Document:

Second Amended and Restated Registration Rights Agreement

 Exhibit 10.9 
  
 SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
  
 THIS SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT is entered into as of March 29, 2001 by and among 

 

	 	•	 	Kenexa Corporation (formerly, Raymond Karsan Holdings, Inc. and TalentPoint, Inc.), a Pennsylvania corporation (the “Company”), 

  

	 	•	 	Parthenon Investors, L.P., a Delaware limited partnership (“Parthenon Investors”), 

  

	 	•	 	PCIP Investors, a Delaware general partnership (“PCIP”), 

  

	 	•	 	JMH Partners Corp., a Delaware corporation (“JMH” and, together with Parthenon Investors and PCIP, “Parthenon”), 

  

	 	•	 	Shad Run Investments, L.P., a Delaware limited partnership (“Shad Run”), 

  

	 	•	 	TSG Co-Investors, LLC, a Delaware limited liability company (“TSG”), 

  

	 	•	 	The Shattan Group LLC, a Delaware limited liability company (“Shattan Group”), 

  

	 	•	 	Thomas S. Shattan, Gregory E. Mendel, G. Kevin Fechtmeyer (together with Shattan Group, “Shattan” and, together with Parthenon, Shad Run and TSG, the
“Parthenon Investor Group”), 

  

	 	•	 	Westbury Equity Partners SBIC, L.P., a Delaware limited partnership (“Westbury”), and 

  

	 	•	 	Wafra Acquisition Fund 14, L.P., a Delaware limited partnership (“Wafra” and, together with the Parthenon Investor Group and Westbury, and with their permitted
successors and assigns, the “Holders”). 

  
 The
parties agree as follows: 
  
 BACKGROUND 
  
 A. Pursuant to the Class B Common Stock and Warrant Purchase Agreement dated
as of December 16, 1999, by and among the Company and the Parthenon Investor Group (the “First Parthenon Purchase Agreement”), the Company issued and sold (a) shares of the Company’s Class B Common Stock, Class A Warrants and
Class B Warrants (each, as 

 
hereinafter defined) to Parthenon, Shad Run and TSG, and (b) Class D Warrants and Class E Warrants (each, as hereinafter defined) to Shattan, and in
connection therewith, the Company and the Holders (other than Wafra) entered into that certain Registration Rights Agreement dated December 16, 1999 (the “Original Registration Rights Agreement”); 
  
 B. Pursuant to a Securities Purchase Agreement, dated as of June 13, 2000, by
and among the Company, Parthenon Investors and PCIP (the “Second Parthenon Purchase Agreement”), Parthenon Investors and PCIP exercised certain Class B Warrants to purchase shares of Class A Common Stock and the Company issued to
Parthenon Investors and PCIP the Notes (as hereinafter defined). 
  
 C. Pursuant to the Series A Redeemable Participating Preferred Stock and Class C Common Stock Purchase Agreement, dated as of February 8, 2001, by and among the Company, Parthenon Investors and PCIP (the “Third Parthenon Purchase
Agreement”), the Company issued and sold shares of Class C Common Stock and Series A Preferred Stock (each, as hereinafter defined) to Parthenon Investors and PCIP. 
  
 D. Pursuant to the Series A Redeemable Participating Preferred Stock and Class C Common Stock Purchase Agreement, dated as
of February 8, 2001, by and between the Company and Wafra (the “Wafra Purchase Agreement”), the Company issued and sold shares of Class C Common Stock and Series A Preferred Stock to Wafra. 
  
 E. Pursuant to the Series B Redeemable Participating Preferred Stock Exchange
Agreement dated as of February 8, 2001 (the “Parthenon Exchange Agreement”), by and among the Company, Parthenon, Shad Run and TSG (the “Participating Parthenon Investors”), the Participating Parthenon Investors
exchanged certain shares of Class B Common Stock for Series B Preferred Stock (as hereinafter defined). 
  
 F. Pursuant to the Series A Redeemable Participating Preferred Stock and Class C Common Stock Purchase Agreement, dated as of March 29, 2001, by and
between the Company and Westbury (the “Westbury Purchase Agreement”), the Company issued and sold shares of Class C Common Stock and Series A Preferred Stock to Westbury; 
  
 G. Prior to the date hereof, in connection with the sale pursuant to the Third Parthenon Purchase Agreement, the Wafra
Purchase Agreement and the Parthenon Exchange Agreement, the Company and the Holders (other than Westbury) amended and restated the Original Registration Rights Agreement in its entirety to reflect certain changes in the understanding of the parties
thereto as set forth in the Amended and Restated Registration Rights Agreement dated February 8, 2001 (the “Amended and Restated Registration Rights Agreement”). 
  
 H. In connection with the Westbury Purchase Agreement, the Holders desire to amend and restate the Amended and Restated
Registration Rights Agreement in its entirety to reflect certain changes in the understanding of the parties hereto. 
  
 NOW, THEREFORE, in consideration of the promises and the mutual covenants and arguments contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows. 

 1. CERTAIN DEFINITIONS. As used in this Agreement, the following terms shall have the following respective meanings:

  
 “Class A Common Stock” means the Class A
Common Stock, $0.01 par value, of the Company. 
  
 “Class
A Warrants” means the Class A-1 and Class A-2 Warrants issued to Parthenon, Shad Run and TSG pursuant to the First Parthenon Purchase Agreement. 
  
 “Class B Common Stock” means the Class B common stock, $0.01 par value, of the Company. 
  
 “Class B Warrants” means the Class B Warrants issued to
Parthenon, Shad Run and TSG pursuant to the First Parthenon Purchase Agreement. 
  
 “Class C Common Stock” means the Class C Common Stock, $0.01 par value, of the Company. All rights of the holders of the Class C Common Stock pursuant to this Agreement shall survive the conversion of
Class C Common Stock to Class A Common Stock so long as the shares are not registered. 
  
 “Class D Warrants” means the Class D Warrants issued to Shattan pursuant to the First Parthenon Purchase Agreement. 
  
 “Class E Warrants” means the Class E Warrants issued to Shattan pursuant to the First Parthenon Purchase
Agreement. 
  
 “Commission” means the Securities
and Exchange Commission, or any other Federal agency at the time administering the Securities Act or the Exchange Act. 
  
 “Common Stock” means the Class A, Class B and Class C Common Stock, $0.01 par value of the Company. 
  
 “Common Stock Equivalents” means any class or series of
capital stock of the Company which is entitled to share ratably with the holders of Class A Common in any distributions including distributions upon the liquidation, dissolution or winding-up of the Company and any other class of capital stock of
the Company into which these shares may hereafter be changed or converted or any stock resulting from any reclassification of such capital stock, provided that the number of Common Stock Equivalents shall be equal to the following: (i) in the case
of the Series A Preferred Stock, the number of shares of such Series A Preferred Stock multiplied by the Series A Participation Element, (ii) in the case of the Series B Preferred Stock, the number of shares of the Series B Preferred Stock
multiplied by the Series B Participation Element, (iii) in the case of the Class B Common Stock, the number of shares of Class A Common Stock into which such shares of Class B Common Stock are convertible, and (iv) in the case of the Class C Common
Stock, the number of shares of Class A Common Stock into which such shares of Class C Common Stock are convertible. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar
Federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
  
 “Notes” mean the (i) the Senior Subordinated Note dated June 16, 2000 issued by the Company to Parthenon Investors in the principal
amount of $9,659,436, and (ii) the Senior Subordinated Note dated June 16, 2000 issued by the Company to PCIP in the principal amount of $340,564, each as issued pursuant to the Second Parthenon Purchase Agreement. 
  
 “Parthenon” is defined in the Preamble. 
  
 “Registrable Shares” means (a) the shares of Class A Common
Stock issued or issuable upon the conversion of Class B Common Stock or Class C Common Stock, (b) the shares of Class A Common Stock issued or issuable upon the exercise of any of the Warrants, and (c) shares of Class A Common Stock issued upon
redemption of Series A Preferred Stock and Series B Preferred Stock, and (d) any other shares of Class A Common Stock issued in respect of such shares (because of stock splits, stock dividends, reclassifications, recapitalization, or similar
events). 
  
 “Registration Expenses” means the
expenses described in Section 5. 
  
 “Registration
Statement” means a registration statement filed by the Company with the Commission for a public offering and sale of securities of the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any other
form for a limited purpose, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation). 
  
 “Securities Act” means the Securities Act of 1933, as amended, or any similar Federal statute, and the
rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
  
 “Series A Participation Element” has the meaning given to it in the Charter. 
  
 “Series A Preferred Stock” means the Series A Redeemable
Participating Preferred Stock, $0.01 par value, of the Company. 
  
 “Series B Participation Element” has the meaning given to it in the Charter. 
  
 “Series B Preferred Stock” means the Series B Redeemable Participating Preferred Stock, $0.01 par value, of the Company. 
  
 “Shattan” is defined in the Preamble. 
  
 “Stockholder” means any Holder and any persons or entities
to whom the rights granted under this Agreement are transferred, and their successors or assigns. 
  
 “Warrants” means the Class A Warrants, Class B Warrants, Class D Warrants and Class E Warrants for the purchase of the Company’s
Common Stock. 

 2. REQUIRED REGISTRATIONS. 
  
 2.1. Parthenon Demand Registrations. At any time following six months after the closing of the first sale of securities by the Company pursuant to
a Registration Statement, Parthenon may request, in writing, that the Company effect the registration of certain Registrable Shares held by Parthenon provided that such Registrable Shares have an anticipated net aggregate offering price in excess of
five million dollars ($5,000,000). If Parthenon intends to distribute the Registrable Shares in an underwritten offering, they shall so advise the Company in their request. In the event such registration is underwritten, the other Stockholders shall
have the right to participate in such underwriting provided that such Stockholders’ participation in such underwriting is upon the same terms and conditions (provided that the terms of the underwriting are consistent with this Agreement). The
Company shall, as expeditiously as possible, use its best efforts to effect the registration of all Registrable Shares that the Company has been requested to so register. 
  
 2.2. Class C Common Demand Registrations. At any time following six months after the closing of the first sale of
securities by the Company pursuant to a Registration Statement, the holders of at least a majority of the Class C Common Stock may request, in writing, that the Company effect the registration of certain Registrable Shares held by the holders of the
Class C Common Stock. If such holders of Class C Common Stock intend to distribute the Registrable Shares in an underwritten offering, they shall so advise the Company in their request. In the event such registration is underwritten, the other
Stockholders shall have the right to participate in such underwriting provided that such Stockholders’ participation in such underwriting is upon the same terms and conditions (provided that the terms of the underwriting are consistent with
this Agreement). The Company shall, as expeditiously as possible, use its best efforts to effect the registration of all Registrable Shares that the Company has been requested to so register. 
  
 2.3. Registration on Form S-3. At any time within the five-year period
after the Company becomes eligible to file a Registration Statement on Form S-3 (or any successor form relating to secondary offerings), Parthenon Investors, Wafra, Westbury, PCIP or JMH may request the Company, in writing, to effect the
registration on Form S-3 (or any successor form), of all or such portion of the Registrable Shares as such holder or holders shall specify. If the Stockholders initiating the registration intend to distribute the Registrable Shares in an
underwritten offering, they shall so advise the Company in their request. In the event such registration is underwritten, the right of other Stockholders to participate shall be conditioned on such Stockholders’ participation in such
underwriting upon the same terms and conditions (provided that the terms of the underwriting are consistent with this Agreement). The Company shall, as expeditiously as possible, use its best efforts to effect the registration on Form S-3 (or any
successor form) of all Registrable Shares that the Company has been so requested to register. 
  
 2.4. Limitations. The Company shall not be required to effect more than two registrations pursuant to Section 2.1 above and no more than two registrations pursuant to Section 2.2 above, provided,
however, that no registration which shall not have become and remained effective in accordance with Section 4.1 shall be deemed to be a registration for any purpose of this sentence. In addition, the Company shall not be required to effect any
registration within six months after the effective date of any other Registration Statement of the Company. Under Section 2.3 above, the Stockholder or Stockholders shall have the right to 

 
require the Company to effect an unlimited number of registrations on Form S-3; provided, however, that in any one year the Company shall not be
required to effect more than two such registrations and any such registration shall be separated from any previous registration by a period of at least six months. 
  
 2.5. Delay for Good Cause. If at the time of any request to register Registrable Shares pursuant to this Section 2,
the Company is engaged or has firm plans to engage within 90 days of the time of the request in a registered public offering as to which the Stockholders may include Registrable Shares pursuant to Section 3 or is engaged in any other activity which,
in the good faith determination of the Company’s Board of Directors, would be adversely affected by the requested registration to the material detriment of the Company, then the Company may at its option direct that such request be delayed for
a period not in excess of 120 days from the effective date of such offering or the date of commencement of such other material activity, as the case may be, such right to delay a request to be exercised by the Company not more than once in any
two-year period. 
  
 2.6. Selection of Underwriter. In the
case of any registration effected pursuant to this Section 2, the requesting Stockholders shall have the right to designate the managing underwriter, subject to the approval of the Company, which approval may not be unreasonably withheld or delayed.

  
 3. INCIDENTAL REGISTRATION. 
  
 3.1. Company Registration. Whenever the Company proposes to file a
Registration Statement, including at the request of Stockholders pursuant to Section 2, prior to such filing it shall give written notice to all Stockholders of its intention to do so, and upon the written request of a Stockholder or Stockholders
given within 20 days after the Company provides such notice (which request shall state the intended method of disposition of such Registrable Shares), the Company shall use its best efforts to cause all Registrable Shares which the Company has been
requested to register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of distribution specified in the request of such Stockholder(s);
provided that the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 3.1 without obligation to any Stockholder. 
  
 3.2. Limitations on Demand and Incidental Registrations. In connection with any offering under this Section 3
involving an underwriting, the Company shall not be required to include any Registrable Shares in such underwriting unless the holders thereof accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by
it (provided that the terms of the underwriting are consistent with this Agreement). If in the opinion of the managing underwriter the registration of all, or part of, the Registrable Shares that Stockholders have requested to be included in a
registration under Sections 2.1, 2.2 or 3.1 would materially and adversely affect such public offering, then the Company shall be required to include in the underwriting only that number of Registrable Shares, if any, that the managing underwriter
believes may be sold without causing such adverse effect. In the event of such a reduction in the number of shares to be included in the underwriting, all Stockholders who have requested registration pursuant to Sections 2.1, 2.2, or 3.1 hereof
shall participate in the 

 
underwriting pro rata based upon their total ownership of Registrable Shares and Common Stock Equivalents on a fully diluted basis taken in the aggregate
which have been requested to be registered and if any such Stockholder would thus be entitled to include more Registrable Shares than such Stockholder requested, the excess shall be allocated among such other requesting Stockholders pro rata based
on their proportionate ownership of Registrable Shares and Common Stock Equivalents on a fully diluted basis taken in the aggregate which have been requested to be registered. No other securities requested to be included in a registration for the
account of anyone other than the Company or the Stockholders shall be included in a registration unless all Registrable Shares requested to be included in such registration are so included. 
  
 4. REGISTRATION PROCEDURES. If and whenever the Company is required by the provisions of this
Agreement to use its best efforts to effect the registration of any of the Registrable Shares under the Securities Act, the Company shall: 
  
 4.1. Filing. Prepare and (in the case of a registration pursuant to Section 2 hereof, promptly and in any event within 60 days after the end of the
period within which requests for registration may be delivered to the Company) file with the Commission a Registration Statement with respect to such Registrable Shares and use its best efforts to cause that Registration Statement to become and
remain effective; 
  
 4.2. Amendments and Supplements As
expeditiously as possible prepare and file with the Commission any amendments and supplements to the Registration Statement and the prospectus included in the Registration Statement as may be necessary to keep the Registration Statement effective
for a period of not less than 180 days from the effective date; 
  
 4.3. Copies of Prospectus. As expeditiously as possible furnish to each selling Stockholder such reasonable numbers of copies of the prospectus, including a preliminary prospectus, in conformity with the requirements of the
Securities Act, such documents incorporated by reference in such registration statement or prospectus and such other documents as the selling Stockholder may reasonably request in order to facilitate the public sale or other disposition of the
Registrable Shares owned by the selling Stockholder; 
  
 4.4.
Blue Sky Qualification. As expeditiously as possible use its best efforts to register or qualify the Registrable Shares covered by the Registration Statement under the securities or Blue Sky laws of such states as the selling Stockholder
shall reasonably request, and do any and all other acts and things that may be necessary or desirable to enable the selling Stockholder to consummate the public sale or other disposition in such jurisdictions of the Registrable Shares owned by the
selling Stockholder, as the case may be; provided, however, that the Company shall not thereby be required to qualify as a foreign corporation or execute a general consent to service of process in any jurisdiction; 
  
 4.5. Underwritten Offering. In the event that Registrable Shares are
sold pursuant to a Registration Statement in an underwritten offering, enter into an underwriting agreement containing customary representations and warranties with respect to the business and operations of an issuer of the securities being
registered and customary covenants and agreements to be performed by such issuer, including without limitation customary provisions with respect to indemnification by the Company of the underwriters of such offering; 

 4.6. Cooperation. Use its best efforts to cooperate with the selling Stockholder or Stockholders
in the disposition of the Common Stock covered by the Registration Statement, including without limitation in the case of an offering pursuant to Section 2.1 causing key executives of the Company and its subsidiaries to participate under the
direction of the managing underwriter in a “road show” scheduled by such managing underwriter in such locations and of such duration as in the judgment of such managing underwriter are appropriate for such underwritten offering;

  
 4.7. Opinion of Counsel; Comfort Letter. In connection
with an underwritten public offering, furnish to each selling Stockholder all legal opinions, auditors’ consents and comfort letters and experts cooperations as may be required, including a signed counterpart, addressed to all such selling
Stockholders, of (i) an opinion of counsel for the Company experienced in securities law matters and (ii) a “cold comfort” letter signed by the independent public accountants who have certified the Company’s financial statements
included in the Registration Statement, covering substantially the same matters with respect to the Registration Statement and the prospectus as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered
to underwriters in underwritten public offerings of securities; 
  
 4.8. Earnings Statement. Use its best efforts to comply with the Securities Act, the Exchange Act and all applicable rules and regulations of the Commission and make available to it security holders, as soon as reasonably
practicable, an earnings statement of the Company (in form complying with the provisions of Rule 158 promulgated under the Securities Act) covering the period of at least 12 months beginning with the first month following the effective date of the
registration statement; 
  
 4.9. Listing. Use its best
efforts either to list the Registrable Shares on a national securities exchange or have them designated as national market securities by the National Association of Securities Dealers, Inc. (“NASD”). 
  
 4.10. Transfer Agent. Provide a transfer agent and registrar for all
such Registrable Securities not later than the effective date of such registration statement. 
  
 4.11. Company Lockup. In the case of an underwritten offering under Section 2.1 or 2.2 hereof, refrain, without the consent of the managing underwriter, for a period from 15 days before the effective date of
the registration sale until 180 days after such effective date, from directly or indirectly selling, offering to sell, granting any option for the sale of, or otherwise disposing of any common equity or securities convertible into common equity
other than pursuant to Company employee equity plans. 
  
 4.12.
Participation by Selling Security Holders. In connection with the preparation and filing of each registration statement registering Registrable Securities under the Securities Act, and before filing any such registration statement or any
other document in connection therewith, give the participating Holders and their underwriters, if any, and their respective counsel and accountants, the opportunity to participate in the preparation of such registration statement, each prospectus
included therein or filed with the Commission, each amendment thereof or supplement thereto and any related underwriting agreement or other document to be filed, and give each of the aforementioned persons such access to its books and records and
such 

 
opportunities to discuss the business of the Company with its officers and the independent public accountants who have certified its financial statements as
shall be necessary, in the opinion of such Holders, underwriters, counsel or accountants, to conduct a reasonable investigation within the meaning of the Securities Act. 
  
 The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such
information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing and which shall be required by the Securities Act (or similar state laws) or by the Commission in connection
therewith. 
  
 If the Company has delivered preliminary or final prospectuses to
the selling Stockholder and after having done so the prospectus is amended to comply with the requirements of the Securities Act, the Company shall promptly notify the selling Stockholder and, if requested, the selling Stockholder shall immediately
cease making offers of Registrable Shares shall return all prospectuses to the Company. The Company shall promptly provide the selling Stockholder with revised prospectuses and, following receipt of the revised prospectuses, the selling Stockholder
shall be free to resume making offers of the Registrable Shares. 
  
 Each holder
of Registrable Shares included in any registration shall furnish to the Company such information regarding such holder and the distribution proposed by such holder as the Company may request in writing and as shall be required in connection with any
registration, qualification or compliance referred to in this Section 4. 
  
 5.
ALLOCATION OF EXPENSES. The Company shall pay the Registration Expenses for each of (a) the two registrations requested by the Stockholders pursuant to Section 2.1 and (b) the two registrations requested by the Stockholders pursuant to Section 2.2,
and of all registrations pursuant to Section 3. The Stockholders requesting registration pursuant to Section 2.3 shall pay the Registration Expenses for such registrations pro rata according to the number of shares included. For purposes of this
Section, the term “Registration Expenses” shall mean all expenses incurred by the Company in complying with this Sections 2 and 3, including, without limitation, all registration and filing fees, exchange or national market listing
fees, all fees and expenses of complying with securities or blue sky laws, all fees and expenses associated with filings with the NASD, all printing expenses, fees and disbursements of counsel for the Company and its independent public accountants,
fees and disbursements of one counsel for the selling Stockholders retained by Stockholders holding a majority of the Registrable Shares included in a registration and the expense of any special audits incident to or required by any such
registration, but excluding underwriting discounts and selling commissions and fees of more than one counsel for the selling Stockholders. Such underwriting discounts and selling commissions shall be borne pro rata by the selling Stockholders in
accordance with the number of their Registrable Shares taken in the aggregate included in such registration. 
  
 6. INDEMNIFICATION. 
  
 6.1.
Company Indemnification. In the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, then to the extent permitted by law, the Company shall indemnify and hold harmless the seller of
such Registrable 

 
Shares, its partners, directors, officers and employees and any fund manager or fiduciary (which persons shall be deemed to be included in the term seller in
this Section 6.1), each underwriter of such Registrable Shares and each other person, if any, who controls such seller or underwriter within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities,
joint or several, to which such seller, underwriter or controlling person may become subject under the Securities Act, the Exchange Act, state securities laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any
preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arise out of or are based upon the omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading; and the Company shall reimburse such seller, underwriter and each such controlling person for any legal or any other expenses reasonably incurred by such seller,
underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable to any such seller, underwriter or controlling person
in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus or prospectus, or any such amendment or
supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by or on behalf of such seller, underwriter or controlling person specifically for use in the preparation thereof. 
  
 6.2. Seller Indemnification. In the event of any registration of any
of the Registrable Shares under the Securities Act pursuant to this Agreement, then to the extent permitted by law, each seller of Registrable Shares severally and not jointly, shall indemnify and hold harmless the Company, each of its directors and
officers and each underwriter (if any) and each person, if any, who controls the Company or any such underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to
which the Company, such directors and officers, underwriter or controlling person may become subject under the Securities Act, Exchange Act, state securities laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary
prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such seller, specifically for use in
connection with the preparation of such Registration Statement, prospectus, amendment or supplement; provided, however, that the obligations of such Stockholder hereunder shall be limited to an amount equal to the proceeds to such Stockholder
of Registrable Shares sold as contemplated herein. 
  
 6.3.
Notice of Claims, etc. Each party entitled to indemnification under this Section 6 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the 

 
“Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by
the Indemnified Party (whose approval shall not be unreasonably withheld); and, provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under
this Section 6. The Indemnified Party may participate in such defense at such party’s expense; provided, however, that the Indemnifying Party shall pay such expense if representation of such Indemnified Party by the counsel retained by
the Indemnifying Party would be inappropriate due to actual or potential differing interests between the Indemnified Party and any other party represented by such counsel in such proceeding. No Indemnifying Party, in the defense of any such claim or
litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as a term thereof the giving by the claimant or plaintiff to such Indemnified Party of a general
release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any judgment or settle such claim or litigation without the prior written consent of the Indemnifying Party. 
  
 6.4. Contribution. If for any reason the foregoing indemnification is
not available, or is insufficient to hold harmless an Indemnified Party, other than by reason of the exceptions provided herein, then the Indemnifying Party shall contribute to the amount paid or payable by the Indemnified Party as a result of such
losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the holder of Registrable Shares and the Company as well as any other equitable considerations including the parties’ relative
knowledge and access to information concerning the matter with respect to which any claim is asserted and the opportunity to correct and prevent any such statement or omission leading to such loss, claim, damage or liability (or actions in respect
thereof), but not including the relative benefits received by the holders of Registrable Shares on the one hand and the Company on the other; provided, however, that in any such case (i) no holder of Registrable Shares will be required to
contribute except to the extent and under such circumstances as such holder would be required to provide indemnification hereunder and then only in an amount not in excess of the net proceeds to it of all Registrable Shares sold in the registration,
and (ii) no person guilty of fraudulent misrepresentation, within the meaning of Section 11(f) of the Securities Act, shall be entitled to contribution from any person who is not so guilty. 
  
 7. MISCELLANEOUS. 
  
 7.1. “Stand-Off” Agreement. In connection with any underwritten public offering, if requested by the
Company and the managing underwriter, each Stockholder hereby agrees not to effect any public sale or distribution of any Registrable Shares, nor engage in any transaction that would result in a public sale or distribution of securities of the same
class as the Registrable Shares for a specified period of time (not to exceed 180 days in the case of an initial public offering and 90 days in the case of any subsequent offering) following the effective date of a Registration Statement;
provided, that all Stockholders holding more than one percent of the outstanding Common Stock and all officers and directors of the Company enter into similar agreements. Such agreement shall be in writing in a form satisfactory to the
Company and such underwriter. The Company may impose stop-transfer instructions with respect to the Registrable Shares or other securities subject to the foregoing restriction until the end of the stand-off period. 

 7.2. Rule 144 Requirements. With a view to making available to the Stockholders the benefits of
Rule 144 promulgated under the Securities Act and any other rule or regulation of the Commission that may at any time permit such stockholder to sell securities of the Company to the public without registration, the Company agrees to use its best
efforts to: 
  
 (a) make and keep public information available,
as those terms are understood and defined in Rule 144 under the Securities Act (at any time after it has become subject to the reporting requirements of the Exchange Act); 
  
 (b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
  
 (c) furnish to any holder of Registrable Shares upon request a written statement by the Company as to its compliance with the reporting requirements of
said Rule 144 (at any time after 90 days after the closing of the first sale of securities by the Company pursuant to a Registration Statement), and of the Securities Act and the Exchange Act (at any time after it has become subject to such
reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the
Commission allowing it to sell any such securities without registration. 
  
 7.3. Mergers. The Company shall not, directly or indirectly, enter into any merger, consolidation or reorganization in which the Company is not the surviving corporation unless the proposed surviving
corporation shall, prior to and as a condition to such merger, consolidation or reorganization, agree in writing to assume the obligations of the Company under this Agreement; provided, however, that the provisions of this Section 7.3 shall
not apply to any such merger, consolidation or reorganization in which the total consideration to be received consists solely of cash. 
  
 7.4. Transfer of Rights. This Agreement, and the rights and obligations of the Holder hereunder, may be assigned to any person or entity that
acquires Registrable Shares, and any such transferee who executes a writing agreeing to be bound by the provisions of this Agreement shall be a Stockholder for all purposes hereunder. 
  
 7.5. Governing Law. This Agreement shall be governed in all respects by the laws of the Commonwealth of Pennsylvania
without giving effect to the conflict of laws principles. 
  
 7.6.
Entire Agreement; Amendment and Waiver. This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subject matter hereof. Neither this Agreement nor any term may be amended, waived,
discharged or terminated, except by a written instrument signed by (a) the Company, (b) the Stockholders holding a majority of the Registrable Shares, and (c) a majority of the holders of the Class C Common Stock, but in no event shall any such
amendment, waiver, discharge or termination increase the obligations of any Stockholder hereunder or reduce the benefits of such Stockholder, except upon the written consent of such Stockholder. 

 7.7. Notices. All notices and other communications required or permitted under this Agreement
shall be in writing and shall be deemed effectively given upon personal delivery or five days after deposit with the United States Post Office, by registered or certified mail, postage prepaid, addressed to the Company at its principal office as set
forth in the Company’s Articles of Incorporation, as may be amended or modified from time to time, and to a Holder at its address as set forth in the Second Amended and Restated Stockholder’s Agreement dated March 29, 2001, as may be
amended or modified from time to time, or at such other address as any party may designate by ten days’ prior written notice to the other party. 
  
 7.8. Rights; Separability. Unless otherwise expressly provided herein, each Holder’s rights hereunder are several rights, not rights jointly
held with any of other Holders. In case any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
  
 7.9. Titles. The titles of the Sections of
this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
  
 7.10. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together
shall constitute one Agreement. 

 IN WITNESS WHEREOF, the parties have executed this Agreement under seal as of the date first above
written. 
  

			
	KENEXA CORPORATION
		
	By:	 	 /S/    ELLIOT CLARK

	Name:	 	 
	Title:	 	 
	
	WESTBURY EQUITY PARTNERS SBIC, L.P.
		
	By:	 	Westbury SBIC, Inc., its General Partner
		
	By:	 	 /S/    RICHARD P. SICOLI

	Name:	 	Richard P. Sicoli
	Title:	 	VP/CFO
	
	PARTHENON INVESTORS, L.P.
		
	By:	 	 /S/    JOHN RUTHERFORD

	 	 	Managing Director
	
	PCIP INVESTORS, a Delaware general partnership
		
	By:	 	 /S/    JOHN RUTHERFORD

	Name:	 	 
	Title:	 	 
	
	JMH PARTNERS CORP.
		
	By:	 	 /S/    TONY BROOKE

	Name:	 	 
	Title:	 	 

			
	SHAD RUN INVESTMENTS, L.P.
		
	By:	 	Shad Run Investments, Inc.,
	 	 	General Partner
		
	By:	 	 /S/    SARA M. HENDRICKSON

	Name:	 	Sara M. Hendrickson
	Title:	 	President
	
	WAFRA ACQUISITION FUND 14, L.P.
		
	By:	 	WAFRA PARTNERS, L.P., its general partner
		
	By:	 	 WAFRA PARTNERS, INC., in its capacity
 as general
partner of Wafra Partners, L.P.

		
	By:	 	 /S/    PETER PETRILLO

	Name:	 	Peter Petrillo
	Title:	 	Senior Vice President
	
	TSG CO-INVESTORS, LLC
		
	By:	 	 /S/    G. KEVIN FECHTMEYER

	Name:	 	G. Kevin Fechtmeyer
	Title:	 	Managing Director
	
	THE SHATTAN GROUP, LLC
		
	By:	 	 /S/    G. KEVIN FECHTMEYER

	Name:	 	G. Kevin Fechtmeyer
	Title:	 	Managing Director
	
	THOMAS S. SHATTAN
	 /S/    THOMAS S.
SHATTAN

	GREGORY E. MENDEL
	 /S/    GREGORY E.
MENDEL

	G. KEVIN FECHTMEYER
	 /S/    G. KEVIN
FECHTMEYERAgreement of Lease

 Exhibit 10.10 
 AGREEMENT OF LEASE 
  
 BETWEEN 
  
 LIBERTY PROPERTY LIMITED PARTNERSHIP

 (“LANDLORD”) 
  
 AND 
  
 RAYMOND KARSAN ASSOCIATES 
 (“TENANT”) 
  
 FOR 
  
 170 S. WARNER ROAD 
 WAYNE, PENNSYLVANIA 19087 

 THIS LEASE AGREEMENT is made by and between LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited
partnership (“LANDLORD”) with its address at 65 Valley Stream Parkway, Malvern, PA 19355 and RAYMOND KARSAN ASSOCIATES, a Corporation organized under the laws of Pennsylvania (“TENANT”) with its address at 989 Old Eagle School
Road, Suite 814, Wayne, PA 19087, and is dated as of the date on which this lease has been fully executed by Landlord and Tenant. 
  
 I. Summary of Terms and Certain Definitions. 
  
 a. “PREMISES”: (Section 2), Approximate rentable square feet 13,178: Suite: 110 
  
 b. “BUILDING”: Approximate rentable square feet: 86,405;
(§2); Address: 170 5. Warner Road, King of Prussia, PA 19406 
  
 c. “TERM”: Eight Four (84) months plus any partial month from the Commencement Date until the first day of the first full calendar month during the Term. 
  
 (i) “COMMENCEMENT DATE”: July 1, 1996. 
  
 (ii) “EXPIRATION DATE”: See Section 5. 
  
 d. Minimum Rent (§6) & Operating Expenses (§7). 
  
 (i) “MINIMUM ANNUAL RENT”: $144,299.10 (One Hundred Forty
Four Thousand Two Hundred Ninety Nine and 10/100 Dollars), payable in monthly installments of $12,024.93 (Twelve Thousand Twenty Four and 93/100 Dollars, increased as follows: 
  

															
	 Lease Year

	  	Annual

	  	Monthly

	  	Lease Year

	  	Annual

	  	Monthly

	 2
	  	$	147,593.60	  	$	12,299.46	  	6	  	$	160,771.60	  	$	13,391.63
	 3
	  	$	150,888.10	  	$	12,574.00	  	7	  	$	164,066.10	  	$	13,672.17
	 4
	  	$	154,182.60	  	$	12,848.55	  	 	  	 	 	  	 	 
	 5
	  	$	157,477.10	  	$	13,123.09	  	 	  	 	 	  	 	 

  
 (ii) Estimated
“ANNUAL OPERATING EXPENSES”: $102,129.50 (One Hundred Two Thousand One Hundred Twenty Nine and 50/100 Dollars), payable in monthly installments of $8,510.79 (Eight Thousand Five Hundred Ten and 79/ 100 Dollars), subject to adjustment
(§7(a)) 
  
 e. “PROPORTIONATE SHARE”
(§7(a)): 15.25% (Ratio of approximate rentable square feet in the Premises to approximate rentable square feet in the Building) 

 f. “USE” (§4): General office purposes (excluding any “place of public
accommodation”) 
  
 g. “SECURITY DEPOSIT”
(§28): $20,535.72 (Twenty Thousand Five Hundred Thirty Five and 72/100 Dollars). 
  
 h. CONTENTS: This lease consists of the Index, pages s 1 through 11 containing Sections 1 through 28 and the following, all of which are attached hereto and made a part of this lease: 
  
 Rider with Sections 29 through 34 
  
 Exhibits: 
  
 (i) “A” Plan showing Construction 
  
 (ii) “B” Commencement Certificate Form 
  
 (iii) “C” Building Rules 
  
 (iv) “D” Cleaning Schedule 
  
 (v) “E” Estoppel Certificate Form 
  
 2. Premises. Landlord hereby leases Tenant and Tenant hereby leases
from Land the Premises as showing on attached Exhibit “A” within the Building (the Building and the lot on which it is located, (the “PROPERTY”), together with the non-exclusive right with Landlord and other occupants of the
Building to use all areas and facilities provided by Landlord for the use of all tenants in the Property including any lobbies, hallways, driveways, sidewalks and parking, loading and landscaped areas (the “Common Areas”). 
  
 3. Acceptance of Premises. Tenant has examined and knows the condition
of the Property, the zoning, streets, sidewalks. parking areas, curbs and access ways adjoining it, visible easements; any surface conditions and the present uses, and Tenant accepts them in the condition in which they now are, without relying on
any representation, covenant or warranty by Landlord. Tenant and its agents shall have the right, at Tenants own ask, expense and responsibility, at all reasonable times prior to the Commencement Date, to enter the Premises for the purpose of taking
measurements and installing its furnishings and equipment; provided that the Premises are vacant and Tenant obtains Landlord’s prior written consent. 
  
 4. Use; Compliance. 
  
 a. Permitted Use. Tenant shall occupy and use the Premises for and only for the Use specified in Section 1(f) above and in such a manner as is
lawful, reputable and will not create any nuisance or otherwise interfere with any other tenant’s normal operations or the management of the Building. Without limiting the foregoing, 

 
such Use shall exclude any use that would cause the Premises or the Property to be deemed a “place of public accommodation” under the Americans
with Disabilities Act (the “ADA”) as further described in the Building Rules (defined below). All Common Areas shall be subject to Landlord’s exclusive control and management at all times. Tenant shall not use or permit the use of any
portion of the Common Areas for other than their intended use. 
  
 b. Compliance. From and after the Commencement Date, Tenant shall comply promptly, at its sole expense, (including making any alterations or improvements) with all laws (including the ADA), ordinances, notices, orders, rules,
regulations and requirements regulating the Property during the Term which impose any duty upon Landlord or Tenant with respect to Tenants use, occupancy or alteration of, or Tenant’s installations in or upon, the Property including the
Premises, (as the same may be amended, the “LAWS AND REQUIREMENTS”) and the building rules attached as Exhibit “C”, as amended by Landlord from time to time, (the ‘BUILDING RULES”). Provided, however, that Tenant shall
not be required to comply with the Laws and Requirements with reference to the footings, foundations, structural steel columns and girders forming a part of the Property unless the need for such compliance arises out of Tenants use, occupancy or
alteration of the Property, or by any act or omission of Tenant or any employees. agents, contractors, licensees or invitees (“AGENTS”) of Tenant. With respect to Tenants obligations as to the Property, other than the Premises, at
Landlord’s option and at Tenants expense, Landlord may comply with any repair, replacement or other construction requirements of the Laws and Requirements and Tenant shall pay to Landlord all costs thereof as additional rent. 
  
 c. Environmental. Tenant shall comply, at its sole expense, with all
Laws and Requirements as set forth above, all manufacturers’ instructions and all requirements of insurers relating to the treatment, production, storage, handling, transfer, processing, transporting, use, disposal and release of hazardous
substances, hazardous mixtures, chemicals, pollutants. petroleum products, toxic or radioactive matter (the “RESTRICTED ACTIVITIES”). Tenant shall deliver to Landlord copies of all Material Safety Data Sheets or other written information
prepared by manufacturers, importers or suppliers of any chemical and all notices, filings, permits and any other written communications from or to Tenant and any entity regulating any Restricted Activities. 
  
 d. Notice. If at any time during or after the Term, Tenant becomes
aware of any inquiry, investigation or proceeding regarding the Restricted Activities or becomes aware of any claims, actions or investigations regarding the ADA, Tenant shall give Landlord written notice, within 5 days after first learning thereof,
providing all available information and copies of any notices. 
  
 5. Term. The Term of this Lease shall commence on the Commencement Date and shall end at 11:59 p.m. on the last thy of the Term (the “EXPIRATION DATE”), without the necessity for notice from either party, unless sooner
terminated in accordance with the terms hereof. At Landlords request, Tenant shall confirm the Commencement Date and Expiration Date by executing a lease commencement certificate in the form attached as Exhibit “B”. 

 6. Minimum Annual Rent. Tenant agrees to pay to Landlord the Minimum Annual Rent in equal monthly
installments in the amount set forth in Section 1(d) (as increased at the beginning of each lease year as set forth in Section 1(d)), in advance, on the first day of each calendar month during the Term, without notice, demand or setoff at
Landlord’s address designated at the beginning of the lease unless Landlord designates otherwise: provided that rent for the first full month shall be paid at the signing of this lease. If the Commencement Date falls on a day other than the
first day of a calendar month, the rent shall be apportioned pro rata on a per diem basis for the period from the Commencement Date until the first thy of the following calendar month and shall be paid on or before the Commencement Date. As used in
this lease, the term “lease year” means the period from the Commencement Date through the succeeding 12 full calendar months (including for the first lease year any part
             from the Commencement Date until the first day of the first full calendar month) and each successive 12 month period thereafter during the Term. 
  
 7. Operation of Property; Payment of Expenses. 
  
 a. Payment of Operating Expenses. Tenant shall pay to Landlord the
Annual Operating Expenses in equal monthly installments in the amount set forth in Section 1(d) (prorated for any partial month), front the Commencement Date and continuing throughout the Term on the first day of each calendar month during the Term,
as additional rent, without notice, demand or setoff, provided that the monthly installment for the first full month shall be paid at the signing of this lease. Landlord shall apply such payments to the annual operating costs to Landlord of
operating and maintaining the Property during each calendar year of the Tea which costs may include by way of example rather than limitation: insurance premiums, fees, impositions, costs for repairs, maintenance, service contracts, management and
administrative fees, governmental permits, overhead expenses, costs of furnishing water, sewer, gas, fuel, electricity, other utility services, janitorial service, trash removal, security services, landscaping and grounds maintenance, and the costs
of any other items attributable to operating or maintaining any or all of the Property excluding any costs which under generally accepted accounting principles are capital expenditures: provided, however, that annual operating costs also shall
include the annual amortization (over an assumed useful life of ten years) of the costs (including financing charges) of building improvements made by Landlord to the Property that are required by any governmental authority or for the purpose of
reducing operating expenses or directly enhancing the safety of tenants in the Building generally. The amount of the Annual Operating Expenses set forth in Section 1(d) represents Landlord’s estimate of Tenants share of the estimated operating
costs during the first calendar year of the Term on an annualized basis: from time to time Landlord may adjust such estimated amount if the estimated operating costs increase. Tenants obligation to pay the Annual Operating Expenses pursuant to this
Section 7 shall survive the expiration or termination of this lease. 
  
 (i) Computation of Tenant’s Share of Annual Operating Costs. After the end of each calendar year of the Term, Landlord shall compute Tenant’s share of the annual operating costs described above incurred during such calendar
year by (A) calculating an appropriate adjustment, using generally accepted 

 
accounting principles, to avoid allocating to Tenant or to any other tenant (as the case may be) those specific costs which Tenant or any other tenant has
agreed to pay; (B) calculating an appropriate adjustment, using generally accepted accounting principles, to avoid allocating to any vacant space those specific costs which were not incurred for such space: and (C) multiplying the adjusted annual
operating costs by Tenant’s Proportionate Share. 
  
 (ii)
Reconciliation. By April 30th of each year (and as soon as practical after the expiration or termination of this lease or at any time in the event of a sale of the Property), Landlord shall provide Tenant with a statement of the actual amount
of such annual operating costs for the preceding calendar year or part thereof. Landlord or Tenant shall pay to the other the amount of any deficiency or overpayment then due from one to the other or, at Landlord’s option, Landlord may credit
Tenants account for any overpayment. Tenant shall have the right to inspect the books and records used by Landlord in calculating the annual operating costs within 60 days of receipt of the statement during regular business hours after having given
Landlord at least 48 hours prior written notice: provided, however, that Tenant shall make all payments of additional rent without delay, and that Tenant’s obligation to pay such additional rent shall not be contingent on any such right.

  
 b. Impositions. As used in this lease the term
“impositions” refers to all levies, taxes (including sales taxes and gross receipt taxes) and assessments, which are applicable to the Term, and which are imposed by any authority or under any law, ordinance or regulation thereof, or
pursuant to any recorded covenants or agreements. and the reasonable cost of contesting any of the foregoing, upon or with respect to the Property or any part thereof, or any improvements thereto. Tenant shall pay to Landlord with the monthly
payment of Minimum Annual Rent any imposition imposed directly upon this lease or the Rent (defined in Section 7(g)) or amounts payable by any subtenants or other occupants of the Premises, or against Landlord because of Landlords estate or interest
herein. 
  
 (i) Nothing herein contained shall be interpreted as
requiring Tenant to pay any income, excess profits or corporate capital stock tax imposed or assessed upon Landlord, unless such tax or any similar tax is levied or assessed in lieu of all or any part of any imposition or an increase in any
imposition. 
  
 (ii) If it shall not be lawful for Tenant to
reimburse Landlord for any of the impositions. the Minimum Annual Rent shall be increased by the amount of the portion of such imposition allocable to Tenant, unless prohibited by law. 
  
 c. Insurance. 
  
 (i) Property. Landlord shall keep in effect insurance against loss or damage to the Building or the Property by fire and such other casualties as
may be included within fire, extended coverage and special form insurance covering the full replacement cost of the Building (but excluding coverage. Tenants personal property in, and any alterations by tenant to, the Premises), and such other
insurance as Landlord may reasonably deem appropriate or as may be required from time-to-time by any mortgagee. 

 (ii) Liability. Tenant, at its an expense, shall keep in effect comprehensive general public
liability insurance with respect to the Premises and the Property, including contractual liability insurance, with such limits of liability for bodily injury (including death) and property damage as reasonably may be required by Landlord from
time-to-time, but not less than a combined single limit of $1,000,000 per occurrence and a general aggregate limit of not less than $2,000,000 (which aggregate limit shall apply separately to each of Tenants locations if more than the Premises):
however, such limits shall not limit the liability of Tenant hereunder. The policy of comprehensive general public liability insurance also shall name Landlord and Landlords agent as insured parties with respect to the Premises, shall be written on
an “occurrence” basis and not on a “claims made” basis, shall provide that it is primary with respect to any policies carried by Landlord and that any coverage carried by Landlord shall be excess insurance, shall provide that it
shall not be cancelable or reduced without at least 30 days prior written notice to Landlord and shall be issued in form satisfactory to Landlord. The insurer shall be a responsible insurance carrier which is authorized to issue such insurance and
licensed to do business in the state in which the Property is located and which has at all times during the Term a rating of no less than A VII in the most current edition of Best’s Insurance Reports. Tenant shall deliver to Landlord on
or before the Commencement Date, and subsequently renewals of a certificate of insurance evidencing such coverage and the waiver of subrogation described below. 
  

(iii) Waiver of Subrogation. Landlord and Tenant shall have included in their respective property insurance policies waivers of their
respective insurers’ right of subrogation against the other party. If such a waiver should be unobtainable or unenforceable, then such policies of insurance shall state expressly that such policies shall not be invalidated if, before a
casualty, the insured waives the right of recovery against any party responsible for a casualty covered by the policy. 
  
 (iv) Increase of Premiums. Tenant agrees not to do anything or fail to do anything which will increase the cost of Landlords insurance or which
will prevent Landlord from procuring policies (including public liability) from companies and in a form satisfactory to Landlord. If any breach of the preceding sentence by Tenant causes the rate of fire or other insurance to be increased, Tenant
shall pay the amount of such increase as additional rent promptly upon being billed. 
  
 d. Repairs and Maintenance; Common Areas; Building Management. 
  
 (i) Tenant at its sole expense shall maintain the Premises in a neat and orderly condition. 
  
 (ii) Landlord, shall make all necessary repairs to the Premises, the Common Areas and any other improvements located on the
Property, provided that Landlord shall have no responsibility to make any repair until Landlord 

 
receives written notice of the need for such repair. Landlord shall operate and manage the Property and shall maintain all Common Areas and any paved areas
appurtenant to the Property in a clean and orderly condition. Landlord reserves the right to make alterations to the Common Areas from time to time. 
  
 (iii) Notwithstanding anything herein to the contrary, repairs and replacements to the Property including the Premises made necessary by Tenant’s
use, occupancy or alteration of. or Tenant’s installation in or upon the Property or by any act or omission of Tenant or its Agents shall be made at the sole expense of Tenant to the extent not covered by any applicable insurance proceeds paid
to Landlord. Tenant shall not bear the expense of any repairs or replacements to the Property arising out of or caused by any other tenant’s use, occupancy or alteration of. or any other tenant’s installation in or upon. the Property or by
any act or omission of any other tenant or any other tenant’s Agents. 
  
 e. Utilities. 
  
 (i)
Landlord will furnish the Premises with electricity, heating and air conditioning for the normal use and occupancy of the Premises as general offices between 8:00 am. and 6:00 p.m Monday through Friday (legal holidays excepted). If Tenant shall
require electricity or install electrical equipment including but not limited to electrical heating, refrigeration equipment. electronic data processing machines, or machines or equipment using current in excess of 110 volts, which will in any way
increase the amount of electricity usually furnished for use as general office space, or if Tenant shall attempt to use the Premises in such a manner that the services to be furnished by Landlord would be required during periods other than or in
addition to business hours referred to above, Tenant will obtain Landlord’s prior written approval and will pay for the resulting additional direct expense. including the expense resulting from the installation of such equipment and meters, as
additional rent promptly upon being billed. Landlord shall not be responsible or liable for any interruption in utility service, nor shall such interruption affect the continuation or validity of this lease. 
  
 (ii) If at any time utility service applied to the Premises are separately
material cost of installing Tenant’s meter ad the cost of such separately metered utility service shall be paid by Tenant promptly upon being billed. 
  
 f. Janitorial Services. Landlord will provide Tenant with trash removal and janitorial services pursuant to a cleaning schedule attached as
Exhibit “D”. 
  
 g. “Rent.” The term
“RENT” as used in this lease means the Minimum Annual Rent, Annual Operating Expenses and any ocher additional rent or sums payable by Tenant to Landlord pursuant to this lease, all of which shall be deemed rent for purposes of
Landlord’s rights and remedies with respect thereto. Tenant shall pay all Rent to Landlord within 30 days after Tenant is billed, unless otherwise provided in this lease, and interest shall accrue on all sums due but unpaid. 

 8. Signs. Landlord, at Landlord’s expense, will place Tenant’s name and suite number on
the Building standard sign and on or beside the entrance door to the Premises. Except for signs which are located wholly within the interior of the Premises and not visible from the exterior of the Premises, no signs shall be placed on the Property
without the prior written consent of Landlord. All signs installed by Tenant shall be maintained by Tenant in good condition and Tenant shall remove all such signs at the termination of this lease and shall repair any damage caused by such
installation, existence or removal. 
  
 9. Alterations and
Fixtures. 
  
 a. Subject to Section 10, Tenant shall have
the right to install its trade fixtures in the Premises, provided that no such installation or removal thereof shall affect any structural portion of the Property nor any utility lines, communications lines, equipment or facilities in the Building
serving any tenant other than Tenant. At the expiration or termination of this lease and at the option of Landlord or Tenant, Tenant shall remove such installation(s) and, in the event of such removal, Tenant shall repair any damage caused by such
installation or removal: if Tenant, with Landlord’s written consent, elects not to remove such installation(s) at the expiration or termination of this lease, all such installations shall remain on the Property and become the property of
Landlord without payment by Landlord. 
  
 b. Except for
non-structural changes which do not exceed $5000 in the aggregate, Tenant shall not make or permit to be made any alterations to the Premises without Landlords prior written consent. Tenant shall pay the costs of any required
architectural/engineering reviews. In making any alterations, (i) Tenant shall deliver to Landlord the plans, specifications and necessary permits, together with certificates evidencing that Tenant’s contractors and subcontractors have adequate
insurance coverage naming Landlord and Landlord’s agent as additional insureds. at least 10 days prior to commencement thereof. (ii) such alterations shall not impair the structural strength of the Building or any other improvements or reduce
the value of the Property or affect any utility lines, communications lines, equipment or facilities in the Building serving any tenant other than Tenant. (iii) Tenant shall comply with Section 10 and (iv) the occupants of the Building and of any
adjoining property shall not be disturbed thereby. All alterations to the Premises by Tenant shall be the property of Tenant until the expiration or termination of this lease: at that time all such alterations shall remain on the Property and become
the property of Landlord without payment by Landlord unless Landlord gives written notice to Tenant to remove the same, in which event Tenant will remove such alterations and repair any resulting damage. At Tenant’s request prior to Tenant
making any alterations. Landlord shall notify Tenant in writing, whether Tenant is required to remove such alterations at the expiration or termination of this lease. 
  
 10. Mechanics’ Liens. Tenant shall pay promptly any contractors and materialmen who supply labor, work or
materials to Tenant at the Property and shall take all steps permitted by law in order to avoid the imposition of any mechanic’s lien upon all or any portion of the Property. Should any such lien .or notice of lien be filed for work 

 
performed for Tenant other than by Landlord. Tenant shall bond against or discharge the same within 5 days after Tenant has notice that the lien or claim is
filed regardless of the validity of such lien or claim. Nothing in this lease is intended to authorize Tenant to do or cause any work to be done or materials to be supplied for the account of Landlord, all of the same to be solely for Tenant’s
account and at Tenant’s risk and expense. Throughout this lease the term “mechanic’s lien” is used to include any lien, encumbrance or charge levied or imposed upon all or any portion of. interest in or income from the Property
on account of any mechanic’s. laborer’s. materialman’s or construction lien or arising out of any debt or liability to or any claim of any contractor, mechanic, supplier, materialman or laborer and shall include any mechanic’s
notice of intention to file a lien given to Landlord or Tenant, any stop order given to Landlord or Tenant. any notice of refusal to pay naming Landlord or Tenant and any injunctive or equitable action brought by any person claiming to be entitled
to any mechanic’s lien. 
  
 11. Landlord’s Right to
Relocate Tenant; Right of Entry. 
  
 a. Landlord may cause
Tenant to relocate from the Premises to a comparable space (“RELOCATION SPACE”) within the Building by giving written notice to Tenant at least 60 days in advance, provided that Landlord shall pay for all reasonable costs of such
relocation. Such a relocation shall not terminate, modify or otherwise affect this lease except that “Premises” shall refer to the Relocation Space rather than the old location identified in Section 1(a). 
  
 b. Tenant shall permit Landlord and its Agents to enter the Premises at all
reasonable times following reasonable notice (except in the event of an emergency), for the purpose of inspection, maintenance or making repairs, alterations or additions as well as to exhibit the Premises for the purpose of sale or mortgage and,
during the last 12 months of the Term, to exhibit the Premises to any prospective tenant Landlord will make reasonable efforts not to inconvenience Tenant in exercising the foregoing rights, but shall not be liable for any loss of occupation or
quiet enjoyment thereby occasioned. 
  
 12. Damage by Fire or
Other Casualty. 
  
 a. If the Premises or Building shall be
damaged or destroyed by fire or other casualty, Tenant promptly shall notify Landlord and Landlord, subject to the conditions set forth in this Section 12, shall repair such damage and restore the Premises to substantially the same condition in
which they were immediately prior to such damage or destruction, but not including the repair, restoration or replacement of the fixtures or alterations installed by Tenant. Landlord shall notify Tenant in writing, within 30 days after the daze of
the casualty, if Landlord anticipates that the restoration will take more than 180 days from the date of the casualty to complete: in such event, either Landlord or Tenant may terminate this lease effective as of the date of casualty by giving
written notice to the other within 10 days after Landlord’s notice. Further, if a casualty occurs during the last 12 months of the Term or any extension thereof Landlord may cancel this lease unless Tenant has the right to extend the Term for
at least 3 more years and does so within 30 days after the date of the casualty. 

 b. Landlord shall maintain a 12 month rental coverage endorsement or other comparable form of coverage
as part of its fire, extended coverage and special form insurance. Tenant will receive an abatement of its Minimum Annual Rent and Annual Operating Expenses to the extent the Premises are rendered untenantable as determined by the carrier providing
the rental coverage endorsement. 
  
 13. Condemnation.

  
 a. Termination. 11(i) all of the Premises are taken
by a condemnation or otherwise for any public or quasi-public use. (ii) part of the Premises is so taken and the remainder thereof is insufficient for the reasonable operation of Tenant’s business or (iii) any of the Property is so taken, and,
in Landlord’s opinion, it would be impractical or the condemnation proceeds are insufficient to restore the remainder of the Property, then this lease shall terminate and all unaccrued obligations hereunder shall cease as of the day before
possession is taken by the condemnor. 
  
 b. Partial
Taking. If there is a condemnation and this lease has not been terminated pursuant to this Section, (1) Landlord shall restore the Building and the improvements which are a part of the Premises to a condition and size as nearly comparable as
reasonably possible to the condition and size thereof immediately prior to the date upon which the condemnor took possession and (ii)the obligations of Landlord and Tenant shall be unaffected by such condemnation except that there shall be an
equitable abatement of the Minimum Annual Rent according to the rental value of the Premises before and after the date upon which the condemnor took possession and/or the date Landlord completes such restoration. 
  
 c. Award. In the event of a condemnation affecting Tenant, Tenant
shall have the right to make a claim against the condemnor for moving expenses and business dislocation damages to the extent that such claim does not reduce the sums otherwise payable by the condemnor to Landlord. Except as aforesaid and except as
set forth in (d) below, Tenant hereby assigns all claims against the condemnor to Landlord. 
  
 d. Temporary Taking. No temporary taking of the Premises shall terminate this lease or give Tenant any right to any rental abatement. Such a temporary taking will be treated as if Tenant had sublet the Premises
to the condemnor and had assigned the proceeds of the subletting to Landlord to be applied on account of Tenant’s obligations hereunder. Any award for such a temporary taking during the Term shall be applied first, to Landlord’s costs of
collection and, second. on account of sums owing by Tenant hereunder, and if such amounts applied on account of sums owing by Tenant hereunder should exceed the entire amount owing by Tenant for the remainder of the Term, the excess will be paid to
Tenant. 
  
 14. Non-Abatement of Rent. Except as otherwise
expressly provided as to damage by fire or other casualty in Section 12(b) and to condemnation in Section 13(b), there shall be no abatement or reduction of the Rent for any cause whatsoever, and this lease shall not terminate, and Tenant shall not
be entitled to surrender the Premises. 

 15. Indemnification of Landlord. Subject to Sections 7(c)(iii) and 16, Tenant will protect,
indemnify and hold harmless Landlord and its Agents from and against any and all claims, actions, damages, liability and expense (including fees of attorneys, investigators and experts) in connection with loss of life, personal injury or damage to
property in or out of the Premises or arising out of the occupancy or use of the Premises by Tenant or its Agents or occasioned wholly or in part by any act or omission of Tenant or its Agents, whether prior to, during or after the Term,
except to the extent such loss, injury or damage was caused by the negligence of landlord or its Agent. In case any action or proceeding is brought against Landlord and/or its Agents by reason of the foregoing, tenant, at its expense, shall resist
and defend such action or proceeding, or cause the same to be resisted and defended by counsel (reasonably acceptable to Landlord and its Agents) designated by the insurer whose policy covers such occurrence or by counsel designated by Tenant and
approved by Landlord and its Agent Tenants obligations pursuant to this Section 15 shall survive the expiration or termination of this lease. 
  
 16. Waiver of Claims. Landlord and Tenant each hereby waives all claims for recovery against the other for any loss or damage which may be
inflicted upon the property of such party even if such loss or damage shall be brought about by the fault or negligence of the other party or its Agents: provided, however, that such waiver by Landlord shall not be effective with respect to any
liability of Tenant described in Sections 4(c) and 7(d)(iii). 
  
 17. Quiet Enjoyment. Landlord covenants that Tenant, upon performing all of its covenants, agreements and conditions of this lease, shall have quiet and peaceful possession of the Premises as against anyone claiming by or through
Landlord, subject, however, to the exceptions, reservations and conditions of this lease. 
  
 18. Assignment and Subletting. 
  
 a. Limitation. Tenant shall not transfer this lease, voluntarily or by operation of law, without the prior written consent of Landlord which shall not be withheld unreasonably. However, Landlord’s consent shall not be required
in the event of any transfer by Tenant to an affiliate of Tenant which is at least as credit worthy as Tenant as of the date of this lease and provided Tenant delivers to Landlord the instrument described in Section (c)(iii) below, together with a
certification of such creditworthiness by Tenant and such affiliate. Any transfer not in conformity with this Section 18 shall be void at the option of Landlord, and Landlord may exercise any or all of its rights under Section 23. A consent to one
transfer shall not be deemed to be a consent to any subsequent transfer. “Transfer” shall include any sublease, assignment, license or concession agreement, change in ownership or control of Tenant, mortgage or hypothecation of this lease
or Tenants interest therein or in all or a portion of the Premises. 
  
 b. Offer to Landlord. Tenant acknowledges that the terms of this lease, including the Minimum Annual Rent, have been based on the understanding that Tenant physically shall occupy the Premises for the entire Term. Therefore, upon

 
Tenant’s request to transfer all or a portion of the Premises, at the option of Landlord, Tenant and Landlord shall execute an amendment to this lease
removing such space from the Premises, Tenant shall be relieved of any liability with respect to such space and Landlord shall have the right to lease such space to any party, including Tenants proposed transferee. 
  
 c. Conditions. Notwithstanding the above, the following shall apply
to any transfer, with or without Landlord’s consent: 
  
 (i) As of the date of any transfer, Tenant shall not be in default under this lease nor shall any act or omission have occurred which would constitute a default with the giving of notice and/or the passage of time. 
  
 (ii) No transfer shall relieve Tenant of its obligation to pay the Rent and
to perform all its other obligations hereunder. The acceptance of Rent by Landlord from any person shall not be deemed to be a waiver by Landlord of any provision of this lease or to be a consent to any transfer. 
  
 (iii) Each transfer shall be by a written instrument in form and substance
satisfactory to Landlord which shall (A) include an assumption of liability by any transferee of all Tenants obligations and the transferee’s ratification of and agreement to be bound by all the provisions of this lease, (B) afford Landlord the
right of direct action against the transferee pursuant to the same remedies as are available to Landlord against Tenant and (C) be executed by Tenant and the transferee. 
  
 (iv) Tenant shall pay, within 10 days of receipt of an invoice which shall be no less than $250, Landlord’s reasonable
attorneys’ fees and costs in connection with the review, processing and documentation of any transfer for which Landlord’s consent is requested. 
  
 19. Subordination; Mortgagee’s Rights. 
  
 a. This lease shall be subordinate to any first mortgage or other primary encumbrance now or hereafter affecting the Premises. Although the subordination
is self-operative, within 10 days after written request, Tenant shall execute and deliver any further instruments confirming such subordination of this lease and any further instruments of attornment that may be desired by any such mortgagee or
Landlord. However, any mortgagee may at any time subordinate its mortgage to this lease, without Tenant’s consent by giving written notice to Tenant, and thereupon this lease shall be deemed prior to such mortgage without regard to their
respective dates of execution and delivery, provided, however, that such subordination shall not act any mortgagee’s right to condemnation awards, casualty insurance proceeds; intervening liens or any right
             shall arise between the recording of such mortgage and the execution of this lease. 
  
 b. It is understood and agreed that any mortgagee shall not be liable to Tenant for any funds paid by Tenant to Landlord
unless such funds actually have been transferred to such mortgagee by Landlord. 

 c. Notwithstanding the provisions of Sections 12 and 13 above, Landlords obligation to restore the
Premises after a casualty or condemnation shall be subject to the consent and prior rights of Landlords first mortgagee. 
  
 20. Recording Tenant’s Certificate. Tenant shall not record this lease or a memorandum thereof without Landlords prior written consent. Within
10 days after Landlord’s written request from time to time: 
  
 a. Tenant shall execute, acknowledge and deliver to Landlord a written statement certifying the Commencement Date and Expiration Date of this lease, that this lease is in full force and effect and has not been modified and otherwise as set
forth in the form of estoppel certificate attached as Exhibit “E” or with such modifications as may be necessary to reflect accurately the stated facts and/or such other certifications as may be requested by a mortgagee or purchaser.
Tenant understands that its failure to execute such documents may cause Landlord serious financial damage by causing the failure of a financing or sale transaction. 
  
 b. Tenant shall furnish to Landlord, Landlords mortgagee, prospective mortgagee or purchaser reasonably requested financial
information. 
  
 21. Surrender, Abandoned Property.

  
 a. Subject to the terms of Sections 9(b), 12(a) and 13(b),
at the expiration or termination of this lease, Tenant promptly shall yield up in the same condition, order and repair in which they are required to be kept throughout the Term the Premises and all improvements thereto, and all fixtures and
equipment servicing the Building, ordinary wear and tear excepted. 
  
 b. Upon or prior to the expiration or termination of this lease, Tenant shall remove any personal property from the Property. Any personal property remaining thereafter shall be deemed conclusively to have been abandoned, and Landlord, at
Tenant’s expense. may remove, store, sell or otherwise dispose of such property in such manner as Landlord may see fit and/or Landlord may retain such property as its property. If any part thereof shall be sold. then Landlord may receive and
retain the proceeds of such sale and apply the same, at its option, against the expenses of the sale, the cost of moving and storage and any Rent due under this lease. 
  
 c. If Tenant, or any person claiming through Tenant, shall continue to occupy the Premises after the expiration or
termination of this lease or any renewal thereof such occupancy shall be deemed to be under a month-to-month tenancy under the same terms and conditions set forth in this lease, except that the monthly installment of the Minimum Annual Rent during
such continued occupancy shall be double the amount applicable to the last month of the Term. Anything to the contrary notwithstanding, any holding over by Tenant without Landlords prior written consent shall constitute a default hereunder and shall
be subject to all the remedies available to Landlord. 

 22. Curing Tenant’s Defaults. If Tenant shall be in default in the performance of any of its
obligations hereunder. Landlord. without any obligation to do so, in addition to any other rights it may have in law or equity, may elect to cure such default on behalf of Tenant after written notice (except in the case of emergency) to Tenant.
Tenant shall reimburse Landlord upon demand for any sums paid or costs incurred by Landlord in curing such default, including interest thereon from the respective dates of Landlord’s incurring such costs, which sums and costs together with
interest shall be deemed additional rent. 
  
 23. Defaults -
Remedies. 
  
 a. Defaults. It shall be an event of default:

  
 (i) If Tenant does not pay in full when due any and all
Rent: 
  
 (ii) If Tenant fails to observe and perform or
otherwise breaches any other provision of this lease: 
  
 (iii)
If Tenant abandons the Premises; which shall be conclusively presumed if the Premises remain unoccupied for more than 10 consecutive days, or remove attempts to remove Tenant’s goods or property than in the ordinary course of business; or

  
 (iv) If Tenant becomes insolvent or bankrupt in any sense or
makes a general assignment for the benefit of creditors or offers a settlement to creditors, or if a petition in bankruptcy or for reorganization or for an arrangement with creditors under any federal or state law is flied by or against Tenant, or a
bill in equity or other proceeding for the appointment of a receiver for any of Tenant’s assets is commenced, or if any of the real or personal property of Tenant shall be levied upon; provided, however, that any proceeding brought by anyone
other than Landlord or Tenant under any bankruptcy, insolvency, receivership or similar law shall not constitute a default until such proceeding has continued unstayed for more than 60 consecutive days. 
  
 b. Remedies. Then, and in any such event, Landlord shall have the
following rights: 
  
 (i) To charge a late payment fee equal to
the greater of $100 or 5% of any amount owed to Landlord pursuant to this lease which is not paid within 5 days after the due date. 
  
 (ii) To enter and repossess the Premises, by breaking open locked doors if necessary, and remove all persons and all or any property therefrom, by action
at law or otherwise, without being liable for prosecution or damages therefor, and Landlord may. at Landlords option, make alterations and repairs in order to relet the Premises and relet all or any part(s) of the Premises for Tenants account.
Tenant agrees to-pay to Landlord on demand any deficiency that may arise by reason of such reletting. In the event of reletting without termination of this lease, Landlord may at any time thereafter elect to terminate this lease for such previous
breach. 

 (iii) To accelerate the whole or any part of the Rent for the balance of the Term, and declare the same
to be immediately due and payable. 
  
 (iv) To terminate this
lease and the Term without any right on the part of Tenant to save the forfeiture by payment of any sum due or by other performance of any condition, term or covenant broken. 
  
 c. Grace Period. Notwithstanding anything hereinabove stated, neither party will exercise any available right
because of any default of the other, except those remedies contained in subsection (b)(i) of this Section, unless such party shall have first given 10 days written notice thereof to the defaulting party, and the defaulting party shall have failed to
cure the default within such period; provided, however, that: 
  
 (i) No such notice shall be required if Tenant fails to comply with the provisions of Sections 10 or 20(a), in the case of emergency as set forth in Section 22 or in the event of any default enumerated in subsections (a)(iii) and (iv) of
this Section. 
  
 (ii) Landlord shall not be required to give
such 10 days notice more than 2 times during any 12 month period. 
  
 (iii) If the default consists of something other than the failure to pay money which cannot reasonably be cured within 10 days. neither party will exercise any right if the defaulting party begins to cure the default within the 10 days and
continues actively and diligently in good faith to completely cure said default. 
  
 (iv) Tenant agrees that any notice given by Landlord pursuant to this Section which is served in compliance with Section 27 shall be adequate notice for the purpose of Landlords exercise of any available remedies.

  
 d. Non-Waiver, Non-Exclusive. No waiver by Landlord of
any breach by Tenant shall be a waiver of any subsequent breach, nor shall any forbearance by Landlord to seek a remedy for any breach by Tenant be a waiver by Landlord of any rights and remedies with respect to such or any subsequent breach.
Efforts by Landlord to mitigate the damages caused by Tenant’s default shall not constitute a waiver of Landlords right to recover damages hereunder. No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive
of any other right or remedy provided herein or by law, but each shall be cumulative and in addition to every other right or remedy given herein or now or hereafter existing at law or in equity. No payment by Tenant or receipt or acceptance by
Landlord of a lesser amount than the total amount due Landlord under this lease shall be deemed to be other than on account, nor shall any endorsement or statement on any check or payment be deemed an accord and satisfaction. and Landlord may accept
such check or payment without prejudice to Landlords right to recover the balance of Rent due, or Landlords right to pursue any other available remedy. 

 e. Costs and Attorneys’ Fees. If either party commences an action against the other party
arising out of or in connection with this lease, the prevailing          shall be entitled to have and recover from the losing party attorneys’ fees, costs of suit; investigation expenses and discovery,
costs, including costs of appeal. 
  
 24. Representations of
Tenant. Tenant represents to Landlord and agrees that: 
  
 a. The word “Tenant” as used herein includes the Tenant named above as well as its successors and assigns, each of which shall be under the same obligations and liabilities and each of which shall have the same rights, privileges
and powers as it would have possessed had it originally signed this lease as Tenant Each and every of the persons named above as Tenant shall be bound jointly and severally by the terms, covenants and agreements contained herein. However, no such
rights, privileges or powers shall inure to the benefit of any assignee of Tenant immediate or remote, unless Tenant has complied with the terms of Section 18 and the assignment to such assignee is permitted or has been approved in writing by
Landlord. Any notice required or permitted by the terms of this lease may be given by or to any one of the persons named above as Tenant, and shall have the same force and effect as if given by or to all thereof. 
  
 b. If Tenant is a corporation, partnership or any other form of business
association or entity. Tenant is duly formed and in good standing, and has full corporate or partnership power and authority, as the case may be, to enter into this lease and has taken all corporate or partnership action, as the case may be,
necessary to carry out the transaction contemplated herein, so that when executed, this lease constitutes a valid and binding obligation enforceable in accordance with its terms. Tenant shall provide Landlord with corporate resolutions or other
proof in a form acceptable to Landlord, authorizing the execution of this lease at the time of such execution. 
  
 25. Liability of Landlord. The word “Landlord” as used herein includes the Landlord named above as well as its successors and assigns,
each of which shall have the same rights, remedies, powers, authorities and privileges as it would have had it originally signed this lease as Landlord. Any such person or entity, whether or not named herein, shall have no liability hereunder after
it ceases to hold title to the Premises except for obligations already accrued (and, as to any unapplied portion of Tenant’s Security Deposit, Landlord shall be relieved of all liability therefor upon transfer of such portion to its successor
in interest) and Tenant shall look solely to Landlords successor in interest for the performance of the covenants and obligations of the Landlord hereunder which thereafter shall accrue. Neither Landlord nor any principal of Landlord nor any owner
of the Property, whether disclosed or undisclosed, shall have any personal liability with respect to any of the provisions of this lease or the Premises, and if Landlord is in breach or default with respect to Landlords obligations under this lease
or otherwise, Tenant shall look solely to the equity of Landlord in the Property for the satisfaction of Tenants claims. Notwithstanding the foregoing, no mortgagee or ground lessor 

 
succeeding to the interest of Landlord hereunder (either in terms of ownership or possessor)’ rights) shall be (a) liable for any previous act or
omission of a prior landlord, (b) subject to any rental offsets or defenses against a prior landlord or (c) bound by any amendment of this lease made without its written consent, or by payment by Tenant of Minimum Annual Rent in advance in excess of
one monthly installment. 
  
 26. Interpretation;
Definitions. 
  
 a. Captions. The captions in this
lease are for convenience only and are not a part of this lease and do not in any way define, limit, describe or amplify the terms and provisions of this lease or the scope or intent thereof. 
  
 b. Entire Agreement. This lease represents the entire agreement
between the parties hereto and there are no collateral or oral agreements or understandings between Landlord and Tenant with respect to the Premises or the Property. No rights. easements or licenses are acquired in the Property or any land adjacent
to the Property by Tenant by implication or otherwise except as expressly set forth in the provisions of this lease. This lease shall not be modified in any manner except by an instrument in writing executed by the parties. The masculine (or neuter)
pronoun and the singular number shall include the masculine, feminine and neuter genders and the singular and plural number. The word “including” followed by any specific item(s) is deemed to refer to examples rather than to be words of
limitation. Both parties having participated fully and equally in the negotiation and preparation of this lease, this lease shall not be more strictly construed, nor any ambiguities in this lease resolved, against either Landlord or Tenant.

  
 c. Covenants. Each covenant, agreement, obligation,
term, condition or other provision herein contained shall be deemed and construed as a separate and independent covenant of the party bound by. undertaking or making the same, not dependent on any other provision of this lease unless otherwise
expressly provided. All of the terms and conditions set forth in this lease shall apply throughout the Term unless otherwise expressly set forth herein. 
  
 d. Interest. Wherever interest is required to be paid hereunder, such interest shall be at the highest rate permitted under law but not in excess
of 15% per annum. 
  
 e. Severability Governing Law. If
any provisions of this lease shall be declared unenforceable in any respect, such unenforcability shall not affect any other provision of this lease, and each such provision shall be deemed to be modified, if possible, in such a manner as to
render it enforceable and to preserve to the extent possible the intent of the parties as set forth herein. This lease shall be construed and enforced in accordance with the laws of the state in which the Property is located. 
  
 f. “Mortgage” and “Mortgagee.” The word
“mortgage” as used herein includes any lien or encumbrance on the Premises or the Property on any part of or interest in or appurtenance to any of the foregoing, including without limitation any 

 
ground rent or ground lease if Landlords interest is or becomes a leasehold estate. The word “mortgagee” as used herein includes the holder of any
mortgage, including any ground lessor if Landlords interest is or becomes a leasehold estate. Wherever any right is given to a mortgagee, that right may be exercised on behalf of such mortgagee by any representative or servicing agent of such
mortgagee. 
  
 g. “Person.” The word
“person” is used herein to include a natural person, a partnership, a corporation, an association and any other form of business association or entity. 
  
 27. Notices. Any notice or other communication under this lease shall be in writing and addressed to Landlord or
Tenant at their respective addresses specified at the beginning of this lease, except that after the Commencement Date Tenants address shall be at the Premises, (or to such other address as either may designate by notice to the other) with a copy to
any mortgagee or other party designated by Landlord. Each notice or other communication shall be deemed given if sent by prepaid overnight delivery service or by certified mail, return receipt requested, postage prepaid or in any other manner, with
delivery in any case evidenced by a receipt, and shall be deemed received on the day of actual receipt by the intended recipient or on the business day delivery is refused. The giving of notice by Landlords attorneys, representatives and agents
under this Section shall be deemed to be the acts of Landlord** however, the foregoing provisions governing the date on which a notice is deemed to have been received shall mean and refer to the date on which a party to this lease, and not its
counsel or other recipient to which a copy of the notice may be sent, is deemed to have received the notice. 
  
 28. Security Deposit. At the time of signing this lease. Tenant shall deposit with Landlord the Security Deposit to be retained by Landlord as cash
security for the faithful performance and observance by Tenant of the provisions of this lease. Tenant shall not be entitled to any interest whatever on the Security Deposit. Landlord shall have the right to commingle the Security Deposit with its
other funds. Landlord may use the whole or any part of the Security Deposit for the payment of any amount as to which Tenant is in default hereunder or to compensate Landlord for any loss or damage it may suffer by reason of Tenants default under
this lease. If Landlord uses all or any portion of the Security Deposit as herein provided, within 10 days after written demand therefor, Tenant shall pay Landlord cash in amount to that portion of the Security Deposit used by Landlord. If Tenant
shall comply fully and faithfully with all of the provisions of this lease, the Security Deposit shall be returned to Tenant after the Expiration Date and surrender of the Premises to Landlord. 

 IN WITNESS WHEREOF, and in consideration of the mutual entry into this lease and for other good and
valuable consideration, and intending to be legally bound. Landlord and Tenant have executed this lease. 
  

					
	 Date signed: __________
	 	Landlord:
		
	 	 	LIBERTY PROPERTY LIMITED PARTNERSHIP
			
	 	 	By:	 	Liberty Property Trust, Sole General Partner
			
	 	 	By:	 	 /S/    JAMES J. MAZZARELLI

	 	 	Name:	 	James J. Mazzarelli
	 	 	Title:	 	Senior Vice President
		
	Date signed: __________	 	Tenant:
		
	Attest:	 	 RAYMOND KARSAN ASSOCIATES

			
	  

	 	By:	 	 /S/    NOORUDDIN KARSAN

	Name:	 	Name:	 	Nooruddin Karsan
	Title:	 	Title:	 	CEO

 29. PA Additional Remedies. 
  
 (a) When this lease and the Term or any extension thereof shall have terminated on account of any default by Tenant, or when the Term or any extension thereof shall have
expired, Tenant hereby authorizes any attorney of any court of record of the Commonwealth of Pennsylvania to appear for Tenant and for anyone claiming by, through or under Tenant and to confess judgment against all such parties, and hi favor of
Landlord, in ejectment and for the recovery of possession of the Premises, for which this lease or a true and correct copy hereof shall be good and sufficient warrant AFTER THE ENTRY OF ANY SUCH JUDGMENT A WRIT OF POSSESSION MAY BE ISSUED THEREON
WITHOUT FURTHER NOTICE TO TENANT AND WITHOUT A HEARING. If for any reason after such action shall have been commenced it shall be determined and possession of the Premises remain in or be restored to Tenant, Landlord shall have the right for the
same default and upon any subsequent default(s) or upon the termination of this lease or Tenant’s right of possession as herein set forth, to again confess judgment as herein provided, for which this lease or a true and correct copy hereof
shall be good and sufficient warrant. 
  
 (b) If Tenant shall default in the
payment of the Rent due hereunder, Tenant hereby authorizes any attorney of any court of record of the Commonwealth of Pennsylvania to appear for Tenant and to confess judgment against Tenant, and in favor of Landlord, for all sums due hereunder
plus interest, costs and an attorneys collection commission equal to the greater of 10% of all such sums or $1,000, for which this lease or a true and correct copy hereof shall be good and sufficient warrant. TENANT UNDERSTANDS THAT Till FOREGOING
PERMITS LANDLORD TO ENTER A JUDGMENT AGAINST TENANT WITHOUT PRIOR NOTICE OR HEARING. ONCE SUCH A JUDGMENT HAS BEEN ENTERED AGAINST TENANT, ONE OR MORE WRITS OF EXECUTION OR WRITS OF GARNISHMENT MAY BE ISSUED THEREON WITHOUT FURTHER NOTICE TO TENANT
AND WITHOUT A HEARING, AND, PURSUANT TO SUCH WRITS, LANDLORD MAY CAUSE THE SHERIFF OF THE COUNTY IN WHICH ANY PROPERTY OF TENANT IS LOCATED TO SEIZE TENANTS PROPERTY BY LEVY OR ATTACHMENT. IF THE JUDGMENT AGAINST TENANT REMAINS UNPAID AFTER SUCH
LEVY OR ATTACHMENT, LANDLORD CAN CAUSE SUCH PROPERTY TO BE SOLD BY TILE SHERIFF EXECUTING THE WRITS, OR, IF SUCH PROPERTY CONSISTS OF A DEBT OWED TO TENANT BY ANOTHER ENTITY, LANDLORD CAN CAUSE SUCH DEBT TO BE PAID DIRECTLY TO LANDLORD IN AN AMOUNT
LIP TO BUT NOT TO EXCEED THE AMOUNT OF THE JUDGMENT OBTAINED BY LANDLORD AGAINST TENANT, PLUS THE COSTS OF THE EXECUTION. Such authority shall not be exhausted by one exercise thereof; but judgment may be confessed as aforesaid from time to time as
often as any of said rental and other sums shall fall due or be in arrears, and such powers may be exercised as well after the expiration of the initial term of this lease and during any extended or renewal term of this lease and after the
expiration of any extended or renewal term of this lease. 
  
 (c) The warrants to
confess judgment set forth above shall continue in full force and effect and be unaffected by amendments to this lease or other agreements between 

 
Landlord and Tenant even if any such amendments or other agreements increase Tenant’s obligations or expand the size of the Premises. Tenant waives any
procedural errors in connection with the entry of any such judgment or in the issuance of any one or more writs of possession or execution or garnishment thereon. 
  
 (d) TENANT KNOWINGLY AND EXPRESSLY WAIVES (1) ANY RIGHT, INCLUDING, WITHOUT LIMITATION, UNDER ANY APPLICABLE STATUTE, WHICH TENANT MAY HAVE
TO RECEIVE A NOTICE TO QUIT PRIOR TO LANDLORD COMMENCING AN ACTION FOR REPOSSESSION OF nit PREMISES AND (ii) ANY RIGHT WHICH TENANT MAY HAVE TO NOTICE AND TO HEARING PRIOR TO A LEVY UPON OR ATTACHMENT OF TENANT’S PROPERTY OR THEREAFTER

 30. Landlord Improvements 
  
 Landlord shall construct the premises as per the plan attached hereto and known as Exhibit “A”. Landlord shall use Sherwin
Williams Latex paint, Shaw Commercial Systems 26 oz. carpet, Armstrong vinyl composition tile and cove base for tenant finishes. 
  
 31. Option To Extend Term 
  
 Tenant shall have the right and option, exercisable by giving Landlord prior written notice thereof more than nine (9) months in advance of the termination of the term
hereof, to extend the term of this lease for an additional term of the five (5) years, beginning on the Expiration Date, under the same terms and conditions as herein set forth, except that the minimum annual rent for the additional term shall be
the then fair market as defined as capabable three (3) story office buildings on the Route 202 corridor. 
  
 32. Expansion Option 
  
 Landlord agrees that if
Tenant expands Landlord will lease the expansion space at 95% of fair market value, as defined in paragraph 31. 
  
 33. Termination Option 
  
 Tenant shall have the right and option, exercisable by giving Landlord a minimum of nine (9) months prior written notice thereof, to terminate this lease on the fifth (5th) anniversary by paying Landlord unamortized
transaction costs at 10% interest rate, plus three (3) months Minimum Annual Rent and Base Operating Costs (“Termination Fee”), payable at such time notice is given. 
  
 Notwithstanding any such termination by Tenant, and payment of the Termination Fee, Tenant shall remain responsible for all payments of
Minimum Annual Rent and Base Operating Costs accruing up through and Including the Expiration Date. 
  
 34. Heating & Air Conditioning 
  
 Hours of
operation are Monday-Friday 7:00 a.m. to 7:00 p.m. After hours and on weekends Tenant must give landlord 24 hours prior notice and Tenant will be charged $20.00 per hour for the hours of operation. 
  
 35. Modification of Section 7.(a) Operation of Property: Payment of Expenses 
  
 Add “incurred on behalf of Tenant during the lease term” after the work
“Expenses: in the last sentence. 
  
 36. Modification of Section 23.
Defaults-(c) Grace Period 
  
 Change “10 days” to “20
days” in line three of the paragraph. 

	37.	Modification of Section 11(a) Landlord’s Right to Relocate Tenant Right off Entry  

  
 Add to include costs to dismantle mid reassemble Tenant’s Modular Furniture, cost related to rewiring for phone and computer systems in
the new space, moving costs of all Tenant’s furniture and fixtures, phone systems and computer equipment, printing costs of new stationary and other business literature related to the New Space, costs of new phone numbers at new location, any
tenant improvements required in the New Space to accommodate Tenant’s business and other miscellaneous costs related to the relocation. Tenant shall have a period of three (3) months after completion of the move to present to the Landlord all
costs related to the relocation into the new Space” at the end of the lint sentence. 
  
 38. Termination Fee 
  
 Landlord
agrees to pay to Bruce Buck, owner of the Woods, Tenant’s termination fee not to exceed $43000. 
  
 39. Early Access 
  
 Landlord agrees to provide
Tenant access one (1) week prior to lease Commencement to set up furniture, install communication equipment and general move in related activities.

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