Document:

Agreement of Lease, dated December 14, 2009

 Exhibit 10.23 
 7/04             
 STANDARD FORM OF OFFICE LEASE 
 The Real Estate Board of New York, Inc.

 Agreement of Lease, made as of this 14th day of DECEMBER in the year 2009, between 
 400 MADISON AVENUE OWNER LLC, a Delaware limited liability company 
 c/o Macklowe Properties, 767
Fifth Avenue, New York, New York 10153 
 party of the first part, hereinafter referred to as OWNER, and 
 TRADESTATION SECURITIES, INC., a [A] Florida corporation 
 400 Madison Avenue, New York, New York 10017 party of the second part, hereinafter referred to as 
 TENANT, 
 WITNESSETH: Owner hereby leases to Tenant and Tenant hereby hires from Owner a portion of the twelfth
(12th) floor, designated by Owner as Suite 12A,
substantially as shown on Exhibit A attached hereto (but excluding elements of the building which penetrate through the floor and janitor and electrical closets) (alternatively, the “demised premises” or the “Demised
Premises”) in the building known as 400 Madison Avenue (alternatively, the “building” or the “Building”) in the Borough of Manhattan, City of New York, for the term of five (5) years 
 (or until such term shall sooner cease and expire as hereinafter provided) to commence on the 

			
	DAY SET FORTH IN SECTION 37(a)	  	 , and to end on the

	DAY SET FORTH IN SECTION 37(a)	  	

 both dates inclusive, at the annual rental rate SET FORTH IN SECTION 37(b) 
 which Tenant agrees to pay in lawful money of the United States, which shall be legal tender in payment of all debts and dues, public and private, at the
time of payment, in equal monthly installments in advance on the first day of each month during said term, at the office of Owner or such other place as Owner may designate, without any setoff or deduction whatsoever, except that Tenant shall pay
the first                      monthly installment(s) on the execution hereof [B] (unless this lease be a renewal). 
 In the event that, at the commencement of the term of this lease, or thereafter, Tenant shall be in default in the payment of rent to Owner
pursuant to the terms of another lease with Owner or with Owner’s predecessor in interest, Owner may at Owner’s option and without notice to Tenant add the amount of such arrears to any monthly installment of rent payable hereunder and the
same shall be payable to Owner as additional rent. 
 The parties hereto, for themselves, their heirs, distributes, executors,
administrators, legal representatives, successors and assigns, hereby covenant as follows: 
 Rent: 
 1. Tenant shall pay the rent as above and as hereinafter provided. 
 Occupancy: 
 2. Tenant shall use and occupy the demised premises for.

 GENERAL AND EXECUTIVE OFFICES ONLY,      and for no other purpose. 
  

 Tenant Alterations: 
 3. Tenant shall make no changes in or to the demised premises of any nature without Owner’s prior written consent. Subject to the prior written consent of Owner, and to the provisions of this
article, Tenant, at Tenant’s expense, may make alterations, installations, additions or improvements which are non-structural and which do not affect utility services or plumbing and electrical lines, in or to the interior of the demised
premises, by using contractors or mechanics first approved in each instance by Owner. [3A] Tenant shall, before making any alterations, additions, installations or improvements, at its expense, obtain all permits, approvals and certificates required
by any governmental or quasi-governmental bodies and (upon completion) certificates of final approval thereof, and shall deliver promptly duplicates of all such permits, approvals and certificates to Owner, and Tenant agrees to carry, and will cause
Tenant’s contractors and sub-contractors to carry, such worker’s compensation, commercial general liability, personal and property damage insurance as Owner may require. If any mechanic’s lien is filed against the demised premises, or
the building of which the same forms a part, for work claimed to have been done for, or materials furnished to, Tenant whether or not done pursuant to this article, the same shall be discharged by Tenant within thirty days [3B]
thereafter, at Tenant’s expense, by payment or filing a bond as permitted by law. All fixtures and all paneling, partitions, railings and like installations, installed in the demised premises at any time, either by Tenant or by
Owner on Tenant’s behalf, shall, upon installation, become the property of Owner and shall remain upon and be surrendered with the demised premises unless Owner, by notice to Tenant no later than twenty days prior to the date fixed as the
termination of this lease, elects to relinquish Owner’s right thereto and to have them removed by Tenant, in which event the same shall be removed from the demised premises by Tenant prior to the expiration of the lease, at Tenant’s
expense. Nothing in this article shall be construed to give Owner title to, or to prevent Tenant’s removal of, trade fixtures, moveable office furniture and equipment, but upon removal of same from the demised premises or upon removal, of other
installations as may be required by Owner, Tenant shall immediately, and at its expense, repair and restore the demised premises to the condition existing prior to any such installations, and repair any damage to the demised premises or the building
due to such removal. All property permitted or required to be removed by Tenant at the end of the term remaining in the demised premises after Tenant’s removal shall be deemed abandoned and may, at the election of Owner, either be retained as
Owner’s property or may be removed from the demised premises by Owner, at Tenant’s expense.[3C] 
 Maintenance and Repairs: 

 4. Tenant shall, throughout the term of this lease, take good care of the demised premises and the fixtures and
appurtenances therein. Tenant shall be responsible for all damage or injury to the demised premises or any other part of the building and the systems and equipment thereof, whether requiring structural or nonstructural repairs caused by, or
resulting from, carelessness, omission, neglect or improper conduct of Tenant, Tenant’s subtenants, agents, employees, invitees or licensees, or which arise out of any work, labor, service or equipment done for, or supplied to, Tenant or any
subtenant, or arising out of the installation, use or operation of the property or equipment of Tenant or any subtenant. Tenant shall also repair all damage to the building and the demised premises caused by the moving of Tenant’s fixtures,
furniture and equipment. Tenant 
  

 shall promptly make, at Tenant’s expense, all repairs in and to the demised premises for which Tenant
is responsible, using only [4A] the contractor for the trade or trades in question, selected from a list of at least two contractor per trade submitted by Owner. Any other repairs in or to the building or the facilities and systems
thereof, for which Tenant is responsible, shall be performed by Owner at the Tenant’s expense. Owner shall maintain in good working order and repair the exterior and the structural portions of the building, including the structural portions of
the demised premises, and the public portions of the building interior and the building plumbing, electrical, heating and ventilating systems (to the extent such systems presently exist) serving the demised premises. Tenant agrees to give prompt
notice of any defective condition in the demised premises for which Owner may be responsible hereunder. There shall be no allowance to Tenant for diminution of rental value [4B] and no liability on the part of Owner by reason of inconvenience,
annoyance or injury to business arising from Owner or others making repairs, alterations, additions or improvements in or to any portion of the building or the demised premises, or in and to the fixtures, appurtenances or equipment thereof. It is
specifically agreed that Tenant shall not be entitled to any setoff or reduction of rent by reason of any failure of Owner to comply with the covenants of this or any other article of this lease. Tenant agrees that Tenant’s sole remedy at law
in such instance will be by way of an action for damages for breach of contract. The provisions of this Article 4 shall not apply in the case of fire or other casualty, which are dealt with in Article 9 hereof. 
 Window Cleaning: 
 5.
Tenant will not clean nor require, permit, suffer or allow any window in the demised premises to be cleaned from the outside in violation of Section 202 of the Labor Law or any other applicable law, or of the Rules of the Board of Standards and
Appeals, or of any other Board or body having or asserting jurisdiction. 
 Requirements of Law, Fire Insurance, Floor Loads: 

6. Prior to the commencement of the lease term, if Tenant is then in possession, and at all times thereafter, Tenant, at Tenant’s
sole cost and expense, shall [6A] promptly comply with all present and future laws, orders and regulations of all state, federal, municipal and local governments, departments, commissions and boards and any direction of any public officer pursuant
to law, and all orders, rules and regulations of the New York Board of Fire Underwriters, Insurance Services Office, or any similar body which shall impose any violation, order or duty upon Owner or Tenant with respect to the demised premises, [6B]
whether or not arising out of Tenant’s use or manner of use thereof, (including Tenant’s permitted use) or, with respect to the building if arising out of Tenant’s use or manner of use of the demised premises or the building
(including the use permitted under the lease). [6C] Nothing herein shall require Tenant to make structural repairs or alterations unless Tenant has, by its manner of use of the demised premises or method of operation therein, violated any such laws,
ordinances, orders, rules, regulations or requirements with respect thereto. Tenant may, after securing Owner to Owner’s satisfaction against all damages, interest, penalties and expenses, including, but not limited to, reasonable
attorney’s fees, by cash deposit or by surety bond in an amount and in a company satisfactory to Owner, contest and appeal any such laws, ordinances, orders, rules, regulations or requirements provided same is done with all reasonable
promptness and

 
provided such appeal shall not subject Owner to prosecution for a criminal offense, or constitute a default under any lease or mortgage under which Owner may be obligated, or cause the demised
premises or any part thereof to be condemned or vacated. Tenant shall not do or permit any act or thing to be done in or to the demised premises which is contrary to law, or which will invalidate or be in conflict with public liability, fire or
other policies of insurance at any time carried by or for the benefit of Owner with respect to the demised premises or the building of which the demised premises form a part, or which shall or might subject Owner to any liability or responsibility
to any person, or for property damage. Tenant shall not keep anything in the demised premises, except as now or hereafter permitted by the Fire Department, Board of Fire Underwriters, Fire Insurance Rating Organization or other authority having
jurisdiction, and then only in such manner and such quantity so as not to increase the rate for fire insurance applicable to the building, nor use the demised premises in a manner which will increase the insurance rate for the building or any
property located therein over that in effect prior to the commencement of Tenant’s occupancy. Tenant shall pay all costs, expenses, fines, penalties, or damages, which may be imposed upon Owner by reason of Tenant’s failure to comply with
the provisions of this article, and if by reason of such failure the fire insurance rate shall, at the beginning of this lease, or at any time thereafter, be higher than it otherwise would be, then, Tenant shall reimburse Owner, as additional rent
hereunder, for that portion of all fire insurance premiums thereafter paid by Owner which shall have been charged because of such failure by Tenant. In any action or proceeding wherein Owner and Tenant are parties, a schedule or “make-up”
of rate for the building or the demised premises issued by the New York Fire Insurance Exchange, or other body making fire insurance rates applicable to said premises shall be conclusive evidence of the facts therein stated and of the several items
and charges in the fire insurance rates then applicable to said premises. Tenant shall not place a load upon any floor of the demised premises exceeding the floor load per square foot area which it was designed to carry and which is allowed by law.
Owner reserves the right to prescribe the weight and position of all safes, business machines and mechanical equipment. Such installations shall be placed and maintained by Tenant, at Tenant’s expense, in settings sufficient, in Owner’s
judgment, to absorb and prevent vibration, noise and annoyance. 
 Subordination: 
 7. This lease is subject and subordinate to all ground or underlying leases and to all mortgages which may now or hereafter affect such
leases or the real property of which the demised premises are a part, and to all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. This clause shall be self-operative and no further
instrument of subordination shall be required by any ground or underlying lessor or by any mortgagee, affecting any lease or the real property of which the demised premises are a part. In confirmation of such subordination, Tenant shall from time to
time execute promptly any certificate that Owner may request. 
 Property Loss, Damage Reimbursement Indemnity: 
 8. Owner or its agents shall not be liable for any damage to property of Tenant or of others entrusted to employees of the building, nor
for loss of or damage to any property of Tenant by theft or otherwise, nor for any injury or damage to persons or property resulting from any cause of whatsoever nature, unless caused by, or due to, the negligence of Owner, its agents, servants or
employees. Owner or its agents will not be liable for any such damage caused by other tenants or persons in, upon or about said building, or caused by operations in construction of any private, public or quasi public work. If at any time any windows
of the demised premises are temporarily closed, darkened or bricked up [8A] (or permanently closed, darkened or bricked up, if required by law) for any reason whatsoever including, but not limited to, Owner’s own acts, Owner
shall not be liable for any damage Tenant may sustain thereby, and Tenant shall not be entitled to any compensation therefore, nor abatement or dimination of reat, nor shall the same release Tenant from its obligations hereunder, nor constitute an
eviction. Tenant shall indemnify and save harmless Owner against and from all liabilities, obligations, damages, penalties, claims, costs and expenses for which Owner shall not be reimbursed by insurance, including reasonable attorneys’ fees,
paid, suffered or incurred as a result of any breach by Tenant, Tenant’s agents, contractors, employees, invitees, or licensees, of any covenant or condition of this lease, or the carelessness, negligence or improper conduct of the Tenant,
Tenant’s agents, contractors, employees, invitees or licensees. Tenant’s liability under this lease extends to the acts and omissions of any subtenant, and any agent, contractor, employee, invitee or licensee of any subtenant. In case any
action or proceeding is brought against Owner by reason of any such claim, Tenant, upon written notice front Owner, will, at Tenant’s expense, resist or defend such action or proceeding by counsel approved by Owner in writing, such approval not
to be unreasonably withheld. 
 Destruction, Fire and Other Casualty: 
 9. (a) If the demised premises or any part thereof shall be damaged by fire or other casualty, [9A] Tenant shall give immediate notice
thereof to Owner, and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be
repaired by, and at the expense of, Owner, and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty, according to the part of the demised premises
which is usable. (c) If the demised premises are totally damaged or rendered wholly unusable by fire or other casualty, then the rent and other items of additional rent, as hereinafter expressly provided, shall be proportionately paid up to the
time of the casualty, and thenceforth shall cease until the date when the demised premises shall have been repaired and restored by Owner (or if sooner reoccupied in part by the Tenant then rent shall be apportioned as provided in subsection
(b) above), subject to Owner’s right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the
building shall be so damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such events, Owner may elect to terminate this lease by written notice to Tenant, given within ninety (90) days after such fire or casualty,
or thirty (30) days after adjustment of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which date shall not be more than sixty (60) days after the giving of such
notice, and upon the date specified in such

 
notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease, and Tenant shall forthwith quit, surrender and
vacate the demised prentices without prejudice however, to Landlord’s rights and remedies against Tenant under the lease provisions in effect prior to such termination, and any rent owing shall be paid up to such date, and any payments of rent
made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of
(b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner’s control. After any such casualty, Tenant shall cooperate with Owner’s
restoration by removing from the demised premises as promptly as reasonably possible, all of Tenant’s salvageable inventory and movable equipment, furniture, and other property. Tenant’s liability for rent shall resume five (5) days
after written notice from Owner that demised premises are substantially ready for Tenant’s occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty.
Notwithstanding anything contained to the contrary in subdivisions (a) through (e) hereof, including Owner’s obligation to restore under subparagraph (b) above, each party shall look first to any insurance in its favor before
making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible, and to the extent permitted by law, Owner and Tenant each hereby
releases and waives all right of recovery with respect to subparagraphs (b), (d), and (e) above, against the other, or any one claiming through or under each of them by way of subrogation or otherwise. The release and waiver herein referred to
shall be deemed to include any loss or damage to the demised premises and/or to any personal property, equipment, trade fixtures, goods and merchandise located therein. The foregoing release and waiver shall be in force only if both releasors’
insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. [9B] If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from
the waiver shall pay such premium within ten days after written demand or shall be deemed to have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of
subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant’s furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant, and agrees that Owner will not be obligated to
repair any damage thereto or replace the same: [9C] (f) Tenant hereby waives the provisions of section 227 of the Real Property Law and agrees that the provisions of this article shall govern and control in lieu thereof. [9D] 
 Eminent Domain: 
 10. If
the whole or any part of the demised premises shall be acquired or condemned by Eminent Domain for any public or quasi public use or purpose, then, and in that event, the term of this lease shall cease and terminate from the date of title vesting in
such proceeding, and Tenant shall have no claim for the value of any unexpired term of said lease, and assigns to Owner, Tenant’s entire interest in any such award. Tenant shall have the right to make an independent claim to the condemning
authority for the value of Tenant’s moving expenses and personal property, trade fixtures and equipment, provided Tenant is entitled pursuant to the terms of the lease to remove such property, trade fixtures and equipment at the end of the
term, and provided further such claim does not reduce Owner’s award. 
 Assignment, Mortgage, Etc.: 
 11. Tenant, for itself, its heirs, distributes, executors, administrators, legal representatives, successors and assigns, expressly
covenants that it shall not assign, mortgage or encumber this agreement, nor underlet, or suffer or permit the demised premises or any part thereof to be used by others, without the prior written consent of Owner in each instance [11A]. Transfer of
the majority of the stock of a corporate Tenant or the majority interest in any partnership or other legal entity which is Tenant shall be deemed an assignment. If this lease be assigned, or if the demised premises or any part thereof be underlet or
occupied by anybody other than Tenant, Owner may, after default by Tenant, collect rent from the assignee, under-tenant or occupant, and apply the net amount collected to the rent herein reserved, but no such assignment, underletting, occupancy or
collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, undertenant or occupant as tenant, or a release of Tenant from the further performance by Tenant of covenants on the part of Tenant herein contained. The
consent by Owner to an assignment or underletting shall not in any way be construed to relieve Tenant from obtaining the express consent in writing of Owner to any further assignment or underletting. 
 Electric Current:

 
 12. Rates and conditions in respect to submetering or rent inclusion, as the case may be,
to be added in RIDER attached hereto, Tenant covenants and agrees that at all times its use of electric current shall not exceed the capacity of existing feeders to the building or the risers or wiring installation, and Tenant may not use any
electrical equipment which, in Owner’s opinion, reasonably exercised, will overload such installations or interfere with the use thereof by other tenants of the building. The change at any time of the character of electric service shall in no
way make Owner liable or responsible to Tenant, for any loss, damages or expenses which Tenant may sustain. 
 Access to Premises:

 13. Owner or Owner’s agents shall have the right (but shall not be obligated) to enter the demised premises in any
emergency at any time, and, at other reasonable times [13A], to examine the same and to make such repairs, replacements and improvements as Owner may deem necessary and reasonably desirable to the demised premises or to any other portion of the
building or which Owner may elect to perform. [13B] Tenant shall permit Owner to use and maintain and replace pipes, ducts, and conduits in and through the demised premises and to erect new pipes, ducts, and conduits therein, provided they are
concealed within the walls, floor, or ceiling. Owner may, during the progress of any work in the demised premises, take all necessary materials and equipment into said premises without the same constituting an eviction, nor shall the Tenant be
entitled to any abatement of rent while such work is in progress, nor to any damages by reason of loss or interruption of business or otherwise. Throughout the term hereof, Owner shall have the right to enter the demised premises at reasonable hours
for 

  

			
	

 Rider to be added if necessary	 	

 the purpose of showing the same to prospective purchasers or mortgagees of the building, and during the
last six months of the term, for the purpose of showing the same to prospective tenants. If Tenant is not present to open and permit an entry into the demised premises, Owner or Owner’s agents may enter the same whenever such entry may be
necessary or permissible by master key or forcibly, and provided reasonable care is exercised to safeguard Tenant’s property, such entry shall not render Owner or its agents liable therefore, nor in any event shall the obligations of Tenant
hereunder be affected. If during the last month of the term Tenant shall have removed all or substantially all of Tenant’s property therefrom, Owner may immediately enter, alter, renovate or redecorate the demised premises without limitation or
abatement of rent, or incurring liability to Tenant for any compensation, and such act shall have no effect on this lease or Tenant’s obligations hereunder. 
 Vault, Vault Space, Area: 
 14. No vaults, vault space or area, whether or
not enclosed or covered, not within the property line of the building, is leased hereunder, anything contained in or indicated on any sketch, blue print or plan, or anything contained elsewhere in this lease to the contrary notwithstanding. Owner
makes no representation as to the location of the property line of the building. All vaults and vault space and all such areas not within the property line of the building, which Tenant may be permitted to use and/or occupy, is to be used and/or
occupied under a revocable license, and if any such license be revoked, or if the amount of such space or area be diminished or required by any federal, state or municipal authority or public utility. Owner shall not be subject to any liability, nor
shall Tenant be entitled to any compensation or diminution or abatement of rent, nor shall such revocation, diminution or requisition be deemed constructive or actual eviction. Any tax, fee or charge of municipal authorities for such vault or area
shall be paid by Tenant. 
 Occupancy: 
 15. [15A] Tenant will not at any time use or occupy the demised premises in violation of the certificate of occupancy issued for the building of which the demised premises are a part. Tenant has inspected
the demised premises and accepts them as is, subject to the riders annexed hereto with respect to Owner’s work, if any. In any event, Owner makes no representation as to the condition of the demised premises, [15B] and Tenant agrees accept the
same subject to violations, whether or not of record. [15C] 
 Bankruptcy: 
 16. (a) Anything elsewhere in this lease to the contrary notwithstanding, this lease may be cancelled by Owner by the sending of a
written notice to Tenant within a reasonable time after the happening of any one or more of the following events; (1) the commencement of a case in bankruptcy or under the laws of any state naming Tenant (or a guarantor of any Tenant’s
obligations under this lease) as the debtor; or (2) the making by Tenant (or a guarantor of any of Tenant’s obligations under this lease) of an assignment or any other arrangement for the benefit of creditors under any state statute.
Neither Tenant nor any person claiming through or under Tenant, or by reason of any statute or order of court, shall thereafter be entitled to possession of the premises demised but shall forthwith quit and surrender the demised premises. If this
lease shall be assigned in accordance with its terms, the provisions of this Article 16 shall be applicable only to the party then owning Tenant’s interest in this lease. 
 (b) It is stipulated and agreed that in the event of the termination of this lease pursuant to (a) hereof, Owner shall forthwith,
notwithstanding any other provisions of this lease to the contrary, be entitled to recover from Tenant as and for liquidated damages, an amount equal to the difference between the rent reserved hereunder for the unexpired portion of the term demised
and the fair and reasonable rental value of the demised premises for the same period. In the computation of such damages the difference between any installment of rent becoming due hereunder after the date of termination, and the fair and reasonable
rental value of the demised premises for the period for which such installment was payable, shall be discounted to the date of termination at the rate of four percent (4%) per annum. If such demised premises or any part thereof be re-let by the
Owner for the unexpired term of said lease, or any part thereof, before presentation of proof of such liquidated damages to any court, commission or tribunal, the amount of rent reserved upon such re-letting shall be deemed to be the fair and
reasonable rental value for the part or the whole of the demised premises so re-let during the term of the re-letting. Nothing herein contained shall limit or prejudice the right of the Owner to prove for and obtain as liquidated damages, by reason
of such termination, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved, whether or not such amount be greater, equal to, or less
than, the amount of the difference referred to above. 
 Default: 
 17. If Tenant defaults in fulfilling any of the covenants of this lease other than the covenants for the payment of rent or additional
rent; or if the demised premises become vacant or deserted; or if any execution or attachment shall be issued against Tenant or any of Tenant’s property, whereupon the demised premises shall be taken or occupied by someone other than Tenant; or
if this lease be rejected under §365 of Title II of the U.S. Code (Bankruptcy Code); or if Tenant shall have failed, after five (5) days written notice, to redeposit with Owner any portion of the security deposit hereunder which Owner has
applied to the payment of any rent and additional rent due and payable hereunder; or if Tenant shall be in default with respect to any other lease between Owner and Tenant; or if Tenant shall fail to move into or take possession of the demised
premises within thirty (30) days after the commencement of the term of this lease, then, in any one or more of such events, upon Owner serving a written [17A] fifteen (15) days notice upon Tenant specifying the nature of
said default, and upon the expiration of said [17B] fifteen (15) days, if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of a nature that the same
cannot be completely cured or remedied within said [17C] fifteen (15) day period, and if Tenant shall not have diligently commenced curing such default within such [17D] fifteen (15) day period, and shall
not thereafter with reasonable diligence and in good faith, proceed to remedy or cure such default, then Owner may serve a written five (5) days notice of cancellation of this lease upon Tenant, and upon the expiration of said five
(5) days this lease and the term thereunder shall end and expire as fully and completely as if the expiration of such five (5) day period were the day herein definitely fixed for the end and expiration of this lease and the term thereof,
and Tenant shall then quit and surrender the demised premises to Owner, but Tenant shall remain liable as hereinafter provided. 

 (2) If the notice provided for in (1) hereof shall have been given, and the term
shall expire as aforesaid; or if Tenant shall make default in the payment of the rent reserved herein, or any item of additional rent herein mentioned, or any part of either, or in making any other payment herein required; then, and in any of such
events. Owner may without notice, re-enter the demised premises either by force or otherwise, and dispossess Tenant by summary proceedings or otherwise, and the legal representative of Tenant or other occupant of the demised premises, and remove
their effects and hold the demised premises as if this lease had not been made, and Tenant hereby waives the service of notice of intention to re-enter or to institute legal proceedings to that end. If Tenant shall make default hereunder prior to
the date fixed as the commencement of any renewal or extension of this lease, Owner may cancel and terminate such renewal or extension agreement by written notice. 
 Remedies of Owner and Waiver of Redemption: 
 18. In case of any such
default, re-entry, expiration and/or dispossess by summary proceedings or otherwise, (a) the rent shall become due thereupon and be paid up to the time of such re-entry, dispossess and/or expiration, (b) Owner may re-let the demised
premises or any part or parts thereof, either in the name of Owner or otherwise, for a term or terms, which may at Owner’s option be less than or exceed the period which would otherwise have constituted the balance of the term of this lease,
and may grant concessions or free rent or charge a higher rental than that in this lease, and/or (c) Tenant or the legal representatives of Tenant shall also pay to Owner as liquidated damages for the failure of Tenant to observe and perform
said Tenant’s covenants herein contained, any deficiency between the rent hereby reserved and/or covenamed to be paid and the net amount if any, of the rents collected on account of the lease or leases of the demised premises for each month of
the period which would otherwise have constituted the balance of the term of this lease. The failure of Owner to re-let the demised premises, or any part or parts thereof, shall not release or affect Tenant’s liability for damages. In computing
such liquidated damages there shall be added to the said deficiency such expenses as Owner may incur in connection with re-letting, such as legal expenses, reasonable attorney’s fees, brokerage, advertising and for keeping the demised premises
in good order or for preparing the same for re-letting. Any such liquidated damages shall be paid in monthly installments by Tenant on the rent day specified in this lease, and any suit brought to collect the amount of the deficiency for any month
shall not prejudice in any way the rights of Owner to collect the deficiency for any subsequent month by a similar proceeding. Owner, in putting the demised premises in good order or preparing the same for re-rental may, at Owner’s option, make
such alterations, repairs, replacements, and/or decorations in the demised premises as Owner, in Owner’s sole judgment, considers advisable and necessary for the purpose of re-letting the demised premises, and the making of such alterations,
repairs, replacements, and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Owner shall in no event be liable in any way whatsoever for failure to re-let the demised premises, or in the event
that the demised premises are re-let, for failure to collect the rent thereof under such re-letting, and in no event shall Tenant be entitled to receive any excess, if any, of such net rents collected over the sums payable by Tenant to Owner
hereunder. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof, Owner shall have the right of injunction and the right to invoke any remedy allowed at law or in equity as if re-entry, summary
proceedings and other remedies were not herein provided for. Mention in this lease of any particular remedy, shall not preclude Owner from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted
by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Owner obtaining possession of the demised premises, by reason of the violation by Tenant of any of the covenants and
conditions of this lease, or otherwise. 
 Fees and Expenses: 
 19. If Tenant shall default in the observance or performance of any term or covenant on Tenant’s part to be observed or performed
under, [19A] or by virtue of, any of the terms or provisions in any article of this lease; after notice, if required, and upon expiration of any applicable grace period, if any (except in an emergency), then, unless otherwise
provided elsewhere in this lease. Owner may immediately, or at any time thereafter and without notice, perform the obligation of Tenant thereunder. If Owner, in connection with the foregoing, or in connection with any default by Tenant in the
covenant to pay rent hereunder, makes any expenditures or incurs any obligations for the payment of money, including but not limited to reasonable attorneys’ fees, in instituting, prosecuting or defending any action or proceeding, and prevails
in any such action or proceeding, then Tenant will reimburse Owner for such sums so paid, or obligations incurred, with interest and costs. The foregoing expenses incurred by reason of Tenant’s default shall be deemed to be additional rent
hereunder, and shall be paid by Tenant to Owner within ten (10) days of rendition of any bill or statement to Tenant therefore. If Tenant’s lease term shall have expired at the time of making of such expenditures or incurring of such
obligations, such sums shall be recoverable by Owner, as damages. [19B] 
 Building Alterations and Management: 
 20. Owner shall have the right at any time without the same constituting an eviction and without incurring liability to Tenant therefore,
to change the arrangement and/or location of public entrances, passageways, doors, doorways, corridors, elevators, stairs, toilets or other public parts of the building and to change the name, number or designation by which the building may be
known. There shall be no allowance to Tenant for diminution of rental value and no liability on the part of Owner by reason of inconvenience, annoyance or injury to business arising from Owner or other Tenants making any repairs in the building or
any such alterations, additions and improvements. [20A] Furthermore, Tenant shall not have any claim against Owner by reason of Owner’s imposition of such controls of the manner of access to the building by Tenant’s social or business
visitors as the Owner may deem necessary for the security of the building and its occupants. 
 No Representations Owner: 
 21. Neither Owner nor Owner’s agents have made any representations or promises with respect to the physical condition of the building,
the land upon which it is erected or the demised premises, the rents, leases, expenses of operation or any other matter or thing affecting or related to the demised premises, except as herein 

 expressly set forth, and no rights, easements or licenses are acquired by Tenant by implication or
otherwise, except as expressly set forth in the provisions of this lease. Tenant has inspected the building and the demised premises and is thoroughly acquainted with their condition and agrees to take the same “as-is”, and acknowledges
that the taking of possession of the demised premises by Tenant shall be conclusive evidence that the said premises and the building of which the same form a part were in good and satisfactory condition at the time such possession was so taken,
except as to latent defects. All understandings and agreements heretofore made between the parties hereto are merged in this contract, which alone fully and completely expresses the agreement between Owner and Tenant, and any executory agreement
hereafter made shall be ineffective to change, modify, discharge or effect an abandonment of it in whole or in part, unless such executory agreement is in writing and signed by the party against whom enforcement of the change, modification,
discharge or abandonment is sought. 
 End of Term: 
 22. Upon the expiration or other termination of the term of this lease, Tenant shall quit and surrender to Owner the demised premises, “broom-clean”, in good order and condition, ordinary wear
and damages which Tenant is not required to repair as provided elsewhere in this lease excepted, and Tenant shall remove all its property. Tenant’s obligation to observe or perform this covenant shall survive the expiration or other termination
of this lease. If the last day of the term of this lease or any renewal thereof, falls on Sunday, this lease shall expire at noon on the preceding Saturday, unless it be a legal holiday, in which case it shall expire at noon on the preceding
business day. 
 Quiet Enjoyment: 
 23. Owner covenants and agrees with Tenant that upon Tenant paying the rent and additional rent and observing and performing all the terms, covenants and conditions, on Tenant’s part to be observed
and performed. Tenant may peaceably and quietly enjoy the premises hereby demised, subject, nevertheless, to the terms and conditions of this lease including, but not limited to, Article 31 hereof, and to the ground leases, underlying leases and
mortgages hereinbefore mentioned. 
 Failure to Give Possession: 
 24. If Owner is unable to give possession of the demised premises on the date of the commencement of the term hereof because of the
holding-over or retention of possession of any tenant, undertenant or occupants, or if the demised premises are located in a building being constructed, because such building has not been sufficiently completed to make the demised premises ready for
occupancy, or because of the fact that a certificate of occupancy has not been procured, or for any other reason, Owner shall not be subject to any liability for failure to give possession on said date and the validity of the lease shall not be
impaired under such circumstances, nor shall the same be construed in any way to extend the term of this lease, but the rent payable hereunder shall be abated (provided Tenant is not responsible for Owner’s inability to obtain possession or
complete construction) until after Owner shall have given Tenant written notice that the Owner is able to deliver possession in condition required by this lease. If permission is given to Tenant to enter into possession of the demises premises, or
to occupy premises other than the demised premises, prior to the date specified as the commencement of the term of this lease. Tenant covenants and agrees that such possession and/or occupancy shall be deemed to be under all the terms, covenants,
conditions and provisions of this lease, except the obligation to pay the fixed annual rent set forth in the preamble to this lease. The provisions of this article are intended to constitute “an express provision to the contrary” within
the meaning of Section 223-a of the New York Real Property Law. 
 No Waiver: 
 25. The failure of Owner to seek redress for violation of, or to insist upon the strict performance of, any covenant or condition of this
lease or of any of the Rules or Regulations, set forth or hereafter adopted by Owner, shall not prevent a subsequent act which would have originally constituted a violation from having all the force and effect of an original violation. The receipt
by Owner of rent and/or additional rent with knowledge of the breach of any covenant of this lease shall not be deemed a waiver of such breach, and no provision of this lease shall be deemed to have been waived by Owner unless such waiver be in
writing signed by Owner. No payment by Tenant or receipt by Owner of a lesser amount that the monthly rent herein stipulated shall be deemed to be other than on account of the earliest stipulated rent, nor shall any endorsement or statement of any
check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and Owner may accept such check or payment without prejudice to Owner’s right to recover the balance of such rent or pursue any other remedy in
this lease provided. No act or thing done by Owner or Owner’s agents during the term hereby demised shall be deemed an acceptance of a surrender of the demised premises, and no agreement to accept such surrender shall be valid unless in writing
signed by Owner. No employee of Owner or Owner’s agent shall have any power to accept the keys of said premises prior to the termination of the lease, and the delivery of keys to any such agent or employee shall not operate as a termination of
the lease or a surrender of the demised premises. 
 Waiver of Trial by Jury: 
 26. It is mutually agreed by and between Owner and Tenant that the respective parties hereto shall, and they hereby do, waive trial by jury
in any action proceeding or counterclaim brought by either of the parties hereto against the other (except for personal injury or property damage) on any matters whatsoever arising out of, or in any way connected with, this lease, the relationship
of Owner and Tenant, Tenant’s use of, or occupancy of, the demised premises, and any emergency statutory or any other statutory remedy. It is further mutually agreed that in the event Owner commences any proceeding or action for possession,
including a summary proceeding for possession of the demised premises, Tenant will not interpose any counterclaim of whatever nature or description in any such proceeding, including a counterclaim under Article 4, except for statutory mandatory
counterclaims. [26A] 
 Inability to Perform: 
 27. This lease and the obligation of Tenant to pay rent hereunder and perform all of the other covenants and agreements hereunder on part of Tenant to be performed shall in no way be affected, impaired or
excused because Owner is unable to fulfill any of its obligations under this lease, or to supply, or is delayed in supplying, any service expressly or impliedly to 

 be supplied, or is unable to make, or is delayed in making, any repair, additions, alterations, or
decorations, or is unable to supply, or is delayed in supplying, any equipment, fixtures, or other materials, if Owner is prevented or delayed from so doing by reason of strike or labor troubles or any cause whatsoever including, but not limited to,
government preemption or restrictions, or by reason of any rule, order or regulation of any department or subdivision thereof of any government agency, or by reason of the conditions which have been or are affected, either directly or indirectly, by
war or other emergency. 
 Bills and Notices: 
 28. Except as otherwise in this lease provided, any notice, statement, demand or other communication required or permitted to be given, rendered or made by either party to the other, pursuant to this
lease or pursuant to any applicable law or requirement of public authority, shall be in writing (whether or not so stated elsewhere in this lease) and shall be deemed to have been properly given, rendered or made, if sent by registered or certified
mail (express mail, if available), return receipt requested, or by courier guaranteeing overnight delivery and furnishing a receipt in evidence thereof, addressed to the other party at the address hereinabove set forth (except that after the date
specified as the commencement of the term of this lease, Tenant’s address, unless Tenant shall give notice to the contrary, shall be the building), and shall be deemed to have been given, rendered or made (a) on the date delivered, if delivered
to Tenant personally, (b) on the date delivered, if delivered by overnight courier or (c) on the date which is two (2) days after being mailed. Either party may, by notice as aforesaid, designate a different address or addresses for notices,
statements, demand or other communications intended for it. Notices given by Owner’s managing agent shall be deemed a valid notice if addressed and set in accordance with the provisions of this Article. At Owner’s option, notices and bills
to Tenant may be sent by hand delivery. 
 Services Provided by Owner: 
 29. As long as Tenant is not in default under any of the covenants of this lease beyond the applicable grace period provided in this lease
for the curing of such defaults, Owner shall provide: (a) necessary elevator facilities on business days from 8 a.m. to 6 p.m. and have one elevator subject to call at all other times; (b) heat to the demised premises when and as required by law, on
business days from 8 a.m. to 6 p.m.; (c) water for ordinary lavatory purposes, but if Tenant uses or consumes water for any other purposes or in unusual quantities (of which fact Owner shall be the sole judge), Owner may install a water meter at
Tenant’s expense, which Tenant shall thereafter maintain at Tenant’s expense in good working order and repair, to register such water consumption, and Tenant shall pay for water consumed as shown on said meter as additional rent as and
when bills are rendered; (d) cleaning service for the demised premises on business days at Owner’s expense provided that the same are kept in order by Tenant. If, however, said premises are to be kept clean by Tenant, it shall be done at
Tenant’s sole expense, in a manner reasonably satisfactory to Owner, and no one other than persons approved by Owner shall be permitted to enter said premises or the building of which they are a part for such purpose. Tenant shall pay Owner the
cost of removal of any of Tenant’s refuse and rubbish from the building; (e) if the demised premises are serviced by Owner’s air conditioning/cooling and ventilating system, air conditioning/cooling will be furnished to Tenant from
May 15th through September 30th * on business days (Mondays through Fridays, holidays excepted) from 8:00 a.m. to 6:00 p.m., and ventilation will be furnished on business days during the aforesaid hours except when air
conditioning/cooling is being furnished as aforesaid. If Tenant requires air conditioning/cooling or ventilation for more extended hours on Saturdays, Sundays or on holidays, as defined under Owner’s contract with the applicable Operating
Engineers contract, Owner will 

 furnish the same at Tenant’s expense. RIDER to be added in respect to rates and conditions for such additional service; (f) Owner reserves the right to stop services of the heating, elevators, plumbing,
air-conditioning, electric, power systems or cleaning or other services, if any, when necessary by reason of accident, or for repairs, alterations, replacements or improvements necessary or desirable in the judgment of Owner, for as long as may be
reasonably required by reason thereof. If the building of which the demised premises are a part supplies manually operated elevator service. Owner at any time may substitute automatic control elevator service and proceed diligently with alterations
necessary therefor without in any way affecting this lease or the obligations of Tenant hereunder. 
 Captions: 
 30. The Captions are inserted only as a matter of convenience and for reference, and in no way define, limit or describe the scope of this
lease nor the intent of any provisions thereof. 
 Definitions: 
 31. The term “office”, or “offices”, wherever used in this lease, shall not be construed to mean premises used as a
store or stores, for the sale or display, at any time, of goods, wares or merchandise, of any kind, or as a restaurant, shop, booth, bootblack or other stand, barber shop, or for other similar purposes, or for manufacturing. The term
“Owner” means a landlord or lessor, and as used in this lease means only the owner, or the mortgagee in possession for the time being, of the land and building (or the owner of a lease of the building or of the land and building) of which
the demised premises form a part, so that in the event of any sale or sales or conveyance, assignment or transfer of said land and building, or of said lease, or in the event of a lease of said building, or of the land and building, the said Owner
shall be, and hereby is, entirely freed and relieved of all covenants and obligations of Owner, hereunder, and it shall be deemed and construed without further agreement between the parties or their successors in interest, or between the parties and
the purchaser, at any such sale, or the said lessee of the building, or of the land and building, that the purchaser, grantee, assignee or transferee or the lessee of the building has assumed and agreed to carry out any and all covenants and
obligations of Owner hereunder. The words “re-enter” and “re-entry” as used in this lease are not restricted to their technical legal meaning. The term “business days” as used in this lease shall exclude Saturdays,
Sundays and all days as observed by the State or Federal Government as legal holidays and those designated as holidays by the applicable building service union employees service contract, or by the applicable Operating Engineers contract with
respect to HVAC service. Wherever it is expressly provided in this lease that consent shall not be unreasonably withheld, such consent shall not be unreasonably delayed. 

					
	  
	 		  	
	

 Rider to be added if necessary.	 		  	 *  APRIL 1ST THROUGH OCTOBER 31ST

 
Adjacent Excavation-Shoring: 
 32. If an excavation shall be made upon land adjacent to the demised premises, or shall be authorized to be made, Tenant shall afford to the person causing or authorized to cause such excavation, a
license to enter upon the demised premises for the purpose of doing such work as said person shall deem necessary to preserve the wall or the building, of which demised premises form a part, from injury or damage, and to support the same by proper
foundations, without any claim for damages or indemnity against Owner, or diminution or abatement of rent. 
 Rules and Regulations: 

 33. Tenant and Tenant’s servants, employees, agents, visitors, and licensees shall observe faithfully, and comply
strictly with, the Rules and Regulations and such other and further reasonable Rules and Regulations as Owner and Owner’s agents may from time to time adopt. Notice of any additional Rules or Regulations shall be given in such manner as Owner
may elect. In case Tenant disputes the reasonableness of any additional Rules or Regulations hereafter made or adopted by Owner or Owner’s agents, the parties hereto agree to submit the question of the reasonableness of such Rules and
Regulations for decision to the New York office of the American Arbitration Association, whose determination shall be final and conclusive upon the parties hereto. The right to dispute the reasonableness of any additional Rules or Regulations upon
Tenant’s part shall be deemed waived unless the same shall be asserted by service of a notice, in writing, upon Owner, within fifteen (15) days after the giving of notice thereof. Nothing in this lease contained shall be construed to
impose upon Owner any duly or obligation to enforce the Rules and Regulations or terms, covenants or conditions in any other lease, as against any other tenant, and Owner shall not be liable to Tenant for violation of the same by any other tenant,
its servants, employees, agents, visitors or licensees. 
 Security: 

 

 

 34. Tenant has deposited with Owner the sum of $ [TBD] [34A] as security for the
faithful performance and observance by Tenant of the terms, provisions and conditions of this lease; it is agreed that in the event Tenant defaults in respect of any of the terms, provisions and conditions of this lease, including, but not limited
to, the payment of rent and additional rent, Owner may use, apply or retain the whole or any part of the security so deposited to the extent required for the payment of any rent and additional rent, or any other sum as to which Tenant is in default,
or for any sum which Owner may expend or may be required to expend by reason of Tenant’s default in respect of any of the terms, covenants and conditions of 
  
 

 Rider to be added if necessary. 

 
this lease, including but not limited to, any damages or deficiency in the re-letting of the demised premises, whether such damages or deficiency accrued before or after summary proceedings or
other re-entry by Owner. In the case of every such use, application or retention, Tenant shall, within five (5) days after demand, pay to Owner the sum so used, applied or retained which shall be added to the security deposit so that the same
shall be replenished to its former amount. In the event that Tenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this lease, the security shall be returned to Tenant after the date fixed as the end
of the lease and after delivery of entire possession of the demised premises to Owner. In the event of a sale of the land and building, or leasing of the building, of which the demised premises form a part, Owner shall have the right to transfer the
security to the vendee or lessee, and Owner shall thereupon be released by Tenant from all liability for the return of such security; and Tenant agrees to look to the new Owner solely for the return of said security, and it is agreed that the
provisions hereof shall apply to every transfer or assignment made of the security to a new Owner. Tenant further covenants that it will not assign or encumber, or attempt to assign or encumber, the monies deposited herein as security, and that
neither Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. 
 Estoppel Certificate: 
 35. Tenant, at any time, and from time to time, upon at least ten (10) days prior
notice by Owner, shall execute, acknowledge and deliver to Owner, and/or to any other person, firm or corporation specified by Owner, a statement certifying that this lease is unmodified and in full force and effect (or, if there have been
modifications, that the same is in full force and effect as modified and stating the modifications), stating the dates to which the rent and additional rent have been paid, and stating whether or not there exists any default by Owner under this
lease, and, if so, specifying each such default and such other information as shall be required of Tenant. 
 Successors and Assigns: 

 36. The covenants, conditions and agreements contained in this lease shall bind and inure to the benefit of Owner and Tenant
and their respective heirs, distributes, executors, administrators, successors, and except as otherwise provided in this lease, their assigns. Tenant shall look only to Owner’s estate and interest in the land and building, for the satisfaction
of Tenant’s remedies for the collection of a judgment (or other judicial process) against Owner in the event of any default by Owner hereunder, and no other property or assets of such Owner (or any partner, member, officer or director thereof,
disclosed or undisclosed), shall be subject to levy, execution or other enforcement procedure for the satisfaction of Tenant’s remedies under, or with respect to, this lease, the relationship of Owner and Tenant hereunder, or Tenant’s use
and occupancy of the demised premises. 
 SEE RIDER ATTACHED HERETO AND MADE A PART HEREOF CONTAINING ARTICLES 37 THROUGH 50.

  

	
	In Witness Whereof, Owner and Tenant have respectively signed and sealed this lease as of the day and year first above written.

  

							
		  	OWNER:	  	 400 MADISON AVENUE OWNER LLC
 By: 400 Madison Avenue New Entity, LLC

	Witness for Owner:	  		  	
				
		  		  	By:	  	
 

		  		  		  	Name: William S. Macklowe
	  
	  		  		  	Title: Vice President

  

							
		  	TENANT:	  	TRADESTATION SECURITIES, INC
	Witness for Tenant:	  		  	
				
		  		  	By:	  	
 

		  		  		  	Name: President & COO
	  
	  		  		  	Title: William P Cahill

 ACKNOWLEDGEMENT

 STATE OF Florida 
 SS: 
 COUNTY OF Broward 
 On the 10th
day of December in the year 2009, before me, the undersigned, a Notary Public in and for said State, personally appeared William P. Cahill, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s)
whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon
behalf of which the individual(s) acted, executed the instrument. 
  

			
		 	
 

		 	NOTARY PUBLIC

 

 

 
GUARANTY 
  

 FOR VALUE RECEIVED, and in consideration for, and as an inducement to Owner making the
within lease with Tenant, the undersigned guarantees to Owner, Owner’s successors and assigns, the full performance and observance of all the covenants, conditions and agreements, therein provided to be performed and observed by Tenant,
including the “Rules and Regulations” as therein provided, without requiring any notice of non-payment, non-performance, or non-observance, or proof, or notice, or demand, whereby to charge the undersigned therefore, all of which the
undersigned hereby expressly waives and expressly agrees that the validity of this agreement and the obligations of the guarantor hereunder shall in no way be terminated, affected or impaired by reason of the assertion by Owner against Tenant of any
of the rights or remedies reserved to Owner pursuant to the provisions of the within lease. The undersigned further covenants and agrees that this guaranty shall remain and continue in full force and effect us to any renewal, modification or
extension of this lease and during any period when Tenant is occupying the demised premises as a “statutory tenant.” As a further inducement to Owner to make this lease, and in consideration thereof, Owner and the undersigned covenant and
agree that in any action or proceeding brought by either Owner or the undersigned against the other on any matters whatsoever arising out of, under, or by virtue of, the terms of this lease or of this guarantee, that Owner and the undersigned shall
and do hereby waive trial by jury. 
  

							
	Dated:	 	  
	  	in the year	 	  

	
	  

	Guarantor
	
	  

	Witness
	
	  

	Guarantor’s Residence

  

							
	  

	Business Address
	
	  

	Firm Name

  

					
	STATE OF NEW YORK	  	)	  	ss.:
			
	COUNTY OF	  	)	  	

 On the              day of
             in the year              before me, the undersigned, a Notary Public in and for said State, personally appeared
                                         
                                       , personally
known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that
by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument 
  

	
	  

	Notary Public

  
 

        IMPORTANT – PLEASE READ        

 
  

 RULES AND REGULATIONS ATTACHED TO AND 
 MADE A PART OF THIS LEASE 
 IN ACCORDANCE WITH ARTICLE 33. 
 1. The sidewalks, entrances, driveways, passages, courts,
elevators, vestibules, stairways, corridors or halls shall not be obstructed or encumbered by Tenant or used for any purpose other than for ingress or egress from the demised premises, and for delivery of merchandise and equipment in a prompt and
efficient manner using elevators and passageways designated for such delivery by Owner. There shall not be used in any space, or in the public hall of the building, either by any tenant or by jobbers or others in the delivery or receipt of
merchandise, any hand trucks, except those equipped with rubber tires and safeguards. If said premises are situated on the ground floor of the building, Tenant thereof shall further, at Tenant’s expense, keep the sidewalk and curb in front of
said premises clean and free from ice, snow, dirt and rubbish. 
 2. The water and wash closets and plumbing fixtures shall not be used for any
purposes other than those for which they designed or constructed, and no sweepings, rubbish, rags, acids or other substances shall be deposited therein, and the expense of any breakage, stoppage, or damage resulting from the violation of this rule
shall be borne by the Tenant, whether or not caused by the Tenant, or its clerks, agents, employees or visitors. 
 3. No carpet, rug or other
article shall be hang or shaken out of any window of the building and Tenant shall not sweep or throw, or permit to be swept or thrown, from the demised premises any dirt or other substances into any of the corridors or halls, elevators, or out of
the doors or windows or stairways of the building, and Tenant shall not use, keep or permit to be used or kept, any foul or noxious gas or substance in the demised premises, or permit or suffer the demised premises to be occupied or used in a manner
offensive or objectionable to Owner or other occupants of the building by reason of noise, odors, and/or vibrations, or interfere in any way with other tenants or those having business therein, nor shall any bicycles, vehicles, animals, fish, or
birds be kept in or about the building. Smoking or carrying lighted cigars or cigarettes in the elevators of the building is prohibited. 
 4.
No ownings or other projections shall be attached to the outside walls of the building without the prior written consent of Owner. 
 5. No
sign, advertisement, notice or other lettering shall be exhibited, inscribed, printed or affixed by Tenant on any part of the outside of the demised premises or the building, or on the inside of the demised premise if the same is visible from the
outside of the demised premises, without the prior written consent of Owner, except that the name of Tenant may appear on the entrance door of the demised premises. In the event of the violation of the foregoing by Tenant, Owner may remove same
without any liability, and may charge the expense incurred by such removal to Tenant, Interior signs on door and directory tablet shall be inscribed, painted or affixed for Tenant by Owner at the expense of Tenant, and shall be of a size, color and
style acceptable to Owner. 
 6. Tenant shall not mark, paint, drill into, or in any way deface, any part of the demised premises or the
building of which they form a part. No boring, cutting or stringing of wires shall be permitted, except with the prior written consent of Owner, and as Owner may direct. Tenant shall not lay linoleum, or other similar floor covering, so that the
same shall come in direct contact with the floor of the demised premises, and, if linoleum or other similar floor covering is desired to be used, an interlining of builder’s deadening felt shall be first affixed to the floor, by a paste or
other material, soluble in water, the use of cement or other similar adhesive material being expressly prohibited. 
 7. No additional locks or
bolts of any kind shall be placed upon any of the doors or windows by Tenant, nor shall any changes be made in existing locks or mechanism thereof. Tenant must, upon the termination of his tenancy, restore to Owner all keys of stores, offices and
toilet rooms, either furnished to, or otherwise procured by Tenant, and in the event of the loss of any keys so furnished, Tenant shall pay to Owner the cost thereof. 
 8. Freight, furniture, business equipment, merchandise and bulky matter of any description shall be delivered to and removed from the demised premises only on the

 
freight elevators and through the service entrances and corridors, and only during hours and in a manner approved by Owner. Owner reserves the right to inspect all freight to be brought into the
building and to exclude from the building all freight which violates any of these Rules and Regulations of the lease, or which these Rules and Regulations are a part. 
 9. Canvassing, soliciting and peddling in the building is prohibited and Tenant shall cooperate to prevent the same. 
 10. Owner reserves the right to exclude from the building all persons who do not present it pass to the building signed by Owner. Owner will furnish passes to persons for whom Tenant requests same in
writing. Tenant shall be responsible for all persons for whom be requests such pass, and shall be liable to Owner for all acts of such persons. Tenant shall not have a claim against Owner by reason of Owner excluding from the building any person who
does not present such pass. 
 11. Owner shall have the right to prohibit any advertising by Tenant which is Owner’s opinion, tends to
impair the reputation of the building or its desirability as a building for offices, and upon written notice from Owner. Tenant shall refrain from or discontinue such advertising. 
 12. Tenant shall not bring or permit to be brought or kept in or on the demised premises, any inflammable, combustible, explosive, or hazardous fluid, material, chemical or substance, or cause or permit
any odors of cooking or other processes or any unusual or other objectionable odors, to penetrate in, or entrance from, the demised premises. 
 13. If the building contains central air conditioning and ventilation, Tenant agrees to keep all windows closed at all times and to abide by all rules and regulations issued by Owner with respect to such services. If Tenant requires air
conditioning or ventilation after the usual hours, Tenant shall give notice in writing to the building superintendent prior to 3:00 p.m. in the case of services required on weekdays, and prior to 3:00 p.m. on the day prior in case of after hours
services required on weekdays or on holidays. Tenant shall cooperate with Owner in obtaining maximum effectiveness of the cooling system by lowering and closing venetian blinds and/or leaps and curtains when the sun’s rays fall directly on the
windows of the demised premises. 
 14. Tenant shall not move any safe, heavy machinery, heavy equipment, bulky matter, or fixtures into or out
of the building without Owner’s prior written consent. If such safe, machinery, equipment, bulky matter or fixtures requires special handling, all work in connection therewith shall comply with the Administrative Code of the City of New York
and all other laws and regulations applicable thereto, and shall be done during such hours as Owner may designate. 
 15. Refuse and Trash. (1)
Compliance by Tenant. Tenant covenants and agrees, at its sole cost and expense, to comply with all present and future laws, orders, and regulations, of all state, federal, municipal, and local governments, departments, commissions and bounds
regarding the collection, sorting, separation and recycling of waste products, garbage, refuse and trash. Tenant shall sort and separate such waste products, garbage, refuse and trash into such categories as provided by law. Each separately sorted
category of waste products, garbage, refuse and trash shall be placed in separate receptacles reasonably approved by Owner. Such separate receptacle may, at Owner’s option, he removed from the demised premises in accordance with a collection
schedule prescribed by law. Tenant shall remove, or cause to be removed by a contractor acceptable to Owner, at Owner’s sole discretion, such items as Owner may expressly designate. (2) Owner’s Rights in Event of Noncompliance. Owner has
the option to refuse to collect or accept from Tenant waste products, garbage, refuse or trash (a) that is not separated and sorted as required by law or (b) which consists of such items as Owner may expressly designate for Tenant’s removal,
and to require Tenant to arrange for such collection at Tenant’s sole cost and expense, utilizing a contractor satisfactory to Owner. Tenant shall pay all costs, expenses, fines, penalties, or damages that may be imposed on Owner or Tenant by
reason of Tenants failure to comply with the provisions of this Building Rule 15, and, at Tenant’s sole cost and expense, shall indemnity, defend and hold Owner harmless (including reasonable legal fees and expenses) from and against any
actions, claims and suits arising from such noncompliance, utilizing counsel reasonably satisfactory to Owner. 

  

	
	Address
	
	Premises

  
  
  
 TO 
  
  
  
 STANDARD FORM OF 
  

					
	

	 	 Office
 Lease
	 	

 The Real Estate Board of New York, Inc. 
 Copyright 2004. All rights Reserved. 
 Reproduction in whole or in part prohibited. 
  
  
  
  

			
	Dated	 	in the year        
		
	Rent Per Year	 	
		
	Rent Per Month	 	
		
	Term	 	
	From	 	
	To	 	

			
		
	Drawn by	  	  

			
		
	Checked by	  	  

			
		
	Entered by	  	  

			
		
	Approved by	  	  

 Inserts to printed portion of Lease dated as of December 14, 2009, Between 400
Madison Avenue Owner LLC, as Owner, and TradeStation Securities Inc., as Tenant, with respect to a portion of the 12th Floor (designated by Owner as Suite 12A) at 400 Madison Avenue, New York, New York 
 Preamble 
  

	A	Florida 

  

	B	(provided, however, that Fixed Rent (as hereinafter defined) shall be pro-rated on a per diem basis for any partial calendar month at the beginning or end of said term)

 Article 3 
  

	3A	which consent shall not be unreasonably withheld, conditioned or delayed 

  

	3B	after Tenant receives notice thereof 

  

	3C	Notwithstanding anything to the contrary contained in this Article 3, Owner’s consent shall not be required with respect to any work performed in the Demised
Premises the cost of which, by itself or together with any other work that constitutes a single project does not exceed $25,000 and which consists of purely decorative painting, carpeting and finish work and which does not require the preparation
and filing of plans to obtain a building permit and which otherwise complies with the requirements established by Owner from time to time for Building-standard materials and finishes; provided, that, all such work shall be performed in
accordance with the other provisions of this Article 3. 

 Article 4 
  

	4A	contractors reasonably acceptable to Owner 

  

	4B	; provided, that, Tenant is not physically prohibited from occupying the Demised Premises for the uses permitted under this lease

 Article 6 
  

	6A	(a) 

  

	6B	(collectively “Requirements”) 

  

	6C	 except that Tenant shall not be required to make any alterations or improvements to comply with a Requirement the need for compliance with which arises
from Tenant’s permitted use of the Demised Premises if such Requirement (a “General Applicability Law”) is applicable to substantially all office tenants in the Building or to substantially all office tenants in comparable
buildings in New York City and the requirement for compliance with such Requirement does not arise by reason of (i) the abatement of any nuisance in, on or about the Demised Premises caused by Tenant, its agents, employees, contractors, guests
or anyone claiming by, through or under Tenant, (ii) the particular manner of conduct of Tenant’s business or operation of its installations, equipment or other property therein, including, without limitation, the performance of any work
by Tenant, (iii) any cause or condition created by or at the instance of Tenant or (iv) the breach of any of Tenant’s obligations hereunder, whether or not such compliance requires work which is structural or non-structural, ordinary
or extraordinary, foreseen or unforeseen, and (b) be responsible for the cost of compliance with any Requirements in respect of the Building outside the Demised Premises arising from Tenant’s use of the Demised Premises, except that Tenant
shall not be required to make any alterations or improvements to comply with a Requirement the need for compliance with which arises from Tenant’s permitted use of the Demised Premises if such Requirement is a General Applicability Law and the
requirement for compliance with such Requirement does not arise by reason of the provisions set forth in the preceding subsections (i) through (iv) of subclause (a) above). Tenant shall pay all the costs, expenses, fines, penalties
and damages which may be imposed upon Owner or any Superior Mortgagee or Superior Lessor (as such capitalized terms are defined in Article 39 hereof) by reason of or arising

	 	 
out of Tenant’s failure to fully and promptly comply with and observe the provisions of this Article 6. 

 Article 8 
  

	8A	for maintenance, for repairs, to comply with laws or for other reasonable purposes 

 Article 9 
  

	9A	or the Building (including any Building system) is damaged by fire or other casualty so that Tenant is deprived of reasonable access to the Demised Premises or any part
thereof, whether or not the Demised Premises shall be damaged 

  

	9B	Owner and Tenant each agrees, at the written request of the other party, to request from its insurer the inclusion of such a waiver of subrogation provision in each
policy of casualty insurance maintained by such party. 

  

	9C	For purposes of clarity, any provision contained in this Article 9, Article 10 or elsewhere in this lease providing for the apportionment or abatement of Rent, unless
such abatement specifies that only Fixed Rent or only Additional Charges, or a component thereof shall be abated (e.g., Section 37(c), which provides an abatement of Fixed Rent only and not of the electricity component of Fixed Rent or any
Additional Charges), shall mean that such abatement includes all Fixed Rent and Additional Charges. 

  

	9D	Notwithstanding anything to the contrary contained in this Article 9: 

 (a) As soon as reasonably practicable, but in any event no later than sixty (60) days following the date of any fire or other casualty rendering any portion of the Demised Premises untenantable, Owner
shall notify Tenant of Owner’s good faith best estimate of the date (the “Estimated Date”) by which the repair and restoration necessary to render the Demised Premises no longer untenantable can be completed
(“Owner’s Repair Notice”). Notwithstanding anything herein to the contrary, if, by reason of a fire or other casualty, (A) (l) more than fifty (50%) percent of the rentable square footage of the Demised Premises
shall be damaged or destroyed and rendered untenantable (or, in the case of damage or destruction to the public portions of the Building necessary for access to the Demised Premises, more than fifty (50%) percent of the rentable square footage
of the Demised Premises shall be rendered untenantable) and (2) the Estimated Date set forth in Owner’s Repair Notice with respect to such fire or other casualty is after the date (the “Outside Repair Date”) which is the
nine (9) month anniversary of the date of such fire or other casualty (a fire or other casualty meeting the requirements of the preceding subclauses (l) and (2) being a “Substantial Casualty”) or (B) more than
twenty-five (25%) percent of the rentable square footage of the Demised Premises is rendered untenantable during the last 12 months of the term of this lease, then Tenant shall have a one time only right (except as set forth in subsection
(b) below) to terminate this lease by notice (the “Damage Termination Notice”) given to Owner within thirty (30) days following Owner’s giving of Owner’s Repair Notice. Such termination shall be effective as of
the date which is thirty (30) days after the Damage Termination Notice, and, upon delivery of such notice and the expiration of such 30-day period, this lease and the term hereof shall expire as fully and completely as if such date were the
date originally set forth for the termination of this lease. Tenant’s failure to deliver the Damage Termination Notice in the time and manner required by this subclause (a) shall be deemed an irrevocable waiver of Tenant’s right to
terminate this lease pursuant to this subclause (a). 
 (b) In addition, in the event of any Substantial
Casualty, if the repair or restoration necessary to render the Demised Premises no longer untenantable is not substantially completed by the Outside Repair Date, as such Outside Repair Date shall be extended due to delays caused or occasioned by
Owner’s inability to perform (as described in Article 27 hereof) or by Tenant, its agents, employees, contractors, architects, engineers or servants, then Tenant shall be entitled to terminate this lease by a Damage Termination Notice given to
Owner within thirty (30) days after the Outside Repair Date (as so extended) and, upon the giving of such notice, this lease and the term hereof shall expire effective on the thirtieth (30th) day after the giving of such notice (the “Damage Termination Date”);
provided, however, if Tenant delivers a Damage

  

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Termination Notice pursuant to this subclause (b) to Owner, then Owner shall have the right to suspend the occurrence of the Damage Termination Date for a period of thirty (30) days
after the date of the Damage Termination Notice by delivering to Tenant, within ten (10) Business Days after Owner’s receipt of such Damage Termination Notice, a certificate of Owner’s contractor responsible for the repairs of such
damage certifying that it is such contractor’s good faith judgment that the repairs shall be substantially completed within thirty (30) days after the date of the Damage Termination Notice. If the repairs shall be substantially completed
prior to the expiration of such thirty (30) day period, the Damage Termination Notice shall be null and void and of no force or effect, and this lease shall continue, but if the repairs shall not be substantially completed within such thirty
(30) day period, then this lease shall terminate upon the expiration of such thirty (30) day period. 
 Article 11

  

	11A	, which consent shall not be unreasonably withheld or delayed (but only to the extent expressly so provided in Article 40 hereof) 

 Article 13 
  

	13A	upon prior notice (which may be given orally) 

  

	13B	Except in the case of emergency, Owner shall make reasonable efforts to minimize the disturbance caused by such entry, but in no event shall Owner be required to
effectuate any such entry outside of Business Hours. 

 Article 15 
  

	15A	Owner shall at all times during the term of this lease maintain in full force and effect a certificate of occupancy for the Building that permits the use of the Demised
Premises set forth in Article 2 hereof. 

  

	15B	, except as elsewhere specifically provided in this lease, 

  

	15C	; provided, that, such violations do not materially and adversely affect the use of the Demised Premises by Tenant for the use permitted by this lease

 Article 17 
  

	17A	thirty (30) 

  

	17B	thirty (30) 

  

	17C	thirty (30) 

  

	17D	thirty (30) 

 Article 19

  

	19A	and such default continues beyond the period specified in Article 17 and Section 46(1), except in case of emergency, 

  

	19B	If Tenant places the enforcement of this lease, or any part thereof, in the hands of an attorney, or files suit upon the same, and if Tenant shall be the prevailing
party an action so commenced, Tenant shall be reimbursed by the Owner, within 30 days after demand, for its reasonable, out-of-pocket attorneys’ fees and disbursements and court costs. 

 Article 20 
  

	20A	 No such action shall materially hinder Tenant’s use of the Demised Premises. Owner shall perform any such repairs, alterations, additions and
improvements with reasonable diligence and with reasonable efforts to avoid interference with Tenant’s business,

  

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provided, however, that in no event shall Owner be obligated to perform any such repairs, alterations, additions and improvements on an overtime basis 

 Article 26 
  

	26A	, or unless Tenant’s failure to interpose such counterclaim would result in a waiver of Tenant’s right to assert same in a separate proceeding

 Article 34 
  

	34A	$90,404.00 

  

 - 4 - 

 RIDER TO OFFICE LEASE 
 TABLE OF CONTENTS 
  

			
	 Article
	  	Page
		
	 37. TERM; FIXED RENT
	  	1
	 38. TAXES
	  	3
	 39. ATTORNMENT AND NOTICE TO OWNER
	  	4
	 40. ASSIGNMENT AND SUBLETTING
	  	5
	 41. INSURANCE
	  	10
	 42. ELECTRIC ENERGY
	  	11
	 43. OWNER’S SERVICES
	  	13
	 44. LATE CHARGE
	  	14
	 45. BROKER
	  	14
	 46. MISCELLANEOUS PROVISIONS
	  	14
	 47. NOTICES
	  	19
	 48. HOLDOVER
	  	20
	 49. SECURITY DEPOSIT
	  	20
	 50. OWNER’S INITIAL WORK
	  	21

  

					
	Schedule A	 	-	 	Fixed Rent
	Exhibit A	 	-	 	Floor Plan
	Exhibit B	 	-	 	Cleaning Specifications
	Exhibit C	 	-	 	Maintenance Charge Rates
	Exhibit D	 	-	 	Form of Letter of Credit
	Exhibit E	 	-	 	Owner’s Initial Work
	Exhibit E-1	 	-	 	Owner’s Initial Work Plan

 RIDER TO LEASE DATED December 14, 2009 BETWEEN 400 MADISON AVENUE OWNER LLC, AS OWNER
(“OWNER”), AND TRADESTATION SECURITIES, INC., AS TENANT (“TENANT”). 
 37. TERM; FIXED RENT.

 (a) (i) The term of this lease shall commence on the earlier to occur of (1) the Substantial
Completion Date (as hereinafter defined) and (2) the date on which Tenant, or anyone acting by, through or under Tenant shall take possession of all or any portion of the Demised Premises for any purpose whatsoever (the earlier of such dates,
“Commencement Date”) and shall end at 11:59 p.m. on the last day of the month after the month in which the fifth (5th) anniversary of the Rent Commencement Date (as hereinafter defined) occurs (the “Expiration
Date”) or on such earlier date upon which the term of this lease shall expire or be canceled or terminated pursuant to any of the terms, conditions or covenants of this lease or pursuant to law. 
 (ii) Notwithstanding the provisions of Section 37(a)(i) above, 
 (A) Tenant may have access to the Demised Premises prior to the Substantial Completion Date for the sole purpose of taking measurements and
installing cables and wiring for Tenant’s telephone, computer and data systems to the extent customarily performed by tenants during the initial build-out of a premises (but not the systems themselves, which Tenant may install after the
Commencement Date) (collectively, “Pre-possession Activities”) and such access shall not be deemed to trigger the Commencement Date. Prepossession Activities shall not include storage of (and Tenant shall not store) any materials or
furniture in the Demised Premises prior to the Commencement Date. Doing so shall trigger the Commencement Date. 
 (B) In
connection with all Pre-possession Activities (and as a condition to Owner’s permitting the same): 
 (1) Tenant shall
comply with all applicable provisions of this lease governing alterations prior to requesting access to the Demised Premises therefor and shall comply with all applicable Building-standard reasonable rules and regulations of Owner in connection with
such activities; 
 (2) Tenant shall not interfere in any respect with the performance of Owner’s Initial Work (as defined
in Section 50(a) below), it being agreed that, subject to Section 37(a)(ii)(A) above, Owner and Tenant shall coordinate the conduct of the Prepossession Activities so as to minimize such interference; 
 (3) Any delay suffered by Owner in the performance of Owner’s Initial Work by reason of such work by Tenant shall constitute a
Tenant’s Delay (as defined in Section 50(c) below) for purposes of this lease; 
 (4) Tenant shall make its initial
request for access in connection with each Pre-possession Activity constituting a distinct activity (or project) upon not less than three (3) Business Days prior written notice, except for the taking of measurements and performing inspections,
which request shall be made on reasonable advance notice (which may be made orally); and 
 (5) Owner shall have no obligation
to provide for the protection or safekeeping of any materials or equipment left or installed in the Demised Premises in connection with any Pre-possession Activities and Owner shall have no liability for damage or theft thereof, except to the extent
arising out of Owner’s willful misconduct. 
 (b) The rental rate per period payable hereunder (sometimes referred to
herein as the “rent”, “Rent”, or “Fixed Rent”) shall be as set forth in Schedule A annexed hereto and made a part hereof. Fixed Rent shall be payable in lawful money of the United States
which shall be legal tender in payment of all debts and dues, public and private, at the time of payment, in equal monthly installments in advance on the first day of each month during the term of this

  

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lease, at the office of Owner or at such other place as Owner may designate in writing, without any offset, reduction, deduction, defense and/or counterclaim whatsoever. For purposes of this
lease, the term “Additional Charges” shall mean all charges, fees and other sums of money (other than Fixed Rent) as shall be due and payable from time to time by Tenant to Owner pursuant to this lease. 
 (c) Notwithstanding anything to the contrary contained in this lease, provided that Tenant shall not then be in default
under any of the terms, covenants and conditions contained in this lease beyond the expiration of any applicable notice and/or cure period, Tenant shall be entitled to an abatement of the Fixed Rent payable for the period (the “Abatement
Period”) from the Commencement Date to, but not including, the ninety-first (91st) day after the Commencement Date (such 91st day, the “Rent Commencement Date”); provided, however, that during the Abatement Period, Tenant shall not be relieved of its obligation to pay the portion of Fixed Rent
applicable to electricity charges pursuant to Article 42 below with respect to such Abatement Period, plus any Additional Charges with respect to the Abatement Period. Notwithstanding the foregoing, if this lease shall terminate (or Owner shall
re-enter the Demised Premises) during the first year of the term of this lease due to Tenant’s default hereunder, Tenant shall immediately repay to Owner the unamortized portion of the amounts abated during the Abatement Period (which
amortization shall be calculated on a monthly, straight-line basis, over the term of this lease). 
 (d) Promptly after the
occurrence of the Commencement Date, Owner and Tenant shall, at Owner’s option, confirm the Commencement Date, the Rent Commencement Date, the First Rent Adjustment Date (as defined in Schedule A below) and the Expiration Date by
executing an instrument reasonably satisfactory to Owner and Tenant; provided, that, the failure by Owner or Tenant to execute such an instrument shall not affect the determination of such dates pursuant to the provisions of this
lease. 
 (e) (i) Notwithstanding anything to the contrary contained herein, if the Commencement Date shall not have occurred on
or before May 1, 2010 (the “Delivery Outside Date”), such date to be extended by one day for each day of Tenant’s Delay and/or Force Majeure Delay (as hereinafter defined), then, provided that Tenant shall not be in
default under this lease, as Tenant’s sole and exclusive remedy therefor, the Abatement Period shall be extended by one (1) day for each day beyond the Delivery Outside Date that the Commencement Date shall not have occurred. 

(ii) Notwithstanding anything to the contrary contained in this lease, if the Commencement Date shall not have
occurred on or before June 1, 2010 (as the same may be extended by one day for each day of Tenant’s Delay and/or Force Majeure Delay, the “Delivery Termination Date”), then Tenant shall have the option, as its sole and
exclusive remedy, to terminate this lease by written notice (the “Cancellation Notice”) given to Owner within twenty (20) days after the Delivery Termination Date and this lease shall thereafter be cancelled and of no further
force and effect on the twentieth (20th) day
following Owner’s receipt of Tenant’s Cancellation Notice (the “Cancellation Date”); provided, however, that notwithstanding Tenant’s delivery of a Cancellation Notice, this lease shall not be canceled
if the Commencement Date occurs on or before the Cancellation Date. If Tenant fails to timely deliver a Cancellation Notice to Owner within twenty (20) days after the Delivery Termination Date, Tenant shall be deemed to have irrevocably waived
its right to cancel this lease pursuant to this Section 37(e). If this lease shall be canceled as aforesaid, this lease shall be deemed to be null and void and Owner shall promptly return to Tenant all prepaid rent and the Security Deposit.

 (iii) As used, herein, the term “Force Majeure Delay” means delay due to strikes, lockouts or other labor
or industrial troubles, governmental pre-emption in connection with a national emergency, conditions of supply or demand that are affected by war or other national, state or municipal emergency, fire or other casualty, acts of God, any rule, order
or regulation or other action of any governmental agency applicable to all or any part of the Building or the, Demised Premises, unless arising out of a party’s knowing non-compliance therewith, or any other cause beyond a party’s
reasonable control, whether or not similar to any of the causes hereinabove stated, other than any cause arising by a the negligence or willful misconduct of the party claiming the delay. 
  

 - 2 - 

 38. TAXES. (a) The terms defined below shall for the purposes of this lease have the
meanings herein specified: 
 (i) “Taxes” shall mean all real estate taxes, sewer rents, water frontage
charges and other assessments, special or otherwise, levied, assessed or imposed by the City of New York or any other taxing authority upon or with respect to the Building and the land thereunder (the “Land”) and all taxes assessed
or imposed with respect to the rentals payable hereunder other than general income, gross receipts and excess profits taxes (except that general income, gross receipts and excess profits taxes shall be included if covered by the provisions of the
following sentence). Taxes shall also include any taxes, charges or assessments levied, assessed or imposed by any taxing authority in addition to or in lieu of the present method of real estate taxation, provided such additional or substitute
taxes, charges and assessments are computed as if the Building were the sole property of Owner subject to said additional or substitute tax, charge or assessment. Each abatement, exemption or discount of Taxes applicable to the Land and/or Building
shall be taken into account in determining the amount of Taxes for the applicable Tax Year. With respect to any Tax Year, all expenses, including legal fees, experts’ and other witnesses’ fees, incurred in contesting the validity or amount
of any Taxes or in obtaining a refund of Taxes, shall be considered as part of the Taxes for such Tax Year. Notwithstanding the foregoing, Taxes shall not include franchise taxes, gift taxes, capital stock taxes, inheritance taxes or estate taxes.
Tenant hereby waives any right to institute or join in tax certiorari proceedings or other similar proceedings contesting the amount or validity of any Taxes. 
 (ii) “Tax Year” shall mean each period of twelve (12) months, commencing on the first day of July of each such period, in which occurs any part of the term of this lease, or such
other period of twelve (12) months occurring during the term of this lease as hereafter may be duly adopted as the fiscal year for real estate tax purposes of the City of New York. 
 (iii) “Tax Statement” shall mean an instrument or instruments setting forth Tenant’s Tax Payment (as hereinafter
defined). If any Tax Statement is not accompanied by a copy of the tax bill, Owner shall furnish the same to Tenant promptly after Owner’s receipt of notice from Tenant requesting the same. 
 (iv) “Tenant’s Percentage” shall mean 1.5536%. 
 (v) “Base Taxes” shall mean the average of (1) the Taxes payable for the Tax Year commencing July 1, 2009 and
ending June 30, 2010 and (2) the Taxes payable for the Tax Year commencing July 1, 2010 and ending June 30, 2011. 
 (b) If the Taxes payable for any Tax Year shall exceed the Base Taxes, Tenant shall pay to Owner, as Additional Charges for. such Tax Year, an amount (herein called the “Tax Payment”) equal to Tenant’s Percentage of
the amount by which the Taxes payable by Owner for such Tax Year are greater than the Base Taxes. 
 (c) The Tax Payment for
each Tax Year shall be due and payable in installments in the same manner that Taxes for such Tax Year are due and payable to the City of New York, except that Tenant shall pay Tenant’s Percentage of each such installment to Owner at least
thirty (30) days prior to the date such installment first becomes due to the City of New York. Owner’s failure to render a Tax Statement with respect to any Tax Year shall not prejudice Owner’s right thereafter to render a Tax
Statement with respect to any such Tax Year nor shall the rendering of a Tax Statement prejudice Owner’s right thereafter to render a corrected Tax Statement for that Tax Year. 
 (d) In the event Taxes for any Tax Year or part thereof shall be reduced after Tenant shall have paid Tenant’s Tax Payment in respect
of such Tax Year, Owner shall set forth in the first Tax Statement thereafter submitted to Tenant the amount of such refund and, provided that Tenant is not then in default under this lease, Tenant shall receive a credit against the installment or
installments of Tenant’s Tax Payment next falling due equal to Tenant’s Percentage of such refund, but in no event shall the credit exceed the amount of the Additional

  

 - 3 - 

 
Charges paid by Tenant with respect to Taxes for said Tax Year. If the Taxes comprising the Base Taxes are reduced as a result of an appropriate proceeding or otherwise, the Taxes as so reduced
shall for all purposes be deemed to be Taxes for the Base Taxes, and Owner shall give notice to Tenant of the amount by which the Tax Payments previously made were less than the Tax Payments required to be made under this Article 38, and Tenant
shall pay the amount of the deficiency within ten (10) days after demand therefor. 
 (e) The expiration or termination of
this lease during any Tax Year for any part or all of which there is a Tax Payment or refund due under this Article 38 shall not affect the rights or obligations of the parties hereto respecting such Tax Payment or refund and any Tax Statement
relating to such Tax Payment may, on a pro-rata basis, be sent to Tenant subsequent to, and all such rights and obligations shall survive, any such expiration or termination. Any such payment shall be (i) calculated based on a year of 365 days
and paid based on the actual number of days elapsed and (ii) shall be payable within thirty (30) days after such statement is sent to Tenant. 
 39. ATTORNMENT AND NOTICE TO OWNER. 
 Supplementing the provisions of
Article 7 of this lease: 
 (a) This lease, and all rights of Tenant hereunder, are and shall be subject and subordinate to all
ground leases, overriding leases and underlying leases of the Land and/or the Building and/or that portion of the Building of which the Demised Premises are a part, now or hereafter existing and to all mortgages and assignments of leases and rents
(each such mortgage or assignment is hereinafter referred to as a “mortgage”) which may now or hereafter affect the Land and/or the Building and/or that portion of the Building of which the Demised Premises are a part and/or any of
such leases, whether or not such mortgages shall also cover other lands and/or buildings and/or leases, to each and every advance made or hereafter to be made under such mortgages, and to all renewals, modifications, replacements and extensions of
such leases and such mortgages and spreaders and consolidations of such mortgages. This Section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Tenant shall promptly
execute, acknowledge and deliver any instrument that Owner, the lessor under any such lease or the holder of any such mortgage or any of their respective successors-in-interest may reasonably request to evidence such subordination; and if Tenant
fails to execute, acknowledge or deliver any such instruments within ten (10) business days after Owner’s written request therefor, Tenant hereby irrevocably constitutes and appoints Owner as Tenant’s attorney-in-fact, coupled with an
interest, to execute and deliver any such instruments for and on behalf of Tenant. Any lease to which this lease is, at the time referred to, subject and subordinate is herein called “Superior Lease” and the lessor of a Superior
Lease or its successor in interest, at the time referred to, is herein called “Superior Lessor”; and any mortgage to which this lease is, at the time referred to, subject and subordinate is herein called “Superior
Mortgage” and the holder of a Superior Mortgage is herein called “Superior Mortgagee”. 
 (b) If any
act or omission of Owner would give Tenant the right, immediately or after lapse of a period of time, to cancel or terminate this lease, or to abate or offset against the payment of rent or to claim a partial or total eviction, Tenant shall not
exercise such right until (i) it has given written notice of such act or omission to Owner and each Superior Mortgagee and each Superior Lessor whose name and address shall previously have been furnished to Tenant and (ii) a reasonable
period for remedying such act or omission shall have elapsed following the giving of such notice (which reasonable period shall be the period to which Owner would be entitled under this lease or otherwise, after similar notice, to effect such remedy
plus thirty (30) days). As of the date of this lease, (i) the holder of the only Superior Mortgage encumbering the Land and Building is LaSalle Bank National Association, as Trustee for the benefit of the Holders of Morgan Stanley Capital
I, Inc. Commercial Mortgage Pass-Through Certificates Series 2005-IQ9, its Successors and/or Assigns, c/o Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, Iowa 50392-1450 and (ii) there is no Superior Lessor. 
 (c) If any Superior Lessor or Superior Mortgagee, or any designee of any Superior Lessor or Superior Mortgagee, shall succeed to the rights
of Owner under this lease, whether through possession or foreclosure action or delivery of a new lease or deed, then at the request of such party so succeeding to Owner’s rights (herein called “Successor Owner”), Tenant

  

 - 4 - 

 
shall attorn to and recognize such Successor Owner as Tenant’s Owner under this lease and shall promptly execute and deliver any instrument that such Successor Owner may reasonably request
to evidence such attornment. Upon such attornment this lease shall continue in full force and effect as a direct lease between the Successor Owner and Tenant upon all of the terms, conditions and covenants as are set forth in this lease, except that
the Successor Owner shall not be: 
 (i) liable for any previous act or omission of Owner (or its predecessors in interest);

 (ii) responsible for any moneys owing by Owner to the credit of Tenant; 
 (iii) subject to any credits, offsets, claims, counterclaims, demands or defenses which Tenant may have against Owner (or its predecessors
in interest); 
 (iv) bound by any payments of rent which Tenant might have made for more than one (1) month in advance to
Owner (or its predecessors in interest); 
 (v) bound by any covenant to undertake or complete any construction of the Demised
Premises or any portion thereof; 
 (vi) required to account for any security deposit other than any security deposit actually
delivered to the Successor Owner; 
 (vii) bound by any obligation to make any payment to Tenant or grant or be subject to any
credits, except for services, repairs, maintenance and restoration provided for under this lease to be performed after the date of attornment and which Owners of like properties ordinarily perform at the owner’s expense, it being expressly
understood, however, that the Successor Owner shall not be bound by an obligation to make payment to Tenant with respect to construction performed by or on behalf of Tenant at the Demised Premises; 
 (viii) bound by any modification of this lease made without the written consent of the Superior Mortgagee or Superior Lessor, as the case
may be; or 
 (ix) required to remove any person occupying the Demised Premises or any part thereof. 
 (d) If a Superior Mortgagee or prospective superior mortgagee shall request modifications to this lease, Tenant shall not unreasonably
withhold, delay or defer Tenant’s consent thereto, provided that such modifications shall not increase Tenant’s monetary obligations hereunder or increase tenant’s non-monetary obligations hereunder by more than a de minimis amount or
adversely affect the leasehold interest hereby created by more than a de minimis amount. In no event shall a requirement that the consent of any such Superior Mortgagee or prospective superior mortgagee be given for any modification of this lease or
for any assignment or sublease, be deemed to materially adversely affect the leasehold interest hereby created. 
 40.
ASSIGNMENT AND SUBLETTING. 
 (a) (i) Tenant shall not, whether voluntarily, involuntarily, or by operation of law or
otherwise (A) assign or otherwise transfer this lease or the term and estate hereby granted, or offer or advertise to do so, (B) sublet the Demised Premises or offer or advertise to do so, or allow the same to be used, occupied or utilized
by anyone other than Tenant, (C) mortgage, pledge, encumber or otherwise hypothecate this lease or the Demised Premises or any part thereof in a manner whatsoever or (D). permit the Demised Premises or part thereof to be occupied, or used for
desk space, mailing privileges or otherwise, by any person other than Tenant without in each instance obtaining the prior written consent of Owner (which consent shall not be unreasonably withheld or delayed, but only to the extent expressly
provided in this Article 40). 
  

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 (ii) Tenant expressly covenants and agrees that (A) if Tenant is a corporation, a
transfer of more than fifty percent (50%) at any one time or, in the aggregate from time to time of the shares of any class of the issued and outstanding stock of Tenant, its successors or assigns, or the issuance of additional shares of any
class of its stock to the extent of more than 50% of the number of shares of said class of stock issued and outstanding at the time that it became the tenant hereunder or (B) if Tenant is a partnership, limited liability company, unincorporated
association or other entity, the sale or transfer of more than 50% of the partnership, membership, joint venture, unincorporated association interests or other form of beneficial interests of Tenant, its successors or assigns, shall constitute an
assignment of this lease and, unless in each instance the prior written consent of Owner has been obtained, shall constitute a default under this lease and shall entitle Owner to exercise all rights and remedies provided for herein in the case of
default. Notwithstanding the foregoing provisions of this Section 40(a)(ii), transfers of stock in a corporation whose shares are traded in the “over-the-counter” market or any recognized national securities exchange shall not
constitute an assignment for purposes of this lease, provided that the principal purpose of such transfer or transfers is not to avoid the restrictions on assignment otherwise applicable under this Article 40. 
 (b) (i) If Tenant is a corporation, limited liability company, partnership or similar entity, Owner’s consent shall not be
required with respect to sublettings to any corporation or similar entity or to any limited liability company, partnership or similar entity which is an Affiliate of Tenant, provided that (1) any such Affiliate is a reputable entity of good
character and (2) a duplicate original instrument of sublease in form and substance reasonably satisfactory to Owner, duly executed by Tenant and such Affiliate, shall have been delivered to Owner at least ten (10) days prior to the
effective date of any such sublease. For purposes of this Article 40, the term “Affiliate” shall mean any entity which controls or is controlled by or under common control with tenant, and the term “control” shall mean, in the
case of a corporation, ownership or voting control, directly or indirectly, of at least fifty (50%) percent of all the voting stock, and in case of a joint venture, limited liability company, partnership or similar entity, ownership, directly
or indirectly, of at least fifty (50%) percent of all the general or other partnership, membership (or similar) interests therein. 
 (ii) If Tenant is a corporation, limited liability company, partnership or similar entity, Owner’s consent shall not be required with respect to an assignment of this lease to an Affiliate of Tenant,
provided that (1) the assignee is a reputable entity of good character, (2) a duplicate original instrument of assignment in form and substance reasonably satisfactory to Owner, duly executed by Tenant, shall have been delivered to Owner
at least ten (10) days prior to the effective date of any such assignment, (3) an instrument in form and substance satisfactory to Owner, duly executed by the assignee, in which such assignee assumes (as of the Commencement Date)
observance and performance of, and agrees to be personally bound by, all of the terms, covenants and conditions of this lease on Tenant’s part to be performed and observed shall have been delivered to Owner not more than ten (10) days
after the effective date of such assignment, (4) such assignment is for a legitimate business purpose and not principally for the purpose of avoiding the restrictions on assignment otherwise applicable under this Article 40 and (5) such
assignee has a net worth computed in accordance with generally accepted accounting principles at least equal to the greater of (A) the net worth of Tenant on the date of this Lease (B) the net worth of Tenant immediately prior to such
assignment and (C) $2,000,000.00. 
 (iii) If Tenant is a corporation, limited liability company, partnership or similar
entity, Owner’s consent shall not be required with respect to an assignment of this lease to a corporation, limited liability company, partnership or similar entity into or with which Tenant is merged or consolidated or transactions with a
corporation, limited liability company, partnership or similar entity to which all or substantially all of Tenant’s assets are sold, provided that (1) the successor to Tenant is a reputable entity of good character, (2) a duplicate
original instrument of assignment in form and substance reasonably satisfactory to Owner, duly executed by Tenant and such Affiliate, shall have been delivered to Owner at least ten (10) days prior to the effective date of any such assignment;,
(3) an instrument in form and substance reasonably satisfactory to Owner, duly executed by the assignee, in which such assignee assumes (as of the Commencement Date) observance and performance of, and agrees to be bound by, all of the terms,
covenants and conditions of this lease on Tenant’s part to be performed and observed shall have been delivered to Owner not more than ten (10) days after the effective date of such

  

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assignment, (4) such assignment is for a legitimate business purpose and not principally for the purpose of avoiding the restrictions on assignment otherwise applicable under this Article 40
and (5) such assignee has a net worth computed in accordance with generally accepted accounting principles at least equal to the greater of (A) the net worth of Tenant on the date of this lease, (B) the net worth of Tenant immediately
prior to such assignment and (C) $2,000,000.00. 
 (c) If this lease be assigned, whether or not in violation of the
provisions of this lease, Owner may collect rent from the assignee. If the Demised Premises are sublet or used or occupied by anybody other than Tenant, whether or not in violation of this lease, Owner may collect rent from the subtenant or
occupant. In either event, Owner may apply the net amount collected to the Fixed Rent and Additional Charges herein reserved, but no such assignment, subletting, occupancy or collection shall be deemed a waiver of any of the provisions of
Section 40(a), or the acceptance of the assignee, subtenant or occupant as tenant, or a release of Tenant from the performance by Tenant of Tenant’s obligations under this lease. The consent by Owner to a particular assignment, mortgaging,
subletting or use or occupancy by others shall not in any way be considered a consent by Owner to any other or further assignment, mortgaging or subletting or use or occupancy by others not expressly permitted by this Article 40. References in this
lease to use or occupancy by others (that is, anyone other than Tenant) shall not be construed as limited to subtenants and those claiming under or through subtenants but shall also include licensees and others claiming under or through Tenant,
immediately or remotely. 
 (d) Any assignment or transfer, whether made with or without Owner’s consent, shall be made
only if, and shall not be effective until, the assignee shall execute, acknowledge and deliver to Owner an agreement in form and substance reasonably satisfactory to Owner whereby the assignee shall assume the obligations of this lease on the part
of Tenant to be performed or observed and whereby the assignee shall agree that the provisions in Section 40(a) shall, notwithstanding such assignment or transfer, continue to be binding upon it in respect of all future assignments and
transfers. The original named Tenant covenants that, notwithstanding any assignment or transfer, whether or not in violation of the provisions of this lease, and notwithstanding the acceptance of Fixed Rent and/or Additional Charges by Owner from an
assignee, transferee, or any other party, the original named Tenant shall remain fully liable for the payment of the Fixed Rent and Additional Charges and for the other obligations of this lease on the part of Tenant to be performed or observed.

 (e) The joint and several liability of Tenant and any immediate or remote successor in interest of Tenant and the due
performance of the obligations of this lease on Tenant’s part to be performed or observed shall not be discharged, released or impaired in any respect by any agreement or stipulation made by Owner extending the time of, or modifying any of the
obligations of, this lease, or by any waiver or failure of Owner to enforce any of the obligations of this lease. 
 (f) The
listing of any name other than that of Tenant, whether on the doors of the Demised Premises or the Building directory, or otherwise, shall not operate to vest any right or interest in this lease or in the Demised Premises, nor shall it be deemed to
be the consent of Owner to any assignment or transfer of this lease or to any sublease of the Demised Premises or to the use or occupancy thereof by others. 
 (g) Notwithstanding anything to the contrary contained in this Article 40, if Tenant shall at any time or times during the term of this lease desire to assign this lease or sublet all or any portion of
the Demised Premises, Tenant shall give notice thereof to Owner (the “Assignment/Sublet Request”), which Assignment/Sublet Request shall be accompanied by (i) a conformed or photostatic copy of the proposed assignment or
sublease, the effective or commencement date of which shall be at least forty-five (45) days after the giving of such Assignment/Sublet Request, (ii) a statement setting forth in reasonable detail the identity of the proposed assignee or
subtenant, the nature of its business and its proposed use of the Demised Premises, and (iii) current financial information with respect to the proposed assignee or subtenant, including, without limitation, its most recent certified financial
statements, if such financial statements are certified (or, if not, certified by the chief financial officer of the proposed assignee or subtenant as being true and correct). The Assignment/Sublet Request shall be deemed an offer from Tenant to
Owner whereby Owner (or Owner’s designee) may, at its option, (A) terminate this lease (if the proposed transaction is an assignment or a sublease of all

  

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or substantially all of the Demised Premises) or (B) terminate this lease with respect to the space covered by the proposed sublease (if the proposed transaction is a sublease of less than
all or substantially all of the Demised Premises). Said option may be exercised by Owner by notice to Tenant at any time within forty-five (45) days after the Assignment/Sublet Request has been given by Tenant to Owner; and during such 45-day
period Tenant shall not assign this lease or sublet the Demised Premises to any person or entity. 
 (h) If Owner exercises its
option to terminate this lease in the case where Tenant desires either to assign this lease or sublet all or substantially all of the Demised Premises, then this lease shall end and expire on the date that such assignment or sublet was to be
effective or commence, as the case may be, and the Fixed Rent and Additional Charges shall be paid and apportioned to such date. 
 (i) If Owner exercises its option to terminate this lease with respect to the space covered by Tenant’s proposed sublease in any case where Tenant desires to sublet part of the Demised Premises, then (i) this lease shall end and
expire with respect to such part of the Demised Premises on the date that the proposed sublease was to commence; (ii) from and after such date the Fixed Rent and Additional Charges shall be adjusted, based upon the proportion that the rentable area
of the Demised Premises remaining bears to the total rentable area of the Demised Premises; and (iii) Tenant shall pay to Owner, upon demand, as Additional Charges hereunder the costs incurred by Owner in physically separating such part of the
Demised Premises from the balance of the Demised Premises and in complying with any laws and requirements of any public authorities relating to such separation. 
 (j) In the event Tenant shall have complied with the provisions of Section 40(g) and Owner does not exercise its options pursuant to Section 40 (g) to terminate this lease in whole or in
part, and provided that Tenant is not in default of any of Tenant’s obligations under this lease beyond the expiration of any applicable notice and/or cure period, either at the time Owner’s consent to such assignment or sublease is
requested or at the commencement of the term of any proposed sublease or on the effective date of any such assignment, Owner’s consent (which must be in writing and in form satisfactory to Owner) to the proposed assignment or sublease shall not
be unreasonably withheld, provided and upon condition that: 
 (i) In Owner’s judgment the proposed assignee or subtenant
is engaged in a business and the Demised Premises will be used in a manner which is limited to the use expressly permitted under Article 2; 
 (ii) The proposed assignee or subtenant is a reputable person of good character whose tenancy shall comport with the first class character of the Building, having a net worth satisfactory to Owner
considering the responsibility involved; 
 (iii) Neither (A) the proposed assignee or sublessee nor (B) any person
which, directly or indirectly, controls, is controlled by, or is. under common control with, the proposed assignee or sublessee or any person who controls the proposed assignee or sublessee, is (x) then an occupant of any part of the Building
or any other building owned or operated under a ground or underlying lease by Owner or any person which, directly or indirectly, controls, is controlled by, or is under common control with Owner or any person who controls Owner or (y) a person
with whom Owner is then (or within the immediately preceding six-month period was) negotiating to lease space in the Building; 
 (iv) The form of the proposed sublease shall be in form reasonably satisfactory to Owner and shall comply with the applicable provisions of this Article 40 (including, without limitation Section 40(1) below); 
 (v) There shall not be more than one (1) occupant of the Demised Premises (i.e., either Tenant or Tenant’s subtenant);

 (vi) Tenant shall reimburse Owner on demand for the reasonable costs that may be incurred by Owner in connection with said
assignment or sublease, including, without limitation, the costs of making investigations as to the acceptability of the proposed

  

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assignee or subtenant, and legal costs incurred in connection with the granting of any requested consent; 
 (vii) No advertisement shall have stated the proposed rental, and Tenant shall not have listed the Demised Premises for subletting, whether through a broker, agent, representative, any computerized or
electronic listing system or service (including, without limitation “Co-Star” or “Re-locate”) or otherwise, at a rental rate less than the fixed rent and additional charges at which Owner is then offering to lease other space in
the Building. Nothing contained in this subclause (vii) shall be construed to prohibit Tenant from actually entering into a sublease at a rental less than the amount described in the preceding sentence. 
 (k) If Owner fails to exercise any of its options under Section 40(g) and 
 (i) (x) Owner consents to a proposed assignment or sublease and (y) Tenant fails to execute and deliver to Owner an assignment or
sublease within sixty (60) days after the giving of such consent; or 
 (ii) if the form of sublease or assignment
executed and delivered by Tenant shall not be on the same material terms set forth in the form sublease or assignment, as the case may be, delivered to Owner together with the Assignment/ Sublet Request, 
 then in either of such events, Tenant shall again comply with all of the provisions and conditions of Section 40(g) before assigning this lease or
subletting all or part of the Demised Premises. 
 (l) With respect to each and every sublease or subletting authorized by Owner
under the provisions of this lease, it is further agreed: 
 (i) No subletting shall be for a term ending later than one day
prior to the expiration date of this lease. 
 (ii) No sublease shall be valid, and no subtenant shall take possession of the
Demised Premises until an executed counterpart of such sublease has been delivered to Owner. 
 (iii) Each sublease shall
provide that it is subject and subordinate to this lease and to the matters to which this lease is or shall be subordinate, and that in the event of termination, re-entry or dispossess by Owner under this lease Owner may, at its option, take over
all of the right, title and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Owner’s option, attorn to Owner pursuant to the then executory provisions of such sublease, except that Owner shall not (A) be
liable for any previous act or omission of Tenant under such sublease, (B) be subject to any offset, not expressly provided in such sublease, which theretofore accrued to such subtenant against Tenant, or (C) be bound by any previous
modification of such sublease or by any previous prepayment of more than one month’s rent. 
 (iv) Each sublease shall
(A) provide that the subtenant may not assign its rights thereunder or further sublet the space demised under the sublease, in whole or in part, without Owner’s consent, which consent shall not be unreasonably withheld or delayed, but such
right to sublet or assign shall be subject to all other provisions of this Article 40, including, without limitation, Owner’s rights under Section 40(g) and (B) set forth the terms and provisions of Section 40(b), with the
subtenant being subject to the restrictions in Section 40(b) applicable to Tenant. 
 (v) No sublease shall demise less
than the entire Demised Premises. 
 (m) If the Owner shall give its consent to any assignment of this lease or to any sublease,
Tenant shall in consideration therefor, pay to Owner, as Additional Charges, an amount equal to seventy-five percent (75%) of the Assignment Profit (hereinafter defined) or Sublease Profit (hereinafter defined), as the case may be. 

(i) The term “Assignment Profit” as used herein shall mean an amount equal to the excess of (x) all sums and other
consideration paid to Tenant by the assignee for or

  

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by reason of such assignment, including, without limitation, any sums paid for Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property over
(y) the Transaction Costs (as hereinafter defined). 
 (ii) The term “Sublease Profit” as used herein
shall mean an amount equal to the excess of (x) any rents, additional charges or other consideration payable under the sublease to Tenant by the subtenant (including, without limitation, any fee, penalty or charge paid by the subtenant for the
right to cancel the sublease) which is in excess of the Fixed Rent and Additional Charges accruing during the term of the sublease in respect of the subleased space (at the rate per square foot payable by Tenant hereunder) pursuant to the terms
hereof, including, without limitation, any sums paid for the value of Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property over (y) the Transaction Costs. 
 (iii) The term “Transaction Costs” shall mean, with respect to any assignment or subletting, the following costs incurred
by Tenant: the cost of work performed to prepare the Demised Premises for the assignee or subtenant, the sum of customary brokerage commissions incurred in connection with the assignment or sublease, and reasonable attorneys’ fees incurred in
connection with the preparation and negotiation of the assignment or sublease (but not including attorneys’ fees incurred in connection with obtaining Owner’s consent to the assignment or sublease). In calculating Assignment Profit or
Sublease Profit, all Transaction Costs shall be amortized on a straight-line basis over the term of the sublease (or over the balance of the term of this lease in the case of an assignment). 
 (n) The sums payable under Section 40(m) above shall be paid to Owner as and when paid by the assignee or the subtenant, as the case
may be, to Tenant. Tenant shall use all reasonable efforts to collect (1) in the case of an assignment, all sums and other consideration payable to it by the assignee for or by reason of such assignment and (2) in the case of a sublease,
all rents, additional charges and other consideration payable to it under the sublease and, in every case, Tenant shall, from time to time upon written demand by Owner, provide Owner with an accounting of all such sums payable to it by any such
assignee and/or subtenant. 
 (o) Each subletting shall be subject to all of the covenants, agreements, terms, provisions and
conditions contained in this lease. Notwithstanding any subletting and/or acceptance of rent or additional charges by Owner from any subtenant, Tenant shall and will remain fully liable for the payment of the Fixed Rent and Additional Charges due
and to become due hereunder and for the performance of all the covenants, agreements, terms, provisions and conditions contained in this lease on the part of Tenant to be performed and all acts and omissions of any licensee or subtenant or anyone
claiming under or through any subtenant which shall be in violation of any of the obligations of this lease, and any such violation shall be deemed to be a violation by Tenant. Tenant further agrees that notwithstanding any such subletting, no other
and further subletting of the Demised Premises by Tenant or any person claiming through or under Tenant shall or will be made except upon compliance with and subject to the provisions of this Article 40. If Owner shall decline to give its consent to
any proposed assignment or sublease, or if Owner shall exercise any of its options under Section 40(g), Tenant shall indemnify, defend and hold harmless Owner against and from any and all loss, liability, damages, costs and expenses (including
reasonable counsel fees) resulting from any claims that may be made against Owner by the proposed assignee or subtenant or by any brokers or other persons claiming a commission or similar compensation in connection with the proposed assignment or
sublease. 
 (p) Tenant shall reimburse Owner on demand for any reasonable costs that may be incurred by Owner in connection
with any proposed assignment or sublease, whether or not consummated, including, without limitation, the reasonable costs of making investigations as to the acceptability of the proposed assignee or subtenant, and reasonable legal costs incurred in
connection with any such transaction. 
 41. INSURANCE. Supplementing the provisions of Article 8 of this lease:

 (a) Tenant shall at its own cost and expense at all times during the term of this lease maintain in force and effect, the
following insurance, in blanket form or otherwise, with

  

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reputable and independent insurers admitted and licensed to do business in New York in amounts set forth below: 
 (i) All-risk property insurance (including fire insurance) on leasehold improvements and on all personal property in the Demised Premises or used in connection therewith including, without limitation,
Tenant’s improvements, decorations, fixtures, furniture, stock and other contents) in an amount not less than the replacement cost thereof and time element coverage including extra expense to cover Tenant’s loss sustained by reason of a
peril covered under the policy; 
 (ii) Commercial General liability insurance, including Products Liability insurance, at a
$1,000,000 per occurrence, combined single limit, bodily injury and property damage, subject to no deductible, including, all standard Broad Form Comprehensive General Liability coverages. The Fire Legal Liability limit in the Broad Form endorsement
shall be written in an amount not less than $250,000.00; 
 (iii) Umbrella Liability insurance at a $2,000,000 limit per
occurrence and a $2,000,000 limit for general and specific aggregates subject to not more than a $25,000 Self Insured Retention, providing excess coverage over all coverages included in the Commercial General Liability policy and Broad Form
Commercial Liability endorsement noted in clause (iii) above. Said umbrella policies shall be included as underlying and the provisions of such policies shall apply in the same manner as the primary policies with no additional exclusions or
limitations above those contained in the general liability policy; 
 (iv) Statutory workers compensation insurance covering
Tenant’s employees with employer’s liability limits of not less than $1,000,000.00 or statutory limit, whichever is greater; and 
 (v) All other insurance reasonably necessary for the conduct of Tenant’s business. 
 (b) All insurance policies shall name Owner, its managing agent and their respective officers, partners, shareholders, directors, agents, employees and any owned, controlled, affiliated subsidiary company or corporation now existing or
hereinafter constituted, as their interest may appear as an insured and, except for business interruption policies, shall also name any mortgagee or lessor of the Building as an additional insured, and shall be fully paid for by Tenant when
obtained, and receipted bills therefor shall be exhibited to Owner. Renewal policies shall be procured and such policies, if required by any mortgagee or lessor of the Demised Premises, or certificates thereof shall be submitted to Owner with
receipted bills showing proof of payment of premiums therefor at least thirty (30) days prior to the expiration of the existing policies. All insurance policies shall be issued by companies licensed to do business in New York State, with an
A.M. Best rating of not less than A-X, and all such policies shall provide that the insurer will not cancel or modify said policies without first giving Owner thirty (30) days prior written notice. 
 (c) In the event of the failure of Tenant to procure or pay for any insurance required by the terms of this lease, then Owner may, without
further notice to Tenant and in addition to any other remedies it may have, procure the same and pay the premiums therefor; and any sums expended by Owner for this purpose shall be and become due and payable to Owner as Additional Charges and shall
be paid to Owner on demand. Owner shall have the same remedies for the nonpayment therefor as for the nonpayment of Fixed Rent. 
 (d) Owner may from time to time require that the amount of the insurance to be maintained by Tenant under this Article be increased to the amount which is then customarily required by prudent owners of first class office buildings in
midtown Manhattan. 
 42. ELECTRIC ENERGY. 
 (a) Subject to the provisions of this Article 42, Owner shall furnish the electric energy that Tenant shall reasonably require in the Demised Premises for the purposes permitted under this lease on a
“rent inclusion” basis and there shall be no separate charge to Tenant for such electric energy, such electric energy being included in Owner’s services which

  

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are covered by the Fixed Rent. Owner and Tenant agree that the Base Electric Charge (hereinafter defined) represents the amount initially included in the annual Fixed Rent set forth in
Section 37(b) hereof to cover the furnishing of such electric energy by Owner on a rent inclusion basis and that such Base Electric Charge component of Fixed Rent shall in no event be subject to reduction, but shall be subject to being
increased as hereinafter provided. Owner shall not be liable in any event to Tenant for any failure, interruption or defect in the supply or character of electric energy furnished to the Demised Premises by reason of any requirement, act or omission
of the public utility serving the Building with electricity or for any other reason not attributable solely to Owner’s willful misconduct or gross negligence (but in no event shall Owner be responsible for any consequential damages). For
purposes of this Article 42, the “Base Electric Charge” shall mean an annual amount equal to Nine Thousand Nine Hundred Forty-Seven and 00/100 Dollars ($9,947.00). 
 (b) Owner will furnish electric energy to Tenant through currently installed electric facilities for Tenant’s reasonable use of such
lighting and other electrical fixtures, appliances and equipment required for the conduct of Tenant’s business in the Demised Premises. At any time, and from time to time, after Tenant shall have entered into possession of the Demised Premises,
or any portion thereof, Owner may designate an independent electrical consultant to make a survey or resurvey of the electrical consumption and power load on the Demised Premises to determine Tenant’s average electrical consumption and demand
taking into account, such usage factors as Owner may reasonably determine. If the cost of Tenant’s average electrical consumption is greater than the estimated consumption upon which the “electric rent inclusion plan” was initially
based (or greater than the Base Electric Charge (as such charge and the fixed rent may have previously been increased pursuant to a previous survey and/or Section 42(c) below) the Fixed Rent hereunder shall, upon written notice from Owner to
Tenant, be increased by the incremental annual cost of Tenant’s consumption and demand, as estimated by the electrical consultant, effective as of the date the increase in such electric consumption occurred (as determined by the electrical
consultant) or, with respect to the initial survey, as of the Commencement Date. The initial unpaid amount of each such adjustment shall be paid within ten (10) days after Owner furnishes Tenant with a statement thereof. Thereafter, the Fixed
Rent shall be increased appropriately. In no event shall the “rent-inclusion” component Of Fixed Rent hereunder ever be less than the Base Electric Charge. 
 (c) If at any time during the term of this lease the Electric Rate (as hereinafter defined) shall be changed so as to exceed the Electric Rate then in effect on the date of this lease (as same may have
been increased pursuant to the provisions of this Article), then, effective as of the date of each such change in the Electric Rate, the charge for electricity included in the Fixed Rent shall be increased or decreased in proportion to such change
in the Electric Rate (as determined by Owner’s electrical consultant but in no event, however, shall such electric consumption charge be reduced below the Electric Rate then in effect). The term “Electric Rate” shall mean at
the time in question 110% of the public utility (and/or third party supplier) rate schedule (including all surcharges, taxes, fuel adjustments, taxes regularly passed on to consumers by the public utility, and other sums payable in respect thereof)
for the supply of electric energy to Owner for the Building. Notwithstanding the foregoing provisions of this Section, if the public utility rate schedule (with such inclusions) applicable to Owner for the purchase of electric energy for the
Building shall be less than the public utility rate schedule applicable to Owner if Owner were to purchase electricity solely for the Demised Premises, then the higher rate schedule shall be used in determining the Electric Rate. 
 (d) Tenant’s use of electric energy in the Demised Premises shall not at any time exceed the capacity of any of the electrical
conductors and equipment in or otherwise serving the Demised Premises. 
 (e) Owner reserves the right to discontinue furnishing
electric energy to Tenant in the Demised Premises at any time upon not less than 30 days’ notice to Tenant. If Owner exercises such right, this lease shall continue in full force and effect and shall be unaffected thereby, except that from and
after the effective date of such termination Owner shall not be obligated to furnish electric energy to Tenant and the Fixed Rent payable under this lease shall be reduced by an amount equal to the “rent inclusion” component of such Fixed
Rent. If Owner so discontinues furnishing electric energy to Tenant, Tenant shall arrange to obtain electric energy directly from the public utility company furnishing electric energy to the

  

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Building. Such electric energy may be furnished to Tenant by means of the then existing Building system feeders, risers and wiring to the extent that the same are available, suitable and safe for
such purpose. All meters and additional panel boards, feeders, risers, wiring and other conductors and equipment which may be required to obtain electric energy directly from such public utility company shall be furnished and installed by Owner at
Tenant’s expense, but Owner may, at its option, before commencing any such work or at any time thereafter, require Tenant to furnish to Owner such security in form (including, without limitation, a bond issued by a corporate surety licensed to
do business in New York) and amount as Owner shall deem necessary to assure the payment for such work by Tenant. 
 43.
OWNER’S SERVICES. 
 Supplementing the provisions of Article 29 of this lease: 
 (a) Subject to the provisions of Section 29(e) hereof, Owner shall, at Owner’s expense (except as set forth below), furnish cool
and tempered air (“air-conditioning”) at reasonable temperatures, pressures and degrees of humidity and in reasonable volumes and velocities at suitable locations in the Demised Premises from 8:00 a.m. to 6:00 p.m.
(“Business Hours”) on Business Days, from April 1 through October 31. As used herein, the term “Business Days” shall mean all days except (1) Saturdays, (2) Sundays and (3) the following
holidays: New Year’s Day, Martin Luther King Day, President’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, the day following Thanksgiving, Christmas and any other days which shall be either (x) observed by the federal
or state governments as legal holidays or (y) designated as a holiday by the applicable Building Service Union Employee Service contract or by the applicable Operating Engineers contract. 
 (b) If Tenant requires base-Building ventilation or air-conditioning services during hours other than Business Hours on Business Days, Owner
shall furnish such services initially at the rates set forth on Exhibit C (subject to increase as set forth in Section 43(g) below) per hour, per zone, of service to Tenant at Tenant’s expense (minimum 4 hours). 
 (c) Owner shall not be responsible for any failure to supply air-conditioning at reasonable temperatures, pressures or degrees of humidity
or in reasonable volumes or velocities in any room or other area of the Demised Premises by reason of any machinery or equipment installed therein by Tenant, or which has a human occupancy factor in excess of one person per 100 rentable square feet.
Tenant agrees to cooperate fully with Owner at all times and to abide by all regulations and requirements which Owner may reasonably prescribe for the proper functioning and protection of said air-conditioning system. 
 (d) (i) Owner will cause the general and executive office portions of the Demised Premises to be cleaned in accordance with the cleaning
specifications annexed hereto as Exhibit B and made a part hereof. Tenant shall pay to Owner as Additional Charges (within ten (10) days after demand therefor) Owner’s charge for (x) any cleaning of the Demised Premises or any
part thereof which is above the Building-standard requirements, (y) any cleaning done at the request of Tenant of any portions of the Demised Premises which may be used for the preparation, dispensing or consumption of food or beverages or for
storage, shipping room, classroom or similar purposes or predominantly for the operation of computer, data processing or similar equipment and (z) the removal of any of Tenant’s above Building-standard refuse and rubbish from the Building.

 (ii) All cleaning which is in addition to the base Building cleaning shall be provided by Owner’s vendor of such
services. Owner, its cleaning contractor and their employees shall have access to the Demised Premises at all times after 5:30 P.M. and before 8:00 A.M. and shall have the right to use, without charge therefor, all light, power and water in the
Demised Premises reasonably required to clean the Demised Premises as required under this Section. Tenant shall comply with any rules Owner and/or its cleaning contractor and/or any consultant to Owner may establish regarding the management and
recycling of solid waste, as may be necessary for Owner to comply with any applicable legal requirements. 
  

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 (e) Owner, at its expense, shall furnish adequate water to the Demised Premises for
drinking, lavatory and cleaning purposes. If Tenant uses water for any other purpose or in unreasonable quantities, Owner may install, at Tenant’s sole cost and expense, meters to measure Tenant’s consumption of water for such other
purposes, and the cost of maintaining such meters shall be paid by Tenant. Tenant shall reimburse Owner for the quantities of water shown on such meters and Owner’s reasonable charge for the production of any hot water, on demand. 

(f) Subject to the terms of this lease, throughout the term, Owner shall make (i) all passenger elevators in the elevator bank
serving the Demised Premises available from the lobby to service the Demised Premises during Business Hours on Business Days and (ii) at least one passenger elevator in the elevator bank serving the Demised Premises available from the lobby to
service the Demised Premises at all other times. Throughout the term of this lease and subject to such rules and regulations of Owner as may from time to time be in effect, Tenant shall be entitled, during Business Hours on Business Days, to use the
freight elevators serving the Demised Premises on a first-come, first serve basis in common with Owner and the other tenants of the Building. If Tenant shall require the use of the Building’s freight elevators at times other than Business Hours
on Business Days, Owner shall provide the same for the use of Tenant on a first-come, first-serve scheduled basis with Owner and the other tenants or occupants of the Building, provided Tenant gives Owner reasonable notice of the time and use of
such elevators and Tenant pays, as Additional Charges within ten (10) days after demand, for each freight elevator an amount equal to Owner’s Building standard hourly charge therefor. Notwithstanding the foregoing (but nevertheless subject
to the above restrictions), provided that Tenant is not then in default in the payment of Fixed Rent or Additional Charges and Tenant is not in default of any other provision of this lease beyond the expiration of any applicable notice and/or cure
period, Tenant shall be entitled to receive eight (8) hours overtime use of the freight elevators during Tenant’s initial move-in to the Demised Premises, at no charge to Tenant. 
 (g) Owner’s charges in effect on the date hereof for various services are set forth on Exhibit C annexed hereto, which charges
are subject to increase from time-to-time as determined by Owner based upon union rates and market changes. 
 (h)
Notwithstanding anything to the contrary herein, if Tenant is in default under any of the covenants of this lease, Owner shall not be required to furnish any overtime services (i.e., other than during Business Hours on Business Days) unless
Tenant shall have first delivered to Owner adequate cash or other security for the payment of such overtime services, as determined by Owner. 
 44. LATE CHARGE. In addition to any other remedies Owner may have under this lease, and without reducing or adversely affecting any of Owner’s rights and remedies hereunder, if any Fixed Rent
or Additional Charges payable by Tenant to Owner hereunder is not paid within five (5) days of the due date thereof, Tenant shall pay Owner as Additional Charges, on or before the first day of the following month, 8¢ for each dollar so
overdue, or the maximum rate permitted by law, whichever is less, in order to defray Owner’s administrative and other costs in connection therewith. 
 45. BROKER. Tenant represents to Owner, and Owner represents to Tenant, that CB Richard Ellis, Jones Lang LaSalle Broker, Inc. and Macklowe Management LLC (collectively, “Broker”) are the
only brokers or agents with whom each such party has had any conversations or negotiations concerning the Demised Premises or this lease. Each party hereto hereby agrees to indemnify and hold the other party harmless from and against (a) any
claim for a brokerage commission made by any party other than Broker and (b) any expenses incurred by such party in connection with such claim, to the extent such claim arises out of the misrepresentation by such other party. Owner shall pay
the commission due to Broker, if any, pursuant to a separate written agreement. 
 46. MISCELLANEOUS PROVISIONS.

 (a) No agreement shall be effective to change, modify, waive, release, discharge, terminate or effect an abandonment of this
lease, in whole or in part, unless such agreement is in writing, expressly refers to this lease and is signed by the party against whom

  

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enforcement of the change, modification, waiver, release, discharge, termination or effectuation of the abandonment is sought. 
 (b) Owner and any successor in interest to Owner shall be under no personal liability with respect to any of the provisions of this lease,
and if Owner or any successor in interest to Owner is in breach or default with respect to its obligations under this lease, Tenant shall look solely to the equity of Owner or such successor in interest in the Land and Building of which the Demised
Premises form a part and the proceeds thereof (including rental income, insurance proceeds, condemnation proceeds, sale proceeds and excess proceeds of any refinancing) for the satisfaction of Tenant’s remedies and in no event shall Tenant
attempt to secure any personal judgment against Owner or against any successor in interest to Owner or against any partner, member, principals (disclosed or undisclosed), employee or agent of Owner or any successor in interest to Owner by reason of
such default by Owner or any successor in interest to Owner. 
 (c) If and to the extent that there is a conflict between the
provisions contained in the printed portion of the lease to which this Rider is attached and the provisions contained in this Rider, then the provision contained in this Rider shall govern and be controlling to the extent necessary to resolve such
conflict. 
 (d) Notwithstanding anything to the contrary herein, Owner shall not be in default of any of its obligations
hereunder unless Owner has failed to perform such obligation within thirty (30) days of receipt of notice from Tenant of such failure, provided that if the nature of such default is such that more than thirty (30) days is required to cure
the same, Owner shall not be in default hereunder if Owner commences such cure within such thirty (30) day period and diligently prosecutes the same to completion. 
 (e) Notwithstanding any provision of this lease to the contrary, if Tenant shall request Owner’s consent pursuant to any of the provisions of this lease and Owner shall fail or refuse to grant such
consent, Tenant shall not be entitled to, and Tenant hereby waives, any monetary damages, and Tenant shall not make any claim for monetary damages by way of setoff, counterclaim or defense, based upon any claim or assertion by Tenant that Owner has
withheld or delayed granting any such consent, and Tenant’s sole remedy to dispute Owner’s failure or refusal to grant its consent shall be an action for specific performance or injunction and such remedy shall be available only in those
cases where Owner has expressly agreed in writing not to unreasonably withhold its consent or where as a matter of law Owner may not unreasonably withhold its consent. 
 (f) Intentionally Omitted. 
 (g) Notwithstanding any provision of this lease to
the contrary, if, more than two (2) times during the term of this lease, (i) Tenant, or anyone claiming by, through or under Tenant, tenders to Owner a check in respect of any amount due and payable under this lease, and (ii) such
check is returned unpaid for any reason, including, without limitation, for reason of insufficient funds, then Owner shall have the right (but no obligation) to require that all amounts due and payable under this lease for the remainder of the term
of this lease be remitted in certified funds. 
 (h) Tenant shall indemnify and hold harmless Owner and Owner’s mortgagee
and its and their respective partners, directors, officer, agents and employees from and against any and all claims arising from or in connection with (i) and conduct or management of the Demised Premises or of any business therein, or any work
or thing whatsoever done, or any condition created (other than by Owner or its managing agent) in or about the Demised Premises during the term of this lease or during the period of time, if any, prior to the commencement date that Tenant may have
been given access to the Demised Premises; (ii) any act, omission or negligence of Tenant or any of its subtenants or licensees or its or their partners, directors, officers, agents, employees or contractors; (iii) any accident, injury or
damage whatever (unless caused solely by Owner’s negligence) occurring in, at or upon the Demised Premises; and (iv) any breach or default by Tenant in the full and prompt payment and performance of Tenant’s obligation under this
lease; together with all costs, expenses and liabilities incurred in or in connection with each such claim or action or proceeding brought thereon, including, without

  

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limitation, reasonable attorneys’ fees and expenses. In case any action or proceeding be brought against Owner and/or its mortgagee and/or its or their partners, directors, officers, agents
and/or employees by reason of any such claim, Tenant, upon notice from Owner or such mortgage, shall resist and defend such action or proceeding (by counsel reasonably satisfactory to Owner or such mortgagee). The provisions of this
Section 46(h) shall survive the expiration or earlier termination of this lease. 
 (i) Supplementing the provisions of
Article 35 of this lease, each estoppel certificate furnished pursuant to said Article 35 shall also include such additional information as Owner shall reasonably request. 
 (j) Supplementing the provisions of Article 34 of this lease, Tenant shall immediately replenish the portion of the security deposit from
time to time applied by Owner pursuant to said Article 34. 
 (k) Tenant shall pay to Owner, as Additional Charges with respect
to each calendar year during the term of this lease, an amount (collectively, “Tenant’s Insurance and Security Payment”) equal to Tenant’s Percentage of the Insurance Costs and Security Costs for such year exceeds the
Insurance Costs and Security Costs for the 2009 calendar year. At any time after the expiration of such year, Owner may furnish to Tenant a statement setting forth the Tenant’s Insurance and Security Payment for such year, which Tenant shall
pay within thirty. (30) days after Tenant’s receipt of such statement from Owner. The Insurance Costs and Security Costs upon which Tenant’s Insurance and Security Payment is based shall be appropriately pro rated for the calendar
years in which the Commencement Date and Expiration Date shall occur. As used herein, (x) the term “Insurance Costs” means all costs and expenses incurred by or on behalf of Owner and/or its management company with respect to
insurance carried with respect to the Building and (y) the term “Security Costs” means all costs and expenses incurred by or on behalf of Owner and/or its management company with respect to the safety and security of the
Building and the occupants thereof, including (i) wages, salaries, disability benefits, pensions, hospitalization, retirement plans, severance packages and group insurance for employees engaged in activities related to the safety and security
of the Building and the occupants thereof (but not employees utilized by Owner for the ordinary day-to-day operation of the Building to the extent used for other than safety and security purposes), (ii) the costs of acquisition, installation,
operation, rental, repair and maintenance of any mechanical, electronic or other systems and equipment designed to preserve or enhance the safety and security of the Building and the occupants thereof, (iii) the costs of any safety or security
services or supplies provided to the Building by any contractors, servicers or suppliers, including any of the items described in clauses (i) or (ii) of this sentence, if provided by others, and (iv) the annual depreciation or
amortization, on a straight-line basis over the useful life as reasonably determined by Owner (with interest on the unamortized portion at the Prime Rate announced from time to time by JPMorgan Chase Bank or its successor in interest at its
headquarters in New York City plus 2% per annum), of any Security Costs of a capital nature. Notwithstanding the foregoing, in no event shall Tenant’s Insurance and Security Payment for each calendar year exceed $2,500.00 in the aggregate
for such calendar year. 
 (1) (A) Supplementing the provisions of Article 17 above, in case any of the following events
shall occur: 
 (i) Tenant shall at any time be in default of any of Tenant’s monetary obligations contained herein and
such default shall continue for five (5) Business Days; or 
 (ii) Tenant shall at any time be in default in any of its
covenants and agreements contained herein, and such default shall continue for thirty (30) days after written notice thereof has been given to Tenant by Owner specifying the particulars thereof, and Tenant shall not within such 30-day period
commence with due diligence and dispatch the curing of such default, or, having so commenced, shall thereafter fail to complete with diligence the curing of such default within sixty (60) days after the notice of default; or 
 (iii) Tenant shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt or insolvent, or shall file any petition or
answer seeking or acquiescing

  

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in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation
relating to bankruptcy, insolvency or other relief for debtors; or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or of all or any part of its property, or of any or all of the royalties,
revenues, rents, issues or profits thereof, or shall make any general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; or 
 (iv) A court of competent jurisdiction shall enter an order, judgment or decree approving a petition filed against Tenant seeking any
reorganization, dissolution or similar relief under any present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such order, judgment or decree shall remain unvacated
and unstayed for an aggregate of sixty (60) days (whether or not consecutive) from the first date of entry thereof; or any trustee, receiver or liquidator of Tenant or of all or any part of its property, or of any or all of the royalties,
revenues, rents, issues or profits thereof shall be appointed without the consent or acquiescence of Tenant and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive); or

 (v) A writ of execution or attachment or similar process shall be levied against any equipment in the Demised Premises, any
purported interest of Tenant in the Demised Premises, or Tenant’s rights to payments hereunder; and such execution, attachment, or similar process is not released, bonded, satisfied or stayed within ten (10) days after its entry or levy:

 then, upon the occurrence of any such events, in addition to any and all rights and remedies of Owner under this lease, including the right
to seek damages for any breach of this lease, Owner shall have the right, at its option, to terminate this lease by giving five (5) days’ written notice to Tenant of its intent to terminate this lease and the estate created hereby, and, in
the event such notice is given, this lease and the estate herein granted shall terminate upon the expiration of such five (5) days with the same effect as if the last of such days were the Expiration Date, but Tenant shall remain liable for
damages as provided herein or pursuant to law. 
 (B) Upon the expiration or earlier termination of this lease for any reason,
Owner may, upon such early termination of this lease as provided in Section 46(1)(A) above, without notice, re-enter the Demised Premises either by force or otherwise, and dispossess Tenant and the legal representative of Tenant or other
occupant of the Demised Premises by summary proceedings or otherwise, and remove their effects and hold the Demised Premises as if this lease had not been made and Tenant hereby waives the service of notice of intention to re-enter or to institute
legal proceedings to that end. 
 (m) Tenant shall cause the Demised Premises to be free at all times of all rats, mice, other
vermin and insects and shall take whatever reasonable precautions that Owner deems necessary to prevent any such vermin or insects from existing in the Demised Premises or permeating into any other parts of the Building or outside the Building. If
it is reasonably determined by Owner that such services are necessary in the Demised Premises, Tenant shall employ an exterminator who will utilize the best prevailing method for the prevention of any infestation by, and extermination of,
said animals and insects. If, in Owner’s reasonable judgment, Tenant shall fail to satisfactorily carry out the provisions of this subparagraph, Owner may, but shall not be obligated to, employ an exterminator service, and the cost and
expense incurred by Owner for such exterminator service shall be repaid to Owner by Tenant, on demand, and such amounts so repayable shall be considered Additional Charges hereunder. Notwithstanding the foregoing, Owner shall have the right to
designate an exterminator or exterminating company to provide services to the office portions of the Building, and Tenant shall pay Tenant’s pro rata share of the cost and expense of employing such exterminator or exterminating company in the
event Tenant or Tenant’s exterminator or exterminating company fails to keep the Demised Premises free of vermin and insects. 
 (n) Tenant shall pay to Owner, as Additional Charges with respect to each calendar year during the term of this lease, an amount (collectively, “Tenant’s BID Payment”) equal to Tenant’s Percentage of the BID
Charges (as hereinafter defined) for such calendar year.

  

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At any time after the expiration of such year, Owner may furnish to Tenant a statement (which shall include invoices or other reasonably detailed evidence of the BID Charges for such calendar
year) setting forth the Tenant’s BID Payment for such year, which Tenant shall pay within thirty (30) days after Tenant’ receipt of such statement from Owner. The BID Charges upon which Tenant’s BID Payment is based shall be
appropriately pro rated for the calendar years in which the Commencement Date and Expiration Date shall occur. As used herein, the term “BID Charges” means all charges imposed upon or against the Land and/or Building, Owner or the
owner of the Land and/or Building with respect to any business improvement district. 
 (o) Subject to the provisions of this
lease, Tenant shall have access to the Building, at least one (1) passenger elevator serving the 12th floor, and the Demised Premises, 24 hours a day, 7 days a week. 
 (p) Subject to the terms of this lease, Tenant any, at its expense, install signage on the entrance door to the Demised Premises that identifies Tenant, which signage shall be of design, size, material
and quality, and installed in location(s), in each case in accordance with the standard signage program adopted by Owner from time-to-time for the Building. Any such signage installed by (or at the direction of) Tenant shall be removed by Tenant on
or prior to the Expiration Date or the earlier termination of this lease. The installation and removal of signage (including, without limitation, the repair of any damage occasioned thereby) shall be performed at Tenant’s sole cost and expense.

 (ii) If Owner shall maintain a directory in the Building lobby, Tenant shall be entitled to not fewer than Tenant’s
Percentage of available listings on said directory. 
 (q) Tenant shall have the right to non-exclusive use of the Building
conference rooms located on the second floor of the building, in common with Owner, other tenants and occupants of the Building, and any other persons or entities to which Owner shall allow use of said conference rooms. Availability of the
conference rooms shall be on a first-come first-serve basis and Tenant shall pay, on demand, Owner’s then established charge for use of the conference rooms and any charges for incidental services provided by Owner in connection therewith. As
of the date of this lease, the base rate for use of such conference rooms is $150.00 per hour, but Tenant acknowledges that such rate may change from time to time during the term of this lease. 
 (r) If any of the Fixed Rent or Additional Charges payable under the terms and provisions of this lease shall be or become uncollectible,
reduced or required to be refunded because of any act or law enacted by a governmental authority, Tenant shall enter into such agreement(s) and take such other steps (without additional expense to Tenant) as Owner may request and as may be legally
permissible to permit Owner to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (and not in excess of the amounts reserved therefor under this lease). Upon the
termination of such legal rent restriction, (i) the Fixed Rent and/or Additional Charges shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination, and (ii) Tenant
shall pay to Owner promptly upon being billed, to the maximum extent legally permissible, an amount equal to (x) the Fixed Rent and/or Additional Charges which would have been paid pursuant to this lease but for such legal rent restriction less
(y) the rents paid by Tenant during the period such legal rent restriction was in effect. 
 (s) (i) As a further
inducement to Owner to enter into this lease with Tenant, Tenant hereby agrees that with respect to the service of a notice of petition or petition upon Tenant by Owner in any proceeding commenced by Owner against Tenant under the Real Property
Actions and Proceedings Law of the State of New York, service of such notice of petition or petition in any such proceedings shall be effective if made upon Tenant at the Demised Premises, irrespective of the fact that Tenant’s principal office
or principal place of business, or any other office or place of business of Tenant is located at a place other than the Demised Premises. 
  

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 (ii) Tenant agrees that a New York judgment against Tenant shall be enforceable as a final
judgment, binding on Tenant in the jurisdiction of Tenant’s formation and principal place of business, with all local defenses waived to the fullest extent. At any time and from time to time, Tenant agrees to execute and deliver to Owner
an express waiver (in writing) of any such local defenses or limitations on suretyship or otherwise, to the extent that applicable law permits such waiver. 
 (t) This lease shall be deemed to have been jointly prepared by both of the parties hereto, and any ambiguities or uncertainties herein shall not be construed for or against either of them. 
 (u) Except as otherwise expressly provided in this lease, the obligations of this lease shall bind and benefit the successors and assigns of
the parties hereto with the same effect as if mentioned in each instance where a party is named or referred to; provided, however, that no violation of the provisions of Article 40 shall operate to vest any rights in any successor or assignee of
Tenant. 
 (v) This lease shall not be binding on Owner or Tenant unless and until each of Owner and Tenant shall have executed
this lease and Owner shall have delivered a fully executed original counterpart of this lease to Tenant 
 47. NOTICES.
All notices, consents, demands and other communications from one party to the other that are given pursuant to the terms of this lease shall be in writing and shall be delivered (including delivery by commercial delivery services), or sent by the
United States mail, certified or registered (return receipt requested), postage prepaid, or sent via nationally recognized overnight courier. Notices shall be deemed given (i) on the date of delivery, if delivered via commercial delivery
service (unless such date is a weekend or holiday, in which event such notice shall be deemed given on the next succeeding Business Day), (ii) three (3) Business Days following deposit in the United States mail, if sent via certified or
registered mail (return receipt requested) or (iii) on the Business Day next succeeding the date upon which such notice is given to any nationally recognized overnight courier. All notices, consents, demands and other communications shall be
addressed as follows: 
  

			
	If to Owner:	  	400 Madison Avenue Owner LLC
		  	c/o Macklowe Properties
		  	767 Fifth Avenue
		  	New York, New York 10153
		  	Attn: General Counsel
		
	If to Tenant:	  	Prior to the Commencement Date:
		
		  	TradeStation Securities, Inc.
		  	8050 SW 10th Street
		  	Plantation, Florida 33324
		  	Attn: William Cahill                
		  	              President
		
		  	With a copy to:
		
		  	TradeStation Securities, Inc.
		  	8050 SW 10th Street
		  	Plantation, Florida 33324
		  	Attn: Marc J. Stone – Vice President and General Counsel
		
		  	After the Commencement Date:
		
		  	TradeStation Securities, Inc.
		  	400 Madison Avenue, Suite 12A
		  	New York, New York 10017
		  	Attn: William Katz, Senior Managing Director
		
		  	With a copy to:

  

 - 19 - 

			
		  	TradeStation Securities, Inc.
		  	 8050 SW 10th Street

		  	 Plantation, Florida 33324

		  	 Attn: Marc J. Stone – Vice President and General Counsel

 Notwithstanding the foregoing, communications from Owner, such as correspondence and Rent bills for Fixed Rent and/or Additional Charges, which are sent in
the ordinary course of business need only be sent to Tenant and may be sent exclusively by regular mail. 
 48. HOLDOVER.

 (a) If Tenant shall hold over after the expiration or sooner termination of the term of this lease, then Tenant shall pay on
the first day of each month of the holdover period as Fixed Rent, an amount equal to two (2) times the greater of (i) one-twelfth of the sum of the Fixed Rent and Additional Charges payable by Tenant during the last year of the term of
this lease and (ii) the fair market rental value of the Demised Premises during the holdover period (as determined by Owner). It is stipulated and agreed that Owner shall not be required to perform any work, furnish any materials or make any
repairs within the Demised Premises during the holdover period. It is further stipulated and agreed that if Owner shall, at any time after the expiration or sooner termination of the term, proceed to remove Tenant from the Demised Premises as a
holdover, the Fixed Rent for the use and occupancy of the Demised Premises during any holdover period shall be calculated in the same manner as set forth above. In addition to the foregoing, Owner shall be entitled to recover from Tenant any losses
or damages arising from such holdover. No holding over by Tenant shall operate to extend the term of this lease. 
 (b) Anything
to the contrary notwithstanding, the acceptance of any rent paid by Tenant pursuant to Section 48(a) above shall not preclude Owner from commencing and prosecuting a holdover or summary eviction proceeding, and the preceding sentence shall be
deemed to be an “agreement expressly providing otherwise” within the meaning of Section 232-c of the Real Property Law of the State of New York. 
 (c) If Tenant shall hold-over or remain in possession of any portion of the Demised Premises beyond the Expiration Date, Tenant shall be subject not only to summary proceeding and all damages related
thereto, but also to any damages arising out of any lost opportunities (and/or new leases) by Owner to re-let the Demised Premises (or any part thereof). All damages to Owner by reason of such holding over by Tenant may be the subject of a separate
action and need not be asserted by Owner in any summary proceedings against Tenant. 
 49. SECURITY DEPOSIT.
Supplementing the provisions of Article 34 hereof: 
 (a) On the date hereof, Tenant shall be obligated to deliver to Owner
security in the amount of Ninety Thousand Four Hundred Four and 00/100 Dollars ($90,404.00) (the “Security Deposit”) either in the form of (i) cash or (ii) an unconditional irrevocable letter of credit (an
“L/C”) in the original principal amount of the Security Deposit. 
 (b) If Tenant shall elect to deliver the
Security Deposit in the form of an L/C, Tenant shall deliver to Owner an L/C in the amount of the Security Deposit in the form of Exhibit D attached hereto and otherwise in substance reasonably satisfactory to Owner naming Owner as
beneficiary, as security for the faithful performance and observance by Tenant of this lease. The L/C and any renewal L/C shall be drawn on a bank or trust company located in New York City which is a member of the New York Clearing House
Association, or otherwise reasonably satisfactory to Owner. If Tenant defaults in the full and prompt payment and performance of any of Tenant’s covenants or obligations under this lease beyond any applicable notice and cure period, including,
without limitation, a default in the payment of Fixed Rent or Additional Charges, or a failure to timely provide a renewal L/C to Owner as provided below, Owner may present the L/C for payment and use, apply or retain the whole, or any part of the
proceeds thereof, to the extent required for the payment of any Fixed Rent, Additional Charges or any. other sums owing or which may become due and owing under this lease. If Owner shall so apply, use or retain all or any part of the Security
Deposit, Tenant shall upon demand by 
  

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Owner, immediately deposit with Owner a sum of cash or an endorsement to the L/C in form and substance reasonably satisfactory to Owner equal to the amount used, applied or retained, as security
as aforesaid, failing which Owner shall have the same rights and remedies as under this lease for non-payment of Fixed Rent. In the event that Tenant shall fully and faithfully comply with the terms, covenants and conditions of this lease, the L/C,
or so much of the proceeds thereof as shall remain after any application pursuant to the terms of this lease, shall be returned to Tenant promptly after the expiration or sooner termination of the term hereof and delivery of possession of the entire
Demised Premises to Owner in the manner required by the terms of this Lease. The L/C shall provide that it is transferable without the bank’s consent, at no charge to Owner (or, if there is such a charge to transfer the L/C, Tenant shall pay
such charge within five (5) Business Days after demand by Owner, failing which Owner may present the L/C for payment). Tenant agrees to cause the bank to renew said L/C, in the same form (or such other form as may be satisfactory to Owner in
its sole discretion) from time to time during the term of this lease, at least thirty (30) days prior to the expiration of said L/C or any renewal thereof so that an L/C issued by the bank to Owner shall be in force and effect through the term
of this lease. In the event of any sale, transfer or leasing of Owner’s interest in the Building, Owner shall transfer either the L/C or any sums collected thereunder, together with any other unapplied sums held by Owner as security and the
interest thereon, if any, to which Tenant is entitled, to the vendee, transferee or lessee, and after such transfer and upon giving notice to Tenant of such fact and the name and address of the transferee, Owner shall thereupon be released by Tenant
from all liability for the return or payment thereof, and Tenant shall look solely to the new owner for the return of payment of same. 
 (c) Owner, in its sole discretion, may apply the Security Deposit against any obligation under this lease in any order it may elect including, without limitation, any Fixed Rent and Additional Charges that accrue after Tenant vacates the
Premises and/or any re-letting charges incurred by Owner as a result of Tenant vacating the Premises prior to the expiration of this lease. Further, Owner may enforce the provisions of any guaranty securing Tenant’s obligations under this
lease. 
 50. OWNER’S INITIAL WORK. 
 (a) Owner or its designated contractor(s), in accordance with the provisions of this Article 50, shall perform the work (“Owner’s Initial Work”) set forth in the plan attached hereto
as Exhibit E and made a part hereof; provided, however, that Owner shall have the right to make any changes in Owner’s Initial Work required by any governmental department or bureau having jurisdiction over the Building.
Tenant may not make changes to Owner’s Initial Work during Owner’s performance thereof. Owner’s Initial Work shall be performed by Owner only once, it being understood that Owner’s obligation to perform Owner’s Initial Work
is a single, non-recurring obligation. Tenant shall have no right to make any changes to Owner’s Initial Work. 
 (b)
(i) For purposes of this lease, the term “Substantial Completion Date” shall mean the date on which Owner’s Initial Work is substantially completed or would have been substantially completed but for any Tenant’s
Delay, (as hereinafter defined) it being understood that substantial completion shall occur notwithstanding the fact that minor details, balancing or adjustments may not then have been completed, provided that such uncompleted work shall not
materially interfere with Tenant’s use of the Demised Premises. The taking of possession of the demised premises by Tenant shall be deemed a delivery of the demised premises by Owner, substantial completion of Owner’s Initial Work and an
acceptance by Tenant of the demised premises, subject to the existence of latent defects and the completion of any minor punchlist work. Owner shall proceed diligently to complete any such punchlist work, using commercially reasonable efforts to
complete all punchlist items within thirty (30) days after the Substantial Completion Date. 
 (ii) Tenant hereby
acknowledges that the Commencement Date hereunder is indeterminate and shall occur only as provided herein and in Article 37 hereof and, except as expressly set forth in Section 37(e) above, Tenant, therefore, waives any right to rescind this
lease under any applicable law, including, without limitation, Section 223(a) of the Real Property law of the State of New York. Except as expressly set forth in Section 37(e)

  

 - 21 - 

 
above, Tenant further waives any damages which may result from any delay in the substantial completion of Owner’s Initial Work (or any portion thereof) or the delivery of possession of the
demised premises on or by any particular date or dates. 
 (c) The term “Tenant’s Delay” shall mean any
delay that Owner may encounter in commencing or performing Owner’s Initial Work (or any portion thereof) or Owner’s other obligations pursuant to this Article 50 by reason of any act, neglect, failure or omission by Tenant, its agents,
servants, employees, contractors or subcontractors, or in the performance of Tenant’s obligations under this Article 50 including, without limitation, Tenant’s failure to promptly provide information necessary for Owner to substantially
complete Owner’s Initial Work. 
 (d) Except for Owner’s Initial Work, Owner shall have no obligation to pay any money
or perform any other work in, or make any alteration, or improvements to, the Demised Premises or the Building to ready the Demised Premises or the Building for Tenant’s initial occupancy. 
  

 - 22 - 

 GUARANTY 
 The undersigned (“Guarantor”) hereby guarantees to Owner (as hereinafter defined), its successors and assigns, under that certain lease dated December 14, 2009, as same may be
amended from time to time (“Lease”) by and between 400 Madison Avenue Owner LLC, as owner (“Owner”), and TRADESTATION SECURITIES, INC., its successors and/or assigns, as tenant (“Tenant”), the
timely payment of all Fixed Rent, Additional Charges and the payment and performance of all other obligations of Tenant of whatever nature under the Lease, which guaranty shall be primary, absolute, and unconditional, and not subject to
counterclaim, offset, deduction, credit or defense of any nature whatsoever, that may arise during the period commencing on the date of the Lease through and including the date that Tenant (I) vacates the premises, (2) pays all Fixed Rent
and Additional Charges due with respect to such period, (3) leaves the premises in broom clean condition free and clear of all liens, encumbrances, tenancies, subtenancies and/or rights of occupancy, whether claiming by, through or under Tenant
or Guarantor or otherwise and (4) delivers the keys and unencumbered possession of the premises to Owner in the condition required by the provisions of the Lease. This Guaranty may not be changed orally and Guarantor waives (a) any and all
notice of this Guaranty, (b) protest, demand for payment, notice of default or notice of non-payment, (c) the right of trial by jury in any action for the enforcement of this Guaranty, (d) any right of set off or counterclaim and
(e) all defenses to the validity or enforceability of this Guaranty. This Guaranty shall not be impaired or affected by (i) any amendment, extension or modification of or addition or supplement to any of the terms of the Lease,
(ii) any assignment of Tenant’s interest in the Lease or any subletting of the demised premises, (iii) any compromise, release, consent, extension, indulgence or other action or inaction with respect to any of the terms of the Lease,
(iv) any substitution or release, in whole or in part, of any security for the Lease or this Guaranty which may be held at any time by Owner or its successors or assigns, (v) any exercise or non-exercise by Owner or its successors or
assigns of any right, power or remedy under or in respect of the Lease or any security held by Owner with respect thereto, or any waiver of any such right, power or remedy, (vi) any bankruptcy, insolvency, reorganization, arrangement,
adjustment, composition, liquidation, or the like of Tenant, (vii) any limitations of Tenant’s liability under the Lease or any limitation of Tenant’s liability which may now or hereafter be imposed by any statute, regulation or rule
of law, or any illegality, irregularity, invalidity or unenforceability, in whole or in part, of the Lease or any term thereof, (viii) any sale, lease or transfer of any or all of the assets of Tenant or (ix) any other circumstance. Owner
shall not be obligated to apply security against any amounts due or to become due under the Lease prior to enforcing this Guaranty. The liability of Guarantor under this Guaranty shall not be limited in the event the Tenant under the Lease seeks
protection under any bankruptcy or insolvency laws or is otherwise in default of the Lease. This is a guaranty of payment and performance and not of collection and Owner need not exercise any of its remedies against Tenant prior to enforcing its
rights under this Guaranty. This Guaranty shall be binding on the undersigned and his heirs, executors, personal representatives, administrators, successors and permitted assigns. Guarantor hereby irrevocably consents and submits to the jurisdiction
of any federal, state, county or municipal court sitting in the State of New York in respect to any action or proceeding brought therein by Owner against Guarantor concerning any matters arising out of or in any way relating to this Guaranty or the
Lease. Guarantor hereby irrevocably designates the Secretary of State of the State of Florida to accept service of any process on Guarantor’s behalf and hereby agrees that such service shall be deemed sufficient. Guarantor further agrees that
any action or proceeding by Guarantor against Owner in respect to any matters arising out of or in any way relating to this Guaranty shall be brought only in the State of New York, County of New York. 
  

			
	 TRADESTATION GROUP, INC.,
 a Florida corporation

		
	By:	 	
 

		 	Name: David H. Fleischman
		 	Title: CFO

			
		
	Dated:	 	 12/10/09

	
	Address: 8050 SW 10th Street, Plantation, Florida 33324
	
	Federal Tax ID No.: 65-097756

  

 - 23 - 

 STATE OF Florida) 
 COUNTY OF Broward) SS.: 
 On the 10th day of December in the year 2009 before me, the undersigned,
personally appeared David Fleischman personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
individual capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

			
	

	  	

  

 - 24 - 

 SCHEDULE A 
 Fixed Rent 
 Period 
 From and including the Commencement Date to, but not including, the first day of the month after the month in which the first anniversary of the Rent
Commencement Date occurs (such first day, the “First Rent Adjustment Date”) 
 From and including the First Rent Adjustment
Date to, but not including, the first anniversary of the First Rent Adjustment Date 
 From and including the first anniversary of the First
Rent Adjustment Date to, but not including, the second anniversary of the First Rent Adjustment Date 
 From and including the second
anniversary of the First Rent Adjustment Date to, but not including, the third anniversary of the First Rent Adjustment Date 
 From and
including the third anniversary of the First Rent Adjustment Date to and including the Expiration Date 
 Annual

 Fixed Rent* 
 One Hundred Sixty-Six Thousand Two Hundred Fifty-Seven and 00/100 Dollars ($166,257.00), payable in equal monthly installments of $13,854.75 
 One Hundred Sixty-Nine Thousand Seven Hundred Eighty-One and 08/100 Dollars ($169,781.08), payable in equal monthly installments of $14,148.42 
 One Hundred Seventy-Three Thousand Three Hundred Sixty-Two and 00/100 ($173,362.00), payable in equal monthly installments of $14,446.83 
 One Hundred Seventy-Seven Thousand Fifty-Six and 60/100 Dollars ($177,056.60), payable in equal monthly installments of $14,754.72 
 One Hundred Eighty Thousand Eight Hundred Eight and 04/100 Dollars ($180,808.04), payable in equal monthly installments of $15,067.34 
 •    The Annual Fixed Rent set forth above includes the Base Electric Charge. 
  

 - 25 - 

 EXHIBIT A 
 Floor Plan 
 This floor plan is annexed to and made a
part of this lease solely to indicate the Demised Premises and its location on the 12th floor of the Building by shading. All areas, conditions, dimensions and locations are approximate. 

 

 

 EXHIBIT B 
 400 Madison Avenue 
 TENANT CLEANING LEASE EXHIBIT

 Page 1 of 2 
 MULTI-TENANTED COMMON ELEVATOR CORRIDORS 
  

	•	 	 DAMP MOP ALL HARD FLOOR SURFACE FLOORS NIGHTLY 

  

	•	 	 SHAMPOO CARPETED FLOOR SURFACES AT MINIMUM 4X PER YEAR, SPOT CLEAN AS NEEDED. 

  

	•	 	 USING A HIGH SPEED FLOOR MACHINE SPRAY BUFF ALL HARD SURFACE AREAS WEEKLY 

  

	•	 	 SPOT CLEAN ALL WALLS, LIGHT SWITCHES AND DOORS AS NEEDED TO MAINTAIN SPOTLESS CONDITION. 

  

	•	 	 HIGH DUST (E.G., PICTURES, CLOCKS, PARTITIONS, TOPS, ETC.) MONTHLY 

  

	•	 	 VACUUM CARPETED SURFACES NIGHTLY. 

 SINGLE TENANTED ELEVATOR CORRIDORS 
  

	•	 	 VACUUM ALL CARPETED SURFACES 1X PER WEEK. 

  

	•	 	 DAMP MOP ALL HARD FLOOR SURFACES NIGHTLY. 

  

	•	 	 SPOT CLEAN ALL WALLS, LIGHT SWITCHES and DOORS AS NEEDED TO MAINTAIN SPOTLESS CONDITION. 

  

	•	 	 HIGH DUST (E.G., PICTURES, CLOCKS, PARTITIONS, TOPS, ETC.) MONTHLY. 

  

	•	 	 USING A MANUAL CARPET SWEEPER, POLICE CARPET OF ALL DEBRIS 4X PER WEEK. 

 WASHROOMS 
  

	•	 	 REFILL PAPER DISPENSERS, AND EMPTY TRASH NIGHTLY. 

  

	•	 	 CLEAN AND DISINFECT ALL RESTROOM FIXTURES, COUNTERS, MIRRORS, PARTITIONS, AND BRIGHT-WORK NIGHTLY. 

  

	•	 	 MACHINE SCRUB FLOORS USING A GERMICIDAL CLEANER 1X PER MONTH. 

  

	•	 	 DUST AND CLEAN ALL RETURN VENTS AS NEEDED. 

  

	•	 	 HAND WASH ALL WALLS USING A GERMICIDAL CLEANER 1X PER MONTH. 

 Page 2 of 2 
 TENANT OFFICES 
  

	•	 	 DAMP MOP ALL HARD SURFACE FLOORS NIGHTLY 

  

	•	 	 USING A MANUAL CARPET SWEEPER REMOVE ALL OBVIOUS LITTER FROM CARPETED AREAS 4X PER WEEK. 

  

	•	 	 FULLY VACUUM ALL CARPETED AREAS FROM WALL TO WALL 1X PER WEEK. 

  

	•	 	 DUST ALL HORIZONTAL SURFACES AND COMPUTER MONITORS NIGHTLY. 

  

	•	 	 EMPTY AND DAMP WIPE ASHTRAYS NIGHTLY. 

  

	•	 	 EMPTY ALL TRASH RECEPTACLES NIGHTLY. REPLACE LINERS AS NECESSARY. 

  

	•	 	 REMOVE ALL COLLECTED TRASH AND RECYCLABLES TO DESIGNATED AREAS NIGHTLY, CONFORMING TO APPLICABLE RECYCLING PROGRAMS. 

  

	•	 	 WIPE ALL TELEPHONES WITH DISINFECTANT, INCLUDING EAR AND MOUTH PIECES NIGHTLY. 

  

	•	 	 WIPE DRINKING FOUNTAINS WITH DISINFECTANT, AND POLISH CLEAN NIGHTLY. 

  

	•	 	 DUST ALL LOW AREAS WEEKLY. 

  

	•	 	 DUST ALL HIGH AREAS MONTHLY. 

  

	•	 	 DUST AND OR VACUUM VENETIAN BLINDS QUARTERLY. 

  

	•	 	 CLEAN AND POLISH ALL BRIGHT METAL WORK 1X PER WEEK. 

  

	•	 	 CLEAN ALL CEILING DIFFUSERS QUARTERLY. 

 WINDOWS: INTERIOR AND EXTERIOR 
 WASH ALL EXTERIOR WINDOWS AND CLEAN ALL FRAMES OF
TENANT OFFICES QUARTERLY. 
 WASH THE INTERIOR OF ALL WINDOW GLASS AND WIPE DOWN FRAMES OF TENANT OFFICES 2X PER YEAR. 
 SUPPLIES AND EQUIPMENT 
 CONTRACTOR IS TO SUPPLY ALL NECESSARY SUPPLIES AND EQUIPMENT, INCLUDING, BUT NOT LIMITED TO: HAND TOWELS, TOILET TISSUE, FEMININE NAPKINS, CLEANERS, DEODORIZERS, STRIPPERS, WAXES, PLASTIC BAGS, LINERS, ETC., IN ADDITION TO ALL EQUIPMENT
NECESSARY TO PERFORM CLEANING DUTIES ASSOCIATED WITH CLEANING A CLASS “A” OFFICE BUILDING IN THE BOROUGH OF MANHATTAN. 

 EXHIBIT C 
 Maintenance Charge Rates 
 [ See attached ] 

 MACKLOWE MANAGEMENT LLC. 
 2009 MAINTENANCE CHARGE RATES 
 400 MADISON AVENUE 
 EFFECTIVE 1/1/09 
  

			
	GARBAGE REMOVAL	  	
		
	Rubbish (paper, books & office refuse)	  	$80.08 per cubic yard
		
	Demolition & Construction Debris	  	$80.08 per cubic yard
		
	Other (furniture, computers & office equip.)	  	Please contact the Property Management office for pricing
		  	

 FREIGHT ELEVATOR SERVICE (normal freight service during business hours at no additional cost).

  

			
	Operator required (large deliveries; furniture, etc)	  	$100.94 per O/T hour
		
	(4 hour minimum on weekends)	  	

  

							
	 OTHER LABOR
	  	STRAIGHT TIME	  	OVERTIME
			
	 Superintendent
	  	$	69.01	  	$	103.52
			
	 Handyman:
	  	$	65.92	  	$	98.88
			
	 Porter
	  	$	58.71	  	$	88.07
			
	 Fire Safety Director
	  	$	69.35	  	$	104.03
			
	 Security Guard
	  	$	47.61	  	$	71.42

 (4 hour minimum on weekends)

  

			
	OVERTIME AIR CONDITIONING	  	$96.82        per hour/per A/C Unit
		  	Note: There is a (2) two hour minimum per A/C unit

  

				
	 LOST, MISSING OR REPLACEMENT SECURITY ACCESS CARDS -
 EMPLOYEES OR VISITORS
	  	$	36.90

 PREVIOUS RATE CHANGE: 1/1/08

 11/12/2009 

 EXHIBIT D 
 Form of Letter of Credit 
  

			
	 [Bank Name]
	 	 [Bank Name]

		
	[Bank Address]	 	 ISSUE DATE:
[                    ]

		 	 L/C NO.:
[                    ]

	Cable Address:
[                                        
]	 	
		
	 Advising Bank
	 	 APPLICANT: [            ]

	***************DIRECT*******************	 	
		
	 Beneficiary
	 	
		
	400 MADISON AVENUE OWNER LLC	 	 AMOUNT: USD[            ]

	c/o MACKLOWE MANAGEMENT LLC	 	
	767 FIFTH AVENUE – 21ST FLOOR	 	    [AMOUNT IN WORDS]
	NEW YORK, NEW YORK 10153	 	(UNITED STATES DOLLARS)

 GENTLEMEN: 
 WE HEREBY ESTABLISH THIS IRREVOCABLE STANDBY LETTER OF CREDIT NO:
[                    ] IN YOUR FAVOR FOR AN AGGREGATE AMOUNT NOT TO EXCEED THE AMOUNT INDICATED ABOVE, EXPIRING AT OUR COUNTERS IN NEW YORK
WITH OUR CLOSE OF BUSINESS ON
[                                        ].

 THIS LETTER OF CREDIT IS AVAILABLE WITH [BANK NAME], NEW YORK AGAINST PRESENTATION OF YOUR DRAFT AT SIGHT DRAWN ON [BANK NAME], NEW YORK WHEN
ACCOMPANIED BY THE DOCUMENTS INDICATED HEREIN. 
 BENEFICIARY’S DATED STATEMENT PURPORTEDLY SIGNED BY ONE OF ITS OFFICIALS READING:
“THE AMOUNT OF THIS DRAWING USD                      UNDER [BANK NAME] LETTER OF CREDIT NUMBER
[                    ] REPRESENTS FUNDS DUE US AS [APPLICANTS] HAS FAILED TO MEET ITS OBLIGATIONS UNDER A LEASE AGREEMENT BETWEEN
[(APPLICANT)], AS TENANT, AND [(BENEFICIARY)] AS LANDLORD.” 
 ALL CORRESPONDENCE AND ANY DRAWINGS PRESENTED ARE TO BE
DIRECTED TO OUR OFFICE AT [BANK ADDRESS, DEPARTMENT AND TELEPHONE #’(s)]. 
 IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT
SHALL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR AN ADDITIONAL PERIOD OF ONE YEAR FROM THE PRESENT OR EACH FUTURE EXPIRATION DATE, UNLESS AT LEAST 30 DAYS PRIOR TO SUCH DATE WE SEND YOU NOTICE IN WRITING BY REGISTERED MAIL OR HAND DELIVERY AT
THE ABOVE ADDRESS, THAT WE ELECT NOT TO RENEW THIS LETTER OF CREDIT FOR SUCH ADDITIONAL PERIOD. HOWEVER, IN NO EVENT SHALL THIS LETTER OF CREDIT BE EXTENDED BEYOND THE FINAL EXPIRY DATE OF
[                                        ] ANY
SUCH NOTICE SHALL BE EFFECTIVE WHEN SENT BY US AND UPON SUCH NOTICE TO YOU, YOU MAY DRAW DRAFTS ON US AT SIGHT FOR AN AMOUNT NOT TO EXCEED THE BALANCE REMAINING IN THIS LETTER OF CREDIT WITHIN THE THEN APPLICABLE EXPIRY DATE, ACCOMPANIED BY YOUR
DATED STATEMENT PURPORTEDLY SIGNED BY ONE OF YOUR OFFICIALS READING: “THE AMOUNT OF THIS DRAWING USD                      UNDER [BANK NAME]
LETTER OF CREDIT NUMBER [                    ] REPRESENTS FUNDS DUE US AS WE HAVE RECEIVED NOTICE FROM [BANK NAME] OF THEIR DECISION NOT TO EXTEND
LETTER OF CREDIT NUMBER [                    ] FOR AN ADDITIONAL YEAR.” 
  

	
	  

	Authorized Signature

 ....CONTINUED....

			
	 [Bank Name]
	 	 [Bank Name]

		
	[Bank Address]	 	 ISSUE DATE:
[                    ]

		 	 L/C NO.:
[                    ]

	Cable Address:
[                                        
]	 	
		
	 Advising Bank
	 	 APPLICANT: [            ]

	***************DIRECT*******************	 	
		
	 Beneficiary
	 	
		
	400 MADISON AVENUE OWNER LLC	 	 AMOUNT: USD[            ]

	c/o MACKLOWE MANAGEMENT LLC	 	
	767 FIFTH AVENUE – 21ST FLOOR	 	    [AMOUNT IN WORDS]
	NEW YORK, NEW YORK 10153	 	(UNITED STATES DOLLARS)

 THIS LETTER OF CREDIT IS
TRANSFERABLE IN ITS ENTIRETY (BUT NOT IN PART) AND [BANK NAME] ONLY IS AUTHORIZED TO ACT AS THE TRANSFERRING BANK. 
 WE SHALL NOT RECOGNIZE ANY
TRANSFER OF THIS LETTER OF CREDIT UNTIL THIS ORIGINAL LETTER OF CREDIT TOGETHER WITH ANY AMENDMENTS AND A SIGNED AND COMPLETED TRANSFER FORM SATISFACTORY TO US IS RECEIVED BY US. TRANSFER FEES ARE FOR THE ACCOUNT OF THE APPLICANT. 
 TRANSFER FORMS ATTACHED. 
 THE CORRECTNESS OF THE
SIGNATURE AND TITLE OF THE PERSON SIGNING THE TRANSFER FORMS MUST BE VERIFIED BY YOUR BANK. 
 IN CASE OF ANY TRANSFER UNDER THIS LETTER OF
CREDIT, THE DRAFT AND ANY REQUIRED STATEMENT MUST BE EXECUTED BY THE TRANSFEREE. 
 THIS LETTER OF CREDIT MAY NOT BE TRANSFERRED TO ANY PERSON
WITH WHICH U.S. PERSONS ARE PROHIBITED FROM DOING BUSINESS UNDER U.S. FOREIGN ASSETS CONTROL REGULATIONS OR OTHER APPLICABLE U.S. LAWS AND REGULATIONS. 
 PARTIAL DRAWINGS ARE ALLOWED. 
 WE HEREBY AGREE WITH YOU THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE
WITH. THE TERMS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED UPON PRESENTATION TO US. 
 WE HEREBY ISSUE THIS STANDBY CREDIT IN YOUR FAVOR. IT
IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION INTERNATIONAL CHAMBER OF COMMERCE, PARIS, FRANCE PUBLICATION NO. 500) AND ENGAGES US IN ACCORDANCE WITH THE TERMS THEREOF. THE NUMBER AND THE DATE OF OUR CREDIT
AND THE NAME OF OUR BANK MUST BE QUOTED ON ALL DRAFTS REQUIRED. 
  

	
	  

	Authorized Signature

 New York, New York          2009 
 [BANK NAME] 
 [BANK ADDRESS] 
 ATTENTION: STANDBY LETTER OF CREDIT DEPARTMENT 
 RE: LETTER OF CREDIT NO.[                    ] 
     ISSUED BY: [BANK NAME], NEW YORK. 
 GENTLEMEN: 
 FOR VALUE RECEIVED, THE UNDERSIGNED BENEFICIARY HEREBY IRREVOCABLY
TRANSFERS TO: 
 [NAME OF TRANSFEREE] 
 [ADDRESS] 
 ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY TO DRAW UNDER THE ABOVE LETTER OF CREDIT IN
ITS ENTIRETY. 
 BY THIS TRANSFER, ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY IN SUCH LETTER OF CREDIT ARE TRANSFERRED TO THE
TRANSFEREE AND THE TRANSFEREE SHALL HAVE THE SOLE RIGHTS AS BENEFICIARY THEREOF, INCLUDING SOLE RIGHTS RELATING TO ANY AMENDMENTS WHETHER INCREASES OR EXTENSIONS OR OTHER AMENDMENTS AND WHETHER NOW EXISTING OR HEREAFTER MADE. ALL AMENDMENTS
ARE TO BE ADVISED DIRECT TO THE TRANSFEREE WITHOUT NECESSITY OF ANY CONSENT OF OR NOTICE TO THE UNDERSIGNED BENEFICIARY. 
 THE
ADVICE OF SUCH LETTER OF CREDIT IS RETURNED HEREWITH, AND WE ASK YOU TO ENDORSE THE TRANSFER ON THE REVERSE HEREOF, AND FORWARD IT DIRECT TO THE TRANSFEREE WITH YOUR CUSTOMARY NOTICE OF TRANSFER. 
  

	
	YOURS VERY TRULY,
	
	  

	 SIGNATURE OF BENEFICIARY

 SIGNATURE GUARANTEED AND IS IN CONFORMITY TO THAT ON FILE WITH US AS TO SIGNER’S AUTHORIZATION FOR THE EXECUTION OF THESE INSTRUMENTS. 
  

			
	BANK:	 	  

		
	BY:	 	  

	TITLE:	 	

 THIS FORM MUST BE EXECUTED IN DUPLICATE. 

 EXHIBIT E 
 Owner’s Initial Work 
 Pursuant to Article 50 of this
lease, Owner agrees, at its sole cost and expense, to perform the following work and installations in the Demised Premises, all of which shall be of material, design, capacity, finish and color adopted by Owner for the Building, unless otherwise
indicated: 
  

	 	1.	Construct an installation in the Demised Premises in accordance with the plan attached hereto as Exhibit E-l (the “Owner’s Initial Work
Plan”) utilizing the standard finishes adopted by Owner for the Building. 

 Note: 
 Tenant shall respond within three (3) Business Days to each request made by Owner sent via email to (i) rperez@tradestation.com (Attention:
Robert Perez, Facilities Manager) and (ii) mstone@tradestation.com (Attention: Marc Stone, General Counsel) for additional information necessary for Owner to complete the Owner’s Initial Work. Each day beyond the expiration of such
3-Business Day period that Tenant shall fail to provide the necessary information requested by Owner shall constitute a day of Tenant’s Delay. In addition, if Tenant shall fail to provide such necessary information beyond the date which is
seven (7) days after Owner’s request, then Owner may complete the work for which such information was necessary, in the manner determined by Owner, provided that Owner shall do so in a manner consistent with the Owner’s Initial Work
Plan and good construction practice. 
  

 - 33 - 

 EXHIBIT E-l 
 Owner’s Initial Work Plan 
 [See Attached]Amended & Restated Secured Convertible Note

 Exhibit 4.11 
 THIS NOTE AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE
RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.

 AMENDED AND RESTATED SECURED CONVERTIBLE NOTE 
  

					
	US$15,000,000	  		  	 December 22, 2008
 and amended and restated
 as of December 21, 2009

 This Amended and Restated Secured Convertible Note (this “Note”) amends, restates, replaces and supersedes in its entirety, is in
substitution for, and is not in payment of, that certain Secured Convertible Note in the original principal amount of fifteen million dollars (US$15,000,000) from the below-defined Company to the below-defined Holder dated December 22, 2008
(the “Original Note”). It is the intent of the Maker and the Holder that this Note shall not constitute a novation of the Original Note, and shall in no way adversely affect the lien priority of the security documents referred to in
Paragraph 4 below or any other documents securing the obligations of the Maker to the Holder under this Note. Subject to the terms and conditions of this Note, for good and valuable consideration received, GTC BIOTHERAPEUTICS, INC., a Massachusetts
corporation (the “Company”), promises to pay to LFB BIOTECHNOLOGIES, S.A.S., established under the laws of France (the “Holder”), the original principal amount of fifteen million dollars (US$15,000,000), plus interest which shall
accrue at the rate of (i) eight percent (8%) per annum on the unpaid principal from December 22, 2008 through December 31, 2009 and (ii) four percent (4%) per annum on the unpaid principal from January 1, 2010
until the Maturity Date (as defined in Section 1.1) or until the full amount of principal and accrued interest under this Note is earlier paid or converted under the terms hereof; provided, however that the Holder may, on or about
January 1, 2011 and not more often than annually thereafter through the Maturity Date, elect to adjust (upwards or downwards) the interest rate applicable hereto, based on the Holder’s then-current cost of capital, as determined by the
Holder in the exercise of its commercially reasonable discretion. The Holder shall give the Company prior written notice of any such adjustment, which notice shall specify the new interest rate, Holder’s methodology for computation of same, and
the effective date for such new interest rate which shall be not less than 30 days after the Company’s receipt of such notice. The following is a statement of the rights of the Holder and the terms and conditions to which this Note is subject,
and to which the Holder hereof, by the acceptance of this Note, agrees: 
 1. Payment 
 1.1. Principal. The principal under this Note will be paid to the Holder on June 30, 2012 (the “Maturity
Date”) to the extent it has not been earlier paid in full or converted pursuant to the terms hereof. 

 1.2. Interest. Interest shall accrue on the then outstanding
principal balance of this Note at a fixed interest rate per annum equal to (i) eight percent (8%) from December 22, 2008 through December 31, 2009, and (ii) four percent (4%) from January 1, 2010 until the Maturity
Date. Commencing on December 31, 2008 and continuing through and including June 30, 2009, accrued interest shall be payable in cash in arrears on the last day of each fiscal quarter. Effective as of July 1, 2009 and continuing
thereafter until the Maturity Date or conversion of the Note pursuant to the terms hereof, interest shall accrue and not be due and payable. If at any time the principal balance of this Note shall be paid in full or converted pursuant to the terms
hereof, then all accrued interest shall be payable at the time of such principal payment. 
 1.3. Payment.
All payments of principal and interest under this Note will be made by wire transfer of immediately available funds in accordance with the wire transfer instructions of Holder provided to the Company. 
 1.4. Prepayment. Except as set forth in Section 3 below, this Note may not be prepaid without the written consent
of the Holder. 
 2. Conversion. 
 2.1. Optional Conversion. After June 1, 2009, the outstanding principal balance of this Note may at the sole
option of the Holder be converted, in whole or in part, into fully paid and non-assessable shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at a conversion price equal to $0.31 per share (the
“Conversion Price”), subject to adjustment as set forth herein. 
 2.2. Mechanics of Conversion.
The Holder shall notify the Company of its election to convert all or part of this Note in accordance with Section 2.1. The Company shall, as soon as practicable but in no event later than three days following its receipt of such notice, issue
and deliver to Holder a certificate or certificates for the number of shares of Common Stock to which such holder shall be entitled, together with cash in lieu of any fractional share in accordance with Section 2.3. This Note shall be deemed to
have been converted and a certificate or certificates for shares of Common Stock shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such
shares for all purposes as of the date said notice is received by the Company. If this Note shall have been converted in part, the Company shall, at the time of delivery of said certificate or certificates, deliver to the Holder a new Note
evidencing the remaining outstanding principal balance of this Note, which new Note shall in all other respects be identical with this Note. Upon conversion of this Note in full, this Note shall no longer be deemed to be outstanding and all rights
with respect to this Note shall immediately cease and terminate on such conversion date, except only the right of the Holder to receive the shares of Common Stock to which it is entitled as a result of the conversion. 
  

 2 

 2.3. Fractional Shares. No fractional shares of Common Stock shall be
issued upon conversion of this Note. In lieu of any fractional shares to which the holder would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the Conversion Price. 
 2.4. Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock
dividend, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced, and if the Company at any time
combines (by reverse stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased.

 2.5. Merger, Consolidation or Sale of Assets. If there shall be a merger or consolidation of the
Company with or into another corporation (other than a merger or reorganization involving only a change in the state of incorporation of the Company), or the sale of all or substantially all of the Company’s capital stock or assets to any other
person, then as a part of such transaction, provision shall be made so that the Holder hereof shall thereafter be entitled to receive the number of shares of stock or other securities or property of the Company, or of the successor corporation
resulting from the merger, consolidation or sale, to which the Holder would have been entitled if the Holder had converted this Note immediately prior thereto. 
 2.6. Notice of Adjustment to Conversion Price. Upon any adjustment or other change relating to the Conversion Price or
the securities issuable upon the conversion of this Note, then, and in each such case, the Company shall give written notice thereof, which notice shall state the Conversion Price resulting from such adjustment and the increase or decrease in the
number or other denominations of securities issuable at such price upon the conversion of this Note setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
 2.7. Reservation of Shares. The Company covenants that it will at all times until this Note is paid or converted in
full under the terms hereof reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of issue upon conversion of this Note, such number of shares of Common Stock as shall then be issuable upon the conversion
of this Note. 
 2.8. Notice to Allow Conversion. If (A) the Company shall declare a dividend (or any
other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common
Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or
property or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall deliver to the Holder, at least twenty (20) calendar days
prior to the applicable record or effective

  

 3 

 
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is
not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash
or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange. The Holder is entitled to convert this Note during the 20-day period commencing on the date of such notice through the effective date
of the event triggering such notice. 
 3. Intentionally Omitted. 
 4. Security Documents. The obligations of the Company under this Note are secured pursuant to the Amended and Restated Security
Agreement, dated as of June 18, 2009 and effective as of December 22, 2008 with respect to certain matters, between the Company and the Holder (the “Security Agreement”), that certain Trademark and License Security Agreement by
and between the Debtor and the Secured Party dated December 22, 2008 (the “Trademark Security Agreement”), that certain Patent and License Security Agreement by and between the Debtor and the Secured Party dated December 22, 2008
(the “Patent Security Agreement”) and that certain Second Mortgage, Security Agreement and Fixture Filing granted by Debtor to Secured Lender as of December 22, 2009, as amended by that certain Amendment to Mortgage, Security
Agreement and Fixture Filing dated as of June 18, 2009 (as so amended, the “Mortgage”). 
 5. Events of
Default. This Note and all amounts due hereunder shall become immediately due and payable in cash without notice or demand upon the occurrence at any time of any of the following events of default (individually, an “Event of
Default” and collectively, “Events of Default”): 
 (a) default in the payment when due
of any principal or interest under this Note; 
 (b) the liquidation, termination of existence, dissolution or
the appointment of a receiver or custodian for the Company or any part of its property if such appointment is not terminated or dismissed within sixty (60) days; 
 (c) the institution against the Company or any endorser or guarantor of this Note of any proceedings under the United States
Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally, which proceeding is not dismissed within sixty (60) days of filing; 

(d) the institution by the Company of any proceedings under the United States Bankruptcy Code or any other federal or
state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally or the making by the Company or any endorser or guarantor of this Note of a composition or an assignment or trust mortgage
for the benefit of creditors; 
  

 4 

 (e) (i) any material default in the performance or observance of any of
the covenants, representations, warranties, agreements or conditions by the Company contained in this Note or in the Note and Warrant Purchase Agreement, dated October 31, 2008, pursuant to which this Note was issued, (ii) an Event of
Default, as defined in the Security Agreement, pursuant to Section 7(a) of the Security Agreement, (iii) a Default, as defined in the Trademark Security Agreement, pursuant to Section 1(iv) of the Trademark Security Agreement,
(iv) a Default, as defined in the Patent Security Agreement, pursuant to Section 1(iv) of the Patent Security Agreement or (v) an Event of Default, as defined in the Mortgage, pursuant to Section 4.1 of the Mortgage. 

6. Rights of Action; Remedies. All rights of action with respect to this Note are vested in the Holder, and the Holder may enforce
against the Company its right to convert this Note for Common Stock in the manner provided in this Note. The Company stipulates that the remedies at law of the Holder in the event of any default or threatened default by the Company in the
performance of or compliance with any of the terms of this Note are not and will not be adequate, and that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against
a violation of any of the terms hereof or otherwise. 
 7. Successors and Assigns. This Note, and the obligations and
rights of the Company hereunder, shall be binding upon and inure to the benefit of the Company, the holder of this Note, and their respective successors and permitted assigns. 
 8. Waiver and Amendment. Any provision of this Note may be amended, waived or modified only upon the written consent of the Company
and the Holder. 
 9. Notices. Any notice, request or other communication required or permitted hereunder will be in
writing and shall be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file
by the sending party); or (iii) upon receipt, when sent via a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. Any party hereto may by notice so given change its address for
future notice hereunder. Notice will conclusively be deemed to have been given when personally delivered or when deposited in the mail or telegraphed in the manner set forth above and will be deemed to have been received when delivered. 

10. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be
governed by the internal laws of the Commonwealth of Massachusetts, United States of America, without giving effect to any choice of law or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the Commonwealth of Massachusetts. 
 11.
Headings; References. All headings used herein are used for convenience only and will not be used to construe or interpret this Note. Except where otherwise indicated, all references herein to Sections refer to Sections hereof. 
 [Signature page to follow] 
  

 5 

 IN WITNESS WHEREOF, the parties have caused this Note to be issued on the date first written
above. 
  

									
	HOLDER	 		 	COMPANY
			
	LFB BIOTECHNOLOGIES S.A.S.	 		 	GTC BIOTHERAPEUTICS, INC.
					
	By:	 	/s/ Christian Béchon	 		 	By:	 	/s/ John B. Green
	Title:    	 	CEO	 		 	Title:    	 	Senior Vice President

 Amended and Restated
Secured Convertible Note Signature Page

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