following the year for which such statement or expenses relates, then Landlord shall have no further right to collect any increases in previously billed expenses for such time period. 
  
 Section 3.04. Late Charges. Tenant acknowledges that Landlord
shall incur certain additional unanticipated administrative and legal costs and expenses if Tenant fails to timely pay any payment required hereunder. Therefore, in addition to the other remedies available to Landlord hereunder, if any payment
required to be paid by Tenant to Landlord hereunder shall become overdue, such unpaid amount shall bear interest from the due date thereof to the date of payment at the prime rate (as reported in the Wall Street Journal) of interest
(“Prime Rate”) plus six percent (6%) per annum. 
  

 7 

 Section 3.05. Nature of Rent. Landlord and Tenant agree that any base rent, percentage
rent, if any, and all Additional Rent paid to Landlord under this Lease (collectively referred to in this Section as “Rent”) shall qualify as “rents from real property” within the meaning of Section 512(b)(3) of the Internal
Revenue Code of 1986, as amended (the “Code”) and the U.S. Department of Treasury Regulations promulgated thereunder (the “Regulations”). In the event that Landlord, in its sole discretion, determines that there is any risk that
all or part of any Rent shall not qualify as “rents from real property” for the purposes of Section 512(b)(3) of the Code and the Regulations promulgated thereunder, Tenant agrees (i) to cooperate with Landlord to restructure this Lease so
as to cause all Rent to qualify as “rents from real property”, and (ii) to permit an assignment of this Lease, provided, however, that any adjustments required pursuant to this paragraph shall be made so as to produce the equivalent Rent
(in economic terms) payable prior to such adjustment. 
  
 Section 3.06. Tenant Verification. Tenant shall have the right to inspect, at reasonable times and in a reasonable manner, during the ninety (90) day period following the delivery of Landlord’s statement of the
actual amount of the Additional Rent, such of Landlord’s books of account and records as pertain to and contain information concerning such costs and expenses in order to verify the amounts thereof. Such inspection shall take place at
Landlord’s Chicago area office. Such inspection shall be conducted only by Tenant or a certified public accountant that is not being compensated for its services on a contingency fee basis. Tenant shall sign a confidentiality agreement with
Landlord prior to its inspection of Landlord’s books and records. Tenant shall also agree to follow Landlord’s reasonable procedures for auditing such books and records. Tenant shall provide Landlord with a copy of its findings within
sixty (60) days after completion of the audit. Tenant’s failure to exercise its rights hereunder within said ninety (90) day period shall be deemed a waiver of its right to inspect or contest the method, accuracy or amount of the Additional
Rent. 
  
 ARTICLE 4 - SECURITY DEPOSIT 
  
 Tenant, upon execution of this Lease, shall deposit with Landlord the
Security Deposit as security for the performance by Tenant of all of Tenant’s obligations contained in this Lease. In the event of a default by Tenant, Landlord may apply all or any part of the Security Deposit to cure all or any part of such
default; and Tenant agrees to promptly, upon demand, deposit such additional sum with Landlord as may be required to maintain the full amount of the Security Deposit. All sums held by Landlord pursuant to this section shall be without interest. At
the end of the Lease Term, provided that there is then no uncured default, Landlord shall return the Security Deposit to Tenant. 
  
 At its option, upon execution of this Lease, Tenant may provide to Landlord an irrevocable letter of credit, in the form attached hereto as Exhibit
G in lieu of a cash Security Deposit. The letter of credit shall be in the amount of Sixty-one Thousand Twenty-eight Dollars and fifteen Cents ($61,028.15) and shall constitute the “Security Deposit” for the full and faithful
performance by Tenant of all of the terms, conditions and covenants contained in the Lease on the part of the Tenant to be performed, including but not limited to the payment of rent. Landlord shall be entitled to draw upon the letter of credit (i)
upon a default by Tenant of any term, condition or covenant in the Lease, or (ii) unless, no later than forty-five (45) days prior to the expiration of the letter of credit Tenant delivers to Landlord a renewal or replacement 

  

 8 

 
thereof. If such letter of credit has not been renewed at least forty-five (45) days prior to the expiration date thereof, Landlord may immediately draw upon
such letter of credit and hold the cash proceeds thereof in lieu of such letter of credit. Such letter of credit shall not expire less than ninety (90) days after the expiration or earlier termination of this Lease. In the event of a sale of the
Building of which the Leased Premises are a part, Landlord shall have the right to transfer the Security Deposit to its purchaser and Landlord shall be released by Tenant from all responsibility for the return of such, and Tenant agrees to look
solely to the new purchaser for the return of such Security Deposit. 
  
 ARTICLE 5 - USE 
  
 Section 5.01.
Use of Leased Premises. The Leased Premises are to be used by Tenant solely for the Permitted Use and for no other purposes without the prior written consent of Landlord. 
  
 Section 5.02. Covenants of Tenant Regarding Use. Tenant shall (i) use and maintain the Leased Premises
and conduct its business thereon in a safe, careful, reputable and lawful manner, (ii) comply with all laws, rules, regulations, orders, ordinances, directions and requirements of any governmental authority or agency, now in force or which may
hereafter be in force, including without limitation those which shall impose upon Landlord or Tenant any duty with respect to or triggered by a change in the use or occupation of, or any improvement or alteration to, the Leased Premises, and (iii)
comply with and obey all reasonable directions of the Landlord, including the Rules and Regulations attached hereto as Exhibit C and as may be modified from time to time by Landlord on reasonable notice to Tenant. Tenant shall not do or
permit anything to be done in or about the Leased Premises or common areas which will in any way obstruct or interfere with the rights of other tenants or occupants of the Building or injure or annoy them. Landlord shall not be responsible to Tenant
for the non-performance by any other tenant or occupant of the Building of any of the Building Rules and Regulations but agrees to take reasonable measures to assure such other tenant’s compliance. Tenant shall not overload the floors of the
Leased Premises. All damage to the floor structure or foundation of the Building due to improper positioning or storage of items or materials shall be repaired by Landlord at the sole expense of Tenant, who shall reimburse Landlord immediately
therefor upon demand. Tenant shall not use the Leased Premises, or allow the Leased Premises to be used, for any purpose or in any manner which would invalidate any policy of insurance now or hereafter carried on the Building or increase the rate of
premiums payable on any such insurance policy unless Tenant reimburses Landlord as Additional Rent for any increase in premiums charged. 
  
 Section 5.03. Landlord’s Rights Regarding Use. In addition to the rights specified elsewhere in this Lease, Landlord shall have the
following rights regarding the use of the Leased Premises or the common areas, each of which may be exercised without notice or liability to Tenant, (a) Landlord may install such signs, advertisements, notices or tenant identification information as
it shall deem necessary or proper; (b) Landlord shall have the right at any time to control, change or otherwise alter the common areas or utilities servicing the Building as it shall deem necessary or proper; and (c) Landlord or Landlord’s
agent shall be permitted to inspect or examine the Leased Premises at any reasonable time, and Landlord shall have the right to make any repairs to the Leased Premises which are necessary for its preservation; provided, however, that any repairs
made by Landlord shall be at Tenant’s expense, except as provided in 

  

 9 

 
Section 7.02 hereof. Landlord shall incur no liability to Tenant for such entry, nor shall such entry constitute an eviction of Tenant or a
termination of this Lease, or entitle Tenant to any abatement of rent therefor. 
  
 ARTICLE 6 - UTILITIES AND SERVICES 
  
 Tenant shall obtain in its own name and pay directly to the appropriate supplier the cost of all utilities and services serving the Leased Premises. However, if any services or utilities are jointly metered with other
property, Landlord shall make a reasonable determination of Tenant’s proportionate share of the cost of such utilities and services (at rates that would have been payable if such utilities and services had been directly billed by the utilities
or services providers) and Tenant shall pay such share to Landlord within fifteen (15) days after receipt of Landlord’s written statement. Landlord shall not be liable in damages or otherwise for any failure or interruption of any utility or
other Building service and no such failure or interruption shall entitle Tenant to terminate this Lease or withhold sums due hereunder. 
  
 Notwithstanding anything in this Lease to the contrary, if (i) the restoration of service is entirely within Landlord’s control, (ii) Landlord
negligently fails to restore such service within a reasonable time, and (iii) the Leased Premises are untenantable (meaning that Tenant is unable to use such space in the normal course of its business for the use permitted under this Lease) for more
than three (3) consecutive business days, then Tenant shall notify Landlord (and Landlord’s lender, if any) in writing that Tenant intends to abate rent. If service has not been restored within three (3) days of Landlord’s receipt of
Tenant’s notice, then Minimum Annual Rent and Additional Rent shall abate on a per diem basis for each day after such three (3) day period during which the Leased Premises remain untenantable. Such abatement shall be Tenant’s sole remedy
for Landlord’s failure to restore service as set forth above, and Tenant shall not be entitled to damages (consequential or otherwise) as a result thereof. 
  

In the event of utility “deregulation”, Landlord shall choose the service provider. 
  
 ARTICLE 7 - MAINTENANCE AND REPAIRS 
  
 Section 7.01. Tenant’s Responsibility. During the Lease
Term, Tenant shall, at its own cost and expense, maintain the Leased Premises in good condition, regularly servicing and promptly making all repairs and replacements thereto, including but not limited to the electrical systems, heating and air
conditioning systems (“HVAC”), plate glass, floors, windows and doors, sprinkler and plumbing systems, and shall obtain a preventive maintenance contract on the heating, ventilating and air-conditioning systems, and provide Landlord with a
copy thereof. The preventive maintenance contract shall meet or exceed Landlord’s standard maintenance criteria, and shall provide for the inspection and maintenance of the heating, ventilating and air conditioning system on not less than a
semi-annual basis. 
  
 Notwithstanding the above, Landlord shall
warrant the HVAC for a period of one (1) year from the Commencement Date, excluding normal wear and tear and repairs or replacements made necessary by the acts or omissions of Tenant. Landlord shall enforce on Tenant’s behalf any existing
warranties held by Landlord for the HVAC. 
  

 10 

 Section 7.02. Landlord’s Responsibility. During the Lease Term, Landlord shall
maintain in good condition and repair, and replace as necessary, the roof, exterior walls, foundation and structural frame of the Building and the parking and landscaped areas, the costs of which shall be included in Operating Expenses; provided,
however, that to the extent any of the foregoing items require repair because of the negligence, misuse, or default of Tenant, its employees, agents, customers or invitees, Landlord shall make such repairs solely at Tenant’s expense. Landlord
shall correct any defects in the Tenant Improvements discovered by Tenant within one (1) year of the Commencement Date. 
  
 Section 7.03. Alterations. Tenant shall not permit alterations in or to the Leased Premises unless and until the plans have been approved by
Landlord in writing. As a condition of such approval, Landlord may require Tenant to remove the alterations and restore the Leased Premises upon termination of this Lease; otherwise, all such alterations shall at Landlord’s option become a part
of the realty and the property of Landlord, and shall not be removed by Tenant. Tenant shall ensure that all alterations shall be made in accordance with all applicable laws, regulations and building codes, in a good and workmanlike manner and of
quality equal to or better than the original construction of the Building. Upon completion of the work, Tenant shall provide lien waivers from the subcontractors or a final affidavit of lien waiver from the general contractor, and such lien waiver
shall be in a form acceptable to Landlord. No person shall be entitled to any lien derived through or under Tenant for any labor or material furnished to the Leased Premises, and nothing in this Lease shall be construed to constitute a consent by
Landlord to the creation of any lien. If any lien is filed against the Leased Premises for work claimed to have been done for or material claimed to have been furnished to Tenant, Tenant shall cause such lien to be discharged of record or bonded
over or provide Landlord with an endorsement to Landlord’s title insurance policy within thirty (30) days after notice of filing. Tenant shall indemnify Landlord from all costs, losses, expenses and attorneys’ fees in connection with any
construction or alteration and any related lien. 
  
 If Tenant
requests any alterations to the Leased Premises, then Tenant shall deliver plans therefor to Landlord for its reasonable approval. Landlord shall review such plans at no cost to the Tenant and shall communicate its approval or dissatisfaction
(together with Landlord’s specific and detailed comments on the plans submitted by Tenant that if complied with would constitute approved plans) within fifteen (15) business days after receipt of the plans. If Landlord fails to act within such
fifteen (15) business day period, Tenant will provide Landlord with a second notice and Landlord shall have ten (10) business days after receipt of such second notice to approve such plans. If Landlord fails to approve such plans within such ten
(10) day period such plans shall be deemed approved. Approval of any Tenant submitted plans by Landlord shall not constitute an implication, representation or certification by Landlord that such plans are accurate, sufficient, efficient or are in
compliance with applicable statutes, codes, ordinances or other regulations governing such matters, the responsibility for which being solely that of Tenant. 
  
 Notwithstanding the above, Tenant may install, remove and/or replace any trade equipment and fixtures used in Tenant’s business in or to the Leased
Premises, in each case without submitting plans and specifications to Landlord or obtaining Landlord’s approval. 
  

 11 

 ARTICLE 8 - CASUALTY 
  
 Section 8.01. Casualty. In the event of total or partial destruction of the Building or the Leased Premises by
fire or other casualty, Landlord agrees to promptly restore and repair the Leased Premises; provided, however, Landlord’s obligation hereunder shall be limited to the reconstruction of such of the tenant finish improvements as were originally
required to be made by Landlord, if any. Rent shall proportionately abate during the time that the Leased Premises or part thereof are unusable because of any such damage. Landlord shall use reasonable efforts to notify Tenant of the time for
restoration of the Leased Premises within thirty (30) days after the casualty date. Notwithstanding the foregoing, if the Leased Premises are (i) so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days from the
casualty date; or (ii) destroyed by a casualty which is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the
Leased Premises; then, in case of a clause (i) casualty, either Landlord or Tenant may, or, in the case of a clause (ii) casualty, then Landlord may, upon thirty (30) days’ written notice to the other party, terminate this Lease with respect to
matters thereafter accruing. Landlord shall use reasonable diligence in completing such reconstruction and repairs, but in the event Landlord fails to complete the same within one hundred eighty (180) days from the date of the casualty, Tenant may,
at its option, terminate this Lease by giving Landlord written notice of such termination within ten (10) days after the expiration of such one hundred eighty (180) day period, whereupon both parties shall be released from all further obligations
and liability hereunder. 
  
 Section 8.02. Fire and
Extended Coverage Insurance. During the Lease Term, Landlord shall maintain customary all risk coverage insurance on the Building, but shall not protect Tenant’s property on the Leased Premises; and, notwithstanding the provisions of
Section 9.01, Landlord shall not be liable for any casualty damage to Tenant’s property, regardless of cause, including the negligence of Landlord and its employees, agents and invitees. Tenant hereby expressly waives any right of
recovery against Landlord for casualty damage to any property of Tenant located in or about the Leased Premises, however caused, including the negligence of Landlord and its employees, agents and invitees. Notwithstanding the provisions of
Section 9.01 below, Landlord hereby expressly waives any rights of recovery against Tenant for casualty damage to the Leased Premises or the Building which is insured against under Landlord’s all risk coverage insurance. All insurance
policies maintained by Landlord or Tenant as provided in this Lease shall contain an agreement by the insurer waiving the insurer’s right of subrogation against the other party to this Lease. 
  
 ARTICLE 9 - LIABILITY INSURANCE 
  
 Section 9.01. Tenant’s Responsibility. Landlord shall not
be liable to Tenant or to any other person for (i) damage to property or injury or death to persons due to the condition of the Leased Premises, the Building or the common areas, or (ii) the occurrence of any accident in or about the Leased Premises
or the common areas, or (iii) any act or neglect of Tenant or any other tenant or occupant of the Building or of any other person, unless such damage, injury or death is directly and solely the result of Landlord’s negligence; and Tenant hereby
releases Landlord from any and all liability for the same. Tenant shall be liable for, and shall indemnify and defend Landlord from, any and all liability for (i) any act or neglect of Tenant and any 

  

 12 

 
person coming on the Leased Premises or common areas by the license of Tenant, express or implied, (ii) any damage to the Leased Premises, and (iii) any loss
of or damage or injury to any person (including death resulting therefrom) or property occurring in, on or about the Leased Premises, regardless of cause, except for any loss or damage from fire or casualty insured as provided in Section 8.02
and except for that caused solely and directly by Landlord’s negligence. This provision shall survive the expiration or earlier termination of this Lease. 
  

Section 9.02. Tenant’s Insurance. Tenant shall carry general public liability and property damage insurance, issued by one or more
insurance companies acceptable to Landlord, with the following minimum coverages: 
  

	A.	Worker’s Compensation: minimum statutory amount. 

  

	B.	Commercial General Liability Insurance, including blanket, contractual liability, broad form property damage, personal injury, completed operations, products liability, and fire
damage: Not less than $3,000,000 Combined Single Limit for both bodily injury and property damage. 

  

	C.	All Risk Coverage, Vandalism and Malicious Mischief, and Sprinkler Leakage insurance, if applicable, for the full cost of replacement of Tenant’s property.

  

	D.	Business interruption insurance. 

  
 The insurance policies shall protect Tenant and Landlord as their interests may appear, naming Landlord and Landlord’s managing agent and mortgagee
as additional insureds, and shall provide that they may not be canceled on less than thirty (30) days’ prior written notice to Landlord. Tenant shall furnish Landlord with Certificates of Insurance evidencing all required coverages on or before
the Commencement Date. If Tenant fails to carry such insurance and furnish Landlord with such Certificates of Insurance after a request to do so, Landlord may obtain such insurance and collect the cost thereof from Tenant. 
  
 ARTICLE 10 - EMINENT DOMAIN 
  
 If all or any substantial part of the Building or common areas shall be
acquired by the exercise of eminent domain, Landlord may terminate this Lease by giving written notice to Tenant within fifteen (15) days after possession thereof is so taken. If all or any part of the Leased Premises shall be acquired by the
exercise of eminent domain so that the Leased Premises shall become unusable by Tenant for the Permitted Use, Tenant may terminate this Lease by giving written notice to Landlord within fifteen (15) days after possession thereof is so taken. All
damages awarded shall belong to Landlord; provided, however, that Tenant may claim dislocation damages if such amount is not subtracted from Landlord’s award. 
  
 ARTICLE 11 - ASSIGNMENT AND SUBLEASE 
  
 Tenant shall not assign this Lease or sublet the Leased Premises in whole or in part without Landlord’s prior written
consent, which consent shall not be unreasonably withheld, delayed or denied. In the event of any assignment or subletting, Tenant shall remain primarily liable hereunder. The acceptance of rent from any other person shall not be deemed to be a

  

 13 

 
waiver of any of the provisions of this Lease or to be a consent to the assignment of this Lease or the subletting of the Leased Premises. Without in any way
limiting Landlord’s right to refuse to consent to any assignment or subletting of this Lease, Landlord reserves the right to refuse to give such consent if in Landlord’s opinion (i) the Leased Premises are or may be in any way adversely
affected; (ii) the business reputation of the proposed assignee or subtenant is unacceptable; or (iii) the financial worth of the proposed assignee or subtenant is insufficient to meet the obligations hereunder. Landlord further expressly reserves
the right to refuse to give its consent to any subletting if the proposed rent is to be less than the then current rent for similar premises in the Park or if the proposed assignee or subtenant is an existing tenant in the Building or Park. If
Tenant shall make any assignment or sublease, with Landlord’s consent, for a rental in excess of the rent payable under this Lease, Tenant shall pay to Landlord fifty percent (50%) of any such excess rental upon receipt. Tenant agrees to
reimburse Landlord for reasonable accounting and attorneys’ fees incurred in conjunction with the processing and documentation of any such requested assignment, subletting or any other hypothecation of this Lease or Tenant’s interest in
and to the Leased Premises. 
  
 Notwithstanding the foregoing,
Tenant may assign the Lease or sublease all or any portion of the Leased Premises without Landlord’s consent to any of the following (a “Permitted Transferee”), provided that the Permitted Transferee’s financial condition,
creditworthiness and business reputation following the transfer are equal to or exceed those of Tenant: (i) any successor corporation or other entity resulting from a merger or consolidation of Tenant; (ii) any purchaser of all or substantially all
of Tenant’s assets, stock or ownership interests of Tenant; or (iii) any entity which controls, is controlled by, or is under common control with Tenant. Tenant shall give Landlord thirty (30) days prior written notice of such assignment or
sublease. Any Permitted Transferee shall assume in writing all of Tenant’s obligations under this Lease. Tenant shall nevertheless at all times remain fully responsible and liable for the payment of rent and the performance and observance of
all of Tenant’s other obligations under this Lease. Nothing in this paragraph is intended to nor shall permit Tenant to transfer its interest under this Lease as part of a fraud or subterfuge to intentionally avoid its obligations under this
Lease (for example, transferring its interest to a shell corporation that subsequently files a bankruptcy), and any such transfer shall constitute an event of Default hereunder. 
  
 ARTICLE 12 - TRANSFERS BY LANDLORD 
  
 In the event of a sale or transfer of such interest (except a mortgage or other transfer as security for a debt), the
“Landlord” named herein, or in the case of a subsequent transfer, the transferor shall, after the date of such transfer, be automatically released from all personal liability for the performance or observance of any term, condition,
covenant or obligation required to be performed or observed by Landlord hereunder, and the transferee shall be deemed to have assumed all of such terms, conditions, covenants and obligations. Within ten (10) days following receipt of a written
request from Landlord, Tenant shall execute and deliver to Landlord, without cost, an estoppel certificate in such form as Landlord may reasonably request certifying (i) that this Lease is in full force and effect and unmodified or stating the
nature of any modification, (ii) the date to which rent has been paid, (iii) that there are not, to Tenant’s knowledge, any uncured defaults or specifying such defaults if any are claimed, and (iv) any other matters or state of facts reasonably
required respecting the Lease. Such estoppel may be relied upon by Landlord and by any purchaser or mortgagee of the Building. 
  

 14 

 This Lease is and shall be expressly subject and subordinate at all times to the lien of any present or
future mortgage or deed of trust encumbering fee title to the Leased Premises. If any such mortgage or deed of trust be foreclosed, upon request of the mortgagee or beneficiary (“Landlord’s Mortgagee”), as the case may be, Tenant will
attorn to the purchaser at the foreclosure sale. The foregoing provisions are declared to be self-operative and no further instruments shall be required to effect such subordination and/or attornment; provided, however, that subordination of this
Lease to any present or future mortgage or trust deed shall be conditioned upon the mortgagee, beneficiary, or purchaser at foreclosure, as the case may be agreeing that Tenant’s occupancy of the Leased Premises and other rights under this
Lease shall not be disturbed by reason of the foreclosure of such mortgage or trust deed, as the case may be, so long as Tenant is not in default under this Lease; and further provided that Tenant agrees upon request by any such mortgagee,
beneficiary, or purchaser at foreclosure, as the case may be, to execute such non-disturbance, subordination and/or attornment instruments as may be reasonably required by such person to confirm such non-disturbance subordination and/or attornment.

  
 Any Landlord’s Mortgagee may elect, at any time,
unilaterally, to make this Lease superior to its mortgage or other interest in the Leased Premises by so notifying Tenant in writing. 
  
 Tenant shall not seek to enforce any remedy it may have for any default on the part of Landlord without first giving written notice by certified mail,
return receipt requested, specifying the default in reasonable detail, to any Landlord’s Mortgagee whose address has been given to Tenant, and affording such Landlord’s Mortgagee a reasonable opportunity to perform Landlord’s
obligations hereunder. 
  
 If Landlord’s Mortgagee shall
succeed to the interest of Landlord under this Lease, Landlord’s Mortgagee shall not be: (1) liable for any act or omission of any prior landlord (including Landlord); (2) bound by any rent or additional rent or advance rent which Tenant might
have paid for more than the current month to any prior landlord (including Landlord), and all such rent shall remain due and owing, notwithstanding such advance payment; (3) bound by any security or advance rental deposit made by Tenant which is not
delivered or paid over to Landlord’s Mortgagee and with respect to which Tenant shall look solely to Landlord for refund or reimbursement (provided, however, that Landlord shall be responsible for delivering any Security Deposit hereunder to
Landlord’s Mortgagee at the time Landlord’s Mortgagee succeeds to Landlord’s interest hereunder); (4) bound by any termination, amendment or modification of this Lease made without Landlord’s Mortgagee’s consent and written
approval, except for those terminations, amendments and modifications permitted to be made by Landlord without Landlord’s Mortgagee’s consent pursuant to the terms of the loan documents between Landlord and Landlord’s Mortgagee; (5)
subject to the defenses which Tenant might have against any prior landlord (including Landlord); and (6) subject to the offsets which Tenant might have against any prior landlord (including Landlord) except for those offset rights which (A) are
expressly provided in this Lease, (B) relate to periods of time following the acquisition of the Building by Landlord’s Mortgagee, and (C) Tenant has provided written notice to Landlord’s Mortgagee and provided Landlord’s Mortgagee a
reasonable opportunity (the duration of which shall not exceed thirty (30) days after Landlord’s Mortgagee takes possession of the Building) to cure the event giving rise to such offset event. Notwithstanding the foregoing, Landlord’s
Mortgagee shall be subject to Section 2.02(e). Landlord’s Mortgagee shall have no liability or 

  

 15 

 
responsibility under or pursuant to the terms of this Lease or otherwise after it ceases to own an interest in the Building. Nothing in this Lease shall be
construed to require Landlord’s Mortgagee to see to the application of the proceeds of any loan, and Tenant’s agreements set forth herein shall not be impaired on account of any modification of the documents evidencing and securing any
loan. 
  
 ARTICLE 13 - DEFAULT AND REMEDY 

 
 Section 13.01. Default. The occurrence of any of the
following shall be a “Default”: 
  
 (a) Tenant fails to
pay any Monthly Rental Installment or Additional Rent within five (5) days after the same is due, or Tenant fails to pay any other amounts due Landlord from Tenant within ten (10) days after the same is due. Notwithstanding the foregoing, Landlord
shall provide Tenant with a written courtesy notice of such default and Tenant shall have an additional five (5) days following delivery of such notice to cure such default before Landlord exercises its default remedies; provided, however, that
Landlord shall not be required to give such courtesy notice more than one (1) time with respect to any particular default, nor more than two (2) times in any consecutive twelve (12) month period with respect to any payment defaults in the aggregate.

  
 (b) Tenant fails to perform or observe any other term,
condition, covenant or obligation required under this Lease for a period of ten (10) days after notice thereof from Landlord; provided, however, that if the nature of Tenant’s default is such that more than ten (10) days are reasonably required
to cure, then such default shall be deemed to have been cured if Tenant commences such performance within said ten (10) day period and thereafter diligently completes the required action within a reasonable time. 
  
 (c) Tenant shall assign or sublet all or a portion of the Leased Premises in
contravention of the provisions of Article 11 of this Lease. 
  
 (d) All or substantially all of Tenant’s assets in the Leased Premises or Tenant’s interest in this Lease are attached or levied under execution (and Tenant does not discharge the same within sixty (60) days thereafter); a
petition in bankruptcy, insolvency or for reorganization or arrangement is filed by or against Tenant (and Tenant fails to secure a stay or discharge thereof within sixty (60) days thereafter); Tenant is insolvent and unable to pay its debts as they
become due; Tenant makes a general assignment for the benefit of creditors; Tenant takes the benefit of any insolvency action or law; the appointment of a receiver or trustee in bankruptcy for Tenant or its assets if such receivership has not been
vacated or set aside within thirty (30) days thereafter; or, dissolution or other termination of Tenant’s corporate charter if Tenant is a corporation. 
  
 (e) In addition to the defaults and remedies described herein, the parties agree that if Tenant is in violation of the performance of any (but not
necessarily the same) term or condition of this Lease three (3) or more times during any twelve (12) month period, regardless of whether such violations are ultimately cured, then such conduct shall, at Landlord’s option, represent a separate
Default and any notice given to Tenant for a default under this subsection (e) shall reference this section in bold. 
  

 16 

 Section 13.02. Remedies. Upon the occurrence of any Default, Landlord shall have the
following rights and remedies, in addition to those allowed by law or in equity, any one or more of which may be exercised without further notice to Tenant: 
  
 (a) Landlord may apply the Security Deposit or re-enter the Leased Premises and cure any Default of Tenant, and Tenant shall reimburse Landlord as
additional rent for any costs and expenses which Landlord thereby incurs; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action. 
  
 (b) Landlord may terminate this Lease or, without terminating this Lease,
terminate Tenant’s right to possession of the Leased Premises as of the date of such Default, and thereafter (i) neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant
shall immediately surrender the Leased Premises to Landlord; and (ii) Landlord may re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice
to any other remedy which Landlord may have. Upon the termination of this Lease, Landlord may declare the present value (discounted at the Prime Rate of interest) of all rent which would have been due under this Lease for the balance of the Lease
Term less the fair market rental value as determined by Landlord to be immediately due and payable, whereupon Tenant shall be obligated to pay the same to Landlord, together with all loss or damage which Landlord may sustain by reason of
Tenant’s Default (“Default Damages”), which shall include without limitation expenses of preparing the Leased Premises for re-letting, demolition, repairs, tenant finish improvements and brokers’ and attorneys’ fees, it
being expressly understood and agreed that the liabilities and remedies specified in this subsection (b) shall survive the termination of this Lease. 
  
 (c) Landlord may, without terminating this Lease, re-enter the Leased Premises and re-let all or any part thereof for a term different from that which
would otherwise have constituted the balance of the Lease Term and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall be immediately obligated to pay to Landlord as liquidated damages the difference
between the rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Leased Premises, for the period which would otherwise have constituted the balance of the Lease Term, together with all of
Landlord’s Default Damages. 
  
 (d) Landlord may sue for
injunctive relief or to recover damages for any loss resulting from the breach. 
  
 Section 13.03. Landlord’s Default and Tenant’s Remedies. Landlord shall be in default if it fails to perform any term, condition, covenant or obligation required under this Lease for a period
of thirty (30) days after written notice thereof from Tenant to Landlord; provided, however, that if the term, condition, covenant or obligation to be performed by Landlord is such that it cannot reasonably be performed within thirty (30) days, such
default shall be deemed to have been cured if Landlord commences such performance within said thirty-day period and thereafter diligently undertakes to complete the same. Upon the occurrence of any such default, Tenant may sue for injunctive relief
or to recover damages for any loss directly resulting from 

  

 17 

 
the breach, but Tenant shall not be entitled to terminate this Lease or withhold, offset or abate any sums due hereunder. 
  
 Section 13.04. Limitation of Landlord’s Liability. If
Landlord shall fail to perform any term, condition, covenant or obligation required to be performed by it under this Lease and if Tenant shall, as a consequence thereof, recover a money judgment against Landlord, Tenant agrees that it shall look
solely to Landlord’s right, title and interest in and to the Building for the collection of such judgment; and Tenant further agrees that no other assets of Landlord shall be subject to levy, execution or other process for the satisfaction of
Tenant’s judgment. 
  
 Section 13.05. Nonwaiver of
Defaults. Neither party’s failure or delay in exercising any of its rights or remedies or other provisions of this Lease shall constitute a waiver thereof or affect its right thereafter to exercise or enforce such right or remedy or other
provision. No waiver of any default shall be deemed to be a waiver of any other default. Landlord’s receipt of less than the full rent due shall not be construed to be other than a payment on account of rent then due, nor shall any statement on
Tenant’s check or any letter accompanying Tenant’s check be deemed an accord and satisfaction. No act or omission by Landlord or its employees or agents during the term of this Lease shall be deemed an acceptance of a surrender of the
Leased Premises, and no agreement to accept such a surrender shall be valid unless in writing and signed by Landlord. 
  
 Section 13.06. Attorneys’ Fees. If either party defaults in the performance or observance of any of the terms, conditions, covenants or
obligations contained in this Lease and the non-defaulting party obtains a judgment against the defaulting party, then the defaulting party agrees to reimburse the non-defaulting party for the attorneys’ fees incurred thereby. 
  
 ARTICLE 14 - LANDLORD’S RIGHT TO RELOCATE TENANT

  
 [Intentionally Omitted] 

 
 ARTICLE 15 - TENANT’S RESPONSIBILITY REGARDING

 ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES 
  
 Section 15.01. Definitions. 
  
 (a) “Environmental Laws” - All present or future federal, state and municipal laws, ordinances, rules and
regulations applicable to the environmental and ecological condition of the Leased Premises, the rules and regulations of the Federal Environmental Protection Agency or any other federal, state or municipal agency or governmental board or entity
having jurisdiction over the Leased Premises. 
  
 (b)
“Hazardous Substances” - Those substances included within the definitions of “hazardous substances,” “hazardous materials,” “toxic substances” “solid waste” or “infectious waste” under
Environmental Laws. 
  
 Section 15.02. Compliance.
Tenant, at its sole cost and expense, shall promptly comply with the Environmental Laws including any notice from any source issued pursuant to the Environmental Laws or issued by any insurance company which shall impose any duty upon 

  

 18 

 
Tenant with respect to the use, occupancy, maintenance or alteration of the Leased Premises whether such notice shall be served upon Landlord or Tenant.

  
 Section 15.03. Restrictions on Tenant. Tenant
shall operate its business and maintain the Leased Premises in compliance with all Environmental Laws. Tenant shall not cause or permit the use, generation, release, manufacture, refining, production, processing, storage or disposal of any Hazardous
Substances on, under or about the Leased Premises, or the transportation to or from the Leased Premises of any Hazardous Substances, except as necessary and appropriate for its Permitted Use in which case the use, storage or disposal of such
Hazardous Substances shall be performed in compliance with the Environmental Laws and the highest standards prevailing in the industry. 
  
 Section 15.04. Notices, Affidavits, Etc. Tenant shall immediately notify Landlord of (i) any violation by Tenant, its employees, agents,
representatives, customers, invitees or contractors of the Environmental Laws on, under or about the Leased Premises, or (ii) the presence or suspected presence of any Hazardous Substances on, under or about the Leased Premises and shall immediately
deliver to Landlord any notice received by Tenant relating to (i) and (ii) above from any source. Tenant shall execute affidavits, representations and the like within five (5) days of Landlord’s request therefor concerning Tenant’s best
knowledge and belief regarding the presence of any Hazardous Substances on, under or about the Leased Premises. 
  
 Section 15.05. Landlord’s Rights. Landlord and its agents shall have the right, but not the duty, upon advance notice (except in the
case of emergency when no notice shall be required) to inspect the Leased Premises and conduct tests thereon to determine whether or the extent to which there has been a violation of Environmental Laws by Tenant or whether there are Hazardous
Substances on, under or about the Leased Premises. In exercising its rights herein, Landlord shall use reasonable efforts to minimize interference with Tenant’s business but such entry shall not constitute an eviction of Tenant, in whole or in
part, and Landlord shall not be liable for any interference, loss, or damage to Tenant’s property or business caused thereby. 
  
 Section 15.06. Tenant’s Indemnification. Tenant shall indemnify Landlord and Landlord’s managing agent from any and all claims,
losses, liabilities, costs, expenses and damages, including attorneys’ fees, costs of testing and remediation costs, incurred by Landlord in connection with any breach by Tenant of its obligations under this Article 15. The covenants and
obligations under this Article 15 shall survive the expiration or earlier termination of this Lease. 
  
 Section 15.07. Landlord’s Representation. Notwithstanding anything contained in this Article 15 to the contrary, Tenant shall
not have any liability to Landlord under this Article 15 resulting from any conditions existing, or events occurring, or any Hazardous Substances existing or generated, at, in, on, under or in connection with the Leased Premises prior to the
Commencement Date of this Lease except to the extent Tenant exacerbates the same. 
  

 19 

 ARTICLE 16 - MISCELLANEOUS 
  
 Section 16.01. Benefit of Landlord and Tenant. This Lease shall inure to the benefit of and be binding upon
Landlord and Tenant and their respective successors and assigns. 
  
 Section 16.02. Governing Law. This Lease shall be governed in accordance with the laws of the State where the Building is located. 
  
 Section 16.03. Guaranty. [Intentionally Omitted] 
  
 Section 16.04. Force Majeure. Landlord and Tenant (except with respect to any rent payment obligation) shall
be excused for the period of any delay in the performance of any obligation hereunder when such delay is occasioned by causes beyond its control, including but not limited to work stoppages, boycotts, slowdowns or strikes; shortages of materials,
equipment, labor or energy; unusual weather conditions; or acts or omissions of governmental or political bodies. 
  
 Section 16.05. Examination of Lease. Submission of this instrument for examination or signature to Tenant does not constitute a reservation
of or option for Lease, and it is not effective as a Lease or otherwise until execution by and delivery to both Landlord and Tenant. 
  
 Section 16.06. Indemnification for Leasing Commissions. The parties hereby represent and warrant that the only real estate brokers involved
in the negotiation and execution of this Lease are the Brokers. Landlord agrees to pay any commission due the Brokers. Each party shall indemnify the other from any and all liability for the breach of this representation and warranty on its part and
shall pay any compensation to any other broker or person who may be entitled thereto. 
  
 Section 16.07. Notices. Any notice required or permitted to be given under this Lease or by law shall be deemed to have been given if it is written and delivered in person or by overnight courier or
mailed by certified mail, postage prepaid, to the party who is to receive such notice at the address specified in Article 1. When so mailed, the notice shall be deemed to have been given as of the date it was received, refused or returned
undeliverable. Either party may change its address by giving written notice thereof to the other party. Any notice of late payment and default under this Lease shall go to Tenant’s notice addresses set forth in Article 1 hereof. Any
notice required by law to be sent to the Leased Premises shall be sent to the Leased Premises and the notice addresses set forth in Article 1 hereof. 
  
 Section 16.08. Partial Invalidity; Complete Agreement. If any provision of this Lease shall be held to be invalid, void or unenforceable,
the remaining provisions shall remain in full force and effect. This Lease represents the entire agreement between Landlord and Tenant covering everything agreed upon or understood in this transaction. There are no oral promises, conditions,
representations, understandings, interpretations or terms of any kind as conditions or inducements to the execution hereof or in effect between the parties. No change or addition shall be made to this Lease except by a written agreement executed by
Landlord and Tenant. 
  
 Section 16.09. Financial
Statements. During the Lease Term and any extensions thereof, Tenant shall provide to Landlord upon Landlord’s request, a copy of Tenant’s most recent 

  

 20 

 
financial statements prepared as of the end of Tenant’s fiscal year. Such financial statements shall be certified and audited or signed by the chief
financial officer of Tenant who shall attest to the truth and accuracy of the information set forth in such statements. All financial statements provided by Tenant to Landlord hereunder shall be prepared in conformity with generally accepted
accounting principles, consistently applied. All financial statements for Tenant not generally available to the public shall be held confidential by Landlord. If Tenant becomes a public company, Tenant shall provide Landlord only with its most
current published annual report, in lieu of other financial statements. 
  
 Section 16.10. Representations and Warranties. The undersigned represent and warrant that (i) such party is duly organized, validly existing and in good standing (if applicable) in accordance with the laws of the state under
which it was organized; and (ii) the individual executing and delivering this Lease has been properly authorized to do so, and such execution and delivery shall bind such party. 
  
 Section 16.11. Agency Disclosure. [Intentionally Omitted] 
  
 Section 16.12. Signs. Tenant may, at its own expense, erect a
sign concerning the business of Tenant which shall be in keeping with the decor and other signs on the Building. All signage (including the signage described in the preceding sentence) in or about the Leased Premises shall be first approved by
Landlord and shall be in compliance with the applicable codes and any recorded restrictions applicable to the Building. Tenant agrees to maintain any sign in good state of repair, and upon expiration of the Lease Term, Tenant agrees to promptly
remove such signs and repair any resulting damage to the Leased Premises. Tenant shall also have the non-exclusive right to install a sign on any monument signage servicing the Building appropriate directional signage. The location of Tenant’s
monument sign is depicted on Exhibit D attached hereto. Tenant shall pay for its sign on the monument sign and any directional signage. The sign shall be installed, maintained and repaired by Tenant at its sole cost and expense and shall
comply with all laws. Tenant shall pay its proportionate share for maintaining and repairing the monument sign. Landlord shall have the right to approve all signs, including the location, size, color and style, which approval shall not be
unreasonably withheld. Upon the expiration or early termination of this Lease, Tenant shall remove the sign from the monument sign and repair any damage caused by such removal at Tenant’s sole cost and expense. Tenant, at Tenant’s expense,
shall be responsible for all necessary permits for any signage described herein, and Tenant shall provide Landlord a copy of such permit prior to the installation of such sign or signs. 
  
 Section 16.13. ERISA Matters. 
  
 (a) Tenant acknowledges that it has been advised that an affiliate of Landlord is a collective investment fund (the
“Fund”) which holds the assets of one or more employee benefit plans or retirement arrangements which are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and/or Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) (each a “Plan”), and with respect to which Morgan Guaranty Trust Company of New York (“MGT”) is the Trustee and that, as a result, Landlord may be prohibited by law
from engaging in certain transactions. 
  

 21 

 (b) Landlord hereby represents and warrants to Tenant that, as of the date hereof, the only Plans whose
assets are invested in the Fund which, together with the interests of any other Plans maintained by the same employer or employee organization, represent a collective interest in the Fund in excess of ten percent (10%) of the total interests in the
Fund (each, a “10% Plan”) are referenced on Exhibit E (collectively, the “Existing 10% Plan”). 
  
 (c) Tenant represents and warrants that as of the date hereof, and at all times while it is a Tenant under this Lease, one of the following statements is,
and will continue to be, true: (1) Tenant is not a “party in interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975 of the Code) (each, a “Party in Interest”) with
respect to the Existing 10% Plan or, (2) if Tenant is a Party in Interest, that: 
  
 (A) neither Tenant nor its “affiliate” (as defined in Section V(c) of PTCE 84-14, “Affiliate”) has, or during the
immediately preceding one (1) year has, exercised the authority to either: (i) appoint or terminate MGT as the qualified professional asset manager (as defined in Section V(a) of PTCE 84-14, “QPAM”) of any of the assets of the Existing 10%
Plan with respect to which Tenant or its Affiliate is a Party in Interest; or (ii) negotiate the terms of the management agreement with MGT, including renewals or modifications thereof, on behalf of the Existing 10% Plan; and 
  
 (B) neither Tenant nor any entity controlling, or controlled
by, Tenant owns a five percent (5%) or more interest (within the meaning of PTCE 84-14, “5% Interest”) in J.P. Morgan Chase & Co. 
  
 (d) In the event that Landlord or the Fund notifies Tenant in writing that a Plan other than the Existing 10% Plan may become a 10% Plan, Tenant will,
within ten (10) days of such notification, inform the Fund in writing as to whether it can make the same representations which it made in subsection (c) of this Section with respect to such prospective 10% Plan. Thereafter, if based on such
representations made by Tenant such Plan becomes a 10% Plan, Tenant represents and warrants that, at all times during the period Tenant is a tenant under the Lease, one of the statements set forth in subsection (c) will be true with respect to such
10% Plan. 
  
 Section 16.14. Right of First Refusal.
Provided that (i) Tenant is not in Default hereunder, and (ii) Tenant originally named herein or a Permitted Assignee remains in possession of and has been continuously operating in the entire Leased Premises throughout the Lease Term, and (iii)
subject to any rights of other tenants to the Refusal Space, as defined below, Tenant shall have a continuous right of first refusal (the “Refusal Option”) to lease additional space in the Building crosshatched on the attached Exhibit
F (the “Refusal Space”) as such space becomes available for leasing during the Lease Term. The term for the Refusal Space shall be coterminous with the Lease Term with a minimum term of two (2) years. The Refusal Space shall be offered
to Tenant at the rental rate then being quoted by Landlord to a specific third party prospective tenant for such space adjusted for the difference in the term for the third party and the remaining Lease Term. Tenant acknowledges and agrees that the
Refusal Space offered to Tenant based on a specific third party deal may contain more or less square footage than the Refusal Space outlined in Exhibit F. Upon notification in writing by Landlord that the Refusal Space is available, Tenant
shall have seven (7) business days in which to notify Landlord in writing of its election to lease the Refusal Space at such rental rates and at such square footage 

  

 22 

 
described above, in which event this Lease shall be amended to incorporate such Refusal Space. If Landlord and Tenant cannot agree on the form of the
amendment within seven (7) business days after delivery of such amendment from Landlord to Tenant, then Landlord may lease the Refusal Space to the prospective third party. It is understood and agreed that this Refusal Option shall not be construed
to prevent any tenant in the Building from extending or renewing its lease. Landlord represents to Tenant that as of the date of this Lease, no other tenant in the Building has any rights to the refusal space. 
  
 Section 16.15. Expansion Needs. Any time during the Lease Term
and provided that (i) Tenant is not in Default hereunder, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein or a Permitted Transferee remains in possession of and has been continuously operating
in the entire Leased Premises throughout the Lease Term, (iv) space is available, and (v) Tenant requires no less than an additional 100,132 square feet, and (vi) Tenant has provided Landlord written notice of its desire to expand
(“Tenant’s Expansion Notice”), Landlord will use commercially reasonable efforts to accommodate Tenant’s expansion needs first in the Building, and if not available, in another building owned by Landlord, or an affiliated entity
of Landlord, or a new build-to-suit facility constructed by Landlord in any event located in the Commonwealth of Kentucky within ten (10) miles of the Leased Premises. Tenant shall have the right to approve the location of the expansion space.
Landlord shall provide Tenant with the location and terms for Tenant’s expansion needs or notice that Landlord does not have any expansion space (“Landlord’s Notice”) within thirty (30) days after receipt of Tenant’s
Expansion Notice. Tenant shall have thirty (30) days after receipt of Landlord’s Notice to accept the terms of Landlord’s Notice, or to negotiate and reach an agreement with Landlord for its expansion, or to exercise its option to
terminate described in Section 16.16 below, if applicable. If Landlord and Tenant mutually agree and execute a new lease or amendment to this Lease for such expansion space, Tenant shall immediately surrender the Leased Premises to Landlord
in accordance with the terms and provisions of this Lease and each party shall be released from further liability hereunder; provided, however, that such termination shall not affect any right or obligation arising prior to termination or which
specifically survives the termination of this Lease. Tenant shall not be required to move to the expansion space until such expansion space is ready for Tenant’s occupancy. 
  
 Section 16.16. Option to Terminate. Provided Tenant is not in Default hereunder, and provided further that
Tenant properly exercised its option to expand as set forth in Section 16.15 hereof and Landlord and Tenant cannot agree on the terms for such expansion, Tenant shall have the option to terminate this Lease effective as of the end of the
thirty-sixth (36th) month of the Lease Term. This option shall be exercised by (i) Tenant’s giving written notice to Landlord of its intention to terminate at least six (6) months prior to the effective date of such termination, and (ii)
Tenant’s payment to Landlord of an amount equal to Two Hundred Eighty-five Thousand Dollars and Zero Cents ($285,000.00), which payment shall accompany the notice provided in (i) above. Such payment is made in consideration for Landlord’s
grant of this option to terminate, to compensate Landlord for rental and other concessions given to Tenant, and for other good and valuable consideration. Such payment shall not in any manner affect Tenant’s obligations to pay Minimum Annual
Rent and Additional Rent or to perform its obligations under the Lease up to and including the date of termination. Failure to timely and properly exercise this option shall forever waive and extinguish it. If such option is validly exercised, then
upon such termination, Tenant shall surrender the Leased Premises to Landlord in 

  

 23 

 
accordance with the terms of this Lease and each party shall be released from further liability hereunder; provided, however, that such termination shall not
affect any right or obligation arising prior to termination or which survives termination of the Lease. 
  
 Section 16.17. Compliance with Laws. Landlord represents to Tenant that as of the Commencement Date, to the best of Landlord’s
knowledge, the Leased Premises shall be in compliance with applicable laws, regulations, codes and statutes except to the extent such compliance requires Tenant to comply with some requirement. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Lease as of the day
and year first above written. 
  

									
	 LANDLORD:

	
	 DUGAN FINANCING LLC,
 a Delaware limited liability company

		
	 By:
	 	 Dugan Realty, L.L.C.,
 its sole member

			
	 	 	 By:
	 	 Duke Realty Limited Partnership,
 its manager

				
	 	 	 	 	 By:
	 	 Duke Realty Corporation,
 its general partner

					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Kevin T. Rogus
 Senior Vice President

  

			
	 TENANT:

	
	 DESIGN WITHIN REACH, INC.,
 a California corporation

		
	 By:
	 	 
	 	 	

		
	 Printed:
	 	 
	 	 	

		
	 Title:
	 	 
	 	 	

  

 24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]