Document:

Third Amendment to Lease Agreement

 Exhibit 10.14 
 EDGEWATER OFFICE PARK 
 WAKEFIELD, MASSACHUSETTS 
 THIRD AMENDMENT TO LEASE 
 Epsilon Data Management, LLC 
 Third Amendment to Lease (“Third Amendment”) dated as of
November 10, 2009 between 601 Edgewater LLC, a Delaware limited liability company (“Landlord”), and Epsilon Data Management, LLC, a Delaware limited liability company (“Tenant”). 
 Background 
 Reference is made to a lease dated July 30, 2002, and amended on August 29, 2007 and October 3, 2008 (the “Lease”) between Landlord and Tenant for certain premises containing 113,433 square feet of
Rentable Floor Area (the “Original Premises”) in the building known as 601 Edgewater Drive, Wakefield, MA (the “Building”). Capitalized terms used and not otherwise defined in this Third Amendment shall have the
meanings ascribed to them in the Lease. 
 Landlord and Tenant desire to enter into this Third Amendment to add certain
expansion space to the Original Premises on the terms more particularly set forth in this Third Amendment. 
 Agreement 

 FOR VALUE RECEIVED, Landlord and Tenant agree as follows: 
 I.    Expansion. 
 (a)    Phase I Expansion. Effective as of the First Expansion Commencement Date (defined below), subject to the terms and provisions of this Third Amendment, Landlord hereby
agrees to lease to Tenant and Tenant hereby agrees to lease from Landlord 5,482 square feet of Rentable Floor Area (the “First Additional Premises”) as shown on the floor plan attached hereto as Exhibit A-1 and 3,142 square
feet of Rentable Floor Area (the “Second Additional Premises”) as shown on the floor plan attached hereto as Exhibit A-2 Tenant’s lease of the First Additional Premises and the Second Additional Premises shall be on all
of the same terms and conditions as the Original Premises, except as otherwise specified herein. Effective as of the First Expansion Commencement Date, the First Additional Premises shall be made a part of the Premises under the Lease. Effective as
of the Second Expansion Commencement Date, the Second Additional Premises shall be made a part of the Premises. As set forth in Section 1 (e) below, Landlord shall endeavor to deliver both the First Additional Premises and the Second
Additional Premises to Tenant on July 1, 2010 (the “Estimated First Expansion Commencement Date”) free of all tenants and occupants (including their personal property and trade fixtures), in broom clean condition, good working
order and compliance in all material respects with applicable laws, codes, ordinances, rules and regulations. The First Expansion Commencement Date shall be the earlier of (i) the date Tenant enters into possession of all or any portion of the
First Additional Premises for the conduct of its business or (ii) the date which is the later of (x) the Estimated First Expansion Commencement Date or (y) the date which is three (3) months after the First Additional Premises
are delivered to Tenant for Tenant’s Expansion Construction under Exhibit B. The Second Expansion Commencement Date shall be the earlier of (i) the date Tenant enters into possession of all or any portion of the Second Additional
Premises for the conduct of its business or (ii) the date which is the later of (x) the Estimated First Expansion Commencement Date or (y) the date which is three (3) months after the Second Additional Premises are delivered to
Tenant for Tenant’s Expansion Construction under Exhibit B. 
  

 (b)    Phase II Expansion, Effective as of the Third Expansion
Commencement Date (defined below), subject to the terms and provisions of this Third Amendment, Landlord hereby agrees to lease to Tenant and Tenant hereby agrees to lease from Landlord 5,553 square feet of Rentable Floor Area (the “Third
Additional Premises”) as shown on the floor plan attached hereto as Exhibit A-3. Tenant’s lease of the Third Additional Premises shall be on all of the same terms and conditions as the Original Premises, except as otherwise
specified herein. Effective as of the Third Expansion Commencement Date, the Third Additional Premises shall be made a part of the Premises under the Lease. As set forth in Section 1(e) below, Landlord shall endeavor to deliver the Third
Additional Premises to Tenant on February 1, 2011 (the “Estimated Third Expansion Commencement Date”) free of all tenants and occupants (including their personal property and trade fixtures), in broom clean condition, good
working order and compliance in all material respects with applicable laws, codes, ordinances, rules and regulations. The Third Expansion Commencement Date shall be the earlier of (i) the date Tenant enters into possession of all or any portion
of the Third Additional Premises for the conduct of its business or (ii) the date which is the later of (x) the Estimated Third Expansion Commencement Date or (y) the date which is three (3) months after the Third Additional
Premises are delivered to Tenant for Tenant’s Expansion Construction under Exhibit B. 
 (c)    Phase III Expansion. Effective as of the Fourth Expansion Commencement Date (defined below), subject to the terms and provisions of this Third Amendment, Landlord hereby agrees to lease to Tenant and Tenant
hereby agrees to lease from Landlord 7,908 square feet of Rentable Floor Area (the “Fourth Additional Premises” and collectively with the First Additional Premises, the Second Additional Premises, and the Third Additional Premises
the “Additional Premises”) as shown on the floor plan attached hereto as Exhibit A-4. Tenant’s lease of the Fourth Additional Premises shall be on all of the same terms and conditions as the Original Premises, except as
otherwise specified herein. Effective as of the Fourth Expansion Commencement Date, the Fourth Additional Premises shall be made a part of the Premises under the Lease. As set forth in Section 1(e) below, Landlord shall endeavor to deliver the
Fourth Additional Premises to Tenant on October 1,2011 (the “Estimated Fourth Expansion Commencement Date” and collectively with the Estimated First Expansion Commencement Date, the Estimated Second Expansion Commencement Date,
and the Estimated Third Expansion Commencement Date, the “Estimated Commencement Dates”) free of all tenants and occupants (including their personal property and trade fixtures), in broom clean condition, good working order and
compliance in all material respects with applicable laws, codes, ordinances, rules and regulations. The Fourth Expansion Commencement Date shall be the earlier of (i) the date Tenant enters into possession of all or any portion of the Fourth
Additional Premises for the conduct of its business or (ii) the date which is the later of (x) the Estimated Fourth Expansion Commencement Date or (y) the date which is three (3) months after the Fourth Additional Premises are
delivered to Tenant for Tenant’s Expansion Construction under Exhibit B. 
  

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 (d)    Tenant acknowledges that Tenant will not be able to lease
Additional Premises from which existing tenants do not vacate. Landlord shall deliver written notice to Tenant on or before the date which is four (4) months prior to each applicable Estimated Commencement Date if Landlord does not reasonably
expect that an existing tenant will vacate the applicable Additional Premises and Tenant shall have the right, by written notice given to Landlord on or before such Estimated Commencement Date and subject to the provisions of this paragraph, to
terminate this Third Amendment with respect to the applicable Additional Premises effective as of the date which is thirty (30) days after Tenant delivers such notice to Landlord, unless prior to Tenant’s termination notice Landlord
delivers a notice stating that Landlord expects to deliver such Additional Premises by the applicable Estimated Commencement Date pursuant to the terms and provisions of this Third Amendment. Neither Tenant nor Landlord shall have any further
obligations with respect to such Additional Premises except as specifically set forth in this Third Amendment. 
 (e)    Delivery of Additional Premises. Subject to delay caused by Force Majeure or caused by action or inaction of Tenant, Landlord shall endeavor, in good faith, to have each Additional Premises ready for
delivery to Tenant on the respective Estimated Commencement Dates. Landlord’s failure to have any Additional Premises ready for delivery to Tenant on the respective Estimated Commencement Dates, for any reason, shall not give rise to any
liability of Landlord hereunder, shall not constitute a Landlord’s default, shall not affect the validity of this Third Amendment or the Lease, and shall have no effect on the beginning or end of the Term as otherwise determined hereunder or on
Tenant’s obligations associated therewith. 
 (f)    Annual Fixed Rent for the Additional
Premises. Commencing on each Expansion Rent Commencement Date (as defined below) and continuing through the Term Expiration Date, Tenant shall pay Annual Fixed Rent for the Additional Premises in the amount per rentable square foot set forth in
Section 4 below beginning with the base rental rate then in effect at the time of the applicable Expansion Rent Commencement Date and otherwise on the same terms and conditions as the Original Premises. 
 (g)    Additional Rent. Commencing on the first anniversary of the First Expansion Commencement Date and
continuing through the Term Expiration Date, payments of Additional Rent for the Additional Premises for Landlord’s Operating Expenses and Taxes shall be determined and paid at the times and in the manner set forth in Sections 2.5 and 2.6 of
the Lease (using the new figures for Base Operating Expenses and Base Taxes provided under this Third Amendment). Tenant shall have no obligation to pay Additional Rent for Landlord’s Operating Expenses and Taxes allocable to the Additional
Premises for the period prior to the first anniversary of the First Expansion Commencement Date. From and after the First Expansion Commencement Date, however, Tenant shall pay for all electricity consumed in the Additional Premises as set forth in
Section 2.7 of the Lease and any other additional charges incurred under the Lease for the Additional Premises other than Additional Rent for Landlord’s Operating Expenses and Taxes. 
  

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 On or before December 1 of each calendar year during the Term, Landlord shall provide
Tenant with a good faith estimate of Landlord’s Operating Expenses and Taxes for the following calendar year. Landlord may from time to time revise such estimate based on available information relating to Landlord’s Operating Expenses and
Taxes or otherwise affecting the calculation under Section 2.6 of the Lease. 
 Section 2.6.3 of the Lease is hereby
amended by deleting the last three (3) sentences thereof in their entirety. In consideration of the foregoing, Landlord shall provide Tenant with a credit against Annual Fixed Rent under the Lease in the amount of $87,559.84. 
 (h)    As-Is. The Additional Premises are being leased in their “as-is” condition without
representation or warranty by Landlord, and Landlord shall not be required to perform any work in connection with Tenant’s occupancy of the Additional Premises during the Term. 
 2.     Tenant Improvement Allowance and Space Allowance. Landlord shall reimburse Tenant for actual third-party
costs incurred by Tenant to make improvements to each of the Additional Premises, including the cost of any furniture, cabling, fixtures or equipment purchased in connection with making such improvements, in amounts equaling the Tenant Improvement
Allowance applicable to such Additional Premises leased and improved by Tenant (the “Tenant Improvement Allowance”), such reimbursement to be paid in accordance with Exhibit B attached hereto. The Tenant Improvement Allowance
with respect to each Additional Premises shall be determined by multiplying $30.00 per square feet of Rentable Floor Area in the applicable Additional Premises times a fraction (i) the numerator of which is the number of months from and after
the applicable Rent Commencement Date (as defined below) through the Term Expiration Date and (ii) the denominator of which is 122 months. Attached hereto as Schedule 1 are estimates of the Tenant Improvement Allowance for each Additional
Premises. In addition, Landlord shall reimburse Tenant for actual third-party costs of Tenant’s Architect (as defined in Exhibit B attached hereto) incurred by Tenant for Tenant’s space planning for the Additional Premises in an
amount equaling $2,208.50 (the “Space Planning Allowance”). 
 3.    Base Building
Allowance. Landlord shall reimburse Tenant for actual third-party costs incurred by Tenant to make improvements to the Building (the “Base Building Work”) in amounts equaling the Base Building Allowance applicable to such
Additional Premises leased by Tenant (the “Base Building Allowance”), such reimbursement to be paid in accordance with Exhibit B attached hereto. The Base Building Allowance with respect to each Additional Premises shall be
determined by multiplying $2.00 per square feet of Rentable Floor Area in the applicable Additional Premises times a fraction (i) the numerator of which is the number of months from and after the applicable Rent Commencement Date (as defined
below) through the Term Expiration Date and (ii) the denominator of which is 122 months. Attached hereto as Schedule 1 are estimates of the Base Building Allowance for each Additional Premises. The Base Building work is in the nature of
Landlord’s capital and depreciable improvements to the Building and shall be performed in accordance with Exhibit B attached hereto. Tenant acknowledges and agrees that (a) Landlord may be performing other work on the Building
during the Term of the Lease, and Tenant shall use reasonable efforts to cooperate with Landlord with respect to such work including, without limitation, providing Landlord with reasonable access to the Premises, if necessary, during performance of
such other work, and (b) the Base Building Work is being performed for Landlord’s purposes only and all Base Building Work shall be the property of Landlord and shall be retained by Landlord at the expiration or earlier termination of the
Term. 
  

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 4.    Annual Fixed Rent. Commencing on First Expansion Rent
Commencement Date (as defined below), Annual Fixed Rent shall be due and payable in equal monthly installments as provided in Section 2.5 of the Lease as follows: 
  

						
	 Time Period
	  	Rent Per Rentable
Square Foot	  	 Annual Fixed Rent

	 Expansion Years 1 -3
	  	$	23.00	  	The number of square feet of Rentable Floor Area of Additional Premises then being leased by Tenant multiplied by $23.00
			
	 Expansion Years 4-7
	  	$	25.00	  	The number of square feet of Rentable Floor Area of Additional Premises then being leased by Tenant multiplied by $25.00
			
	 Expansion Year 8-Term Expiration Date
	  	$	27.00	  	The number of square feet of Rentable Floor Area of Additional Premises then being leased by Tenant multiplied by $27.00

 Notwithstanding the foregoing, Tenant shall have no obligation to pay Annual Fixed
Rent (i) with respect to the Second Additional Premises until the Second Expansion Rent Commencement Date (as defined below) or (ii) with respect to the Third Additional Premises until the Third Expansion Rent Commencement Date (as defined
below) or (iii) with respect to the Fourth Additional Premises until the Fourth Expansion Rent Commencement Date (as defined below. As used herein, the “First Expansion Rent Commencement Date” shall mean the date which is four
(4) months after the First Expansion Commencement Date, the “Second Expansion Rent Commencement Date” shall mean the date which is four (4) months after the Second Expansion Commencement Date, the “Third Expansion
Rent Commencement Date” shall mean the date which is four (4) months after the Third Expansion Commencement Date, and the “Fourth Expansion Rent Commencement Date” shall mean the date which is four (4) months
after the Fourth Expansion Commencement Date. Each “Expansion Year” shall consist of twelve (12) calendar months beginning with the First Expansion Rent Commencement Date, except that if the First Expansion Rent Commencement
Date is not the first day of a calendar month, then Expansion Year 1 shall include the partial month at the beginning of such year in addition to the following twelve (12) calendar months, and the Annual Fixed Rent for Expansion Year 1 shall be
proportionately increased. 
 5.    Base Operating Expenses and Taxes. Commencing as of the First
Expansion Commencement Date, (i) the Base Operating Expenses Per Square Foot of Rentable Floor Area figure with respect to the First Additional Premises, the Second Additional Premises, and the Third Additional Premises shall be equal to actual
Operating Expenses for calendar year 2011, adjusted to 100% occupancy, (ii) the Base Operating Expenses Per Square Foot of Rentable Floor Area figure with respect to the Third Additional Premises shall be equal to actual Operating Expenses for
calendar year 2012, adjusted to 100% occupancy, (iii) the Base Taxes Per Square Foot of Rentable Floor Area figure with respect to the First Additional Premises and the Second Additional Premises shall be equal to actual Taxes for fiscal year
2011, adjusted to 95% occupancy, and (iv) the Base Taxes Per Square Foot of Rentable Floor Area figure with respect to the Third Additional Premises shall be equal to actual Taxes for fiscal year 2012, adjusted to 95% occupancy. 
  

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 6.    Parking. Landlord shall provide Tenant four
(4) parking spaces per 1,000 rentable square feet of Additional Premises leased by Tenant in the Automobile Parking Area during the term of the Lease on the same terms and conditions for parking spaces set forth in Section 11.1 of the
Lease. Notwithstanding the foregoing, two (2) of the aforementioned parking spaces per 1,000 rentable square feet of the Additional Premises shall be reserved spaces. 
 7.    Brokerage. Each party represents and warrants that it has had no dealings with any broker or agent in
connection with this Third Amendment, except FHO Partners, LLC and Wyman Street Advisors. Each such party covenants to defend (by counsel of the other party’s choice), pay, hold harmless and indemnify such other party from and against any and
all costs, expense or liability for any compensation, commissions, and charges claimed by any broker or agent, with respect to this Third Amendment or the negotiation thereof arising from a breach of the foregoing warranty. Landlord shall pay all
commissions due to FHO Partners, LLC and Wyman Street Advisors in connection with this Third Amendment. 
 8.    Ratification. Except as set forth herein, the terms of the Lease are hereby ratified and confirmed. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 EXECUTED as a sealed Massachusetts instrument as of the date first written above.

  

			
	LANDLORD:
	
	601 EDGEWATER LLC
		
	By:	 	/s/ Donald G. Oldmixon
	Name:	 	Donald G. Oldmixon
	Title:	 	Manager
	
	  
 TENANT:

	
	EPSILON DATA MANAGEMENT, LLC
		
	By:	 	/s/ Paul Dundon
	Name:	 	Paul Dundon
	Title:	 	CFOLease Amending Agreement by and between Dundeal Canada Inc. and LoyaltyOne Inc.

 Exhibit 10.19 
 16th Floor Expansion 
 LEASE AMENDING AGREEMENT 

 THIS AGREEMENT made as of the 21st day of May, 2009, 
 BETWEEN: 
 DUNDEAL CANADA (GP) INC. 
 (hereinafter called “Landlord”) 
 -and- 
 LOYALTYONE, INC. 
 (hereinafter called “Tenant”) 
 WHEREAS: 
 A.    By a lease dated November 14, 2005
(the “Lease”) originally between 592423 Ontario Inc., as landlord, and Loyalty Management Group Canada Inc., as tenant, said landlord leased to said tenant for a term of 10 years and 14 days (the “Term”) commencing
September 17, 2007 and expiring September 30, 2017, certain premises (as more particularly described in the Lease) comprising a Rentable Area of 176,566 square feet (the “Original Portion”),
consisting of all of the 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, and 11th floors of the building (the “Building”)
municipally known as 438 University Avenue, Toronto, Ontario; 
 B.    The Landlord is the successor in interest to
592423 Ontario Inc.; 
 C.    Effective July 9, 2008, Loyalty Management Group Canada Inc. changed its name to
LoyaltyOne, Inc.; 
 D.    Effective January 1, 2009, LoyaltyOne, Inc. amalgamated with Green Rewards Inc. and
continued under the name LoyaltyOne, Inc.; 
 E.    The parties have agreed to expand the Premises as of
August 1, 2009 (the “Expansion Date”) by an additional Rentable Area of approximately Six Thousand Four Hundred and Forty Eight (6,448) square feet (the “Expansion
Portion”) located on the 16th floor of the Building and shown on Schedule A attached hereto, and to amend certain other provisions of the Lease; 
 NOW THEREFORE this agreement witnesses that in consideration of the covenants and agreements herein contained (the receipt and sufficiency whereof is hereby acknowledged) the parties hereto covenant and
agree with each other as follows: 
  

	1.	Interpretation: The recitals are true in fact and in substance. Except as otherwise expressly provided in this Agreement the terms used herein
shall have the meanings attributed to them in the Lease. Terms defined herein, including in the recitals, will be 

	 	incorporated by reference into the Lease unless there is something in the subject matter or context inconsistent therewith. 

	2.	Premises: The parties hereto agree that: 

  

	 	(a)	for the period from the commencement of the Term through to the day prior to the Expansion Date, the Premises shall be the Original Portion consisting of a certified
Rentable Area of 176,566 square feet; and 

  

	 	(b)	for the period from the Expansion Date throughout the remainder of the Term, as same may be renewed or extended, the Premises shall be the aggregate of the Original
Portion and the Expansion Portion, consisting of a Rentable Area of approximately 183,014 square feet. 

  

	3.	Rentable Area: The Rentable Area of the Expansion Portion shall be re-measured by the Landlord’s consultant on or before the Expansion Date in
accordance with in accordance with the method of floor measurement described in Schedule A to the Lease at the Landlord’s expense. The Landlord shall provide the Tenant with a certificate disclosing the Rentable Area, as so certified and the
Basic Rent and the Additional Rent, to the extent applicable, will be adjusted in accordance with the certified area as of the Expansion Date. 

  

	4.	Use: Tenant shall use the Expansion Portion only as permitted in Section 7.1 of the Lease. 

  

	5.	Basic Rent: Annual Basic Rent in respect of the Expansion Portion of the Premises shall be: 

  

										
	 Period
	  	Annual Rate
(per sq, ft. of
Rentable Area)	  	Annual
Amount
(plus applicable
Taxes)	  	Monthly
Amount
(plus applicable
taxes)
	 August 1, 2009 to May 31, 2012
	  	$	18.00	  	$	116,064.00	  	$	9,672.00
	 August 1, 2012 to July 31, 2015
	  	$	20.00	  	$	128,960.00	  	$	10,746.67
	 August 1, 2015 to September 30, 2017
	  	$	22.00	  	$	141,856.00	  	$	11,821.33

  

	6.	Additional Rent: Tenant shall pay all Additional Rent attributable to the Expansion Portion of the Premises calculated in accordance with terms and
conditions provided for in the Lease. 

  

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	7.	Rent Free Period: Provided Tenant is not then in default of the Lease as amended hereby, beyond any permitted curative period, Tenant shall not be
liable to pay Basic Rent or Additional Rent in respect of only the Expansion Portion during the following periods (the “Rent Free Periods”), being the: 

  

	 	(a)	period commencing on and including the Expansion Date and expiring on and including December 31, 2009, and 

  

	 	(b)	 31st, 32nd and 33
rd months of the Term, being the months of February, March
and April in 2012. 

 Tenant shall be liable for the Landlord’s costs of providing janitorial services
to, and Utilities used or consumed in, the Expansion Portion during the Rent Free Periods as calculated in accordance with the Lease, This rent free provision shall not apply to any extension or renewal of the Lease. 
  

	8.	Condition of Premises: Tenant accepts the Expansion Portion in an “as-is” condition and acknowledges and agrees that there shall be no rent
concessions, no Landlord’s work required, no fixturing period and no tenant allowance or any other amount payable by Landlord to Tenant except to the extent specifically provided for in this Agreement. 

  

	9.	Landlord’s Work: Provided this Agreement has been fully executed and Tenant is not in default under the Lease as amended hereby, beyond any permitted
curative period, Landlord shall carry out, at its sole cost, the following work in the Expansion Portion (the “Landlord’s Work”), subject to force majeure and delays caused by Tenant: 

  

	 	(a)	Removal and disposal of all furniture, equipment, and non-load bearing partitioning; 

  

	 	(b)	Remove and dispose of any and all existing floor coverings and repair any damaged floor surface, to provide a smooth, level concrete floor in a state ready to receive
Tenant’s floor coverings; 

  

	 	(c)	Remove and dispose of all plumbing supply and drains; 

  

	 	(d)	Remove and dispose of any non-standard ceiling treatments, including all non-Building standard fluorescent lights. Replace, or repair to new or like new quality, any
damaged suspended T-Bar ceiling systems; 

  

	 	(e)	Remove and dispose of all acoustical tiles; 

  

	 	(f)	Remove all data and electrical wiring, which do not support/serve Building standard lights; 

  

	 	(g)	Demise the Expansion Portion. All demising surfaces and columns to be drywall, taped, sanded and primed in a condition ready for the application of Tenant’s wall
finishes and trim; 

  

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	 	(h)	Provide Building standard fluorescent lighting fixtures to provide no less than 500-lux of light at desk height for an open plan layout; 

  

	 	(i)	Remove and replace any damaged or inoperable suspended fluorescent light fixtures/including any damaged, or inoperable ballasts, or fluorescent light bulbs;

  

	 	(j)	Replace any damaged, stained, or discoloured light lenses with the same style and technical specifications; 

  

	 	(k)	Ensure all life and safety systems are in good working order. Any additions to or modifications to the sprinkler system necessitated by Tenant’s layout shall be at
Tenant’s expense; 

  

	 	(l)	Ensure all heating ventilation, and air-conditioning (HVAC) systems are in good working order, as provided for and in accordance with the specifications outlined in the
Lease. Expansion Portion shall have VAV control devices at a ratio of 1 unit for every 900 rentable sq. ft. per floor on the interior and every 300 rentable sq. ft. on the perimeter and one for every corner (15’ x l5’);

  

	 	(m)	Repair or replace any damaged or inoperable perimeter convector units. Landlord to clean all perimeter convector units, at the appropriate time during Tenant’s
Work; 

  

	 	(n)	Prior to turnover to Tenant, Landlord to clean all surfaces of dust and debris; and 

  

	 	(o)	Landlord to remove all doors accessing the Expansion Portion but shall retain said doors for Tenant’s possible future use. 

 It is understood and agreed that Landlord shall complete all Landlord’s Work outlined herein in a good and workman like manner, and
shall comply with all municipal and provincial by-laws having jurisdiction over the provision of such work in the Expansion Portion. 
 Tenant acknowledges that Landlord may carry out Landlord’s Work during the Expansion Fixturing Period and agrees not to disrupt or interfere with Landlord’s Work. 
 Landlord shall be responsible for the cost and installation of the Landlord’s Work on or before June 1, 2009. Landlord shall use
its best efforts to complete its Landlord’s Work prior to June 1, 2009, subject to unavoidable delay, as outlined in Article 13 of the Lease. In the event of any delay which is not the result of unavoidable delay, then for each day that
substantial completion of the Landlord’s Work is delayed, the date for commencement of the Tenant’s obligation to pay Basic Rent and Additional Rent in respect of the Expansion Premises shall be delayed by one day. 
  

	10.	Tenant’s Work: Tenant shall be responsible for the installation of all its internal partitions, fixtures, electrical wiring, telecommunication
cabling and plumbing costs, together with the cost of any modifications to the ceiling, light or heating ventilation and air-conditioning systems in the Expansion Portion, as required by Tenant’s occupancy, excluding any Landlord’s Work
provided for herein (the “Tenant’s Work”). Tenant shall complete the Tenant’s Work to the Expansion Portion, at its sole cost and in strict accordance with the
Lease and the Building Standards and including the provisions of Schedule “H” (Tenant Leasehold Improvement Manual), and with plans to be approved by Landlord before any work is started. Landlord shall bear the cost of all plan reviews and
approvals of Tenant’s leasehold improvements to the Expansion Portion, and Tenant shall not be responsible for any charges for electrical use or other security, management, supervision or hoisting charges or other special costs, during the
completion of Landlord’s Work or Tenant’s Work. 

  

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	11.	Early Occupancy: During the period (the “Expansion Fixturing Period”) commencing on the date of full execution and delivery of
this Agreement and expiring on the day prior to the substantial completion of Landlord’s Work, the Tenant may enter the Expansion Portion, on a non-exclusive basis, for the sole purpose of carrying out Tenant’s Work, to the extent same may
be reasonably co-ordinated with and not interfere with or delay the Landlord’s Work, at Tenant’s sole risk and expense. During the Expansion Fixturing Period, the Tenant, its servants, agents, employees, contractors, sub-contractors,
officers and directors shall be bound by all of the terms and conditions of the Lease with respect to the Expansion Portion, including without limiting the generality of the foregoing the insurance and indemnification provisions. Provided that both
Landlord’s Work and Tenant’s Work has been completed and if Landlord permits Tenant to take possession of the Expansion Portion during the Expansion Fixturing Period for purposes of conducting Tenant’s business operations, the Tenant
shall not be obligated to pay Basic Rent or Additional Rent to the Landlord with respect to the Expansion Portion (for greater clarification, all Rent relating to the Original Portion shall continue to be payable during such period).

  

	12.	Leasehold Improvement Allowance: The parties hereto agree that: 

  

	 	(a)	Providing the conditions for advance set out in Section 12 (c) or (d) below, as applicable, are satisfied, Landlord shall pay to Tenant a leasehold
improvement allowance of Twenty-Five Dollars ($25.00) per square foot multiplied by the Rentable Area of the Expansion Portion of the Premises, together with GST thereon, (the “Leasehold Improvement
Allowance”), Tenant may use the Leasehold Improvement Allowance to pay the cost of Tenant’s Work and for furnishing and fitting the Expansion Portion for its use and operation; 

 

	 	(b)	Notwithstanding the provisions of the foregoing, Landlord shall, on no more than two (2) occasions, allow Tenant to draw portions of the Leasehold Improvement
Allowance, which shall be payable within five (5) business days following the date of the Tenant’s written request for such draw, subject to construction lien holdback. 

  

	 	(c)	Payment of each progress draw shall be subject to the following: 

  

	 	(i)	Tenant is not then in default of the Lease as amended hereby, beyond any permitted curative period; 

  

	 	(ii)	delivery by Tenant of invoices for costs incurred to the date of such advance; 

  

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	 	(iii)	Tenant satisfying Landlord that the value of the construction materials and labour is commensurate with the amounts invoiced; 

  

	 	(iv)	all necessary permits and approvals for Tenant’s Work have been obtained; 

  

	 	(v)	statement of Tenant’s contractor certifying that the level of work has been completed in respect to the current progress draw for the same has been delivered to
Landlord; and 

  

	 	(vi)	a written draw request has been submitted from Tenant to Landlord, including therewith Tenant’s valid GST registration number. 

  

	 	(d)	The final advance of the Leasehold Improvement Allowance for the Expansion Portion of the Premises shall be payable upon the following conditions:

  

	 	(i)	satisfaction of the conditions set out in Section 12 (c) above; 

  

	 	(ii)	the delivery to Landlord of proof of payment of worker’s compensation assessment for all Tenant’s contractors and subcontractors; 

  

	 	(iii)	the completion of Tenant’s leasehold improvements and trade fixtures; and 

  

	 	(iv)	the delivery to Landlord of a statutory declaration stating that there are no construction liens registered or outstanding affecting the Expansion Portion in respect to
Tenant’s leasehold improvements, or trade fixtures, and that all accounts for work, services or materials have been paid in full with respect to Tenant’s leasehold improvements and trade fixtures. 

  

	 	(e)	If Landlord fails to pay any installment(s) of the Leasehold Improvement Allowance to Tenant when otherwise due to Tenant, then Tenant may set-off any such unpaid
installments) together with interest thereon at a rate of six (6%) per annum from the Basic Rent and Additional Rent next coming due in respect of the Expansion Portion of the Premises until set-off in full; 

  

	 	(f)	Landlord shall be entitled to withhold a portion of the amount to be advanced by it in order to comply with the provisions of the Ontario Construction Lien Act or
similar legislation or any worker’s compensation or occupational health and safety legislation and shall advance such withheld portion to Tenant when evidence of payment and compliance are presented to Landlord or at the expiration of the lien
period so long as it has received no notice of a claim for lien. If notice of a claim for lien has been received by Landlord referable to Tenant’s Work prior to payment of the amounts to be paid to Tenant, Landlord shall be entitled to withhold
payment until such claim for lien has been completely vacated; and 

  

	 	(g)	If at any time during the Term any event of default under Section 15.1(d) of the Lease shall have occurred, the unamortized balance of the Leasehold Improvement
Allowance (calculated on a straight line basis to zero over the Term) shall become immediately due and payable as a debt due to Landlord on the day immediately preceding the occurrence of the event of default and such amount shall be collectible in
the same manner as rent due under the Lease. 

  

 6 

	13.	Right to Terminate: Provided that Tenant is not in default of the Lease as amended hereby, beyond any permitted curative period, and gives written notice
to Landlord on or before July 31, 2011 (the “Termination Notice”), Tenant may surrender the Expansion Portion, such surrender to be effective on
January 31,2012 (the “Termination Date”). If the Tenant gives the Termination Notice, then the following shall apply: 

  

	 	(a)	Tenant shall pay Landlord concurrently with the Termination Notice an amount equal to the aggregate of: (i) Twenty-Five dollars ($25.00) per square foot multiplied
by the Rentable Area of the Expansion Portion of the Premises together with applicable GST, plus (ii) the cost of all real estate commissions paid by the Landlord in connection with leasing of the Expansion Portion to the Tenant (collectively,
the “Termination Fee”); 

  

	 	(b)	Tenant shall deliver up vacant possession of the Expansion Portion in accordance with the Lease and shall remove the Tenant’s moveable trade fixtures, furniture
and equipment and shall make good any damage caused by such removal as provided in the Lease, including, without limitation, sections 3,5 and 16.30, and leave the Expansion Portion in a clean-broom swept condition, all in accordance with the Lease,
without payment or compensation of any kind from Landlord. Tenant’s obligation to observe and perform this covenant shall survive the Termination Date; 

  

	 	(c)	Tenant shall be responsible for the payment of all Basic Rent and Additional Rent with respect to the Expansion Portion to and including the Termination Date including,
without limitation, the Termination Fee and all Basic Rent and Additional Rent with respect to the Expansion Portion in respect of any period prior to the Termination Date which are subsequently billed or adjusted after the Termination Date; and

  

	 	(d)	neither party shall have any further liability or obligation to the other after the Termination Date in respect to the Expansion Portion except for Tenant’s
obligation to pay the Termination Fee and Tenant’s obligations under subparagraph (c) immediately above, and except for any default under the Lease by Tenant occurring on or before the Termination Date. 

 Tenant’s right to terminate as set out herein shall not apply to any renewal of the Lease, or extension of the Term, 
  

	14.	 Waiver of Tenant’s Right of First Refusal: Tenant hereby waives, postpones and suspends its right of first refusal contained
in Section 16.25 of the Lease with respect to the 15th floor of the Building, all of which is currently leased to Smart & Biggar Management Limited (“S&B”) under a lease dated December 18th, 1996 (the
“S&B Lease”). Tenant’s waiver, postponement and suspension of its right of first refusal to lease the 15th floor of the Building shall expire on the expiration or earlier termination of the S&B Lease.

  

 7 

	15.	Notice: The Lease is amended such that the addresses for notice of each of the Landlord and Tenant are deleted and replaced with the following:

  

			
	 Landlord                    

	  	c/o Dundee Realty Management Corp.
		  	State Street Financial Centre
		  	30 Adelaide Street East, Suite 1600
		  	Toronto, Ontario
		  	M5C 3H1
		
		  	 Attention:        President

		
	 Tenant
	  	LoyaltyOne, Inc.
		  	438 University Avenue, Suite 600
		  	Toronto, Ontario
		  	M5G 2L1
		
		  	 Attention:        Senior Vice President, Legal Services and
Secretary

  

	16.	Ratification of Lease: Except as herein provided, the terms and conditions of the Lease shall continue in full force and effect and the Lease as amended
herein is hereby ratified and affirmed by each of Landlord and Tenant and shall be binding upon the parties hereto and their respective successors and permitted assigns. 

  

	17.	General: Time, in all respects, shall remain of the essence. The section headings in this Agreement have been inserted for convenience of reference only
and shall not be referred to in the interpretation of this Agreement nor the Lease. This Agreement shall be interpreted according to and governed by the laws having application in the Province of Ontario. 

 IN WITNESS WHEREOF the parties hereto have executed this indenture by their authorized officers in that behalf, as of the date first above written.

  

							
	 LANDLORD:
	 		  	DUNDEAL CANADA (GP) INC.
			
		 		  	Per:  /s/ Michael Knowlton
			
		 		  	Name:  Michael Knowlton
		 		  	Title:  President and Chief Operating Officer
				
		 		  	Per:	  	 
		 		  	 Name:
	  	
				
		 		  	 Title:
	  	
		 		  	I/We have authority to bind the Corporation

  

 8 

			
	 TENANT:
	 	LOYALTYONE, INC.
		
		 	 Per:  /s/ Bryan A. Pearson

		 	 Name:  Bryan A. Pearson

		 	 Title:  President and CEO

		
		 	 Per:  /s/ Michael L. Kline

		 	 Name:  Michael L. Kline

		 	 Title:  Senior Vice President, Legal Services

		
		 	 I/We have authority to bind the Corporation

  

 9

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